The Editorial Team

Nigerian Startup Raises $31 Million to Deploy Electric Vehicles

LAGOS (Capital Markets in Africa) – Metro Africa Xpress Inc., a Nigerian transport startup, has raised $31 million to expand its operations and deploy electric vehicles and charging infrastructure across Africa. The capital raise was led by Lightrock and Global Ventures, a UAE-based international venture capital firm. Max, as the startup is known, plans to expand to Egypt and Ghana in early 2022 before moving to other parts of the continent. “It is another…

South Africa Covid-19 Hospitalizations Fall for First Time in Weeks

Posted on by The Editorial Team

JOHANNESBURGH (Capital Markets in Africa) – South African hospitals reported having slightly fewer Covid-19 patients than yesterday, the first decline in weeks. Still, the National Institute of Communicable Diseases, does caution that figures can be skewed by late reporting of admissions. Even so the number could be taken as more evidence that the wave of infections caused by the omicron variant may be slowing. On Friday the South African Medical Research Council said that wastewater…

Kenya Approved for $258 Million IMF Disbursement After Review

Posted on by The Editorial Team

NAIROBI (Capital Markets in Africa) The International Monetary Fund approved a disbursement of $258.1 million for Kenya after completing a second review under a 38-month program to address debt vulnerabilities, the Covid-19 response and enhancing governance. The delivery of IMF funds brings total disbursements to $972.6 million out of a total $2.34 billion available under the country’s program approved in April, the IMF said in a statement late Friday. Kenyan authorities have kept up a…

Ownership Tussle Sees Chairman of Nigeria’s FBN Holdings Ousted

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Nigeria’s third-largest lender by market value named a new chairman after investors wrestled for control of the 127-year institution. FBN Holdings Plc, owner of First Bank of Nigeria, on Friday received approval from the Central Bank of Nigeria to appoint Ahmad Abdullahi to the role, after Remi Babalola resigned, pressured by a “contest by some significant shareholders for control,” the regulator’s spokesman Osita Nwanisobi said by phone from the capital, Abuja. An FBN spokeswoman…

Libya Mulls Bonuses for Oil Firms in Bid to Boost Output

Posted on by The Editorial Team

TRIPOLI (Capital Markets in Africa) – Libya may introduce contracts with private oil companies that would give bonuses to those that meet targets and penalize those that don’t, as the OPEC member tries to raise output to 1.4 million barrels a day by mid-2022. Reaching that figure is possible if a national budget is finally passed that unlocks funding for the sector, according to Oil Minister Mohamed Oun. Otherwise, the North African nation may undertake the…

Egypt Seeks to Build $20,000 Electric Vehicles in Green Push

Posted on by The Editorial Team

CAIRO (Capital Markets in Africa) – Egypt is joining the Middle East’s push to adopt electric cars, tasking a state-owned company to build affordable vehicles with a Chinese firm while taking advantage of its renewable energy boom to power them. Authorities are in contact with three potential companies as they seek a partner for El Nasr Automotive Manufacturing Co. on the project that’ll see 2 billion pounds ($127 million) invested, Public Enterprise Minister Hisham Tawfik said in…

Reluctance to Fund Gas Threatens West Africa Power Projects

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Africa’s newest gas producers are concerned that projects utilizing the resources to broaden access to electricity are under threat by a push to avoid the funding of fossil fuels. “Many companies operating in the sector are scaling down or pulling out completely” following COP26 pledges to lower carbon emissions, Senegal Oil Minister Sophie Gladima said in an interview at the sidelines of the MSGBC Conference in the city of Diamniadio. Senegal…

« 1 … 57 58 59 60 61 … 1,078 »