BrandArena : February 2025

Sunday, 23 February 2025

BUA Foods Hits Record High Amid 5.02% Free Float

BUA Foods Plc reached a record high in the equities market as investors sought positions despite its limited free float of 5.02%. While approximately 95% of the company's shares remain within the control of its founder and directors, BUA Foods maintains it has met the Nigerian Exchange Group’s (NGX) free float requirement.

Amazon has announced plans to discontinue its Appstore for Android devices, with the shutdown set to take effect on August 20, 2025. In a notice to developers, the company confirmed that new applications would no longer be accepted, signaling a shift in its approach to app distribution.

Elon Musk’s satellite internet service, Starlink, has rapidly climbed the ranks to become Nigeria’s second-largest Internet Service Provider (ISP) by subscriber count as of the third quarter of 2024. This milestone was revealed in the latest data from the Nigerian Communications Commission (NCC).

After the success of Scotland London Africa Week 2024, the Scottish Africa Business Association (SABA) has confirmed the return of the event, scheduled for November 25-27, 2025.

First Trustees Limited, a subsidiary of First HoldCo Plc. and a leading provider of trust solutions, partnered with The Metropolitan Law Firm to host the seventh annual Islamic Estate Planning Clinic. The event, designed to educate individuals on estate planning within the framework of Islamic law, provided expert insights to help attendees navigate inheritance complexities while ensuring fairness and clarity.

Visa has introduced Tap to Add Card in Central Europe, the Middle East, and Africa (CEMEA), streamlining the process of adding Visa contactless cards to digital wallets. This innovation enhances security and convenience, eliminating the need for manual entry—a process prone to errors and potential fraud risks.

Jumia Reports $97 Million Loss as Revenue Declines

Jumia Technologies AG reported a pretax loss of $97.56 million for the 2024 financial year, a slight 1% improvement from the previous year, as revenue declined, according to an audited financial statement released today.

Google has removed its AI assistant, Gemini, from the main Google app on iOS, signaling a strategic shift to encourage users to adopt the standalone Gemini app. The move positions Google to better compete with AI chatbots like ChatGPT, Claude, and Perplexity. However, it also carries the risk of reduced engagement, as the widely used Google app previously provided easy access to Gemini, and some users may be reluctant to download an additional app.

Apple introduced the iPhone 16e on Wednesday, expanding its iPhone 16 series with a more affordable option. The device marks the fourth generation of Apple's budget-friendly SE lineup.

In 2024, Emirates SkyCargo transported an average of 3,820 tonnes of cargo in and out of Africa each week through 20 gateways, reinforcing its role as a key trade enabler on the continent.

Hisense Maintains No. 2 Global TV Ranking in 2024

Hisense, a leading global brand in home appliances and consumer electronics, has strengthened its foothold in the TV market, maintaining its position as the world's second-largest TV manufacturer.

The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, has advocated for enhanced economic collaboration between Nigeria and the Middle East, emphasizing the importance of infrastructural development, tourism, and diaspora engagement.

Nike, Inc. and SKIMS have joined forces to redefine activewear with the launch of NikeSKIMS, a groundbreaking new brand that blends cutting-edge performance technology with sculpting design. This long-term partnership aims to expand access to sport and movement for more women and athletes worldwide. The debut collection will launch in the U.S. this spring, available online and in select retail locations, with a global rollout slated for 2026.

The National Bureau of Statistics (NBS) has introduced special inflation indices as part of its monthly Consumer Price Index (CPI) report. The Statistician-General of the Federation, Adeyemi Adeniran, announced the development on Tuesday during a briefing in Abuja on the recently completed CPI rebasing.

An arbitration panel has ruled that the Premier League’s previous commercial deal regulations—before their revision in November—are “void and unenforceable” after a legal challenge from Manchester City.

Nigerian billionaire Aliko Dangote has seen his net worth surge to $23.9 billion, almost doubling in value, according to Forbes. This significant financial leap positions him as Africa’s wealthiest individual and the 86th richest person globally. In 2024, Forbes had ranked Dangote 144th in the world with an estimated fortune of $13.4 billion.

Lagos State legislators have commended the Lagos State Internal Revenue Service (LIRS) for achieving a groundbreaking milestone in revenue generation, surpassing ₦1 trillion. The achievement marks LIRS as Nigeria's first sub-national revenue agency to reach such a feat, highlighting its professionalism, efficiency, and commitment to transparent tax administration.

In an effort to foster innovation in the agricultural value chain and create new opportunities for young female entrepreneurs, the Enterprise Development Centre (EDC) of Pan-Atlantic University, Lagos, in collaboration with GEN Nigeria and the Mastercard Foundation, has enhanced the Agro-Hack Challenge initiative by awarding grants to twelve female-led agro firms in Nigeria.

