Femi Otedola, the chairman of Geregu Power, has confirmed his acquisition of a 5.52 per cent stake in Transcorp Plc. The development makes the billionaire businessman the second largest shareholder of the company. Recently, there have been reports that the acquisition was consummated between an entity owned by Otedola and the Asset Management Corporation of […]

read more Otedola confirms acquisition of 5.52% stake in Transcorp

Nigerian banks are finding out the hard way that the grass is not always greener on the other side as the country’s biggest banks are incurring billion-naira impairment costs from their investments in Ghanaian bonds due to the neighbouring country’s debt crisis. Zenith Bank, Guaranty Trust Holding Company (GTCO), United Bank for Africa (UBA), Ecobank […]

read more Nigerian banks’ Africa foray faces major test

The Lagos Chamber of Commerce and Industry has said that growth in manufacturing remained subdued due to high inflation, continuous rise in interest rates, forex scarcity, high energy cost, and weakening purchasing power. The chamber also urged the Federal Government to sustain its targeted interventions in selected sectors like agriculture, manufacturing, export infrastructure while tackling […]

read more Forex scarcity, energy costs, others hurting manufacturers — LCCI

Africa’s largest economy attracted the continent’s highest number of venture capital investments worth $6.5 billion in 2022, a new report from Africa Private Equity and Venture Capital Association (AVCA) has shown. According to the pan-African industry body, which promotes and enables private investment in Africa, Nigeria outperformed four other countries that made the top list […]

read more Nigeria leads Egypt, South Africa, others in venture capital

Two rival armies are driving Sudan, the third-largest country in Africa, toward a full-blown civil war. Fighting between the two generals is tearing apart cities and towns across the country, including the capital Khartoum. Over the weekend, tensions between the armed forces chief, Gen. Abdel-Fattah Burhan, and the head of the Rapid Support Forces paramilitary […]

read more What you need to know about the war in Sudan