Local Nigeria Faces Challenges Meeting OPEC+ Oil Production Target, Independent Consultancies Indicate November 30, 2023 Ekemini Nigeria is encountering difficulties in meeting its oil production target set by OPEC+ for 2024, as revealed by independent consultancies tasked with verifying the country’s output. Discrepancies in reaching production…
Local SBG Securities Ceases Coverage on Sub-Saharan African Food Producers Amidst ‘Japa’ Wave November 30, 2023 Ekemini SBG Securities Research, a member of the Standard Bank Group, has announced that it will no longer provide coverage and analysis of sub-Saharan African food producers and beverages. The decision…
Local Slowdown in Nigeria’s ICT Sector: Factors and Implications November 30, 2023 Ekemini Nigeria’s Information and Communication Technology (ICT) sector, a key driver of economic growth for over five years, is exhibiting signs of a slowdown. In the third quarter of 2023, the…
Local Surge in Pension Fund Transfers: Navigating Opportunities and Challenges November 30, 2023 Ekemini The Nigerian pension landscape has witnessed a significant shift as 178,164 contributors, managing a total of N710.89 billion, have leveraged the regulatory transfer window to move to new Pension Fund…
Local Nigeria’s 2024 Budget Deficit Challenges: Balancing Subsidy Removal Gains and Fiscal Responsibility November 30, 2023 Ekemini Despite the removal of fuel subsidies, Nigeria faces a historic budget deficit of N9.18 trillion in 2024, emphasizing challenges in fiscal responsibility and efficient spending. President Bola Tinubu’s budget, totaling…
Local Equinor Sells Nigerian Business to Chappal Energies: A Shift in Oil and Gas Landscape November 30, 2023 Ekemini Norwegian energy company Equinor has reached an agreement to sell its Nigerian business, including its stake in the Agbami oil field, to Nigerian-owned Chappal Energies. The sale marks a strategic…
Local Nigeria Aims to Reduce Budget Deficit in 2024 Through Bold Reforms November 30, 2023 Ekemini Nigeria’s President Bola Tinubu has unveiled ambitious plans to narrow the country’s budget deficit to approximately 3.9% of GDP in 2024, down from around 6.1% in the current year. These…
Business Transparency Gap: Analysis Reveals Discrepancies in Climate Finance Reporting November 30, 2023 Ekemini A recent analysis by the ONE Campaign, a non-profit advocacy group, has unveiled significant discrepancies in the reporting and disbursement of climate finance commitments by developed nations between 2013 and…
Local Bola Tinubu Appoints New Board and Management Team for NNPC Limited November 28, 2023 Ekemini President Bola Tinubu has appointed a new Board and Management team for the Nigerian National Petroleum Company Limited (NNPCL), comprising nine members. The appointments, effective from December 1, 2023, are…
Local FEC Approves N27.5 Trillion for 2024 Appropriation Bill November 28, 2023 Ekemini President Bola Tinubu presided over the Federal Executive Council (FEC) meeting, where the approval of the sum of N27.5 trillion for the 2024 appropriation bill was announced. The Minister of…
Local Zenith Bank Signs MoU with French Government to Establish Subsidiary in France November 28, 2023 Ekemini Zenith Bank Plc has signed a Memorandum of Understanding (MoU) with the French government to establish a subsidiary in France. The MoU, signed by the bank’s chairman, Jim Ovia, and…
Local High Development Costs Keep Many Marginal Fields in Nigeria Dormant November 28, 2023 Ekemini Several marginal oil fields in Nigeria remain undeveloped years after being awarded to companies due to the challenges posed by high development costs. Each field reportedly requires over $100 million…
Local Delisting of Union Bank from NGX Results in N132bn Market Capitalization Loss November 28, 2023 Ekemini The delisting of Union Bank of Nigeria’s shares from the Nigerian Exchange Limited (NGX) led to a N132 billion loss in market capitalization. The delisting, approved after the suspension of…
Local Fintech Firm BFREE Explores Acquisition of Distressed Loan Portfolios from Union Bank November 28, 2023 Ekemini BFREE, a German-Nigerian fintech firm, has signed a Memorandum of Understanding (MoU) with Union Bank of Nigeria during the German-Nigerian Business Forum in Berlin. The MoU outlines the possibility of…
Africa Kenyan Tier-1 Banks Increase Loan-Loss Provisions by 45.8% in Q3 2023 Amid Operating Challenges November 28, 2023 Ekemini Summary: Eight tier-1 banks in Kenya, including Equity, KCB, and Stanbic, have collectively increased their loan-loss provisions by 45.8% to KSh62.5 billion in the third quarter of 2023. This substantial…