Fragvest, a pioneering real estate investment platform, has secured $350,000 in pre-seed funding from Sthenic Finance & Advisory Limited. This investment marks a key milestone in Fragvest’s mission to simplify and expand access to real estate ownership for Nigerians. The funds will be used to enhance product offerings, scale user acquisition, and advance the platform’s technology, strengthening its presence in Nigeria’s growing proptech sector.

AFC and China’s CEXIM Expand Partnership to Boost Trade and Infrastructure Development in Africa

Africa Finance Corporation (AFC), a leading provider of infrastructure solutions in Africa, has signed a Memorandum of Understanding (MoU) with the Export-Import Bank of China (CEXIM) to strengthen cooperation in financing trade and infrastructure projects across the continent.

ExxonMobil has invested over $20 million in Mozambique’s local content development since 2017 and plans to deepen its commitment through upcoming projects, according to Armando Afonso, Public & Government Affairs Manager, ExxonMobil Mozambique.

adidas has introduced the latest phase of its global 'You Got This' campaign, emphasizing the power of positive reinforcement from coaches, parents, supporters, and teammates in shaping athletes' confidence and resilience.

Guaranty Trust Bank has removed processing fees on all its Point-of-Sale (POS) terminals, reinforcing its commitment to providing cost-effective payment solutions for businesses in Nigeria.

German multinational software company SAP has introduced Business Data Cloud—a transformative solution designed to unify SAP and third-party data across organizations. This groundbreaking platform provides a trusted data foundation that enhances decision-making and strengthens AI-driven business insights. By integrating data from mission-critical applications with advanced data engineering and analytics capabilities, SAP Business Data Cloud sets the stage for unparalleled innovation and intelligence.

Raenest Raises $11M in Series A Funding to Enhance Cross-Border Money Management for Africans

Raenest, a global platform providing multi-currency accounts for individuals and businesses across Africa, has successfully closed an $11M Series A funding round led by QED Investors. The round also saw participation from Norrsken22, with follow-on investments from Ventures Platform, P1 Ventures, and Seedstars. The new funding boosts Raenest's total venture capital to $14.3M.

Dangote Cement is regaining momentum in the equities market ahead of its earnings release, as investors resume buying after a sell-off that drove its share price down to ₦394.

Nigeria has formalized an amended Bilateral Air Service Agreement (BASA) with the United Arab Emirates (UAE), reinforcing aviation cooperation between both nations.

MTN, the country’s largest telecommunications provider in Nigeria, has begun implementing a tariff adjustment approved by the Nigerian Communications Commission (NCC). Subscribers may notice significant changes in their data and SMS costs.

The African Development Bank Group (AfDB) has approved over $31 million in funding through its African Climate Action Window (CAW) to enhance climate resilience in Sierra Leone, South Sudan, Djibouti, and Madagascar.

Emirates, the world’s largest international airline, has signed an interline agreement with West Africa’s largest carrier, Air Peace, offering travelers seamless access to 13 cities across Nigeria. The partnership simplifies travel with single-ticket bookings and streamlined baggage handling, significantly enhancing connectivity for passengers flying to and from the country.

HabariPay’s Squad, the fintech payment subsidiary of Guaranty Trust Holding Company Plc (GTCO), has officially announced the dates for its annual social coding competition. Following the success of its debut edition, Squad Hackathon 2.0 will take place from March 13–15, 2025, at the cutting-edge GTCO Training Complex, Tayo's Plaza, Abeokuta, Ogun State.

In an effort to address the critical challenge of clean water access, LG Electronics has commissioned a solar-powered borehole for the Kawaji Saunar MamaU community in Nassarawa Local Government, Kano State, Nigeria. The project, part of LG’s corporate social responsibility (CSR) initiative, aims to promote sustainable development and improve living conditions for underserved populations.

Podcasts are cementing their place in global culture and politics, but growth in advertising spend remains steady rather than explosive. According to WARC Media’s latest Global Ad Trends report, Podcast Media Sets Sights on Video Boom, publishers and platforms are turning to video content and creator-driven strategies to unlock new revenue streams and attract a larger share of ad budgets.

Visa, a global leader in digital payments, has unveiled a two-year partnership with renowned football manager Pep Guardiola. The collaboration aims to celebrate the power of small steps in achieving greatness while delivering unique experiences for Visa cardholders and football fans in [Nigeria].

