Nigerian FX Traders Navigate EFCC Crackdown Amidst Escalating Volatility

In the wake of intensified measures by the Economic and Financial Crimes Commission (EFCC) targeting Bureau de Change (BDC) operators nationwide, Nigerian currency traders have been compelled to adopt clandestine methods to evade potential arrest. TechCabal has learned from three sources within the industry that fears of crackdowns have prompted traders to shun street trading, with over 100 currency traders in Lagos already apprehended by the EFCC last week amidst heightened FX volatility.

How to Link Both NIN and BVN to Your GTBank Account

In a bid to combat fraud and strengthen Know Your Customer (KYC) requirements as directed by the Central Bank of Nigeria (CBN), Guarantee Trust Bank ("GTBank") a few days ago sent its customers an important account security notification asking them to link their National Identification Number (NIN) and BVN to their bank account before March 1, 2024, to keep their account active.

Healthcare Stakeholders to Converge in Lagos For Medlab West Africa 2024

All is now set for the 2024 Medlab West Africa, the region's leading medical laboratory platform, which will take place on April 22-24, 2024, at the Landmark Centre, Lagos Nigeria. Co-located with the inaugural Pharmaconex West Africa, the industry-focused event promises to reshape the healthcare landscape and accelerate innovation across West Africa. The event presents opportunities for industry professionals, thought leaders and businesses to collaborate and drive positive change within the medical laboratory and pharmaceutical manufacturing sectors.

Tinubu Engages Captains of Industries and Governors, Promises Economic Relief for Nigerians

In a bid to address the pressing socio-economic challenges in the country, President Bola Tinubu convened a crucial meeting with key stakeholders including prominent business leaders and state governors in Abuja on Sunday, February 25th 2024.

Aradel Holdings CEO Honoured with 2023 WIEN Gender Advocate of the Year Award

Managing Director and CEO of Aradel Holdings Plc, Mr. Adegbite Falade, has been awarded the prestigious 2023 WIEN Gender Advocate of the Year award by the Women In Energy Network (WIEN). The award was presented to Mr. Falade during a special ceremony held at Aradel Holdings Plc headquarters on Friday, 16th February 2024.

Three Teams Emerge Winners in HabariPay’s Take-on-Squad Hackathon 1.0 for University Undergraduates

Following days of intensive collaboration, innovation, and problem-solving, the inaugural Take-on-Squad Hackathon 1.0 coding event culminated in the recognition of three outstanding teams: Team Within, Team X, and Team Storepoint. Held at the state-of-the-art GTCO Training Complex, located within Tayo's Plaza in Abeokuta, Ogun State, the event spanned from January 18th to 20th, 2024.

Tinubu appoints Kemi Nandap as New Comptroller-General of Immigration

President Bola Tinubu has approved the appointment of DCG Kemi Nanna Nandap to serve as the Comptroller-General of the Nigeria Immigration Service (NIS), effective from March 1, 2024.

Global Black Impact Summit 2024 to Empower Youth on Leadership, Excellence

In today's fast-evolving global landscape, nurturing strong leadership qualities among young individuals is essential for fostering inclusive communities and driving meaningful change. Against the backdrop of a rapidly transforming economy, marked by shifting consumer trends and rapid technological advancements, it is imperative to prioritize access to education and skill development. By equipping the youth with the necessary competencies and empowering them to thrive in a dynamic future, we pave the way for a generation of capable leaders poised to make a positive impact on the world.

ClimateTech Hohm Energy secures $8m to scale adoption of rooftop solar across South Africa

Hohm Energy, the South African Climate Fintech company that helps homeowners and businesses to go solar with accredited solar installers, product suppliers, and embedded solar finance, has today announced the successful final close of its $8m Seed round. The funding marks the largest seed round for a tech startup in South Africa totalling $8m, which was led by E3 Capital and 4DX Ventures and attracted participation from new investors, including Breega, E4E Africa, TO.org, Tekton Ventures, Sunu Capital, Musha Ventures, and Climate Capital Ventures.

Guiness Nigeria appoints Eniola Alli Faweya as Head of Corporate Communications

Leading beverage alcohol company, Guinness Nigeria has announced the appointment of Eniola Alli Faweya, as the new Head of Corporate Communications of the company, effective February 12th, 2024.

Nigeria: FG Set to Provide Internet Access to 774 Local Government Areas, Create Over 300 Jobs

Nigeria’s Ministry of Communications, Innovation, and Digital Economy has initiated ‘Project 774 LG Connectivity,’ an initiative aimed at providing internet access to all 774 local government secretariats in Nigeria. The project, which is estimated to create over 300 jobs directly and indirectly, seeks to improve digital access.

