Global oil prices rose over $78 per barrel on Monday following threats from Iran regarding the Strait of Hormuz. The Islamic Revolutionary Guard Corps stated that normal shipping traffic in the strategic waterway will not resume until the United States ends its military presence in the region. This development has heightened concerns over energy security, as the Strait is a critical chokepoint for nearly 20 percent of global oil consumption. While market gains remain contained due to confidence in alternative supply strategies, the standoff marks a significant escalation in geopolitical tension, casting doubt on the stability of maritime transit routes.

The Imo State Government has praised a collaboration between IHS Nigeria Limited and UNICEF focused on digital empowerment for educators. The initiative, part of the IHS Digital Literacy and School Connectivity programme, provided digital training to 200 teachers and principals from 100 public schools in Owerri. To support the programme, each participating school received a free internet router, aiming to enhance classroom instruction, improve digital literacy, and facilitate better access to learning resources for both students and teachers.

Abia State Governor Alex Otti has reiterated his administration’s commitment to the development of the Abia seaport project, noting that feasibility studies are currently being conducted by a Chinese firm to secure funding. During a celebration in Umuahia for former Minister Ikechukwu Chidozie Madubuike’s 83rd birthday, Governor Otti highlighted his administration’s focus on infrastructure, education, and healthcare reforms. He emphasized that his government prioritizes merit and service over political affiliations to drive the state’s development.

Renaissance Africa Energy Company Limited has signed a 16-year agreement to supply natural gas to Indorama Fertiliser FZE. Under the deal, Renaissance will deliver up to 60 million standard cubic feet of gas daily from the Assa North Ohaji South (ANOH) facility to support Indorama’s production operations. This partnership aims to stabilize fertiliser supply, enhance food security, and advance Nigeria’s national initiative to prioritize domestic gas consumption for industrial growth over exports. The financial terms of the contract were not disclosed.

The Nigeria Immigration Service (NIS) has launched the Performance Evaluation and Results Management Information System (PERMIS) framework to modernize its operations and improve service delivery. The initiative aims to enhance accountability and transparency by setting clear institutional targets and establishing a robust performance monitoring system. During the launch in Abuja, NIS directorate heads signed performance bonds to commit to these measurable outcomes, while newly appointed PERMIS ambassadors will oversee nationwide implementation. This move aligns with broader federal public-sector reforms focused on institutional excellence.

Radiant diGiLog, a Nigerian-based technology firm, has launched a new referral partner program for its AI-powered workforce management platform. Professionals and consultants can earn a 10 percent commission on first-year subscription revenue for businesses they successfully refer to the service. The platform is designed to replace manual tracking methods, such as spreadsheets and paper logs, by providing a digital environment for monitoring attendance, task execution, and employee productivity. The program is currently open to consultants, human resource professionals, and business advisers across markets including Nigeria, the UK, South Africa, Uganda, and Canada.

Folasade Akinmusire, author of ‘The Evolving Role of a Company Secretary – The Quiet Catalyst,’ argues that Nigerian company secretaries must transition from traditional record-keeping roles to becoming strategic advisers to boards. Speaking at her book launch, Akinmusire emphasized that in an era defined by AI, ESG demands, and cybersecurity threats, these professionals must act as governance leaders who balance legal compliance with commercial strategy. While acknowledging that technology is automating routine tasks, she stressed that AI cannot replace the essential human elements of integrity, emotional intelligence, and professional judgment required for effective corporate leadership.

Africa’s private sector showed signs of recovery in June, with five out of eight monitored economies reporting expanded activity as fuel costs eased. However, this progress is now threatened by renewed geopolitical instability in the Middle East. Iran’s announcement to close the Strait of Hormuz has sparked concerns of a fresh oil price shock, which could reverse recent gains, reignite inflation, and dampen consumer spending across the continent, particularly for oil-importing nations. While countries like Uganda, South Africa, Kenya, and Mozambique saw improved conditions in June, economies like Egypt, Zambia, and Ghana remained in contraction. Analysts warn that the second half of the year may be defined by these external economic pressures.

Nigeria has made significant strides in building its digital identity infrastructure, marked by the rollout of the NINAuth app and upcoming standards for digital public infrastructure. While these efforts address critical privacy and consent concerns, the system’s long-term success depends on widespread, daily integration across sectors like healthcare and education. Although mandatory linkage to SIM cards and bank accounts has increased enrollment to 127 million and reduced payment fraud by 51 percent, millions of Nigerians remain unregistered. To unlock the full economic potential of the digital ID, the government must prioritize universal sectoral adoption, establish robust redress mechanisms for consent, and ensure regional interoperability.

The Indexa Exchange Group is activating the Africa Tech 50 Index (AT50) at the Johannesburg Stock Exchange on July 15. The index, which serves as a benchmark for 50 of the continent’s leading scaled private technology companies, was previously launched at the London Stock Exchange earlier this year. This phase aims to improve visibility and capital markets readiness by connecting private-market growth directly with African institutional investors and exchanges. The AT50 uses a rules-based methodology to track performance and governance, providing a structured way for the market to evaluate Africa’s maturing tech sector.

