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Africa Finance Corporation partners with Itana for the creation of Africa’s first digital economic zone

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Africa Finance Corporation

Africa Finance Corporation (AFC) will support Itana with project development funding and intends to lead in the financing of phase 1 of the Itana project which is budgeted at around $100m

NEW YORK, United States of America, September 27, 2024/APO Group/ — 

Itana (http://apo-opa.co/4dnuip1), Nigeria’s first licensed digital economic zone management company, and Africa Finance Corporation (AFC) (www.AfricaFC.org), the continent’s leading infrastructure solutions provider, have agreed to jointly develop the first digital economic zone in Africa designed for global and Pan-African technology, finance and service-based businesses to operate and scale with ease across Africa, unlocking the continent’s digital economy. The formalisation of this partnership took place yesterday in front of global government and business leaders, at the Global Africa Business Initiative (GABI), on the sidelines of the ongoing United Nations General Assembly (UNGA) in New York.

The Itana Digital Economic Zone in Lagos, Nigeria is intended as an online jurisdiction and to serve as a gateway to build a global business in Nigeria. Through Itana, companies can remotely incorporate and operate their businesses in the Itana zone, with laws, business incentives (tax, immigration & banking), and services optimized for the digital economy. This will be coupled with eco-friendly live-work districts and a live-in accelerator program, showcasing the future of African cities and providing the ideal infrastructure and support for businesses in Africa to scale and compete globally.

AFC will support Itana with project development funding and intends to lead in the financing of phase 1 of the Itana project which is budgeted at around $100m. This will include an eco-friendly tech campus in Lagos, Nigeria, and funding of startups in Accelerate Africa, the accelerator program of Itana in partnership with Future Africa. AFC will also support the roll-out of the Itana Digital Economic Zone for global and Pan-African tech, finance, and service-based businesses seeking to operate across Africa.

Itana and AFC are already collaborating alongside Future Africa, PwC Nigeria, and Charter Cities Institute as technical advisers to the Initiative for the Promotion of Digital Free Zones in Nigeria (DiFZIN) (http://apo-opa.co/3BuB4Mm), a non-profit advocacy and policy research organization representing the private sector in the recently announced Nigerian Federal Government steering committee for the establishment of Digital Economic Zones in Nigeria. The committee is chaired by President Bola Tinubu and includes relevant Government Ministers and Agency Heads.

Itana intends to be to Nigeria and Africa what Delaware & Silicon Valley is to the U.S., the DIFC is to Dubai, and e-Estonia is to the European Union

Itana (http://apo-opa.co/47FY7jz) will be a conducive environment tailored to the 21st-century digital trade and technological age. The organization recently launched the Itana Application (http://apo-opa.co/4dnSUOB) where individuals can join the community and have access to events and services such as business visa facilitation, local bank accounts, and a curated marketplace of trusted vendors and consultants for doing business in Africa. Businesses that meet the criteria can register as a Free Zone Enterprise (FZE) with ease and will receive a Business Operating license that enables them to do business in Nigeria like numerous digital companies including Reliance Info and Future Africa.

Post business incorporation, businesses can operate in the zone with tax and capital repatriation incentives, get access to the Itana business community, apply for business banking in the Digital Economic Zone, and special work and residency permits without limitations imposed by expatriate quotas.

“Itana intends to be to Nigeria and Africa what Delaware & Silicon Valley is to the U.S., the DIFC is to Dubai, and e-Estonia is to the European Union,” said Luqman Edu, CEO of Itana. “Itana is poised as the gateway to doing business in Africa. Local and International businesses looking to expand their operations across Africa will naturally look to Itana as their point of entry”.

“Africa’s digital economy is poised for significant expansion and innovation following the rapid adoption of mobile technology, a burgeoning youth population, and the growing importance of digital commerce and services,” said Samaila Zubairu, President & CEO, Africa Finance Corporation. “In support of this, AFC is proud to be a pioneer alongside Itana, in building Africa’s first digital economic zone. This unprecedented initiative marks a pivotal step towards creating a thriving hub for the African digital economy, cementing the Corporation’s commitment to driving innovation, job creation, and sustainable economic development across the continent,” he added.

