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By Abdul Rahman Bangura- NEW AFRICA DAILY NEWS (NADN) Freetown, Sierra Leone- As development of this unfolds, the United Bank for Africa Plc (UBA) played a very critical role as the Local Arranger and Onshore Account Bank for the transaction, which is anticipated to relieve the foreign exchange illiquidity and maintain the Nigerian currency market. This development financing is Nigeria’s largest crude oil prepayment facility and one of the largest syndicated loans seen in Africa in 2023. The 5-year facility embodies a margin of 6.0% per annum above the 3-month secured overnight financing rate (SOFR). The transaction structure has an embedded price balance mechanism where 90% of all excess cash from the sale of the committed barrels (after debt service) will be unleased to the...

By Abdul Rahman Bangura- NEW AFRICA DAILY NEWS (NADN) Freetown, Sierra Leone- The fund will invest in companies developing and implementing digital technologies, in particular those addressing basic needs such as education, healthcare and utilities, or enhancing goods, services and value-chain efficiency. “Encouraging and promoting innovation and digitalization is crucial to developing strong and sustainable economies,” EIB Vice-President Ambroise Fayolie noted. Africa entrepreneurs hold the key to the continent’s future, creating jobs, reducing inequality and improving quality of life. The EIB, as part of Team Europe, is committees to supporting African businesses, and we are proud of the success of Boost Africa and the ACP Trust Fund.” Seedstars Africa Ventures was established by...

By Richard Adorsu- NEW AFRICA DAILY NEWS (NADN) Accra GHANA- Dangote Refinery appears set to commence production of refined petroleum products with the receipt of the sixth batch of the of barrels of crude supplied by the Nigeria National Petroleum Corporation Limited (NNPCL). The fresh one million Agbami barrels of crude via MT ALMI SUN is the sixth to complete the scheduled 6 million barrels consignment to be delivered to the Dangote facility needed to commence operations by the world’s largest single-train refinery. Exactly a month ago, Dangote Refinery received the first one million barrels of Agbami crude grade from Shell International Trading and Shipping Company Limited (STASCO), one of the largest trading companies in Nigeria as well as globally, trading over 8 million...

By Abdul Rahman Bangura- NEW AFRICA BUSINESS NEWS (NABN) Freetown, Sierra Leone- According to our sources, former captain and midfielder of Nigeria – Okocha, Gyan of Ghana, El Hadji Diouf of Senegal, and Ahmed Hassan of Egypt, were listed. Their critical function will comprise of promoting CAF and African Football, equally as playing an important role in other activities including tournaments, charity initiatives, commercial and social events amongst many others as well as collaboration with other football Legends, community role models and other popular personalities which will form part of the CAF Ambassadors Programme. The intention for selecting the four African Football Legends is geared towards sporting and career achievement, social impact and commercial value. Augusti...