Browsing: Nigeria

Binance in Nigeria
  • The situation involving Binance in Nigeria has turned sour due to several events.
  • For a few years, the Binance marketplace seemed to work well enough, but in 2023, the Nigerian government ended the naira’s peg to the US dollar as part of sweeping economic reforms.
  • In what is now a testament to the sprained relationship between Binance and Nigeria, the authorities filed tax evasion charges against the cryptocurrency exchange.

Binance Under Regulatory Spotlight

Binance’s journey from a small start-up to one of the largest cryptocurrency exchanges globally has been impressive but not a smooth run. The platform’s rapid growth and global expansion brought it under the regulatory spotlight globally.

From the United States to the European Union and various parts of Asia and Africa, Binance has faced various regulatory pressures concerning transparency, security, and compliance.

Late last year, Binance founder and CEO Changpeng Zhao pleaded guilty to violating US bank …

  • In a significant escalation of tensions between Nigeria and the global cryptocurrency market, the African nation has detained two senior Binance executives.
  • Anjarwalla and Gambaryan were detained in Abuja, Nigeria’s capital, under circumstances highlighting the country’s aggressive stance towards cryptocurrency exchanges.
  • In recent years, Nigeria has faced significant economic challenges, with the devaluation of the naira emerging as a central issue.

Anjarwalla and Gambaryan detained

In a significant escalation of tensions between Nigeria and the global cryptocurrency market, the African nation has detained two senior Binance executives, the world’s leading cryptocurrency exchange.

Nadeem Anjarwalla, a UK citizen living in Kenya and serving as Binance’s Regional Manager for Africa, and Tigran Gambaryan, the Global Head of Intelligence and Investigations at Binance and a former US Internal Revenue Service special agent, find themselves at the heart of a diplomatic and financial controversy.

Now extending into its third week, the detention stems from …

  • Shell Nigeria is selling off major stakes in the west African country.
  • Critics blame the government of Nigeria for allowing the sell at a time the oil giant is facing suits on oil spills.
  • Activists want Shell Nigeria to be held responsible for alleged decades of oil spills.

Shell Nigeria has sold off major stakes in the Western African country, sparking chatter that the move could be just a ploy to escape oil spill charges in the country. On the other hand, there is an argument that the Shell move is just a numbers game, a move to cut losses in troubled onshore Nigeria stakes in favor of its offshore investments.

Which of the two is true? Is Shell shedding off investments in on-land fossil fuels to redirect its resources to less-hassle offshore exploration, or is the British oil giant simply running away from oil spill charges?

Media has reported…

  • Expensive loans remain a significant issue across populations engaged in agriculture in Nigeria, Tanzania and Zambia.
  • A report by the Alliance for Green Revolution in Africa (AGRA) says capital injection is a significant strategy agribusinesses use to survive.
  • Moreover, agribusinesses face high operational costs from fuel prices and low-profit margins driven by currency devaluations.

The lack of agriculture-friendly financial systems saw agribusinesses turn down expensive loan options in the market, with only 15 per cent taking on commercial capital in 2023 and the rest sourcing capital from friends, family and their business savings.

The incentives by the government channelled towards agriculture failed to adequately cushion Agribusinesses from economic shocks, a new report by Alliance for Green Revolution in Africa (AGRA) has revealed.

The African Agribusiness Outlook survey is conducted annually to gain insights into the sector’s top priorities, how they address challenges, and what SMEs see as opportunities.

A reflection …

  • Africa continues to grapple with food insecurity exacerbated by climate change and inadequate access to financing for both startups and food producers alike.
  • In response, innovators and bold entrepreneurs are going digital, devising modern solutions to enhance food production.
  • At the Africa Tech Summit in Nairobi, agri-innovation startups Homemade by Dropp, Koolboks, Samalife, BWS, Hello Tractor, Seabex and ReNile shared their entrepreneurial journey and reasons why they need financing to create value for farmers and consumers.

A number of startups with a focus on digital agricultural innovation in Africa are seeking fresh financing to scale and accelerate their growth across the continent, which is currently under pressure to feed a rising population.

These startups are eyeing opportunities in climate smart agriculture in Africa, the new frontier for business expansion globally.

