Local Maritime Spanish Navy Renews Commitment to Collaborate with Nigerian Navy in Gulf of Guinea November 9, 2023 Ekemini The Spanish Navy has expressed its dedication to working in partnership with the Nigerian Navy to address maritime security challenges in the Gulf of Guinea. This commitment was reiterated during…
Africa Dubai’s Foreign Direct Investments in Kenya Surge to $253 Million in Five Years November 9, 2023 Ekemini Kenya has seen a substantial increase in foreign direct investments (FDIs) from Dubai, with the total reaching $253 million (Sh38.3 billion) in the five-year period leading up to June 2023.…
Business British International Investment (BII) to Sell 10.13% Stake in I&M Group to East Africa Growth Holding November 9, 2023 Ekemini UK development finance institution British International Investment (BII) has entered into an agreement to sell its 10.13 percent stake in I&M Group to East Africa Growth Holding. The buyer, represented…
Local Nigeria’s Top Banks Experience Surge in Customer Deposits Amidst Increased Money Supply November 9, 2023 Ekemini Nigeria’s five largest banks have witnessed a notable surge in customer deposits this year, outpacing the growth seen in the previous year. This surge, amounting to N15.7 trillion in the…
Africa African Development Bank President Highlights Africa’s Pivotal Role in the Future of the Electric Vehicle Market November 9, 2023 Ekemini Akinwumi Adesina, President of the African Development Bank (AfDB) Group, emphasized the critical role Africa plays in shaping the future of the electric vehicle (EV) market. He pointed out that…
Africa Commodities Nigeria Faces Quality Seed Shortage, Hindering Agricultural Productivity November 9, 2023 Ekemini Despite having 314 registered seed companies, Nigeria, Africa’s most populous country, is grappling with a shortage of quality seeds crucial for enhancing farmers’ productivity and yields. This scarcity poses a…
Local Central Bank of Nigeria Reassures Availability of Cash, Affirms Legal Tender of All Banknotes November 9, 2023 Ekemini The Central Bank of Nigeria (CBN) has issued a statement assuring the public of the continued availability of various denominations of old and redesigned banknotes across all its branches. The…
Local MTN Expects Nigeria’s Economic Reforms to Yield Growth by Mid-2024 November 9, 2023 Ekemini MTN Group Ltd., Africa’s largest wireless company, anticipates that Nigeria’s economic reforms, spearheaded by President Bola Tinubu, will result in short-term challenges but ultimately lead to growth by mid-2024. While…
Africa Technology Africa’s Role in the $57 Trillion Electric Vehicle Market: Opportunities and Potential November 9, 2023 Ekemini Akinwumi Adesina, President of the African Development Bank Group, emphasized Africa’s pivotal position in the burgeoning electric vehicle (EV) market during the Africa Investment Forum 2023. He highlighted that the…
Local Nigeria Considers Using NLNG Dividends to Bolster Economy and Naira Value November 9, 2023 Ekemini The Bola Ahmed Tinubu-led federal government in Nigeria is exploring the possibility of utilizing dividends earned from the Nigeria Liquefied Natural Gas (NLNG) Limited to secure loans. This move is…
Business 01 Advisors Raises $395M for Series B-Stage Startups: A Shift in Venture Focus November 8, 2023 Ekemini 01 Advisors, founded by former Twitter CEO Dick Costolo and COO Adam Bain, along with Facebook veteran David Fischer, has secured $395 million for its third fund. Contrary to expectations,…
Africa Emerging Africa Infrastructure Fund Commits $48 Million for West Africa’s First Social Asset-Backed Security November 8, 2023 Ekemini The Emerging Africa Infrastructure Fund (EAIF), a Private Infrastructure Development Group (PIDG) company, has pledged XOF 30 billion (approx. $48 million) to launch West Africa’s inaugural social asset-backed security. This…
Business Inspired Evolution Fund, FMO, and STOA Acquire 75% Stake in Red Rocket Group November 8, 2023 Ekemini Inspired Evolution’s Evolution III Fund, in collaboration with Dutch Development Bank FMO and STOA Infra and Energy, has successfully completed the acquisition of a 75% stake in the Red Rocket…
Business Rivian Shows Promising Q3 Results: Revenue Surges, Losses Narrow November 8, 2023 Ekemini Rivian, the electric vehicle (EV) manufacturer, has released its third-quarter results, showcasing significant progress in production and cost management. The company’s revenue has seen a substantial increase, driven by a…
Local Nigeria’s Maritime Security Crucial for Tapping into $2.5 Trillion Blue Economy Opportunities November 8, 2023 Ekemini Bashir Jamoh, Director General of the Nigerian Maritime Administration and Safety Agency (NIMASA), emphasized the pivotal role of maritime security in unlocking Nigeria’s potential within the global Blue Economy, estimated…
