Africa Business News

The Nigeria Extractive Industries Transparency Initiative has recovered $4.85 billion from unpaid liabilities owed by oil and gas companies in the country. NEITI’s Executive Secretary, Dr. Orji Orji, disclosed that the recovery is part of the total $8.26 billion identified in its 2021 oil and gas audit report. He stated that the development demonstrates the agency’s commitment to transparency and accountability in Nigeria’s extractive sector. He says while significant progress has been made in recovering funds, unresolved financial liabilities remain a major concern. He lamented that despite NEITI’s efforts to ensure financial accountability in the oil and gas sector, several companies have continued to default on payments. Become a supporter of this podcast: https://www.spreaker.com/podcast/africa-business-news--4166630/support.

Taara Lightbridge, a project originally developed under its X “moonshot” division, will become a standalone company, challenging Starlink in the race to connect underserved regions with high-speed internet. Taara’suses Free Space Optical Communication (FSOC) technology to beam high-speed internet through light over long distances, unlike satellite broadband. The move signals Alphabet’s renewed push into connectivity solutions after the closure of its Project Loon balloon venture in 2021. CEO Mahesh Krishnaswamy says Taara is targeting 3 billion people globally, including 860 million in Africa without reliable internet access. The company will compete directly with Starlink, which has amassed over 5 million subscribers across 125 countries. While still in testing, Taara is operational in 12 countries globally and is now focusing on scaling its operations across Tanzania, Kenya, Zimbabwe, and Nigeria. Become a supporter of this podcast: https://www.spreaker.com/podcast/africa-business-news--4166630/suppo

MTN is cutting back on network investments in South Africa, reducing its core network investments by $225 million in 2025 which brings its budget to between $313 million and $367 million about 19% of the group’s total capital expenditure. The company says its network has enough capacity and that it needs to see returns on the $247 million it spent on its network resilience during load-shedding. MTN’s move in South Africa is surprising because MTN Nigeria, its subsidiary business—which lost its spot as the group’s top revenue generator in 2024 owing to losses—is taking a different approach. Instead of cutting back, the telecom operator is increasing investment in its core network in Nigeria where it controls more than half of the market share. Become a supporter of this podcast: https://www.spreaker.com/podcast/africa-business-news--4166630/support.

Namibia's new president was sworn in to lead a country facing high rates of unemployment, inequality and poverty. Netumbo Nandi-Ndaitwah told BBC's Africa Daily podcast that she will be dealing with it with the additional burden of being only Africa's second-ever directly elected female president and Namibia's first female head of state and If things go well then it will be seen as a good example, Nandi-Ndaitwah has been a long-term loyalist of the South West Africa People's Organisation (Swapo) – which has been in power since the country gained independence in 1990 after a long struggle against apartheid South Africa. Become a supporter of this podcast: https://www.spreaker.com/podcast/africa-business-news--4166630/support.

The Federal Government says it will learn power generation and transmission from Egypt which it described as a role model in the sector. The government also has reaffirmed its commitment to rural development through improved electricity access, The Minister of Power, Adebayo Adelabu, says that the meeting centred on strengthening bilateral cooperation in energy expansion, focusing on renewable energy and rural electrification. Adelabu commended Egypt’s achievements in the energy sector and described the country as a role model in energy infrastructure development. He expressed Nigeria’s interest in learning from Egypt’s experience in energy generation, transmission, and distribution, adding that the success in Egypt led to the engagements with Siemens with a view towards stabilising Nigeria’s power sector. Become a supporter of this podcast: https://www.spreaker.com/podcast/africa-business-news--4166630/support.

The Nigerian Bar Association has reiterated its position that the removal of the Rivers State governor, Siminalayi Fubara, by President Bola Tinubu is unconstitutional and has called on the President to reverse that decision. The President declared a state of emergency in Rivers State, suspending the governor, his deputy and all the members of the House of Assembly over the political crisis rocking the oil-rich state. Osigwe says that they expect the president to restore Fubara back to power having unconstitutionally removed him. Become a supporter of this podcast: https://www.spreaker.com/podcast/africa-business-news--4166630/support.

Israel ordered all of Gaza's electricity supply to be cut off on Sunday in an effort to pressure Hamas into releasing the remaining Israeli hostages held in the territory. Energy minister Eli Cohen's announcement came a week after Israel cut off all aid supplies to the territory, which has a population of more than two million people. The decision to cut electricity is expected to primarily affect the operation of desalination plants which are crucial for providing clean drinking water. The government says it has not ruled out cutting off water supplies. Israel wants Hamas to accept an extension of the first phase of their ceasefire but Hamas wants to start negotiations on the ceasefire's second phase, which would see the release of the remaining hostages from Gaza, withdrawal of Israeli forces and a permanent end to war. Become a supporter of this podcast: https://www.spreaker.com/podcast/africa-business-news--4166630/support.

