Category: Business

Uganda To Sue Kenya Over Exports Blockade

Officials in Uganda have expressed frustration over the economic restriction placed on its product by its neighbor, Kenya, and have threatened to sue in the East African Court of Justices if the matter is not harmoniously resolved by the end of this week. State Minister for East African Affairs, Julius Maganda, revealed that Uganda “has […]

First black-owned mutual fund secures $200 million to launch ‘project black’

Chicago-based investment firm Ariel Investments has secured $200 million commitment fund from JPMorgan Chase to help in the launching and implementation of ‘project Black’; an initiative with which the firm aims to invest heavily into minority-owned businesses. Ariel co-CEO Mellody Hobson and global investment manager, founder and former head of Hamilton Lane, Leslie A. Brun […]

The Gambia’s $588 million diaspora remittances offset tourism revenue losses

Since the outbreak of Covid-19 last year, and restriction of movements all over the world, states across the Continent have had to devise new economic strategies to sustain their essential economic sectors. The spread of Covid-19 and ‘stay at home’ measures in response to it have dramatically reshaped global activities and economies, especially the tourist […]

Akon signs mining deal in the Democratic Republic of Congo

Senegalese-American singer, philanthropist and businessman, Alieu Cham popularly known as Akon is expanding the scope of his investments in Africa by delving into a whole different area. This time, Akon has ventured into the mining sector; the award winning musician has signed a deal with the government of the Democratic Republic of Congo (DRC) to […]

This Kenyan innovator transforms plastic waste into durable building materials

This Nairobi-based entrepreneur has developed a solution to one of Africa’s major challenges; the continent has been suffering from the widespread of plastic waste and its damaging effects on the environment. Fortunately, Nzambi Matee, a female material engineer has come up with an initiative that converts plastic wastes into durable building materials.Speaking to Reuters, Matee […]

Akon’s wife set to invest $12 million in Ugandan entertainment industry

Rozina Negusei, wife of Senegalese-American musician and entrepreneur, Aliaume Damala Badara Akon Thiam known popularly as Akon, has announced an investment package of $12 million for the Ugandan entertainment industry over a period of five years. She made this disclosure after a visit to the East-African country upon invitation by Isaac Kigozi, Managing Director of […]

Dutch court orders shell to compensate Nigerian farmers over oil spillage

A Dutch Court of Appeal in Hague-Netherland has on Friday, January 29th, 2021 ruled that a subsidiary of Shell, a British-Dutch multinational oil and gas company should pay compensations to Nigerian farmers. This follows a case filed in 2008 by the farmers resident in South-Eastern Nigeria regarding damages they suffered through consistent oil spillage from […]

Angola: Paris court orders Isabel dos Santos to pay $600m in damages to PT Ventures

Isabel dos Santos, billionaire daughter of Angola’s former President José Eduardo dos Santos has been charged by a court in France to pay damages worth over $600 million to PT Ventures, a company acquired by the Angolan oil company, Sonangol. The International Chamber of Commerce (ICC) earlier in February 2019 awarded an indemnity of $339.4 […]

Nigerian who owns a scheduling platform secures $350 Million investment deal

Nigerian named Tope Awotona who owns one of the world’s most sought-after cloud scheduling platforms called Calendly, has secured $350 million investment, shooting his company’s worth to over $3 billion. The platform which helps users to easily schedule meetings and also find meeting times was built with features that makes it compatible with Google, Outlook, […]