Africa Kenyan Tier-1 Banks Increase Loan-Loss Provisions by 45.8% in Q3 2023 Amid Operating Challenges November 28, 2023 Ekemini Summary: Eight tier-1 banks in Kenya, including Equity, KCB, and Stanbic, have collectively increased their loan-loss provisions by 45.8% to KSh62.5 billion in the third quarter of 2023. This substantial…
Africa Court of Appeal Denies East Africa Portland Cement Relief, Upholds Attachment of Bank Accounts Over Sh1.3 Billion Debt November 28, 2023 Ekemini East Africa Portland Cement Company (EAPCC) has faced a setback as the Court of Appeal declined to lift an order obtained by former workers, which attached its bank accounts over…
Africa President Ruto’s Administration Proposes Sale of 11 Parastatals Worth Over Sh200 Billion November 28, 2023 Ekemini President William Ruto’s administration is taking a significant step towards economic reform by proposing the sale of 11 parastatals with a combined asset value exceeding Sh200 billion. This move aligns…
Africa Treasury Introduces Regulatory Fee on Online Forex Brokers to Boost CMA Revenue November 28, 2023 Ekemini The Kenyan Treasury, led by Cabinet Secretary Njuguna Ndung’u, has implemented regulatory changes affecting online forex brokers, introducing an annual fee to be remitted to the Capital Market Authority (CMA).…
Africa Bank of Ghana Maintains Monetary Policy Rate at 30% Amidst Inflation Deceleration November 28, 2023 Ekemini The Bank of Ghana (BoG) has announced the decision to maintain the monetary policy rate at 30%, marking the second consecutive instance of such a move by the Monetary Policy…
Africa Ghana’s Public Debt Declines to GHS 567.3 Billion in September 2023 November 27, 2023 Ekemini Ghana’s public debt has decreased to GHS 567.3 billion as of September 2023, reflecting a GHS 14.2 billion reduction compared to the GHS 581.5 billion recorded in June 2023. The…
Africa Kenyan Parliament Sets Ultimatum for Treasury and Central Bank to Stabilize Depreciating Shilling November 27, 2023 Ekemini Kenya’s Parliament has issued a directive to the Treasury and the Central Bank of Kenya (CBK) to stabilize the depreciating shilling within the next month. Failure to achieve this objective…
Local Central Bank of Nigeria Calls for Banking Sector Recapitalization to Support Economic Growth November 27, 2023 Ekemini The Governor of the Central Bank of Nigeria (CBN), Yemi Cardoso, has issued a directive calling for the recapitalization of Nigerian banks to align with the demands of a growing…
Local Nigeria’s GDP Grows by 2.54% in Q3 2023, Driven by Services Sector November 27, 2023 Ekemini Nigeria’s Gross Domestic Product (GDP) grew by 2.54% year-on-year in real terms in the third quarter of 2023, according to the National Bureau of Statistics (NBS). This growth rate is…
Local Dangote’s $20 Billion Refinery to Start with 350,000 Barrels Per Day November 27, 2023 Ekemini Aliko Dangote, the President/CEO of Dangote Group, has revealed that the $20 billion Dangote refinery in Lekki, Lagos, will commence operations by refining 350,000 barrels per day of crude oil.…
Local Companies Raise Salaries by 18.35% to Combat Inflation in Nigeria November 27, 2023 Ekemini Companies in Nigeria increased the salaries of their employees by 18.35% to N29.45 trillion in the first half of 2023 to combat rising inflation in the country. This information is…
Africa VC Firm Saviu Ventures Raises €12 Million for Second Fund Focused on Francophone Africa November 27, 2023 Ekemini Saviu Ventures, a venture capital firm targeting startups in Francophone Africa, has secured an initial close of €12 million for its second fund. The fund aims to reach a final…
Business Bpifrance Joins Mediterrania Capital Partners’ MC IV Fund with €350 Million Target November 27, 2023 Ekemini Bpifrance, the French public investment bank, is set to join the MC IV fund of Mediterrania Capital Partners (MCP), a private equity firm focused on growth investments for SMEs and…
Business Africa Go Green Fund (AGG): Driving Private Investments for Sustainable Development November 27, 2023 Ekemini The Africa Go Green Fund (AGG), initiated by KFW on behalf of the German government, focuses on promoting private investments that mitigate or reduce Green House Gas (GHG) emissions in…
Business Finnfund Invests €2 Million in Fibertime Group to Boost Township Fibre Internet Access November 27, 2023 Ekemini Finnish development financier Finnfund has invested €2 million (approximately R39.9 million) in the Fibertime Group, a South African company offering fast, uncapped, and time-based open-access fibre internet in townships. Fibertime…