The South African government says it will not take part in counterproductive megaphone diplomacy following a fresh social media post by US President Donald Trump repeating his claim that Pretoria was confiscating land. Trump extended his invitation to relocate those seeking to flee [South Africa] for reasons of safety to all farmers and offered them citizenship. The government said South Africa was still committed to building a mutually beneficial trade, political and diplomatic relationship with the Trump administration. The US president said their land was being seized without compensation, something the South African government denies. He also offered refugee status to Afrikaner farmers, despite vowing to crack down on immigration. Become a supporter of this podcast: https://www.spreaker.com/podcast/africa-business-news--4166630/support.

The Democratic Republic of Congo government has offered a reward of $5m for help arresting three leaders of a rebel group which has seized much of the east of the country this year. Corneille Nangaa, a former head of DR Congo's electoral commission, now leads the Congo River Alliance, which includes the M23 rebel group. The bounty is also on offer for M23 leaders Sultani Makenga and Bertrand Bisimwa. A reward of $4m was also offered for the arrest of two journalists living in exile, and others the government describes as accomplices. Become a supporter of this podcast: https://www.spreaker.com/podcast/africa-business-news--4166630/support.

Market data shows that Bitcoin’s price plummeted to $82,267 marking a 5% decline over the past 24 hours. = The development comes as uncertainty surrounding U.S. President Donald Trump’s economic policies continues to ripple through the market. The overall cryptocurrency market experienced a 5% drop, reducing its valuation to about $2.77 trillion. Solana recorded 7% loss, while XRP recorded 5% losses, while Ethereum fell 5%, trading near the $2,000 mark. The downturn has been further fueled by a wave of memecoin scams, prompting investors to seek safer assets. Become a supporter of this podcast: https://www.spreaker.com/podcast/africa-business-news--4166630/support.

Carbon, the Nigerian digital bank known for its loans-led approach to banking, has partnered with Verve, the Interswitch-owned card scheme, to resume issuing debit cards nine months after pausing card operations. Carbon operates without an agent network or physical branches, limiting channels for cash withdrawals and online shopping. The company says discontinuing cards further limited its channels and the resumption of card issuance shows that despite the rise of contactless payments and bank transfers, debit cards remain one of the most effective channels for customers to access their funds. Become a supporter of this podcast: https://www.spreaker.com/podcast/africa-business-news--4166630/support.

The Federal Government has adopted the Tai Solarin University of Education (TASUED) in Ijagun, Ogun State as a Federal University. President Tinubu approved the adoption on Friday and thanked the Ogun State Government for inviting the Federal Government to take over the school, one of the state’s best educational assets. He says it is an opportunity for the Federal Government to honour Chief Obafemi Awolowo, who began the revolutionary free education programme in Western Nigeria and Dr Tai Solarin, who spent most of his life educating children and impacting patriotic and leadership lessons. President Tinubu emphasised that TASUED’s transition into a Federal University of Education is a strategic step in the Federal Government’s commitment to bolster teacher education and enhance the quality of instruction across all educational levels. Become a supporter of this podcast: https://www.spreaker.com/podcast/africa-business-news--4166630/support.

UK Prime Minister Keir Starmer has announced a four-point plan to work with Ukraine to end the war and defend the country from Russia. The UK, France and other countries will step up their efforts in a coalition of the willing" and seek to involve the US in their support for Ukraine after calling a summit of 18 leaders - mostly from Europe and including Volodymyr Zelensky - three days earlier. Zelensky says Kyiv felt "strong support" and the gathering showed "European unity at an extremely high level not seen for a long time". French President Emmanuel Macron told Le Figaro newspaper that Paris and London wanted to propose a one-month truce between Russia and Ukraine "in the air, at sea and on energy infrastructure. Become a supporter of this podcast: https://www.spreaker.com/podcast/africa-business-news--4166630/support.

The Democratic Republic of Congo is standing firm on its decision not to have direct talks with the M23 rebel group that has made major advances in the east of the country in recent months. DR Congo Prime Minister Judith Suminwa Tuluka says her government wants to negotiate with neighbouring Rwanda, which it accuses of backing the M23. She says the fact remains that the aggressor of the territorial integrity and of the sovereignty of the Democratic Republic of Congo is Rwanda. Become a supporter of this podcast: https://www.spreaker.com/podcast/africa-business-news--4166630/support.

