Category: Industry

Nigeria Trails In African Insurance Market Provisional Turnover Ranking

Justina Emmanuel Opara

A new report by Atlas Magazine has placed Nigeria in 8th position among top 10 African countries with projected market turnover of $73.42 billion. The estimates by the Magazine put Nigetia’s market share in Africa at 1.4 per cent. The rankings show that the sector is dominated by South Africa, followed by Morocco, Kenya, Egypt, and Algeria. These five countries account for a total market share of 87 per cent in 2024, while the top 10 countries underwrite 93.6 per cent of the continent’s premiums. Other countries listed include Tunisia,…

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Mining: EBID Invests $120m Financing Facility In Ghana’s E&P To Acquire Black Volta

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The Board of Directors of the ECOWAS Bank for Investment and Development (EBID)has approved a $120 million financing facility for Engineers & Planners Limited (E&P), a leading indigenous mining and construction firm in Ghana, to acquire the Black Volta Gold Mine. A statement made available to this medium by Anita SOMDA of the communication and external relations unit, EBID, said this transaction marked a significant step toward establishing Ghana’s first fully indigenous, wholly owned mining company, aligning with global standards for local participation and sustainable resource development. The transaction, which started…

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Tax Reforms: Opportunity To Rebuild Fiscal Compact, Promote Equity—Expert

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…says women still face structural disadvantages A development economist and fiscal governance expert, Professor Chiwuike Uba, has commended the signing into law of the tax reform bills. Describing the reforms as a historic opportunity to rebuild fiscal compact, promote equity as well as restore public trust, he said Nigeria’s tax system had long been a microcosm of the country’s wider governance dysfunction—characterised by a narrow tax base, over-taxed wage earners, chronically under-taxed elites, a vast informal sector, and public mistrust rooted in decades of poor service delivery and corruption. He,…

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IHG Hotels And Resorts Strengthens Presence In West Africa With Signing Of Crowne Plaza Lagos

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IHG Hotels & Resorts, one of the world’s leading hospitality companies, has announced the signing of Crowne Plaza Lagos Ikeja, a 119-rooms hotel scheduled to open in early 2028 under a franchise agreement with Watercress Hotel International Limited and to be operated by Valor Hospitality Partners, a global leader in integrated hotel management and operations solutions, and one of IHG’s trusted partners. The signing represents a strategic milestone in IHG’s expansion across the African continent and reinforces its commitment to strengthening its presence in key cities. Strategically located in Lagos’…

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Elumelu: Africa needs massive capital for investments

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…we continue to support critical projects that uplift communities   The Founder, The Tony Elumelu Foundation, Mr. Tony Elumelu, has reaffirmed that African continent needs massive capital for investments. Elumelu, also the Chairman of United Bank for Africa (UBA), stated this on his X handle while reflecting on his visit to Abidjan, Côte d’Ivoire, for the launch of @UnitedCapital’s West African headquarters. According to him, “yesterday, I was in Côte d’Ivoire to mark a new milestone in our pan-African journey: launching @UnitedCapital’s West African headquarters. This is a major step in our mission…

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African Banker Awards: Cardoso emerges Central Bank Governor Of The Year

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Cardoso Following reforms initiated in the last two years as the head of Central Bank of Nigeria (CBN), the Governor, Olayemi Cardoso, has emerged the Central Bank Governor of The Year at the African Banker Award. The awards ceremony, which held last night on the sidelines of the African Development Bank Annual Meetings in Abidjan, Côte d’Ivoire, and attended by 500 of the continent’s leading lights in banking and finance, saw Cardoso winning the prize in the keenly contested category. According to a statement issued by the organisers, Cardoso has…

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CBN commences auction of non-interest asset-backed securities

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The Central Bank of Nigeria (CBN), on Monday, announced that it had commenced the auction of “CBN Non-Interest Asset-Backed Securities (CNI-ABS) and “CBN Non-Interest Note (CNIN).” In a circular to all Non-Interest Banks, conventional banks with Non-Interest banking window and Authorised Dealers, posted on its website, the apex bank also announced the deployment of the Nigerian Non-Interest Financial institutions’ Master Repurchase Agreement. According to the circular, “the introduction of the CNI-ABS aims to provide the non-interest banks with a non-interest financial instrument which supports the bank’s liquidity management objectives.” On the CNIN, the circular said…

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Dangote to deepen FG’s diversification agenda with coal export soon

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The  Nigerian Ports Authority (NPA) and Dangote Industries Limited (DIL) are targeting between  $6.5 million and $7 million as  daily revenue from exports. The  President of DIL, Aliko Dangote, explained during a visit to NPA’s head office  in Lagos on Monday that the company would  start exporting coal out of Nigeria in the next couple of weeks, adding that its fertiliser export would  be almost like eight cargoes.  Dangote said that the refinery operations would not export less than 25 million tonnes of various products. According to him,  the company will also be exporting almost…

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UBA launches *919# advance top-up feature to provide instant access to customers

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Africa’s Global Bank, United Bank for Africa (UBA) Plc, has launched a new feature called Advance Top-Up on its USSD banking platform *919#, which is designed to provide instant access to airtime and data for its customers especially when they are out of call credit or disconnected from the internet. The new feature which was unveiled at the UBA head office in Marina on Thursday, allows customers to borrow airtime or data directly from their mobile devices, offering a fast, dependable solution. UBA’s Group Head, Retail and Digital Banking, Shamsideen…

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Africa CEO Forum: Ogbonna, Mene, Zubairu Chart Path For Trade Devt

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At the Africa CEO Forum, leaders from across the continent gathered to discuss the critical role of private sector-led growth in the development of African trade and market integration under the topic “Fast-tracking African Integration: The Private Sector Imperative”. The session, which was one of the highlights of the 2-day event in Abidjan, saw Roosevelt Ogbonna, Managing Director/Chief Executive Officer of Access Bank, join Wamkele Mene, Secretary General of the AfCFTA, and Samaila Zubairu, President & CEO of Africa Finance Corporation (AFC), in a powerful conversation focused on the opportunities…

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