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According to data from the Nigerian Exchange Limited (NGX), Stanbic IBTC — the most expensive banking stock on the bourse — gained from ₦109 ($0.07) on Friday to ₦115 ($0.08) on Monday, maintaining that price through Tuesday’s close.
The capital injection comes as fiscal uncertainty deepens over Ethiopia’s stalled Eurobond restructuring, which analysts say could complicate access to external funding.
Africa’s largest banking group by market value has voiced concern over the United Kingdom’s newly proposed £11bn ($14.7bn) car loan compensation scheme, warning that it could expose lenders — including its UK subsidiary, MotoNovo Finance — to significant financial risks.
Under the new export framework, companies that fail to meet allocation targets, breach environmental or tax rules, or transfer allocations to third parties will have their quotas revoked.
The central bank said the upcoming auction, which marks the tenth since the East African nation launched its new foreign exchange trading system in August 2024, follows months of robust inflows and rising reserves.
President Taye Atske Selassie told lawmakers in Addis Ababa last week that the government is targeting 9% economic growth and single-digit inflation in the current fiscal year, backed by ongoing reforms.
Wegagen’s management attributed the capital surge to strategic balance-sheet strengthening, business diversification, and an accelerated digital rollout.
The move marks a milestone for the Horn of Africa nation, which signed the trade agreement in 2018 and has since worked to align its systems with continental trade protocols.
This marks VFD’s second major capital raise in two years. At its eighth AGM in 2024, shareholders had approved a ₦30bn ($20.3m) capital raise, of which ₦12.5 billion ($8.45m) was successfully secured.
The transaction would mark Nigeria’s first Eurobond issuance since December 2024, when a $2.2 billion offer drew strong investor demand, with bids exceeding seven times the amount on sale.
The Central Bank of Kenya insists that the move will offer further support to credit expansion and sustain the country’s growth trajectory while ensuring that prices remain stable.
Last week, the CBE cut its overnight deposit rate by 100 basis points to 21%, its fourth consecutive reduction this year and the lowest level in two years.
Optasia, a global provider of AI-driven financial technology, has announced plans to list on the Prime Segment of the Johannesburg Stock Exchange (JSE) Main Board, amid capital raise moves.
Nigeria’s president, Bola Tinubu, has asked parliament to approve $2.8 billion in new external funding, including the country’s first sovereign sukuk on the international market.
Muhammad Sanusi II, Emir of Kano and former central-bank governor, warns that Nigeria’s early monetary loosening risks reigniting inflation and undoing recent gains in economic stability.
Zest Payments has been fined $1.89k by Nigeria’s Central Bank for late filing of its 2023 accounts, a fresh setback for the two-year-old fintech, yet to break even despite hefty capital injections.
The move marks a shift from over a decade of debt-driven infrastructure expansion that has left the country with one of Africa’s highest debt service burdens.
The AfDB’s proposed funding comes shortly after the World Bank disclosed plans to extend $750 million in new loans to the western African nation, covering projects in digital infrastructure and healthcare resilience.
Mwanamvekha returns to office amid severe economic headwinds marked by persistent inflationary pressures, severe foreign exchange shortages, mounting debt and slow growth.
According to the Group, the West African nation must grow by an average of 15% annually to reach the milestone, noting that while ongoing reforms are commendable, they remain insufficient to bridge the country’s wide growth gap.