New Post Africa

Category: Business

  • Akwa Ibom exco approves 39 projects, advances state’s ARISE Agenda

    Akwa Ibom exco approves 39 projects, advances state’s ARISE Agenda

    UYO, NIGERIA, 3 April 2026 (NPA) — Governor Umo Eno of Akwa Ibom State on Thursday presided over the State Executive Council meeting, where key decisions were taken to advance the administration’s ARISE Agenda.

    The council approved 39 projects, including 27 road projects covering more than 167 kilometres across the state. Among them is the 36‑kilometre Nung Udoe–Afaha Offiong–Ikot Imo–Itreto Road and other strategic routes aimed at boosting economic growth and development.

    In addition, the council adopted the State Ageing Policy and approved the forwarding of the Senior Citizens Establishment Bill, 2026, to the State House of Assembly. The bill seeks to provide social welfare and protection for senior citizens.

    The meeting also reviewed the positive impact of the ₦2 billion Agricultural and Traders Grants, noting improvements in farm output, agro‑processing, and business growth. Enhancements to the rural water project across 369 wards were approved, with emphasis on community involvement in maintenance to ensure continuity of service delivery.

    A Steering Committee on Ward‑Level Cooperative Societies, chaired by the Deputy Governor, was inaugurated to drive empowerment, food security, and rural development, reinforcing economic inclusion across the state. 

    Governor Eno reiterated his administration’s resolve to remain focused on delivering impactful projects and improving the lives of citizens.

    Since assuming office in May 2023, Pastor Umo Eno has prioritised diversification of the economy, strengthening agriculture, and improving governance. His flagship palm oil development programme saw ₦2.5 billion invested in procuring over 620,000 seedlings distributed across all 31 Local Government Areas, aimed at boosting production, creating jobs, and reducing dependence on oil revenues. He has also launched a deliberate drive to grow non‑oil revenues by investing in agriculture, tourism, and other sectors to build resilience and sustainability.

    Beyond agriculture, Eno introduced a framework for delivering 86 priority projects outside traditional road, hospital, and school projects, monitored through a Projects Delivery Meeting system to ensure accountability. His administration has taken steps to address electricity challenges, prioritising energy access as a foundation for industrial growth. 

  • Lagos shuts Access Bank branch over untreated sewage discharge

    Lagos shuts Access Bank branch over untreated sewage discharge

    LAGOS, NIGERIA, 3 April 2026 (NPA) — The Lagos State Government has sealed off a branch of Access Bank Plc in Victoria Island after uncovering the discharge of untreated sewage and obstruction of regulatory enforcement, raising concerns over environmental compliance among high‑profile institutions.

    The operation, coordinated by the Lagos State Wastewater Management Office (LSWMO) in collaboration with the Lagos State Environmental Sanitation Corps (KAI), followed a directive from the Commissioner for the Environment and Water Resources, Mr Tokunbo Wahab. He said the move was necessary to safeguard the environment and enforce strict compliance with state environmental laws.

    According to Wahab, a whistleblower complaint prompted an inspection of the bank’s Oniru facility, where officials discovered a non‑functional wastewater treatment plant. This led to untreated faecal matter being discharged into public drainage, causing severe environmental damage.

    During the enforcement visit, LSWMO officials were initially denied access to seal the premises, as security personnel and management representatives resisted the team. Subsequent analysis of effluent samples confirmed untreated sewage, prompting the government to reinforce its officers and shut down the property.

    The Commissioner warned that Lagos would pursue legal action against any individual or institution found guilty of assaulting or obstructing government officials in the course of their duties. “There are no sacred cows in the enforcement of environmental regulations. Any organisation found violating the law, regardless of status, will be held accountable,” he said.

    Engr. Adefemi Afolabi, General Manager of LSWMO, reaffirmed the agency’s commitment to safeguarding public health and ensuring full compliance with environmental regulations, stressing that there would be no compromise on environmental protection.

  • Afreximbank pushes digital integration at African Finance Ministers’ Conference

    Afreximbank pushes digital integration at African Finance Ministers’ Conference

    TANGIER, MOROCCO, 2 April 2026 (NPA) — The African Export-Import Bank (Afreximbank) this week joined African leaders at the 58th Session of the Economic Commission for Africa and Conference of African Ministers of Finance, Planning and Economic Development in Tangier, Morocco, advancing solutions to scale Africa’s digital and innovation economy.

