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BUSINESS ROUNDUP: Nigeria is again Africa’s top oil producer; Chaka to refund buyers of MTN Nigeria shares; Other stories

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Private sector got over N46trn in loans from banks in 9 months –NBS

Hello, and welcome to Business Roundup this week. Here, we bring you highlights of events that happened during the week -from the capital market to the mainstream business activities, while not forgetting the tech/economy build up.

Here are the Headlines:

  • Nigeria reclaims position as Africa’s top oil producer
  • Nigeria beats South Africa, Egypt in foreign investment inflows
  • Chaka to refund buyers of MTN Nigeria shares as primary offer ends
  • Nigerian govt proposes bill to provide seed funding for startups

Summary:

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

The bill was drafted to replace the criticised national digital innovation entrepreneurship and startup policy, enabling conducive business environment for entrepreneurs to innovate and startups to scale.

It was gathered from the Minister of Communications and Digital Economy, Isa Pantami, that the Startup bill will be sent to the National Assembly, with support from the the attorney-general of the federation and minister of justice 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.

Ripples Nigeria had reported that MTN Group conducted a primary share offer of 575 million shares (owned in MTN Nigeria) at N169 per share, that came with a share bonus for every 20 shares bought by a retail investor.

The primary offer came to an end on Tuesday, December 14, 2021, after it began on December 1, this year, as the parent company of MTN Nigeria made 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 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.

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.

Read also: BUSINESS ROUNDUP: Hackers steal $150m worth of digital coins; IMF worried cryptos may displace nations’ currencies; Other stories

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.

Meanwhile, on the tech space, Ventures Platform, African Blockchain Lab, Trove, Edukoya, Flourish, BTrust, Bento, and Co-creation Hub were some of the names that made the headlines this week.

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

Nigeria-based startup, African Blockchain Lab, also secured a US$6 million pre-Series A investment to fund the launch of its crypto wallet VIBRA.

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