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- Diesel turns Saudi Arabia Kenya’s top source of imports
- AfDB-backed water project upgrading sanitation for 500,000 Rwandans
- Africa making critical strides to tackle plastic pollution
- Education fund seeks to shape Africa’s talent in oil and gas
- Youth, women exclusion is stifling North African economies
- How wars in Africa are sucking billions from poor economies
Author: Mustapha Juma
Talented and immensely creative journalist with a commitment to high-quality research and writing with over 5 years of professional experience. Dedication to sound investigative research methods and a strong desire to know the truth of the matter. Excellent reporting and interviewing skills and award-winning writing techniques. Experience writing and reporting across a variety of platforms, including Opera News Kenya, DailyActive.info, LitKenya.com and Scooper News
The 1.5km Nigerian-Cameroon double lane bridge linking the two countries from Ekot-Mfum, Etung Local Government Area of Cross River state is set to boost trade, the Federal Government of Nigeria has disclosed.
According to the Minister of Works and Housing Mr Babatunde Fashola the bridge, which is being funded by both countries will also strengthen ties and improve security.
Memorandum of understanding
The two countries had signed a memorandum of understanding (MoU) seeking funds from the bank and other development partners to execute the road transport corridor.
The minister who spoke on Monday said the bridge is the first shoot of the harvest of completed projects proposed as the President Muhammadu Buhari administration enters the second phase of the second term on its way out.
Fashola also shared some pictures of the completed bridge.
Trade and business
He further pointed out that Nigeria has had a strong relationship with the …
Commercial International Bank (CIB), the leading private-sector bank in Egypt has announced its plan to increase its presence in the East African region.
This will be achieved by acquiring more banks in the region, which the lender says will help finance Egyptian investors looking for opportunities in Africa’s fastest growing region.
CIB offers a broad range of financial products and services to its customers, which include more than 500 of Egypt’s largest corporations, enterprises of all sizes, institutions, and households.
CIB’s strong brand and growth in retail and Small and medium-sized enterprises (SME) banking segments has continued to introduce new customers to the bank, making it the most profitable commercial bank operating in Egypt for more than 40 years.
CIB, which has over $27.24 billion worth of assets acquired a 51 per cent stake in the Kenyan Mayfair Bank, its initial buyout in the African continent last year, …
Chaka Technologies (CT), a Nigerian digital sub-broker and digital investment platform has secured $1.5 million in a pre-seed funding to enhance digital investment in Africa.
In a move aimed at boosting economic transformation in Africa, the Nigeria’s Securities And Exchange Commission (SEC)-licensed firm raised the funding in a round that was led by Breyer Capital, a premier global venture capital and private equity firm focused on catalysing growth in high-impact tech companies.
Chaka is the first Nigerian Fintech to be licensed by the Securities & Exchange Commission of Nigeria (SEC).
Other participants in the round are 4DX Ventures, Golden Palm Investments, Future Africa, Seedstars, and Musha Ventures.
Borderless investments in Africa
The funding will serve as a catalyst that will enable CT to continue to power on its mission to enable borderless investments across Africa and deliver digital investment solutions for African businesses.
Chaka boasts 25 plus years of experience …
The United Arab Emirates (UAE) has partnered with the Federal Government of Nigeria to bring to an end the illegal gold trade.
The two countries have agreed to track the huge illegal movement of gold from Nigeria to Dubai.
Illegal movement of gold
Reports indicate that there has been illegal movement of huge quantities of gold from Nigeria to Dubai on a daily basis.
The gold, according to the reports, has been passing through UAE police freely and unknown to them that royalties have not been paid to Nigeria.
The disclosure on the partnership between UAE and Nigeria was made by the Minister of Mines and Steel Development, Mr Olamilekan Adegbite.
According to Adegbite, the Nigerian government is currently negotiating a bilateral agreement with the UAE to check every gold entering Dubai from Nigeria.
The agreement made with the Midle East country will see any gold from Nigeria …
Kenafric Industries Limited, the manufacturers of Confectionery, Food, Footwear, and Stationery products in Kenya has launched Africa’s first activated charcoal chewing gum.
The product dubbed ‘Fresh Active’ was launched on Thursday July 22, 2021 in Nairobi.
During the launch, Kenafric Industries Limited CEO Mikul Shah expressed his confidence in the new product, saying that the company is dedicated on working on how to give its consumers more, hence the birth of Fresh Active.
