Veritas Kapital Declares 1,101% Surge in Net Profit, Hits N2.33 Billion in 2023

Veritas Kapital Assurance PLC, one of Nigeria’s leading insurance firms, has announced an impressive 1,101% increase in net profit, reaching N2.33 billion for the 2023 fiscal year, up from N193.93 million in 2022.

Usher and Tyla Join COKE STUDIO 2024 to Bring Exclusive Music Experiences to Fans Worldwide

COKE STUDIO 2024 has just expanded its star-studded lineup, announcing global music icons Usher and Tyla as the latest artists to join Coca-Cola’s premier global music platform. These additions mark another milestone for COKE STUDIO, alongside a dynamic roster that includes Karol G, NewJeans, and Peggy Gou, delivering exclusive and immersive musical experiences to fans across the globe.

BAL Unveils “Future Pros” Program for Season 5 Ahead of 2025 Campaign

The Basketball Africa League (BAL) is set to kick off the second edition of its “BAL Future Pros” program, aimed at empowering early-career professionals across Africa with hands-on experience in the sports industry. Launched last year, the initiative helps participants develop their skills, expand their networks, and gain valuable experience by working within various BAL departments.

Africa Creatives Alliance Unveiled to Drive Socio-Economic Growth

In alignment with the African Union's Agenda 2063, "The Africa We Want," the Africa Creatives Alliance (ACA) is set to play a pivotal role in transforming Africa into a global powerhouse by tapping into the continent's vast cultural and creative potential. This innovative alliance will empower creative entrepreneurs to contribute meaningfully to Africa’s development and integration goals.

Unlocking Emotional Connections: How Rituals Help Brands Forge Deeper Bonds with Consumers

WARC Advisory, in collaboration with the creative, technology, and media group MSQ, has unveiled a groundbreaking whitepaper titled Harnessing the Power of Rituals: Where Marketing Meets Meaning. This research explores the pivotal role that rituals play in consumers' lives and how brands can leverage these rituals to establish deeper, more meaningful connections.

Instagram Unveils Safer Teen Accounts with Enhanced Parental Oversight

Instagram has introduced a new feature, "Teen Accounts," aimed at providing a safer and more positive social media experience for teenagers. These accounts offer a customized experience with parental guidance, incorporating protections to limit unwanted contacts and restrict access to inappropriate content. This initiative responds to parents' growing concerns over their teens' safety and well-being online.

MWC Kigali 2024 to Spotlight Connectivity's Role in Africa's Socio-Economic Growth

GSMA’s MWC Kigali 2024 will make its highly anticipated return to the Kigali Convention Center from 29-31 October 2024, bringing together key innovators and political leaders from across Africa. As the continent's largest and most influential connectivity event, MWC Kigali aims to accelerate the digital economy and drive socio-economic development.

Achieving Gender Parity Could Unlock $287B for Africa’s Economy by 2030, Mastercard Foundation Report Reveals

Addressing systemic barriers to young women’s participation in Africa’s workforce could inject an estimated $287 billion into the continent's economy by 2030, boosting GDP by 5%, according to a new report by the Mastercard Foundation. Conducted in partnership with McKinsey & Company, the study emphasizes the pivotal role of women's economic empowerment in driving Africa's transformational growth.

Nigeria’s Inflation Rate Drops to 32.15% in August 2024, NBS Reports

The National Bureau of Statistics (NBS) has reported a decline in Nigeria’s headline inflation rate to 32.15% for August 2024. This represents a decrease of 1.25 percentage points from the 33.40% recorded in July 2024.

PalmPay Introduces USSD Service to Enhance Financial Access in Nigeria

PalmPay, a leading fintech platform with over 30 million users in Nigeria, has launched a new USSD service to provide an alternative way for customers to manage their finances without internet access. 

