Everyday News

05/10/2026

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03/10/2026

30/09/2026

Lagos-based property developer MKH Properties Ltd., founded and led by entrepreneur Muibi Kehinde Hammed, has completed the Series 1 issuance of its N30 billion commercial paper program after investor orders exceeded the N10 billion ($7.5 million) target.

The 364-day issue—clearing at a 25.0001% yield and a 20.0110% discount rate—serves as the inaugural tranche of the firm's broader N30 billion debt programme arranged by Pathway Advisors Ltd.

The strong institutional and private investor demand highlights robust liquidity and risk appetite for high-yielding corporate paper in Nigeria's expanding property market.

For MKH Properties, which oversees an asset base exceeding $50 million across major commercial hubs in Lagos and Ibadan, the milestone pivots the developer away from conventional bilateral project finance into organized capital markets.

Management plans to allocate the debt proceeds toward accelerating project ex*****on across premium assets including MKH City, Chelmsford City, and Dariann Court.

As the company looks toward subsequent tranches, investor scrutiny now shifts firmly to balance-sheet discipline and delivery efficiency.

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30/09/2026

A South African court has reopened a two-decade pension fund dispute involving one of the country's businessmen Simon John Nash and the Cadac Pension Fund, ordering its curators to revisit how the fund’s rules were applied.

The Gauteng High Court in Johannesburg found that the fund’s registered rules had diverged from its operation after it was formally closed to new members in 2003, yet later admitted members and accepted contributions.

The dispute escalated after Nash sought pension benefits worth about R36 million ($2.2 million), while curators argued that contributions made after the 2003 closure had been unlawfully accepted.

The court has set aside a 2020 curators’ decision, finding that affected parties were not given adequate opportunity to make representations.

The curators must consult Nash, Cadac, members and pensioners, explain proposed amendments and submit revised rules to the pension regulator within 90 days.

The ruling does not resolve Nash’s pension claim but puts the fund’s long-running regulatory history back at the centre of the dispute.

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30/09/2026

Lesaka is spending $67 million (R1.1 billion) to acquire Bank Zero, but the biggest value of the deal may not be the digital bank itself.

It is the customer reach.

The acquisition could give Bank Zero access to Lesaka’s 2 million retail customers and 125,000 business customers, dramatically expanding the distribution available to a bank that currently has about 100,000 customers.

The timing is also significant. Bank Zero became profitable four years and 10 months after launching in October 2021, shifting its focus from proving its model to scaling the business.

For Lesaka, meanwhile, Bank Zero provides banking infrastructure that could reduce its reliance on external banking partners and support a broader range of financial services.

Bank Zero is also seeking approval to enter lending and expand its authorised dealer licence for offshore payments and remittances.

The deal still requires key regulatory approvals, with completion expected in December 2026.

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30/09/2026

The UAE is taking another major step in expanding its passenger rail network, with Etihad Rail set to launch its Abu Dhabi-Dubai service on Sept. 30.

The new connection will begin with 10 daily journeys from Abu Dhabi to Dubai, while six daily services will operate between Abu Dhabi and Fujairah.

The Dubai route could be particularly significant for commuters, business travellers and tourists because Al Yalayis Station is connected to Dubai Metro through an approximately 400-metre pedestrian bridge. Passengers can connect to Jumeirah Golf Estates Metro Station and continue across Dubai on the Red Line.

Etihad Rail has already begun trial operations ahead of the launch, testing the trains, stations, passenger experience and integration with other transport networks.

The development marks another stage in the UAE’s push to build a more integrated national transport system, connecting intercity rail with established urban mobility networks.

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30/09/2026

Cameroonian industrialist Jean Samuel Noutchogouin’s Icrafon has returned to profit, but the turnaround tells a more complex story than the headline suggests.

The plastics manufacturing subsidiary of CFAO Consumer posted a net profit of €1.41 million ($1.6 million) for the year ended March 31, 2026, reversing a €407,989 loss a year earlier.

The striking part? Revenue fell 53.6% to €6.33 million ($7.18 million), raising questions about what drove the earnings reversal.

At the same time, CFAO dramatically increased its financial support for Icrafon, with outstanding loans and advances surging more than ninefold to €5.45 million ($6.18 million).

The year also brought a capital restructuring and the €1.12 million acquisition of Laboratoires Vrangier’s business assets, including the Beon cosmetics and Mila Home detergents operations.

From its origins distributing BIC products, Noutchogouin’s Icrafon has evolved into a major Cameroonian plastics manufacturer serving food, beverage, cosmetics, chemical and detergent businesses.

The developments offer a closer look at how businesses navigate pressure and investment.

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28/09/2026

Egyptian billionaire Nassef Sawiris’ OCI Global is entering the final stretch of a sweeping strategic transformation, but the transition has come with a dramatic drop in shareholder profit.

The Amsterdam-listed nitrogen and chemicals producer reported just $1 million in net profit attributable to shareholders for the first half of 2026, down sharply from $343 million a year earlier.

The result came as OCI accelerated a portfolio reshaping, completing the sale of its global ammonia distribution business, monetizing its investment in Methanex and handing over the Beaumont New Ammonia project to Woodside.

OCI also agreed to sell an initial 50% stake in OCI Nitrogen to AGROFERT, with completion expected in 2027, while discussions around its proposed combination with Orascom Construction move forward.

Despite weaker operating conditions at OCI Nitrogen, the company’s held-for-sale net cash position surged to $1.05 billion by June 30, from net debt of $54 million at the end of 2025.

The transformation is now entering its decisive phase.

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28/09/2026

Côte d’Ivoire is turning artificial intelligence into a major part of its tourism growth strategy, with an ambitious target of attracting 10 million visitors annually by 2030.

The country’s second “Sublime Côte d’Ivoire” tourism strategy, covering 2026 to 2030, is expected to mobilize more than CFA1 trillion ($1.7 billion) in investment.

The push comes as tourism already contributes 8.7% of Côte d’Ivoire’s GDP.

The country welcomed more than 6.7 million visitors in 2025, while the sector generated more than 650,000 jobs between 2018 and 2025.

AI will be used to understand visitor preferences, personalize travel experiences, promote cultural heritage and regional destinations, improve access to tourism information and manage visitor flows.

The strategy also aims to place Côte d’Ivoire among Africa’s top five tourism destinations by 2030.

The bigger question is how effectively AI can help African tourism markets scale while preserving the human experience that remains central to hospitality.

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