Deals & Money
Deals, capital and the companies moving the continent.
Terra raises Africa's largest seed round
Nigerian defence technology startup Terra Industries has closed a $52 million seed round, its third raise this year. The company will use the funds to open a London office and expand manufacturing, making it the…
Askya backs ten African AI startups
Askya Investment Partners is opening applications for a six week programme for ten African AI startups, with a minimum commitment of $200,000 to at…
Endeavour Mining posts record $880m EBITDA
Endeavour Mining, West Africa’s largest gold producer, reported record adjusted EBITDA of $880 million for Q1 2026, up 29% quarter-on-quarter, with…
Africa’s $164bn wealth funds eye mining
Africa’s sovereign wealth funds now hold combined assets exceeding $164 billion and are being deployed as active financiers of the continent’s…
Family Bank’s NSE debut surges 44%
Family Bank listed on the Nairobi Securities Exchange by introduction on June 23, the largest private-sector listing in over 17 years. Its 1.66…
AfDB backs Arua airport in Uganda
The African Development Bank has approved $180 million to upgrade Uganda’s Arua Airport into an international-standard facility capable of handling…
Kenya revives $1.2bn JKIA expansion
Kenya has appointed the Trade and Development Bank and Africa Finance Corporation to arrange $1.2 billion in financing for the expansion of Jomo…
Dangote’s petrol unit is down 34%
The Dangote Petroleum Refinery has been running its main petrol-producing RFCCU unit at 34% below capacity since May 21, initially due to feedstock…
Elumelu named Seplat’s next chairman
Seplat Energy announced on June 9 that Tony Elumelu will become board Chairman from January 1, 2027, succeeding Senator Udoma Udo Udoma. Effiong…
Rabiu buys $81m jet, nears $20bn
BUA Group Chairman Abdulsamad Rabiu has taken delivery of an $81 million Bombardier Global 8000, becoming the first African to personally own the…
Airtel Zambia joins the $1bn club
Airtel Networks Zambia Plc crossed US$1 billion in market capitalisation on the Lusaka Securities Exchange on June 8, 2026, becoming one of the most…
Spiro bets on batteries, not motorcycles
Spiro co-founder Gagan Gupta told TechCabal that batteries and energy infrastructure, not motorcycles, drive the long-term growth strategy.…
Africa’s startup funding rebounds in May
Africa’s startup funding rebounded to $259.8 million in May 2026, up 133.5% from $110.4 million in April, across 43 startups. Bima Ghana led with a…
Kenya lands €102m EU digital package
Kenya’s €102 million EU digital package from Ruto’s Brussels visit breaks down into six programmes: €37m for the Blue Raman submarine cable, €17m…
UK launches £15m Nigeria growth programme
The UK and Nigeria launched a £15 million three-year Growth Programme on June 12 during UK Minister for Africa Baroness Jenny Chapman’s visit to…
Ghana pitches Voltaian Basin to Canada
Ghana’s Petroleum Commission Acting CEO Emeafa Hardcastle led discussions at the 2026 Global Energy Show in Calgary pitching investment…
Zimbabwe’s gold miner doubles output target
Mutapa Gold Resources, Zimbabwe’s state gold miner owned by the Mutapa Investment Fund, plans to double annual output from 105,000 ounces to 220,000…
Standard Bank backs Dangote refinery IPO
Standard Bank Group CEO Sim Tshabalala visited the Dangote Petroleum Refinery in Lagos on June 10 and pledged that Standard Bank will play a leading…
Uganda Airlines orders 10 Boeing aircraft
Uganda Airlines signed a commitment with Boeing on June 10 to acquire 10 aircraft including 8 passenger planes and 2 freighters (Boeing 767CF and…
Lagos rail reaches for its airport
Nigeria’s Aviation Minister Festus Keyamo announced plans at the Invest Lagos 3.0 forum on June 9 to extend the Lagos rail network from Ikeja Bus…
Kenya Airways pursues $2bn turnaround investor
Kenya’s government is seeking a strategic investor willing to commit $1.2-2 billion to Kenya Airways through an international tender, alongside a…
Eskom creates Green arm for renewable future
Eskom launched Eskom Green on June 10, a new separate renewable energy platform targeting mining and manufacturing companies with long-term clean…
Tanzania and Singapore strike first partnership
Singaporean President Tharman Shanmugaratnam made the first-ever state visit by a Singaporean head of state to Tanzania on June 9, marking the 45th…
Eskom signs a landmark LNG deal
Eskom and Zululand Energy Terminal signed a heads of agreement on June 5 for a long-term LNG supply partnership to fuel Eskom’s planned 3,000MW…
South Africa’s six-quarter growth run continues
South Africa’s GDP grew 0.5% quarter on quarter in Q1 2026, beating the 0.2% consensus forecast and extending the growth run to six consecutive…
Kenya near-finalises landmark EU data deal
Kenya and the EU confirmed the Data Adequacy Decision is at its final stages during President Ruto’s Brussels visit, with only a few outstanding…
Mozambique’s LNG ambition goes global
A Standard Bank-backed study by Conningarth Economists found Mozambique’s proposed 18-million-tonne-per-year Rovuma LNG project could make it the…
AFC closes record $2bn syndicated loan
Africa Finance Corporation raised a record $2 billion syndicated loan on June 4, upsized from $1.6 billion after strong demand from 26 lenders…
Rwanda locks in $250m IMF credit facility
The IMF Executive Board approved Rwanda’s $250 million, 38-month Extended Credit Facility on June 9, with an immediate $35.7 million disbursement.…
Nigeria’s trade surplus triples to N7.55tn
Nigeria’s Q1 2026 merchandise trade surplus surged 341% to N7.55 trillion ($4.1 billion) from N1.71 trillion in Q4 2025, driven by higher crude oil…
Ruto wins Sh20.7bn EU digital deal
President Ruto secured Sh20.7 billion ($160 million) in EU digital investments during his Brussels visit on June 8: Sh15.3 billion under the…
Heirs Energies wins global oil deal prize
Heirs Energies won Best Oil and Gas Deal of the Year at the EMEA Finance Project Finance Awards 2026 for its $750 million Afreximbank-backed Senior…
Fitch rewards South Africa’s fiscal discipline
Fitch Ratings upgraded South Africa from BB minus to BB on June 5, the first upward rating action in 21 years. South Africa is only the second G20…
Six pacts as Ruto visits Pretoria
President Ruto’s June 4 state visit to South Africa yielded six bilateral agreements covering trade facilitation, skills development and maritime…
$1.25bn backs African startup incubation push
Investment firms Treadway and Invasion have committed $1.25 billion to a new incubation and investment platform backing early and growth-stage…
AethexAI’s $3m backs Africa voice AI
AethexAI has closed a $3 million pre-seed round led by 4DX Ventures with Enza Capital, Dorm Room Fund and Stanford GSB ’26 Fund to build localised…