Access Holdings terminates acquisition of Kenya’s Sadian Bank
business AM
January 13, 2023
By Business AM Access Holdings, has announced it will no longer proceed with the acquisition of a controlling stake of Sidian Bank Limited from Kenyan-based Centum Investment Plc. The Nigerian corporation had disclosed in June 8,2022 that it had entered into a binding agreement estimated at $37 millionm with Centum Investment to acquire the entire […]
4 Nigerian agripreneurs up for AfDB’s $140,000 grant
Onome AmugeJanuary 13, 2023
By Onome Amuge The African Development Bank (AfDB) has selected 25 finalists including four Nigerian agriculture based startups for its annual AgriPitch competition, which aims to support and promote innovation and entrepreneurship in the agricultural sector across Africa. The four Nigerian startups among the 25 selected agripreneurs include Duketrah Fisheries, Agrisiti,Osomobegbe Global Ventures Limited,and […]
Nigerian bank deposits rise by 19% to N43tn in 2022
Olivia NnoromJanuary 12, 2023
By Olivia Nnorom Nigerian banks have recorded a N6.92 trillion rise in deposit from N36.13tn as of the end of October 2021 to N43.05tn in the corresponding period of 2022. This was disclosed in the personal statements of members of the Central Bank of Nigeria (CBN) Monetary Policy Committee. According to Aishah Ahmad, the deputy […]
Releaf secures $3.3 million Pre-Series A funding
Onome AmugeJanuary 9, 2023
By Onome Amuge unveils new technologies to drive profitability for consumer goods manufacturers Releaf, a Nigerian agri tech start-up that develops proprietary hardware and software solutions for African farmers and food factories,has raised $3.3 million in an oversubscribed Pre-Series A funding round. The funding round was led by Samurai Incubate Africa, who re-invested after leading […]
Agusto upgrades Wema Bank’s bond to BB+ over improved profitability
Cynthia EzekweJanuary 6, 2023
By Cynthia Ezekwe Agusto & Co, Nigeria’s first credit rating agency and a pan African leader in credit ratings and credit reports,has upgraded the rating of Wema Bank Funding Special Purpose Vehicle (SPV) Plc’s Series II N17.7 billion seven-year fixed rate bond to ‘Bbb+’ as a result of significant improvement on key metrics of assessment. […]
Okra Solar secures $3.4m solar grid facility for 76,000 beneficiaries
Innocent ObasiJanuary 5, 2023
By Innocent Obasi Okra Solar, an Australian tech startup, has secured a $3.4 million working capital facility under the ElectriFI Country Window from the European Union(EU) to use solar mesh-grids to target 76,000 energy access beneficiaries across Nigeria and other developing countries by the end of 2025. The initiative was inaugurated in 2016, with Okra […]
FGN releases ₦13.89bn for 2022 pension retirees
Chisom NwatuJanuary 5, 2023
By Chisom Nwatu The Federal Government of Nigeria (FGN) has released ₦13.89 billion for payment of accrued pension rights for Contributory Pension Scheme (CPS) retirees who retired in the year 2022. The National Pension Commission (PenCom) made the announcement in a statement seen by business a.m, stating that the accrued pension rights represent an employee’s benefits […]
NPA cautions Nigeria on high cost of local businesses as AfCFTA benefits beckon
Chisom NwatuJanuary 5, 2023
By Chisom Nwatu The Nigerian Ports Authority (NPA) has said that for Nigeria to benefit fully from the $3.4tn African Continental Free Trade Agreement (AFCFTA), the country needs to reduce the local cost of doing business. Mohammed Bello-Koko, The managing director of NPA, disclosed this recently in a media interview, saying that the country must […]
deVere founder,Nigel Green outlines 4 themes to shape investments in 2023
Onome AmugeJanuary 4, 2023
By Onome Amuge Nigel Green,the chief executive officer and founder of deVere Group, one of the world leading independent financial advisory, asset management and fintech organizations, has identified four over-riding investment themes that investors will be watching and positioning for in 2023 in order to build their wealth. As global investors and savers take stock […]
Global balance sheet faces 4 directions shaping economy to 2030
PHILLIP ISAKPAJanuary 4, 2023
By Phillip Isakpa Global balance sheet’s relation to gross domestic product (GDP) is projected to head in four directions between 2023 and 2030 and this will shape the economic health and wealth of the global economy, according to a report by McKinsey Global Institute (MGI). For the first time in 30 years […]