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Microsoft warns Africa risks becoming AI consumer

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Tony Elumelu’s Heirs Holdings stake in Seplat crosses $1bn

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EFCC charges two over alleged unlawful supply of FCMB

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Web host Cloudflare moves to combat bots scraping websites

Alex Omenye Cloudflare, the prominent cloud service provider, has launched a new tool aimed at preventing AI companies’ bots from scraping content from their clients’ websites to train large language models. This tool will be available free of charge to all Cloudflare customers, including those on free plans, and will continuously update to detect and […]

Stock investors gain N3.4tn in shortened trading week
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NGX ranked best performing stock market in Africa H1 2024

The Nigerian Exchange was Africa’s best-performing stock market in the first half of 2024, with a 33.81% increase in its All-Share Index. The first half of 2024 was a bullish moment for capital markets worldwide, with an overall rising trend. African stock markets were not left behind, with every stock exchange in Africa experiencing growth […]

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Afrexim bank warns $30bn GDP drop if Nigeria divests fossil fuels

The African Export-Import Bank has cautioned that divesting from fossil fuels could lower Nigeria’s overall GDP by much to $30 billion. According to the report, lowering fossil fuels could reduce emissions from the continent; nevertheless, most African countries rely on fossil fuels to meet their immediate energy demands, as well as a major source of […]

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African tech funding declines to $780m, lowest in four years

African tech startups in the first half of the year ended June 30, 2024, secured $780 million in funding, marking the lowest amount since late 2020. This figures indicate a major decline of 31% compared to H2 2023 and a stark 57% drop compared to H1 2023, highlighting the challenging funding environment, according to Africa: […]

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Nigerians kick as KuCoin announces 7.5% VAT charges

Crypto traders in Nigeria have spoken out against KuCoin’s plans to charge Nigerian users of the site 7.5% Value Added Tax (VAT) on transaction fees beginning July 8, 2024. Kucoin stated in an email to its Nigerian users on Wednesday that it will begin charging VAT in line with the Federal Inland Revenue Service requirements. […]

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Afreximbank approves $25bn share capital raise to propel continent’s growth

The African Export-Import Bank shareholders have authorized an increase in the permissible share capital from $5 billion to $25 billion. This was disclosed in a statement by Afreximbank on Wednesday, according to Businessday. In the statement, the bank stated that the rise recognizes the bank’s rapid growth in response to the problems faced by the […]

Nigeria remains World Bank's third-largest debtor with $18.2bn IDA loans
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Naira declines to N1,520/$ in parallel market

The Naira on Wednesday depreciated in the parallel market to N1,520 per dollar from N1,515 per dollar on Tuesday. According to FMDQ data, the indicative exchange rate for NAFEM declined to N1,512.61 per dollar from N1,509.45 per dollar on Tuesday, representing a naira devaluation of N3.16. The volume of dollars traded (turnover) in the market […]

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CBN’s bank recapitalization may not boost GDP — Analysts

The Central Bank of Nigeria’s continuous process of increasing the capital base of Deposit Money Banks may not result in a higher Gross Domestic Product, according to Proshare analysts. The economists explained their findings, which contradict comments made by current administration officials, by stating that the premise that huge banks are associated with larger economies […]

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NPA can repay $700m port rehabilitation loan – MD

The Nigerian Ports Authority has stated that it can readily repay the $700 million loan facility negotiated for the refurbishment of Lagos’ Apapa and Tincan Island Ports. This was disclosed by the Managing Director of NPA, Mohammed Bello-Koko while briefing pressmen about the activities of the NPA on Tuesday in Lagos, according to The Punch. […]

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