India has proposed that BRICS nations explore linking their official digital currencies to simplify cross-border trade and tourism payments, a move that could gradually reduce reliance on the US dollar as geopolitical tensions intensify. India’s central bank has proposed linking BRICS digital currencies to simplify trade and tourism payments. The plan could be tabled at…
In the 1990s, as Nigeria’s banking sector shifted from government and foreign control to a nascent class of local private investors, a $5 million opportunity caught Jim Ovia’s eye, setting the stage for what would become one of Africa’s most profitable banks. Jim Ovia founded Zenith Bank in 1990 with an initial capital of about…
Dangote Group has signed a $350 million deal with Indian engineering firm EIL to expand its flagship refinery and petrochemicals complex in Lagos, a move set to boost Nigeria’s industrial capacity and reduce Africa’s reliance on imported refined fuels. The project aims to increase the refinery’s capacity from 650,000 to 1.4 million barrels per day,…
Nigeria, Africa’s largest telecom market, is opening its skies to more satellite internet providers as Amazon LEO, the tech giant’s low-Earth orbit (LEO) satellite network, secures approval to operate across the country. Nigeria expands its satellite broadband market by issuing seven-year operation permits to Amazon, Israel’s NSLComm, and Germany’s Satelio IoT Services. These permits allow…
Nigeria’s current inflation rate registered a decline for the year, contrary to projections of an increase, as reported by the country’s bureau of statistics. The National Bureau of Statistics (NBS) reported a slight increase in Nigeria’s inflation rate in December 2025, now at 15.15%, following a revised computation method. Previously projected to rise significantly, the…
An American financial technology company, PayServices, has filed a lawsuit in a United States federal court against the Democratic Republic of Congo (DRC) and several senior government officials over a collapsed project to modernise the country’s banking and payments infrastructure. PayServices has filed a lawsuit in a U.S. court against the DRC over a failed…
The United States has authorised $413 million in funding for counter-insurgency and security operations in Nigeria and other parts of West Africa in the 2026 fiscal year, according to details of the new National Defence Authorisation Act signed into law in December 2025. The United States has approved $413 million for counter-insurgency and security operations…
A rare blue diamond weighing almost 42 carats has been unearthed in South Africa’s historic Cullinan Mine, with industry experts suggesting it could fetch in the region of $40 million at auction. A rare blue diamond weighing nearly 42 carats has been discovered at South Africa’s Cullinan Mine. Experts say the stone could fetch up…
South Africa’s legal tobacco industry is reaching a critical juncture as illicit cigarettes increasingly dominate the market, forcing one of the country’s oldest multinationals to close its only manufacturing plant. The illegal market has surged following the COVID-19 lockdown tobacco sales ban, creating entrenched illegal trade networks and significant tax revenue losses. Approximately 75% of…
