Author: Aishat Olalere

Airtel Africa’s customer base surged by 8.6 percentage to 155.4 million across the continent. There is a 13.4% rise in data service users and 14.1% increase in mobile money subscribers. According to the latest quarterly result for the period ended in June 204, a profit after tax of US$ 31 million which represent a 120% Year-On-Year growth as the telco’s services experience a steady uptake. However, the Airtel revenue declined by 16.1% to 1.15 million due macroeconomic factor such as inflation and currency devaluation. Currency devaluation led to the group’s accumulated costs of US$ 261 million, most of which was…

Dangote Cement Plc net profit has grown by less than 6.3% in the first half of 2024. This was derived from its 2024 unaudited financial statement. The revenue of the company rose by 85% to ₦1.76 trillion from N950.832 billion compared to same period in 2023. However, the company’s cost of production increased in the period which causes an increase in the cement price with Nigeria’s damaging inflation condition. Gross profit came at 63.29% to settle at ₦926.782 billion in the first six months of operation from ₦567.744 billion in the comparable period. Details from the cement company’s financials revealed…

The Central Bank of Kenya (CBK) is seeking to raise KSh50 billion from a tap sale of reopened 6.5 year and 17 year infrastructure bonds (IFB) first issued in 2023. According to the prospectus, bidding for the tax free IFs runs to 14th August 2024 and is market determined. Notably, the two bonds have remaining terms to maturity of 5.8 years and 15-7 years respectively. The IFB/2023/6.5 Yr and IFB/2023/17 Yr have coupons rate of 17-93 percent and 14.39% respectively. This issuance follows a series of under-subscriptions from the recent CBK sales with the lowest performance being a 2.8 per…

Judge Mandisa Maya has been appointed as the First female Chief Justice of South Africa. This was declared in a statement released by the office of the Presidency on Thursday. Maya will resume her position on September 1, replacing Chief Justice Raymond Zondo whose term ends on August 31. Maya’s appointment follows an interview with the Justice Service Commission on May 21 to ascertain her suitability to be appointed as Chief Justice of South Africa. The Presidency said in a statement that before appointing Maya, Ramaphosa consulted with the Judicial Service Commission and the leaders of political parties represented in…

There has been an increase in dissatisfaction of workers in Sub-Saharan Africa as workers experience greater levels of stress, anger, sadness, and loneliness after a day at work. A Gallup Survey revealed base on global workplace that about 81% of workers in Sub- Sahara Africa are actively seeking for a new job or better opportunities. About 16% of Kenya workers under the survey believe that they are striving in their current workplace. It was also surveyed that about 20% of Nigerians and 32% of South Africa are also striving in their current work place. Senegal has the highest percentage of…

Rwanda’s Government has dismissed the Public Service and Labour minister, d’Arc Mujawamariya, from her position. This occurs exactly after a month Mujawamariya was transferred to the Labour docket. This was announced in a statement released and signed by Prime Minister Edouard Ngirente on behalf of President Paul Kagame on Thursday, July 25. Mujawamariya, who has been one of the longest serving Cabinet ministers, was appointed Minister of Public Service and Labour on June 12, replacing Jeannette Bayisenge. She also served as Minister of Gender and Family Promotion (2011-2013), and Minister of Education (2006-2008). In the Ministry of Education, Mujawamariya also held…

Midoil Refining and Petrochemicals Company Limited has commence construction activities in Lagos. Midoil performed the turning of sod ceremony at Shekungba, Ikosi/ Ejinrin Local Council Dwvelopment Area of Lagos state. The turning of the sod ceremony marks as the commencement of construction activities. The Executive Chairman of Midoil, Mrs Elizabeth-Omolara Akintonde, led dignitaries to the large expanse of land spanning various communities at Ikosi/Ejinrin Local Council Development Area. Akintonde said Midoil refinery would boost Nigeria’s energy landscape with a refining capacity of 100,000 barrels per day. Akintonde assured leaders and members of the communities that the refinery would transform their…

Bayer Pharmaceuticals and Consumer Health has completed the transformation of its new business model in East Africa. The transformation is to simplify the business value chain, reduce lead time between production and distribution, and reach more patients and customers. The new business model is for Bayer to outsource transportation, local warehousing, distribution, and customer support to Imperial Distributors. Imperial is handling the distribution aspect of the value chain, while Bayer’s legal entities in Kenya continue to manage business-related corporate affairs, including medical affairs, media relations, and stakeholder management such as government and partner relations. The transformation, dubbed ‘Smart Serve,’ took…

The Annual Consumer Inflation Rate of South Africa has dropped to 4.6% in the month of June. The decline occured after stalling at 4,7% in April and May, the annual rate for food and non-alcoholic beverages (NAB) declined to 4,6% in June. Food and NAB inflation has declined from its recent peak of 14,0% in March 2023. June’s reading is the lowest since September 2020. Several food and NAB categories registered lower annual rates in June, including sugar, sweets and desserts; vegetables; fruit; milk, eggs and cheese; and fish. Inflation quickened, however, for hot beverages; bread and cereals; oils and…

Tesla, Elon Musk’s electric vehicle company, has reported a 45 percent decrease in second quarter profit to $1.5 billion. The drop in profit has been reported to be as a result of price cut while investing aggressively on autonomous driving and other technology. Tesla laid off 10 per cent, about 14,000 worker, of its global staff this year as part of a push to cut expenses to finance major new investments. The Chief Financial Officer of Tesla, Vaibhav Taneja, said that reorganization also resulted in one-time expenses of $622 million in the second quarter due to severance and other costs,…