A joint initiative of the African Development Bank (AfDB) and the Islamic Development Bank (IsDB) will boost agriculture value chains and enhance drought resilience in Nigeria, Somalia and Uganda.
Vantage Capital, Africa’s largest mezzanine fund manager, announced today that it has provided $12.5 million of funding to Purple Capital, a prominent Nigerian real estate company and financial service provider.
FCMB Group and its commercial and retail banking subsidiary, First City Monument Bank Limited, have promoted 537 staff. The promotion is part of the Group’s tradition of rewarding and motivating employees for higher productivity.
The Management of the Nigerian National Petroleum Corporation is executing a major restructuring of its corporate governance framework to engender an accountable and fraud repellent system across its value chain.
Nigerian National Petroleum Corporation and Chevron Nigeria Limited have executed the second and final phase of an Alternative Financing Agreement that would increase crude oil production in the country by about 39,000 barrels per day.
Union Bank recently launched its N10 billion agricultural funding scheme on the platform of the Nigeria Incentive-Based Risk Sharing System for Agricultural Lending, an all-inclusive lending program established to de-risk lending to the Nigerian agricultural sector.
ToLet.com.ng, Nigeria’s leading online property classifieds portal, has in conjunction with their existing investors, Frontier Digital Ventures, acquired Jumia House Nigeria, a competing property portal, for an undisclosed sum.
The Nigerian National Petroleum Corporation (NNPC) has pledged to promote the development and commercialization of home-grown technology in collaboration with the Nigerian Content Development and Monitoring Board.
[Nigeria] Marriott International and Landmark Africa Group announce signing of renaissance Lagos hotel
Marriott International and Landmark Africa Group have announced the signing of Renaissance Lagos Hotel and Marriott Executive Apartments.
West Africa has been at the heart of the continent’s growth and economic transformation in recent years.
Diamond Bank has handed in its Q3 2017 financial scorecard on the floor of the Nigerian Stock Exchange, displaying moderate growth in key financial parameters despite the lull trailing economic activity after the country exited recession.
Standard Bank was named the best private bank in Kenya in the 2017 Global Private Banking Awards held in Singapore last week, in recognition of its wealth investment and management arms.
Tizeti today announced a partnership to expand Express Wi-Fi by Facebook in Nigeria, with plans to roll out hundreds of hotspots over the coming months.
Succor came the way of the over a thousand hitherto dejected traders affected by the Kano Market fire disasters few months ago as the renowned business mogul, Aliko Dangote made good his promise and donated N500m to rehabilitate them.
The Nigerian National Petroleum Corporation and the Nigerian Agip Oil Company Joint Venture is set to boost the Federal Government power generation aspiration by 480 megawatts through the completion of its Okpai Phase II Independent Power Project by 2019.
Following the flag-off of oil search on the Nasarawa State end of the Benue Trough last week, the Nigerian National Petroleum Corporation has commenced a move to mobilize for oil exploration in the Benue State sector of the Benue Trough.
On Thursday 2 November 2017, Truecaller kicked off its Africa Launch Event at the CcHUB, a leading social innovation centre. The company hosted the exclusive event inviting media, developers and entrepreneurs to share their plans for Nigeria.
Nigeria's excess oil revenue has risen to N11.1 billion ($36.6 million) daily as the price of crude oil hits $60.44 per barrel in the international market.
Oando PLC, Nigerian indigenous energy group listed on both the Nigerian and Johannesburg Stock Exchange, today announces unaudited results for the nine months period ended 30 September, 2017, with the following highlights:
The Nigerian National Petroleum Corporation (NNPC) has signed a Memorandum of Understanding (MoU) with the Ondo State Government to establish a 65,000 million litres per annum biofuel plant in Okeluse, Ondo State.
Cinema management software for the global motion picture market and founder of the Vista Group International Vista Entertainment Solutions has signed an agreement with Filmhouse Cinemas in Nigeria.
Hilton and Transcorp Hotels Plc, a subsidiary of Transnational Corporation of Nigeria Plc have signeda 20-year extension to the current agreement to manage the iconic Transcorp Hilton hotel in Abuja.
The Board of Directors of Terragon Group recently announced the appointment of Andrew Bing, former Chief Financial Officer of MTN Nigeria, as an independent non-executive director at the last board meeting which was held in London.
