The ECOWAS Bank for Investment and Development (EBID) plans to double its balance sheet to $4.4 billion over the next five years as it seeks to narrow West Africa’s estimated $36 billion annual infrastructure financing gap. EBID aims to double its balance sheet to $4.4 billion in five years to help narrow West Africa’s $36…
Tanzania has significantly boosted its gold reserves, acquiring over 28 metric tons in the last 18 months as part of a campaign to enhance foreign reserves and stabilize the country’s currency. Tanzania has increased its gold reserves by over 28 metric tons in the past 18 months to support foreign reserves and stabilize its currency.…
The South African police have refuted claims that the Nigerian man who lost his life in their custody was a victim of xenophobia. South African police denied that a Nigerian man who died in their custody was a victim of xenophobia. The Nigerian government accused South African law enforcement of xenophobic violence and threatened international…
South Africa’s plan to unlock one of the world’s largest shale gas resources has encountered a new challenge after scientists identified previously unknown fault lines beneath the Karoo Basin, raising concerns about potential seismic risks linked to future exploration. Scientists have discovered previously unknown fault lines beneath South Africa’s Karoo Basin. The Karoo Basin is…
Niger State has allocated 500 hectares of land to Abuja Steel Mills Limited, a subsidiary of Raj Gupta’s African Industries Group (AIG), for the construction of what the company says could become sub-Saharan Africa’s largest solar-powered steel manufacturing facility, alongside a new industrial park. Niger State has allocated 500 hectares of land to Abuja Steel…
Nigerian tycoon Tony Elumelu is set to leave the chairmanship of United Bank for Africa Plc after 12 years, closing a major banking chapter as a new oil and gas boardroom role comes into view. Tony Elumelu will step down as chairman of United Bank for Africa (UBA) in August 2026 after reaching the tenure…
London-listed Genel Energy has agreed to acquire Capricorn Energy in a $360 million all-cash deal, giving it a major foothold in Egypt as it seeks to reduce its reliance on oil assets in Iraq’s conflict-prone Kurdistan region. UK-listed Genel Energy has agreed to acquire Capricorn Energy in a $360 million all-cash deal. The acquisition gives…
The Democratic Republic of Congo, the source of about 70% of the world’s cobalt and the world’s second-largest copper producer, does not expect this year’s output of the critical minerals to suffer despite supply chain disruptions triggered by the recent conflict in the Middle East, a senior mining official told Reuters. DR Congo expects no…
Like the United States’ defense center, which derives its name directly from its geometric design, Egypt’s new defense center, The Octagon, is constructed based upon an eight-sided architectural concept. Egypt has inaugurated The Octagon, a new State Strategic Command Headquarters in the New Administrative Capital. The Octagon’s design features eight octagonal buildings symbolizing balance and…