Emirates Enhances Fleet Efficiency with Airbus Skywise S.FP+ and Core X3 Predictive Maintenance Solutions

...Utilize real-time data capabilities across Airbus A380 and A350 fleets for improved operational performance

Emirates has taken a significant step toward advancing its fleet management and operational efficiency by partnering with Airbus to implement the Skywise Fleet Performance+ (S.FP+) predictive maintenance solution and the Core X3 analytics platform. The agreement, signed by Ahmed Safa, Head of Emirates Engineering, and Laurent Negre, Vice President of Customer Services for Airbus Africa and Middle East, underscores Emirates’ commitment to leveraging cutting-edge technology for enhanced safety and operational excellence.

Gosha Rubchinskiy and Yeezy End Collaboration

Gosha Rubchinskiy and Ye (formerly Kanye West) are ending their year-long collaboration, which Rubchinskiy described as “memorable” in a statement, adding that it has “reached its conclusion.”

adidas and the Mercedes-AMG PETRONAS F1 Team have officially launched their first collection, marking the beginning of a thrilling new era in motorsport fashion.

Grey/Ven, the iconic name in quiet luxury, has announced the appointment of CFDA-recognized designer Ilana Kugel as Creative Director for its women’s collection. The announcement was made before the New York Fashion Week runway show, where the brand showcased both Kugel’s debut collection for Grey/Ven, titled "The Journey" FW 25, and its inaugural luxury handbag collection.

The International Finance Corporation (IFC) has announced an equity investment of up to $50 million in Lagos Free Zone Company. This funding is designed to support the development and expansion of the Lagos Free Zone (LFZ)—Nigeria’s pioneering deep-sea port-based private special economic zone. This investment not only addresses critical infrastructure gaps but also serves as a catalyst for attracting both local and international businesses, driving economic growth, and advancing Nigeria’s diversification efforts.

American sportswear company, Nike Inc. shares have dropped more than 6% this week after an investor meeting with CEO Elliott Hill and CFO Matt Friend, as analysts express doubts about the company’s ability to quickly regain momentum.

The Professional Footballers’ Association (PFA) has warned it may take legal action against the Premier League if new financial regulations are introduced without the union’s approval.

Nigerian entrepreneurs can now apply for the second cohort of the SIA Startup Foundry accelerator program, an initiative by the SIA Foundation aimed at equipping startups with the resources and support needed to succeed in a competitive market.

The Nigerian stock market recorded a significant gain of N884 billion last week, closing at N65.59 trillion on Friday as investor interest surged across various listed companies. The equities segment of the Nigerian Exchange (NGX) sustained its bullish momentum, starting February on a strong note.

The International Criminal Court (ICC) has strongly criticized a new executive order signed by U.S. President Donald Trump imposing sanctions on court officials. The ICC argues that the move is an attempt to undermine its “independent and impartial judicial work.”

The PlayStation Network (PSN) remains down after 18 hours, leaving gamers unable to access online services during a crucial weekend for tournaments and special events.

Radisson Hotel Group marked a record-breaking 2024, expanding its global footprint with over 300 new signings and openings, adding nearly 40,000 keys to its portfolio. The Group reinforced its position as a leader in the upper-upscale and resort segments across Europe, the Middle East, and Africa. Radisson Blu maintained its top status in Europe for the 13th consecutive year.

Afreximbank Urges Africa to Seize Control of Its Resources and Build Sustainable Prosperity

Africa must take decisive action to control its resources, generate jobs, and establish industries that drive long-term prosperity, the African Export-Import Bank (Afreximbank) urged at the African Mining Indaba 2025 on Sunday. Addressing African leaders, policymakers, mining industry stakeholders, and global partners, Afreximbank underscored the need for a transformative approach to resource ownership and industrialization.

In a move reinforcing its commitment to advancing Nigeria’s energy landscape, Genesis Energy Group, a leading provider of integrated power solutions, recently welcomed His Excellency, Governor Dikko Umaru Radda of Katsina State on an official visit to its facilities in Lagos and Port Harcourt. The visit highlights the crucial role of public-private partnerships in tackling Nigeria’s energy challenges and underscores Genesis Energy’s leadership in delivering sustainable, reliable power solutions.

Heliconia Park Luxury Apartments & Suites has officially launched its premium apartment hotel in the heart of Eko Atlantic City, Lagos. Designed to merge the elegance of luxury hospitality with the warmth and freedom of home, Heliconia Park offers an unparalleled living experience for both local and international guests seeking sophistication, comfort, and world-class service.

Verto, the global fintech driving seamless cross-border payments, FX, and banking solutions in emerging markets, has introduced the Verto Global Business Award—a game-changing initiative designed to recognize and accelerate the growth of early-stage startups.

Sunday, 23 February 2025

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