Africa Daily Spectrum
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Africa Daily Spectrum
Africa Daily Spectrum

Africa Business News: Markets, Energy, Crypto & Investments

From a $1.1 billion crypto theft to renewed power cuts and big infrastructure deals, business across Africa is moving fast. Here you’ll find clear, practical updates that matter to entrepreneurs, investors and everyday readers who want to know how events affect wallets, supply chains and jobs.

Crypto remains headline-grabbing. Bybit’s $1.1 billion loss after an ETH transfer issue tied to Safe.global’s multi-signature setup shows how brittle custody can be. At the same time, market-moving stories — like Binance co-founder CZ’s release and new stablecoins launching on Solana — keep volatility high. If you hold crypto, think about multi-layer security and be ready for sudden liquidity swings.

Energy and fuel trends are shaping business decisions continent-wide. Eskom returned to Stage 3 load-shedding on February 22, 2025, after emergency reserves ran low — a reminder that power reliability still costs companies time and money. South Africa’s recent drop in September fuel prices offers relief, but grid instability and illegal network connections keep risks high. For firms, contingency planning and power-saving measures can cut real losses.

Policy and wages are creating local shocks. In Nigeria, the N70,000 minimum wage faces pressure after petrol costs soared past N1,000 per litre in some cities. The Nigeria Labour Congress says the fuel surge erodes wage gains, and businesses should watch consumer spending and transport costs closely over coming months. Meanwhile, the NNPC defended a subsidiary acquisition amid political scrutiny — a reminder that corporate moves often come under public and legal review.

Quick briefs — headlines you need

  • Bybit hack: $1.1B of ETH stolen during a cold-wallet transfer; investigations ongoing.
  • Eskom: Stage 3 load-shedding resumed after a 20-day pause due to low emergency fuel.
  • Raila Odinga backs Adani Group investments in Kenya, pushing PPPs as growth drivers.
  • Nigeria: Petrol surge strains the real value of the new N70k minimum wage.
  • Kenya allocates KSH 500M to revive miraa and muguka farming sectors.

What businesses and investors should watch

  • Energy costs and reliability — budget for outages, explore backup power and efficiency upgrades.
  • Regulatory risk — big deals and acquisitions can attract political pushback; factor in legal review time.
  • Currency and fuel volatility — these hit margins and consumer demand quickly in many African markets.
  • Crypto security and liquidity — keep custody practices tight and avoid overexposure to one exchange or token.
  • Local support programs — watch for government aid or pilot programs (like housing or farming funds) that can shift local demand.

Want timely updates? Follow reports on energy, trade and tech closely, and consider alerts for major stories like hacks or policy changes. That helps you react faster — whether you run a small business, manage investments, or just want to know how today’s headlines affect your household budget.

Bybit Cryptocurrency Exchange Faces Massive $1.1 Billion Hack
  • March 10, 2025
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  • Business

Bybit Cryptocurrency Exchange Faces Massive $1.1 Billion Hack

Bybit faced a massive security breach when $1.1 billion in ETH was stolen from a compromised cold wallet. The hack exploited vulnerabilities during a transfer using Safe.global's multi-signature technology. Though it's a huge loss, Bybit assures customers their funds are protected. An investigation into potential phishing attacks and technical flaws continues.
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Eskom Faces Challenges as Stage 3 Load-Shedding Returns Amid Grid Woes
  • March 3, 2025
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  • Business

Eskom Faces Challenges as Stage 3 Load-Shedding Returns Amid Grid Woes

Eskom resumes Stage 3 load-shedding on February 22, 2025, after a 20-day pause, due to depleted emergency fuel reserves and power station disruptions. The resumption underscores persistent challenges in maintaining grid stability, with economic growth at risk. Despite setbacks, Eskom reports improvements in energy availability and continues to combat network issues like illegal connections.
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Raila Odinga Advocates for Adani Group amidst Controversy over Kenyan Infrastructure Investments
  • October 14, 2024
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  • Business

