Business

France Mobilises €23bn Private Capital For Investments In Africa

Nigeria’s President Bola Tinubu participated in the gathering, which observers described as a major diplomatic and economic engagement aimed at deepening Africa-France cooperation.

Published

2 months ago

May 13, 2026

OCHEFA

183 Views

•Photo: French President Emmanuel Macron attends the Africa Forward Summit 2026 at the Kenyatta International Convention Centre (KICC), in Nairobi, Kenya, May 12, 2026. REUTERS/Monicah Mwangi.

French President Emmanuel Macron said yesterday France had ‌mobilised €23 billion ($27.01 billion) during the African Forward Summit in Nairobi for investments in Africa, to develop new partnerships in Africa after seeing its influence fade in former colonies in West Africa.

More than 30 African leaders, as well as heads of multilateral financial institutions and business executives from across Africa and France, are attending the Nairobi summit, the first France has held in an English-speaking country.

Macron said that rather than African leaders borrowing to fund infrastructure development, he supported creating a first-loss guarantee mechanism to de-risk investments on the continent and would lobby for the idea at the G7 summit next month.

The summit, co-hosted by France and Kenya, has brought together more than 30 African heads of state, global investors, financial institutions and development partners to discuss issues ranging from climate financing and energy transition to digital transformation and industrial growth.

Nigeria’s President Bola Tinubu participated in the gathering, which observers described as a major diplomatic and economic engagement aimed at deepening Africa-France cooperation.

U.N. Secretary-General Antonio Guterres noted that African countries face borrowing costs that are twice as high on average as advanced industrialized economies.”That is not a market verdict on Africa. It is a verdict ⁠on the injustices of the system,” he told the summit.

Decrying what they say are biases against them that overstate the continent’s risk, African governments have called for changes to the methodologies used by credit ratings agencies.

Major agencies including S&P Global Ratings, Moody’s and Fitch reject ⁠accusations of regional bias, saying their ratings are based on globally applied, publicly disclosed criteria.

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Business

BUA Group Denies Reports of Bid to Acquire Stake in Kano Pillars Football Club

Published

2 hours ago

June 30, 2026

Charles Flames

13 Views

BUA Group has firmly dismissed online reports claiming that the conglomerate and its Chairman, Abdul Samad Rabiu, submitted a bid to acquire a 70% stake in Kano Pillars Football Club.

In a press statement issued on Tuesday, the company described the publication as inaccurate and misleading.

PRESS STATEMENT

Re: False Claims of Bid to Acquire Stake in Kano Pillars Football Club

Our attention has been drawn to an online publication suggesting that BUA Group and its Chairman, Abdul Samad Rabiu, have submitted a bid to acquire a 70% stake in Kano Pillars Football Club.

We would like to clarify that this report is inaccurate and does not reflect any position, action, or communication from BUA Group or Abdul Samad Rabiu. No such bid has been made, and there has been no engagement with any party on this matter.

We kindly request that this report be disregarded, and we encourage the public and members of the press to rely only on official statements issued through BUA Group’s verified channels for accurate information regarding our activities.

We appreciate the continued interest in BUA Group and thank the public for their understanding.

BUA Group reiterated its commitment to transparency and urged stakeholders to verify information through its official communication channels.

Business

Nigeria’s oil minister orders marketers to reduce fuel price

“While we believe that market forces will eventually restore equilibrium, the regulator also has a statutory responsibility to ensure that deregulation does not become an avenue for profiteering. This must be done in line with the extant provisions of the Petroleum Industry Act,”said Lokpobiri.

Published

5 hours ago

June 30, 2026

OCHEFA

17 Views

The Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, at the NMDPRA General Counsel and Legal Advisers Forum, directed petroleum marketers to reduce fuel price .

At the two-day forum themed: “Beyond Compliance: Driving Regulatory Certainty and Investment Confidence in Nigeria’s Petroleum Sector, Lokpobiri noted that refiners and marketers have continued to sell petrol at elevated pump prices despite the significant decline in crude oil prices from a peak of $120 per barrel to about $72 per barrel last week.

He said: “Following de-escalation of tensions between Iran and the United States, we expected to see a commensurate downward adjustment in the prices of PMS and other petroleum products.However, that has not yet happened.”