Manchester City’s Hearing on 115 Financial Charges Begins

The long-awaited independent hearing into Manchester City's alleged 115 breaches of Premier League financial regulations officially began on Monday. Dubbed by British media as the "sports trial of the century," the hearing is expected to last around two months, with a final verdict, including any appeals, anticipated by the end of the 2024-25 season.

African Energy Week 2024 to Drive Oil & Gas Financing and Risk Mitigation Strategies

Global upstream oil and gas investments are projected to hit $570 billion in 2024, marking a 7% rise compared to 2023. Of this, 33% will target frontier assets, creating strategic opportunities for Africa's emerging oil and gas markets. Meanwhile, the International Energy Agency estimates that providing modern energy access across Africa, where over 600 million people lack electricity, will require $25 billion annually through 2030.

NATCOMS Requests 2-Week Extension for NIN-SIM Linkage Deadline

The National Association of Telecommunications Subscribers (NATCOMS) has urged the Nigerian Communications Commission (NCC) to extend the deadline for the National Identification Number (NIN)-SIM linkage from September 14 to September 30, 2024.

Dangote Refinery Refutes NNPCL Claims on Fuel Pricing

...Calls Issued Statement Misleading

Dangote Refinery has firmly denied claims made by NNPCL spokesperson, Mr. Olufemi Soneye, regarding the sale of Premium Motor Spirit (PMS) at ₦898 per litre to the NNPCL. The refinery described the statement as both misleading and an attempt to undermine its recent milestone achievement on September 15, 2024, aimed at addressing Nigeria's long-standing energy challenges.

Sahara Group Offsets 20 Tons of CO2 in Partnership with Air France-KLM on Sustainable Aviation Fuel Initiative

Sahara Group, a leading energy and infrastructure conglomerate, has joined forces with Air France-KLM to champion sustainable air travel through its latest investment in the airline’s Sustainable Aviation Fuel (SAF) program. This collaboration will result in the offset of 20 tons of CO2, contributing significantly to global efforts to combat climate change.

Akada Children's Book Festival Returns for Its Sixth Edition, Championing Children's Literacy in Nigeria

The Akada Children's Book Festival (ACBF), Nigeria's largest book festival dedicated to children, is set to host its sixth edition on Saturday, October 26, 2024, at UPBEAT Recreation Center in Lekki, Lagos. The annual event aims to spotlight local authors and promote children's engagement with literature, fostering a love for reading among young audiences.

Coca-Cola Africa Launches $25 Million Water Stewardship Initiative to Tackle Water Challenges Across 20 Countries

The Coca-Cola Company, alongside its African bottling partners Coca-Cola Beverages Africa (CCBA), Equatorial Coca-Cola Bottling Company (ECCBC), and Coca-Cola HBC, has announced a nearly $25 million investment to address urgent water-related challenges in 20 African countries from 2023 to 2030. The initiative, known as the "Africa Water Stewardship Initiative," will be led by Global Water Challenge (GWC) and implemented by partners including The Nature Conservancy (TNC), the International Union for Conservation of Nature (IUCN), and the World Wildlife Fund (WWF).

Aliko Dangote Urges African Business Leaders to Lead the Continent's Transformation

Aliko Dangote, President and CEO of Dangote Group, has called on African business leaders to take the lead in driving the continent’s transformation. Speaking at the African Renaissance Retreat in Kigali, Rwanda, Dangote highlighted Africa’s abundant resources and youthful population as key drivers for substantial, inclusive growth.

Canon Expands Creative Horizons with the Launch of RF 28-70mm F2.8 IS STM Lens

Canon has unveiled the RF 28-70mm F2.8 IS STM, a versatile zoom lens offering a constant aperture of f/2.8, designed for photographers seeking enhanced creativity and top-tier image quality without sacrificing portability. The lightweight lens is an ideal upgrade for photographers looking to expand their creative toolkit and elevate their storytelling abilities.

