New Post Africa

Category: Business

  • NGX All-Share Index rises as equities gain; Linkage Assurance tops gainers

    NGX All-Share Index rises as equities gain; Linkage Assurance tops gainers

    LAGOS, Nigeria (NPA) — The Nigerian Exchange (NGX) recorded a marginal gain on Wednesday, with the benchmark All-Share Index (ASI) rising by 0.04 per cent to close at 244,912.24 points, as renewed investor interest in selected stocks lifted the equities market.

    The market performance also pushed the Equity Market Capitalisation higher to ₦158.33 trillion, according to the NGX Daily Market Snapshot released on Wednesday.

    Despite the positive performance in equities, the fixed income and Exchange Traded Products (ETPs) segments closed lower during the trading session.

    The Fixed Income Market Capitalisation declined by 0.05 per cent to ₦56.70 trillion, while the ETPs Market Capitalisation slipped by 0.16 per cent to ₦67.89 billion.

    Market activity showed investors maintaining cautious optimism, with buying interest concentrated in selected insurance and consumer goods stocks.

    Linkage Assurance Plc emerged as the day’s best-performing stock, appreciating by 9.94 per cent to close at ₦1.77 per share.

    It was followed by AVA Plc, which gained 9.55 per cent to settle at ₦10.90, while FGI Plc advanced 7.69 per cent to close at ₦2.80 per share.

    Also, among the top gainers were McNichols Plc, which appreciated by 7.34 per cent to ₦5.85, and Coronation Plc, which rose 5.51 per cent to close at ₦2.49 per share.

    According to market analysts, the modest appreciation in the equities market reflected renewed investor confidence in selected counters, particularly within the insurance and consumer goods sectors.

    They, however, noted that investors in the fixed income market remained cautious, contributing to the slight decline recorded in that segment.

    The mixed performance across the various asset classes underscores the cautious sentiment among investors as they continue to monitor market fundamentals and emerging economic developments.

  • Air Peace expands African network with Lagos–Douala–Libreville route

    Air Peace expands African network with Lagos–Douala–Libreville route

    LAGOS, Nigeria (NPA) — Nigeria and West Africa’s leading carrier, Air Peace, has expanded its African operations with the launch of its Lagos–Douala–Libreville route, reinforcing its commitment to strengthening regional air connectivity and promoting seamless travel across West and Central Africa.

    The inaugural flight, which took off on Sunday, August 2, 2026, comes barely 24 hours after the airline commenced services on the Lagos–Conakry–Bamako route, highlighting its sustained drive to broaden its continental network and position Lagos as a strategic gateway for travel, trade and investment across Africa.

    According to a report by Aviation Monitor, the new service links Nigeria’s commercial capital with Douala, Cameroon, and Libreville, Gabon, creating new opportunities for business, tourism, commerce, cultural exchange and stronger people-to-people ties between West and Central African countries.

    Leading the Air Peace delegation on the inaugural flight were the airline’s Chief Commercial Officer, Mr Nowel Ngala, and Director of Flight Operations, Captain Augustine Kamano.

    On arrival at Douala International Airport, the delegation received a warm reception from Cameroonian aviation officials, representatives of the Nigerian diplomatic mission and leaders of the Nigerian community.

    Among those who welcomed the airline were Mrs Suliat A. Paramole, Foreign Affairs Officer at the Nigerian Consulate General, representing the Nigerian Ambassador to Cameroon; Hon. Chief Sir Lovinus Ezeh, President-General of the Nigerian Community in the Littoral Region; Lt. Col. Adolphe Nyamke Bongkwaha, Deputy Chief of the Airport Security Unit, representing the Douala Airport Authority; as well as officials of the Civil Aviation Authority and the country’s transport regulator.

    Speaking during the reception, Mrs Paramole commended Air Peace for strengthening the long-standing relationship between Nigeria and Cameroon through improved air connectivity.

    She said the new route would facilitate greater movement of people, boost commercial activities and promote closer bilateral cooperation between the two neighbouring countries.

    Chief Ezeh also welcomed the development, describing the direct connection as a significant milestone for Nigerians residing in Cameroon.

    He expressed optimism that the route would make travel easier for passengers while enhancing economic, business and social interactions between both countries.

    Representing the Douala Airport Authority, Lt. Col. Bongkwaha described the commencement of the route as an important addition to the airport’s regional network, saying it would strengthen Douala’s position as a key aviation gateway in Central Africa.

    Speaking on behalf of the airline, Mr Ngala said the launch represents another major milestone in Air Peace’s vision of building an interconnected African aviation network.

