Africa’s richest man, Aliko Dangote, is working to raise billions of dollars to expand operations at his $20 billion oil refinery near Lagos. The facility, touted as the largest of its kind in the world, is expected to transform Nigeria’s reliance on imported fuel by producing refined petroleum locally. Efforts […]
FINANCE
MultiChoice, the South African pay-TV company, has disclosed a write-off of N31.6 billion (approximately $21 million) in deposits held with Heritage Bank, following the bank’s liquidation in June 2024. The loss was reported in the company’s financial results for the six-month period ending September 30, 2024. The initial deposit, which […]
Access Bank UK Limited has announced the opening of its Hong Kong branch, operating as a restricted license bank. This milestone marks the bank’s entry into the Asia-Pacific market, underscoring its commitment to facilitating trade and financial services between Asia and Africa. With this launch, Access Bank UK Limited becomes […]
Ecobank Transnational Incorporated, the leading independent pan-African financial services group, has announced a strategic partnership with Nium, a global leader in real-time payment infrastructure. This partnership will facilitate faster, more efficient cross-border payments for Ecobank’s 32 million customers across 35 African markets, marking a significant advancement in the region’s financial […]
Zenith Bank Plc has announced a major technology infrastructure upgrade, positioning itself as a leader in the banking industry with a commitment to delivering an exceptional customer experience and top-tier service. This strategic enhancement aims to meet evolving customer needs with speed, security, and efficiency. In a statement shared on […]
Dangote Refinery has announced its petrol pricing structure, stating that it sells at N990 per litre for truck distribution and N960 per litre for sales to ships. This disclosure follows assertions by the Independent Petroleum Marketers Association of Nigeria (IPMAN) and the Petroleum Products Retail Outlets Owners Association of Nigeria […]
FirstBank has joined the Partnership for Carbon Accounting Financials (PCAF), a global alliance aimed at harmonizing greenhouse gas (GHG) emissions assessments for financial institutions worldwide. This move underscores FirstBank’s commitment to sustainable economic development, transparent carbon accounting, and Nigeria’s shift to a low-carbon economy. PCAF unites more than 530 financial […]
The International Finance Corporation (IFC), an affiliate of the World Bank Group, has entered into a strategic partnership with the Central Bank of Nigeria (CBN) to expand access to local currency financing for Nigeria’s private sector. This agreement aims to meet a pressing demand for naira-based funding in sectors pivotal […]