Business South African Billionaire Family Acquires Controlling Stake in GZ Industries, Nigeria December 4, 2023 Ekemini Overview: South African billionaire family, the Oppenheimers, particularly Jonathan Oppenheimer, has secured a controlling stake in GZ Industries Ltd., a prominent beverage can manufacturer in Nigeria. The acquisition, completed by…
Business United Gulf Financial Services North Africa (UGFS) Completes First Closing of D100 Million Fund December 4, 2023 Ekemini Overview: United Gulf Financial Services North Africa (UGFS) has successfully completed the first closing of its fund, aiming for a total size of D100 million. The first closing reached approximately…
Business BluePeak Private Capital Invests USD 20 Million in Prime Logistics for Sustainable Expansion December 4, 2023 Ekemini BluePeak Private Capital, an alternative asset management firm, has announced its first ESG-linked investment – a USD 20 million hybrid loan to Prime Logistics, a leading integrated East & Central…
Business Pan African Towers Secures Strategic Investment from DPI and Verod Capital for Growth in Nigeria’s Digital Infrastructure December 4, 2023 Ekemini Pan African Towers (PAT), a leading digital infrastructure company in Nigeria, has announced a strategic investment from Development Partners International (DPI) and Verod Capital. DPI and Verod will invest in…
Business STANLIB Launches Khanyisa Energy Transition Fund to Raise $1 Billion for Green Energy Projects in Africa December 4, 2023 Ekemini South African asset manager STANLIB has launched the Khanyisa Energy Transition Fund, aiming to attract $1 billion by the end of 2028 to finance greener energy projects across Africa. The…
Local COP28 Delegates Launch Long-Awaited Climate Fund for Loss and Damage December 1, 2023 Ekemini Delegates at COP28 have made a surprising decision to launch a long-awaited fund to address damage from climate-driven events such as storms and droughts. Conventionally, such decisions are made in…
Business Robinhood Launches in the UK, Expanding Internationally After Over a Decade in the US December 1, 2023 Ekemini Robinhood, the stock-trading platform that gained popularity in the US, has officially launched in the UK, marking its first foray into international markets. The company, known for its commission-free trades…
Business B54 Introduces Alternative Funding for African Startups with Digital Private Bank Model December 1, 2023 Ekemini Lagos-based fintech B54 is addressing the funding challenges faced by startups in West Africa by providing an alternative to growth-stage venture capital. The B2B fintech operates as a digital private…
Local Russia’s Largest Oil and Gas Exporters Experience 41% Drop in Revenues December 1, 2023 Ekemini Russia’s largest oil and gas exporters faced a significant challenge as their total revenues plummeted by 41% between January and September compared to the same period in the previous year.…
Local Nigerian Senate Threatens EFCC Involvement to Recover N135 Billion CBN Gas Expansion Loans December 1, 2023 Ekemini The Nigerian Senate has issued a threat to involve the Economic and Financial Crimes Commission (EFCC) in the recovery process of the Central Bank of Nigeria’s (CBN) intervention loan of…
Local Nigerian Ports Authority Emphasizes Compulsory Vessel Pilotage Regime to Boost Efficiency in Oil and Gas Sectors December 1, 2023 Ekemini Mohammed Bello-Koko, the Managing Director of the Nigerian Ports Authority (NPA), has highlighted the significance of the compulsory vessel pilotage regime in ensuring efficiency and supporting the oil, gas, and…
Local FirstBank Group Appoints Olukorede Adenewo as Managing Director of FirstBank UK December 1, 2023 Ekemini FirstBank Group has appointed Olukorede Adenewo as the Managing Director of FirstBank UK, effective from November 16, 2023, subject to regulatory approvals. Adenewo, who previously served as the Chief Executive…
Local Economic Challenges May Hinder Nigerian Insurance Sector’s Ambitious Third-Party Motor Premium Target December 1, 2023 Ekemini The Nigerian insurance sector’s plans to generate a premium of N148.30 billion from third-party motor insurance by December 31, 2023, may face challenges due to rising economic difficulties in the…
Local Tribute Paid to Late Christopher Ogunbanjo for Contributions to Nigerian Capital Market December 1, 2023 Ekemini A special tribute session and closing-gong ceremony were held at the Nigerian Exchange Limited (NGX) to honor the late Christopher Ogunbanjo, recognizing his significant contributions to the capital market and…
Local NGX Records Bullish Performance, Gains N51 Billion in Market Cap December 1, 2023 Ekemini The Nigerian Exchange Limited (NGX) continued its bullish trend, recording a 0.11% increase in the All-Share Index, reaching 71,365.25 points. This positive movement resulted in a N51 billion gain in…