Comments from the International Monetary Fund (IMF) around Nigeria’s low tax-to-GDP ratio highlight the importance of driving higher levels of payroll and accounting automation among the country’s businesses, especially small, micro and medium-sized enterprises.
Comments from the International Monetary Fund (IMF) around Nigeria’s low tax-to-GDP ratio highlight the importance of driving higher levels of payroll and accounting automation among the country’s businesses.
The African Development Bank wishes to categorically refute the statement that it has “called off loans to Nigeria”, as reported in Reuters and credited to AfDB Vice-President for Power, Energy, Climate and Green Growth Amadou Hott.
Following its half year audited financial results, Nigerian bank, Fidelity Bank has posted another financial performance for the 9-month period ended September 30, 2017.
Russia and Nigeria have signed an agreement on the construction of a nuclear power plant, as well as a multipurpose nuclear research center in Nigeria, according to Russia's Rosatom state nuclear corporation.
Xceedia Media has completed the testing and launch of a new, online broadcast station called "Hot Okro Radio."
[Nigeria] Heineken unveils its first Africa inspired fashion collection co-created with African designers
In collaboration with Africa’s emerging design talent, Lulu Mutuli and Azra Walji, global beer brand, Heineken® has launched its first-ever African fashion collection.
Telecommunication provider, MTN has led the 2017 Top 50 Brands Nigeria for its innovation, Corporate Social Responsibility (CSR), online engagement, national spread, and brand popularity.
Fidelity Bank priced a highly successful US$400m 5-year Eurobond with a 10.50% coupon in what is the largest combined new issue & liability management offering ever by a Nigerian issuer.
Facebook has launched its Nigerian SME Council, the first of its kind on the continent. The council is made up of a combination of 15 startups and established SMEs from a range of industries.
Oil search in the nation’s inland basins received a fresh impetus following the commencement of exploration activities in the Benue Trough by the Nigerian National Petroleum Corporation.
The U.S. Agency for International Development (USAID), Nestlé Nigeria PLC, Volunteers for Economic Growth Alliance (VEGA) and VEGA Member Cultivating New Frontiers in Agriculture (CNFA) have announced a new partnership program.
The Gas flare rate in Nigeria stands at 12.00 per cent, the Nigerian National Petroleum Corporation Monthly Financial and Operations Report for August has revealed.
TOTAL Nigeria has commissioned the second High Speed Filling Machine in its Lubricant Blending Plant in Koko, Delta State in October 2017.
Tobi Oludayomi has for the last five years built from ground up, Studio 14 into a powerhouse that now works with high profiled clients across Western and the West African market.
Mercer South Africa (Consulting) (Pty) Ltd has entered into a strategic partnership agreement with EZ37 Solutions Limited, a Nigeria based Human Resources firm.
Global payments technology company Visa has launched the newly-incorporated Visa Foundation that will prioritize the growth of micro and small enterprises around the world, enabling individuals, businesses, and economies to thrive.
Oracle has hosted its Modern Business Forum in Nigeria to help the country's fast-growing and large enterprises accelerate digital transformation and drive business growth with its next generation cloud applications.
Skye Business School has been awarded full accreditation status as a full-fledged banking/finance, business and continuous human capital training academy by the Chartered Institute of Bankers of Nigeria.
There is strong indication that after cement, Nigeria's steel industry is the next sector to watch as African Industries Group, the largest steel manufacturer in the country, has started exporting the product to Morocco, Egypt and Ghana.
Coronation Merchant Bank has appointed Onome Komolafe as Executive Director following the approval of the Central Bank of Nigeria (CBN).
Guaranty Trust Bank plc has released its unaudited financial results for the 3rd quarter ended September 30, 2017, to the Nigerian and London Stock Exchanges.
Central Bank of Nigeria has released a regulatory framework for Bank Verification Number (BVN) operations and watch-lists for Nigerian financial system, in the quest to develop and enhance security of electronic payment systems in the country.
The Nigerian National Petroleum Corporation has a stock of over two billion litres of Premium Motor Spirit (PMS), also known as petrol, to ensure a hitch-free end-of-year movement of motorists.
SEAMFIX, Nigeria's provider of identity management solutions, has launched BioRegistra, an innovative data capture and data management platform.
“We have to give more attention and support to emerging African entrepreneurs, if the continent’s poverty, inequality and unemployment challenges are to be addressed.”