Currently, agriculture remains the continent’s largest industry and employer. The industry is, however, facing significant challenges across the value chain, …

  • Opera MiniPay Momentum continues following the successful launch of MiniPay in Nigeria, Kenya and Ghana.
  • MiniPay empowers users to save, send, and receive funds instantly on their mobile phones with very low transaction fees.
  • With a mission to onboard millions of users to Web3 across Africa, Celo and Mento Labs aim to provide accessible financial tools through MiniPay embedded in Opera Mini.

In collaboration with Celo and Mento Labs, Opera has announced a significant achievement: surpassing 1 million users of the MiniPay wallet across Nigeria, Kenya, and Ghana markets.

This milestone for the global web innovator was marked today at the Africa Money and DeFi Summit, taking place on February 14-15 in Nairobi, Kenya.

Launched in 2006, Opera Mini has unique features such as data compression, offline file sharing, and a built-in ad-blocker. MiniPay is a self-custodial dollar stablecoin wallet seamlessly integrated into the Opera Mini browser for Android …

  • Like many other countries, the IMF has noted that Nigeria’s economy faces a complex external environment and wide-ranging domestic challenges.
  • External financing (market and official) is scarce, and global food prices have surged, reflecting the repercussions of conflict and geo-economic fragmentation.
  • Per-capita growth in Nigeria has stalled, and poverty and food insecurity are high, exacerbating the cost-of-living crisis, according to the global lender.

Nigeria’s economy is not yet out of the woods, the International Monetary Fund (IMF) has indicated, with a potential economic crisis despite government interventions to improve the economy.

This is even as the country’s real GDP is projected to grow by three per cent this year compared to last year’s projection of 2.9 per cent.

Like many other countries, the IMF has noted that Nigeria faces a complex external environment and wide-ranging domestic challenges.

External financing (market and official) is scarce, and global food prices have surged, …

  • Market insights firm Stears says Kenya might not be attracting sufficient fintech investments due to the near-monopoly of tech giant Safaricom PLC.
  • On average, Kenya accounted for 8 percent of fintech investments made on the continent between 2019 and 2023. At the same time, Nigeria got 39 percent, Egypt’s 16 percent, and South Africa’s 20 percent.
  • Historically, Nigeria has led fintech funding on the continent, enjoying special attention from investors.

Kenya has not been prioritized by fintech investors as much in the last five years compared to other key African markets such as Nigeria, Egypt, and South Africa.

These revelations are highlighted in a report by Stears, a market research company headquartered in Nigeria that specializes in African investments.

According to the report, Kenya, on average, represented only eight percent of fintech investments in the continent between 2019 and 2023. In contrast, Nigeria accounted for 39 per cent, Egypt …

  • After nearly a century, Shell has decided to exit Nigeria's oil and gas sector.
  • Shell has faced persistent challenges over the years, grappling with numerous onshore oil spills caused by theft, sabotage, and operational difficulties.
  • In December 2022, Shell agreed to pay $15.9 million in damages to communities in Nigeria's Niger Delta impacted by numerous oil leaks.

After nearly a century, Shell has decided to exit the Nigerian oil and gas sector. The British multinational is selling Shell Petroleum Development Company of Nigeria Limited (SPDC), the entity that owns onshore oil assets in the nation's Niger Delta region.

As fate would have it, Shell is selling SPDC to the Renaissance consortium, an alliance of ND Western, Aradel Holdings Plc, First E&P, the Waltersmith Group, Petroleum Development Company Limited and Petrolin.

This deal, reported at a value of $1.3 billion, with further payments of up to $1.1 billion, could offer local…

  • East Africa is set to outshine other regions in 2024 growth with Rwanda, Kenya, Tanzania and Uganda posting impressive numbers.
  • This year, Africa’s overall growth is forecasted at 4 per cent, a notable increase from 3.3 per cent in 2023.
  • These are findings of a new Africa 2024 outlook report by Stears, an economic analysis and data-driven insights provider.

The prevailing economic woes in Kenya are projected to continue in 2024 with persistent currency depreciation and inflationary pressures taking toll on individuals and businesses. This is according to a new Africa 2024 Outlook report by Stears, a Nigeria-based economic analysis and data-driven insights company.

Already, the latest statistics show that the Kenyan Shilling has already breached the 160 mark against the US dollar.

Stears’ 2024 Outlook delves into key African countries, specifically Kenya and the continent’s powerhouse Nigeria, projecting persisting economic challenges for both economies.

he macroeconomic analysis …