Nigeria News

Kigali, Rwanda

East Africa is a Rising Hub: Jad Abbas, Director, The Abraaj Group

Being local is key. Simply put, it helps us to identify great businesses, work in partnership with investee companies, and manage risks. That philosophy has always been core to the investment thesis across each of the markets we work in and Africa is no exception.

Kemi Adetiba

Kemi Adetiba: The record breaking director making movie magic

The art of telling a great story is timeless, and film director and producer Kemi Adetiba is drawing on her skills to make magic behind the camera.

Tayo Oviosu, Founder & CEO, Paga

He's Banking the Unbanked in Nigeria and Beyond

“I knew that whatever I wanted to do had to pass the big idea test.” For Tayo Oviosu, 39, that big idea was Paga, now the largest distribution network for financial services in Nigeria, reaching more than 6 million people.

Fintech could do away with the need for ATMs. Credit: Reuters/Thomas Mukoya

African fintech startups like Flutterwave and Paystack are raising record funds to drive financial inclusion (Infographic)

If you follow the right accounts for young African tech entrepreneurs on Twitter, it can feel like there’s a never ending debate about who gets funding or not in Africa.

Elo Umeh, CEO, Terragon Group

How Nigerian Tech Entrepreneur Elo Umeh Of Terragon Group Is Building An African Digital Powerhouse

Over the last 15 years, Africa has seen significant mobile telecoms growth and now data is being viewed as the ‘new oil’ on the continent.

Akeem Lawal, Divisional CEO, Switching & Processing, Interswitch. Credit: SlimTrader

Interswitch Nigeria Sees Delayed IPO Concluded by End-2019

Interswitch Ltd., a Nigeria-based payments-processing company, expects to complete its delayed dual listing in London and Lagos before the end of 2019.

Jim Ovia, Founder, Zenith Bank. Credit: guardian.ng

Nigerian Banker Jim Ovia Gains $84 Million In One Year As Zenith Bank Shares Soar

Nigerian banker Jim Ovia has made at least $84.5 million in paper gains over the last one year as shares of Zenith Bank, a Nigerian-Stock Exchange-listed commercial bank in which he holds a minority stake, surged 59.32%.

Arik Air has endured a series of crises but could soon be under new management.

Ethiopian Airlines plot takeover of Nigeria's flagship fleet

Nigeria’s leading airline could soon be under new management.

Aliko Dangote on latest cover of Bloomberg Markets

Africa's richest man is on the latest cover of Bloomberg Markets: Check out his wide-ranging interview

Dangote, who was worth $12.3 billion as of mid-August, according to the Bloomberg Billionaires Index, is modest in his personal life but bold in business.

Nigeria's economy has suffered from falling oil prices but the worst may be over. Credit: CNN

Nigeria and South Africa emerge from recession

Two of the largest economies in Africa are growing again after recessions.

Quick Guide for Those Who Can't Figure Out the Naira's Worth

Quick Guide for Those Who Can't Figure Out the Naira's Worth (Infographics)

Monetary policy officials unified some of their multiple exchange rates when they let currency dealers quote naira levels used in actual trades this month.

OR Tambo International Airport, Johannesburg, South Africa

International Arrivals To Africa Reach More Than 18 Million In 2017: Euromonitor

Market Research Company Euromonitor International revealed earlier this week the key trends shaping travel and tourism in Africa at the 41st Annual World Tourism Conference in Kigali, Rwanda.

Kenya Airways planes at Nairobi's Jomo Kenyatta International Airport

Kenya is king of domestic air travel in Africa (Infographic)

When it comes to domestic air travel in Africa, Kenya’s capital Nairobi is king.

Nigerian Investor Sets Up $135 Million Commodities Exchange

Nigerian Investor Sets Up $135 Million Commodities Exchange

A Nigerian startup is developing a new agricultural commodities exchange in Africa’s most populous country to take advantage of the government’s efforts to boost farming output to reduce reliance on oil.

eBay and MallForAfrica partner to sell African products in the US

eBay and MallForAfrica partner to sell African products in the US

Americans can now buy African goods on eBay through the company’s partnership with MallforAfrica.com.

