Africa Business News

The head of the UN peacekeeping mission in the Democratic Republic of Congo has held talks with Rwanda-backed rebels about protecting civilians in areas under their control in the east. Bintou Keita, the UN secretary general's special representative, says the rebels spoke of wanting a peaceful solution to the crisis, which escalated in January with their capture of the major city of Goma. Ms Kieta says it formed part of ongoing "joint efforts begun several months ago for the benefit of the population", and that it came at a critical moment. Become a supporter of this podcast: https://www.spreaker.com/podcast/africa-business-news--4166630/support.

The Federal Competition and Consumer Protection Commission has summoned the management of Air Peace Limited following multiple complaints from passengers regarding non-refunded ticket fares, even in cases where the airline cancelled scheduled flights. The Director of Corporate Affairs, Ondaje Ijagwu, stated that the airline’s actions contravene Sections 130(1)(a) and (b), and 130(2)(b) of the Federal Competition and Consumer Protection Act 2018, which guarantee consumers the right to prompt refunds when bookings or reservations are not honoured due to a service provider’s failure. He explained that the summons was issued pursuant to Sections 32 and 33 of the Act, requiring Air Peace to provide specific documentary evidence. This includes a complaint log of refund-related issues over the past 12 months, records of all processed refunds to date, a list of all cancelled flights on all routes within the same period, and measures taken to alleviate hardship caused to affected passengers. Become a supporter of thi

The United Nations’ humanitarian agency says that it was seeking $29 billion in funding compared to $44 billion requested in December, in a “hyper-prioritised” appeal. Areport says the UN was drastically scaling back its global humanitarian aid plans due to the “deepest funding cuts ever”. Tom Fletcher, the head of the United Nations Office for the Coordination of Humanitarian Affairs (OCHA), says Brutal funding cuts leaves themwith brutal choices. The UN says it has received only $5.6 billion out of the $44 billion, a mere 13 per cent, that it had requested while facing surging crises in Sudan, Gaza, the Democratic Republic of the Congo and Myanmar, among others. Become a supporter of this podcast: https://www.spreaker.com/podcast/africa-business-news--4166630/support.

Justice Yusuf granted the bail after Emefiele was arraigned on an eight-count charge in which he is accused of among others, unlawfully acquiring a housing estate comprising 753 units, allegedly stealing and taking control of billions of naira in proxy accounts. Justice Yusuf in the ruling, noted that Emefiele had been granted bail in three other criminal cases pending against him and that there was no evidence that he had jumped bail. He then proceeded to admit him to bail on the condition that he must produce two sureties, who must own property worth ₦ 2 billion in either Asokoro, Maitama or Wuse 2 within the jurisdiction of the court. Justice Yusuf ordered Emefiele to submit his travel documents to the court and directed that he must perfect the bail by Wednesday, failing which he would be remanded in custody. Become a supporter of this podcast: https://www.spreaker.com/podcast/africa-business-news--4166630/support.

Dangote petroleum refinery has announced the free distribution of petrol and diesel to marketers, dealers, and other large users across the country. The Refinery says the initiative would commence on august 15, 2025. The refinery also says it has procured 4,000 brand-new compressed natural gas (cng)-powered tankers for take-off of the initiative. The refinery says it has also invested in compressed natural gas (CNG) stations, commonly referred to as daughter booster stations, supported by a fleet of over 100 CNG tankers across the country to ensure seamless product distribution. Become a supporter of this podcast: https://www.spreaker.com/podcast/africa-business-news--4166630/support.

The US and China say they have agreed in principle to a framework for de-escalating trade tensions between the world's two biggest economies. US Commerce Secretary Howard Lutnick says the deal should result in restrictions on rare earth minerals and magnets being resolved. Both sides say they would now take the plan to their presidents - Donald Trump and Xi Jinping - for approval. The US says China has been slow to release exports of rare earth metals and magnets which are essential for manufacturing everything from smartphones to electric vehicles. The new round of negotiations followed a phone call between Donald Trump and China's leader Xi Jinping last week which the US President described as a very good talk. Become a supporter of this podcast: https://www.spreaker.com/podcast/africa-business-news--4166630/support.

