FG Earned $500 Million From 5G Spectrum Auction – Pantami
Minister of Communications and Digital Economy, Ali Pantami, said the federal government has generated over $500 million from the 5G…
Category: Business
Oil-producing States Borrow N1.3tn Amid N6.4tn Windfall.
The total debts of nine oil-producing states rose from N2.04tn in December 2015 to N3. 35tn as of June 2022,…
435,000 Tesla Vehicles in China will Receive Software Updates Due to a Marker Light Problem.
A regulatory body announced that Tesla Inc (TSLA. O) will release software updates for more than 435,000 vehicles in China…
Two Swiss Fintechs are Funded by J.P. Morgan Private Bank.
According to a statement released, J.P. Morgan Private Bank has invested in two Swiss fintech firms that specialize in software…
Free Trade Zones in Nigeria Draw $46.4 billion in Investment.
The Nigerian economy received over $46.6 billion in investment thanks to free trade zones. Adesoji Adesugba, the managing director of…
CAC Opens a Register for Beneficial ownership.
The Corporate Affairs Commission has unveiled a platform for the Beneficial Ownership Register in an effort to strengthen the anti-corruption…
Incorrect Import and Export Prices Cause Uganda to Lose Millions
Global Financial Integrity (GFI) found that $835 billion of the $1. 6 trillion in potential trade mis-invoicing among the 134…
OPEC Oil Output Declines in November Following Declared Cuts.
According to the survey, OPEC produced 29. 01 million barrels per day (bpd) in November, which is 710,000 bpd less…
Nigeria is a Significant Long-term Investment Market.
Dr. Naledi Pandor, minister of international relations and cooperation, has referred to Nigeria as a significant long-term market for South…
Registrars for Capital Markets Demand Proper Identity Management.
To encourage investment in Nigeria’s capital market, the Institute of Capital Market Registrars has called for proper identity management. This…
Trade Volume Between the UK and Nigeria Hits £5.5bn.
At the eighth and final UK-Nigeria Economic Development Forum, both parties reaffirmed their shared interest in pursuing a prospective Enhanced…
Kenya’s Centum Investment H1 Pretax Loss Widens.
Kenya’s Centum Investment (CTUM. NR), which reported a larger first-half loss, said it would buy back up to 10% of…
London Museum Returns Benin Bronzes to Nigeria.
The Horniman Museum in London has formally started the process of returning 72 Benin bronzes to Nigeria. Following agreements between…
Amazon closes its operations in India.
Amazon, a U.S. Online retailer, is closing its wholesale distribution operation in India in order to concentrate more on its…
Exclusive: Exxon will leave Equatorial Guinea amid the Phase-out of Crude in Africa.
Exxon Mobil Corp (XOM. N) will cease oil production in Equatorial Guinea after its license expires in 2026 and depart…
Nigerian Banks Increase Interest on Existing Loans to Customers By 200bps.
Commercial lenders have raised the interest rates they impose on current contracts by 200 basis points, or 2%, up to…
Nigeria Petroleum Marketers: The NNPC Petrol Price Without Subsidy Is N400/Litre.
It has been learned that, assuming there is no subsidy, N400/litre is the lowest price at which the Nigerian National…
Ivory Coast Completes Second Shipping Container Terminal.
Officials announced that the Ivory Coast has finished building a second container terminal at its primary port in Abidjan, opening…
Tanzanian and South Korean Companies agree to a Collaboration.
In order to promote partnerships between the two parties, the Tanzania Startup Association (TSA) and the Korean Startup Forum (KSF)…
According to NBS, Nigeria’s GDP Declined from 1.78% to 2.25% in Q3 2022.
Nigeria’s Gross Domestic Product (GDP) increased by 2.25 percent (year over year) in real terms in the third quarter of…
LoftyInc’s Latest Fund Closes 40% above Goal.
An African-focused venture capital firm, LoftyInc Capital Management, has announced the closing of the third iteration of its “Afropreneurs Fund…
Goodwell’s Second uMunthu Fund Launches with €50mln.
Goodwell Investments, a social impact investment company, has established its EUR150 million (US$154 million) uMunthu II fund with the goal…
Ethos Private Equity acquired by New York-based Asset Manager.
A formal agreement has been reached for Ethos Private Equity to be acquired by The Rohatyn Group “TRG”. A specialist…
FX Crisis: Ghana to use Gold instead of US Dollars to Buy Oil.
Vice-President Mahamudu Bawumia said that Ghana’s government is developing a new strategy to purchase oil goods using gold rather than…
FG Calls for Closer Ties with Canada to Advance both Countries’ Trade Objectives.
According to the Federal Government, Nigeria and Canada must collaborate closely to accomplish a number of shared objectives, including enhancing…
Naira Redesign: CBN Receives Old Notes Worth N165 billion.
Before the Federal Executive Council meeting started, November 23, President Muhammadu Buhari introduced the freshly designed N200, N500, and N1000.…
South Africa’s Game Stores Face Court Threat over Kenya Exit.
Before leaving the Kenyan market, South African retail behemoth Massmart, which runs the Game Stores, had a dispute with its…
Williamson Purchases 60% of its Tea from Smallholder Farmers.
According to Williamson Tea Kenya, the outsourcing approach it began years ago has been strengthened as smallholder farmers now provide…
To Build Roads, DMO is Requesting N100 billion.
The issue of N100 billion in Ijarah Sukuk bonds for subscriptions has been announced by the Debt Management Office. The…