Business
Business

Jumia Navigates Challenges – Staff Layoffs, Exit from Food Delivery, and Q4 2023 Results

Jumia, one of Africa’s leading e-commerce platforms, made headlines in January 2024 as it laid off employees across various African markets, including Kenya, just a month after exiting its food delivery business, Jumia Food. The company, facing the harsh reality of the food delivery market’s sustainability, opted for significant organizational adjustments to optimize capital and […]

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Business

Bolaji Agbede Named Access Holding Interim CEO Following Tragic Incident

Access Corporation, the parent company of Access Bank, Nigeria’s largest bank by assets, has appointed Bolaji Agbede as interim CEO, just two days after the tragic death of Herbert Wigwe, the founding Group CEO. The announcement was made by Access Holdings on Tuesday morning, with Abubakar Jimoh, the chairman of Access Holdings, stating that Agbede’s […]

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Business

Access Bank Mourns the Tragic Loss of CEO Herbert Wigwe in Helicopter Crash

Access Bank, a prominent financial institution in Nigeria, is grappling with the devastating news of the untimely death of its founding Group CEO, Herbert Wigwe, along with his wife, son, and three other passengers, including the chairman of the Nigerian Exchange, Abimbola Ogunbanjo. The tragic incident occurred in a plane crash involving a Eurocopter EC130, […]

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Business

MultiChoice Settles $37 Million Tax Dispute with Nigeria

Pan-African broadcaster MultiChoice has reached a resolution with Nigeria’s Federal Inland Revenue Services (FIRS) over a tax case that dates back to 2021. The company will pay ₦35 billion (approximately $37 million) to settle the three-year dispute, which initially involved accusations of a ₦1.8 trillion ($4.4 billion) tax fraud. In June 2021, FIRS accused MultiChoice […]

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Business

Mastercard and Boost team up to offer digital payment solutions to businesses

Global Fintech giant, Mastercard and Boost, a B2B commerce startup, have announced a partnership that would empower African businesses in the Fast-Moving Consumers Goods (FMCG) Sector with digital payment solutions for their customers and financial aid to grow their businesses. The partnership is geared at providing support to SMEs in the FMCG sector, with access […]

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Economy

Yes, Nigeria’s $19 Billion Refinery is a Really Big Deal for 1.4 Billion Africans

In September 2013, Nigerian billionaire Aliko Dangote announced that he had secured about $3.3 billion in financing for the development of the “largest single-train refinery in the world”. Projected to cost $18.5 billion-plus, the mega-refinery was going to grow from the bustling heart of Nigeria’s economic landscape, redefine the nation’s energy landscape and extend its […]

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Business

Meet the Fantastic Five: These Vanguard Leaders are Reshaping Industries and Inspiring Change

In a dazzling display of corporate prowess, Transcorp Hotels Plc recently etched its name in the annals of Nigerian business history by surpassing the remarkable valuation of one trillion naira. This monumental achievement not only propelled the company into the prestigious league of SWOOTS but also positioned it as the first hospitality group in Nigeria […]

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African Entrepreneurship

Empowering Africa’s Tomorrow: Meet 8 Fearless Female Entrepreneurs Transforming Africa’s Future

In the dynamic landscape of African entrepreneurship, several remarkable women stand out, making significant strides in diverse industries. These trailblazers not only exemplify resilience and innovation but also contribute to shaping the future of their respective fields; leading innovative companies and playing pivotal roles in shaping various industries. Here, we spotlight some of the top […]

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Business

Kenya’s Twiga Foods secures new funding, amid plans to pay off over 100 suppliers

Twiga Foods, the Kenyan startup celebrated for its role in optimizing the food supply chain in Africa, has secured undisclosed funding through a business refinancing process. This development comes just weeks after facing a KES 40 million (USD 261,878.75) debt collection lawsuit from Incentro Africa, a cloud services vendor.  The new funding, orchestrated as part […]

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Business

Not Another Shutdown: Zazuu, Dash, and the Ominous Echo of African Tech’s Dismal 2023

The year 2023 has become, to players and investors in the African tech scene, an unexpected chapter marked by the unraveling of once-promising startups. The echoes of a vibrant 2021 and 2022, where the African tech ecosystem thrived, have now given way to a sobering reality of closures, financial struggles, and dashed aspirations. The Rise […]

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