Kenyan Tier-1 Banks Increase Loan-Loss Provisions by 45.8% in Q3 2023 Amid Operating Challenges
Summary: Eight tier-1 banks in Kenya, including Equity, KCB, and Stanbic, have collectively increased their loan-loss provisions by 45.8% to…
Year: 2023
Court of Appeal Denies East Africa Portland Cement Relief, Upholds Attachment of Bank Accounts Over Sh1.3 Billion Debt
East Africa Portland Cement Company (EAPCC) has faced a setback as the Court of Appeal declined to lift an order…
President Ruto’s Administration Proposes Sale of 11 Parastatals Worth Over Sh200 Billion
President William Ruto’s administration is taking a significant step towards economic reform by proposing the sale of 11 parastatals with…
Treasury Introduces Regulatory Fee on Online Forex Brokers to Boost CMA Revenue
The Kenyan Treasury, led by Cabinet Secretary Njuguna Ndung’u, has implemented regulatory changes affecting online forex brokers, introducing an annual…
Bank of Ghana Maintains Monetary Policy Rate at 30% Amidst Inflation Deceleration
The Bank of Ghana (BoG) has announced the decision to maintain the monetary policy rate at 30%, marking the second…
Ghana’s Public Debt Declines to GHS 567.3 Billion in September 2023
Ghana’s public debt has decreased to GHS 567.3 billion as of September 2023, reflecting a GHS 14.2 billion reduction compared…
Kenyan Parliament Sets Ultimatum for Treasury and Central Bank to Stabilize Depreciating Shilling
Kenya’s Parliament has issued a directive to the Treasury and the Central Bank of Kenya (CBK) to stabilize the depreciating…
Central Bank of Nigeria Calls for Banking Sector Recapitalization to Support Economic Growth
The Governor of the Central Bank of Nigeria (CBN), Yemi Cardoso, has issued a directive calling for the recapitalization of…
Nigeria’s GDP Grows by 2.54% in Q3 2023, Driven by Services Sector
Nigeria’s Gross Domestic Product (GDP) grew by 2.54% year-on-year in real terms in the third quarter of 2023, according to…
Dangote’s $20 Billion Refinery to Start with 350,000 Barrels Per Day
Aliko Dangote, the President/CEO of Dangote Group, has revealed that the $20 billion Dangote refinery in Lekki, Lagos, will commence…
Companies Raise Salaries by 18.35% to Combat Inflation in Nigeria
Companies in Nigeria increased the salaries of their employees by 18.35% to N29.45 trillion in the first half of 2023…
VC Firm Saviu Ventures Raises €12 Million for Second Fund Focused on Francophone Africa
Saviu Ventures, a venture capital firm targeting startups in Francophone Africa, has secured an initial close of €12 million for…
Bpifrance Joins Mediterrania Capital Partners’ MC IV Fund with €350 Million Target
Bpifrance, the French public investment bank, is set to join the MC IV fund of Mediterrania Capital Partners (MCP), a…
Africa Go Green Fund (AGG): Driving Private Investments for Sustainable Development
The Africa Go Green Fund (AGG), initiated by KFW on behalf of the German government, focuses on promoting private investments…
Finnfund Invests €2 Million in Fibertime Group to Boost Township Fibre Internet Access
Finnish development financier Finnfund has invested €2 million (approximately R39.9 million) in the Fibertime Group, a South African company offering…
FrontEdge Raises $10 Million to Boost Cross-Border Trade Financing for African SMEs
FrontEdge, a Lagos-based fintech, has secured $10 million in a seed round comprising debt and equity to enhance cross-border trade…
MMG to Acquire Khoemacau Copper Mine in Botswana for US$1.875 Billion
MMG Limited has entered into a Share Purchase Agreement (SPA) to acquire the parent company of the Khoemacau Copper Mine…
Nigeria Sovereign Investment Authority Launches $500 Million Renewables Investment Platform
The Nigeria Sovereign Investment Authority (NSIA) has introduced a $500 million Renewables Investment Platform for Limitless Energy (RIPLE) dedicated to…
Binance Witnesses Over $1 Billion Outflows After CEO’s Departure and Guilty Plea
Binance, a major cryptocurrency exchange, has experienced outflows exceeding $1 billion in the past 24 hours (excluding bitcoin) after its…
NGX and Islamic Development Bank Institute Collaborate to Boost Islamic Finance in Nigeria
Nigerian Exchange Limited (NGX) and Islamic Development Bank Institute (IsDBI) joined forces to conduct a capacity-building workshop aimed at fostering…
KCB Group Reports Growth in Nine-Month Profit Despite Challenging Environment
Kenya’s KCB Group has announced positive financial results for the nine months ending September, with a notable growth in profit…
Oil Spill Response Firm Collaborates with Total Energy and NIMASA to Tackle Egina Crude Oil Spill
An oil spill response firm has partnered with Total Energy and the Nigerian Maritime Administration and Safety Agency (NIMASA) to…
Cybersecurity Incident Hits Fortune 500 Title Insurance Company Fidelity National Financial
Fidelity National Financial (FNF), a Fortune 500 company providing title insurance and settlement services for the mortgage and real estate…
RedCloud Technologies and Paystack Join Forces to Enhance B2B Digital Payments in Nigeria
RedCloud Technologies, a leading open commerce platform provider, has entered into a strategic partnership with Paystack, a prominent digital payment…
Venezuela Aims for 1 Million Barrels per Day as Oil Output Reaches 850,000 bpd
Venezuela’s Oil Ministry officials announced a push towards producing 1 million barrels of oil per day, capitalizing on Washington’s recent…
Nigerian LNG Achieves Highest Dividend in 8 Years as Output Rises; Faces Challenges in Production
Nigerian LNG Limited (NLNG), the largest gas exporter in Nigeria, has reported its highest dividend payout to the Nigerian National…
Surge in Fuel Prices Aggravates Production Costs: Diesel Up 25.45%, Petrol Spikes 222.92% in 12 Months
Over the last 12 months, the cost of automotive gas oil (diesel) in Nigeria has surged by 25.45%, while premium…
Federal Government to Achieve 18% Tax-to-GDP Ratio in Three Years Through Enforcement
The Federal Government of Nigeria aims to achieve a tax-to-Gross Domestic Product (GDP) ratio of 18% within the next three…
Bank of Industry Pledges Support for Modular Refineries to Address Economic Challenges
Dr. Olasupo Olusi, the Managing Director of Bank of Industry Limited (BoI), has expressed a commitment to collaborate with modular…
Nigerian Exchange Limited Loses N35 Billion in Market Capitalization as Key Stocks Decline
The Nigerian Exchange Limited (NGX) experienced a decline of N35 billion in market capitalization on Wednesday. This drop was attributed…