Ghana has taken a decisive step towards keeping more value from its gold industry, signing a new agreement that will see the precious metal refined locally before export. Ghana has signed a new deal to refine gold locally, reducing its reliance on raw exports. The agreement involves GoldBod, Gold Coast Refinery, and South Africa’s Rand…
Senegal has revoked offshore exploration rights held by Atlas Oranto Petroleum, a privately owned upstream oil and gas firm founded by Nigerian energy entrepreneur Arthur Eze, reinforcing a tougher regulatory approach toward long-stalled licences. The decision aligns with Senegal’s commitment to enhance regulation in its energy sector and rapidly monetize hydrocarbon resources. Senegal revoked the…
On average, African passengers pay about 3.5 different charges on international departures, totalling roughly $68 in 2024, up from $66 in 2022. Business Insider Africa presents the top 10 African countries with the highest international flight taxes. The list is courtesy of AFRAA Taxes and Charges Study Review. In the most expensive markets, Gabon, Sierra…
South Africa’s richest man, Johann Rupert, whose net worth almost peaked at $20 billion a week ago, has posted nine-month earnings of the same amount, courtesy of his luxury goods holdings, Richemont. Johann Rupert has achieved significant financial success through his luxury goods holdings, notably Richemont. Richemont recorded impressive nine-month earnings of $20 billion, driven…
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…
