Banking and Finance ENERGY News & Reports

Local oil refiners seek CBN, NNPC support to grow production

The Oil Refiners Association of Nigeria (CORAN), the umbrella body of local refiners have appealed to the Central Bank of Nigeria (CBN) to create a crude refinery intervention fund similar to the agricultural credit fund or the pharmaceutical fund domiciled at the apex bank to drive effective business operations in the country. They have also …read more →

AFRICAReports Banking and Finance News & Reports

Access Bank Promotes 800 Employees as it Transitions to Holdco Structure

Access Bank PLC has announced the promotion of 800 employees following a transparent and robust performance management review in line with global best practices.  This announcement comes as the financial giant shores up its transition to a Holding Company (Holdco) starting May 1st, 2022. The Bank’s consistent growth over the years has been due to …read more →

Banking and Finance ENERGY Infrastructure Infrastructure Financing News & Reports Power

PIDG’s Emerging Africa Infrastructure Fund Anchors $420mn Bond Issuance

Private Infrastructure Development Group (PIDG) company, the Emerging Africa Infrastructure Fund (EAIF) was an anchor investor in a recent successful bond issue by African telecommunications and digital company Axian Telecom. It raised US$420 million (€369.31 million). EAIF has invested US$20 million (€17.59 million) in the bond, scaled back from an original commitment of up to …read more →

Banking and Finance News & Reports Technology

Nigeria’s Fintech Firm Flutterwave Raises $250 Mn Fresh Capital

Africa-focused fintech firm Flutterwave said on Wednesday it had raised $250 million in its single-biggest funding round to date, valuing the startup at more than $3 billion, as it targets mergers and acquisitions, and growing existing customer base. The latest funding round was led by investors including Facebook Inc co-founder Eduardo Saverin’s venture capital firm …read more →

Banking and Finance Economy News & Reports

Nigeria Posts $3.68 Bn Balance of Payment Surplus in Q3 2021

Nigeria’s balance of payment account recorded a surplus of $3.68 billion at the end of September, 2021, the first surplus in 10 consecutive quarters, the Central Bank of Nigeria (CBN) report showed. The report showed that Nigeria recorded its first current account surplus in almost three years, as the combination of an increase in net …read more →

AFRICAReports Banking and Finance Economy News & Reports WORLDReport

Fitch Says Rising Sovereign Debt Could Hit Ratings in Sub-Saharan Africa

A rise in government debt/GDP would be a potential negative rating action trigger for most sub-Saharan Africa (SSA) sovereigns, particularly those whose ratings are on negative outlook, said Fitch Ratings. “Efforts to contain COVID-19 outbreaks have hurt economic activity, weighing on tax revenues, even as public expenditure pressures have risen with demands for additional healthcare …read more →

Banking and Finance Infrastructure Financing News & Reports

FCTA to Borrow N200bn for Infrastructure Development

The Federal Capital Territory Administration (FCTA) has stated that it would have to borrow in the region of N200 billion to fund infrastructure development, such as roads and water projects across the Territory. FCT Minister, Malam Muhammad Musa Bello, made this known in Abuja during the inauguration of a Technical Committee on the proposed FCT …read more →

Banking and Finance Infrastructure Infrastructure Financing News & Reports

Sanwo-Olu: Lagos Will Explore NGX To Fund Infrastructure Projects

The Governor of Lagos State, Babajide Sanwo-Olu has said that the State will explore capital raising via Nigerian Exchange Limited (NGX) to fund infrastructure projects through equities, green, Sukuk, and Blue Bonds. Sanwo-Olu further expressed confidence in the opportunities available in the capital market and indicated an interest in deepening synergies between the State and …read more →

AFRICAReports Banking and Finance Economy Infrastructure Infrastructure Financing News & Reports Technology Telecom

With National Policy on 5G, ABSA Sees Opportunity for Economic Growth in Nigeria

Given the success recorded last December in the auction of the two slots in the 3.5GHz spectrum, in preparation for 5G technology rollout in Nigeria, coupled with the commitment of the federal government on 5G rollout this month, Absa, a leading pan-African Corporate and Investment Bank has said it is fully aligned with government’s aspiration …read more →

Banking and Finance ENERGY Infrastructure Infrastructure Financing News & Reports

UTM Offshore, Afreximbank sign $2bn MoU for Nigeria’s first floating LNG project

UTM Offshore and the African Export-Import Bank (Afreximbank) have signed an MoU to raise 2 billion dollars for the development of Nigeria’s first Floating Liquefied Natural Gas (FLNG) project. Dr Yahuza Kassim, Principal Consultant for the development of the facility stated in Lagos on Wednesday that the MoU was signed on Tuesday in Abuja. He …read more →