African Business, Financial & Economic News
You were born in the 70s, in the aftermath of the global oil crisis that shook the world. You were a response to the soaring prices of crude oil, a way to shield Nigerians from the harsh realities of the international market. You were a gesture of goodwill from the government to the people, a …
Continue reading “A tribute to Nigeria’s bittersweet fuel subsidy”
Here are three big stories from Africa’s business landscape you should keep in mind this week: The CBN went on a licence-revoking spree On May 24th, the Central Bank of Nigeria revoked the operating licences of 132 microfinance banks, four primary mortgage banks, and three finance companies. Notably, the CBN’s reasons for this carnage varied …
Continue reading “Weekly economic index: CBN’s MFB carnage, Patricia’s hack and Nvidia’s rally”
What do Nike, Puma and Adidas have in common aside from being the world’s biggest sporting shoe brands? There are many not-so-cryptic answers, including that their founders were fueled by the desire to make better shoes for athletes and the fact that they were all male and Western. Since these pioneers shaped the market, the …
Continue reading “Running with the times: Navalayo Osembo’s Enda is racing to lead athletic fashion”
The world of Nigerian business is often cutthroat. From power struggles to intense feuds, billionaires in Nigeria are no strangers to fierce conflicts and heated rivalries. These wealthy individuals engage in a fierce battle, not with weapons, but through legal tactics and strategic moves. Whether in oil or telecommunications, these industry leaders are driven by …
Continue reading “What do Nigerian billionaires fight over?”
Tunde Omotoye has gained a large following on social media for helping young professionals navigate their careers and providing japa (migration) strategies. However, at the start of Tunde’s career, he was just as uncertain as the thousands of people who come to him for answers today. A series of events, including a layoff, helped him …
Continue reading “My Pivot Journal: How a layoff made Tunde Omotoye an HR specialist”
A curious tale is unfolding in Nigeria’s fintech scene. It all began on an eventful Friday, April 28, 2023, when Payday, a well-known startup offering virtual card services, sent out an email to its users. The message carried a mix of reassurance and caution, informing customers of upcoming changes to their card services. While promising …
Continue reading “Why African fintechs are struggling with virtual dollar cards”
Africa’s tech landscape is rapidly evolving and so is its startup culture. As a result, many African startups are now taking centre stage, with their innovations and creative ideas gaining recognition on a global scale. From Nairobi to Lagos, young entrepreneurs are leveraging technology to solve local problems and create innovative new businesses. These startups …
Continue reading “Bridging the Gap: Gullit VC Launches Startup Accelerator”
In July 2021, Guaranty Trust Bank Plc, one of Nigeria’s foremost lenders, made a corporate reorganization into GTCO, a holding company. This reorganization meant the company would start offering services beyond banking, such as payment service solutions. Now GTCO has released its full-year financial statements for 2022, marking its first anniversary as a holding company. …
Here are three major stories from Africa’s business landscape you should keep in mind this week: Billionaires battled for Transcorp Over the past few weeks, two of Nigeria’s wealthiest men battled for control of the Transnational Corporation of Nigeria (Transcorp) Plc, one of the country’s biggest conglomerates. It all started on April 12th when Femi …
What if you could hold a piece of gold in your pocket without ever having to worry about its safety? Well, In Zimbabwe, that would soon be the norm. Zimbabwe’s Reserve Bank (RBZ) recently announced its plan to issue a gold-backed digital currency as a legal tender. It will enable people who have small amounts …
Continue reading “Why Zimbabwe is launching a digital gold-backed currency”