    Speaking during a panel on “Financing Africa’s Digital and Innovation Economy,” Afreximbank Executive Vice President, Global Trade Bank, Mr. Haytham ElMaayergi, stressed that Africa’s challenge is not the absence of capital, but how that capital is structured and deployed.

    He underscored the need to move from fragmented efforts to integrated digital systems, positioning digital public infrastructure — including broadband, data systems, digital identity and payments — as foundational to economic growth.

    Afreximbank is driving this agenda through platforms such as the Africa Trade Gateway and PAPSS, which enable seamless cross‑border trade, reduce transaction costs, and strengthen connectivity across African markets.

    The priority now, ElMaayergi said, is to scale these systems, mobilise institutional capital, and build fully integrated digital markets that support trade, innovation and long‑term transformation across the continent.

  • South Africa welcomes Chinese investment to boost economic development

    South Africa welcomes Chinese investment to boost economic development

    AFRICA, 2 April 2026 (Agency Report) — South Africa has welcomed fresh investment pledges from Chinese firms, with Trade, Industry and Competition Minister Parks Tau highlighting the potential to strengthen economic ties and drive industrialisation.

    Speaking to the media during the sixth South African Investment Conference (SAIC) at the Sandton Convention Centre in Johannesburg on Tuesday, Tau said the country anticipates “stronger investment ties with China.” He noted that Chinese investment would support South Africa’s industrialisation agenda and contribute significantly to economic growth.

    The minister confirmed that South Africa is working with China to finalise early harvest arrangements under the Framework Agreement on Economic Partnership for Shared Development. He also praised China’s decision to grant zero-tariff treatment to 53 African countries from 1 May, describing duty-free and quota-free access to the Chinese market as “a great opportunity” for South African products.

    Since its launch in 2018, SAIC has served as a key platform for attracting domestic and foreign investment, promoting industrial development and supporting economic growth. President Cyril Ramaphosa told delegates that the conference provides an opportunity to showcase South Africa’s investment potential and connect investors with concrete projects.

    This year’s edition drew more than 1,000 delegates from over 50 countries and regions, underscoring the country’s ambition to deepen cooperation and expand investment partnerships.

  • Lagos Government begins compensation for Blue Line rail landlords

    Lagos Government begins compensation for Blue Line rail landlords

    LAGOS, NIGERIA, 01 April 2026 (NPA) — The Lagos State Government, through the Lagos Metropolitan Area Transport Authority (LAMATA), has reached a new milestone in its commitment to residents affected by the Blue Line Rail extension project.

    After completing compensation payments to tenants, the Authority has now commenced disbursement to landlords. This next phase highlights the government’s resolve to ensure fair, transparent, and timely compensation for all stakeholders impacted by the project.

    The process officially began today with the presentation of cheques to landlords who had completed documentation and verification for the Blue Line Depot land acquisition. Duly enumerated property owners received payments as part of the coordinated exercise.

    The compensation programme is being overseen by Dr Babatunde Osho, Managing Director of Global Impact Environmental Consulting, working closely with LAMATA officials.

    This initiative is a critical component of the wider Blue Line Rail project, which is progressing toward completion in the first quarter of 2027. By prioritising equitable compensation and inclusive transition processes, LAMATA reinforces its commitment to the social well‑being of Lagosians while advancing a modern, integrated urban transport system.

  • South Africa slashes fuel levy to ease price rise on citizens

    South Africa slashes fuel levy to ease price rise on citizens

    AFRICA, 01 April 2026 (NPA) — In a decisive move to shield South Africans from surging global energy costs, the National Treasury and the Department of Petroleum and Mineral Resources (DMPR) have announced a temporary R3 cut to the general fuel levy.

    Effective immediately, the levy on petrol drops from R4.10 to R1.10 per litre, while diesel falls from R3.93 to R0.93. Officials say the measure will provide motorists with urgent relief while safeguarding the stability of the country’s fuel supply system.