Last year, Itana announced (http://apo-opa.co/4eIELg1) a funding round backed by leading technology venture capitals and highly influential tech industry leaders including LocalGlobe, Amplo, Pronomos Capital (backed by Peter Thiel), Balaji, and Future Africa (led by Nigerian entrepreneur Iyinoluwa Aboyeji, co-founder of Andela and Flutterwave).

As the first Digital Economic Zone, Itana remains committed to making Nigeria a powerhouse in the global digital economy. It will be hosted in Alaro City, an integrated, mixed-use city planned on over 2,000 hectares in the Lekki Free Zone.

Distributed by APO Group on behalf of Africa Finance Corporation (AFC).

Events

As global power structures shift, Invest Africa convenes The Africa Debate 2026 to redefine partnership in a changing world

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Debate

The Africa Debate 2026 will provide a platform for this essential, era-defining discussion, convening leaders to explore how Africa and its partners can build more balanced, resilient and sustainable models of cooperation

LONDON, United Kingdom, February 5, 2026/APO Group/ –As African economies assert greater agency in a rapidly evolving global order, Invest Africa (www.InvestAfrica.com) is delighted to announce The Africa Debate 2026, its flagship investment forum, taking place at the historic Guildhall in London on 3 June 2026.

Now in its 12th year, The Africa Debate has established itself as London’s premier platform for African investment dialogue since launching in 2014, convening over 800 global decision-makers annually to shape the future of trade, finance, investment, and development across the continent.

Under the theme “Redefining Partnership: Navigating a World in Transition”, this year’s forum will focus on Africa’s response to global economic realignment with greater agency, ambition and economic sovereignty.

The Africa Debate puts Africa’s priorities at the centre of the conversation, moving beyond traditional narratives to focus on ownership, resilience and long-term value creation.

“Volatility is not new to Africa. What is changing is the opportunity to respond with greater agency and ambition,” says Invest Africa CEO Chantelé Carrington.

“This year’s edition of The Africa Debate asks how we strengthen economic sovereignty — from access to capital and investment to financial and industrial policy — so African economies can take greater ownership of their growth. Success will be defined by how effectively we turn disruption into leverage and partnership into shared value.”

The Africa Debate 2026 will provide a platform for this essential, era-defining discussion, convening leaders to explore how Africa and its partners can build more balanced, resilient and sustainable models of cooperation.

Key challenges driving the debate

Core focus areas for this year’s edition of The Africa Debate include:

This year’s edition of The Africa Debate asks how we strengthen economic sovereignty — from access to capital and investment to financial and industrial policy

Global Realignment & New Partnerships

How shifting geopolitical and economic power structures are reshaping Africa’s global partnerships, trade dynamics and investment landscape.

Financing Africa’s Future

The growing need to reform the global financial architecture, new approaches to development finance, as well as the strengthening of market access and financial resilience of African economies in a changing global system.

Strategic Value Chains

Moving beyond primary exports to build local value chains in critical minerals for the green economy. Also addressing Africa’s energy access gap and mobilising investment in renewable and transitional energy systems.

Digital Transformation & Technology

Unlocking growth in fintech, AI and digital infrastructure to drive productivity, inclusion, and the next phase of Africa’s economic transformation.

The Africa Debate 2026 offers a unique platform for high-level dialogue, deal-making, and strategic engagement. Attendees will gain actionable insights from leading policymakers, investors and business leaders shaping Africa’s economic future, while building strategic partnerships that define the continent’s next growth phase.

Registration is now open (http://apo-opa.co/46b19gj).

Distributed by APO Group on behalf of Invest Africa.

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Business

Zion Adeoye terminated as Chief Executive Officer (CEO) of CLG due to serious personal and professional conduct violations

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CLG

After a thorough internal and external investigation, along with a disciplinary hearing chaired by Sbongiseni Dube, CLG (https://CLGglobal.com) has made the decision to terminate Zion Adeoye due to serious personal and professional conduct violations. This process adhered to the Code of Good Practice of the Labour Relations Act, ensuring fairness, transparency, and compliance with South African law.