The Nigeria Labour Congress has vowed to mobilise workers and citizens for a nationwide protest if the Federal Government proceeds with its proposed electricity tariff hike, describing it as “economic violence against the working class and broader Nigerian populace.” The National Union of Electricity Employees accused the Ministry of Power and NERC of attempting to force consumers into higher tariff bands under the pretext of service improvement while, in reality, deepening economic hardship. The NEC also expressed concerns over the recent 35 per cent increase in telecommunications tariffs adding that Nigerian workers should not bear the brunt of corporate and government inefficiencies. Become a supporter of this podcast: https://www.spreaker.com/podcast/africa-business-news--4166630/support.

MTN Nigeria, the country’s largest operator, has claimed back ₦32 billion from banks, a partial recovery of the ₦74 billion owed in USSD service charges. In December 2024, the regulators, the Central Bank of Nigeria and the Nigerian Communications Commission, ordered banks to pay 85% of their ₦250 billion debt to telcos before year-end or face fines and service restrictions. The crackdown forced banks to act, but not quickly enough for MTN, which still classifies the unpaid sum as “receivables” pending settlement in 2025. MTN Nigeria, in 2024, reported an after-tax loss of ₦400.44 billion; the sharp decline stems from the naira’s depreciation, soaring tower lease costs, and mounting foreign currency obligations. Become a supporter of this podcast: https://www.spreaker.com/podcast/africa-business-news--4166630/support.

The federal government has mandated that road contractors work on-site for at least two weeks before receiving mobilisation fees. The Minister of Works, David Umahi, explained that the policy aims to ensure that only committed contractors handle Nigeria’s road projects, thereby reducing cases of abandoned construction sites. He stressed that the Ministry’s decision that every contractor must be at the site and working for at least two weeks before the mobilisation fee is paid is the way to go for sustainable project development and delivery Become a supporter of this podcast: https://www.spreaker.com/podcast/africa-business-news--4166630/support.

Volodymyr Zelensky says the eve of the third anniversary of Russia’s invasion — that he was ready to quit as Ukraine’s president if it meant Kyiv would be admitted to the NATO military alliance. Zelensky says he wanted to meet Donald Trump before the US president meets his Russian counterpart Vladimir Putin. Zelensky and Trump have been engaged in a war of words since US and Russian officials met last week in Saudi Arabia for their first high-level talks in three years. The move undermined the West’s policy of isolating the Kremlin and infuriated Ukrainian and European leaders, excluded from the meeting. Trump has branded Zelensky a “dictator”, falsely claimed Ukraine “started” the war also claimed, contrary to independent opinion polls, that Zelensky was unpopular at home. Zelensky said he was not “offended” by Trump’s comments and was ready to test his popularity in elections once martial law ends in Ukraine. Become a supporter of this podcast: https://www.spreaker.com/podcast/africa-business-news--4166

India and the UK will restart free trade talks nearly a year after negotiations were paused ahead of general elections in both countries. Jonathan Reynolds, the UK's business and trade secretary, is in Delhi, where he will meet his Indian counterpart Piyush Goyal to kick off the two-day discussions. Reynolds says it was a no-brainer to seek a trade deal with India, which was forecast to become the world's third-largest economy in a few years. The countries have held more than a dozen rounds of negotiations since 2022, but an agreement has remained out of reach. Sticking points include high tariffs in India on Scotch whiskey and demands to relax fees and visa rules for Indian students and professionals going to the UK. President Donald Trump's decision to impose reciprocal or tit-for-tat tariffs on imported goods from countries, including India. Become a supporter of this podcast: https://www.spreaker.com/podcast/africa-business-news--4166630/support.

The Rwandan government has condemned the US decision to sanction a government minister for his alleged role in the conflict in the east of neighbouring Democratic Republic of Congo. The US Treasury Department says Rwanda's Minister of State for Regional Integration James Kabarebe, a former army chief, was central to his country's support for the M23 rebel group. The US Treasury also sanctioned Lawrence Kanyuka, the M23's spokesman, as well as two companies he controls in Britain and France. The UK says there would be consequences for Rwanda over its alleged role in DR Congo. Rwanda's foreign ministry says the sanctions would not resolve the conflict in the DR Congo, terming them unjustified and unfounded. Become a supporter of this podcast: https://www.spreaker.com/podcast/africa-business-news--4166630/support.