    The Finance Minister emphasised that the decision balances consumer welfare, particularly food and transport inflation, with fiscal objectives. The one‑month reduction is expected to cost R6 billion in foregone revenue and will be reviewed monthly for the next two months.

    Without the cut, April’s fuel price hikes would have been steeper: petrol up R3.06 per litre, diesel rising more than R7, and paraffin climbing by over R11 wholesale. The DMPR stressed that paraffin pricing excludes levies and taxes, a deliberate policy to protect low‑income households.

    Authorities assured the public that national fuel stocks remain sufficient, with reported shortages linked to localised panic buying and logistical bottlenecks. Citizens are urged to avoid unnecessary stockpiling and purchase responsibly to prevent further strain on distribution networks.

    The government reiterated its commitment to protecting vulnerable households, promising further targeted measures to cushion the poor from high energy costs. Officials added that work is underway on a broader package of interventions to support households and key sectors of the economy, with details to be announced soon.

  • Afreximbank Secures $4bn Financing for Dangote Refinery

    Afreximbank Secures $4bn Financing for Dangote Refinery

    LAGOS, NIGERIA, 01 April 2026 (NPA) — The African Export-Import Bank (Afreximbank) has underwritten US$2.5 billion of a US$4 billion senior syndicated term loan in favour of Dangote Petroleum Refinery and Petrochemicals FZE (DPRP).

    Afreximbank and Access Bank acted as co-Mandated Lead Arrangers for the five-year facility, designed to consolidate existing financing, optimise capital structure, and align with the refinery’s operational status and long-term growth plan.

    The transaction represents a major milestone for DPRP, Africa’s largest refinery and petrochemical complex, with a capacity of 650,000 barrels per day. The facility will enhance balance sheet flexibility, strengthen financial resilience, and support the refinery’s role as a strategic supplier of refined petroleum products to Africa and global markets.

    Afreximbank’s US$2.5 billion share is the largest in the syndicate, underscoring its leadership in mobilising capital to drive Africa’s industrialisation, promote intra-African trade, and bolster energy security. Since refining operations began in February 2024, the Bank has provided a US$1 billion working capital facility and acted as Financial Adviser on the Naira-for-Crude initiative, which enables crude purchases and refined product sales in local currency.

    Speaking in Cairo, Afreximbank President Dr George Elombi said: “We take immense pride in being the single largest provider of financing to the Dangote Group. When we invest in ourselves, we build a secure and resilient future for our continent.” He noted that Afreximbank has invested about US$15 billion in the Dangote Group since 2015.

    Aliko Dangote, President and Chief Executive of Dangote Industries Limited, described the financing as “an important step in strengthening the financial foundation of Dangote Petroleum Refinery & Petrochemicals and positioning the business for the next phase of growth.”

    The syndicated loan attracted strong interest from African and international financial institutions, reflecting confidence in the refinery as a transformative industrial asset and in Africa’s broader industrialisation agenda.

  • South Africa targets $118B at landmark investment conference

    South Africa targets $118B at landmark investment conference

    AFRICA, 31 March 2026 (SA News Agency ) — The South Africa Investment Conference (SAIC) has opened in Sandton, with the government targeting R2 trillion ($118B) in new commitments.

    The Sandton Convention Centre is abuzz as delegates arrive for the sixth edition of SAIC, South Africa’s flagship platform to position itself as a credible, competitive investment destination. More than 1,200 delegates are expected, including Cabinet Ministers, business leaders and global investors.

    Held under the theme ‘Invest. Partner. Prosper’, the conference brings together government, investors, development finance institutions and strategic partners to advance investment-led growth and strengthen South Africa’s role as a gateway into Africa. The event aligns with commitments made by President Cyril Ramaphosa in the 2026 State of the Nation Address, setting a more ambitious medium-term investment target.

    SAIC is structured to move from reform credibility to investor confidence, aligning domestic priorities with international interests. Presidential spokesperson Vincent Magwenya noted that investment mobilisation is continuous, with international delegations recognising South Africa as a viable business destination.

    The 2026 conference marks a shift from planning to implementation, as the government accelerates delivery on existing commitments. An additional R2 trillion in pledges is targeted over the next five years, building on R1.5 trillion secured at previous conferences, of which R600 billion has already been invested. These investments have supported new factories, mines and industrial facilities, contributing to job creation and poverty reduction.

