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Africa Business News

Africa Business News

News analysis from across 55 African Union member states

2019-10-18 07:23:47.0

Identifying and protecting IP - What are The X-Factors?

On this episode, Host God’sBaby sits down with Legal Practitioners Israel Aye (Founder of and Tosin Amusan (Co-Founder to discuss IDENTIFYING & PROTECTING INTELLECTUAL PROPERTY RIGHTS IN EVERY BUSINESS

2019-10-17 10:13:21.0

Nigeria Looks to Hollywood For Its Creative Industry; Zim Stats and IMF Allegedly Reported Wrong Inflation Data; Policy Intervention Boosted Angolan Cereal Production...

Nigeria's slashes travel allowances and duration of ministers; The first bank hosts 3rd fintech summit; Twitter warns politicians against incitive posts; Nigeria Looks to Hollywood For Its Creative Industry; Zim Stats and IMF Allegedly Reported Wrong Inflation Data; Policy Intervention Boosted Angolan Cereal Production...

2019-10-17 07:32:01.0

Understanding The Current Landscape of Business Writing in Africa

Copywriter, Tiffany Markman takes her reliable insight into the show Business Connect, as she helps unpack the knowledge of Business Communication into the real world of everyday business. Tiffany, who has spent 10 hours daily for the last 13 years, writing industries including banking, insurance, retail, corporate services, law, and construction, which was impacted on the show.

2019-10-12 04:46:09.0

Nigeria Grudgingly Paid P&ID; Somalia Seduces Investor Into Its Petroleum Industry;Sudanese Ministry to Stop Mercury Importation; Nigeria to Rollout 5G....

P&ID paid £250,000 as running cost by the Nigerian Government; Nigeria's Minister of Aviation, says N10 billion would be required to get the Enugu airport running again; Senegal to host the World Water Forum in Dakar in March 2021; US President, Donald Trump says US-China talks are going well.

2019-10-11 09:53:54.0

Union Bank Has An Idea About Managing Your Finance - Tech Your Finance

Tech Your Passion" Series is a knowledge-sharing program that allows entrepreneurs and professionals within a certain sector to learn about the latest technologies used by leaders within that sector and how they can use them too to boost their businesses.

This 1st edition is tagged "Tech Your Finances" - focused on the finance/fin-tech sector, and will see participants learn how they can use to grow their savings.

The event is scheduled as follows:

Date: October 18th, 2019

Time: 4:00 PM - 6:00 PM

Venue: Leadspace Yaba: 70, Olonode Street, Alagomeji, Yaba, Lagos.

2019-10-08 06:12:02.0

South African Equities Tumble as Offshore Sell-offs Intensify; Nigerian Bakassi Deep Seaport to Cost Up-to $2 Billion; Malaysian Anti-graft War Intensifies..

Nigerian banks gave only 4.20% of their total loans to the agricultural sector in the second quarter 2019; The proposed Bakassi Deep Seaport, to be located to gulp between $1.7 billion and $2 billion; South African stocks market falls as foreigners offload stocks; Malaysian authorities impose USD 100 million fines on 80 entities for in the midst of corruption scandal.

2019-10-05 12:03:50.0

Moroccan Tourism Group Left With Unpaid Bills By Thomas Cook's Bankruptcy

The second-largest tour operator in Morocco and Europe was left with unpaid bills with hotel operators bearing the burden, feeling the void left by Thomas Cook. 

2019-10-03 13:42:14.0

Dimmer Global Economic Growth Outlook Further Pressured Emerging Market Equities; JSE Follows Asian Equities Slipped into 1-Month Low; Oil Market Opens Trading With a Mixed Sentiment.

Investors lost billions of naira on the Nigerian stock exchange during the trading session on Wednesday 2nd Oct. 2019 as Nigerian debt stock hits 252.2% compared to about 10 years ago. Dimmer Global Economic Growth Outlook Further Pressured Emerging Market Equities; JSE Follows Asian Equities Slipped into 1-Month Low; Oil Market Opens Trading With a Mixed Sentiment.

