Africa Finance Corporation closes €150m syndicated loan with DEG, Proparco
Onome AmugeJanuary 19, 2023
By Onome Amuge Africa Finance Corporation (AFC) , the continent’s leading infrastructure financier, has announced the successful closure of a 10-year loan facility worth 150 million euros with European development finance institutions Deutsche Investitions-und Entwicklungsgesellschaft and Proparco. The new credit facility supports the development and implementation of infrastructure projects that enhance the continent’s economic, environmental, […]
Nigeria to gain N6trn annually if FG halts petrol subsidy, says Muda Yusuf
Onome AmugeJanuary 16, 2023
By Onome Amuge Nigeria’s revenue can improve by N6 trillion annually if the government discontinues its petroleum subsidy regime, according to Muda Yusuf, the chief executive officer of the Centre for the Promotion of Private Enterprises (CPPE). Yusuf, who made the statement while commenting on the 2023 Finance Bill, said the Nigerian economy is heavily […]
FATE Foundation outlines benefits, costs of CBN’s withdrawal limit policy on MSMEs
Cynthia EzekweJanuary 16, 2023
By Cynthia Ezekwe Reduction of unbanked, Increased financial inclusion In its quest to curb the rise in money laundering activities and improve the economy of the country, the Central Bank of Nigeria (CBN) implemented a policy on cash withdrawal limit on 6 December 2022, which was revised on 21 December 2022 and took effect on […]
Here Are 5 Ways Businesses Are Using YouTube to Get More Customers
Businessam StaffJanuary 15, 2023
Almost 20 years after its launch, YouTube is still going strong, attracting huge amounts of users with its vast array of content. Despite the rise of fellow video platform TikTok, it’s still managed to hold onto its share of the market audience, with the rapidly growing industry of video advertising reaping the rewards for YouTube-friendly […]
Access Holdings terminates acquisition of Kenya’s Sadian Bank
business AMJanuary 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 […]