Business MMG to Acquire Khoemacau Copper Mine in Botswana for US$1.875 Billion November 27, 2023 Ekemini MMG Limited has entered into a Share Purchase Agreement (SPA) to acquire the parent company of the Khoemacau Copper Mine in Botswana for an effective Enterprise Value of US$1,875 million.…
Africa Nigeria Sovereign Investment Authority Launches $500 Million Renewables Investment Platform November 27, 2023 Ekemini The Nigeria Sovereign Investment Authority (NSIA) has introduced a $500 million Renewables Investment Platform for Limitless Energy (RIPLE) dedicated to developing renewable energy projects across the entire value chain. With…
Local Binance Witnesses Over $1 Billion Outflows After CEO’s Departure and Guilty Plea November 24, 2023 Ekemini Binance, a major cryptocurrency exchange, has experienced outflows exceeding $1 billion in the past 24 hours (excluding bitcoin) after its founder and CEO, Changpeng Zhao, stepped down and pleaded guilty…
Local NGX and Islamic Development Bank Institute Collaborate to Boost Islamic Finance in Nigeria November 23, 2023 Ekemini Nigerian Exchange Limited (NGX) and Islamic Development Bank Institute (IsDBI) joined forces to conduct a capacity-building workshop aimed at fostering the issuance of Islamic finance instruments. The workshop, held in…
Africa KCB Group Reports Growth in Nine-Month Profit Despite Challenging Environment November 23, 2023 Ekemini Kenya’s KCB Group has announced positive financial results for the nine months ending September, with a notable growth in profit after tax. Despite facing a challenging economic and market environment,…
Local Oil Spill Response Firm Collaborates with Total Energy and NIMASA to Tackle Egina Crude Oil Spill November 23, 2023 Ekemini An oil spill response firm has partnered with Total Energy and the Nigerian Maritime Administration and Safety Agency (NIMASA) to address a crude oil spill from the Egina oil field…
Local Cybersecurity Incident Hits Fortune 500 Title Insurance Company Fidelity National Financial November 23, 2023 Ekemini Fidelity National Financial (FNF), a Fortune 500 company providing title insurance and settlement services for the mortgage and real estate industries, revealed a recent cybersecurity incident that impacted its systems.…
Business RedCloud Technologies and Paystack Join Forces to Enhance B2B Digital Payments in Nigeria November 23, 2023 Ekemini RedCloud Technologies, a leading open commerce platform provider, has entered into a strategic partnership with Paystack, a prominent digital payment provider in Nigeria. The collaboration aims to streamline and secure…
Commodities Venezuela Aims for 1 Million Barrels per Day as Oil Output Reaches 850,000 bpd November 23, 2023 Ekemini Venezuela’s Oil Ministry officials announced a push towards producing 1 million barrels of oil per day, capitalizing on Washington’s recent easing of sanctions. The country’s current output stands at 850,000…
Local Nigerian LNG Achieves Highest Dividend in 8 Years as Output Rises; Faces Challenges in Production November 23, 2023 Ekemini Nigerian LNG Limited (NLNG), the largest gas exporter in Nigeria, has reported its highest dividend payout to the Nigerian National Petroleum Company Limited (NNPC) in eight years. Despite facing challenges…
Local Surge in Fuel Prices Aggravates Production Costs: Diesel Up 25.45%, Petrol Spikes 222.92% in 12 Months November 23, 2023 Ekemini Over the last 12 months, the cost of automotive gas oil (diesel) in Nigeria has surged by 25.45%, while premium motor spirit (PMS) prices, influenced by subsidy removal, experienced a…
Local Federal Government to Achieve 18% Tax-to-GDP Ratio in Three Years Through Enforcement November 23, 2023 Ekemini The Federal Government of Nigeria aims to achieve a tax-to-Gross Domestic Product (GDP) ratio of 18% within the next three years. This ambitious target will be pursued through the enforcement…
Local Bank of Industry Pledges Support for Modular Refineries to Address Economic Challenges November 23, 2023 Ekemini Dr. Olasupo Olusi, the Managing Director of Bank of Industry Limited (BoI), has expressed a commitment to collaborate with modular refineries to address economic challenges in Nigeria. The partnership aims…
Local Nigerian Exchange Limited Loses N35 Billion in Market Capitalization as Key Stocks Decline November 23, 2023 Ekemini The Nigerian Exchange Limited (NGX) experienced a decline of N35 billion in market capitalization on Wednesday. This drop was attributed to share value reductions in key stocks, including MTN Nigeria,…
Local Nigeria’s Equities Market Records a Decline as Investors Take Profit Amid MPC Meeting Concerns November 23, 2023 Ekemini Nigeria’s equities market witnessed a negative turn as investors opted to take profits, particularly in stocks that have seen significant gains throughout the year. This decline was further exacerbated by…
