Latest Business News on Ripples, Nigeria reclaims Africa’s top oil producer, Chaka to refund buyers of MTN Nigeria shares

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Latest Business News In Nigeria Today

– Nigeria has reclaimed Africa’s top oil producer, Chaka to refund buyers of MTN Nigeria shares

Hello, and welcome to this week’s Business Roundup. Here, we present highlights from the week’s events, ranging from the stock market to mainstream corporate activity, not to mention the tech/economic build-up and today.

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:

  • Nigeria reclaims the top spot in Africa’s oil production.
  • In terms of foreign investment inflows, Nigeria outperforms South Africa and Egypt.
  • As the primary offer for MTN Nigeria shares expires, Chaka will refund buyers.
  • The Nigerian has proposed a bill to offer seed capital for new businesses.

The Federal Executive Council (FEC) has approved the Nigerian startup bill drafted by the tech industry. The bill proposes the creates the Startup Investment Seed Fund, and make President Muhammadu Buhari its council head.

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The bill was written to replace the widely panned national digital innovation entrepreneurship and startup policy, creating an atmosphere that encourages entrepreneurs to develop and businesses to grow.

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The Startup law will be forwarded to the National Assembly, according to the Minister of Communications and Digital Economy, Isa Pantami, with backing from the Attorney-General of the Federation and the Minister of Justice’s office.

Chaka Technologies, a tech-enabled investment exchange, will be refunding subscribers to the MTN Group primary share offer, following an oversubscription within two weeks.

MTN Group conducted a primary share offer of 575 million shares (owned by MTN Nigeria) for N169 per share, with a share bonus for every 20 shares purchased by a retail investor, according to .

The primary offer, which began on December 1, this year, ended on Tuesday, December 14, 2021, with MTN Nigeria’s parent firm earning N97.17 billion from the sale.

Nigeria has emerged the fastest-growing hub on the continent in terms of capital investments despite its security challenges.

This is according to a recent report by global auditing firm Ernst and Young titled ‘Africa Attractiveness Report 2021’ released on its website.

The report which was obtained by on Wednesday showed Nigeria emerged the fastest-growing hub on the continent in 2020 in terms of capital investments, attracting $6.6 billion, followed by South Africa ($3.8 billion), Angola ($3.1 billion) and Morocco with $2.4 billion in investments.

Nigeria has emerged the fastest-growing hub on the continent in terms of capital investments despite its security challenges.

This is according to a recent report by global auditing firm Ernst and Young titled ‘Africa Attractiveness Report 2021’ released on its website.

The report which was obtained by Ripples Nigeria on Wednesday showed Nigeria emerged the fastest-growing hub on the continent in 2020 in terms of capital investments, attracting $6.6 billion, followed by South Africa ($3.8 billion), Angola ($3.1 billion) and Morocco with $2.4 billion in investments.

 

On NSE ROUNDUP: Investors pocket N20.78bn as First Bank, International Breweries trade high

The Nigerian capital market recovered from the previous day’s loss to post a 0.09 percent rise in equity capitalization at the close of trading on Wednesday.

This pushed up the equity capitalization to N22.10 trillion from the N22.08 trillion reported on Tuesday.

The development handed investors N20.78 billion gain.

The All-Share Index was up by 39.84 basis points to rise from 42,317.52 to 42,357.36 on Wednesday.

Ventures Platform, African Blockchain Lab, Trove, Edukoya, Flourish, BTrust, Bento, and Co-creation Hub were among the names that made news this week in the IT world.

During the week, Ventures Platform, one of Africa’s most active early-stage digital investors, closed a US$40 million pan-African fund.

African Blockchain Lab, a Nigerian firm, also received a US$6 million pre-Series A investment to help support the launch of its crypto wallet VIBRA.

 

Credit : Ripples Nigeria is the original owner of this article.

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