AfDB, OCP Group provide $188 million for green investment in Morocco

The African Development Bank (AfDB) and the OCP Group concluded three loan agreements in Rabat totalling $188 million to support the OCP Group's Green Investment Programme, which will provide clean drinking water to towns near three new desalination plants.

Bigi Unveils New TVC to Celebrate Unbreakable Naija Spirit

Bigi, the award-winning carbonated soft drink brand produced by Rite Foods Limited, has released a new television commercial (TVC) celebrating the fires in our bellies and Nigerians' unique ability to overcome obstacles with infectious resilience, laughter, and an unwavering belief in our potential that no dream is too big.

FBNQuest to Host its 6th Islamic Estate Planning Clinic in Abuja

FBNQuest Trustees, a subsidiary of FBN Holdings dedicated to providing Trust solutions to individuals, corporate and government institutions, has rolled out plans to host its 6th Islamic Estate Planning Clinic, on the 24th of February 2024 in Abuja, Nigeria. This forum aims to educate the Muslim faithful about the importance of Estate Planning in line with Islamic laws.

Elevate Your Lifestyle With LG Electronics Where Innovation Meets Home Comfort

LG Electronics continues to set new standards in consumer electronics with the unveiling of its latest lineup featuring sleek, minimalist designs tailored to enhance the modern lifestyle.

New Governance Boards Inaugurated For Africa Private Sector Summit

...Professor Kingsley Moghalu Appointed as Chairman

The newly reconstituted Advisory Board and Board of Directors of the Africa Private Sector Summit (APSS) LBG have been formally inaugurated in a joint virtual induction and inauguration meeting held on Monday, February 12, 2024, the Board Secretary of the Summit, Mr. Kingsley Asah has confirmed. 

Amina Agueznay Receives Norval Sovereign African Art Prize 2024 Grand Prize

Moroccan artist, Amina Ageuznay has been announced as the 2024 Grand Prize Winner for the Norval Sovereign African Art Prize by the Norval Foundation and The Sovereign Art Foundation (SAF).

Manchester United: FA, Premier League Approve Jim Ratcliffe's 25% Stake

The Football Association and Premier League have approved Sir Jim Ratcliffe's deal to acquire a 25% stake in Manchester United. The British billionaire's purchase is worth about $1.3bn (£1.03bn).

Helicopter Crash: GPBN Commensurate With Access Bank, Wigwe family

The Guild of Professional Bloggers of Nigeria (GPBN) has extended its deepest condolences on the tragic loss of Access Bank Group CEO, Herbert Wigwe in the helicopter crash on Friday, February 9th, 2024.

Nigeria’s GDP Forecasted to Grow By 3.1% in 2024 – FBNQuest Research

FBNQuest, the investment banking and asset management subsidiary of FBN Holdings Plc recently published the FBNQuest Research Economic Outlook Report. According to the report, Nigeria's gross domestic product (GDP) is expected to expand by 3.1% in 2024.

YouTube Deepens Competition with TikTok with the Introduction of Shorts Content

YouTube is set to introduce its users to short-form videos, known as Shorts, as it competes with Chinese social media platform, TikTok. YouTube's extensive collection of official music videos offers it a distinct advantage.

Five new teams, three new countries confirmed for 2024 Basketball Africa League

...season to tip off on March 9 in South Africa

The Basketball Africa League (BAL) has confirmed that five new teams and three new countries are among the 12 club teams from 12 African countries that will compete in the 2024 BAL season, which will tip off on Saturday, March 9 in Pretoria, South Africa. The fourth season of BAL will feature a record 48 games in Pretoria, Cairo, Egypt, Dakar, Senegal, and Kigali, Rwanda, marking the league's first games in South Africa as well as in four other nations.

Just Eat extends its partnership with UEFA for another three years

Just Eat Takeaway.com, a leading global online food delivery company, is extending its partnership with the UEFA Champions League, UEFA Europa League, and UEFA Europa Conference League until 2027, bringing the total number of UEFA competitions the business supports to 11. 

Nigerian Industrial Powerhouse, Dorman Long Engineering, Celebrates 75 Years of Partnerships and Progress

…Minister of State for Steel Development and Dorman Long Board of Directors unveil new brand identity at grand cocktail reception

Dorman Long Engineering Limited, Nigeria’s leading steel engineering and fabrication company, celebrated its 75th anniversary in grand style with a cocktail reception at Terra Kulture, Lagos on February 13th, 2024. The event marked a significant milestone in the company's rich history and showcased its strengthened commitment to continued growth and innovation.

AfDB approves $10 million stake in Alliance for Green Infrastructure in Africa Project Development

...fund to run for 15 years, reach its capitalization target in three years

The Board of Directors of the African Development Bank Group (AfDB) approved the proposal to take an initial stake of up to $10 million in the “Alliance for Green Infrastructure in Africa – Project Development” (AGIA-PD) fund in Abidjan on 24 January 2024.