Talk360 Raises $1.4 Million Pre-Series A to Connect 7 Million African Diaspora Users by 2025

Talk360, the international calling app that provides reliable and affordable calls to any landline or mobile phone, has secured $1.4 million in a Pre-Series A funding round led by long-term investor Havaic. This new investment will propel the company’s mission to connect seven million users by 2025 while accelerating its path to long-term profitability.

Innoson Unveils Nigeria’s First Locally Manufactured Electric Vehicle

Innoson Vehicle Manufacturing Company (IVM), a leading Nigerian automaker, has made history by launching its first-ever electric vehicle (EV) produced at its Nnewi factory in Anambra State. 

Uber-Backed Nigerian Startup Moove Targets U.S. Expansion in Global Growth Plans

Moove, the Nigerian vehicle financing startup backed by Uber, is preparing to expand into the United States market as part of its global growth strategy. Since August, the company has been actively recruiting for key positions in Los Angeles and California, signalling its commitment to establishing a foothold in the U.S. This expansion aligns with Moove’s goal of achieving profitability by 2025.

NBA Africa Unveils Finalists for Triple-Double Startup Accelerator Demo Day in New York

...10 startups from seven African countries selected to pitch

NBA Africa has announced the selection of 10 startups from seven African countries to pitch their innovative solutions at the Triple-Double Startup Accelerator Demo Day, scheduled for Wednesday, Sept. 25, at NBA headquarters in New York City. This event, part of the "Triple-Double: NBA Africa Startup Accelerator" initiative launched in April 2024, aims to bolster Africa’s tech ecosystem and nurture the continent’s next generation of entrepreneurs.

Half-Year 2024 Report: GTCO Becomes First Nigerian Financial Institution to Cross ₦1 Trillion Profit

Guaranty Trust Holding Company Plc (GTCO) has announced its audited financial results for the half-year ending June 30, 2024, becoming the first Nigerian financial institution to cross the ₦1 trillion profit mark.

Emirates Hosts Travel Agents Workshop Ahead of October Relaunch to Nigeria

Emirates held a workshop this week for key stakeholders in Nigeria’s travel industry, preparing for the airline’s highly anticipated relaunch of flights to Nigeria on 1 October. The workshop aimed to showcase Emirates' latest products and services, and provide a destination update on Dubai, reflecting the significance of Nigeria within its global network.

AFC Leads Nigeria's First-Ever Domestic Dollar Bond, Secures Over $900 Million

Africa Finance Corporation (AFC), the continent’s premier infrastructure solutions provider, has successfully led Nigeria’s inaugural domestic dollar bond issuance, raising over $900 million. This groundbreaking bond, issued by the Federal Government of Nigeria (FGN), marks a key milestone in the country's financial sector.

TECNO and UNHCR Renew Partnership to Boost Primary Education for Refugee Children in Kenya

TECNO, a leading technology brand, has renewed its partnership with the United Nations High Commissioner for Refugees (UNHCR) to continue supporting the global primary education programme for African refugee children. 

Why Ada Chose DLM Fixed Income Fund Over Traditional Savings — And Why You Should Too!

Ada had always been cautious with her finances. She grew up watching her parents save diligently in traditional bank accounts, but the meagre returns barely kept up with inflation, and financial freedom seemed like a distant goal. Determined to do things differently, Ada set out to find a smarter way to grow her money.

Sony Unveils $700 PlayStation 5 Pro with Powerful GPU, Advanced Ray Tracing, and AI Upscaling

Sony has officially introduced the PlayStation 5 Pro, the next leap in console gaming performance. Aimed at gamers seeking enhanced graphics and smoother gameplay, the PS5 Pro will be available starting November 7 for $699.99.

Apple Unveils iPhone 16 and iPhone 16 Plus with Enhanced Intelligence and Cutting-Edge Camera Features

Apple has officially launched its latest smartphones, the iPhone 16 and iPhone 16 Plus, introducing a host of advanced features powered by Apple Intelligence, a new personal AI system that understands user context while maintaining privacy.

