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 ($106 million). The funds, if approved, will…
Local Business Activity Contracts in Nigeria for the First Time in Seven Months, PMI Shows November 2, 2023 Ekemini According to the latest Purchasing Managers’ Index (PMI) report from Stanbic IBTC Bank, business activity in Nigeria experienced contraction in October, marking the first decline in seven months. The headline…
Local Flights to Dubai Expected to Resume by December as Nigeria Clears Trapped Funds November 2, 2023 Ekemini The Nigerian government has cleared part of the trapped funds for Emirates and Etihad Airlines, paving the way for flights to Dubai to resume by December. Trapped funds have been…
Local Crude Shortages Hamper Nigerian Refineries, Dangote’s Production Targets Missed November 2, 2023 Ekemini Despite hopes for increased domestic refining capacity in Nigeria, including from the much-anticipated Dangote Refinery, the country continues to face fuel shortages due to the inadequate supply of crude oil…
Local JP Morgan Forecasts Naira to Trade at N850/$ Before End of 2023 November 2, 2023 Ekemini JP Morgan, a prominent US multinational financial services firm, has projected that the Nigerian naira will reach a trading rate of approximately N850 to the US dollar by the conclusion…
Features The Enigmatic Testimony: Sam Bankman-Fried’s Trial Revelations November 2, 2023 Ekemini The courtroom drama surrounding Sam Bankman-Fried, former CEO of the now-bankrupt crypto exchange FTX, has captivated the financial world. As he faced seven charges related to alleged financial crimes, Bankman-Fried’s…
Technology Tabby Emerges as Gulf’s First Fintech Unicorn with $1.5 Billion Valuation November 1, 2023 Ekemini Tabby, a platform offering Buy Now, Pay Later (BNPL) services in the Middle East, has secured $200 million in its Series D funding round, propelling its valuation to $1.5 billion.…
Business WeWork on the Brink of Chapter 11 Bankruptcy Filing November 1, 2023 Ekemini WeWork, the once high-flying flexible workspace provider, is reportedly on the verge of filing for Chapter 11 bankruptcy in New Jersey. This anticipated move follows WeWork’s warning in August about…
Local UN Supports 3.6 Million Vulnerable Individuals in Nigeria’s Northeast in H1 2023 November 1, 2023 Ekemini Matthias Schmale, the United Nations (UN) resident and humanitarian coordinator in Nigeria, announced that the UN provided assistance to 3.6 million vulnerable individuals in the northeastern region during the first…
Local Nigerian Naira Faces Challenges Amid Global Economic Factors November 1, 2023 Ekemini The Nigerian naira has encountered significant challenges in the foreign exchange market, with its value surpassing a crucial resistance level against the US dollar. This situation arises from a combination…
Local Senate Investigates Printing of New Naira Notes by NSPMC in 2022 November 1, 2023 Ekemini The Nigerian Senate has resolved to launch an investigation into the printing of new Naira notes by the Nigerian Security Printing and Minting Company Plc (NSPMC) in 2022. This move…
Local Airtel Africa Reclaims Title as Most Valuable Company on Nigerian Stock Market November 1, 2023 Ekemini After more than six months, Airtel Africa Plc has regained its position as the most valuable company on the Nigerian stock market. With a surge in market capitalization by N530…
Local Navigating Economic Hardships: How Nigerians Are Adapting to Rising Costs November 1, 2023 Ekemini The removal of fuel subsidies in May has led to challenging economic conditions in Nigeria, impacting the daily lives of its citizens. From soaring house rents to escalating school fees…
Local Economic Contraction: Nigeria Sees First Business Activity Decline in Seven Months November 1, 2023 Ekemini According to the latest Purchasing Managers’ Index (PMI) report released by Stanbic IBTC Bank, business activity in Nigeria has contracted for the first time in seven months. The headline index…
Local MTN Nigeria Adapts Strategies to Offset Forex Losses and Bolster Growth November 1, 2023 Ekemini Amidst foreign exchange challenges, MTN Nigeria, the country’s leading telecom service provider, is proactively localizing its spending to mitigate anticipated losses in the second half of 2023. Approximately 40% of…
Local Dangote Refinery Faces Delays in Commencing Diesel and Jet Fuel Refining November 1, 2023 Ekemini Despite earlier projections, Dangote Refinery has experienced delays in initiating its diesel and jet fuel refining operations. This setback is attributed to the Nigerian National Petroleum Company (NNPC) Limited’s inability…
Local Lagos State Secures $1.352 Billion Investment for Key Infrastructure Projects November 1, 2023 Ekemini The Lagos State Government has successfully entered into a strategic partnership with the African Export-Import Bank (Afreximbank) and Access Bank for a substantial investment of $1.352 billion in critical long-term…
Local Nigeria Approves N2.18tn Supplementary Budget to Address Urgent National Priorities October 31, 2023 Ekemini The Federal Government of Nigeria has greenlit a supplementary budget of N2.18tn for the fiscal year 2023. This additional funding aims to tackle pressing issues, including national defense and security,…