Aliko Dangote, Chairman, Dangote Group

Africa's Richest Man Will Fire Wenger If He Buys Arsenal

Nigerian billionaire Aliko Dangote’s first order of business if he succeeds in buying English Premier League soccer club Arsenal will be to fire the manager, Arsene Wenger.

Cape Town, South Africa

The African economy: Better than people think

Analysis of headline GDP figures in Africa would presuppose a region going through a period of prolonged stagnation.

Inside the Durbar festival in northern Nigeria

Inside the Durbar festival in northern Nigeria (Photos)

Nigeria is host to a variety of rich and diverse cultural traditions across its states. Around this time of the year in Northern Nigeria, a part of the country rich with the history of ancient kingdoms, the annual Durbar Festival is celebrated.

Africa property offers rich pickings for the brave

Africa property offers rich pickings for the brave

Some property pundits believe there are major opportunities for investors or companies on the continent.

A.P. Moller raises $550 million for Africa infrastructure fund, targets $1 billion in 12 months. Credit: Instagram/imagesbyomidire/estate intel

A.P. Moller raises $550 million for Africa infrastructure fund, targets $1 billion in 12 months

A.P. Moller Holding, a privately-held investments company with approximately $20bn under management, has launched an Africa-focused infrastructure fund.

Adesola Adeduntan, CEO, First Bank

Nigeria banks trying to stabilize 9mobile ahead of sale, FBN says

Nigerian lenders will try to stabilise the business of 9mobile, the country’s fourth largest telecoms group, until they can find new investors.

Nigerian stocks hit 33-month high on foreign fund buying

Nigerian stocks hit 33-month high on foreign fund buying

Nigerian stocks hit a 33-month high on Tuesday as foreign investors bought shares following improved liquidity on the currency market and a strong half-year performance by listed companies.

Chukwuemeka Odumegwu Ojukwu, Leader of Biafra (1967 - 1970) and son of Nigeria's first billionaire, is perhaps Nnewi's most famous indigene.

What town has produced more billionaires than any town in Nigeria and possibly Africa? Here are 10 of its richest people

The small Nigerian town of Nnewi has more naira billionaires per capita than anywhere else in the country.

Nigeria Moves Closer to Single Naira Rate

Nigeria Moves Closer to Single Naira Rate (Infographic)

Nigeria took a step to unify its multiple exchange rates by allowing banks to use a currency window for investors when quoting the naira rather than the official rate.

Flutterwave raises over $10 million in series A financing

Flutterwave, an online payments company founded by Nigerian 26-year old, raises over $10 million in series A financing (Infographic)

Flutterwave, which provides modern payments infrastructure for banks and businesses to make and accept payments across Africa, announced on Monday that it has raised over $10 million in a Series A round of funding.

Iyinoluwa Aboyeji, the 26-year old Founder of Flutterwave and Andela

26-year-old founder wants to transform online payments in Africa

Aboyeji is the Co-Founder of Flutterwave, a payments API that makes it easier for banks and businesses to process payments across Africa.

Kenyan pride

It took moving to America for me to change my colonized name: Ciku Kimeria, Africa Regional Communications Manager, Dalberg

“Kah-ri-ye!!” That is my earliest memory of hearing my English name spoken and it dates to the early 90s on the field at my primary school in Nairobi.

Boye Olusanya, CEO, 9mobile. Credit: This Day

Former Etisalat Nigeria, 9mobile, is open to new investors, says CEO Boye Olusanya

Telecoms group 9mobile is open to new investors but will continue to manage the business in the meantime, its chief executive said on Wednesday at an event to officially announce the company’s new name to replace Etisalat Nigeria.

