First female CEO for UBA’s operations in Africa is appointed.
The board of Directors of the United Bank for Africa Plc, has appointed Mrs Abiola Bawuah, as chief executive officer of UBA Africa. The bank disclosed via a statement that…
After Moody’s Downgrading, Investors Sell Off Nigerian Bonds.
According to the report, “Nigeria’s sovereign-risk premium jumped the most in three months after Moody’s Investors Service downgraded the country deeper into junk. “Bloomberg said Nigeria’s 2032 bonds jumped 56…
Nigeria’s New Naira: Racketeering Thrives In Abuja And Other States
In Abuja, the nation’s capital, Lagos, Anambra and other states, black marketers were observed selling the new notes to those who could not endure the long queues at Automated Teller…
AFDB is Planning a $1.5 billion Food Facility For Nigeria And Other Countries
The African Development Bank has said it has put in place a $1.5bn emergency food production facility to support food sufficiency in Africa. The President, AfDB, Dr. Akinwunmi Adesina, who…
Africa50 Completes Financing for the Senegalese Power Facility.
The co-developed 120 Megawatt power plant in Malicounda, Senegal, which cost €154 million to complete, was co-developed by Africa50 and its partners. The combined cycle power plant can increase the…
PENGASSAN intends to Crack Down on Marketers for N650 Gasoline.
The Petroleum and Natural Gas Senior Staff Association of Nigeria raised the alarm that their findings showed that the price of Premium Motor Spirit, popularly called petrol, had risen to…
Norfund and 54 Funding Provide SAMANU with Growth Capital.
SAMANU is a platform firm that competes in the primary FMCG sub-sectors in Ethiopia with well-known brands (Tena Edible Oils, 555 and Aura Soap & Detergents, and Chef Luca wheat…
Contributory Pension Assets Increased to N14.9 trillion.
The total assets under the Contributory Pension Scheme rose by N1.56tn in 2022, according to figures obtained from the National Pension Commission. PenCom disclosed in its latest ‘Report on pension…
Classera Generates $40 Million Funds And Plans to Expand in Africa
The largest Series ‘A’ investment in EdTech history for an unfunded startup was successfully completed by Classera, a worldwide EduTech learning management platform with an emphasis on emerging countries. The…
Baker McKenzie Appoints Partners for its Corporate Practice in Africa.
Three renowned transactional attorneys have joined the Johannesburg office of a major international law firm, Baker McKenzie. In January and February 2023, partners Angela Simpson, Lydia Shadrach-Razzino, and Verushca Pillay…
AfricInvest Purchases a Small Investment in Justrite.
An African private equity company, AfricInvest, has acquired a small share in the Justrite supermarket chain in Nigeria. The company said in a statement that the acquisition deepens its ten-year…
ECOWAS Adopts New Regulations for the Regional Electricity Market.
The Economic Community of West African States Regional Electricity Regulatory Authority has approved critical policies for the development of the sub-regions power market. It also announced its commitment to protect…
The Kenyan Central Bank Maintains its Benchmark Lending Rate at 8.75%.
The monetary policy committee of Kenya’s central bank maintained the country’s benchmark lending rate at 8.75%, claiming that the economy was still adjusting to the previous increase in November. Nine…
Central Bank of Nigeria Recovers N1.9 trillion Following Naira Redesign.
The United Nations has said the Nigerian economy will grow to three percent in 2023 because of robust commodities trade and dynamic consumer goods and services markets. It stated that…
IMF Forecasts 3.2% Economic Growth in Nigeria.
According to the International Monetary Fund, actions taken to alleviate insecurity in the oil sector will cause Nigeria’s economy to increase from 3.0 percent in 2022 to 3.2 percent in…
The CBN Has Agreed To Extend Exchanging Old Naira Notes By Ten Days.
CBN governor Godwin Emefiele in a statement said the new deadline is February 10, 2023. Emefiele made the announcement after meeting President Muhammadu Buhari who is on a working visit…
India’s Adani Dollar Bonds Hit Lowest Since November.
Dollar bonds issued by subsidiaries of the Indian conglomerate Adani Group fell after a scathing report by a U.S. short seller sparked a collapse in the listed companies of the…
Banks’ Percentage of Consumer Loans Reaches 29.13%.
By the end of December 2022, the maximum loan rate in the banking industry was 29.13% while the return on savings deposits was 4.13%. Figures on money market indicators were…
Ghana Agrees to a Domestic Debt Swap in a Deal with Insurers.
Ghana has made progress toward finishing its initiative, a crucial component in reestablishing economic stability and growth, by reaching an agreement with the nation’s insurers on a domestic debt exchange,…
EU Allocates $102.5 million for Humanitarian Aid to Nigeria and other Countries
According to the European Union, the humanitarian aid of €102.5 million will support Nigeria and other nations in the Lake Chad region. Other nations mentioned in the top bloc of…
United States Denies Access to People who are “undermining” Nigerian Democracy.
Prior to this year’s elections in Nigeria, the US announced that it is limiting entrance to those “believed to be responsible for, or complicit in, undermining democracy in Nigeria” and…
Nigeria: FG Allots N1.2tn for CBN Debt Servicing.
According to research, the Federal Government intends to spend N1.2 trillion servicing the loans it received from the Central Bank of Nigeria through the Ways and Means Advances. Fitch Ratings,…
Nigeria Introduces a Domestic Card Program in an Effort to go Cashless.
Nigeria’s central bank unveiled a domestic card program to compete with global cards like Mastercard and Visa in an effort to advance its push to transform the continent’s largest economy…
Adani Group, Owned By World’s Third Richest Man, Has Been Accused Of Account Manipulation
The shares of the Indian conglomerate Adani Group plummeted on Wednesday morning after activist investing company Hindenburg Research accused it of fraud. Hindenburg Research said that Adani Group companies, which…
Federal Government of Nigeria Seeks Collaboration On Gas and Electric Trains
The Federal Government has disclosed that it was in talks with investors on how to power Nigeria’s trains with electricity or gas following the astronomical hike in diesel cost. The…
A Microsoft Cloud Outage Affects Users Globally.
Microsoft Corp (MSFT.O) was hit with a networking outage that took down its cloud platform Azure along with services such as Teams and Outlook, potentially affecting millions of users globally.…
The NPC has Begun Training for the 2023 Census.
The National Population Commission has begun training functionaries for the 2023 population and housing census, which will take place from March 29 to April 2, 2023. The Director of Public…
Nigeria: Crisis Looms as Interest Rate Hikes.
Members of the country’s organized private sector have called the latest increase in the country’s benchmark interest rate an unfortunate development, claiming that it will worsen the business crisis, lead…
CBN Disburses N114.17 billion Under the 100-for-100 Policy.
Since the start of the intervention, the Central Bank of Nigeria has disbursed N114.17 billion to beneficiaries under its 100-for-100 Policy on Production and Productivity. Furthermore, the Bank has disbursed…
Bank Lending to Customers Reaches 29.13%.
As of the end of December 2022, the maximum lending rate in the banking sector was 29.13 percent, while savings deposit rates were 4.13 percent. Figures obtained from the Central…