    Under the “3Ds” framework — Digitisation, Decarbonisation and Diversification — the conference highlights opportunities in technology, clean energy and expanded trade. It also launches South Africa’s Second Investment Drive, aligned with the priorities of the 7th Administration: inclusive growth, employment, infrastructure and reform.

    Launched in 2018 by President Ramaphosa, SAIC has become central to attracting investors. The 2026 edition takes place amid improved confidence, supported by progress in structural reforms, enhanced energy reliability and broader recovery initiatives. – SAnews.gov.za

  • African Union convenes Fifth Session on Tax and Illicit Financial Flows in Abuja

    African Union convenes Fifth Session on Tax and Illicit Financial Flows in Abuja

    ABUJA, NIGERIA, 31 March 2026 (NPA) — The African Union has convened the Fifth Session of the Sub-Committee on Tax and Illicit Financial Flows (IFFs) in Abuja, Nigeria, under the theme “Building the Africa We Want Through Tax and Fiscal Policy Reforms to Support Economic Growth and Domestic Resource Mobilisation.”

    The meeting, taking place from 31 March to 2 April under the framework of the Specialised Technical Committee on Finance, Monetary Affairs, Economic Planning and Integration (STC-FMAEPI), comes at a crucial moment as Africa intensifies efforts to finance its own development and strengthen the resilience of its economies. It serves as a strategic continental platform for action-oriented dialogue and policy alignment, bringing together Member States, Pan-African institutions, and key partners to strengthen tax systems, curb illicit financial flows, and advance domestic resource mobilisation (DRM) as a cornerstone of sustainable growth.

    Anchored in the implementation of Agenda 2063: The Africa We Want, the Fifth Session builds on the momentum of the Fourth Sub-Committee on Tax and IFFs and the Eighth Ordinary Session of the STC-FMAEPI held in Johannesburg in September–October 2025. Delegates are expected to consolidate African positions, share practical experiences, and shape collective responses to evolving global and continental tax reforms.

    Hosting the session in Abuja provides Nigeria, through the Nigeria Revenue Service (NRS), with an opportunity to contribute to continental dialogue on tax administration reforms and DRM strategies. It also reinforces collaboration among African tax administrations and institutions in tackling illicit financial flows and strengthening fiscal frameworks.

  • Sett secures $30M to automate game marketing with AI agents

    Sett secures $30M to automate game marketing with AI agents

    MIDDLE EAST, 30 March 2026 (NPA) — Israeli startup Sett, which develops an AI agent–based platform for the gaming industry, has raised $30 million in a Series B round led by Greenfield Partners, with participation from existing investors F2 and Bessemer, bringing total funding to $57 million.

    The round also included Ben Feder of Tirta Fund, a prominent gaming executive and former CEO of Take-Two Interactive, developer of the Grand Theft Auto (GTA) series, as well as former president of Tencent’s gaming division.

    Founded in 2023, Sett is already generating tens of millions in revenue with strong growth rates, according to sources. Its customers include major gaming companies such as Zynga, Playtika and Papaya.

    While currently focused on gaming, Sett plans to expand into industries driven by performance-based marketing — including fintech, apps and e-commerce — by the end of 2026. The company believes its platform can act as a force multiplier, helping firms tackle increasingly complex marketing challenges.

    At its founding, Sett envisioned companies relying on autonomous AI agents to manage marketing operations. Initially, it focused on generating data-driven content and interactive ads for mobile gaming firms. Following early success, Sett is now developing a holistic user acquisition platform designed to manage player growth end-to-end, faster and more efficiently than traditional teams.

    User acquisition remains one of the largest cost centres for gaming companies, which spend billions annually. Marketing teams often produce hundreds of playable ads and thousands of video ads each month, a process that can take weeks manually. Sett says its platform cuts production times from weeks to hours and significantly reduces costs, saving companies millions while maintaining content quality.

    The company was founded by Amit Carmi (CEO) and Yoni Blumenfeld (CTO), both alumni of Unit 8200, and currently employs around 50 people. The new funding will accelerate product development and support global expansion.