ITFC Backs Burkina Faso’s Private Sector With €20m

By Adedapo Adesanya African Development Bank (AfDB) President, Mr Akinwumi Adesina, has called for investments in renewable energy in Africa, pointing out the continent’s rich energy mix. In his keynote address (on September 4) during a session on Harnessing Africa’s renewable energy potential’, held at the ongoing Africa Climate Summit in Nairobi, Kenya, Mr Adesina stressed that “Every economy can only go as far as the energy it produces.” Mr Adesina underlined Africa’s tremendous potential in energy—from hydro and wind power, solar, to geothermal—which remains untapped in the face of a staggering electricity deficit on the continent. Africa has an

Kestér Kenn Klomegâh South Africa hosted the 15th BRICS summit from August 22 to 24. The BRICS (Brazil, Russia, India, China and South Africa) members have thoroughly discussed a wide range of significant issues, including the bloc’s expansion, common currency, investment and trade, the bloc’s strategy and geo-policy. We already know that BRICS members consistently champion the rights and interests of Africa and also play an increasing role and influence in the global governance system – particularly international financial and economic organisations. Holding the 15th summit, especially this crucial time, within the context of the emerging multipolar world, BRICS discussed

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

By Dipo Olowookere The secondary market for treasury bills in the country traded bearish on Friday with the yields moving in different directions across the tenors tracked at the trading session. However, the average yields faced north by 0.07 percent yesterday to close at 12.99 percent as investors look forward to another trading week with the expectation of further rise in the yields. Business Post reports that there was a buying pressure on the three-month and 12-month maturities, while there was sell pressure on the one-month and six-month tenors. At the close of business, yield on the 90-day instrument went

By Adedapo Adesanya Oil prices dropped on Friday as President Donald Trump on Friday said he has ordered sanctions on Iran’s central bank at the highest level. The president made the remarks to reporters in the Oval Office, where he and Australian Prime Minister Scott Morrison were scheduled to hold a bilateral meeting before his United Nations address next week. The president’s remarks at the White House came two days after he announced via Twitter that he had instructed that US substantially increase sanctions on the country of Iran. This arose as a result of attacks that brought down more

The battle for the 2021 AFCON is over and the highest-ranked African nation, Senegal, has finally bagged the African title after years of failure. This one was definitely their time, after falling at the last hurdle in the 2019 and 2002 editions. They overcame a slow start to the competition, and an early penalty miss in the final, to see off record-holders Egypt. This win is Senegal’s, and the manager Aliou Cisse too, after losing two finals, as a player in 2002 and coach in 2019. It is the rebirth of a new golden generation after the 2002 team failed

By Modupe Gbadeyanka Minister of Finance, Mrs Kemi Adeosun, has been removed as Chairman of the National Council on Public Procurement (NCPP). Mrs Adeosun was fired from the agency by the House of Representatives, which passed a bill for an Act to amend the Public Procurement Act, 2007. In the amended portion, the Minister was replaced with a person to be appointed by the President with the introduction of a new section 1(2)(a). Also, Section 35 (1) of the bill increased mobilisation fee to contractors or suppliers from 15 to not more than 50 percent or more as may be

By Dipo Olowookere Tensions were calmed on the floor of the Nigerian Stock Exchange (NSE) when the market recorded its first appreciation in nine trading sessions on Thursday. The market moved up by 0.17 percent as a result of the invitation of the bulls to the local bourse courtesy stocks in the banking sector, which grew by 3.32 percent. It was not the only sector that recorded growth yesterday, but it was the main driver of return of confidence to the market. The insurance sector rose by 0.11 percent, while the oil and gas sector improved by 0.07 percent, with

By Modupe Gbadeyanka Minister of Industry, Trade and Investment, Mr Okechukwu Enelamah, has charged the Consumer Protection Council (CPC), Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) and the other agencies of government to buckle up by aligning “your processes to what the customers want through sustained rendition of services, automation and process improvement.” Mr Enelamah gave this task on Thursday, September 28, 2017, at the headquarters of the Corporate Affairs Commission (CAC), when he unveiled the agency’s policy and certification, having gone through the audit process and being certified as NIS ISO 9001: 2015 compliant. The Minister said

By Adedapo Adesanya Nigerian cold storage startup, ColdHubs, has been named winner of the Sustainable and Healthy Food for All category at the annual Global Maker Challenge, taking home $100,000 in prize money. Each year, the Mohammed bin Rashid Initiative for Global Prosperity runs the Global Maker Challenge, with this year’s four challenges related to the themes of Innovation for Peace and Justice, Sustainable and Healthy Food for All, Innovation for Inclusive Trade, and Climate Change. At its first-ever virtual award ceremony, held at the United Arab Emirates (UAE), four winners and eight runners-up were selected to receive monetary prizes,

By Dipo Olowookere Former spokesman of the President Goodluck Jonathan Campaign Organisation, Mr Femi Fani-Kayode, has been granted bail by a Federal High Court. Mr Fani-Kayode was arraigned by the Economic and Financial Crimes Commission (EFCC) on a five-count charge bordering on money laundering to the tune of N26 million. He was arrested at the premises of a high court in Lagos last month, where he is facing a 17-count charge of money laundering ‎to the tune of N4.9 billion and then taken to Abuja by the EFCC. However, the Osun State-born politician was granted bail on Thursday by Justice