Category: Africa
NNPC and Marketers Clash Over Petrol Subsidy, PMA Proposes N1,200/Litre
Tensions have risen between the Nigerian National Petroleum Company Limited (NNPC) and fuel marketers, represented by the Independent Petroleum Marketers…
Angola Announces Exit from OPEC Amid Quota Dispute
Angola, the second-largest crude producer in Africa, has officially declared its departure from the Organization of the Petroleum Exporting Countries…
Kenyan Unit Trusts Increase Annual Returns to Attract Investments Amid Elevated Rates
Kenyan unit trusts are boosting their annual returns to remain competitive with the heightened rates offered on government treasuries and…
Kenyan Regulator Fines Carrefour Franchise $7.2 Million for Market Power Abuse
The Competition Authority of Kenya (CAK) has imposed a record $7.2 million fine on a Carrefour franchise in Kenya for…
Central Bank of Kenya Faces Challenge as it Seeks to Control Government Borrowing Costs
The Central Bank of Kenya (CBK) is encountering a significant test in its efforts to manage the cost of government…
TotalEnergies to Construct 216MW Solar Plant with Battery Storage in South Africa
TotalEnergies (TTEF.PA) announced on Friday its readiness to commence the construction of a groundbreaking 216-megawatt solar plant with battery storage…
Nairobi Securities Exchange Sees Continued Wealth Erosion in Q4 Despite Select Stock Gains
The Nairobi Securities Exchange (NSE) has experienced a prolonged wealth erosion trend in the fourth quarter of the year, extending…
World Bank Approves $150 Million Project to Create 45,000 Jobs in Kenya
The World Bank has approved the Kenya Jobs and Economic Transformation Project (KJET), a $150 million initiative aimed at creating…
Kenya Witnesses Surge in Dollar Deposits as Shilling Weakens
The value of dollar deposits in Kenyan commercial banks has surged by Sh528.56 billion in the first 10 months of…
Niger, Mali, Burkina Faso Explore Political and Monetary Alliance, Signal Shift from West African Bloc
Niger, Mali, and Burkina Faso are considering a political and monetary alliance, as announced by Niger’s military leader, General Abdourahamane…
Parliament to Conduct Headcount Vote on Approval of 2024 Budget
Parliament is scheduled to undertake a headcount vote on the approval of the 2024 budget on December 7, 2023. The…
Safaricom Introduces Christmas Campaign Allowing Fuliza Loan Repayment with Bonga Points
Safaricom has launched a month-long Christmas campaign, “Sambaza Furaha,” which includes unique offers for customers. Notably, borrowers using Safaricom’s Fuliza…
Kenyan Court Allows Official Receiver to Seize Cytonn Properties in Liquidation Case
The High Court in Kenya has granted permission for the official receiver to take control of three properties in Nairobi’s…
Bearish Market Conditions Deter Three Companies, Including Credit Bank, from NSE Listing
The persistent bear market on the Nairobi Securities Exchange (NSE) has led three companies, including Credit Bank, to suspend their…
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…
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…
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…
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…
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…
Strategic Investment in Consumer Profile Bureau by 1K Africa and Ascension Capital
1K Africa and Ascension Capital have jointly announced a strategic investment in Consumer Profile Bureau (CPB), a prominent South African…
CSquared Secures $25 Million Investment to Fuel Broadband Infrastructure Expansion in Africa
Pan-African technology company CSquared Link Holdings (Mauritius) Limited has announced a new equity investment of $25 million to accelerate the…
Blue Earth Capital Commits $20 Million to African Infrastructure Investment Fund 4 (AIIF4)
Blue Earth Capital has committed $20 million to African Infrastructure Investment Fund 4 (AIIF4), managed by African Infrastructure Investment Managers…