Author: Aishat Olalere

The Crypto Market Cap declined by about 3.3% over the last 24 hours to settle at $2.4 trillion. According to data from top cryptocurrency exchanges, the volume of all stable coins is now $71.26 billion, which is 91.05% of the total crypto market 24-hour volume. Bitcoin price slid below $67,000, triggering a spike in long liquidations. Bitcoin long liquidations have surged over the past 24 hours, as the price of the largest cryptocurrency by market capitalization dropped below the $67,000 mark. Bitcoin price retreat drove the overall slump in market capitalisation of all cryptocurrency while the second largest crypto, Ethereum,…

Adani Airport Holdings Limited (AAHL), an Indian based company, has proposed to invest US$ 1.84 billion to Jomo Kenyatta International Airport for it expansion and operations. This was confirmed by the Kenya Airport Authority last week after the proposal leaked and triggered widespread controversy. The proposal is under a concession agreement seeking an expected 18 percent annual return on investment if the deal is accepted. The Government would grant concession to Adani to finance, build and operate the project for 30 years, and then give the company an equity stake in perpetuity. Adani proposes a US$ 750 million investment in…

Rwanda announced it has successfully carried out 32 surgeries related to kidney within the country since the launch of Kidney transplant service in 2023. This was announced by the country Minister of Health, Dr. Sabin Nsanzimana. The surgeries are carried out at King Faisal Hospital (KFH). The program began with three living donor kidney transplants in the same month, marking a significant milestone in the government’s efforts to reduce expensive medical referrals abroad. The government had referred close to 70 patients to other countries for kidney transplants at a cost of over Rwf 800 million before the introduction of the service. A…

The Federal Government of Nigeria is seeking for a $500 million loan from World Bank for SPIN project. The project is to improve dam safety and enhance water resource management in Nigeria. The project was proposed to be approved on September 26, 2024. This loan is to provide water security challenges and to also boost agricultural productivity through the sustainable power and Irrigation for Nigeria project. It includes developing national dam safety guidelines, training for water resources and irrigation management, and creating a comprehensive hydropower master plan. This will enable the federal and state institutions to be responsible for water…

Lafarge Africa Plc profit declined by 17 percent to ₦29.350 billion in June 2024 from ₦35.476 billion in June of 2023. This is derived from the unaudited financial statement for the first half of the year. Lafarge revenue rose by 49.5% year on year to ₦295.58 billion from ₦197.68 billion in the prior period. Its cement sales jumped up by 49.6% to ₦287.01 billion, aggregate and concrete sales, increased by 47.25% to ₦8.23 billion, while other products line surged by 79.59% to ₦335 billion. The broad-based increase in revenue items line drove the topline growth in H1 2024, analysts said.…

South Africa Minister of Small Business Development, Stella Ndabeni-Abrahams, has praised the Small Enterprise Amendment act newly signed into the bill. Ndabeni said the amended National Small Enterprise Act will enhance support for small businesses, aiming to level the playing field and provide more integrated financial and non-financial assistance to Micro, Small, and Medium Enterprises (MSMEs) and cooperatives. She also emphasized on the significance of the amended legislation, describing it as transformative milestone for the small business sector. ‘’We are confident that the National Small Enterprise Act as amended will turn the tide in favour of small business,’’ she said.…

Alice Wairimu Nderitu, the UN Under-Secretary-General and Special Advisor to UN Secretary-General on the Prevention of Genocide, described Rwanda as a beacon to the world of what healing and reconciliation looks like. She was speaking at a conference that focuses on the art and science of peace, resilience and transformational justice, in Kigali, on July 26. Organized by Aegis Trust, together with the Ministry of National Unity and Civic Engagement, University of Rwanda, and Tufts University, the conference brought together members of international organization, academicians, activists, and people involved in building peace in their own communities, among others. Knowing a…

Airtel Africa’s customer base surged by 8.6 percentage to 155.4 million across the continent. There is a 13.4% rise in data service users and 14.1% increase in mobile money subscribers. According to the latest quarterly result for the period ended in June 204, a profit after tax of US$ 31 million which represent a 120% Year-On-Year growth as the telco’s services experience a steady uptake. However, the Airtel revenue declined by 16.1% to 1.15 million due macroeconomic factor such as inflation and currency devaluation. Currency devaluation led to the group’s accumulated costs of US$ 261 million, most of which was…

Dangote Cement Plc net profit has grown by less than 6.3% in the first half of 2024. This was derived from its 2024 unaudited financial statement. The revenue of the company rose by 85% to ₦1.76 trillion from N950.832 billion compared to same period in 2023. However, the company’s cost of production increased in the period which causes an increase in the cement price with Nigeria’s damaging inflation condition. Gross profit came at 63.29% to settle at ₦926.782 billion in the first six months of operation from ₦567.744 billion in the comparable period. Details from the cement company’s financials revealed…

The Central Bank of Kenya (CBK) is seeking to raise KSh50 billion from a tap sale of reopened 6.5 year and 17 year infrastructure bonds (IFB) first issued in 2023. According to the prospectus, bidding for the tax free IFs runs to 14th August 2024 and is market determined. Notably, the two bonds have remaining terms to maturity of 5.8 years and 15-7 years respectively. The IFB/2023/6.5 Yr and IFB/2023/17 Yr have coupons rate of 17-93 percent and 14.39% respectively. This issuance follows a series of under-subscriptions from the recent CBK sales with the lowest performance being a 2.8 per…