Breaking News Today – Monday 11 May 2026

African Start-up News Headlines:

• Minipay, the Nigerian owned stablecoin wallet and payments app that operates in seven African markets, has crossed 15 million activated wallets, more than double from the previous year. Minipay is an Opera-backed platform and has hit a 123% year-on-year growth that extends the app’s market, after reaching 13 million wallets by the end of 2025, according to  Opera’s Q1 2026 financial report. MiniPay has emerged as one of the most widely used stablecoin payment products focused on emerging markets, with the majority of its users based in Africa
• South African fintech group Yoco, has appointed German banking executive Carsten Höltkemeyer as its new CEO to lead its next phase of growth. Yoco builds tools and services aimed at the small business sector with over 200 000 business using Yoco to accept card payments in-store and online, access loans, and manage their day to day business activities.

Business News Today 

Kenyan Refinery Plan – Dangote

Aliko Dangote is reportedly looking towards Kenya as the ​site of a new 650,000-barrel-a-day oil refinery that ‌he intends to build in East Africa, according to a Financial Times report on Sunday, citing an interview with him.b“I’m leaning more ​towards Mombasa because Mombasa has a much ​larger, deeper port,” Dangote said in the interview. Kenyan President William Ruto had indicated in April that East African countries were in talks to build a ​joint oil refinery at the Tanzanian port of Tanga that would be modelled on Nigeria’s Dangote oil refinery operation. The recent disruptions in Oil supply across Africa have been highlighted by the recent US Iran conflict, highlighting fragile supply chain of fuel supply across the continent. Dangote in the interview compared Kenya’s Mombasa to ​Tanzania’s Tanga port, and said, “Kenyans consume more. It’s ​a bigger economy.”

“The ball is in the hands of President Ruto,” ‌he ⁠said. “Whatever President Ruto says is what I’ll do,” he added.Dangote estimated it would cost $15 billion to $17 billion to build the refinery

Dangote Targets Energy Production

Africa’s most prolific Industry builder, Aliko Dangote, has revealed that he is preparing a major shift into Nigeria’s power sector, with ambitious plans to generate 20,000 megawatts of electricity. This would be more than the current total electricity generated by the total Nigerian electricity output currently. The proposal could significantly expand his business empire beyond cement, fertiliser, oil refining and other industrial operations. Dangote said his group is now looking at expanding into power generation as part of a wider drive to meet Africa’s industrial development needs.

Analysts have pointed out that the energy grid in Nigeria is notoriously unstable and would require a major upgrade to accommodate the targeted energy, with current estimates indicating that any power supply beyond around 8,000MW would be unlikely. However Aliko Dangote has a proven track record of hitting his mark, as shown in the Dangote refinery’s impressive 650 000 barrel a day capacity despite the massive challenges.

Airtel Africa’s Earnings and Subscriber Base Hit New Record

Airtel Africa now has 183.5 million users across the continent, representing 10.5% growth over the past financial year, its highest net additions to date. The company – which operates in 14 countries in sub-Saharan Africa has released its annual financial report for their financial year ended March 31, 2026. The report indicates that customers grew by 14.8%, to 84.2 million, while smartphone penetration lifted 4.7% to 49.5%, with a significant rise of 17.4 million new subscribers for the period. Airtel Africa’s revenue jumped 29.5% year-on-year (YoY) to $6.4 billion, and data revenue is now its biggest contributor to group revenue. 

Breaking Business and Market News Shorts:  

• China’s Shanghai Composite lifted 0.4% to 4,197 today, hitting its highest level since July 2025, while the Shenzhen Component gained 0.8% to a fresh five-year high of 15,680, buoyed by strong trade data and anticipation ahead of a meeting between Presidents Donald Trump and Xi Jinping.
• India’s BSE Sensex fell about 1.3% to 76,306 on Monday, extending losses for a third straight session and hitting its lowest level since April 7, as escalating geopolitical tensions between the US and Iran drove crude oil prices sharply higher. 
• South Korea’s benchmark KOSPI index surged more than 4% to around 7,850 today, hitting a fresh record high, driven by continued strength in semiconductor and AI-related shares after another rally on Wall Street. Samsung Electronics jumped over 7% while SK hynix soared nearly 12%
• Most Precious metals have moved higher this morning with Silver lifting by 2.5% while copper is up 1.98% and Lithium up by 1.8%. Gold dropped below $4700 on Friday but has since rebounded this morning at currently trading around the $4715 mark.
• Cocoa futures eased to below $4,200 per tonne but stayed close to recent 3-month highs, supported by receding short covering while fundamentals stayed broadly supportive. Traders continued to closely monitor reports of irregular rainfall in parts of Ivory Coast and Ghana.

Markets by Numbers 

Currency markets indicate the US dollar weakening against major currencies today. The Greenback is trading against the Euro at 1.1785 while trading against the Pound at 1.36280. The Yen is currently trading at 156.59 to the dollar. The rand (ZAR), is currently trading around the 16.39 mark against the US dollar this morning.

Commodities:  

• Gold futures are trending 0.5% higher, and currently trading at around $4715.35.00 per ounce.  
• Copper prices are trending 1.98% higher today, with prices currently around $6.2490 per pound
• Silver futures are trending 1.8% higher today, and currently trading at around $80.324 per ounce.
• Platinum futures are down around 0.15% this morning, and currently trading at $2059.30, While Palladium prices are sliding, down -2.33%, and currently trading around $1488.00 per ounce.
• Brent crude oil prices are spiking and currently trading around $105.18. WTI is trading at $95.42 currently
• Cocoa futures have dived from recent highs, down by -5.5% this morning, with prices currently around $4183 per ton. 
• Coffee futures are trending around 0.57% higher today, and currently trading at around $2.7480 per pound

Crypto Currencies: 

• Bitcoin prices are trending lower this morning, and trading at around $80922 per coin currently 
• Ether prices are trending lower today, and currently trading around $2337.67
• $Trumpcoin are currently trading upwards at around $2.450

(All prices quoted at approximately 07H35 Central African Time) 

African General News Briefs:

• In a rare break with historical practices in Togo, a new coalition of major Togolese opposition parties and civil society groups held their first engagement meeting on Saturday, in an effort to relaunch protests against recent constitutional changes by Faure Gnassingbe, they say would allow him to consolidate power. Four opposition parties and civil society groups have formed a coalition called the National Consultation Framework for Change in Togo (CNCC).
• Controversial South African politician, Julius Malema has called on President Cyril Ramaphosa to resign after the Constitutional Court ruled parliament had violated the constitution by blocking moves to impeach him in 2022. The judgement follows a legal challenge by Malema’s Economic Freedom Fighters (EFF) and others, and could result in fresh impeachment proceedings. Ramaphosa’s office said he respects the judgement. An independent panel said he may have a case to answer after burglars stole $580,000 (£430,000) in cash, hidden in a sofa, from his Phala Phala farm.