Local Nigerian Equities Market Rises by 0.11% Boosted by Top Advancers December 1, 2023 Ekemini The Nigerian equities market recorded a 0.11% increase, attributed to the positive performance of key advancers such as NNFM, Mecure, and ETI. The Nigerian Exchange Limited (NGX) All-Share Index (ASI)…
Local Nigeria Faces Challenges Meeting OPEC+ Oil Production Target, Independent Consultancies Indicate November 30, 2023 Ekemini Nigeria is encountering difficulties in meeting its oil production target set by OPEC+ for 2024, as revealed by independent consultancies tasked with verifying the country’s output. Discrepancies in reaching production…
Local SBG Securities Ceases Coverage on Sub-Saharan African Food Producers Amidst ‘Japa’ Wave November 30, 2023 Ekemini SBG Securities Research, a member of the Standard Bank Group, has announced that it will no longer provide coverage and analysis of sub-Saharan African food producers and beverages. The decision…
Local Slowdown in Nigeria’s ICT Sector: Factors and Implications November 30, 2023 Ekemini Nigeria’s Information and Communication Technology (ICT) sector, a key driver of economic growth for over five years, is exhibiting signs of a slowdown. In the third quarter of 2023, the…
Local Surge in Pension Fund Transfers: Navigating Opportunities and Challenges November 30, 2023 Ekemini The Nigerian pension landscape has witnessed a significant shift as 178,164 contributors, managing a total of N710.89 billion, have leveraged the regulatory transfer window to move to new Pension Fund…
Local Nigeria’s 2024 Budget Deficit Challenges: Balancing Subsidy Removal Gains and Fiscal Responsibility November 30, 2023 Ekemini Despite the removal of fuel subsidies, Nigeria faces a historic budget deficit of N9.18 trillion in 2024, emphasizing challenges in fiscal responsibility and efficient spending. President Bola Tinubu’s budget, totaling…
Local Equinor Sells Nigerian Business to Chappal Energies: A Shift in Oil and Gas Landscape November 30, 2023 Ekemini Norwegian energy company Equinor has reached an agreement to sell its Nigerian business, including its stake in the Agbami oil field, to Nigerian-owned Chappal Energies. The sale marks a strategic…
Local Nigeria Aims to Reduce Budget Deficit in 2024 Through Bold Reforms November 30, 2023 Ekemini Nigeria’s President Bola Tinubu has unveiled ambitious plans to narrow the country’s budget deficit to approximately 3.9% of GDP in 2024, down from around 6.1% in the current year. These…
Business Transparency Gap: Analysis Reveals Discrepancies in Climate Finance Reporting November 30, 2023 Ekemini A recent analysis by the ONE Campaign, a non-profit advocacy group, has unveiled significant discrepancies in the reporting and disbursement of climate finance commitments by developed nations between 2013 and…
Local Bola Tinubu Appoints New Board and Management Team for NNPC Limited November 28, 2023 Ekemini President Bola Tinubu has appointed a new Board and Management team for the Nigerian National Petroleum Company Limited (NNPCL), comprising nine members. The appointments, effective from December 1, 2023, are…
Local FEC Approves N27.5 Trillion for 2024 Appropriation Bill November 28, 2023 Ekemini President Bola Tinubu presided over the Federal Executive Council (FEC) meeting, where the approval of the sum of N27.5 trillion for the 2024 appropriation bill was announced. The Minister of…
Local Zenith Bank Signs MoU with French Government to Establish Subsidiary in France November 28, 2023 Ekemini Zenith Bank Plc has signed a Memorandum of Understanding (MoU) with the French government to establish a subsidiary in France. The MoU, signed by the bank’s chairman, Jim Ovia, and…
Local High Development Costs Keep Many Marginal Fields in Nigeria Dormant November 28, 2023 Ekemini Several marginal oil fields in Nigeria remain undeveloped years after being awarded to companies due to the challenges posed by high development costs. Each field reportedly requires over $100 million…
Local Delisting of Union Bank from NGX Results in N132bn Market Capitalization Loss November 28, 2023 Ekemini The delisting of Union Bank of Nigeria’s shares from the Nigerian Exchange Limited (NGX) led to a N132 billion loss in market capitalization. The delisting, approved after the suspension of…
Local Fintech Firm BFREE Explores Acquisition of Distressed Loan Portfolios from Union Bank November 28, 2023 Ekemini BFREE, a German-Nigerian fintech firm, has signed a Memorandum of Understanding (MoU) with Union Bank of Nigeria during the German-Nigerian Business Forum in Berlin. The MoU outlines the possibility of…
