Local Banks’ Borrowings from Central Bank of Nigeria Surge 466% YoY Due to Increased Currency Holdings November 7, 2023 Ekemini Banks’ borrowings from the Central Bank of Nigeria (CBN) through the Standing Lending Facility (SLF) have seen a significant year-on-year increase of 466%, totaling N268.3 billion as of October 2023.…
Local Over N4.3tn Worth of Crude Oil Stolen in 7,143 Pipeline Vandalism Cases in 5 Years November 7, 2023 Ekemini The Nigerian government has revealed that more than N4.3 trillion worth of crude oil was stolen in 7,143 pipeline vandalism cases over a five-year period. This disclosure was made at…
Local Unveiling Equipment Leasing Registration Authority: A Boost to Revenue Generation November 7, 2023 Ekemini The Nigerian government is set to introduce the Equipment Leasing Registration Authority (ELRA) with the aim of tapping into the global equipment leasing market, targeting an estimated $1.5 billion in…
Local Challenges Persist in Nigerian Power Sector Despite Multi-Trillion Naira Investments November 7, 2023 Ekemini Despite the federal government’s substantial investments exceeding N3 trillion in the power sector between 2015 and 2022, new data from the Nigerian Electricity Regulatory Commission (NERC) has revealed a concerning…
Local Nigeria’s Creative Industry Poised to Drive $100 Billion to GDP by 2030, Says U.S. Department of State November 7, 2023 Ekemini The Assistant Secretary for the Bureau of Economic and Business Affairs at the U.S. Department of State, Ramin Toloui, has highlighted the immense potential of Nigeria’s creative industry. Speaking in…
Local Dangote and BUA Trade Words, Renewing Rivalry November 6, 2023 Ekemini After a brief truce brokered by former Kano State governor Abdullahi Ganduje, Aliko Dangote, President of Dangote Group, and Abdussamad Rabiu, Chairman of BUA Group, have reignited their rivalry. Both…
Local GlaxoSmithKline Consumer Nigeria Announces Scheme for Shareholder Dissolution November 6, 2023 Ekemini GlaxoSmithKline Consumer Nigeria Plc has proposed a Scheme of Arrangement for the dissolution of the company, following the UK-based pharmaceutical giant’s decision to leave Nigeria. The scheme offers shareholders (excluding…
Local Nigeria’s Market Interest Rates Rise, Reigniting Foreign Investor Interest November 6, 2023 Ekemini Nigeria is re-emerging as an attractive destination for foreign investors following a rise in market interest rates and steps to clear the foreign exchange backlog, boosting confidence in broader FX…
Local Diezani Allison-Madueke Seeks Prayers as UK Court Hears Bribery and Corruption Case November 6, 2023 Ekemini Former Minister of Petroleum Resources, Diezani Allison-Madueke, appeared before a Southwark Crown Court judge in the UK over a case of alleged multi-million pounds bribery and corruption. Her lawyer stated…
Local Businessman Chief Cletus Ibeto Faces Bench Warrant for Alleged N4.8 Billion Fraud November 6, 2023 Ekemini Justice I.O. Ijelu of the Lagos State High Court issued a bench warrant for businessman Chief Cletus Ibeto’s arrest after he failed to appear in court for his arraignment. Ibeto…
Local President Bola Tinubu May Reshape Cabinet as Ministerial Retreat Concludes November 6, 2023 Ekemini President Bola Tinubu may consider reshaping his cabinet following the conclusion of a three-day Ministerial retreat. The President’s recent appointment of Hadiza Usman to head the new Performance Bond, tasked…
Business FTX Founder Sam Bankman-Fried Convicted: What Happens Next? November 6, 2023 Ekemini FTX founder Sam Bankman-Fried has been convicted of orchestrating a multibillion-dollar fraud on the cryptocurrency exchange’s customers. Here’s what to expect next: Key Takeaway: The conviction of Sam Bankman-Fried marks…
Local Nigeria Gains Traction with Foreign Investors as Economic Reforms Pick Up November 6, 2023 Ekemini Following a slowdown in reforms, Nigeria is back on the radar of foreign investors. The Central Bank of Nigeria’s decision to raise market interest rates to match inflation and address…
Africa AFC Successfully Exits Investment in Ghana’s Takoradi Port Expansion Project November 6, 2023 Ekemini Africa Finance Corporation (AFC), the leading infrastructure solutions provider in Africa, has successfully exited its 35% equity investment in Atlantic Terminal Services Limited (ATSL), the concessionaire for the expansion of…
Africa Norrsken22 Closes $205 Million Fund to Propel African Tech Startups November 6, 2023 Ekemini Norrsken22, a Pan-African venture capital firm, has successfully closed its debut fund at an impressive $205 million, surpassing its initial target. Founded by individuals with extensive venture capital and private…
