African startups cumulatively raised a total of $2.2 billion in 2024 driven by two mega deals by Nigeria’s Moniepoint and South Africa’s Tyme Group.According to the funding report released by research firm, Africa: The Big Deal, the amount included equity, debt, and grants secured by the continent’s startups.While the amount raised in 2024 is quite significant, it represents a 25% drop in funding compared to the $2.9 billion raised on the continent in 2023.Breakdown of the funding The report shows that a total of 188 ventures raised $1 million or more in 2024, which is about 10% less than what was…
Author: Oladi Samuel
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Sui, a prominent layer-2 blockchain network, has resumed its strong upward trajectory, surging nearly 20% to trade at approximately $5.13 as of Saturday.The crypto asset trended throughout the weekend as its holders counted their unrealized profit.The cryptocurrency’s exceptional performance in 2023 has seen it skyrocket by over 1,312% from its lowest point, pushing its market capitalization to more than $15 billion and solidifying its position as the 13th largest cryptocurrency, according to CoinGecko data.Ecosystem Growth Fuels Sui’s Rise Sui’s rally aligns with the expansion of its Decentralized Finance (DeFi) ecosystem, where the total value locked (TVL) recently reached a record $1.96 billion.Key…
The Central Bank of Nigeria’s (CBN) latest quarterly statistical bulletin has revealed a significant 63.7% increase in international money transfer operator (IMTO) inflows for the first nine months of 2024.Inflows rose from $2.33 billion during the same period in 2023 to $3.82 billion in 2024.This growth has been largely attributed to a series of targeted reforms introduced under the leadership of Governor Olayemi Cardoso, who assumed office in September 2023.What does the data say The year-on-year analysis of the data highlights consistent increases in monthly remittance inflows throughout 2024. In January, inflows rose by 32.4%, jumping from $295.21 million in 2023…
The British Virgin Islands (BVI) has announced significant updates to its work visa policies for 2025, impacting anyone planning to work in the region.These changes seek to improve the application process, expand eligible job sectors, and enforce stricter documentation rules.These updates are meant to make the visa process more streamlined and ensure that the right professionals are selected for roles in key sectors such as tourism, healthcare, and construction.Key changes to the work visa process in 2024 Several significant updates have been introduced to the BVI work visa system that will take effect in 2025. According to DAAD Scholarship, in January…
China is currently facing a surge from a new strain of infectious respiratory virus, human metapneumovirus (HMPV), amid growing public concern about the outbreak.Reports indicate that this winter, a rise in HMPV infections has caused a surge in cases across northern Chinese provinces, particularly affecting children. The surge has led to overcrowded hospitals and the implementation of emergency measures.This new wave of infections comes five years after the global community was first alerted to the emergence of a novel coronavirus in Wuhan, China, which eventually led to a global pandemic and millions of reported deaths.First identified in 2001 in The…
Oando PLC has announced the appointment of Mr. Ademola Akinrele, SAN, as the new Chairman of the Board, effective immediately after the conclusion of the Annual General Meeting (AGM) on December 17, 2024.This decision follows the resignation of His Royal Majesty, Oba Adedotun Gbadebo, CFR, who formally notified the Board of his decision to step down as Chairman and retire from the Board.According to the disclosure, Oba Gbadebo has served with distinction for over 18 years, including 12 years as Chairman.His resignation took effect on December 17, 2024, with Mr. Akinrele’s appointment as Chairman commencing immediately after the conclusion of…
The Federal Government, in the proposed N49.74 trillion 2025 budget, allocated N4 billion for the construction of a new presidential helipad and jetty in Lagos.The allocation falls under the Ministry of Works, which received a total budget of N1.138 trillion for 2025. Capital expenditures account for N1.09 trillion, reflecting a commitment to significant infrastructure projects.This information was obtained from the 2025 Federal Government Final Budget Proposal, which outlines plans for extensive infrastructure development.The construction of the presidential helipad and jetty is expected to commence after the budget’s approval.Beyond the construction of the new presidential helipad and jetty in Lagos, the…
The Lagos State Government sealed several properties under construction on Lagos Island for obstructing public roads with building materials.This action was announced via a post on the official X (formerly Twitter) account of the Lagos State Commissioner for Environment and Water Resources, Tokunbo Wahab, on Sunday.The sealed properties, located at 65, 68, and 124 Adeniji Adele Road, were reportedly found to be in violation of environmental regulations by placing construction materials on public roads.The Commissioner, who was on an inspection tour with officials from the Ministry of Environment and Water Resources, stated that the move was part of ongoing efforts…
The management of BUA Group has refuted a purported report claiming that the BUA Refinery and Petrochemicals in Akwa Ibom state is at 90 per cent completion.A statement issued by the management on Saturday clarified that the 200,000 barrels per day refinery is not yet near completion.However, the company is committed to meeting the completion timeline for the refinery.The statement read: “Contrary to a misleading report stating that our 200,000 barrels/day refinery is at 90% completion, BUA wishes to advise the public to disregard such misleading reports that did not emanate from us. “As we make remarkable strides on our Akwa…
The Federal Ministry of Power has budgeted the sum of N150 billion for transmission projects under the Presidential Power Initiative.This is contained in the 2025 Appropriation Bill, recently presented to the National Assembly by President Bola Tinubu.The Presidential Power Initiative is one of various initiatives and bilateral partnerships aimed at tackling its chronic power challenges.About the PPI The Presidential Power Initiative (PPI) is a project of the Federal Government, with funding and technical support from the German government, aimed at modernising and expanding Nigeria’s power grid. The initiative was conceived in 2018 by President Muhammadu Buhari and German Chancellor Angela Merkel.The…