    According to him, the Lagos–Douala–Libreville route offers passengers greater access to destinations across Air Peace’s domestic and regional network while improving connections to international destinations, including London and the Caribbean.

    He reaffirmed the airline’s commitment to making intra-African travel more convenient through reliable connectivity between major cities across the continent.

    Following its stop in Douala, the inaugural flight continued to Libreville, where it was received by senior officials of Gabon’s aviation authorities and representatives of the Nigerian community.

    Those on hand to welcome the airline included Mr Georges Renaud Maxime Moubamou Malekou, Director of Flight Operations at the Agence Nationale de l’Aviation Civile; Mr Igor Simard, Managing Director of Aéroport de Libreville (ADL); and Mr Mike Iwu, representing the President of the Nigerian Community in Gabon.

    The Gabonese officials described Air Peace’s entry into the market as a welcome development that would improve regional air connectivity, expand travel options and foster stronger economic and diplomatic relations between Gabon, Nigeria and other African countries.

    Similarly, representatives of the Nigerian community in Gabon praised the new service, saying it would provide greater convenience for Nigerians living in the country while strengthening links with home.

    The latest expansion, coming immediately after the launch of the Lagos–Conakry–Bamako service, underscores Air Peace’s strategy of pioneering new regional connections and advancing intra-African air travel.

    With the addition of Douala and Libreville to its growing network, the airline continues to play a leading role in promoting regional integration, facilitating trade and tourism, attracting investment and supporting economic growth across Africa through improved connectivity.

  • Botswana begins child support grant payments for eligible families

    Botswana begins child support grant payments for eligible families

    GABORONE, Botswana (NPA) — The Government of Botswana has commenced payments under its Child Support Grant (CSG) programme, with eligible beneficiaries beginning to receive the monthly allowance and all outstanding arrears.

    The Ministry of Local Government and Traditional Affairs announced the rollout on Monday, describing the initiative as a major social protection programme aimed at supporting low-income households with children during the critical first year of life.

    According to the ministry, approved beneficiaries have started receiving the P300 monthly Child Support Grant, alongside arrears accrued from the programme’s effective commencement date of April 1, 2026.

    The government said the payment of arrears reflects its commitment to ensuring that every eligible child receives the full support due under the implementation schedule.

    The Child Support Grant targets children below the age of one year, providing financial assistance to vulnerable families to help meet their children’s basic needs during the first 12 months of life.

    The ministry noted that the programme is designed to improve child health, nutrition and early childhood development, recognising the first year of life as a critical period for brain development, physical growth and long-term wellbeing.

    According to the statement, the initiative represents the government’s broader commitment to investing in children’s welfare while strengthening Botswana’s social protection system.

    The ministry advised beneficiaries not to rush to post offices or designated payment centres on the first day of disbursement, assuring them that funds would remain available throughout the payment period.

    It encouraged recipients to collect their grants at any convenient time during the month to prevent overcrowding at payment centres.

    Beneficiaries were also urged to comply with instructions issued by payment officials, present the required identification documents when collecting their grants and direct payment-related enquiries to the nearest Social and Community Development Office.

    The ministry expressed appreciation to the public for their patience and cooperation during the implementation of the Child Support Grant programme.

    It reaffirmed the Botswana government’s commitment to expanding and strengthening social protection programmes aimed at improving the welfare of children, families and communities across the country.

    The ministry advised members of the public seeking additional information to contact their nearest Social and Community Development Office.

  • Neimeth Pharmaceuticals commends NAFDAC’s reforms, backs local drug manufacturing

    Neimeth Pharmaceuticals commends NAFDAC’s reforms, backs local drug manufacturing

    LAGOS, Nigeria (NPA) — Neimeth International Pharmaceuticals Plc has commended the National Agency for Food and Drug Administration and Control (NAFDAC) for its ongoing regulatory reforms and renewed efforts to strengthen local pharmaceutical manufacturing in Nigeria.

    The commendation came during a courtesy visit by the company’s Board of Directors to NAFDAC’s Lagos office, where members of the delegation met with the agency’s Director-General, Prof. Mojisola Adeyeye.

    According to a statement issued by NAFDAC on Sunday, the Neimeth board expressed appreciation for the agency’s initiatives aimed at promoting local drug production, improving regulatory efficiency and supporting pharmaceutical manufacturers to attain international Good Manufacturing Practice (GMP) standards.

    The company also reaffirmed its commitment to working closely with NAFDAC to advance the growth and competitiveness of Nigeria’s pharmaceutical industry.

    Receiving the delegation, Prof. Adeyeye thanked the board for the visit and reiterated the agency’s commitment to building a globally competitive pharmaceutical sector through transparent, science-based regulation and sustained collaboration with industry stakeholders.