Available in two variants
Fresh Active, with activated charcoal, is a teeth cleaning powerhouse that is great for oral healthcare and leaves a lasting cooling effect that enhances fresh breath. The gum will be available in two variants, cool mint and cool watermelon.
Activated charcoal is trusted globally due to its oral benefits restoring correct PH for enhanced oral health while reducing overall mouth odour.
According to Shah, Fresh Active also has a cool lasting effect that …
A United Kingdom (UK)-based company is set to pump a total of $100 million into Nigeria’s mining sector. Reports indicate that Aurelia Mining Limited has declared it will invest the said amount in gold mining in Nigeria.
The plan was announced by the company’s Director Mr Julian Hammond on Monday after a meeting with the Minister of Mines and Steel Development, Mr Olamilekan Adegbite in Abuja.
Preliminary gold drilling
According to Mr. Hammond, Aurelia Mining Limited plans to start preliminary gold drilling in Nigeria to discover the quantity of gold available in the country and attract larger investments.
He said the company will commence small mining operation with five to 10 million dollars first.
“With time, if the gold deposit is big as expected, we will invest about 100 million dollars for the period of 10 to 15 years,” he said.
Hammond added that the company will kick off its …
The Federal Government of Nigeria has restricted importation of sugar into the West African country to three firms only. This is in an effort to protect the sugar industry and boost the local production.
The Central Bank of Nigeria (CBN) through a circular issued on Friday July 16, 2021 said BUA Sugar Refinery Limited, Dangote Sugar Refinery Plc and Golden Sugar Company are the only companies allowed to import sugar into the country through any of the official foreign exchange sources.
This follows reasonable progress made by the three firms in achieving backward integration, a programme introduced by the Federal Government, in the sector.
In the circular signed by CBN’s Director, Trade and Exchange Department, Dr Ozoemena, CBN said that no company outside the aforementioned three firms should be allowed to open Form M or allowed to access foreign exchange from the foreign exchange market to import sugar into the …
In response to the growing demand for home appliances, entertainment and air conditioning solutions in East Africa, LG Electronics has announced its plan to expand the region’s market.
The South Korean firm is opening new shops in four East African countries namely Tanzania, Ethiopia, Sudan and Kenya.
According to LG Electronics East Africa Managing Director Sa Nyoung Kim, the company will refurbish 20 shops and launch additional ones targeting an increasingly tech-savvy, an environmentally-conscious consumer seeking premium products to match their lifestyle.
Enhance customer experience
Nyoung Kim said the planned shops across the region will be high footfall, high-sales stores designed to enhance customer experience for the new technologies and products the company has to offer.
LG Electronics is also keen on the growing market for wearables, driven by lifestyle changes due to the Covid-19 pandemic.
These include OLED TV, InstaView refrigerator, TWINWash washing machine, Neochef microwave and Vivace AI-powered …
A San Francisco-based clean-tech investment company has raised a total of $250 million which is set to go to sustainable startups, among them two from Africa.
According to a report by Bloomberg, the venture capital firm Ecosystem Integrity Fund (EIF) closed its fourth fund with backing from the Tennessee Valley Authority Retirement System and Franz Haniel & Cie, a family-owned holding company in Germany.
This was revealed in a statement that was issued on Tuesday July 13, 2021.
The report indicates that the funding will go to about 20 early-stage green technology startups in industries ranging from hydrogen-powered aircraft to electric motorbikes and subscription scooters.
The African startups set to benefit include Rwanda’s Ampersand, Africa’s first electric motorbike producer, and Ghana’s Energicity, a builder of solar microgrids serving rural areas that aren’t electrified.
Ampersand builds affordable electric vehicles and charging systems for the five million motorcycle taxi drivers in …
International specialty reinsurance MGA Rokstone has secured an insurance agent license authorizing the company to underwrite business in Africa directly.
In an announcement made through a statement sent to newsrooms, the company which is part of the Aventum Group said it had secured the license from the Financial Services Commission (FSC) in Mauritius where it has now set an office.
According to the statement, Rokstone will initially underwrite political violence and terrorism and property business from Mauritius. However, the company expects to offer financial lines later in the year.
Rokstone is one of the world’s largest MGAs, with offices in the US, UK, Europe, Asia, Africa and the Middle East.
Gross written premium
Currently, Rokstone underwrites $500 million in gross written premium in several specialty lines, including marine, terrorism and political violence, direct and facultative property, property treaty, construction and engineering, marine cargo, and liability.
The company’s political violence and …