African markets and business updates

Sadio Camara was killed during last weekend's coordinated attack by jihadist militants and their Tuareg separatist allies on military positions across the country, the largest in over a decade.

Washington accuses Kabila of supporting the Rwanda-backed M23 rebels and its political-military arm, the Congo River Alliance.

Police said the vessel was believed to be carrying between 35 and 40 passengers. although it could not confirm the exact amount "due to lack of a passenger manifest".

  By Cynthia Alo The Group Managing Director of Xtralarge Farms and Resorts, has called for a radical transformation of Nigeria’s agricultural sector, urging stakeholders to “re-adorn” farming and reposition it as a profitable, modern enterprise capable of driving food security and economic growth. Speaking at the 2026 Vanguard Economic Discourse in Lagos, the agribusiness leader warned that the current perception of agriculture as a labour-intensive, low-income venture continues to discourage youth participation, stressing that without a deliberate shift towards agribusiness and value addition, the country risks a worsening food crisis in the coming years. She further highlighted the scale of post-harvest losses and the impact of unstable pricing on farmers’ profitability, noting that falling food prices amid rising input costs are pushing many producers out of business. She called for urgent reforms to make agriculture more attractive, sustainable and wealth-generating, particularly for young people and women. (Full Speech below)  .   I am the Group Managing Director of Xtralarge Farms and Resorts in Nigeria, Xtralarge Global Agritourism Limited in the UK. I am the president of the Female Agri-preneurs Association, and we work in close relationship with the American Association for Female Agri-preneurs. And if there is any woman sitting in this meeting today and you are a farmer or someone that has something to do in the agri-business value chain, then I’m speaking your mind and I’m here for you. If I also have people who are here, young people, not only by age but by heart, then I’d like to let you know that something great is coming.   Xtralarge stands for re-adorning agriculture, not only in Nigeria, in Africa and globally. We believe that the apparel that agriculture is wearing presently is one that epitomises poverty, that epitomises hardship and labour. And that is why when you ask the youths, deep down, how many of them want to be real farmers after graduating out of university? Maybe one or two percent.  Because they think that the picture of the farmer they have in their mind is what they see on African Magic. That Baba inside that thick forest wearing that tattered shirt with his cutlass and hoes, not anybody looking close to me, or to my wonderful NACCIMA president here, or to the AfAN president. We need to re-adorn agriculture.  We need to wear a new apparel for it. And that is what we are doing at Xtralarge having been able to raise a community of over 200,000 people, who are earning every day.  Living people not dead, that are earning every day from the agribusiness value chain. We have been able to raise a community of 1 million people, not only in Nigeria, but spread across 14 different nations of the world. We are passionate, not just about agriculture, but healthy foods.  We have in our stable 21 different healthy food products. And we not only preach about agriculture, we also talk about eating your way into wellness, as I’m also a living witness. We also, to the glory of God, own the biggest luxury farm resorts in Nigeria, as a way of re-adorning agriculture.    As a way of promoting and making agriculture more sustainable and profitable by including tourism infusion.So I stand here today also as the co-host and the president of the first ever World Agri-Tourism Festival, held anywhere on the planet Earth. For the first time here in Nigeria, we were greatly supported by the government. I want to close with this  Number one, we are here to talk about the Vanguard of food security and socio-economic development in Nigeria. I want to ask this question, and I’m expecting everybody in this room to give me an answer. Do we have a problem of food insecurity? Yes or no? We do, right? Thank you very much.So, what you don’t want, you don’t watch. When we talk about it, what are we doing about it? It is not about attending summits and conferences all the time. It is about what we can start doing from today. And as a leading example in the agribusiness sector, Xtralarge Farms, with our 14 different farm locations in Nigeria, employing and having thousands of people earning from the agribusiness value chain, we are saying, don’t sit and watch. Start doing now. I will be very happy if by next year we have the opportunity to have this kind of event again, and we have at least half of this room who are practical farmers.  Not only by mouth, but by proof. Can I visit your farm? Are you affiliated to a farming organisation? Are you investing in farming? Are you promoting farming? What exactly are you doing to promote agriculture in Nigeria? I also want to close by appreciating our youth and women, and I want to give 100 tickets here today. We are holding an Agri-Wealth Revolution Summit on the 1st of May, commemorating the Labour Day.Telling people in the workforce that even as you are working in paid employment or even in your business, you can start doing something in agriculture gradually. That event is a paid event, but we are going to give the ticket for free to 100 youth and women. And also to every single person who is here from a tertiary institution, You just got a ticket to visit Xtralarge Farms and Resources for a one-day explorative vacation to see what agriculture means in the modern day, and how you can make it more profitable through the infusion of tourism.Davies used the opportunity of the panel session to further dissect the challenges and proffer solutions to Nigeria’s agric sector headaches, stating:“Even though I’m not a politician, I’ve never been a politician, but I believe that the moment our government begins to bring in youth and women, especially people who are on the field, to come in and lend a voice to the challenges that we’re facing in our country, there will definitely be a difference. If I were given an opportunity, like you said, what I’m going to do is to add a mindset shift from just raising farmers in Nigeria to grooming Agri-preneurs.“I stand as a living example to one of the challenges. I’m so happy with the topic you gave me to talk about, that’s post-harvest losses. I remember about 18 years ago when we came to Nigeria, my husband and I, to come into farming.“We just had the passion to feed people with 100% healthy foods, and we started with cassava farming. But lo and behold, we did the cassava, our factory beautiful, brought in state-of-the-art equipment and all to ensure that this is not just cassava, it should bring health to our people. But we had a challenge.  “After cultivating and everything, and adding value, we couldn’t sell. So one thing I’m going to do, if I’m given the opportunity to make a change, even though we’re trying to make a change already, is to shift the attention of our farmers. Not completely away from farming, but to let them now know how to add value to farming as a business.“Where we don’t do farming for passion, we do farming as a business. Where we do it as a green business, not just agriculture. Then we can begin to address the issue of post-harvest losses.“So that you don’t just go to the farm without having in mind who you’re producing for, how you intend to sell, which are one of the major issues that farmers are having in Nigeria. I can stand here and boldly prophesy that there is going to be a bigger food challenge by the year 2028. My presidents who are here, for AFAN and IFAD and all, they will understand what I’m saying.“If you look at what is happening in our economy right now, food prices are dropping every day. But food inputs, farm inputs and agricultural inputs are on the rise. What you are buying at a cheaper rate is putting a farmer in debt.“What you are buying at a cheaper rate now is discouraging totally our farmer out there. So what happens is that if you check the graph, you see that it goes up, it comes down, it comes flat, it goes down, it goes up. It’s never stable.  “Pricing is a challenge. Until our government begins to help us find a solution to pricing of food, farmers are already discouraged with security challenges. But when you don’t have the right value for what you are producing on your farm, you will be further discouraged.“This year now, look at the price of one of the very staple foods in Nigeria, Garri. The price is dropping every day. What will happen this year, as rain is about to start, is that many farmers will not go to farm for cassava.“So by next year, a few of them that did late farming last year, they are the ones we will have. And the prices will simply be like that. And by 2028, all of us will suffer for it.“Because the discouragement is too much. We have to learn how to add value to what we are doing, make it an agri-business that people can generate true wealth from. Why do you want to send me to the farm? Because I love to feed the people and I come back poor. And I lose my family. And I lose my investments.“There has to be protection of not just human lives, but also of the capital and investment that is being invested into the agri-businesses. That is one thing I’m going to do differently. Adding value, creating the right environment, and making it truly, truly profitable” The post Why agriculture must wear a new face — Xtralarge boss appeared first on Vanguard News.