    She said NAFDAC would continue implementing reforms designed to strengthen Nigeria’s regulatory framework and improve international confidence in locally manufactured medicines.

    The Director-General highlighted the agency’s ongoing efforts to secure membership of the Pharmaceutical Inspection Co-operation Scheme (PIC/S) and its continued progress towards attaining higher levels under the World Health Organization’s Global Benchmarking Tool.

    According to her, the initiatives are expected to enhance the quality and global acceptance of Nigerian pharmaceutical products while expanding export opportunities for local manufacturers.

    The meeting concluded with both NAFDAC and Neimeth reaffirming their shared commitment to strengthening local pharmaceutical manufacturing, improving the quality of medicines and ensuring a sustainable supply of safe, effective and quality-assured medicines for Nigerians.

    Both parties also pledged to sustain collaboration in promoting regulatory excellence, supporting industry growth and enhancing Nigeria’s competitiveness in the global pharmaceutical market.

  • JUST IN: Kenya’s Omollo says sovereign wealth fund and nuclear project will drive long‑term growth

    JUST IN: Kenya’s Omollo says sovereign wealth fund and nuclear project will drive long‑term growth

    NAIROBI, Kenya (NPA) — Kenya’s Principal Secretary for Internal Security and National Administration, Raymond Omollo, has said the country’s newly established Sovereign Wealth Fund is designed to preserve revenues from natural resources for future generations while supporting long-term economic stability and strategic investments.

    Omollo made the remarks in a statement on Sunday as he outlined the government’s plans to maximise the economic benefits of Kenya’s mineral resources and strengthen the country’s energy infrastructure.

    According to him, the Sovereign Wealth Fund will receive a portion of revenues generated from natural resources, including minerals and petroleum, to build national savings and finance strategic investments.

    “The recently established Kenya Sovereign Wealth Fund is designed to preserve a portion of revenues generated from the country’s natural resources, including minerals and petroleum, for the benefit of future generations while supporting long-term economic stability and strategic investments,” Omollo said.

    He noted that Siaya County, which is endowed with mineral resources and hosts ongoing gold mining activities, stands to benefit significantly from the initiative through increased investment, economic growth and job creation.

    “For the people of Siaya County, the Fund holds considerable promise. The county is endowed with mineral resources, including ongoing gold mining activities, whose future revenues could contribute to national savings while driving local economic growth and job creation,” he added.

    Omollo also disclosed that plans to construct Kenya’s first nuclear power plant in Siaya County continue to advance.

    According to him, the project is expected to strengthen the country’s energy security by providing a stable and reliable electricity supply to support industrial growth and economic transformation.

    “At the same time, plans to develop Kenya’s first nuclear power plant in Siaya County continue to gather momentum. The project is expected to strengthen the country’s energy security, provide reliable electricity for industry and accelerate Kenya’s broader industrialisation agenda,” he said.

    The Kenyan government has identified energy security, industrialisation and the sustainable management of natural resource revenues as key pillars of its long-term economic development strategy.

  • FG begins free registration of 250,000 small businesses under Renewed Hope Agenda

    FG begins free registration of 250,000 small businesses under Renewed Hope Agenda

    ABUJA, Nigeria (NPA) — The Federal Government has commenced the free formalisation and registration of 250,000 Micro, Small and Medium Enterprises (MSMEs) across Nigeria in a major initiative aimed at expanding the country’s formal business sector and supporting entrepreneurship.

    The programme, approved by President Bola Tinubu under the Renewed Hope Agenda, is being implemented through a partnership between the Corporate Affairs Commission (CAC) and the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN).

    Under the initiative, the Federal Government will waive all statutory business registration fees, removing one of the biggest financial barriers preventing many small businesses from formalising their operations.

    According to the government, the programme is open to eligible entrepreneurs in all 36 states and the Federal Capital Territory on a first-come, first-served basis.

    To qualify, applicants must own an unregistered business and register it as a Business Name under either a sole proprietorship or a partnership.

    The scheme does not cover Limited Liability Companies (Ltd) or Non-Governmental Organisations (NGOs).

    Eligible businesses include retail shops, fashion and tailoring enterprises, farms, technology service providers, artisan businesses and other genuine nano, micro and small enterprises.

    Applicants are required to register on the SMEDAN portal using a valid email address and telephone number before completing their business profile with details including their proposed business name, business sector, owner’s information and National Identification Number (NIN).

    Upon submission, applicants will receive a SMEDAN Unique Identification Number (SUIN), after which their applications will be transmitted electronically to the Corporate Affairs Commission for business name reservation and registration at no cost.

