Real Time Financial News Website
Rising inflation and currency instability have led to a significant downturn in business activities in Nigeria, as reported in the August 2023 Purchasing Managers’ Index (PMI). Stanbic IBTC Bank’s latest…
Nigerian energy company Oando is set to acquire the Nigerian Agip Oil Company (NAOC), a subsidiary of Italian energy group Eni, in a deal that is subject to regulatory approval.…
Foreign firms repatriated $5.86 billion from the Nigerian economy between October 2022 and March 2023, with $5.13 billion repatriated as dividends by foreign investors. This increase in dividend payments to…
Hero MotoCorp, the world’s top two-wheeler maker, plans to invest up to $66.5 million in Ather Energy, an Indian electric vehicle (EV) startup. Hero MotoCorp already owns a 33.1% stake…
Nairobi-based Kotani Pay has raised $2 million in a pre-seed funding round led by P1 Ventures, with participation from investors including DCG/Luno and Flori Ventures. The startup aims to simplify…
Unconventional Ventures (UV), a venture capital fund focused on impact tech companies with diverse founding teams, is targeting a €30 million fund for investments in the Nordics. Founded by Thea…
Universal Music Group (UMG) is set to acquire Chabaka, a UAE-based music company that offers digital distribution, marketing, publishing, and label and artist services in the Middle East and North…
The International Finance Corporation (IFC) is considering an investment of $50 million in the Emerging Markets Infrastructure Fund II, a fund targeting transport and energy infrastructure projects in Africa and…
KawiSafi Ventures, an impact investment fund focused on climate solutions in sub-Saharan Africa, has unveiled its KawiSafi II project. The project aims to establish a $200 million venture equity fund…
Sahel Capital, an impact-oriented private equity firm, has extended a loan facility to S&P Agribusiness, a trading company specializing in sourcing and distributing agricultural commodities from Africa, particularly Nigeria and…
Hivos-Triodos Fonds has provided a $1.5 million facility to Ghana-based agri-tech company Farmerline. Farmerline is a market leader in agri-tech in Ghana, providing digital tools, logistics, field agents, agri inputs,…
Rentoza, a South African online subscription platform, has successfully secured $6 million in funding from two prominent investors, leading a funding round that includes Alitheia IDF and the Vumela Enterprise…
A.P. Moller Capital and RCL FOODS have successfully closed the acquisition deal of Vector Logistics. Vector Logistics is a leading frozen infrastructure logistics operator in South Africa, specializing in multitemperature…
Sonangol, Angola’s state oil company, is poised to initiate drilling in its first onshore oil well in Luanda, signaling a crucial development in its production strategy aimed at achieving growth…
The Executive Secretary of the Ghana Microfinance Institutions Network (GHAMFIN), Yaw Gyamfi, has urged Non-Bank Financial Institutions (NBFIs) to harness the progress achieved in the sector to enhance financial inclusion.…
Standard Chartered Bank Kenya has announced the removal of the one percent upfront fee charge on its online money market fund, along with a reduction in the minimum entry investment…
Kenyan President William Ruto recently signed the Climate Change (Amendment) Bill 2023 into law, marking a significant step towards the regulation of carbon markets. This legislative move not only enhances…
The Commercial and Tax Division Court has granted KCB Group the authority to liquidate the assets of DAC Aviation International (DAC), an aircraft charter and maintenance firm. This decision comes…
Kenya Revenue Authority (KRA) has faced defeat in a prolonged tax dispute with Bidco Oil Refineries, amounting to $1.38 billion. This marks a significant relief for the consumer goods manufacturer.…
Nigerian oil marketers have received approval from both domestic and international financiers to establish approximately 30,000 gas stations across the country. Many of these stations are already being converted to…
The Independent Petroleum Marketers Association of Nigeria (IPMAN) has refuted claims of petroleum product scarcity, stating that the Nigerian National Petroleum Company Limited (NNPCL) has directed marketers to commence loading…
OPEC has singled out Nigeria, one of Africa’s leading oil producers, as the least refining member within the organization, with an average equivalent refining capacity of 10,600 barrels per day…
The Nigerian Federal Government is preparing to review and reduce the tax waivers granted to companies operating within the country, as these tax incentives have reached an annual total of…
In the second quarter of 2023, tax revenue from both companies and consumers in Nigeria witnessed a remarkable surge of 96.11%, reaching a total of N2.31 trillion. This impressive increase…
Despite concerns regarding inflation, interest rate hikes, and weak macroeconomic indicators, the confidence of investors in Nigeria’s stock market remained robust. Over a three-month period, the Nigerian Exchange Limited (NGX)…
In the trading week concluding on September 1, Nigeria’s stock market experienced significant growth, with an increase of 3 percent or N1.08 trillion. This surge was primarily driven by increased…
The Department of State Service (DSS) has reportedly apprehended Mr. Kingsley Obiora, the Central Bank of Nigeria’s (CBN) Deputy Governor responsible for economic policy. Mr. Obiora has spent four consecutive…
Financial experts suggest that for the Nigerian government to reduce borrowing, it needs to address the issue of insecurity and focus on non-oil revenue sources. While Finance Minister Wale Edun…
The African Union (AU) has suspended Gabon’s membership after military officers ousted President Ali Bongo. This move marks the first regional response to the eighth coup in West and Central…
The Economic Community of West African States (ECOWAS) has refuted reports suggesting that its leader, President Tinubu, proposed a transition plan for Nigeria. The ECOWAS Commission in Abuja issued a…