Tech

Nigeria’s NGX Group enters into strategic investment partnership with Ethiopian Securities Exchange

Published

6 months ago

April 25, 2024

Leading Nigerian integrated market infrastructure group in Africa, the Nigerian Exchange Group (NGX), has announced strategic investment in the Ethiopian Securities Exchange (ESX).

Chairman of the NGX Group,
Alhaji Umaru Kwairanga, who made the announcement in a statement, said the pivotal move would not only mark the group’s entry into the East African market but also “underscores its commitment to driving growth and innovation in the African capital markets, while strategically positioning itself as the largest foreign institutional investor in the ESX.”

He noted that the “investment in the ESX reflects NGX Group’s confidence in the potential of Ethiopia’s rapidly growing economy and capital market.”

“By partnering with ESX, NGX Group aims to support the development of a vibrant and resilient financial ecosystem in Ethiopia, fostering increased investor participation and capital formation.

“Through this investment, NGX Group aims to contribute to robust regulatory frameworks and foster best practices within the ESX ecosystem.

”We extend our congratulations to the ESX on its successful capital raise and commend the Government of Ethiopia and the private sector for their support in bringing this pioneering initiative in the country to fruition.

“Our partnership with ESX is a resounding affirmation of our unwavering dedication to promoting economic development, transparency, and exemplary corporate governance standards that foster an environment conducive to inclusive growth, even as we aim to maximize value for our esteemed shareholders.

“The Group remains dedicated to providing ongoing technical assistance and capability enhancements to support the successful operations and growth of the ESX,” the NGX Chairman said.

Also speaking on the partnership, Temi Popoola, Group Managing Director/CEO of NGX Group, said:

“We are excited to announce our investment in the Ethiopian Stock Exchange, which represents a significant milestone in our expansion strategy. Ethiopia is one of Africa’s fastest-growing economies, with immense potential for investment and growth.

“We believe that by partnering with the Ethiopian Stock Exchange, we can leverage our expertise and experience to contribute to the development of a robust and dynamic capital market in Ethiopia.”

Related Topics:ESX Ethiopia Featured Investment NGX Group Nigeria

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Tech

South Sudanese telcos increase tariffs as exchange rates soar

Published

3 days ago

October 23, 2024

Isaac Dachen

Telecommunication companies in South Sudan have been forced to increase their tariffs as a result of a hike in the official exchange rate.

Local media reports that the likes of MTN South Sudan, Zain South Sudan, and Digitel Holdings have jointly announced a tariff adjustment in response to an increase the official exchange rate following an agreement between the National Communications Authority (NCA) and the Bank of South Sudan (BOSS) to align telecommunications service prices with the official exchange rate.

The adjustment will occur in three phases from October to December 2024 with the first change taking effect on the night of October 18, followed by subsequent changes on November 18 and December 18, 2024.

In a joint communique, the telcos confirmed that notifications about the initial adjustment were distributed via various channels and the decision was made after considering the potential impact on customers and the telecom sector.

“Since the first phase began, operators have increased the cost of internet and mobile airtime subscriptions by 600 South Sudanese pounds,” a media platform reported.

“Thus, subscribers now pay SSP1,565 for 100 MB with Zain, SSP1,790 with MTN, and SSP1,835 with Digitel, rather than the previous SSP900.

Meanwhile, another report has also indicated that the parliament will address rising telecommunications tariffs once the committee investigating alleged malpractices within telecommunications companies has submitted its findings.

According to one lawmaker, these practices have significantly raised the cost of communication services in the country, affecting the general public.

Tech

Rwanda’s e-mobiility startup IZI expands electric bus fleet after getting grant from Green Fund

Published

5 days ago

October 21, 2024

Isaac Dachen

Rwanda’s e-mobility startup, IZI, has announced the delivery of five electric buses to Kigali, the country’s capital city, after obtaining a substantial grant from the Rwandan Green Fund.

IZI, a frontrunner in electric vehicle solutions which says it is on a mission to electrify Rwanda’s public transport sector, has, in just four months of operation, grown its initial fleet of five electric buses to an enviable height.

CEO of the startup, Alex Wilson, believes the grant is a testament to the success story of IZI.

“These results validate our E-Mobility-as-a-Service model. We’re not just reducing emissions; we’re proving that sustainable public transport is economically viable in Africa.

“Building on this success, IZI has secured an RWF 300,000,000 grant from the Rwanda Green Fund to deploy five additional electric buses in Kigali.

“These vehicles will represent the most advanced public transport in Rwanda to date, boasting features such as an independent intelligent driver’s cabin, air suspension balanced driver’s seat, full LCD dashboard, one-step entry, and a flat-floor design for improved passenger comfort,” he said.

He added that the success of IZI’s pilot has led to strong demand from other Rwandan public bus operators.

“IZI has now signed contracts with 4 leading transport companies for the deployment of over 100 buses, marking a significant expansion of its operations.

“Looking ahead, IZI plans to establish a state-of-the-art battery maintenance and repair facility in Kigali, supporting the entire EV ecosystem in Rwanda and positioning the country as a centre of innovation in the EV industry,” he added.