Local KPMG Forecasts Nigeria’s Inflation to Hit 30% by December 2023 Amid Reforms November 23, 2023 Ekemini KPMG has projected that Nigeria’s headline inflation could reach 30 percent by December 2023, attributing this anticipated increase to recent reforms, including fuel subsidy removal and the unification of the…
Local Nigeria Rekindles Shipping Tax Dispute, Demands Payment by Year-End November 22, 2023 Ekemini Nigeria has revived a dispute with shipping companies, demanding that non-resident shipping lines settle outstanding tax bills, amounting to millions of dollars, by the end of the year. The demand…
Local Nigeria Withdraws Civil Claims Against Eni and Shell, Yet Investor Exodus Persists November 22, 2023 Ekemini Nigeria has withdrawn civil claims against energy giant Eni SpA and its partner, Shell, concluding a prolonged legal battle in Italian courts over corruption allegations related to an oil field…
Local Nigeria Urged to Prioritize Low-Hanging Revenue Opportunities Over Debt for Economic Prosperity November 22, 2023 Ekemini Introduction: Nigeria is being advised to prioritize low-hanging revenue opportunities over increasing debt to achieve economic prosperity, according to experts surveyed by BusinessDay. The country, Africa’s largest economy, aims to…
Local Nigeria Drafts Bill to Reform Public Finance Management and Treasury Operations November 22, 2023 Ekemini The Office of the Accountant General of the Federation (OAGF) in Nigeria has announced the drafting of a bill aimed at providing legal backing to the ongoing Public Finance Management…
Local OpenAI Rehires Sam Altman as CEO Following Initial Sacking November 22, 2023 Ekemini Uba Introduction:OpenAI, the artificial intelligence research laboratory, has announced an agreement to rehire Sam Altman as CEO, just three days after he was initially sacked by the board of directors. The…
Local Rethinking Nigeria’s Economic Strategy: Prioritizing Revenue Opportunities Over Debt November 22, 2023 Ekemini Nigeria is contemplating a shift in its economic strategy by prioritizing low-hanging revenue opportunities over increasing debt, according to experts surveyed by BusinessDay. The nation, Africa’s largest economy, aims to…
Local U.S. Welcomes Breakthrough Agreement on Release of Hostages in Israel-Hamas Deal November 22, 2023 Ekemini The United States has expressed gratitude for the recent breakthrough agreement between Israel and Hamas, leading to the release of 50 hostages held by the militant group since its surprise…
Local Seplat Energy Invests $250 Million in New Gas Processing Plant to Boost Nigeria’s Energy Sector November 22, 2023 Ekemini Nigerian independent energy company, Seplat Energy Plc, has unveiled plans for a substantial $250 million investment in the construction of a new gas processing plant in Sapele, Delta State. The…
Local Nigerian Breweries Seeks Shareholder Approval for 80% Stake in Distell Nigeria November 22, 2023 Ekemini Nigerian Breweries (NB) Plc, the largest brewery in Nigeria, has presented a proposal to its shareholders seeking approval for the acquisition of an 80% stake in Distell Wines and Spirits…
Local Nigeria and Germany Explore Investment Opportunities in Power and Rail Sectors November 21, 2023 Ekemini President Bola Tinubu recently engaged in discussions with German Federal Chancellor Olaf Scholz during the G20 Compact with Africa Economic Conference. The focus of their meeting centered on Nigeria’s determination…
Local Allegations of Misappropriation: Nigerian Lottery Trust Fund Faces Scrutiny by House of Representatives Committee November 21, 2023 Ekemini The House of Representatives Committee on Finance is currently conducting a status enquiry into the National Lottery Trust Fund (NLTF) following allegations of the misappropriation of its entire internally generated…
Technology Unraveling Turmoil: A Timeline of Sam Altman’s Departure from OpenAI November 21, 2023 Ekemini In a startling sequence of events, Sam Altman, the former president of Y Combinator and CEO of OpenAI, was fired by the company’s board, leading to a series of resignations…
Africa Strategic Investment in Consumer Profile Bureau by 1K Africa and Ascension Capital November 21, 2023 Ekemini 1K Africa and Ascension Capital have jointly announced a strategic investment in Consumer Profile Bureau (CPB), a prominent South African credit bureau offering innovative solutions. This investment underlines the commitment…
Business Namibia Infrastructure Development Fund Invests in Lightstruck Holdings to Expand Last-Mile Fibre Networks November 21, 2023 Ekemini The Namibia Infrastructure Development and Investment Fund (NIDIF), managed by Eos Capital, has made a significant minority stake investment in Lightstruck Holdings, a fibre infrastructure company specializing in open-access last-mile…