Mr. Adeoye has been held accountable for several serious offenses, including:

  • Making malicious and defamatory statements against colleagues
  • Extortion
  • Intimidation
  • Fraud
  • Misuse of company funds
  • Theft and misappropriation of funds
  • Breach of fiduciary duty
  • Mismanagement

His actions are in direct contradiction to our firm’s core values. We do not approve of attorneys spending time in a Gentleman’s Club. CLG deeply regrets the impact this situation has had on our colleagues and continues to provide full support to those affected.

We want to express our gratitude to those who spoke up and to reassure everyone at the firm of our unwavering commitment to maintaining a respectful workplace. Misconduct of any kind is unacceptable and will be addressed decisively.

We recognize the seriousness of this matter and have referred it to the appropriate law enforcement, regulatory, and legal authorities in Nigeria, Mauritius, and South Africa. We kindly ask that the privacy of the third party involved be respected.

Distributed by APO Group on behalf of CLG.

 

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The International Islamic Trade Finance Corporation (ITFC) Strengthens Partnership with the Republic of Djibouti through US$35 Million Financing Facility

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ITFC

This facility forms part of the US$600 million, three-year Framework Agreement signed in May 2023 between ITFC and the Republic of Djibouti, reflecting the strong and growing partnership between both parties

JEDDAH, Saudi Arabia, February 5, 2026/APO Group/ –The International Islamic Trade Finance Corporation (ITFC) (https://www.ITFC-IDB.org), a member of the Islamic Development Bank (IsDB) Group, has signed a US$35 million sovereign financing facility with the Republic of Djibouti to support the development of the country’s bunkering services sector and strengthen its position as a strategic regional maritime and trade hub.

The facility was signed at the ITFC Headquarters in Jeddah by Eng. Adeeb Yousuf Al-Aama, Chief Executive Officer of ITFC, and H.E. Ilyas Moussa Dawaleh, Minister of Economy and Finance in charge of Industry of the Republic of Djibouti.

The financing facility is expected to contribute to Djibouti’s economic growth and revenue diversification by reinforcing the competitiveness and attractiveness of the Djibouti Port as a “one-stop port” offering comprehensive vessel-related services. With Red Sea Bunkering (RSB) as the Executing Agency, the facility will support the procurement of refined petroleum products, thus boosting RSB’s bunkering operations, enhancing revenue diversification, and consolidating Djibouti’s role as a key logistics and trading hub in the Horn of Africa and the wider region.

We look forward to deepening this partnership, creating new opportunities, and leveraging collaborative programs to advance key sectors and drive sustainable economic growth

Commenting on the signing, Eng. Adeeb Yousuf Al-Aama, CEO of ITFC, stated:

“This financing reflects ITFC’s continued commitment to supporting Djibouti’s strategic development priorities, particularly in strengthening energy security, port competitiveness, and trade facilitation. We are proud to deepen our partnership with the Republic of Djibouti and contribute to sustainable economic growth and regional integration.”

H.E. Ilyas Moussa Dawaleh, Minister of Economy and Finance in charge of Industry of the Republic of Djibouti, commented: “Today’s signing marks an important milestone in the development of Djibouti’s bunkering services and reflects our strong and valued partnership with ITFC, particularly in the oil and gas sector. This collaboration supports our ambition to position Djibouti as a regional hub for integrated maritime and logistics services. We look forward to deepening this partnership, creating new opportunities, and leveraging collaborative programs to advance key sectors and drive sustainable economic growth.”

This facility forms part of the US$600 million, three-year Framework Agreement signed in May 2023 between ITFC and the Republic of Djibouti, reflecting the strong and growing partnership between both parties.

Since its inception in 2008, ITFC and the Republic of Djibouti have maintained a strong partnership, with a total of US$1.8 billion approved primarily supporting the country’s energy sector and trade development objectives.

Distributed by APO Group on behalf of International Islamic Trade Finance Corporation (ITFC).

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