Investors trading across Africa require custody services and internationally experienced custodians to protect their portfolios and process their transactions securely. These services are essential for developing capital markets. As more investors buy assets throughout Africa, they require custodians with a global presence who can leverage local service capabilities. In this context, it's no longer enough for a bank to merely safeguard its clients' financial assets in the background. From Absa's point of view, our role in the custodian sector has extended far beyond merely safeguarding assets, especially in the space of a segregated portfolio. We now take care of everything from trade settlement to asset safekeeping, regulatory compliance to corporate actions management. The nature of custody is also changing - and rapidly, too - as it takes a more central position in how businesses and financial markets function. Several factors have driven this change. Markets are moving quicker than ever before, as settlement cycles tighten from T+3 to T+1 or even T0. This means activities have to happen much more efficiently. At the same time, new digital assets and new investment types (like private equity) are emerging. Infrastructure is also growing, bringing even more complexity. And as technologies evolve, regulations must also change. This puts further pressure on operational teams. Even a small disruption can have an outsized impact on business operations, and on financial markets in general. One can imagine, then, the effects of major global events like the current conflict in the Middle East. In this environment, resilience is critical. In this environment, clients demand real-time data, better reporting, and a seamless experience across markets. This is pushing custodians to move away from fragmented structures towards a connected, tech-driven platform. Custody has shifted from a back-office role to a central part of the financial system. To keep pace, custodians need to keep evolving, becoming more connected, more tech-driven, and more able to operate across multiple jurisdictions. As a pan-African bank, Absa maintains a strong commitment to localisation, implementing global standards while preserving unique regional characteristics. Regulatory environments across African jurisdictions vary significantly, each presenting distinct challenges and nuances. In South Africa, industry regulators frequently collaborate with market participants and seek input prior to establishing new regulations, whereas such engagement may not be consistent in other African markets. Absa is well positioned for market advocacy, leveraging in-country teams to engage proactively with regulators to better represent the interests of our clients. Absa's advanced digital capabilities mean we are a more agile, able to move quickly to meet our clients' holistic needs. We bring in our Corporate and Investment Banking franchise. We do Global Markets execution. We handle FX. Ultimately, that service model - with custody front and centre - is a key differentiator. We work closely with our clients, serving both as custodian of their assets and as their banking partner. As the operating environment changes and as new technologies come on board, we will continue to advocate for our clients - both with national regulators and in other industry forums. That's why we are excited to participate in events like the Network Forum Africa, which create a space for industry stakeholders to gather, align, and share insights into the trends that are shaping the market - and to co-develop solutions that keep our clients moving forward.