    Successful applicants will receive their digital CAC Certificate of Registration by email.

    The Federal Government said formal business registration would enable entrepreneurs to access government grants and intervention programmes, open corporate bank accounts, benefit from business development support and technical training, improve access to finance and investment opportunities, and enhance their credibility in local and international markets.

    Government estimates indicate that approximately ₦3 billion in registration fees will be waived under the programme, enabling 250,000 nano, micro and small enterprises to join Nigeria’s formal economy.

    The government also assured entrepreneurs that registration under the initiative does not automatically impose immediate tax obligations, noting that eligible small businesses will continue to benefit from existing tax exemption thresholds under Nigeria’s updated tax framework.

    According to the Federal Government, the initiative forms part of broader efforts to promote entrepreneurship, create jobs, improve financial inclusion and strengthen the contribution of small businesses to Nigeria’s economic growth.

  • South Africa defends withholding funds from 69 municipalities over financial mismanagement

    South Africa defends withholding funds from 69 municipalities over financial mismanagement

    PRETORIA, South Africa (NPA) — South African Finance Minister Enoch Godongwana has defended the government’s decision to withhold the July 2026 equitable share allocations to 69 municipalities, saying the move is aimed at enforcing financial discipline, ensuring compliance with the law and improving service delivery.

    Godongwana made the remarks on Friday during a media briefing after the National Treasury announced that the affected municipalities had failed to meet key financial and governance obligations.

    According to the Treasury, the municipalities were sanctioned for adopting unfunded budgets, accumulating unauthorised, irregular, fruitless and wasteful expenditure (UIFWE), and failing to meet statutory payment obligations to entities including Eskom, water boards, the South African Revenue Service (SARS), the Auditor-General and pension funds.

    “We have been doing it every year, but on a smaller scale. Of this size, we last did it in 2016,” Godongwana said.

    “Every year, we are fighting with municipalities. Sometimes we take money from one municipality to another because a municipality is not performing. It is precisely this that will enhance service delivery because we are forcing municipalities to perform.”

    The minister explained that the withholding of funds is temporary and that municipalities could regain access to their allocations once they demonstrate credible plans to address the deficiencies identified by the Treasury.

    He said municipalities with unfunded budgets would be required to work with Treasury officials to develop sustainable funding plans, while those owing creditors must submit realistic repayment schedules.

    For municipalities with high levels of unauthorised, irregular, fruitless and wasteful expenditure, Godongwana said Municipal Public Accounts Committees (MPACs) must review the findings of the Auditor-General, recommend corrective measures and ensure appropriate consequence management.

    He disclosed that some municipalities had already complied with Treasury requirements and would have all or part of their equitable share released next week.

    The minister stressed that broader government reforms would only succeed if all public institutions embraced accountability and improved performance.

    “Reforms must be accompanied by making sure that people are performing. If you have reforms and you don’t have willing partners to participate, the reforms are not going to be effective,” he said.

    In a statement, the National Treasury described the state of municipal finances as “sobering.”

    The Treasury said municipalities had accumulated R24.12 billion in fruitless and wasteful expenditure since the 2021/22 financial year, R145.21 billion in irregular expenditure, including R40.14 billion recorded in 2024/25, and R118.13 billion in unauthorised expenditure.

    According to the Treasury, the growing financial mismanagement threatens the sustainability of essential service providers, disrupts basic services and weakens public confidence in local government.

    “South Africans deserve municipalities that are financially sound, accountable and capable of delivering services. By invoking the Constitution, we are signalling seriousness about governance, fiscal responsibility and the rule of law,” Godongwana said.

  • BREAKING: Air Peace announces flight disruptions as heavy rain hits Lagos, Benin

    BREAKING: Air Peace announces flight disruptions as heavy rain hits Lagos, Benin

    LAGOS, Nigeria (NPA) — Air Peace has announced disruptions to its flight operations following heavy rainfall affecting Lagos, Benin City and other parts of its domestic network.

    In a statement issued on Friday by the airline’s spokesperson, Osifo-Whiskey Efe, Air Peace said adverse weather conditions had affected flight schedules, stressing that passenger safety remains its highest priority.

    “Due to the heavy downpour of rain in Lagos and Benin, some flights across our operating network will be disrupted,” the airline said.

    Air Peace appealed to passengers for understanding as it works to minimise the impact of the weather and restore normal operations.

    “While weather is beyond our control and safety remains our utmost priority, we appeal for your understanding as we manage the disruptions as best as we can and get you to your destinations safely,” the statement added.

    The airline advised passengers requiring information on flight schedules or other enquiries to contact its customer service channels for updates.