Raila Odinga Advocates for Adani Group amidst Controversy over Kenyan Infrastructure Investments

Raila Odinga staunchly defended the Adani Group against criticism over its involvement in Kenyan infrastructure projects. While addressing audiences in Mombasa, Odinga emphasized the importance of Public-Private Partnerships (PPPs) in addressing economic challenges and securing investment. He highlighted Adani's global reputation and past transformative projects as evidence of its reliability as an investment partner.
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Nigeria Labour Congress Leader Challenges Impact of Petrol Price Surge on Minimum Wage
  • October 12, 2024
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  • Business

Nigeria Labour Congress Leader Challenges Impact of Petrol Price Surge on Minimum Wage

Joe Ajaero, leader of the Nigeria Labour Congress (NLC), opposes the recent petrol price increase, linking it to the rapid reduction in the value of the newly approved N70,000 minimum wage. With petrol now over N1,000 per litre in major cities, Ajaero argues that the hike undermines the significance of the wage increase previously calculated at a lower fuel cost. The NLC will convene soon to plan a response to this economic development, while implementation delays continue in the proposed wage adjustment.
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Maine Rent Relief Initiative: A Lifeline for Tenants Facing Housing Struggles
  • October 8, 2024
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  • Business

Maine Rent Relief Initiative: A Lifeline for Tenants Facing Housing Struggles

Maine launches a pilot rent relief program offering up to $800 monthly to tenants facing eviction risks. Part of the Eviction Diversion Program, it aims to aid those in financial hardship, preventing homelessness. Eligible Mainers are urged to apply promptly due to limited funds and first-come, first-served processing.
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Top Crypto Headlines This Week: Binance Founder CZ Release, Sky's USDS on Solana, Major Token Unlocks, and More
  • September 23, 2024
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  • Business

Top Crypto Headlines This Week: Binance Founder CZ Release, Sky's USDS on Solana, Major Token Unlocks, and More

This week in crypto sees significant changes shaping the industry. Highlights include: Binance co-founder CZ's release from prison, Sky's launch of USDS on Solana, over $48 million in token unlocks, and updates from Jupiter. These developments could have widespread implications for the market.
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South Africa Sees Welcome Drop in September Fuel Prices Amid Economic Pressures
  • September 2, 2024
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  • Business

South Africa Sees Welcome Drop in September Fuel Prices Amid Economic Pressures

Motorists across South Africa will benefit from a decrease in fuel prices starting in September. This reduction, part of regular price reviews that consider global oil prices and exchange rates, aims to ease the financial burden on consumers. The move is expected to save money at petrol stations, contributing to the country's broader efforts to stabilize fuel costs.
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NNPC Addresses Allegations Regarding Tinubu's Nephew and Subsidiary Acquisition
  • August 23, 2024
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  • Business

NNPC Addresses Allegations Regarding Tinubu's Nephew and Subsidiary Acquisition

The Nigerian National Petroleum Company (NNPC) has dismissed accusations by former Vice President Atiku Abubakar that one of its subsidiaries was acquired irregularly by President Bola Tinubu's nephew. Addressing these claims, NNPC stated that the acquisition of OVH Energy adhered strictly to legal and regulatory protocols and was part of its strategic plans.
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Kenyan Government Allocates KSH 500M to Revitalize Miraa and Muguka Farming Sectors
  • May 29, 2024
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  • Business

Kenyan Government Allocates KSH 500M to Revitalize Miraa and Muguka Farming Sectors

The Kenyan government has earmarked KSH 500 million to bolster the miraa and muguka farming sectors. These industries have faced numerous challenges, but the funding aims to rejuvenate them by improving farming techniques, providing farmer training, and enhancing market access. This initiative supports a vital part of the economy, benefiting thousands of farmers and traders. The decision is a significant boost against hurdles like climate change and poor infrastructure.
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