ADNOC Plans $132 Billion CAPEX Program

By Kestér Kenn Klomegâh South Africa prepares to host the African Growth Opportunity Act (AGOA) forum to review critical challenges and obstacles adversely impacting trade opportunities and economic cooperation between the United States and Africa. The United States first introduced the African Growth and Opportunity Act (AGOA) in 2000. It is the 20th AGOA forum scheduled from November 2 to 4 in Johannesburg, South Africa. The AGOA Trade and Economic Cooperation Forum seeks to expand and deepen trade and investment relationships between the United States and Sub-Saharan Africa. It also encourages regional integration and further reaffirms Africa’s position as a

By Adedapo Adesanya A cross-border fintech company, Grey, has embarked on a significant global brand rebranding initiative, revealing a fresh logo and website design as part of moves to expand its footprint in the global market. The company’s transformation was unveiled on its social media platforms on Monday, November 27, 2023, and follows closely on the heels of Grey celebrating a milestone achievement of surpassing 500,000 users. Grey, which was founded in mid-2020 by Mr Idorenyin Obong and Mr Femi Aghedo, aims to leverage this fresh identity to reach a broader audience and solidify its international presence. The updated brand

By Kestér Kenn Klomegâh Russian President, Mr Vladimir Putin, has held talks with the Equatorial Guinean President, Mr Teodoro Obiang Nguema Mbasogo, who was in Moscow on an official working visit. The visit could be characterized as historic and interpreted as one major step to broadly review the political situation in the Central African region, and specifically assess the prospects for deepening bilateral cooperation between Russia and Equatorial Guinea. As the current rotating Chairman of the Economic Community of Central African States (ECCAS), the regional economic bloc uniting Cameroon, the Central African Republic, Chad, the Republic of Congo, Equatorial Guinea,

By Kestér Kenn Klomegâh As stipulated by the guidelines, Russia takes over the rotating chairmanship of BRICS (Brazil, Russia, India, China and South Africa) from January 2024. There are high hopes a lot more will change, especially towards widening its numerical strength and increasing support for the Global South. In addition, there is also the expectation that BRICS will consolidate its role within the emerging geopolitical processes and global competition for Africa. China and Russia are currently making efforts to assert influence more aggressively, despite the challenges and obstacles, in cooperating with Africa. According to authentic reports, a number of

By Dipo Olowookere Nigerian medium-sized lender, Fidelity Bank Plc, has had its Long-Term Issuer Default Rating (IDR) rating affirmed by Fitch Ratings at ‘B-‘ with the outlook stable. Fitch said in a statement that the bank’s Viability Rating (VR) has been also affirmed at ‘b-‘ and Support Rating at ‘5’, while its National Ratings were also confirmed. Fidelity Bank is a financial institution with a market share of around 4%-5% of domestic loans and deposits. Its small franchise limits the size and scope of business it can undertake and the bank has developed a niche focus on selected corporate business

By Dipo Olowookere One of the flour milling firms in the country, Flour Mills of Nigeria Plc, has explained why its board was yet to release the financial statements for the year ended March 31, 2019. In a notice to the Nigerian Stock Exchange (NSE), the company said the delay was as a result of an issue, which was taking longer than envisaged by the board. However, the firm expressed optimism that within the next two weeks of this notice, the much-awaited Audited Financial Statements would be filed and investors will have the opportunity to know its financial position. “Flour

By Modupe Gbadeyanka On Friday, Diamond Bank released its Q3 2016 performance scorecard on the floor of the Nigerian Stock Exchange (NSE), showcasing moderate growth in key financial parameters. According to the financial results for the nine months under review, the group recorded a growth of 16.9 percent in total assets, which grew from N1.753 trillion in the same period last year to N2.05 trillion. Diamond Bank explained that this was driven mainly by the value of the local currency and growth in customer deposits, which surged 13.6 percent from N1.233 billion as at the end of September 2015 to

By Adeniyi Ogunfowoke Over 60 million Nigerians are unbanked. This simply means there is a huge banking gap that needs to be bridged. Unfortunately, a large population of the unbanked or underbanked are located in rural areas. In these areas, there are just a handful of financial institutions. This is one of the reasons why Nigeria’s apex bank, the Central Bank of Nigeria is encouraging banks to open more branches, especially in rural areas. The question now is for how long? This question arises because there is a dire need to bridge the gap. Fortunately and thanks to technology, the

By Ashemiriogwa Emmanuel Financial service provider, First City Monument Bank (FCMB), has demonstrated its support towards providing access to inclusive and quality education as it equipped the newly constructed e-classroom of the Institute of Child Health (ICH) of the University of Ibadan (UI). The e-facility is put in place in order to safeguard children’s health care through research, training, and services, especially following the gradually elapsing phase of the global pandemic. The goal of the child healthcare institute is to build institutional capacity to conduct high-quality research that links clinical practice, policy, and public health in child health and related

By Modupe Gbadeyanka In order to provide excellent services to its numerous customers, leading electricity distribution company in Nigeria, Ikeja Electric Plc, has deployed the use of technology to reduce downtime on its network. It was gathered that the firm, which works hard to come up with different innovations, has deployed Automatic Circuit Recloser Mechanisms around its Akute network axis, in a bid to improve the turn-around time for resolving faults on the network. The device, which is used in overhead distribution systems maintenance to interrupt the circuit and clear faults, is considered a game changer in reducing downtime. The

By Modupe Gbadeyanka Unity Bank has disclosed that it has grown its Customers’ Deposit to N263.91 billion at the end of the quarter ended September 30, 2016, indicating an increase of N32.5 billion or 14 percent from N231.4 billion as at December 31, 2015. This, according to analysts, was interpreted as a measure of customers’ growing confidence and increased business momentum. In the financial results submitted to the Nigerian Stock Exchange (NSE), Unity Bank also disclosed that its Total Assets size is now N476.15 billion, showing an appreciation by 7.4 percent or N32.6 billion over N443.3 billion recorded as at

By Adedapo Adesanya The African Union (AU) has suspended Gabon’s participation in all of its activities following Wednesday’s military takeover. The decision followed a meeting on Thursday of the bloc’s Peace and Security Council. The military in Gabon on Wednesday (August 29) seized power and placed President Ali Bongo, 64, under house arrest. The AU said it strongly condemns the junta, which is the ninth on the continent in the last three years. After the takeover, the Gabonese junta said it would phase in what it is calling transitional institutions after the removal of President Bongo, who had held onto