A Federal Capital Territory High Court has dismissed the suit filed by, FHT Mega Express Limited, the logistics firm, against Parallex Bank Limited over a N4.5 billion debt. The logistics firm had claimed N7.1billion against the Bank.  In the suit, the Court upheld Parallex Bank’s preliminary objection that the case amounted to a gross abuse of court process.  It would be recalled that the logistic company had obtained an ex parte order against the Bank to freeze the Bank’s funds up to the sum of N7.1billion with the Central Bank of Nigeria. Parallex Bank challenged this ex parte order by filing a Notice of Preliminary Objection, urging the Court to strike out and/or dismiss the suit on the ground that it constitutes an abuse of court process, particularly in light of the subsisting suit which the Bank had earlier instituted against the company before the High Court of Lagos State to recover an alleged outstanding indebtedness of the company to Parallex Bank.  In its ruling the FCT Court upheld the arguments canvassed by the Bank. Consequently, the suit was dismissed in its entirety. The Court further awarded costs in the sum of ¦ 500,000.00 against FHT Mega Express and in favour of Parallex Bank. The dispute dates back to September 4, 2025, when Parallex Bank filed Suit No. FHC/L/CS/1774/2025 before the Federal High Court, Lagos, seeking to recover indebtedness of N4.5 billion from FHT Mega Express. The debt reportedly arose from Letters of Credit issued to finance import transactions worth millions of Euros. Justice Lewis Allagoa of the Federal High Court had earlier ordered all parties to maintain the status quo pending the determination of the substantive matter.  Parallex Bank has welcomed the ruling, describing it as “a triumph for due process, transparency, and the rule of law.” The bank also said the outcome reinforces its commitment to sound corporate governance and lawful conduct in all their dealings while upholding stakeholder trust and ensuring the integrity of their operations. The post FCT court dismisses suit against Parallex Bank appeared first on Vanguard News.

The bank extolled Mrs Bammeke’s contributions to the growth and development of the bank during her tenure on the Board, noting she was outstanding in the various board committees. She assumed the role at the bank in 2021.

