Facebook to Formula One: Africa's top business news

STORY: Here are five business stories making headlines in sub-Saharan Africa this week.

Online platforms like Tiktok, Twitter and Facebook will be required to open offices in Nigeria and appoint contact persons, draft regulations from the National Information Technology Development Agency have shown.

The body said platforms would be required to provide to users or authorized government agencies relevant information, including for the purpose of preserving security and public order.

European countries imported 40% more coal from South Africa's main export hub in the first five months of this year than in the whole of 2021, figures have shown.

That's as they scramble to secure alternatives to Russian coal, imports of which will be banned in the European Union from the second week in August as a part of wide-ranging sanctions on Moscow.

Angola is set to become Germany's first supplier of green hydrogen from renewable energy after state energy company Sonangol signed a letter of intent on Wednesday (June 15) to build a factory with two German engineering firms.

Angola's minister for gas said the factory should be ready in 2024 to export green ammonia - a liquid energy carrier that can be used to transport green hydrogen over long distances.

Nigeria has lost a legal battle in London's High Court against JPMorgan Chase.

Africa's top oil producer had been seeking $1.7 billion from the U.S. bank over its role in a disputed 2011 oilfield deal.

And finally, Formula One boss Stefano Domenicali was in South Africa this week for talks that could see the Kyalami track return to the grand prix calendar next year after an absence of three decades.

Africa is the only continent, other than Antarctica, without a Formula One race and Domenicali, who represents commercial rights holders Liberty Media, has spoken of his desire to rectify that.

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