Government Reinstates Fuel Subsidies to Stabilize Pump Prices Amidst Oil Market Concerns
In an unexpected policy reversal, the government of Kenya has reintroduced fuel subsidies in response to surging pump prices triggered…
Month: August 2023
Safaricom Boosts M-Pesa Daily Transaction Limits in Bid to Compete with Banks
Safaricom, a prominent telecommunications company in Kenya, has gained the Central Bank of Kenya’s (CBK) endorsement to significantly raise the…
Oil Marketers Seek Deal to Pass Foreign Exchange Losses to Customers, Fueling Price Concerns
Oil marketers in Kenya are engaged in discussions with the government to shield themselves from foreign exchange losses caused by…
Soaring Diesel Costs Spark Concerns of Factory Closures and Job Losses in Nigeria
The foreign exchange crisis in Nigeria and the recent implementation of a 7.5% Value Added Tax (VAT) on Automotive Gas…
Nigerian Central Bank Implements Measures to Counter Naira Decline and Speculative Activity
Amidst the recent depreciation of the naira in the parallel market, the Central Bank of Nigeria (CBN) has initiated foreign…
Stakeholders to Address Challenges in Nigeria’s Electronic Payment System
Stakeholders in Nigeria’s electronic payment system are gearing up to find solutions to challenges that emerged in the first quarter…
Resumption of Forcados Crude Oil Exports After Month-Long Halt
Exports of the Forcados grade of crude oil have resumed, according to a statement by a Shell spokesperson. The resumption…
Nigerian Government Aims for N100 Trillion Asset Under Management (AuM) Growth Over 10 Years
The Nigerian Federal Government, represented by the Ministry of Finance Incorporated (MOFI), has set a target to achieve N100 trillion…
Nigeria Requires $20 Billion Annual Investment for Gas Expansion Projects
The Nigerian government has stated that approximately $20 billion in annual investments will be necessary to achieve the desired expansion…
Nigerian Central Bank to Rename Official Forex Market as Nigerian Foreign Exchange Market (NFEM)
The acting Governor of the Central Bank of Nigeria (CBN), Folashodun Shonubi, announced that the official foreign exchange market, previously…
ECL Launches “WorkMate” Automation Tool to Enhance Productivity and Efficiency
ECL has launched an automation tool named “WorkMate” that offers pre-built automations for various industries. The tool can be deployed…
Central Bank of Kenya Sets New Interest Rate Corridor to Guide Interbank Lending
The Central Bank of Kenya (CBK) has introduced a new interest rate corridor to guide interbank lending and control interest…
Vista Group Acquires Majority Stake in Orabank to Create Pan-African Banking Group
Vista Group has agreed to acquire a 61.4% stake in Orabank S.A., the holding company of Orabank, from existing investors…
Prosper Africa Partners with African Asset Fund Managers to Mobilize $200 Million for Innovation and Entrepreneurship
Prosper Africa has announced partnerships with four African asset fund managers under the Prosper Africa Catalytic Investment Facility, with plans…
African Mobility Fintech Moove Raises $76 Million to Expand Vehicle Financing Services
Nigerian mobility fintech company Moove has secured $76 million in funding to expand its vehicle financing services. The investment includes…
Knife Capital Successfully Closes R941 Million African Series B Expansion Fund
South African venture capital firm, Knife Capital, has successfully concluded its African Series B expansion fund, known as Knife Fund…
Stanlib Asset Management Invests in South African Solar and Battery Platform Solareff
Stanlib Asset Management, a local investor in sustainable infrastructure, has acquired a stake in Solareff, a 13-year-old commercial and industrial…
Federal Government Plans N360 Billion Bond Issuance to Bridge Budget Deficit
The Federal Government of Nigeria is set to raise N360 billion in new borrowings through a bond auction to address…
NGX RegCo Advocates Expert Guidance and Data Monitoring for Effective ESG Reporting
NGX Regulation Limited (NGX RegCo) has emphasized the importance of seeking expert guidance and systematically monitoring Environmental, Social, and Governance…
Guinea Insurance Secures Regulatory Approval for Private Placement of 1.8 Billion Shares
Guinea Insurance Plc has announced that it has received regulatory clearance to conduct a private placement for the issuance of…
No Directive Yet on Cancellation or Re-award of N48bn Niger Delta Pipeline Surveillance Contract
Contrary to speculation, the Federal Government has not issued any directive regarding the cancellation or re-award of the N48 billion…
Petrol Price in Nigeria May Rise to N680/litre Due to Dollar Fluctuations
Oil marketers have signaled that the cost of Premium Motor Spirit (petrol) could increase to between N680/litre and N720/litre in…
Central Bank of Nigeria Records N40.67bn Loans to Staff in 2022
The Central Bank of Nigeria (CBN) disclosed that it provided loans amounting to N40.67 billion to its staff members by…
President Tinubu’s Administration Set to Pay N187.32bn Debt to Local Contractors
The forthcoming administration under President Bola Tinubu is projected to allocate around N187.32 billion for settling outstanding debts owed to…
Bus Transportation Costs Surge by 98% in One Month as Fuel Price Increases
The National Bureau of Statistics (NBS) reports that the average cost of bus transportation within Nigerian cities experienced a substantial…
Nigerians Express Concern as Naira Falls and Oil Prices Rise, Fueling Apprehensions of Petrol Price Hike
The declining value of the Nigerian naira against the US dollar, accompanied by a recent surge in global crude oil…
National Pension Commission Empowers RSA Owners with Mortgage Access
The National Pension Commission (PenCom) has revealed that a total of 187 Retirement Savings Account (RSA) holders have accessed 25…
Nigerian Exchange Collaborates for Dollar Settlement Platform to Boost Tech Startup Funding
The Nigerian Exchange Limited (NGX) has revealed its partnership with the Central Securities Clearing System (CSCS) Plc and Euroclear to…
Nigeria’s Telecoms Sector Faces Nearly 50% Drop in Foreign Investment, Data Consumption Surges
The Nigerian telecoms sector experienced a substantial decline in foreign direct investment (FDIs) in 2022, with capital inflow plummeting by…
Nigeria’s Oil Production Drops 13.6% in July, Strains Budget and OPEC Quota Targets
In July 2023, Nigeria experienced a significant decline in oil production, registering a 13.6% decrease to an average of 1.08…