LG OLED TV: Leading the Way in Innovation and Multi-sensory Experience

LG Electronics, renowned globally for its cutting-edge consumer electronics and home entertainment solutions, proudly maintains its leadership in OLED technology. As the world’s premier OLED TV for over 11 years, LG continues to set the benchmark in innovation with the latest LG OLED TV, featuring the groundbreaking Six Senses Experience.

Origin Tech Group Launches Greener Hope Program to Tackle Nigeria's Food Security Crisis

In a bold move to address Nigeria’s mounting food security challenges, Origin Tech Group is leading the Greener Hope Agriculture Mechanization Productivity Programme (GHAPP). This groundbreaking initiative is designed to enhance food production and strengthen the country’s agricultural resilience. By deploying cutting-edge machinery, optimizing land usage, and making strategic investments in both production and processing, GHAPP is set to increase Nigeria’s food output by over 2 million metric tonnes.

Field Launches $11M Initiative to Combat Maternal Mortality Crisis in Africa with Support from Gates Foundation

Field, a leading African healthtech company, has unveiled a new service aimed at addressing the critical issue of maternal mortality in Africa. With $11 million in initial funding from the Bill & Melinda Gates Foundation, the service will fast-track the delivery of emerging therapies and health technologies to improve maternal, newborn, and child health, as well as nutrition.

Nigeria: Proposed VAT Reforms to Introduce 0% Tax on Intellectual Property and Service Exports

The Presidential Fiscal Policy and Tax Reforms Committee has unveiled a proposal to implement a 0% VAT rate on intellectual property and service exports as part of a broader effort to boost Nigeria's export sector.

Chelsea Co-Owners Clearlake Capital and Todd Boehly Considering Buyout Amid Strategic Disputes

The English Premier League (EPL) football club, Chelsea's two major shareholders, Clearlake Capital and Todd Boehly, are reportedly exploring the possibility of buying each other out following internal disagreements. 

Why Extreme E is Canceling the Rest of its 2024 Season Races

Extreme E has announced the cancellation of the remaining races in its 2024 season as the series prepares for its transition to the hydrogen-powered Extreme H. The canceled races include the planned events in Sardinia, Italy, and Phoenix, USA. However, the series is still exploring alternative venues to complete the season, though there is no guarantee this will happen.

Transcorp Power Shares Drop 10% as Investors Sell Off

Transcorp Power PLC saw a sharp decline in its share price, falling by 9.99% on the Nigerian Exchange (NGX) as investors engaged in significant sell-offs. 

Rolls-Royce Partners with Karimjee Group to Enhance Power Solutions in Tanzania

Rolls-Royce, through its Power Systems division, has announced a strategic partnership with East African conglomerate Karimjee Group to deliver advanced mtu power solutions in Tanzania. This collaboration aims to strengthen the country’s energy infrastructure, support sustainable development, and drive industrial growth.

SITFINE Toilet Sanitizer Spray Unveiled in Lagos, Promises Lasting Germ Protection

Shodan Pharmaceuticals Ltd. has officially introduced SITFINE Toilet Sanitizer Spray to the Nigerian market. The innovative, quick-drying aerosol is designed to kill 99.99% of germs on toilet seats. Unveiled at a media briefing in Lagos, SITFINE aims to enhance personal hygiene in public and private restrooms.

NCC Launches Nationwide Mobile Phone Tracking and Registration System

The Nigerian Communications Commission (NCC) has rolled out a nationwide Device Management System (NCC-DMS) to regulate and track all mobile phones connected to Nigeria’s communication networks. 

IBM to Acquire Accelalpha, Expanding Oracle Consulting Capabilities

IBM has announced plans to acquire Accelalpha, a global Oracle services firm known for its expertise in transforming core business operations through Oracle Cloud Applications. This acquisition will strengthen IBM's Oracle consulting practice in supply chain, finance, enterprise performance management, and customer transformation.

