LATEST STORIES
Netflix partners Spectranet to deploy server in Lagos
Netflix has announced the deployment of a dedicated server in Lagos, Nigeria in partnership with Spectranet, a leading Internet service provider in the country. The server, which is the first in the whole of West Africa, will hold the entire Netflix content library, providing Spectranet’s customers with...
#NES22: Nigerian Economic Summit Calls for Concerted Efforts to Grow Tech and Innovation
“If made-in-Nigeria must succeed, it should not be the challenge of the federal government alone. All the 36 states of the federation and the Federal Capital territory (FCT) must have a role to play.” – Dr. Adedoyin Salami The Nigeria Economic Summit Group (NESG) summit which began on Monday and ended on Wednesday...
Semifinalists for Pitch AgriHack 2016 announced
The Technical Centre for Agricultural and Rural Cooperation ACP-EU (CTA) has announced 52 startups have been selected for the semifinals of the 2016 edition of Pitch AgriHack, a competition to reward entrepreneurs with agricultural solutions. The competition targets entrepreneurs with agricultural solutions that...
Growth Capital now has ₦280 million in its coffers
Growth Capital, a social innovation fund for investing in early stage businesses that are creating the next generation infrastructure, has secured an additional ₦80 million from undisclosed source(s). This new fund brings to ₦280 million the total amount raised with an additional ₦720 million needed, in less...
SoftBank to create fund for investment in tech companies around the world
SoftBank Group Corp. (“SBG”), a Japanese multinational telecommunications and Internet corporation, has announced plans to launch a fund for investment in the technology sector globally. Tentatively named the “SoftBank Vision Fund”, the fund will aim to be one of the world’s largest – some sort of super-fund...
Naspers sells Allegro Group for US$3.2 billion
Naspers, a South Africa-based global Internet and entertainment group, has announced the sale of Allegro Group, which includes both Allegro.pl and Ceneo.pl, for US$3.2 billion. Allegro is the most popular online shopping destination in Poland with more than 20 million registered users. Allegro provides...
Thomson Reuters launches innovation lab in Cape Town
Thomson Reuters, the world’s leading source of news and information for professional markets, has announced the launch of a data and innovation lab in Cape Town, South Africa. The lab, named Thomson Reuters Labs™ – Cape Town, will enable the company engage with the region’s innovation ecosystem and startup community...
Agri-tech startup, FarmDrive wins Thomson Reuters Africa Startup Challenge
Farmdrive, a Kenyan mobile tech, agri-tech startup that looks to advance bankable farmer initiatives, has been named winner of the Thomson Reuters-organized Africa Startups Challenge. The challenge sought the best and brightest startups in Africa that are using new technology and new business models to leap-frog...
WorldRemit partners Express Union for money transfers to Cameroon
WorldRemit, a digital money transfer service, has announced a partnership with Express Union, a leading Cameroonian financial company, for remittances to Cameroon. The partnership enables Cameroonians in diaspora to transfer money to family and friends back home using WorldRemit. The money can be picked up at...
Job portal, Wutiko wins Seedstars Dakar
Wutiko, a professional network for Africa that lets anyone find jobs and jobseekers with their innovative machine learning technology, has won Seedstars Dakar, the Senegalese leg of Seedstars World. Following calls for applications, nine startups were selected for the finals of the competition on October 14,...
Interbank lending rate jumps to record high
The overnight interbank lending rate soared to a record high of 128 per cent on Monday on naira cash shortages after commercial banks funded their account with the Central Bank of Nigeria to participate in last Friday’s currency forward auction. Overnight rates opened at 100 per cent on Monday, traders...
ATM card suspension: Banks reject naira for visa payment
Thousands of United Kingdom and Canadian visa applicants and intending travellers wanting to book hotels online were stranded on Monday as Deposit Money Banks stopped their naira debit cards from being used for dollar and other foreign currency-denominated transactions. The DMBs had on Friday stopped their naira...
World Bank intervention in Nigeria’s agriculture hits $1.5bn
The World Bank says the worth of its running projects in the Agriculture sector in Nigeria is 1.5 billion dollars. The Senior Chief Agric. Economist of the organisation, Dr Adetunji Oredipe, made this known to newsmen at a live Video Conference to celebrate “End Poverty Day.’’ He said that in Africa, the bank’s...