Ecobank Celebrates the Success of AFCON 2023 as Jeremy Awori Presents Best Goalkeeper Trophy

As the 34th edition of the TotalEnergies CAF Africa Cup of Nations Côte d’Ivoire 2023 drew to a thrilling close on Sunday, Ecobank, the leading pan-African banking group, celebrates the remarkable achievements and spirit of unity witnessed throughout the tournament.

Africa Finance Corporation Appoints Emeka Emuwa as Chairman of Board

Africa Finance Corporation (AFC), the continent's leading instrumental infrastructure solutions provider, today announced the appointment of Mr. Emeka Emuwa as Chairman of its Board of Directors.

Africa Re: Remembering the Legacy of a Colossus - Bakary Kamara

Africa Re, Africa’s leading reinsurance company, recently held an Evening of Tributes, themed “The Colossus” for its immediate past Group Managing Director, Mr Bakary Kamara. The event which was held on the evening of Saturday, 10th February 2024, at The Sky Restaurant, Eko Hotel, saw friends, colleagues, family and industry leaders gathered to celebrate the life and legacy of Mr. Bakary Kamara.

Mastercard appoints Folasade Femi-Lawal as the new Country Manager for West Africa

Mastercard, a leading company in digital payments and technology, is pleased to announce the appointment of Folasade Femi-Lawal as the new Country Manager and Area Business Head for West Africa. With over 25 years of multifaceted experience spanning financial services, management consulting, telecommunications, and business advisory services, Folasade brings a wealth of knowledge and expertise to the role. 

WPP Merges BCW and Hill & Knowlton to Create a $1bn PR Firm Named Burson

...New Leadership Appointed as H&K Global President Takes a Bow 

Following WPP Group's recent announcement of Hill & Knowlton and Burson Cohn & Wolfe (BCW) merger, which will take effect as of July 1, 2024, to form Burson, the first round of leadership shakeup has been named for all major regions and certain large single markets, comprising senior leaders from each agency. Other appointments are expected to be communicated as the integration progresses.

Sony Music acquires 50% of Michael Jackson's catalog in a $1.2 billion deal

Sony Music Group just completed a big transaction, acquiring 50% of Michael Jackson's publishing and recorded masters for an estimated $1.2 billion or more. This action prepares Sony to pay at least $600 million for the interest, making it the largest acquisition of a single music artist's assets to date.

Canon Student Development Programme 2024 Now Open For Entries

Entries are now open for the Canon Student Development Programme 2024. Through the initiative, over 100 students will be mentored by industry experts representing prominent news organisations and magazines, as well as Canon ambassadors. A shortlist of 25 students will be invited to a four-day workshop in Girona, which will include a visit to Visa pour l'Image, where they can make new connections with professionals and peers. Applications are being accepted from students in Europe, the Middle East, and Africa between February 12th and March 7th.

NatnudO Foods Partners With FUNAAB to Launch Poultry Entrepreneurship Project

...to empower hundreds of students through Natnupreneur University Programme

In a bid to foster agricultural leadership and fortify Nigeria's food security, natnudO Foods, the food processing division of Amo Farm Sieberer Hatchery Limited, has partnered with the Federal University of Agriculture, Abeokuta (FUNAAB) in a groundbreaking venture. This alliance witnessed natnudO Foods generously donating 1,000 broiler chicks along with feeds and medication to FUNAAB's Department of Agriculture as part of their "Natnupreneur University Programme."

Ilara Health Secures $4.2M Pre-Series A to Digitise Fragmented Primary Healthcare in Africa

Ilara Health, the health-tech company digitising and consolidating highly fragmented primary care in Kenya, has secured a significant pre-Series A funding round of $4.2 million, comprising both equity and debt financing. The investment, spearheaded by DOB Equity, features continued support from AAIC INVESTMENT, Angaza Capital, Black Pearl Investments, Perivoli Innovations, alongside debt contributions from Alphamundi and Kiva Capital. Additionally, prominent newcomers to the round include Philips Foundation and Boehringer Ingelheim, strategic players with extensive experience in the global healthcare sector.

CBN lifts interbank foreign exchange transactions limit

The Central Bank of Nigeria (CBN) has announced the removal of the previous ±2.5% limit on interbank foreign exchange (FX) transactions. Effective immediately, this decision was communicated through a circular dated February 8, 2023, and sent to all authorized dealers. Additionally, the CBN disclosed the abandonment of previous restrictions on the disposal of interbank proceeds.

Google-backed Initiative, Impact Amplifier, Launches African Online Safety Platform

Impact Amplifier, backed by funding from Google.org, has unveiled the African Online Safety Platform (AOSP), aiming to tackle online safety concerns across the continent.

