Nigeria’s Islamic finance industry portfolio hits $3.8bn-CBN
Post AMUGE
October 8, 2024
Busayo Samuel Nigeria’s Islamic finance industry, valued at $3.8 billion, is one of the major Shariah compliant industries in Africa. This information was disclosed during at the recent workshop on Islamic banking co-hosted by the International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank (IsDB) Group, in partnership with the Central […]
CBN reiterates commitment to stability of Nigeria’s financial system, safety of depositors’ funds
Post AMUGEOctober 8, 2024
Busayo Samuel The Central Bank of Nigeria (CBN) has reaffirmed its commitment to maintaining the stability and security of the nation’s financial system, emphasizing the safety of depositor funds. In a media statement by Hakama Sidi Ali, the acting director of corporate communications , on Tuesday, the CBN highlighted the critical role of public confidence […]
Access Bank gets approval in principle to operate in Namibia
Post AMUGEOctober 7, 2024
Busayo Samuel Access Bank Plc, the flagship subsidiary of Access Holdings Plc, is making an incursion into the Namibian banking landscape. The Holding Company, one of Africa’s Leading Corporations informed the Nigerian Exchange Limited and the investing public on Monday, through a letter, that it has obtained a provisional licence from the Bank of Namibia […]
AfDB, USAID sign $600m landmark regional development agreement
Post AMUGEOctober 7, 2024
Busayo Samuel The African Development Bank Group and the United States Agency for International Development (USAID) have signed a landmark Regional Development Objective Agreement (RDOAG) to strengthen social and economic development in the Sahel. The signing ceremony was held at the U.S. Embassy in Dakar, Senegal. The agreement, valued at $600 million, about N995 billion, […]
BII, Ecobank Sierra Leone sign $25 million risk-sharing agreement to boost private sector growth
Post AMUGEOctober 7, 2024
Busayo Samuel British International Investment (BII), the UK’s development finance institution and impact investor, has announced a $25 million (about N41.5 billion), risk-sharing facility with Ecobank Sierra Leone to boost private sector growth in high-impact sectors of the economy. The risk-sharing facility, which includes a comprehensive technical assistance programme, will support Ecobank to increase lending […]
Nigerian banks see inflation drive wage bills up in H1’24
Post AMUGEOctober 5, 2024
Onome Amuge Financial data from Nigeria’s top banks has shown that many commercial banks in the country have been experiencing rapidly increasing operating costs as a result of soaring wages and salaries for new hires, due to worsening inflation in the country. As a result, some banks have been forced to increase the pay of […]
AFEX positions ETCs as innovative opportunity for commodities market
Post AMUGEOctober 5, 2024
Onome Amuge In the lead-up to the 2024 local harvest season, AFEX, Africa’s leading commodities player, has reinforced its belief in the significant role of innovative structured trade finance solutions, particularly exchange-traded commodities (ETCs), in fueling investments in the agriculture sector. According to AFEX, these commodity-based instruments will serve as pivotal drivers for promoting growth […]
BoI, SMEDAN partner for N1bn support fund to empower Nigerian MSMEs
Post AMUGEOctober 4, 2024
Business a.m. The Bank of Industry (BoI) and the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) have launched a joint effort, creating a N1 billion support fund to provide affordable financing to Nano and Micro enterprises across Nigeria. Olasupo Olusi, managing director and chief executive officer of the Bank of Industry, unveiled the […]
Afreximbank approves US$20.8 million for Starlink Global’s cashew factory project in Lagos
Post AMUGEOctober 4, 2024
Busayo Samuel African Export-Import Bank (Afreximbank) has approved a $20.8 million, about N34. 5 billion financing facility for Nigeria-based Starlink Global & Ideal Limited to enable the company construct and operate a 30,000-metric tonne per annum cashew processing factory in Lagos. According to the facility agreement signed in on July 22, 2024, Afreximbank will provide […]
IFC invests in Equator Africa Fund I to support African climate sector tech businesses
Post AMUGEOctober 4, 2024
Busayo Samuel International Finance Corporation ( IFC) has announced an investment in Equator Africa Fund I, marking its first-ever investment in a venture capital fund entirely focused on supporting businesses and innovation in the climate sector. Equator Africa is backing early-stage, tech-enabled companies in sub-Saharan Africa, including those working on green solutions in the energy, […]