Telecoms regulator approves Etisalat Nigeria name change

Telecoms regulator approves Etisalat Nigeria name change to 9mobile

Nigeria’s telecoms regulator has approved Etisalat Nigeria’s name change after its Middle East parent pulled out following regulatory intervention to save the local company from collapse due to debt.

Johannesburg, South Africa

The top 10 wealthiest cities in Africa: AfrAsia Bank & New World Wealth (Infographic)

AfrAsia Bank and New World Wealth recently reviewed the 10 wealthiest cities in Africa by total wealth held.

Joseph Nnanna, Chairman of Etisalat Nigeria & Deputy Governor, Central Bank of Nigeria

Etisalat Nigeria rebrands to 9mobile

Emerging Markets Telecommunication Services (EMTS), trading as Etisalat Nigeria, has adopted 9Mobile as a new brand identity following a meeting held on 13 July.

Aliko Dangote, CEO, Dangote Group

Africa's Richest Man Invests $4.6 Billion in Nigeria Farming

Dangote Group, controlled by Africa’s richest man, Aliko Dangote, plans to invest $3.8 billion in sugar and rice and $800 million in dairy production in the next three years as the company seeks to expand and deal with a shortage of dollars in its home market of Nigeria.

Oscar Onyema, CEO, Nigerian Stock Exchange

Nigerian Stock Exchange on course to list its own shares

A bill that has passed a second reading by Nigeria’s parliament could pave the way for the Nigerian Stock Exchange to issue its own shares

Etisalat Nigeria's new CEO targets profit after regulator rescue

Etisalat Nigeria's new CEO targets profit after regulator rescue

Etisalat Nigeria is focused on getting the telecoms group back on track to make a profit after it was saved from collapse, while working on the paperwork to eventually raise new capital.

Is Nigeria's $300 million diaspora bond a worthwhile investment

Is Nigeria's $300 million diaspora bond a worthwhile investment?

Having been in the pipeline for some time now, Nigeria’s $300m London Stock Exchange-listed diaspora bond went down very well with investors, being 130% oversubscribed.

Funke Opeke, CEO, MainOne

MainOne CEO Funke Opeke on the challenges of and opportunities for investing in Africa

While many fear investing in Africa, one woman has not been afraid of doing so. Funke Opeke is the Founder and CEO of one of the continent’s largest ICT companies, MainOne.

Orange & Vodafone are seeking to purchase 65% of Etisalat Nigeria

Orange, Vodafone are reportedly seeking to purchase 65% of Etisalat Nigeria

Orange Telecom and Vodafone are seeking to purchase 65 percent of Etisalat Nigeria following the departure of the UAE-based Etisalat Group from its Nigerian business, reports Brandish citing unnamed sources.

Sahel Capital closes agribusiness fund FAFIN at $65.9 million

Sahel Capital closes agribusiness fund FAFIN at $65.9 million

Sahel Capital, fund manager for the Fund for Agricultural Finance in Nigeria (“FAFIN”), is pleased to announce the successful $65.9 million final close of its debut fund.

Lagos, Nigeria

Fact of the Day: Nigeria to be 3rd most populous country by 2050 (Infographics)

By 2050 around 2.2 billion people could be added to the global population and more than half of that growth will occur in Africa.

Nigerian WiFi service provider Tizeti raises $2.1M in seed funding

Nigeria-based Tizeti, a WiFi service provider, has secured $2.1 million in seed funding. The investors included Western Technology Investment, Social Capital, Vy Capital, Picus Capital, Ace & Company, Lynett Capital Partners and Zeno Ventures.

Dominic Mensah, Prince Boakye Boampong, and Jesse Arhin Ghansah, the Founders of OMG Digital

Ghanaian new media company, OMG Digital, raises $1.1M in seed funding

Ghanaian tech startup, OMG Digital, has raised seed funding of $1.1 million from international investors.

Nigeria has raised $300 million from its first ever diaspora bond

Nigeria has raised $300 million from its first ever diaspora bond

Nigeria’s diaspora population sent home $21 billion in remittances in 2015 and the government wants in on some of that cash.