The International Finance Corporation (IFC), in partnership with the Nigerian Exchange Group and the Lagos Chamber of Commerce and Industry, has launched the Nigeria Gender Country Program (NGCP). This initiative aims to drive economic growth and business competitiveness by increasing women’s representation in leadership, employment, and entrepreneurship. Research suggests that closing these gender gaps could generate an additional $22.9 billion in economic output for Nigeria annually. The program moves beyond dialogue to implementation, encouraging private sector organizations to adopt measurable, gender-smart business practices.

A new report from Sumsub reveals that Africa has become the global hotspot for online gaming fraud, with rates 66 percent higher than the world average in early 2026. While nations like Nigeria, Ghana, Kenya, and Uganda have seen recent declines due to improved digital identity verification, other regions—particularly Côte d’Ivoire—report significantly higher fraud levels. Criminals are increasingly using AI and stolen real-world identities rather than forged documents to bypass security. The findings underscore a critical need for gaming operators to adopt comprehensive, multi-layered fraud prevention strategies to protect users and businesses.

Chams Holding Company Plc has announced a N270 million dividend payment, representing three kobo per share, following an 18 percent revenue increase to N17.65 billion for the 2025 financial year. The company reported an operating profit of N1.37 billion and a profit after tax of N417 million. During its 42nd Annual General Meeting, Segun Oloketuyi was appointed as the new Chairman, succeeding founder Demola Aladekomo, who retired after four decades. Tomiwa Aladekomo was named Vice Chairman. The firm continues to focus on digital transformation, including expanding card manufacturing and pan-African payment infrastructure.

East Africa is challenging South Africa’s dominance in the banking sector, with Kenya and Tanzania delivering higher shareholder returns. According to a Boston Consulting Group study, African banks averaged a 24 percent total shareholder return in 2025. During the 2022-2025 period, Tanzania led with a 59 percent return, and Kenya followed with 36 percent, significantly outpacing South Africa’s 24 percent. Driven by faster economic growth, financial inclusion, and digital adoption, this performance gap is prompting major South African lenders—including Absa, Nedbank, and Standard Bank—to aggressively expand their operations in the region. While South Africa remains the continent’s established financial hub, East Africa is rapidly emerging as its primary growth frontier.

Nigerian fintech company Dantown has announced that its referral network has processed over $18 million in trading volume. The program has distributed more than ₦20 million in commissions to over 550 users, with one top earner securing over ₦4.4 million. Unlike traditional one-time referral bonuses, Dantown’s model offers continuous earnings based on network trading activity. This milestone supports Dantown’s transition from a crypto exchange toward becoming a global neobank. The company plans to introduce features including virtual cards, global payment processing, and cross-border transfers across more than 70 countries.

A new DHL eCommerce report reveals that Nigerian online shoppers and businesses are adopting social media commerce and artificial intelligence at rates significantly higher than the global average. Eighty-six percent of Nigerian shoppers use Facebook for purchases, compared to the 63 percent global average, while 88 percent of local e-commerce companies have already integrated AI tools. The data highlights a market characterized by rapid digital transformation, where consumer behavior is currently outpacing business infrastructure, leading to a strong demand for enhanced service capabilities and fraud protection.

Caverton Offshore Support Group has reported improved liquidity and a return to positive operating cash flow for 2025, reaching N580.1 million compared to a significant deficit the previous year. However, the company remains in a net loss position, with its bottom line heavily impacted by N18.64 billion in finance costs and a massive N17.42 billion write-off related to security deposits for leased aircraft.

While revenue fell 40 percent to N24.1 billion due to a contraction in the aviation segment, the company improved margins through a leaner cost base. Despite the narrowing of its pre-tax loss to N13.87 billion from N53.67 billion in 2024, the improvement is largely attributed to non-recurring gains from asset disposals and foreign exchange movements rather than a recovery in core operations. Furthermore, the company’s debt structure has shifted, with current borrowings nearly doubling to N53.45 billion, increasing short-term refinancing pressure.

Kenya’s economy grew by 5.3 percent in the first quarter of 2026, marking its fastest start to a year in three years. According to the Kenya National Bureau of Statistics, growth was driven by robust performances in manufacturing, tourism, and construction. While all major sectors expanded, the World Bank warns that the country still faces structural challenges—including fiscal pressures and productivity issues—that must be addressed to ensure long-term, inclusive economic growth.

African nations are increasingly adopting the Chinese yuan for trade, debt servicing, and foreign reserves to reduce reliance on the US dollar. Economies including Nigeria, Egypt, Kenya, Zambia, Angola, and Ethiopia are shifting toward yuan-based settlements to mitigate the impact of persistent dollar shortages and high exchange-rate volatility. This trend is bolstered by a new yuan-clearing network across 19 countries, facilitating direct transactions without the need for dollar conversion. While this move strengthens financial ties with China and offers potential cost savings, analysts warn that it also increases dependence on the Chinese financial system, which is subject to significant policy control from Beijing.