Business FrontEdge Raises $10 Million to Boost Cross-Border Trade Financing for African SMEs November 27, 2023 Ekemini FrontEdge, a Lagos-based fintech, has secured $10 million in a seed round comprising debt and equity to enhance cross-border trade for small and medium-sized enterprises (SMEs) in Africa. The funding…
Business MMG to Acquire Khoemacau Copper Mine in Botswana for US$1.875 Billion November 27, 2023 Ekemini MMG Limited has entered into a Share Purchase Agreement (SPA) to acquire the parent company of the Khoemacau Copper Mine in Botswana for an effective Enterprise Value of US$1,875 million.…
Africa Nigeria Sovereign Investment Authority Launches $500 Million Renewables Investment Platform November 27, 2023 Ekemini The Nigeria Sovereign Investment Authority (NSIA) has introduced a $500 million Renewables Investment Platform for Limitless Energy (RIPLE) dedicated to developing renewable energy projects across the entire value chain. With…
Local Binance Witnesses Over $1 Billion Outflows After CEO’s Departure and Guilty Plea November 24, 2023 Ekemini Binance, a major cryptocurrency exchange, has experienced outflows exceeding $1 billion in the past 24 hours (excluding bitcoin) after its founder and CEO, Changpeng Zhao, stepped down and pleaded guilty…
Local NGX and Islamic Development Bank Institute Collaborate to Boost Islamic Finance in Nigeria November 23, 2023 Ekemini Nigerian Exchange Limited (NGX) and Islamic Development Bank Institute (IsDBI) joined forces to conduct a capacity-building workshop aimed at fostering the issuance of Islamic finance instruments. The workshop, held in…
Africa KCB Group Reports Growth in Nine-Month Profit Despite Challenging Environment November 23, 2023 Ekemini Kenya’s KCB Group has announced positive financial results for the nine months ending September, with a notable growth in profit after tax. Despite facing a challenging economic and market environment,…
Local Oil Spill Response Firm Collaborates with Total Energy and NIMASA to Tackle Egina Crude Oil Spill November 23, 2023 Ekemini An oil spill response firm has partnered with Total Energy and the Nigerian Maritime Administration and Safety Agency (NIMASA) to address a crude oil spill from the Egina oil field…
Local Cybersecurity Incident Hits Fortune 500 Title Insurance Company Fidelity National Financial November 23, 2023 Ekemini Fidelity National Financial (FNF), a Fortune 500 company providing title insurance and settlement services for the mortgage and real estate industries, revealed a recent cybersecurity incident that impacted its systems.…
Business RedCloud Technologies and Paystack Join Forces to Enhance B2B Digital Payments in Nigeria November 23, 2023 Ekemini RedCloud Technologies, a leading open commerce platform provider, has entered into a strategic partnership with Paystack, a prominent digital payment provider in Nigeria. The collaboration aims to streamline and secure…
Commodities Venezuela Aims for 1 Million Barrels per Day as Oil Output Reaches 850,000 bpd November 23, 2023 Ekemini Venezuela’s Oil Ministry officials announced a push towards producing 1 million barrels of oil per day, capitalizing on Washington’s recent easing of sanctions. The country’s current output stands at 850,000…
Local Nigerian LNG Achieves Highest Dividend in 8 Years as Output Rises; Faces Challenges in Production November 23, 2023 Ekemini Nigerian LNG Limited (NLNG), the largest gas exporter in Nigeria, has reported its highest dividend payout to the Nigerian National Petroleum Company Limited (NNPC) in eight years. Despite facing challenges…
Local Surge in Fuel Prices Aggravates Production Costs: Diesel Up 25.45%, Petrol Spikes 222.92% in 12 Months November 23, 2023 Ekemini Over the last 12 months, the cost of automotive gas oil (diesel) in Nigeria has surged by 25.45%, while premium motor spirit (PMS) prices, influenced by subsidy removal, experienced a…
Local Federal Government to Achieve 18% Tax-to-GDP Ratio in Three Years Through Enforcement November 23, 2023 Ekemini The Federal Government of Nigeria aims to achieve a tax-to-Gross Domestic Product (GDP) ratio of 18% within the next three years. This ambitious target will be pursued through the enforcement…
Local Bank of Industry Pledges Support for Modular Refineries to Address Economic Challenges November 23, 2023 Ekemini Dr. Olasupo Olusi, the Managing Director of Bank of Industry Limited (BoI), has expressed a commitment to collaborate with modular refineries to address economic challenges in Nigeria. The partnership aims…
Local Nigerian Exchange Limited Loses N35 Billion in Market Capitalization as Key Stocks Decline November 23, 2023 Ekemini The Nigerian Exchange Limited (NGX) experienced a decline of N35 billion in market capitalization on Wednesday. This drop was attributed to share value reductions in key stocks, including MTN Nigeria,…
