Good morning, and a warm welcome to ThinkBusiness Africa, your Monday – Friday dose of commentary, contexts, and insights on business and economic news that matter to you.

Remember to visit www.tb.africa to continue to enjoy the second phase of our media services development. Also remember to share your feedback.

ThinkBusiness Africa thank you.

Please, also share so we can continue to build a community of “business thinkers”.

Upcoming Event

In partnership with

Africa Headlines

Shock, grief, and questions as Herbert Wigwe, one of Nigeria’s greatest bankers die in US helicopter crash – Shock and grief reverberated Nigeria’s business community and the whole country weekend as the news came in that Herbert Wigwe, the CEO of Access Corporation, owners of Access Bank, Nigeria’s largest bank by assets, died in a helicopter crash flying from Palm Spring in California to Nevada. Wigwe was one of four passengers that included his wife Chizoba, son Chizzy and the former group chairman of the NGX Abimbola Ogunbanjo. The US National Transportation Safety Board (NTSB) has commenced investigations into the cause of the crash. It says the investigations is a long process but hope to submit an interim report in 2 weeks while final report may take up to 24 months. The Airbus EC130 has no data recorder as it was not expected and required by law to do so. Condolences have poured including President Bola Ahmed Tinubu, Dr. Ngozi Okonjo-Iweala, Tony Elumelu, Governor Alex Otti of Abia, and Peter Obi. Herbert Wigwe was the co-founder of Access Bank and GMD until 2022. He is regarded as one the brightest minds in the industry and has recently established Wigwe University, with close associates saying he had the vision of building an Africa “Harvard”. There is no doubt that this is a massive loss for the country, and he will be sorely missed.

Cote D’Ivoire defeat Nigeria 2 – 1 to lift 2023 AFCON – The Elephants of Cote D'Ivoire emerged as the champions of the 2023 Africa Cup of Nations (AFCON) by defeating the Super Eagles of Nigeria 2-1 in the final. After falling behind to an early goal by Nigeria's William Troost-Ekong, Cote d’ Ivoire equalised through Franck Kessie and secured the winning goal from Haller, assisted by Simon Adingra. This victory marked Cote d’Ivoire’s third AFCON title, adding to their previous triumphs in 1992 and 2015, and equalling the number for Nigeria. Nigeria missed the opportunity to secure their fourth title and match their Ghanaian rivals. The Ivorian team, led by coach Emerse Fae, achieved an incredible turnaround after a heavy defeat to Equatorial Guinea in the group stage. They eliminated Senegal, Mali, and DR Congo in the knockout stages, displaying great resilience. The final was a tense and low-scoring affair, with Ivory Coast overturning the deficit and becoming the first host country to win the AFCON since 2006.

Kiptum, Marathon world record holder dies in car crash weekend – According to reports in the Kenya Nation, Kelvin Kiptum, the world marathon record holder died in Kenya yesterday following a car crash that also killed his coach. The third passenger suffered injuries.  Kiptum, 25, was marathon world record holder at the time of his death. He ran three of the seven fastest marathons in history, winning the London marathon in April 2023 in a course of 2 hours and 75 seconds and won in Chicago in October last year which has now turned out to be his last race. Reports suggests he was preparing for the Rotterdam Marathon in April 2024.

Al-Shabab claims attack on UAE military in Somalia – An attack in Somalia's capital, Mogadishu, targeted a military base and resulted in the deaths of four Emirati troops and a Bahraini military officer. Al-Shabab, an Al-Qaeda-linked armed group, claimed responsibility for the attack. The UAE Ministry of Defence announced the deaths of three Emirati troops and a Bahraini soldier, with two others wounded. One of the injured later died upon arrival in Abu Dhabi. The President of Somalia, Hassan Sheikh Mohamud, offered condolences to the UAE. Al-Shabab described the UAE as an "enemy" for its support of the Somali government in combating the group. Al-Shabab has been engaged in conflict with the Somali government and the AU-led peacekeeping mission, seeking to establish an Islamic law-based government. The group has carried out bombings across Somalia, as well as attacks in neighbouring Kenya. The UAE has invested in ports in East Africa, including in Somalia, as part of its efforts to secure the Gulf of Aden and the Arabian Sea.

Global Headlines

Pakistan elections inconclusive – Pakistan elections result weekend showed an inconclusive election. Millions of Pakistanis went to the polls on Thursday to vote in national and state elections, but the process was marred by violence and suppression of communication. The vote comes amidst significant economic and political difficulties. One of the major candidates for the position of Prime Minister, Imran Khan, is in jail. The contest is between more than eight parties, including the Pakistan People’s Party (PPP), Pakistan Muslim League (PMLN), and Pakistan Tehreek – e- Insaaf (PTI) affiliates. It is not clear yet who will form the next government. What is clear is that the country needs economic stability. 

Iran marks 45th anniversary of Islamic revolution – Iran marked the 45th anniversary of the 1979 Islamic revolution amidst ongoing tensions in the Middle East, particularly due to Israel's military actions in Gaza. Thousands of Iranians participated in marches and rallies across the country, displaying flags, banners, and balloons with revolutionary and religious slogans. In Tehran, crowds waved Iranian flags, chanted anti-American and anti-Israeli slogans, and burned US and Israeli flags. The processions converged at Azadi Square, where the military showcased various missiles, including ballistic missiles and drones. Iranian officials, including President Ebrahim Raisi, attended the celebrations and called for the expulsion of "the Zionist regime" and an end to the bombing in Gaza. Raisi's speech was broadcasted by state TV, and he emphasized the need for the United Nations to act.

White House condemns Trump’s ‘unhinged’ NATO comments – The White House has criticised former President Donald Trump for suggesting that the United States should not assist NATO in protecting allies from a potential Russian attack. Trump made these comments during a recent political rally, recounting a conversation with the leader of a country who asked if the US would protect them if they were attacked by Russia. Trump responded that he would not protect them if they were delinquent in their payments to NATO. The White House condemned Trump's remarks as "unhinged" and stated that encouraging invasions of allies by murderous regimes endangers American national security and global stability. President Joe Biden, in contrast, has strengthened NATO since taking office and is committed to bolstering American leadership and national security interests. Trump has previously criticized NATO and threatened to withdraw the US from the alliance. Concerns have been raised about the potential consequences of a Trump victory in the upcoming presidential elections, particularly regarding the ongoing war in Ukraine.