A senior US health official admitted President Donald Trump’s administration had gone too far in slashing biomedical research grants worth billions of dollars, and said efforts were underway to restore some of the funding. Jay Bhattacharya, director of the National Institutes of Health says he had created an appeals process for scientists and laboratories whose research was impacted, and that the NIH had already “reversed many” of the cuts. He says he didn’t take this job to terminate grants but to make sure the research advances the health needs of the American people. Become a supporter of this podcast: https://www.spreaker.com/podcast/africa-business-news--4166630/support.

The World Bank says it is lifting a ban on loans to Uganda that it had put in place two years ago when the country passed a draconian new law against LGBTQ people. The World Bank however, says it is confident that new mitigation measures will allow it to roll out funding in such a way that does not harm or discriminate against LGBTQ people. Analysts say the World Bank is one of Uganda's biggest sources of external financing, playing an important role in infrastructure development. Road upgrades and widened electricity access are among the projects the organisation is backing in the East African country. Become a supporter of this podcast: https://www.spreaker.com/podcast/africa-business-news--4166630/support.

Rwanda says it is pulling out of a central African regional bloc after a diplomatic row over its involvement in the conflict in the east of the Democratic Republic of Congo. The country was supposed to take up the chairman role of the Economic Community of Central African States (Eccas), which rotates between its 11 members. Rwanda says its right to take up the "chairmanship… was deliberately ignored in order to impose the DRC's diktat". The Eccas leaders at the summit "acknowledged the aggression against the Democratic Republic of Congo by Rwanda and ordered the aggressor country to withdraw its troops from Congolese soil". It added that until the dispute was resolved, it was decided that Equatorial Guinea would remain in the chairman role to the detriment of Rwanda. Become a supporter of this podcast: https://www.spreaker.com/podcast/africa-business-news--4166630/support.

The World Bank has reiterated its projection that the Nigerian economy would grow by 3.6 percent in 2025 despite the shift in the global trade dynamics. The World Bank also slashed its global growth forecast for 2025 by 0.4 percentage points to 2.3 percent, saying that higher tariffs and heightened uncertainty posed a “significant headwind” for nearly all economies. It warned that global growth could be weaker than projected if global trade tensions were to escalate further. The bank further stated that the direct impact on SSA growth of further escalation in global trade tensions may be contained owing to the limited direct exposure to export markets in China and the United States, apart from commodity demand.” Become a supporter of this podcast: https://www.spreaker.com/podcast/africa-business-news--4166630/support.

The National Orientation Agency says the Federal Government’s first quarter 2025 savings following the removal of petrol subsidies increased by more than 500% compared to the previous period. The Agency noted that the subsidy removal has led to a significant increase in government revenue as the Nigerian National Petroleum Company Limited began transferring savings to the Federation Account Allocation Committee. The savings from the declaration that stopped the subsidy freed vast resources, boosting government revenue from ₦154 billion to ₦836 billion in Q1. States saw FAAC allocations jump to ₦15.26 trillion in 2024, allowing salary payments and ₦1.85 trillion debt reduction. The report added that the savings have helped finance 40 critical road projects across the country in the two years of President Tinubu’s administration. Become a supporter of this podcast: https://www.spreaker.com/podcast/africa-business-news--4166630/support.

Prime Minister Keir Starmer has warned the United Kingdom must be prepared to confront and defeat hostile states with modern military capabilities, as his government unveils a 1.5-billion-pound plan to build at least six new weapons and explosives factories. Starmer says they are being directly threatened by states with advanced military forces, so we must be ready to fight and win. He added that they will restore Britain’s war-fighting readiness as the central purpose of our armed forces.” European nations have rushed to strengthen their armed forces in recent months, following Trump’s comments that Europe must shoulder more responsibility for its security. Become a supporter of this podcast: https://www.spreaker.com/podcast/africa-business-news--4166630/support.

Australia's defence minister Richard Marles has called on China to explain why it needs to have "such an extraordinary military build-up". He says Beijing needs to provide greater transparency and reassurance as it is the "fundamental issue" for the region. The Philippines defence minister Gilberto Teodoro Jr has called China "absolutely irresponsible and reckless" in its actions in the South China Sea. Marles asserted that China has the single biggest increase in military capability and build up in conventional sense, by any country since the end of the Second World War". Become a supporter of this podcast: https://www.spreaker.com/podcast/africa-business-news--4166630/support.

