Breaking News Today – Thursday 23 April 2026

African Start-up News Headlines:

• Google for Startups Accelerator Africa announces 10th cohort with strong Nigerian and South African representation. Google has selected the 10th cohort of its Africa Accelerator programme, spotlighting four Nigerian startups (MasteryHive AI, Regxta, Termii, and one more) alongside two South African ventures: Loop (fintech infrastructure) and Vambo AI (AI solutions). The programme provides equity-free support, mentorship, technical resources, and exposure to Google’s global network. This milestone cohort underscores Google’s long-term bet on African talent in AI, fintech, and deep tech.
• South African AI company PROFF-IT Investment Group (trading as VukaOS) has entered a strategic partnership with Gebeya, a leading African talent and startup platform. The alliance aims to democratise world-class startup creation tools and AI capabilities across the continent, giving early-stage founders access to advanced resources without traditional barriers. VukaOS, focused on AI-driven entrepreneurship enablement, will integrate with Gebeya’s ecosystem to accelerate idea-to-MVP journeys.

Business News Today 

South African Data Shows Slowing Economy

Data for retail sales in South Africa, released yesterday, rose by a mere 1.6% year-on-year in February 2026 indicating limited consumer spend liquidity. This followed an upwardly revised 4.4% jump in spending in the prior month and missing analysts’ forecasts of a 4.8% surge. This marked the weakest growth in retail activity since September 2024. This was in part due to a sharp slowdown in sales of textiles, clothing, footwear and leather goods (3.9% vs 9.7% in January) and hardware, paint and glass (0.1% vs 1.9%). While simultaneously there have been upward price pressures, although the inflation impact from recent fuel price increases has not had full effect yet. South Africa’s annual consumer price inflation data released yesterday shows inflation at 3,1% in March 2026, up from 3,0% in February 2026. The Consumer Price index saw an increase of 0,6% month-on-month in March 2026.

Capitec Bank Hits 31% ROE

South Africa’s largest retail bank Capitec, has released its FY2026 results yesterday, marking 25 years of redefining banking in South Africa, with strong growth and a clear signal of its evolution into a diversified financial services group.Headline earnings increased 23% to R16.8 billion, while the bank now serves 26 million active clients. Return on equity of 31%, reflecting strong operational performance.

Results Highlights include: R1 billion returned to clients through lower fees, rewards and pricing benefits, Continued shift to a diversified financial services group (banking, insurance, fintech, business banking), Non-interest income remained at 67%, Insurance and fintech income both up 38%, driving ecosystem growth, and Capitec’s virtual mobile operation – Capitec Connect now connecting 1.5 million active users

Dangote Refinery IPO on the Cards

Aliko Dangote, Africa’s richest man, has confirmed plans to list approximately 10% of Dangote Petroleum Refinery and Petrochemicals through a landmark pan-African Initial Public Offering (IPO). The refinery in Lagos Nigeria, is the world’s largest single-train facility with a fuel production capacity of 650,000 barrels per day, is valued by analysts at between $40 billion and $50 billion. The IPO could raise between $2–5 billion, depending on the exact stake and final valuation. This would represent one of the largest equity offerings ever on an African stock exchange and the first major multi-exchange IPO across the continent.

Target launch date for the IOP is June–July 2026 with investor roadshows starting soon. The primary listing will be on the Nigerian Exchange (NGX), with the potential of a further Pan-African approach and cross-border placements or simultaneous listings on other African exchanges such as Nairobi Securities Exchange, which has been actively discussed. 

Breaking Business and Market News Shorts:  

• Sierra Leone has signed a new exploration agreement with global oil giant Shell. The deal will allow Shell to carry out advanced geological and geophysical surveys across more than 20,000 square kilometres of offshore territory.The work is to include basin modelling and oil analysis, aimed at building a clearer picture of the country’s deepwater hydrocarbon reserves.
• German airline Lufthansa is set to cut 20,000 European short-haul flights over the summer period, indicating that soaring fuel prices have made many routes “unprofitable” for the firm. Jet fuel has doubled in price since the start of the US-Israel war with Iran as the conflict has slowed its production and transportation across the Middle East.
• Afreximbank has launched its third training initiative under the AfCFTA framework to empower African businesses with practical knowledge on leveraging the continental free trade area. The programme aims to build capacity for cross-border trade, compliance, and market access.
• Dangote Group is advancing plans for a potential $40 billion IPO of its refinery across multiple exchanges. This would represent one of the continent’s largest-ever listings and signal confidence in Nigeria’s downstream energy sector despite global oil volatility.
• EU passenger car registrations surged 12.5% year-on-year to an over six-year high of 1.2 million units in March 2026, accelerating sharply from 1.4% growth in the previous month, supported by new and revised tax benefits and incentive schemes across major European countries. 

Markets by Numbers 

Currency markets indicate the US dollar stronger against major currencies today. The Greenback is trading against the Euro at 1.17021 while trading against the Pound at 1.34923. The Yen is currently trading at 159.54 to the dollar. The rand (ZAR), is currently trading around the 16.52 mark against the US dollar this morning.

Commodities:  

• Gold futures are trending lower – around -0.6% today, and currently trading at around $4710.00 per ounce.  
• Copper prices are trending -1.3% lower today, with prices currently around $6.0354 per pound
• Silver futures are down by around -1.7% today, and currently trading at around $76.286 per ounce.
• Platinum futures are around 2% lower this morning, and currently trading at $2046.40, While Palladium prices are trending -1.5% lower this morning, and currently trading around $1532.50 per ounce.
• Brent crude oil prices are trending around 1.3% higher today and currently trading around $103.30, WTI is trading higher at $94.32 currently
• Cocoa futures have surged by around 3.6% this morning, with prices currently around $3427 per ton. 
• Coffee futures are trading 2.3% higher today, and currently trading at around $2.8915 per pound

Crypto Currencies: 

• Bitcoin prices are trending slightly lower this morning, and trading at around $78 016 per coin currently 
• Ether prices are around -1.1% lower today, and currently trading around $2350.01
• $Trumpcoin are currently trading at around $2.864

(All prices quoted at approximately 07H15 Central African Time) 

African General News Briefs:

• Ghana’s mining regulator has given international companies Newmont, ‌AngloGold Ashanti  and Chinese-owned Zijin until December this year to arrange for their mining operations in the country to be operated by local contractors or face sanctions, according to a Reuters Report today. The three companies currently operate their mining oppressions in Ghana with their own staff. They are the only ones still doing so after most mining groups outsourced mining operations to local operators. Ghana had revised its local ownership rules in January 2025 requiring all miners to switch to contract mining.
• Boko Haram militants riding motorbikes stormed two ​villages in northeast Nigeria, killing at ‌least 20 people, a local official announced yesterday. The assaults are part of a growing surge of attacks by Boko Haram and its Islamic ​State splinter ISWAP, who have stepped ⁠up deadly attacks on military bases ​and villages in Nigeria’s insurgency-hit northeast.