Local Revitalizing Nigeria’s Oil and Gas Sector: Challenges and Imperatives November 8, 2023 Ekemini The Nigerian government is pinning hopes on the oil and gas sector to stabilize the devalued naira, but the industry is grappling with various challenges. Insecurity, pipeline sabotage, and regulatory…
Business Total Energies’ Dividends Surge as Earnings and Cash Flow Strengthen November 8, 2023 Ekemini Total Energies Plc, a downstream firm, has demonstrated a robust dividend payout trend since 2006, with a consistent increase in the past seventeen years. This payout trend is a testament…
Local Revitalizing Nigeria’s Oil and Gas Sector: Challenges and Imperatives November 8, 2023 Ekemini The Nigerian government is pinning hopes on the oil and gas sector to stabilize the devalued naira, but the industry is grappling with various challenges. Insecurity, pipeline sabotage, and regulatory…
Local Nigeria’s High Drug Import Tariffs: A Barrier to Essential Medicines for Non-Communicable Diseases November 8, 2023 Ekemini Steep tariffs on imported drugs in Nigeria are driving up prices, making essential medicines for non-communicable diseases unaffordable for many. This situation is exacerbated by the heavy tax burden imposed…
Local African Startup Funding Sees Decline in October, Nigeria Lags Behind Peers November 8, 2023 Ekemini Funding activity for startups in Africa, particularly Nigeria, witnessed a decline in October. While there was a modest month-on-month increase in equity funding, the overall funding amount was notably lower…
Local Atedo Peterside Criticizes Nigerian Government’s Lavish Spending Amid Economic Crisis November 8, 2023 Ekemini Atedo Peterside, in an exclusive interview with BusinessDay, has voiced his criticism of the Nigerian government’s extravagant spending habits, particularly in light of the economic hardships faced by millions of…
Local MeCure Industries Set to List 4 Billion Shares on NGX, Boosting Market Capitalization by N11.84 Billion November 7, 2023 Ekemini Leading pharmaceuticals and nutraceuticals manufacturing company, MeCure Industries Limited, is gearing up for a significant listing on the Nigerian Exchange Limited (NGX). The company plans to introduce 4 billion ordinary…
Local Berger Paints Nigeria PLC Demonstrates Resilience Amid Challenges, Promises Stronger Engagement with Capital Market Community November 7, 2023 Ekemini Berger Paints Nigeria PLC (BPN) Plc, a prominent manufacturer of paints and allied products, has reassured the capital market community of enhanced collaboration by committing to regular and transparent communication…
Local Nigeria’s Equities Market Commences the Week on a Positive Note, Gaining N155 Billion November 7, 2023 Ekemini On Monday, November 6, Nigeria’s equities market started the week on a positive trajectory, surging by 0.40 percent. This upbeat performance resulted in investors gaining N155 billion, with notable contributions…
Business Dangote Cement Offers Series 10 and 11 of Commercial Papers in N300bn Issuance Programme November 7, 2023 Ekemini Dangote Cement, a prominent Sub-Saharan Africa cement producer, has launched series 10 and 11 of its Commercial Papers (CP) as part of its N300 billion Issuance Programme. The offering, which…
Business Novatek Dismisses US Sanctions on Arctic LNG 2, Calls it a Bid to Inflate Gas Prices November 7, 2023 Ekemini Russian gas giant Novatek has brushed aside recent US sanctions against its Arctic LNG 2 project, characterizing them as a maneuver to artificially boost global gas prices. The sanctions, imposed…
Local Peter Obi Expresses Disappointment in Supreme Court’s Ruling on Presidential Election November 7, 2023 Ekemini Peter Obi, the presidential candidate of the Labour Party (LP) in the 2023 election, has voiced his disappointment with the Supreme Court’s decision regarding the election dispute. Obi, along with…
Local Mobile Money Agents Surge in Nigeria, Boosting Financial Inclusion November 7, 2023 Ekemini A recent report by the International Monetary Fund (IMF) reveals a substantial increase in registered mobile money agent outlets in Nigeria, reaching a six-year high. The number of outlets rose…
Local Nigeria’s Federal Government Borrowing from Central Bank Hits ₦4.36 Trillion November 7, 2023 Ekemini Data shows that Nigeria’s federal government borrowed ₦4.36 trillion from the Central Bank of Nigeria (CBN) as of June, a month after the previous president securitized a significant portion of…
Local Naira Loses 4.24% Against the Dollar Due to Declining Dollar Supply November 7, 2023 Ekemini The Nigerian Naira has experienced a 4.24% loss in value against the US Dollar at the official market due to a decline in dollar supply. This decrease comes after trading…
