Local Dangote Petroleum Refinery Set to Produce Diesel and Aviation Fuel in January 2024, Faces Delay in Petrol Production December 11, 2023 Ekemini The Dangote Petroleum Refinery is on track to commence production, with the processing of crude oil expected to start in January 2024. The refinery, located in the Lekki Free Trade…
Local Moody’s Upgrades Nigeria’s Outlook to Positive, Citing Reform Efforts Amid Persistent Challenges December 11, 2023 Ekemini Moody’s, a prominent US-based rating agency, has revised Nigeria’s outlook from stable to positive, acknowledging the country’s financial stability and reform initiatives led by President Bola Tinubu. The adjustment reflects…
Local Nigeria Records N1.54tn Fiscal Deficit in July and August 2023, Despite Improved Revenue December 11, 2023 Ekemini The Central Bank of Nigeria (CBN) has reported that the Federal Government of Nigeria recorded a fiscal deficit of N1.54tn in July and August 2023. Despite an uptick in gross…
Business African Startups Embrace Debt Financing with Over $1.1 Billion Raised in 2023 December 11, 2023 Ekemini African startups have increasingly turned to debt financing, raising over $1.1 billion as of November 2023, according to data from Africa: The Big Deal. This surge in debt funding indicates…
Business Flutterwave Expands Remittance Dominance with Acquisition of 13 US Payment Licences December 11, 2023 Ekemini Flutterwave, a prominent payment-focused fintech in Africa, has acquired payment licences for 13 states in the US, marking a strategic move to dominate the remittance market. Remittances from Africans in…
Local Oando Clean Energy (OCEL) Boosts Nigerian Electric Vehicle Efforts with Purchase of 100 EVs December 11, 2023 Ekemini Uba Oando Clean Energy (OCEL), the renewable energy subsidiary of Oando Energy Resources, is supporting the Nigerian government’s electric vehicle (EV) initiative by purchasing 100 new EVs. The announcement was made…
Local Implementation Challenges Stalling Gains from Nigeria’s Petroleum Industry Act (PIA) December 11, 2023 Ekemini Despite the enactment of the Petroleum Industry Act (PIA) over two years ago, at least 60% of Nigeria’s oil prospecting blocs remain inactive. Experts attribute this stagnation to poor implementation,…
Local Naira Hits Record Low, PIA Implementation Challenges, and Economic Indicators to Watch December 11, 2023 Ekemini Uba The Nigerian Naira faces a record low in official trading, weakening by 23% to N1,099 per dollar. Meanwhile, challenges in implementing the Petroleum Industry Act (PIA) persist, affecting the country’s…
Local Economic Intelligence Unit Predicts Naira’s Future, Dangote Refinery Impact, and Inflation Outlook December 11, 2023 Ekemini The Economic Intelligence Unit (EIU) offers insights into the future of Nigeria’s economy, making predictions on the Naira’s exchange rate, the impact of the Dangote Refinery on the current account,…
Local FCMB Group Reports 75.7% Increase in Gross Revenue for First Nine Months of 2023 December 11, 2023 Ekemini FCMB Group, a prominent financial services holding company in Nigeria, has released its financial statements for the first nine months of 2023, revealing impressive growth in gross revenue. The report…
Business Development Finance Institutions Invest Over $52 Million in Sierra Leone’s Planet Solar Project December 11, 2023 Ekemini Development Finance Institutions (DFIs) including British International Investment (BII), FMO, and Proparco, along with renewable fund manager Frontier Energy, have collectively invested over $52 million in Planet Solar, a greenfield…
Business U.S. Development Finance Corporation Commits $24 Million Investment in Miro Forestry for Sustainable Forestry Expansion in West Africa December 11, 2023 Ekemini The U.S. International Development Finance Corporation (DFC) has pledged a $24 million equity investment in Miro Forestry Developments Limited (Miro), aiming to support the expansion of sustainable forestry and timber…
Business Mastercard’s Africa Growth Fund Invests in Three African Investment Firms December 11, 2023 Ekemini Mastercard’s Africa Growth Fund is set to invest in three African investment firms, namely Chui Ventures, VestedWorld, and SME Impact Fund. The investment amounts to $9 million for Chui Ventures,…
Africa Parliament to Conduct Headcount Vote on Approval of 2024 Budget December 8, 2023 Ekemini Parliament is scheduled to undertake a headcount vote on the approval of the 2024 budget on December 7, 2023. The decision comes after a voice vote, which initially favored the…
Africa Safaricom Introduces Christmas Campaign Allowing Fuliza Loan Repayment with Bonga Points December 8, 2023 Ekemini Safaricom has launched a month-long Christmas campaign, “Sambaza Furaha,” which includes unique offers for customers. Notably, borrowers using Safaricom’s Fuliza overdraft facility will have the option to clear their loans…
