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Nigeria’s IMTO inflows surge 45% to record $1.29bn

  • 19th August 2026

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Nigeria’s IMTO inflows surge 45% to record $1.29bn in

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Food delivery startup Chowdeck raises $2.5m seed funding
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Food delivery startup Chowdeck raises $2.5m seed funding

Nigerian startup offering on-demand delivery services, Chowdeck, has secured $2.5 million in seed funding. This investment, led by notable backers such as FounderX Ventures, True Culture Funds, Hoaq Fund, Levare Ventures, Haleakala Ventures, YCombinator, Goodwater Capital, and True Culture Funds, along with angel investors like Ayo Arikawe, Shola Akinlade, Ezra Olubi, Sudeep Ramani, Karthik Ramakrishnan, […]

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$2.4bn of total forex claims false, says CBN

The Deputy Governor of Corporate Services at the Central Bank of Nigeria, Mohammed Bello, has disclosed that about $2.4 billion out of the $7 billion backlog for foreign exchange claims were fictitious. This disclosure was made by Bello during the 2024 Law Week event of the Nigerian Bar Association at the Garki Branch in Abuja […]

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$277bn needed annually to tackle climate change in Africa – Adesina

The President of the African Development Bank, Dr. Akinwumi Adesina, declared that the continent needs $277 billion annually to tackle climate change. This was disclosed by Adesina at the Islamic Development Bank’s 50th-anniversary event in Riyadh, Saudi Arabia on Monday. Adesina stressed that Africa currently gets only $30 billion yearly for this purpose. Adesina announced […]

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Fuel scarcity: CSOs urge Tinubu to sack Kyari

Over 200 civil society groups under the aegis of the Coalition of Civil Society Groups Against Poverty in Africa have urged President Bola Tinubu to sack the Group Chief Executive Officer, of Nigerian National Petroleum Corporation Limited, Engr. Mele Kyari, over fuel scarcity. This came as an aftermath of what they alleged was a high […]

African startups backed by Google secure $266m funding
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Google announces applications for Accelerator Africa

Tech giant, Google, has announced the commencement of applications for the 8th cohort of its Google for Startups Accelerator Africa program. In a statement released by the company, this cohort will specifically target startups utilizing artificial intelligence and machine learning to tackle significant challenges and unlock new opportunities across the continent. Highlighting the pivotal role […]

Bankers oppose removal of retained earnings in CBN terms
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PR crucial for Nigeria’s economic growth, says Cardoso

The Governor of the Central Bank of Nigeria, Yemi Cardoso, has stated that Public Relations is an essential instrument for any country to achieve economic success. This was disclosed by Cardoso, represented by the Assistant Director and Head of Corporate Communications of the apex bank, Lagos, Mr. Uchenna Ogbonna, during the just concluded annual National […]

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CBN raises Customs rates for cargo clearance by 14%

The Central Bank of Nigeria has again announced a hike in the exchange rate for paying import duty by 14 per cent. According to Information from the official trade portal of the Nigeria Customs Service, the apex bank raised the Customs FX duty rate from N1,164.84/$ to N1,327.35/$ on Monday, April 29, according to Businessday. […]

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Tribunal stops Multichoice from raising DStv, GOtv tariffs

The Competition and Consumer Protection Tribunal in Abuja on Monday issued an interim injunction retraining Multi-Choice Nigeria Limited from raising its tariffs and the costs of its product packages, scheduled to start on 1st May. VANGUARD reports that, in response to an ex parte motion moved by the appellant Festus Onifade’s lawyer, Ejiro Awaritoma, a […]

OpenAI raises $6.6bn, valuation soars to $157bn
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OpenAI signs partnership deal with Financial Times

OpenAI, the creator of ChatGPT, has entered into a partnership agreement with the UK’s Financial Times, allowing the AI company to utilize its content for training AI models and collaborating on the development of new AI products and features. Financial Times announced this in a statement released on Monday, revealing that as part of the […]

E-commerce platform Wasoko denies rumours of exit from Rwanda
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E-commerce platform Wasoko denies rumours of exit from Rwanda

Kenyan e-commerce platform, Wasoko has dismissed rumors of its closure in Rwanda, refuting claims made weeks after its exit from Zanzibar and temporary cessation of operations in Uganda and Zambia. The e-commerce platform stated that it is expanding its workforce in Rwanda, Tanzania, and Kenya. Specifically, in Rwanda, the company is actively seeking partnership and […]

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OPay’s valuation hits $2.7bn as digital payment’s adoption rises

The Nigerian fintech startup OPay’s valuation has surged by more than 30% since its Series C funding round in 2021, according to recent corporate filings by Opera, an early investor. This significant increase underscores the impact of Nigeria’s digital payments boom on the emergence of a new wave of financial technology companies. In 2018, Opera […]

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