Africa Sanlam Private Equity Sells Majority Stake in Absolute Pets to Woolworths November 6, 2023 Ekemini Sanlam Private Equity, the private equity division of Sanlam Investments, has announced the successful sale of its majority stake in leading pet care retailer, Absolute Pets, to Woolworths Holdings Ltd.…
Africa British International Investment Commits $26.5 Million to Enhance Food Security in Africa November 6, 2023 Ekemini British International Investment (BII), the UK’s development finance institution, has pledged a substantial investment of $26.5 million to AFEX, Africa’s foremost commodities platform. This collaboration aims to drive structural improvements…
Africa Standard Bank Group Launches Energy Transition Fund to Drive Sustainable Growth in Africa November 6, 2023 Ekemini Standard Bank Group (SBK), in collaboration with Liberty, has initiated an Energy Transition Fund with an initial seeding of R3 billion. Managed by STANLIB, the fund aims to facilitate capital…
Africa Health AAIC Investment Raises $40 Million for Africa Innovation & Healthcare Fund II November 6, 2023 Ekemini AAIC Investment has announced the successful second close of the Africa Innovation & Healthcare Fund (AHF) II, securing an additional $40 million in funding. This brings the total raised for…
Agriculture Pearl Capital Partners Launches $6.4 Million Credit Facility Fund to Aid Smallholder Farmers in Uganda November 6, 2023 Ekemini Pearl Capital Partners (PCP) has introduced a credit facility fund totaling $6.4 million, with support from the Netherlands embassy. This fund is designed to provide crucial assistance to smallholder farmers…
Local Unlocking Over $2 Billion Investments: Lagos CNG Conversion Facility Inaugurated November 2, 2023 Ekemini The newly inaugurated Compressed Natural Gas (CNG) conversion facility in Lagos, spearheaded by the Presidential Compressed Natural Gas Initiative Steering Committee, is poised to revolutionize Nigeria’s energy landscape. Chief Executive…
Local Naira Gains Ground as Stock Market Hits Historic Highs November 2, 2023 Ekemini Despite recent fluctuations, the Nigerian Naira has made significant gains, settling at N1,170/$1 in the parallel market. This uptick in the currency’s value has spurred investor confidence, propelling Nigeria’s stock…
Africa Sluggish Growth in Diaspora Inflows Adds Pressure to Kenya’s Forex Reserves November 2, 2023 Ekemini Diaspora inflows into Kenya have experienced their slowest growth rate in the past 13 years, increasing by just four percent in the first nine months of the year, according to…
Commodities British International Investment Commits $26.5 Million to Boost Food Security in Nigeria, Kenya, and Uganda November 2, 2023 Ekemini The British International Investment (BII), the UK’s development finance institution, has pledged a significant investment of $26.5 million to support AFEX, an agricultural commodities exchange. This commitment aims to enhance…
Africa UK and Global Partners Commit $100 Million for AI-Driven Development in Africa November 2, 2023 Ekemini The United Kingdom, in collaboration with esteemed global partners, is spearheading an initiative to accelerate development in some of the world’s most impoverished regions through the transformative power of artificial…
Local Controversy Surrounds Allocation of Billions for Presidential Yacht and Luxury Cars in Supplementary Budget November 2, 2023 Ekemini President Bola Tinubu’s submission of a N2.1 trillion supplementary budget to the National Assembly has sparked widespread criticism, particularly due to allocations for a presidential yacht and luxury vehicles. The…
Local President Tinubu Seeks Approval for $7.8 Billion and €100 Million Borrowing Plan for Development Projects November 2, 2023 Ekemini President Bola Tinubu has submitted separate letters to the National Assembly seeking approval for a borrowing plan totaling $7.8 billion and €100 million ($106 million). The funds, if approved, will…
Local Business Activity Contracts in Nigeria for the First Time in Seven Months, PMI Shows November 2, 2023 Ekemini According to the latest Purchasing Managers’ Index (PMI) report from Stanbic IBTC Bank, business activity in Nigeria experienced contraction in October, marking the first decline in seven months. The headline…
Local Flights to Dubai Expected to Resume by December as Nigeria Clears Trapped Funds November 2, 2023 Ekemini The Nigerian government has cleared part of the trapped funds for Emirates and Etihad Airlines, paving the way for flights to Dubai to resume by December. Trapped funds have been…
Local Crude Shortages Hamper Nigerian Refineries, Dangote’s Production Targets Missed November 2, 2023 Ekemini Despite hopes for increased domestic refining capacity in Nigeria, including from the much-anticipated Dangote Refinery, the country continues to face fuel shortages due to the inadequate supply of crude oil…
