In this quarter, we focus on the dynamic landscapes of banking, finance, capital markets, energy, natural resources, transportation, technology, media, and telecommunications sectors in Nigeria and across the African continent.
As the heartbeat of innovation and progress, these sectors play pivotal roles in shaping the economic, social, and technological fabric of our societies. Through insightful analysis, industry updates, and expert commentary, our newsletter aims to provide you with a comprehensive overview of the latest trends, developments, and opportunities in these vital sectors.
Banking & Finance
On 26 June 2024, the Central Bank of Nigeria issued a circular discontinuing the Price Verification System (PVS), a mechanism used for verifying pricing in Form ‘M’ applications.
Introduced in August 2023, the PVS was part of efforts to ensure accurate pricing for goods and services in the Nigerian foreign exchange market (the FX Market)....Read more
Capital Markets
On 12 July 2024, the Nigerian Exchange Group (NGX Group) launched NGX Invest, a pioneering digital platform aimed at transforming Public Offerings and Rights Issues within the Nigerian capital market. This innovative platform, which has received approval from the Securities and Exchange Commission (SEC), is designed to enhance efficiency, user experience, and transparency in managing primary market transactions....Read more
Energy
Ghana’s renewable energy ambitions received a boost with the inauguration of a 16.82-megawatt rooftop solar plant in Tema. The plant, owned by LMI Holding Company Limited and costing $17 million, is the largest single rooftop solar installation in Africa. Spanning 95,745 square meters, it is expected to generate 24.7 GWh of clean energy annually and will supply power to those in the Tema Free Zone Enclave.... Read more
Natural Resources
The Nigerian Federal Government has endorsed a $1 billion iron ore to steel project in Kogi State, in recent efforts toward local value addition within the solid minerals sector. The Minister of Solid Minerals Development, Dr. Oladele Alake, praised the initiative by Chart and Capstone Integrated Limited of Nigeria and SINOMACH-HE of China, which was discussed during President Bola Ahmed Tinubu's visit to China... Read more
Transportation
The Minister of Aviation and Aerospace Development, Festus Keyamo, SAN on 3 August 2024 ordered the grounding of Arik Airline's operations. This decision follows a court judgment aimed at preventing the airline’s aircraft from being taken out of the country. The sale of Arik Air’s assets, including several aircrafts, had been ordered by court to offset debts owed to Arthur Eze and others. The Nigerian Airspace Management Agency (NAMA) explained that this move is
consonance with a Supreme Court ruling that dismissed Arik Air’s appeals.... Read more
Technology
The Lagos State Government has announced new tax policies targeting remote workers, digital influencers, and the broader digital economy to boost revenue. This initiative, part of a broader strategy to generate ₦5 trillion in internally generated revenue (IGR), aims to collect ₦200 billion annually from approximately two million residents. The plan includes implementing a Resident Global Digital Citizen Tax Management System and advanced digital solutions to improve tax collection..... Read more
Media
TikTok has established its first Safety Advisory Council for Sub-Saharan Africa, introduced at the #SaferTogether summit in Nairobi. This council, consisting of eight diverse members from various fields, aims to enhance user safety on the platform by providing localised insights and recommendations. The council will focus on refining TikTok’s Community Guidelines to better align with African cultural contexts and social realities. Members will serve for at least a year and will be compensated for their contributions..... Read more
Telecommunications
Uganda's state-run Uganda Telecommunication Corp. (UTel) is set to undergo a major transformation following a $225 million investment from Dubai-based Rowad Capital Commercial (RCC) LLC. RCC will acquire a 60% majority stake in UTel, marking a milestone for the company, which was established in 2021 after acquiring assets from the financially troubled Uganda Telecom Limited (UTL)....... Read more