NSE index falls 0.8% as bears dominate trading
The Nigerian Equities Market began the week on a bearish as the Nigerian Stock Exchange (NSE) All-Share Index declined by 0.81 per cent to close at 27,634.99, while market capitalisation ended at N9.492 trillion. Bears dominated the trading session with 26 stocks declined while only seven appreciated. Wema Bank...
Dollar scarcity: Banks suspend ATM card usage abroad
Deposit Money Banks have begun suspending their Automated Teller Machine cards (debit and credit) from working overseas as dollar scarcity continues to hit the economy badly. Stanbic IBTC Bank, Standard Chartered Bank Nigeria and Guaranty Trust Bank on Friday announced the suspension of their overseas ATM card...
Naira to continue gain on dollar supply to BDCs
The naira is expected to appreciate further this week following the Central Bank of Nigeria’s approval of dollar sale to Bureau De Change operators. The CBN has given approvals to First Bank of Nigeria Limited and Travelex, a global foreign exchange company, to commence sale of dollars to the BDC operators. Travelex...
SMEDAN, NICON sign MOU on insurance cover for SMEs
The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), has signed a memorandum of understanding (MoU) with NICON Insurance Limited as part of efforts to reinforce the agenda of diversification of the economy through the empowerment of the informal sector. The parties said the MoU represents...
Third-quarter results to shape market trend – Analysts
Financial analysts have said that the release of the third quarter results will determine the outcome of the stock market trading sessions this week. The analysts, said the capital market was likely to experience increased trading activities as some investors had begun to take position in terms of investment...
Dangote buys gas firm in the Netherlands
As part of its strategy to meet Nigeria’s gas requirements, Dangote Industries Limited (DIL) has recently completed the acquisition of Twister B.V., a company headquartered in the Netherlands. Twister B.V. delivers reliable, high-yield and robust solutions in natural gas processing and separation to the upstream...
Direct crude sale saves Nigeria N102.6bn
By putting an end to the crude-for-products exchange arrangement, popularly known as crude swap, Nigeria was able to save N102.6bn between April and July this year. In February, the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, announced the replacement of the crude swap arrangement with what he...
Releasing funds to contractors will end recession — Fashola
The Federal Government has said it is investing massively in road construction, public housing and other infrastructure as part of measures to take the country out of recession. It said it had released funds for the payment of debts owed contractors, noting that this had led to the return of most of them to project...
External reserves hit 11-year low of $24.21bn
The country’s external reserves have hit an 11-year low of $24.21bn, according to the latest data from the Central Bank of Nigeria. The development means a limited amount of dollars will be available at the official interbank spot market, fuelling concerns over another round of depreciation of the naira. The...
Zipline commences medical supplies delivery in Rwanda via drones
Zipline, a US-based startup improving access to healthcare, and saving lives by so doing, using drones, has commenced the delivery of medical supplies in Rwanda via its specially made drones. The startup, nine months ago, signed a partnership with the Rwandan Government to use drones to tackle challenges associated...
Domestly now live in East Rand
Following its recent launch in Pretoria, Midrand and Centurion, South African on-demand cleaning app, Domestly has just announced its services are now live in East Rand. Good news East Rand residents!! Domestly is now available in your area.Book now: http://bit.ly/2dTLibm http://pic.twitter.com/qlea5hqpv1 — Domestly...
SA’s GoMetro secures funds from Tritech Media
GoMetro, a South African social transit application for public transport, has secured an undisclosed amount of funds from Tritech Media, a South African-based media technology company. The startup will use the funds to offer advertisers precise, location based advertising based on the commuter’s route, the...
Patrick Masambu is now the DG of International Telecommunications Satellite Organization
The US-based International Telecommunications Satellite Organization (ITSO), formerly known by the acronym INTELSAT, now has a new Director-General (DG) in the person of Patrick Masambu, a Ugandan citizen. Mr Patrick Masambu became the DG – the first sub-Saharan African to be elected to the position – following...
Applications open for LaunchLab’s Knowledge Acceleration Programme
LaunchLab, a business incubator housed at Stellenbosch University, South Africa, is accepting applications for its Knowledge Acceleration Programme (KAP). KAP, an action-learning entrepreneurship development programme, runs for 14 weeks, providing participants the business planning and management skills...
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