The Shell Nigeria Gas has donated an ultramodern ICT Centre and well-equipped science laboratories to African Church Community Secondary School in Ewupe, a community hosting the company’s facilities in Ota area of Ogun State.
In 2015, the Government of Nigeria requested World Bank support to respond to the humanitarian and development crisis in the North East of Nigeria.
As part of strategies to shore up the nation’s reserve base, the Nigerian National Petroleum Corporation (NNPC) will reinvigorate exploratory activities in the seven hydrocarbon basins in the country.
Despite Nigeria’s retail sector being dominated by independent formats like Open Markets and Kiosks in terms of absolute store numbers, modern trade formats like Supermarkets and Hypermarkets are stepping up to fulfil the needs of consumers.
Philip Morris International Inc. has been recognized for the second consecutive year as a Top Employer in Africa, awarding the company’s work environment and commitment to creating value for its employees.
A new curricula focusing on entrepreneurship will now have a place in secondary schools in Nigeria.
The Northern States Governors Forum (NSGF) has selected GE Healthcare, a global provider of transformational medical technologies and services, as a long-term partner to revitalize healthcare infrastructure in the Northern States.
Creative Media Works, operating as BBM Messenger, has partnered with Springster, Girl Effect’s global mobile-first platform for vulnerable young women, to launch Girl Talk.
[Nigeria] Seamfix set to unveil Bioregistra, an innovative data capture and identity management solution
SEAMFIX, Nigeria's provider of identity management solutions, has announced plans to unveil an innovative data management solution to the Nigerian market.
OPEC nations pumped slightly more crude in September as Libya’s biggest oil field returned to production.
FBN Holdings Plc has announced the appointment of Oluseye Kosoko as Company Secretary subject to regulatory approval.
PPC said on Friday that Nigeria’s Dangote Cement has withdrawn its interest to tie-up with the South African firm, sending its shares more than 13% lower.
The Nigerian National Petroleum Corporation, NNPC has announced a total export receipt of $471.90 million for the month of July 2017 as against $219.34 million posted in June 2017.
FirstBank of Nigeria has said that it has emerged the first financial institution in Nigeria and West-Africa to issue 10 million cards to customers across the sub-region.
Despite the continent’s transport infrastructure lagging behind global standards for decades, Africa is bracing itself for a transport revolution as more countries embrace the onset of new technology.
Shell has launched its global education initiative, NXplorers, in Nigeria, in the latest effort to inspire young people to find solutions to the global challenges of food, water and energy in the face of an increasing global population.
Erin Energy has announced that funding commitment has been obtained to drill our high-impact Miocene exploration well. Site survey of drilling location has been completed and the well is planned to be spudded during this quarter.
Jumia has introduced Jumia Bot, Nigeria’s first e-commerce Bot. Using Jumia Bot, shoppers can order food, find fashion or electronic items and book hotels and flights by simply having an online conversation with the bot.
Commercial banks can no longer take Short Message Service (SMS) charges on bulk bank transfers done through the Real Time Gross Settlement (RTGS).
San Leon Energy PLC said on Friday its loss narrowed in the first half of 2017, as it says it is concentrating on its Nigerian interests.
The Central Bank of Nigeria (CBN) has left the country's benchmark interest rate unchanged at 14 per cent, alongside all the other monetary policy rates for the seventh consecutive time over fears of consequent inflation.
The Bank of Agriculture and Nigeria Postal Service are collaborating to provide financial services to five million farmers across the country over the next two years.
Protea Hotels by Marriott, part of Marriott International, Inc. has opened Protea Hotel by Marriott, Owerri Select in South-Eastern Nigeria, a development, which further consolidates its presence in the country.
RedCloud partners with KongaPay to give 190 million Nigerians access to distributed banking services
RedCloud Technologies, the world's first open banking platform has partnered with Nigeria's KongaPay; the payment system which aims to facilitate the initiation and completion of transactions in a seamless manner.
[Nigeria] Buhari administration engages national assembly, chief justice in new ease of doing business action plan
The Presidential Enabling Business Environment Council (PEBEC), which is chaired by Vice President Yemi Osinbajo, will, on Tuesday, consider new and specific initiatives to be implemented over a 60-day period in the National Action Plan 2.0.
Nigerian Petroleum Development Company is poised to grow its equity production from the current 180,000 barrels per day to 300,000 bpd by 2018 and by 2019 and 2020 its production is expected to hit 400,000 bpd and 500,000 bpd, respectively.