    Air Peace reaffirmed its commitment to maintaining the highest safety standards for passengers and crew, noting that operational decisions would continue to be guided by prevailing weather conditions and established aviation safety procedures.

    The airline thanked customers for their patience, understanding and continued support while the disruptions persist.

  • Air Peace completes fourth South Africa evacuation, brings home 1,085 Nigerians

    Air Peace completes fourth South Africa evacuation, brings home 1,085 Nigerians

    LAGOS, Nigeria (NPA) — As xenophobic attacks against African foreign nationals continue to generate concern in South Africa, Nigeria’s flagship carrier, Air Peace, has completed another humanitarian evacuation flight, bringing home more Nigerians caught up in the violence.

    The airline on Thursday concluded the fourth phase of its evacuation operation from South Africa, airlifting 284 Nigerian nationals in collaboration with the Federal Government.

    The latest mission, operated with Air Peace’s Boeing 777-200 wide-body aircraft, brings the total number of Nigerians evacuated by the airline to 1,085 across four humanitarian flights.

    According to Air Peace, the evacuation forms part of its corporate social responsibility and continued support for national emergency response efforts aimed at assisting Nigerians affected by the recent wave of xenophobic attacks in South Africa.

    “West Africa’s largest airline and Nigeria’s premier carrier, Air Peace, has successfully completed the fourth phase of its humanitarian evacuation operation from South Africa, safely bringing home another 284 Nigerian nationals in collaboration with the Federal Government of Nigeria,” the airline said in a statement.

    The airline disclosed that it had previously evacuated 262 Nigerians on June 11, 271 on June 30, and 268 on July 3, before completing the latest operation on July 9.

    With the completion of the latest mission, Air Peace said it had successfully repatriated 1,085 Nigerians, reaffirming its readiness to deploy its fleet and operational capabilities whenever required in the national interest.

    The airline described the evacuation exercise as more than a transportation mission, saying it reflected its commitment to humanitarian service, patriotism and the welfare of Nigerians abroad.

    “More than an airlift, the ongoing evacuation exercise reflects Air Peace’s unwavering humanitarian philosophy, one rooted in compassion, patriotism and an abiding commitment to ensuring that Nigerians, regardless of where they may be, can always count on a safe journey home in times of crisis,” the statement said.

    Air Peace added that it would continue to support government efforts whenever necessary, stressing that its mission extends beyond commercial aviation to connecting families and providing hope during emergencies.

    The airline said it remains committed to deploying its resources whenever Nigerians require assistance, both within and outside the country.

  • JUST IN: Ruto launches second phase of NYOTA Programme, disburses KSh3bn to young entrepreneurs

    JUST IN: Ruto launches second phase of NYOTA Programme, disburses KSh3bn to young entrepreneurs

    NAIROBI, Kenya (NPA) — Kenyan President William Ruto has launched the second phase of the business support component of the National Youth Opportunities Towards Advancement (NYOTA) programme, approving the disbursement of more than KSh3 billion to over 122,000 young entrepreneurs across the country.

    Under the initiative, each beneficiary will receive a KSh25,000 business grant to support the establishment or expansion of small enterprises.

    The nationwide rollout was launched from Nairobi and linked live to multiple locations across Kenya.

    In Marsabit County, 1,680 young people benefited from the programme during an event held at Marsabit Stadium. The beneficiaries included participants receiving a second tranche of support as well as first-time entrants into the scheme.

    The grants were presented by the Principal Secretary for Internal Security and National Administration, Dr Raymond Omollo, alongside the Principal Secretary for Petroleum, Kello Harsama, and Marsabit Deputy Governor Solomon Gubo.

    Officials said the exercise recorded strong participation by young women, reflecting growing interest in entrepreneurship and small business development.

    The NYOTA project is a five-year youth empowerment programme implemented by the Kenyan Government with support from the World Bank.

    The initiative aims to empower more than 820,000 unemployed young people through entrepreneurship financing, employability training, digital skills development and financial inclusion programmes.

    The project targets young people aged 18 to 29 years, and up to 35 years for persons with disabilities, particularly those with secondary education or below.

    According to the programme framework, NYOTA seeks to improve employment opportunities by supporting young entrepreneurs with start-up capital, mentorship and access to financial services while also promoting apprenticeships, skills acquisition and digital literacy.

    The programme also encourages financial resilience through youth savings initiatives and institutional reforms designed to strengthen the delivery of youth development programmes.

    The Kenyan Government said the initiative forms part of its broader strategy to reduce youth unemployment, expand economic opportunities and position young people as drivers of innovation, entrepreneurship and sustainable economic growth.