Local Dangote Refinery Set to Receive First Crude Oil Cargo for Production of Petroleum Products December 8, 2023 Ekemini The Dangote Refinery, located on the outskirts of Lagos, is gearing up for the commencement of production as it prepares to receive its first crude oil cargo. The arrival of…
Local Equinor Sells Nigerian Business, Including Agbami Oil Field Stake, to Chappal Energies December 8, 2023 Ekemini Norwegian energy company Equinor has completed the sale of its Nigerian business, including its stake in the Agbami oil field, to Nigerian-owned energy firm Chappal Energies. The deal includes Equinor…
Local NIBSS Directs Banks to Disconnect Switches, Payment Solution Providers, and Super Agents from NIP Outward System December 8, 2023 Ekemini The Nigeria Inter-Bank Settlement System (NIBSS) has issued a directive instructing banks to disconnect Switches, Payment Solution Service Providers (PSSPs), and Super Agents from the NIBSS Instant Payment Outwards System.…
Local Federal Allocation to States and Local Governments Projected to Increase by 109.74% to N14.04tn in 2024 December 8, 2023 Ekemini The Federal Government’s revenue projections in its Revised 2024 – 2026 Medium-Term Fiscal Framework indicate that federal allocation to states and local government areas in Nigeria may increase by 109.74%…
Local Shale Oil Resurgence Sparks Concerns for Nigeria and OPEC Amid Budget Reliance on Oil Revenue December 8, 2023 Ekemini The resurgence of shale oil production in the United States is causing concerns for Nigeria and other oil-producing nations, reminiscent of challenges faced in 2014. Rising shale oil output, combined…
Local Nigerian Students Abroad Face Racism, Struggles, and Resilience in Pursuit of Education December 8, 2023 Ekemini Introduction: Nigerian students pursuing education abroad face challenges ranging from racism and hostilities to systemic biases. Despite encountering hardships, many remain resilient in their pursuit of knowledge. Instances of racism…
Local Nigeria’s Economy Records Higher Net Foreign Exchange Inflow Amid Reserve Decline December 8, 2023 Ekemini Nigeria experienced a higher net foreign exchange (FX) inflow in August 2023, driven by increased autonomous sources. While the data revealed a positive trend in FX inflows, challenges such as…
Local Equinor Sells Nigerian Business to Chappal Energies in $2.85 Billion Deal December 8, 2023 Ekemini Norwegian energy company Equinor has finalized the sale of its Nigerian business, including its 53.85% ownership in the Agbami oil field, to Nigerian-owned energy company Chappal Energies. The deal, valued…
Local Procter & Gamble Announces Plan to End On-Ground Operations in Nigeria, Shift to Import-Only Model December 7, 2023 Ekemini Consumer goods giant Procter & Gamble (P&G) has revealed its intention to dissolve on-ground operations in Nigeria and transition the country into an import-only market. This strategic decision was outlined…
Local Banks with International Authorization Show Capital Adequacy Ratio Below Regulatory Threshold – Banking Regulator December 7, 2023 Ekemini Uba According to the second-quarter report on financial soundness indicators released by the banking regulator, some banks with international authorization are reported to have a capital adequacy ratio below the regulatory…
Local NNPC Signs Agreements for LNG Projects, Targeting Domestic and International Markets December 7, 2023 Ekemini The Nigerian National Petroleum Company Limited (NNPC) has announced the signing of two significant agreements aimed at delivering Liquefied Natural Gas (LNG) to both the domestic and international markets. The…
Local Nigeria Signs Bilateral Air Services Agreement with Kuwait, Explores Similar Deal with Iran December 7, 2023 Ekemini The Federal Government of Nigeria has taken a significant step to strengthen trade, tourism, and economic ties with Kuwait by signing a Bilateral Air Services Agreement (BASA) at the International…
Africa Kenyan Court Allows Official Receiver to Seize Cytonn Properties in Liquidation Case December 7, 2023 Ekemini The High Court in Kenya has granted permission for the official receiver to take control of three properties in Nairobi’s Kilimani area linked to Cytonn, a company placed under liquidation…
Africa Bearish Market Conditions Deter Three Companies, Including Credit Bank, from NSE Listing December 7, 2023 Ekemini The persistent bear market on the Nairobi Securities Exchange (NSE) has led three companies, including Credit Bank, to suspend their plans to list on the bourse. The bearish trend in…
Local Ghana Revenue Authority Denies Acquiring US$75 Million Loan Amidst Parliamentary Inquiry Calls December 7, 2023 Ekemini Uba The Ghana Revenue Authority (GRA) has strongly refuted claims made by MP Isaac Adongo that it accessed a US$75 million loan without parliamentary approval. Adongo had called for a parliamentary…
