Nigeria’s Business Activity Slumps Amidst Inflation and Currency Woes”
Rising inflation and currency instability have led to a significant downturn in business activities in Nigeria, as reported in the…
Year: 2023
Nigerian Energy Firm Oando to Acquire Nigerian Agip Oil Company (NAOC) from Eni
Nigerian energy company Oando is set to acquire the Nigerian Agip Oil Company (NAOC), a subsidiary of Italian energy group…
Foreign Firms Repatriated $5.86 Billion from Nigeria Between October 2022 and March 2023
Foreign firms repatriated $5.86 billion from the Nigerian economy between October 2022 and March 2023, with $5.13 billion repatriated as…
Hero MotoCorp to Invest Up to $66.5M in Electric Vehicle Startup Ather Energy
Hero MotoCorp, the world’s top two-wheeler maker, plans to invest up to $66.5 million in Ather Energy, an Indian electric…
Kotani Pay Raises $2M to Facilitate Cross-Border Remittances in Africa Using Blockchain
Nairobi-based Kotani Pay has raised $2 million in a pre-seed funding round led by P1 Ventures, with participation from investors…
Unconventional Ventures Targets €30 Million to Invest in Impact Tech Startups in the Nordics
Unconventional Ventures (UV), a venture capital fund focused on impact tech companies with diverse founding teams, is targeting a €30…
Universal Music Group to Acquire Chabaka in MENA Expansion
Universal Music Group (UMG) is set to acquire Chabaka, a UAE-based music company that offers digital distribution, marketing, publishing, and…
IFC Plans $50 Million Investment in Emerging Markets Infrastructure Fund II
The International Finance Corporation (IFC) is considering an investment of $50 million in the Emerging Markets Infrastructure Fund II, a…
KawiSafi Ventures Launches $200 Million Fund to Address Climate Challenges in Sub-Saharan Africa
KawiSafi Ventures, an impact investment fund focused on climate solutions in sub-Saharan Africa, has unveiled its KawiSafi II project. The…
Sahel Capital Provides Financing to S&P Agribusiness for Hibiscus Flower Supply Chain Expansion
Sahel Capital, an impact-oriented private equity firm, has extended a loan facility to S&P Agribusiness, a trading company specializing in…
Ghana’s Agri-Tech Leader Farmerline Secures $1.5 Million Funding from Hivos-Triodos Fonds
Hivos-Triodos Fonds has provided a $1.5 million facility to Ghana-based agri-tech company Farmerline. Farmerline is a market leader in agri-tech…
South African E-commerce Subscription Platform Rentoza Secures $6 Million Investment
Rentoza, a South African online subscription platform, has successfully secured $6 million in funding from two prominent investors, leading a…
A.P. Moller Capital Completes Acquisition of Vector Logistics
A.P. Moller Capital and RCL FOODS have successfully closed the acquisition deal of Vector Logistics. Vector Logistics is a leading…
Expanding Onshore Oil Exploration in Angola
Sonangol, Angola’s state oil company, is poised to initiate drilling in its first onshore oil well in Luanda, signaling a…
Ghana: Leveraging Microfinance for Inclusive Finance
The Executive Secretary of the Ghana Microfinance Institutions Network (GHAMFIN), Yaw Gyamfi, has urged Non-Bank Financial Institutions (NBFIs) to harness…
Standard Chartered Bank Kenya Waives Upfront Fees for Online Money Market Fund
Standard Chartered Bank Kenya has announced the removal of the one percent upfront fee charge on its online money market…
Kenya Strengthens Climate Change Legislation to Regulate Carbon Markets
Kenyan President William Ruto recently signed the Climate Change (Amendment) Bill 2023 into law, marking a significant step towards the…
KCB Group Authorized to Liquidate DAC Aviation International’s Assets Due to $1 Billion Debt
The Commercial and Tax Division Court has granted KCB Group the authority to liquidate the assets of DAC Aviation International…
Kenya’s KRA Loses $1.38 Billion Tax Case Against Bidco Oil Refineries
Kenya Revenue Authority (KRA) has faced defeat in a prolonged tax dispute with Bidco Oil Refineries, amounting to $1.38 billion.…
Nigerian Oil Marketers Secure Funding to Develop 30,000 Gas Stations Amid Fuel Subsidy Removal
Nigerian oil marketers have received approval from both domestic and international financiers to establish approximately 30,000 gas stations across the…
Nigerian National Petroleum Company Instructs Marketers to Load Petroleum Products Amid Pipeline Repairs
The Independent Petroleum Marketers Association of Nigeria (IPMAN) has refuted claims of petroleum product scarcity, stating that the Nigerian National…
Nigeria Identified as the Least Refining OPEC Member, Averaging 10,600 bpd Over Five Years
OPEC has singled out Nigeria, one of Africa’s leading oil producers, as the least refining member within the organization, with…
Nigerian Government Plans to Reduce Tax Waivers Given to Companies
The Nigerian Federal Government is preparing to review and reduce the tax waivers granted to companies operating within the country,…
Nigerian Government Tax Revenue Soars by 96.11% in Q2 2023
In the second quarter of 2023, tax revenue from both companies and consumers in Nigeria witnessed a remarkable surge of…
Nigerian Stock Market Emerges as Second-Best Performer in Africa Over 3 Months
Despite concerns regarding inflation, interest rate hikes, and weak macroeconomic indicators, the confidence of investors in Nigeria’s stock market remained…
Nigeria’s Stocks Surge by N1.08 Trillion
In the trading week concluding on September 1, Nigeria’s stock market experienced significant growth, with an increase of 3 percent…
DSS Detains Central Bank Deputy Governor Amidst Ongoing Financial Mismanagement Probe
The Department of State Service (DSS) has reportedly apprehended Mr. Kingsley Obiora, the Central Bank of Nigeria’s (CBN) Deputy Governor…
Reducing Nigerian Government Borrowing Requires Addressing Insecurity and Diversifying Revenue Sources
Financial experts suggest that for the Nigerian government to reduce borrowing, it needs to address the issue of insecurity and…
African Union Suspends Gabon’s Membership Following Coup
The African Union (AU) has suspended Gabon’s membership after military officers ousted President Ali Bongo. This move marks the first…
ECOWAS Denies Reports of Transition Proposal in Nigeria
The Economic Community of West African States (ECOWAS) has refuted reports suggesting that its leader, President Tinubu, proposed a transition…