ADM Energy, Eunisell collaborate for development of Barracuda Field

NIGERIA – ADM Energy, a natural resource investing company, has announced that it has entered into a non-binding collaboration agreement (CA) with Eunisell, a Nigerian owned oil and gas production solutions company, for the development of Barracuda Field in OML 141. Under the terms of the CA, subject to the completion of certain due diligence, ADM and Eunisell will explore collaboration opportunities to carry out development of Barracuda Field in OML 141 and associated work-related activity in Nigeria. It is the intention of both parties, together with the risk sharing…

Read More

ASR Africa appoints Ubon Udoh as pioneer Managing Director/Chief Executive

NIGERIA – The Abdul Samad Rabiu Africa (ASR Africa) initiative has announced the appointment of Ubon Udoh, as its pioneer Managing Director/Chief Executive, aconsummate International Development and M&E expert, effective immediately. The ASR Africa Initiative, which is the brainchild of industrialist and Philanthropist, Abdul Samad Rabiu, was recently set up with an annual pledge of US$100 million dedicated to Health, Education and Social Development issues within the African continent – with Nigeria to benefit US$50million yearly and the rest of Africa, US$50miilion dollars in what is the largest private philanthropic…

Read More

Fintech Appzone closes US$10m Series A round for its expansion drive

NIGERIA – Appzone, a Pan-African fintech software provider building proprietary solutions for the continent’s banking and payments industries, has announced the close of its US$10 million Series A round. The new round will bolster investment in Appzone’s core technologies and kickoff a wave of new country expansions in a drive to build out a financial operating system intended to completely digitise and automate the delivery of financial services on the continent. The round was led by CardinalStone Capital Advisers with participation from V8 Capital, Lateral Investment Partners, Constant Capital and…

Read More

Italian Trade Agency launches first E-Lab Innova in Nigeria

NIGERIA – The Italian Trade Agency, a governmental agency that supports the business development, partnerships and collaborations between Italian companies and their local counterparts, has launched the first E-Lab Innova in Nigeria. The E-Lab Innova is an educational training program for the agri-food sector in Nigeria which will be implemented in collaboration with the Nigerian Export Promotion Commision (NEPC) alongside other Italian partners, such as MACFRUT, a leading exhibition for the agribusiness industry. “Nigeria remains a strategic point for engagement between the agency and other countries across West Africa,” the…

Read More

Technology company Wärtsilä signs agreement to maintain Gas power plants in Nigeria

NIGERIA – Wärtsilä, a Finnish company which manufactures and services power sources and other equipment in the marine and energy markets, has signed a long-term optimised maintenance agreement covering three Nigerian gas power plants owned by Paras Energy. Wärtsilä will maintain the three plants in Ikorodu and Ogijo, which are owned by the Nigerian energy provider. All three plants covered by the five-year agreement use gas-fuel engines, which produce a combined total output of 132MW. Based on an average connected capacity of 6.5kW for a Nigerian home, this represents the…

Read More

Fintech SeerBit partners Wix to empower eCommerce businesses in Africa

NIGERIA – SeerBit, an online payment processing platform, has announced its partnership with Wix, a global SaaS platform, to create, manage and grow an online presence, to empower and scale eCommerce businesses in Africa. SeerBit is a product of Centric Gateway, an innovative Pan-African tech solutions company enabling seamless and secure payments across East and West Africa. This collaboration makes SeerBit a payment gateway for Wix on the African continent, processing payments in local currencies, and giving unfettered access to African businesses to build their unique online presence. This integration…

Read More

Africa Data Centres to construct 10-megawatt data centre facility in Nigeria

NIGERIA – Africa Data Centres, Africa’s largest network of interconnected carrier- and cloud-neutral data centre facilities, has confirmed a significant investment into the construction of 10-megawatt new data centre facility in Lagos, Nigeria. The Lagos build marks a significant step forward in Africa Data Centres’ ambitious long-term strategy to digitise Africa. The Nigerian data centre will form Africa Data Centres’ West African hub. As interconnection remains a priority, the company will be adding it to its network of data centres, which at present includes Johannesburg, Nairobi, Cape Town, Harare and…

Read More

MTN opt for FinTechs in Nigeria for its customers to buy airtime following feud with Banks

NIGERIA – MTN Nigeria, a subsidiary of telecommunications company MTN Group, has announced ten alternative channels for its customers to buy airtime for their mobile devices after commercial banks disallowed MTN subscribers to use their channels. All the commercial banks, except Zenith Bank which was connected directly to MTN, thereafter barred MTN from their banking channels, leaving many MTN subscribers stranded and frustrated as they were unable to recharge airtime through USSD and bank apps amid the Easter celebrations.  “It will interest you to note that for the benefit of…

Read More

BUA Cement posts 19.4% growth in profit for financial year 2020

BUA to establish mega cement manufacturing complex in Nigeria

NIGERIA – BUA Cement Plc, a leading cement manufacturer in Africa, has declared in its audited financial statement, a 19.4% year-on-year growth in profit to N72.34 billion (US$176.51m) for the financial year of 2020, compared to last year’s figure of N60.34 billion (US$147.23m). The double-digit growth in profit was a testament to the cement maker’s focus on efficiency, excellent cost optimization strategies, newer technologically advanced plants, and lastly the strong growth in revenue which was driven by the rising demand for cement. BUA Cement’s revenue expanded by 19.33% in 2020,…

Read More

NEXIM launches US$26m seed fund to support women and youth exporters

NIGERIA – The Nigerian Export-Import Bank (NEXIM) has launched N10 billion (US$26.23m) seed fund to support women and youth exporters under a new programme coined Women and Youth Export Facility (WAYEF).  Managing Director of the bank, Mr. Abubakar Bello, who spoke at the launch in Abuja, described empowering women as smart business, owing to the multiplying effects of women’s businesses on their families and the larger society. Bello explained that the bank has provided enormous support for many export-oriented industries that are high employers of women and youth such as…

Read More