Business News – Fresh African Market Stories

Looking for the most buzzed‑about business stories from across Africa? You’re in the right place. From a Kenyan power company posting a record profit to a Nigerian oil giant swapping cash for barter, these headlines show how fast the continent’s markets are moving. Let’s break down what’s happening and why it matters to you.

Energy & Power Highlights

KenGen, Kenya’s biggest electricity generator, just announced a Sh6.8 billion net profit for the fiscal year ending June 30, 2024. The jump came mainly from geothermal energy sales, which are growing fast as the country leans into renewable power. That profit isn’t just a number – it signals that clean energy can drive big returns in Africa. If you’re watching renewable trends, KenGen’s success story is a clear indicator that investors are rewarding green projects.

Oil, Fuel & Trade Moves

Over in Nigeria, the National Petroleum Corporation (NNPC) didn’t pay cash for 16.8 million litres of petrol from the new Dangote refinery. Instead, the deal used a barter arrangement, according to economist Kelvin Emmanuel. The move reflects how local pricing pressures and global market swings are reshaping fuel transactions. It also hints that if deals don’t favor local terms, the refinery could look to export instead. For anyone tracking oil markets, this barter deal shows a shift toward more flexible, negotiated pricing.

Meanwhile, the fallout from the VBS Mutual Bank scandal continues to shape the financial scene. Former chair Tshifhiwa Matodzi received a 15‑year prison sentence after pleading guilty to 33 charges of fraud and theft. The verdict closes a painful chapter for depositors who lost savings, but it also sends a strong message about corporate governance. Banks and regulators are now under the microscope, and investors are keeping a close eye on how the sector cleans up its act.

All three stories share a common thread: African businesses are at a crossroads where profit, policy, and public trust intersect. Whether you’re an investor, a professional, or just curious about the continent’s economic pulse, these developments give you a snapshot of where opportunities and challenges lie.

Want more depth on any of these topics? Dive into our full articles, explore the data behind the numbers, and stay ahead of the next big shift. The African business landscape moves fast – we’ll keep you in the loop.