Equity Group, Kenya’s second-biggest bank by assets, has fired more than 1,200 employees in a sweeping internal purge to crack down on fraud. CEO James Mwangi says the probe found that staff across multiple departments had either facilitated or ignored suspicious transactions involving bank clients. While Equity’s new zero-tolerance stance will likely get regulators and public backing, it reveals deeper governance challenges within Kenya’s banking sector, which has been plagued by high-profile fraud cases. Few financial institutions have taken such a public and far-reaching approach to addressing internal fraud. The cleanup began quietly on May 20 when Equity dismissed an initial group of 200 employees, according to Mwangi. Become a supporter of this podcast: https://www.spreaker.com/podcast/africa-business-news--4166630/support.

Nigerian Officials says the death toll after deadly floods hit the Nigerian town of Mokwa on Thursday has risen to more than 200. There are still 500 people missing in the town in north-central Niger State, as a search mission continues. The deputy chairman of Mokwa Local Government, Musa Kimboku, says that rescue efforts have ceased because authorities no longer believe anyone could still be alive. The floods, said to be worst in the area for 60 years, swept through the towns of Tiffin Maza and AnguwanHausawa after a bout of torrential rain. Become a supporter of this podcast: https://www.spreaker.com/podcast/africa-business-news--4166630/support.

The Ebonyi State government launched EBOCAB, a ride-hailing platform to provide smart and affordable transportation alternatives for its people. The state government says EBOCAB was launched to cut down on crime, generate revenue, and provide new streams of employment for the youth. The service will be accessed through a mobile app, connects users with drivers round the clock. With its corporate headquarters in Abakiliki , this platform will serve commuters within and around Ebonyi’s airport, international market, and other corners of the state. Become a supporter of this podcast: https://www.spreaker.com/podcast/africa-business-news--4166630/support.

The Federal Government has announced a landmark initiative under the Renewed Hope Agenda to deliver 77,400 social housing units across Nigeria and launch new Renewed Hope Cities in Lagos, Abuja, and Kano in a move to tackle the country’s housing deficit. The Minister of State for Housing and Urban Development, Yusuf Ata,says, “The primary mandate of the ministry is to provide mass housing for Nigerians, and welcomed potential collaboration with Ms Allen Le and Partners International Investment Consulting Joint Company in achieving this goal.” He reaffirmed the Federal Government’s commitment to solving housing challenges through major investments and partnerships. Become a supporter of this podcast: https://www.spreaker.com/podcast/africa-business-news--4166630/support.

The Trump administration and congressional officials are scrutinizing a deal between Apple and Alibaba that would bring Alibaba-powered AI features to iPhones sold in China. The New York Times says White House officials and members of the House Select Committee on China have asked Apple executives directly about the deal, with questions focused on what data would be shared with Alibaba and whether the company was making any commitments to Chinese regulators. Representative Raja Krishnamoorthi described Alibaba as a poster child for the Chinese Communist Party’s military-civil fusion strategy and says it was extremely disturbing that Apple had not been transparent about its agreement. Become a supporter of this podcast: https://www.spreaker.com/podcast/africa-business-news--4166630/support.

OpenAI is poised to help develop a staggering 5-gigawatt data center campus in Abu Dhabi, positioning the company as a primary anchor tenant in what could become one of the world’s largest AI infrastructure projects. The UAE project, developed in partnership with G42 — an Abu Dhabi-based tech conglomerate — is part of OpenAI’s ambitious Stargate project, a joint venture announced in January that could see OpenAI, SoftBank, and Oracle build massive data centers around the globe stocked with powerful computer chips to support AI development. The project is emerging amid broader AI ties between the U.S. and UAE that have been years in the making, and have made some lawmakers nervous. Become a supporter of this podcast: https://www.spreaker.com/podcast/africa-business-news--4166630/support.

Ethiopia's main opposition party has condemned a ban on its activities, saying it posed a serious threat to the 2022 peace deal that ended two years of conflict in the northern Tigray region. The Tigray People's Liberation Front has called for the African Union to mediate with the federal government after the electoral agency revoked its legal status as a party. The decision follows months of political tensions in Tigray and comes ahead of nationwide elections that are due to take place by June next year at the latest. The National Election Board of Ethiopia, which supervises the conduct of political parties, resolved to formally deregister the TPLF on the grounds that it had failed to hold a general assembly. Become a supporter of this podcast: https://www.spreaker.com/podcast/africa-business-news--4166630/support.