Month: February 2022

THE UK government has announced more sanctions against Russia following the invasion of Ukraine. The government announced on Monday February 28, that it has banned any British entities from conducting transactions with the Russian central bank, finance ministry and wealth fund. It also noted that it would preclude Russian companies from issuing transferable securities and…

AFRICA is a bio-resource powerhouse. However, when it comes to wood pellet and biomass pellet energy, Africa usually flies under the radar. Africa’s forest resources are depleting rapidly. Net loss of forest areas has accelerated at an average of 3.9 million hectares per year over the past decade. Wood pellets and biomass pellets created from abundant agriculture,…

THE Biden administration announced additional sanctions against Russia’s central bank on Monday, a move that effectively prohibits Americans from doing any business with the bank as well as freezes assets within the United States. The new measures will also target the National Wealth Fund of the Russian Federation and the Ministry of Finance of the…

RUSSIANS are lining up at cash machines around the country to withdraw foreign currency as new sanctions to punish the Kremlin for its invasion of Ukraine sparked fear the ruble could collapse. The rush for foreign currency came despite some lenders selling dollars at more than a third higher than the market’s close on Friday,…

UNITED Bank for Africa (UBA) has informed their Nigerian customers that the limit on the Naira Card has been reduced to $20/month from $100/month. This is according to mail sent to customers seen by Nairametrics. This new policy is set to take effect on the 1st of March, 2022. The Naira card will not complete…

DE Beers is bringing its sales activities back to Botswana’s capital Gaborone, it said on Thursday, almost two years after the Covid-19 pandemic forced them to be held in cities including Antwerp and Dubai. The Anglo American subsidiary had moved its pre-sale viewings – a marketing exercise to showcase its new batch of diamonds –…

PRESIDENT Recep Tayyip Erdogan has said Turkey and Senegal have more than doubled their bilateral trade volume target to $1bn. ‘We will fortify our existing contractual structure with the agreements we will sign during my visit,’ Erdogan on Monday told the Turkey-Senegal Business Forum held in the Senegalese capital Dakar. Erdogan praised ‘the excellent course’…

KENYAN President Uhuru Kenyatta has welcomed an announcement by the United Arab Emirates (UAE) to establish an innovation and entrepreneurship centre in Kenya, State House said in a statement on Sunday. The announcement comes in the wake of President Kenyatta’s bilateral talks with Sheikh Mohamed bin Zayed Al Nahyan, the Crown Prince of Abu Dhabi…

CDC Group, the UK’s development-finance arm, will provide a $100 million credit facility to First Bank of Nigeria Ltd. to help support women-owned businesses and small companies in Africa’s largest economy. The funding will ‘address the challenge of limited access to capital faced by under-banked and underserved groups in the country,’ the firm said in an emailed…

TURKEY’S President Recep Tayyip Erdogan has started his mini-tour of Central and West Africa, which is expected to create new opportunities to boost bilateral trade and benefit Turkish businesspeople to expand their investments in the region. On his four day-tour starting from Sunday, Erdogan will be visiting the Democratic Republic of Congo, Senegal, and Guinea-Bissau.…