NTSB Provides Updates on Herbert Wigwe Helicopter Crash Investigation, as Access Holding, Others Reacts

In a recent press briefing held in Barstow, California, the United States National Transportation Safety Board (NTSB) disclosed additional details regarding the tragic helicopter crash that claimed the lives of Herbert Wigwe, Group Chief Executive Officer of Access Holdings Plc, his wife, son, and other passengers onboard.

Safer Internet Day: 9 ways to ensure a safer messaging experience on WhatsApp

People share some of their most personal thoughts and information via messaging apps. WhatsApp safeguards all your messages with default end-to-end encryption – which means only you and the person you are chatting with can see them. However, here are a few additional steps you can take to add additional layers of security to your conversations. 

Dufil Prima Foods Hires Chain Reactions Africa as Indomie Noodles’ PR Consultant

In a strategic move to bolster its market position and reinforce its brand reputation, Dufil Prima Foods Limited has enlisted the expertise of Chain Reactions Africa, a prominent Public Relations and Integrated Communications Consultancy. The collaboration aims to amplify the visibility, reputation, and consumer engagement of Dufil Prima Foods' flagship product, Indomie Instant Noodles, within the Nigerian market.

Empowering Teens to Combat Sextortion Scams

In today's digital age, the threat of sextortion scams looms large, especially for young people. The devastation caused by having personal intimate images shared without consent is immeasurable, and the coercion tactics employed by scammers only exacerbate the distress. Recognizing the urgent need to address this criminal activity, Meta is announcing new initiatives aimed at equipping teens, parents, and educators with the tools and resources to prevent and combat sextortion.

Sports Media Landscape Faces Fragmentation as Global Spend Set to Exceed $61bn in 2024

...93% of 18-24 years audience now engage with sport on social media weekly 

As the global spend on sports media rights is set to soar to $61 billion this year, advertisers are confronted with a fragmented media landscape, a report by WARC Media reveals. With 93% of individuals aged 18-24 engaging with sports content on social media weekly, the allure of live sports remains strong, but the distribution of rights across various platforms presents challenges for brand advertisers.

Introducing DOTTA: Secured Records Unveils Innovative Identity Verification API

Secured Records Management Solutions (SRMS), a leading provider of comprehensive document management and secure software solutions is set to launch its groundbreaking identity verification product, DOTTA.

DOTTA represents a cutting-edge biometric verification self-service solution aimed at empowering digital businesses and government organizations with a seamless, intelligent, and streamlined approach to real-time identity verification. The platform boasts features such as facial recognition and liveness checks, enhancing the identity verification process across the web and native platforms.

adidas Surpasses Expectations with Full-Year 2023 Results, Opts Against Significant Yeezy Inventory Write-Off

adidas released its preliminary results for 2023, revealing flat currency-neutral revenues compared to the prior year, defying expectations of a low-single-digit decline. Despite challenges from the devaluation of the Argentine Peso in Q4, reported sales dipped 5% to €21,427 million in 2023, including a €1,000 million negative impact from unfavorable currency movements. This is anticipated to persist as a hindrance to the company’s top-line growth in 2024.

End of an Era? Canal+ Makes Bold Bid for MultiChoice Acquisition

In a significant move, Canal+ has formally proposed a non-binding indicative offer to acquire the prominent pay-TV giant, MultiChoice, based in South Africa, with an estimated value of R31.7 billion.

Absa Ventures into Chinese Market with New Beijing Office

Absa has revealed its strategic move to establish a physical presence in China through a non-banking subsidiary based in Beijing. The subsidiary will primarily focus on providing advisory services and aims to facilitate transactions across Africa for Chinese clients and stakeholders.

Radisson Introduces Safari Experience in South Africa, Opens Radisson Safari Hotel Hoedspruit

Radisson Hotel Group has introduced a new chapter in its portfolio with the debut of the Radisson Safari Hotel Hoedspruit, marking its first foray into the Safari hotel experience in Africa. Situated in the heart of the Limpopo province, just 2km outside Hoedspruit and nestled between the renowned Kruger National Park and Blyde River Canyon, this establishment becomes the 11th Radisson hotel in South Africa.

Global Black Impact Summit 2024 to Spotlight Power of Diversity in the Corporate Landscape

In the ever-evolving corporate landscape, the significance of inclusivity and diversity as fundamental pillars for business success has never been more apparent. The 2024 Global Black Impact Summit (GBIS), set to take place on February 27 in Dubai, aims to delve into the growth opportunities linked to fostering workplace inclusion. The summit will shed light on how organizations can translate these values into tangible results.

European Super League Representatives Warn UEFA of Alleged Anti-Competitive Practices

A22 Sports Management, a group established to facilitate the formation of the European Super League, has publicly disclosed a letter sent to UEFA, urging an immediate halt to what they claim is anticompetitive behavior.