Oladunmade Otitoola, an entrepreneur and beneficiary of the Tony Elumelu Entrepreneurship Program in 2016, is founder of RentYourHall, Nigeria. Africa Business Communities poses him some questions on development of the startup.
Union Bank has the announced subscription period for its N50 billion Rights Issue which commenced on Wednesday, September 20 and will close on October 30, 2017.
FSDH Merchant Bank has announced that AFIG Funds, a leading African private equity fund manager has, through the Atlantic Coast Regional Fund (ACRF), completed an investment in the Bank.
FSDH Merchant Bank, a financial services group in Nigeria, has revealed that Advanced Finance and Investment Group (AFIG Funds), a leading African private equity fund manager has, through the Atlantic Coast Regional Fund (ACRF), completed an investment in the Bank.
The Nigerian National Petroleum Corporation (NNPC) will accelerate local capacity development in all its operations within the nation’s Oil and Gas industry.
The Nigerian Communications Commission (NCC) revealed that the number of people using the internet in Nigeria decreased in the month of July 2017.
Baker Hughes, a GE company, has signed an agreement for the provision of Asset Performance Management software and services for LNG trains and related Balance of Plant by Nigeria LNG Limited.
Nigerian business leader Aliko Dangote told investors "Agriculture, agriculture, agriculture. Africa will become the food basket of the world."
The Management of Dangote Industries Limited has launched a passionate appeal to members of the public to assist in monitoring both the recklessness and the illegal haulage of contraband goods by some of its truck drivers.
Olam International Ltd. invested $150 million in animal-feed mills and poultry farms in Nigeria as it seeks to boost its agribusiness venture in Africa’s biggest food market by population.
Africa is a place of real business opportunity that the world should be alive to. I know, having built businesses that now operate in 20 African countries and through creating a program over 10 years that is funding and mentoring 10,000 African entrepreneurs.
The Nigerian Civil Aviation Authority has certified the nation's busiest airport, Murtala Muahmmed International Airport, for meeting global safety and security standards as prescribed by the International Civil Aviation Organisation (ICAO).
The Danish Government will guarantee a 10 per cent equity financing of a Joint Venture Company involving the Nigerian National Petroleum Corporation (NNPC) and a Danish firm, Unibio A/S Limited.
The Central Bank of Nigeria (CBN) has reviewed daily mobile money wallet transaction and balance limit, as well as the Bank Verification Number (BVN) requirement for mobile money wallet holders.
FirstBank has developed an array of products and solutions targeted at enabling schools acquire attractive educational facilities to support their business whilst empowering parents and guardians to seamlessly send their wards back to school.
In line with the Presidential mandate of rehabilitating the nation’s three refineries, the Nigerian National Petroleum Corporation has inaugurated eight committees charged with returning the refineries to their nameplate capacities by the year 2019.
Guiness Nigeria PLC has made a raft of executive appointments as it seeks to bolster the strong performance in the market.
Multichoice Nigeria will be launching a pay-per-view (PPV) option in the country. The company emphasized that the PPV concept is a cable or satellite television system in which consumers pay an additional fee to watch a particular program.
Shoreline Energy Limited and The Shell Petroleum Development Company of Nigeria Limited have signed an agreement to explore opportunities to buy, market, distribute and sell natural gas to consumers and companies in the Victoria Island,
RedCloud Technologies, the world’s first open banking platform, has announced a partnership with Nigeria’s KongaPay.
The Central Bank of Nigeria (CBN) has unveiled to members of the public an exposure draft on the regulatory framework for banking platform.
Kenya tops the world in financial inclusion, with latest reports giving the country a rating of up to 86 per cent above global heavy weights like Brazil.
The Nigerian National Petroleum Corporation and its upstream joint venture partner, ExxonMobil, are seeking new measures to expand existing operational portfolio with a view to increasing crude oil production and availability of gas for power generation.
Hajiya Sa'adatu Abdullahi is a Nigerian entrepreneur and founder Business Networking Women, an organization operating in the country's capital, Abuja. Africa Business Communities interviews her:
Stanbic IBTC, a member of Standard Bank Group, in the second quarter of this year, facilitated a staggering $589.84 million capital inflow into the country, ranking it first among financial institutions that imported capital into Nigeria.