The Dangote Petroleum Refinery has started the largest initial public offering (IPO) that allows retail investors to get a part of one of Africa’s largest industrial projects. 4.1 billion shares of the refinery will be offered at a price of ₦525 each, which means that the deal should bring ₦2.15 trillion (approximately $1.6 billion) if […]
Sudan’s war has caused the displacement of 14 million people, and almost 20 million are suffering from hunger. At the same time, there is a severe shortage of international funds that threatens to collapse humanitarian activities in the country. This comes in the wake of continuing reductions in global humanitarian aid. The World Food Programme […]
Following the revelation of concealed borrowings, Senegal is looking towards restructuring its debts after pushing its public debt level to about 132% of the GDP by the end of 2024. The government has now signed an agreement with the International Monetary Fund (IMF) for a $2.2 billion program spread out over three years while at […]
Sudan faces an ongoing hunger crisis, and the World Food Programme (WFP) has seen a major funding drop that may hinder its operations in a country where many people face acute food insecurity. Funding for WFP in Sudan has dropped to about $206 million compared to $645 million in 2021. WFP needs about $300 million […]
America’s only wholly US-owned telecom company operating in Africa has just landed a near $100 million loan from Washington. The deal, backed by the US Export-Import Bank, is aimed at helping Africell upgrade its mobile networks and push back against China’s Huawei, which still dominates much of the continent’s 5G infrastructure. For South African readers […]
Africa’s telecom industry has just picked up a fairly big financial win. Africell, the only US-owned mobile network operator on the continent, has locked in close to $100 million in new financing from the Export-Import Bank of the United States. On the surface, this looks like a simple business loan. Underneath, it’s really part of […]
Gambia just made a move that has people talking across West Africa and beyond. After nights of unrest tied to a brutal power crisis, the government has said, in plain terms, that nobody can protest anymore without getting official sign-off first. If you’re reading this from South Africa, where the right to march and picket […]
South Africans haven’t forgotten 2010. That tournament put the continent on the map, and now there’s a real chance it could happen again. A public disagreement between Morocco and Spain over who hosts the 2030 World Cup final has been playing out in public for weeks, and it’s got football fans everywhere picking sides. So […]
The two-day summit of BRICS in New Delhi concluded with increased participation of African countries in deliberations of global governance, trade, development, and the future of the Global South. The summit held in New Delhi on September 12-13 witnessed the participation of expanded BRICS members and partner countries, and adoption of the New Delhi Declaration […]
Six Nigerians, members of the Black Axe organized criminal group, have been extradited to the US as they were allegedly involved in defrauding over 100 American women out of over $6 million via online romance scams. The arrest of these individuals occurred in 2021 in Cape Town, and then the extradition of the six men […]
Another blow to Africa’s fuel crisis is coming as record oil tanker rates, disruption of shipping from the Middle East, and crude at over $100 per barrel increase costs of transporting fuel. The new challenge is significant, especially for African countries that rely on fuel imports from Asia and the Middle East. Countries that are […]
Nigeria will use the 18th BRICS Leaders’ Summit in New Delhi as an opportunity to strengthen trade, investment and technological ties in an effort to secure greater influence in the Global South. A delegation led by Vice President Kashim Shettima will represent President Bola Ahmed Tinubu at the September 12-13 summit, where Nigeria participates as […]
The Democratic Republic of Congo Ebola outbreak is in its seventh province and raises new questions on the matter. According to Congolese health officials, a case of Bundibugyo virus disease was confirmed in South-Ubangi province of northwestern DRC. The victim was a 23-year-old man who later succumbed to the infection. The latest case is important […]
Nigeria will use the 18th BRICS Leaders’ Summit in New Delhi as an opportunity to strengthen trade, investment and technological ties in an effort to secure greater influence in the Global South. A delegation led by Vice President Kashim Shettima will represent President Bola Ahmed Tinubu at the September 12-13 summit, where Nigeria participates as […]
Zimbabwe arrests a Chinese national who works for Orequest (Pvt) Ltd in connection with the alleged smuggling of hundreds of tons of raw lithium ore out of the country through forged export papers. The Zimbabwe Anti-Corruption Commission (ZACC) has arrested Ning Yaokun, who is also known as Tony, following his surrender to the investigating panel. […]
Parliament of Nigeria has stopped all official visits and legislative interactions with South Africa following continued xenophobic attacks against Nigerians and other African nationals in the country. The National Assembly announced on September 11 that the lawmakers, committees, officials, and other staff members would not engage in any parliamentary interaction organized by South Africans until […]
The United States is supporting Kenya’s initiative to develop a domestic processing capacity for critical minerals from the giant deposit of Mrima Hill in Kwale County, making Kenya a key player in an increasingly contested landscape for rare earths supply chains. The mineral deposit in question is believed to be valued in the tens of […]
The US is planning to offer close to $100 million of finance to Africell, Africa’s lone American owned telecommunication company, in a bid that puts Africa’s mobile infrastructure in the heart of the increasingly competitive battle for supremacy between the US and China. Through an almost hundred-million-dollar loan offered by the US Export-Import Bank (EXIM), […]
The price of Brent crude is approaching the level of $109 per barrel, which may add to the pressure on African economies that rely mostly on fuel imports as conflicts in the Middle East disrupt shipping through the Strait of Hormuz and the Red Sea. The price of Brent hit $109.97 on September 11 before […]
With the upcoming 18th BRICS Summit being held in New Delhi from September 12 to 13, the BRICS club now has more nations from both the African and Middle Eastern regions that have brought in a whole new perspective to the global discussion surrounding the economy. Among the nations in BRICS from these regions are […]