The United States of America is gearing up for another tariff war, not with a country this time around but with a continent, as World Trade organization gives a go-ahead for Trump's Administration to Slap EU with a $7.5 billion in the tariff.

2019-10-01 10:06:24.0

Bulgarian Economist Takes Over IMF, Poses As a Saviour for Poor Country; Kenya Gets Criticized For Buttering-up Foreign Business at the expense of locals; Spanish Investors Eye Nollywood

NCC issues warning to telecoms companies to upgrade their service, or face sanctions; Spain to invest in Nigeria's movie industry; South Africa seeks for lower electricity cost as part of a bid to rescue Eskom; New IMF boss to help countries minimize their risk of economic crises.

2019-09-30 13:27:28.0

Giving up Fat Wallets and Briefcases, Nigerians Doubt Cashless Policy

In Nigeria, the cashless policy was implemented in 2012 by the Central Bank of Nigeria CBN, to checkmate the circulation of excess cash in the country. It prescribed a cash handling charges of 3% on daily withdrawal above five hundred thousand Naira for individuals and 5% deduction on three million Naira for corporate bodies. The policy was first put to use on January 1, 2012, in Lagos State. The service charges were withheld until 30 March of the same year to allow for seamless migration from manual to electronic devices. The second phase commenced in Rivers, Anambra, Abia, Kano State, Ogun, and the Federal Capital Territory on 1 July

2013, while the program nationwide started a year later on 31 July 2014. The cashless policy has been widely embraced by people, but the criticisms it has received is on the deductions to be made the Central Bank on all transactions. This criticism is not only from the masses, but even government officials like the members of the house of representatives, who during a sitting, asked the apex bank to suspend the implementation of the cashless policy, which took effect from Wednesday, 18th September , 2019, till further notice, after due consultation with relevant stakeholders. Chairman of the House Committee on Media and Public Affairs, Mr. Benjamin Kalu said the House was against implementation of the policy as it would cause more hardships for Nigerians, and the house, asked the House Committee on Banking and Currency to meet with the CBN to “ ascertain the propriety, relevance and the actual need for the implementation of that aspect of the cashless policy at this time, considering the prevailing economic situation of the country and to report back to the House within four weeks . ” Asides from the fact that it has made cash transactions easier, and faster, it has also made cybercrimes, and robberies easier, with the emptying of peoples' accounts after they were dispossessed of their ATMs, and also the scamming of foreigners by fraudsters commonly known as Yahoo guys. Experts have also picked holes in the CBN's cashless policy, as some experts say said that the charges were unnecessary as they added to the burden that customers already bore, which include deductions for card maintenance fee, Automated Teller Machine withdrawal charge, stamp duty, Commission on Turnover and SMS alert from their accounts. The Registrar, Chartered Institute of Finance and Control of Nigeria, Mr. Godwin Eohoi, called for a downward review of the charges to 0.5 percent for individuals and 1.5 percent for corporate organizations. It is hoped that the Central Bank of Nigeria will channel the cashless policy into its an original function of easing the lives of the populace, also put in place measures that will authenticate and formalize the transactions that are done to check the menace of Advanced Fee Fraud, which is giving Nigeria a bad reputation on the global scene. The cashless policy will also help to curb corruption, and the flow of money which results in an increase of economic growth, and reduce the expenditure incurred in printing and transportation of currency notes.

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News Updates

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  • Zimbabwe Consolidated Diamond Company Struggles To Find A Permanent Replacement For Morris Mposu

  • KKR & Co Failed To Pull-off The Biggest IPO of The Year in Australia

  • Ghana Moves to Recapture Verification Data For Mobile Phone Users - Communication Minister

  • Kenya Out Borrowing Again, Warns World Bank; Nigerian Banks Worry Over The Nation's Debt Servicing Fee; Facebook Loses Cryptocurrency Fight Again; Ramaphosa Promises to Deal With Eskom's Money Trouble

  • Ethiopia Charms Pretoria For an Equity Stake in the Loss Making South African Airways