Africa Court of Appeal Denies East Africa Portland Cement Relief, Upholds Attachment of Bank Accounts Over Sh1.3 Billion Debt November 28, 2023 Ekemini East Africa Portland Cement Company (EAPCC) has faced a setback as the Court of Appeal declined to lift an order obtained by former workers, which attached its bank accounts over…
Africa President Ruto’s Administration Proposes Sale of 11 Parastatals Worth Over Sh200 Billion November 28, 2023 Ekemini President William Ruto’s administration is taking a significant step towards economic reform by proposing the sale of 11 parastatals with a combined asset value exceeding Sh200 billion. This move aligns…
Africa Treasury Introduces Regulatory Fee on Online Forex Brokers to Boost CMA Revenue November 28, 2023 Ekemini The Kenyan Treasury, led by Cabinet Secretary Njuguna Ndung’u, has implemented regulatory changes affecting online forex brokers, introducing an annual fee to be remitted to the Capital Market Authority (CMA).…
Africa Bank of Ghana Maintains Monetary Policy Rate at 30% Amidst Inflation Deceleration November 28, 2023 Ekemini The Bank of Ghana (BoG) has announced the decision to maintain the monetary policy rate at 30%, marking the second consecutive instance of such a move by the Monetary Policy…
Africa Ghana’s Public Debt Declines to GHS 567.3 Billion in September 2023 November 27, 2023 Ekemini Ghana’s public debt has decreased to GHS 567.3 billion as of September 2023, reflecting a GHS 14.2 billion reduction compared to the GHS 581.5 billion recorded in June 2023. The…
Africa Kenyan Parliament Sets Ultimatum for Treasury and Central Bank to Stabilize Depreciating Shilling November 27, 2023 Ekemini Kenya’s Parliament has issued a directive to the Treasury and the Central Bank of Kenya (CBK) to stabilize the depreciating shilling within the next month. Failure to achieve this objective…
Local Central Bank of Nigeria Calls for Banking Sector Recapitalization to Support Economic Growth November 27, 2023 Ekemini The Governor of the Central Bank of Nigeria (CBN), Yemi Cardoso, has issued a directive calling for the recapitalization of Nigerian banks to align with the demands of a growing…
Local Nigeria’s GDP Grows by 2.54% in Q3 2023, Driven by Services Sector November 27, 2023 Ekemini Nigeria’s Gross Domestic Product (GDP) grew by 2.54% year-on-year in real terms in the third quarter of 2023, according to the National Bureau of Statistics (NBS). This growth rate is…
Local Dangote’s $20 Billion Refinery to Start with 350,000 Barrels Per Day November 27, 2023 Ekemini Aliko Dangote, the President/CEO of Dangote Group, has revealed that the $20 billion Dangote refinery in Lekki, Lagos, will commence operations by refining 350,000 barrels per day of crude oil.…
Local Companies Raise Salaries by 18.35% to Combat Inflation in Nigeria November 27, 2023 Ekemini Companies in Nigeria increased the salaries of their employees by 18.35% to N29.45 trillion in the first half of 2023 to combat rising inflation in the country. This information is…
Africa VC Firm Saviu Ventures Raises €12 Million for Second Fund Focused on Francophone Africa November 27, 2023 Ekemini Saviu Ventures, a venture capital firm targeting startups in Francophone Africa, has secured an initial close of €12 million for its second fund. The fund aims to reach a final…
Business Bpifrance Joins Mediterrania Capital Partners’ MC IV Fund with €350 Million Target November 27, 2023 Ekemini Bpifrance, the French public investment bank, is set to join the MC IV fund of Mediterrania Capital Partners (MCP), a private equity firm focused on growth investments for SMEs and…
Business Africa Go Green Fund (AGG): Driving Private Investments for Sustainable Development November 27, 2023 Ekemini The Africa Go Green Fund (AGG), initiated by KFW on behalf of the German government, focuses on promoting private investments that mitigate or reduce Green House Gas (GHG) emissions in…
Business Finnfund Invests €2 Million in Fibertime Group to Boost Township Fibre Internet Access November 27, 2023 Ekemini Finnish development financier Finnfund has invested €2 million (approximately R39.9 million) in the Fibertime Group, a South African company offering fast, uncapped, and time-based open-access fibre internet in townships. Fibertime…
Business FrontEdge Raises $10 Million to Boost Cross-Border Trade Financing for African SMEs November 27, 2023 Ekemini FrontEdge, a Lagos-based fintech, has secured $10 million in a seed round comprising debt and equity to enhance cross-border trade for small and medium-sized enterprises (SMEs) in Africa. The funding…
