Africa50 Completes Financing for the Senegalese Power Facility.
The co-developed 120 Megawatt power plant in Malicounda, Senegal, which cost €154 million to complete, was co-developed by Africa50 and…
Category: Business
Norfund and 54 Funding Provide SAMANU with Growth Capital.
SAMANU is a platform firm that competes in the primary FMCG sub-sectors in Ethiopia with well-known brands (Tena Edible Oils,…
Contributory Pension Assets Increased to N14.9 trillion.
The total assets under the Contributory Pension Scheme rose by N1.56tn in 2022, according to figures obtained from the National…
Classera Generates $40 Million Funds And Plans to Expand in Africa
The largest Series ‘A’ investment in EdTech history for an unfunded startup was successfully completed by Classera, a worldwide EduTech…
Baker McKenzie Appoints Partners for its Corporate Practice in Africa.
Three renowned transactional attorneys have joined the Johannesburg office of a major international law firm, Baker McKenzie. In January and…
AfricInvest Purchases a Small Investment in Justrite.
An African private equity company, AfricInvest, has acquired a small share in the Justrite supermarket chain in Nigeria. The company…
ECOWAS Adopts New Regulations for the Regional Electricity Market.
The Economic Community of West African States Regional Electricity Regulatory Authority has approved critical policies for the development of the…
Central Bank of Nigeria Recovers N1.9 trillion Following Naira Redesign.
The United Nations has said the Nigerian economy will grow to three percent in 2023 because of robust commodities trade…
India’s Adani Dollar Bonds Hit Lowest Since November.
Dollar bonds issued by subsidiaries of the Indian conglomerate Adani Group fell after a scathing report by a U.S. short seller…
Banks’ Percentage of Consumer Loans Reaches 29.13%.
By the end of December 2022, the maximum loan rate in the banking industry was 29.13% while the return on…
Adani Group, Owned By World’s Third Richest Man, Has Been Accused Of Account Manipulation
The shares of the Indian conglomerate Adani Group plummeted on Wednesday morning after activist investing company Hindenburg Research accused it…
Federal Government of Nigeria Seeks Collaboration On Gas and Electric Trains
The Federal Government has disclosed that it was in talks with investors on how to power Nigeria’s trains with electricity…
A Microsoft Cloud Outage Affects Users Globally.
Microsoft Corp (MSFT.O) was hit with a networking outage that took down its cloud platform Azure along with services such…
3M to Lay off 2,500 Workers and Forecasts a Weak First Quarter as Demand Falls.
3M Co (MMM. N) said it would lay off 2,500 workers in manufacturing and forecast a bleak first quarter as…
The Central Bank of Nigeria has increased interest rates to 17.5%.
The Monetary Policy Committee of the Central Bank of Nigeria has voted to increase the benchmark interest rate by 100…
CBN Bans Abuja and Lagos PoS Operators for Cash Swap.
Mobile money/Point of Sales agents in Abuja and Lagos have been cut off from the Central Bank of Nigeria’s recently…
Nigerian Aviation Handling Company Strike Action.
The management of the Nigerian Aviation Handling Company has expressed gratitude to its clients for their patience throughout the company’s…
Nigeria Launches a $1 billion Deep Sea Port.
Nigeria recently opened a billion-dollar deep seaport in Lagos that was constructed by the Chinese. This port is designed to…
Economists Disagree on NNPCL’s N2.52 trillion Road Investment.
Financial economists had mixed reactions to the Nigerian National Petroleum Company Limited’s approved plan to invest N2. 52 trillion in…
Nigeria: Interest Rates are Likely to Rise as the MPC Meets.
Financial experts have expressed varying opinions on the possible outcomes of the rates ahead of the Central Bank of Nigeria’s…
Adesina: Africa’s GDP will Grow by 4% in 2023 and 2024.
Africa’s GDP growth is anticipated to be higher than the projected global averages of 2.7% and 3.2% in 2023 and…
CBN To Penalize Banks N1m Per Day For Not Picking New Naira Notes.
The new naira notes must be picked up by commercial banks for distribution, according to the Central Bank of Nigeria…
IOCs will Icrease their Drilling Activity.
In contrast to reports that International Oil Companies, Shell, Chevron, and other energy companies would finally say goodbye to Nigeria’s…
JPMorgan: Prior to the South Africa Budget, Investors should Purchase Eskom Bonds.
JPMorgan has urged investors to purchase Eskom bonds in South Africa before the country’s budget, which is anticipated to be…
Nigerian Shipowners and Operators find the NNPC Cargo Policy Frustrating.
Stakeholders in the nation’s maritime industry claim that local shipowners are suffering as a result of Nigerian National Petroleum Corporation…
Biotech is Set to Acquire Instadeep.
InstaDeep Ltd., a top global technology company in the fields of artificial intelligence (“AI”) and machine learning, and BioNTech Inc.…
EAIF Funding Enables the Ivorian Hydro Project to Reach Financial Close.
Ivoire Hydro Energy (IHE), which will construct a 44MW hydroelectric power generation plant on the Bandama River close to the…
PoS Operators Reject Raising the Service Fee.
In response to the Central Bank of Nigeria’s decision to review the cash withdrawal limits for automated teller machines and…
National Assembly Resumes, with a Priority on Restructuring the N23.7tn Loan.
The National Assembly will reconvene after its holiday recess to address outstanding matters of national importance, including the president’s request,…
Officially, the NLNG Bonny Plant is Still Functioning.
According to the Nigeria LNG Limited, despite a force majeure declaration made in October 2022 and issues with feed gas…