Norrsken22 Closes $205 Million Fund to Propel African Tech Startups
Norrsken22, a Pan-African venture capital firm, has successfully closed its debut fund at an impressive $205 million, surpassing its initial…
Year: 2023
Sanlam Private Equity Sells Majority Stake in Absolute Pets to Woolworths
Sanlam Private Equity, the private equity division of Sanlam Investments, has announced the successful sale of its majority stake in…
British International Investment Commits $26.5 Million to Enhance Food Security in Africa
British International Investment (BII), the UK’s development finance institution, has pledged a substantial investment of $26.5 million to AFEX, Africa’s…
Standard Bank Group Launches Energy Transition Fund to Drive Sustainable Growth in Africa
Standard Bank Group (SBK), in collaboration with Liberty, has initiated an Energy Transition Fund with an initial seeding of R3…
AAIC Investment Raises $40 Million for Africa Innovation & Healthcare Fund II
AAIC Investment has announced the successful second close of the Africa Innovation & Healthcare Fund (AHF) II, securing an additional…
Pearl Capital Partners Launches $6.4 Million Credit Facility Fund to Aid Smallholder Farmers in Uganda
Pearl Capital Partners (PCP) has introduced a credit facility fund totaling $6.4 million, with support from the Netherlands embassy. This…
Unlocking Over $2 Billion Investments: Lagos CNG Conversion Facility Inaugurated
The newly inaugurated Compressed Natural Gas (CNG) conversion facility in Lagos, spearheaded by the Presidential Compressed Natural Gas Initiative Steering…
Naira Gains Ground as Stock Market Hits Historic Highs
Despite recent fluctuations, the Nigerian Naira has made significant gains, settling at N1,170/$1 in the parallel market. This uptick in…
Sluggish Growth in Diaspora Inflows Adds Pressure to Kenya’s Forex Reserves
Diaspora inflows into Kenya have experienced their slowest growth rate in the past 13 years, increasing by just four percent…
British International Investment Commits $26.5 Million to Boost Food Security in Nigeria, Kenya, and Uganda
The British International Investment (BII), the UK’s development finance institution, has pledged a significant investment of $26.5 million to support…
UK and Global Partners Commit $100 Million for AI-Driven Development in Africa
The United Kingdom, in collaboration with esteemed global partners, is spearheading an initiative to accelerate development in some of the…
Controversy Surrounds Allocation of Billions for Presidential Yacht and Luxury Cars in Supplementary Budget
President Bola Tinubu’s submission of a N2.1 trillion supplementary budget to the National Assembly has sparked widespread criticism, particularly due…
President Tinubu Seeks Approval for $7.8 Billion and €100 Million Borrowing Plan for Development Projects
President Bola Tinubu has submitted separate letters to the National Assembly seeking approval for a borrowing plan totaling $7.8 billion…
Business Activity Contracts in Nigeria for the First Time in Seven Months, PMI Shows
According to the latest Purchasing Managers’ Index (PMI) report from Stanbic IBTC Bank, business activity in Nigeria experienced contraction in…
Flights to Dubai Expected to Resume by December as Nigeria Clears Trapped Funds
The Nigerian government has cleared part of the trapped funds for Emirates and Etihad Airlines, paving the way for flights…
Crude Shortages Hamper Nigerian Refineries, Dangote’s Production Targets Missed
Despite hopes for increased domestic refining capacity in Nigeria, including from the much-anticipated Dangote Refinery, the country continues to face…
JP Morgan Forecasts Naira to Trade at N850/$ Before End of 2023
JP Morgan, a prominent US multinational financial services firm, has projected that the Nigerian naira will reach a trading rate…
The Enigmatic Testimony: Sam Bankman-Fried’s Trial Revelations
The courtroom drama surrounding Sam Bankman-Fried, former CEO of the now-bankrupt crypto exchange FTX, has captivated the financial world. As…
Tabby Emerges as Gulf’s First Fintech Unicorn with $1.5 Billion Valuation
Tabby, a platform offering Buy Now, Pay Later (BNPL) services in the Middle East, has secured $200 million in its…
WeWork on the Brink of Chapter 11 Bankruptcy Filing
WeWork, the once high-flying flexible workspace provider, is reportedly on the verge of filing for Chapter 11 bankruptcy in New…
UN Supports 3.6 Million Vulnerable Individuals in Nigeria’s Northeast in H1 2023
Matthias Schmale, the United Nations (UN) resident and humanitarian coordinator in Nigeria, announced that the UN provided assistance to 3.6…
Nigerian Naira Faces Challenges Amid Global Economic Factors
The Nigerian naira has encountered significant challenges in the foreign exchange market, with its value surpassing a crucial resistance level…
Senate Investigates Printing of New Naira Notes by NSPMC in 2022
The Nigerian Senate has resolved to launch an investigation into the printing of new Naira notes by the Nigerian Security…
Airtel Africa Reclaims Title as Most Valuable Company on Nigerian Stock Market
After more than six months, Airtel Africa Plc has regained its position as the most valuable company on the Nigerian…
Navigating Economic Hardships: How Nigerians Are Adapting to Rising Costs
The removal of fuel subsidies in May has led to challenging economic conditions in Nigeria, impacting the daily lives of…
Economic Contraction: Nigeria Sees First Business Activity Decline in Seven Months
According to the latest Purchasing Managers’ Index (PMI) report released by Stanbic IBTC Bank, business activity in Nigeria has contracted…
MTN Nigeria Adapts Strategies to Offset Forex Losses and Bolster Growth
Amidst foreign exchange challenges, MTN Nigeria, the country’s leading telecom service provider, is proactively localizing its spending to mitigate anticipated…
Dangote Refinery Faces Delays in Commencing Diesel and Jet Fuel Refining
Despite earlier projections, Dangote Refinery has experienced delays in initiating its diesel and jet fuel refining operations. This setback is…
Lagos State Secures $1.352 Billion Investment for Key Infrastructure Projects
The Lagos State Government has successfully entered into a strategic partnership with the African Export-Import Bank (Afreximbank) and Access Bank…
Nigeria Approves N2.18tn Supplementary Budget to Address Urgent National Priorities
The Federal Government of Nigeria has greenlit a supplementary budget of N2.18tn for the fiscal year 2023. This additional funding…