Issa Hayatou Defeated As CAF Elects Madagascar’s Ahmad Ahmad as New President

Ahmad Ahmad

Madagascar’s Ahmad Ahmad has emerged the new president of the Confederation of African Football (CAF). He defeated incumbent Issa Hayatou by 34 to 20 votes at the election currently holding in Addis Ababa, Ethiopia.

Hayatou, who has been in charge at CAF for 29 years, was seeking an eighth term. Ahmad had challenged Hayatou and promising change after a discreet playing and coaching career.

Ahmad took the reins of the Madagascar football federation in 2003 and on Thursday challenged long-serving Issa Hayatou for the African Football Confederation (CAF) presidency.

Favourite Hayatou and Ahmad went head to head in Addis Ababa seeking a four-year term as African football boss. 

Naira slumps 23 percent after currency peg ends

(Reuters) - Nigeria's naira slumped 23 percent against the U.S. dollar on Monday in tentative interbank trading after central bank removed its currency peg, Thomson Reuters data showed.

The naira traded just twice at 255 against the dollar, and less than $1 million had changed hands by 11:00 a.m. (1000 GMT), as dealers said they were nervous about foreign exchange liquidity under the new system.

Monday's rate was sharply weaker than the 197 peg the central bank had been maintaining for the past 16 months, then abandoned last week in a bid to alleviate chronic forex shortages.

Facts and fallacies of fuel subsidy

Umana Okon Umana, an economist, is the former governorship candidate of the All Progressives Congress (APC) in Akwa Ibom State. In this piece, he highlights the fallacies associated with the fuel subsidy and what can be done to guarantee regular fuel supply for domestic consumption.

Many boisterous and healthy debates have broken out on social media platforms and, indeed, other fora on the recently adjusted price of petrol. But quite unexpectedly, some of the arguments are grounded in myths. Here are a few and my attempt to burst them.

Why Africa’s top 4 economies are in trouble

Growth in Africa has outpaced most emerging markets in recent years, but that’s changing fast as a slew of problems beset its leading economies.

Cheap oil, political uncertainty and weak banks are all to blame. Here’s what you need to know about sub-Saharan Africa’s big four:

Africa’s top 4 economies are in trouble

South Africa