By Yinka Kolawole The Lagos Chamber of Commerce and Industry (LCCI) has called for improved fiscal management even as it warned that weak budget execution and delay in release of funds remain critical challenges to the economy. President of LCCI, Engr. Leye Kupoluyi, who made the call yesterday, in Lagos, during a quarterly media conference on the state of the economy, also called for a new template for capital budget releases to ensure adequate funding of capital projects. His words: “Historical weaknesses in Nigeria’s budget execution capacity, delays in fund releases, bureaucratic bottlenecks, and inefficiencies remain critical challenges. “The rollover of N7.71 trillion in unimplemented 2025 capital projects underscores the need for improved fiscal management, effective public-private partnerships (PPPs), and stronger collaboration between the executive and legislature to ensure timely project completion. “We have followed budget defence sessions at the National Assembly and have noted concerning moments when Ministries, Departments, and Agencies (MDAs) disclosed that they received only a tiny fraction of the funds approved for capital projects in the 2025 fiscal year. “When contractors are owed large sums of capital, their operations are stifled, and jobs within their domains are threatened. The government must create a new template for capital budget releases to ensure capital projects are adequately funded.” Kupoluyi also appealed to the government to resolve the constraints in the manufacturing sector, noting the sector’s huge contribution to the nation’s tax revenue collections. “The manufacturing sector’s contribution to tax revenue collections in Nigeria maintained an upward trend in 2025, contributing a total of N1.17 trillion in Value Added Tax (VAT), an increase of 45.61 percent over the N803.53 billion in 2024.The sector’s Company Income Tax (CIT) contribution rose to N881.29 billion, marking a 32.83 percent increase from N663.46 billion recorded in 2024. This strong year-on-year growth reinforces the sector’s expanding role in generating government revenue and in Nigeria’s industrial development. “Following these results, we call on the government to invest more in productive infrastructure and economic policies that drive growth through job creation, lower production costs, and fiscal interventions,” he stated. The LCCI president further lamented that the poor state of electricity supply remains one of the greatest impediments to business operations. “Frequent outages, high generator costs, and unreliable distribution networks are crippling productivity and raising the cost of doing business. Without urgent reforms in the power sector, Nigeria cannot achieve meaningful industrialisation,” he added. The post LCCI tasks FG on weak budget execution, delays in fund releases appeared first on Vanguard News.

Nigerians may be facing fresh round of fuel pump price increases as global crude oil prices record momentary uptick on the back of escalation in US-Iran war. Yesterday, global crude oil prices jumped to a four-year high of $126.41 per barrel from $115 per barrel the previous day, the highest level since March 9, 2022, on concerns over a possible escalation of the U.S.-Iran conflict, but it later retreated to $114 per barrel. Tensions heightened after Israel’s Defence Minister, Israel Katz, said: “It is possible that soon we will need to act again in Iran to ensure that the regime cannot threaten Israel for years to come”. According to Reuters, “Global oil benchmark Brent crude futures rose as high as $126.41 per barrel-the highest since March 9, 2022-but by 13:27 GMT had fallen by $4.14, or 3.5 per cent, to $113.89. “The prompt contract for June delivery expires on Thursday, while the more active July contract traded at $108.70, down $1.74, or 1.6 per cent. “WTI crude futures fell by $2.28, or 2.1 per cent, to $104.60, after earlier reaching $110.93, the highest since April 7. “Both benchmarks are on track for their fourth consecutive monthly gains, reflecting fears that the Iran conflict could choke global oil supplies for months to come.” Reacting to the development, taahe Chief Executive Officer of Petroleumprice.ng, Olatide Jeremiah, said: “For Nigeria, the implications are immediate. Higher crude prices directly increase the cost of importing refined petroleum products, including petrol, diesel, and aviation fuel. ”This puts fresh pressure on landing costs and sharply raises replacement costs for downstream marketers. “A fresh round of depot price hikes now appears unavoidable. Across the downstream market, marketers are already adjusting projections for Premium Motor Spirit (PMS), Automotive Gas Oil (AGO), and Aviation Turbine Kerosene (ATK). The impact is imminent, with upward price reviews expected across major depots if crude prices remain elevated. “The expected increase will likely reverberate across the domestic market, affecting pump prices, transport costs, airfares, and broader inflation. Unless global supply concerns ease soon, Nigerian consumers and businesses should brace for renewed pressure across the petroleum value chain.” Checks by Vanguard indicated that the price of Premium Motor Spirit (PMS), also known as petrol, has risen to N1,300 per litre from N1,250 per litre at many filling stations in Lagos and its environs. Reacting, the National President of the Oil and Gas Services Providers Association of Nigeria (OGSPAN), Mazi Colman Obasi, said: “Instability in the global oil market will continue to impact Nigeria’s domestic market until the U.S.-Iran conflict ends. As long as the war persists, volatility will remain.” The post Nigeria’s petrol marketers take advantage of momentary rise in oil prices appeared first on Vanguard News.