Sony Set to Unveil PlayStation 5 Pro in Short Livestream Tomorrow

Sony is expected to unveil the PlayStation 5 Pro tomorrow during a short livestream, scheduled for 11AM ET on September 10 via the PlayStation YouTube channel. The "PlayStation 5 Technical Presentation" will be hosted by Mark Cerny, the lead architect of the PS5, and will highlight "PS5 and innovations in gaming technology."

FlapKap Raises $34M Pre-Series A to Boost SME Financing in MENA

...Doubles Growth Over Two Years

Abu Dhabi-based fintech FlapKap has secured $34 million in debt and equity funding to expand its revenue-based and embedded financing services across the MENA region. The funding round, led by BECO Capital, included new investment from Pact VC and follow-on backing from A15, Nclude, QED Investors, and debt financing from Channel Capital, bringing FlapKap’s total funding to $37.6 million.

South Africa, Nigeria Invited to Compete for AFRIMA 2025 And 2026 Hosting Rights

… Morocco also shows interest in hosting

South Africa and Nigeria have been invited by the African Union (AU) to compete for the hosting rights of the 2025 and 2026 editions of the All Africa Music Awards (AFRIMA). The invitation was officially extended in a letter signed by Her Excellency, Ambassador Minata Samate Cessouma, AU Commissioner for Health, Humanitarian Affairs, and Social Development.

Lagos Ranks 6th Among World's Best Cities for Nightlife, Surpassing Rotterdam and Manchester

Lagos has secured the 6th spot in Time Out’s 2024 global ranking for the best cities for nightlife, surpassing renowned cities like Rotterdam and Manchester.

FBN Holdings Plc Sells 100% Stake in FBNQuest Merchant Bank to EverQuest Acquisition LLP

FBN Holdings Plc has announced the sell of its entire 100% equity stake in FBNQuest Merchant Bank Limited to EverQuest Acquisition LLP. This strategic sale is part of FBN Holdings' ongoing efforts to optimise its portfolio, subject to regulatory approval.

Olusola Oworu Appointed to Lafarge Africa Plc Board of Directors

Lafarge Africa Plc has announced the appointment of Olusola Oworu, a distinguished finance expert with over 30 years of cross-sector experience, to its Board of Directors. Mrs. Oworu brings a wealth of expertise in consulting, banking and finance, commerce, energy, and public service.

Countdown Begins for 2025 Intra-African Trade Fair in Algiers

Over 35,000 visitors from 140+ countries will converge in Algiers, Algeria, from 4–10 September 2025 for the fourth Intra-African Trade Fair (IATF2025), Africa's premier trade and investment event.

Nominations Now Open for Angola Oil & Gas 2024 Awards

The Angola Oil & Gas (AOG) conference and exhibition, the country’s premier industry event, has announced that nominations for the AOG Awards 2024 are now open. The prestigious event celebrates outstanding achievements within Angola’s oil and gas sector, recognizing excellence in project development, exploration, innovation, and leadership.

Nigeria Becomes Third-Largest Debtor to World Bank's IDA, Secures $2.2 Billion Under Tinubu Administration

Nigeria has risen to the third-largest debtor of the World Bank's International Development Association (IDA) as of June 30, 2024, marking a significant increase in its borrowing from the institution.

Global Africa Business Initiative announces lineup for 2024 flagship event “Unstoppable Africa: The Solution for a Global Future”

...Folly Bah Thibault and Larry Madowo to anchor the event 

The Global Africa Business Initiative (GABI) has revealed the lineup and program for its 2024 flagship event, “Unstoppable Africa: The Solution for a Global Future,” taking place on the sidelines of the UN General Assembly in New York from September 25-26. This high-profile, two-day forum will bring together influential leaders from both the public and private sectors to spotlight Africa's growing influence in global business and sustainable development solutions.

Agusto & Co Upgrades Odu’a Investment Rating to A+

Agusto & Co, a leading Pan-African credit rating agency, has upgraded the rating of Odu’a Investment Company Ltd. (OICL) from "A" to "A+" in its latest review.