Breaking News Today - Thursday 12 November 2026

African Start-up News Headlines:

Afreximbank commits $75 million facility to Development Bank of Nigeria for SME financing.

The African Export-Import Bank (Afreximbank) has committed a $75 million finance facility to the Development Bank of Nigeria (DBN). Announced on 11 November during CANEX WKND 2026 in Lagos, the funds will be channelled through DBN’s participating financial institutions to support Nigerian small and medium-sized enterprises with working capital, asset acquisition, pre- and post-export financing, and supply-chain activities. Creative-economy businesses in fashion, film, music and design are among the intended beneficiaries, though the facility is not limited to that sector. Afreximbank and DBN will also jointly run capacity-building for export-oriented SMEs and provide access to Afreximbank platforms including MANSA, TRADAR, PAPSS and ATEX.

iDICE Startup Summit series announced with over ₦40 million in direct investments

The Investment in Digital and Creative Enterprises (iDICE) Programme has scheduled a multi-city Startup Summit across Lagos (18 November), Ilorin (23 November) and Abuja (30 November). A centrepiece is “The Crucible,” a competitive pitch series run with Wicked Innovation Labs and Innovate Africa Fund that is expected to facilitate more than ₦40 million in direct investments into selected Nigerian startups.

South Africa’s Wills & Trust discloses angel round for AI will-drafting platform

Wills & Trust, a KwaZulu-Natal LegalTech company building AI-assisted software for will drafting and estate planning, closed an undisclosed angel round on 1 October 2026. Founder and CEO Muhammad Khan said the capital will help bring a product to market that walks users through plain-language will and estate-planning steps covering family trusts, Shari’ah-compliant wills, business succession and digital assets.

Headline News Today

Ghana Gains Oil Output With New Well

President John Dramani Mahama of Ghana announced on 10–11 November at the Petroleum Commission Local Content Conference in Takoradi a hydrocarbon discovery at the Nya Gyidie-1X well in the Deepwater Cape Three Points block, about 148 km offshore. The well, drilled by Planet One Oil and Gas with GOIL Upstream and the Ghana National Petroleum Corporation, is Ghana’s first successful test of a Cenomanian-Turonian carbonate play as a primary target.
Mahama said the find signals renewed investor confidence as daily oil output has recovered above 120,000 barrels from about 88,000. He reaffirmed up to $2 billion in planned investment by Jubilee and TEN partners for new wells and infrastructure, and noted a roadmap with Tullow Oil on a $393 million tax matter. The discovery opens a new geological frontier beyond previous sandstone reservoirs, though commercial volumes are still being appraised.

WoolWorths Profit Plunge

Woolworths Holdings reported on 11 November that group turnover and concession sales rose only 0.2% in the 19 weeks to 8 November. South African turnover increased 1.6%, with the food unit up 1.9% on a comparable-store basis, while Fashion, Beauty and Home declined. Country Road Group in Australia fell 9.5%. The company cited high fuel prices, inflation and cost-of-living pressures constraining spending in both markets. Shares closed 8.52% lower at R37.78 on the JSE.

Purple Group's Profit Jumps 36%

Purple Group, the JSE-listed owner of EasyEquities, has released its best annual results yet, with profit before tax rising 36% to R150.2 million and profit after tax exceeding R100 million for the first time. EasyEquities clients deposited R16.8 billion during the financial year, 51% more than the previous year, despite average investment returns falling from 20.5% to 11.4%. The platform also attracted 237,074 newly funded investors, taking its active client base to 1.32 million. Client assets now stand at R107.2 billion. "Markets did not carry this result. People did," says Purple Group CEO Charles Savage. The results also reveal how Purple Group is turning growing participation in investing into a profitable, scalable business, with Easy Group's profit before tax increasing 49.4% to R160.5 million.

ABSA Reorganisation to Take Two Years

Absa Group executive for Africa Regions Charles Russon has said that the South African bank expects to complete the reorganisation of its rest-of-Africa operations within two years. Absa is converting its Nigerian representative office into a merchant bank (targeting operations in 12–18 months) and opening a representative office in Angola. It is also integrating an Ugandan acquisition, consolidating Tanzanian banks and aiming to raise its Kenyan stake toward 85%. South Africa, Kenya and Ghana still account for the bulk of regional profit

Breaking Business and Market News Shorts:

Market Moves: The FTSE/JSE All Share closed at 113,449.53, down 1.08% from the prior close. The rand traded near R16.53 to the dollar early and around R16.55 later in the session. Brent crude was near $91.6–92 and WTI near $85.5. Spot gold hovered around $4,000–4,060 after recovering part of the previous day’s drop.

Russia has ended its attempt to replace the US dollar with the Chinese yuan in international trade, as the yuan's share of Russian export payments fell to 22% in 2026. The shift follows expanded US sanctions in 2024, which targeted foreign financial institutions and restricted Russian access to dollar and yuan transactions. The yuan has not gained significant ground internationally, remaining under 3% of global trade settlements and falling in global payment rankings

Japan's Nikkei 225 Index fell -0.7% to close at 60,819 today, ending a three-session winning streak as the index followed weaker US stock futures amid growing uncertainty surrounding Nvidia’s leadership. Reports indicated that the chipmaker’s board was preparing to remove CEO Jensen Huang amid allegations of multiple affairs, raising concerns about potential repercussions across global markets.
Copper futures fell toward $6.20 per pound this morning, approaching fresh four-month lows as the US dollar strengthened amid growing expectations of more aggressive Federal Reserve rate hikes following hotter-than-expected inflation data.
Gold futures have dropped to below $4,000 an ounce this morning, sliding for the third straight session as a stronger US dollar weighed on the precious metal. The dollar gained support from hotter-than-expected US inflation figures and increasingly hawkish comments from Federal Reserve officials,

Markets by Numbers

Currencies:

Currency markets indicate the US dollar gaining momentum today. The Greenback is trading against the Euro at 1.10765 while trading against the Pound at 1.32655. The Yen is currently trading at 159.80 to the US dollar. The rand (ZAR), is currently trading at the 16.62 against the US dollar this morning.

Commodities:

Gold futures are down around -0.4% this morning, and currently trading at around $3969.13 per ounce.
Copper prices are -1.2% down today, with prices currently around $6.2008 per pound
Silver futures are down around -0.7% today, and currently trading at around $51.321 per ounce.
Platinum futures are down around -0.1% this morning, and currently trading at $1536.70, While Palladium is down by around -1.5% today, and currently trading around $1030.50 per ounce.
Lithium is up around 0.22% today, and currently at CNY/T 90 650
Brent crude oil prices are up around 0,3% today, and are currently trading around $93.06 with WTI trading at $86.78 currently
Cocoa futures are up over 3.5% today, and currently trading at $5046 per ton.
Coffee futures are down around 0.4% today, and currently trading at around $2.6465 per pound

Crypto Currencies:

Bitcoin prices are down around-0.8%, and currently trading at around $73 430 per coin currently
Ether prices are down around -0.64% this morning, and currently trading around $2044.53

(All prices quoted at approximately 09H00 Central African Time)

African General News Briefs:

Nearly 64,000 people have fled northern Nigeria for Niger this year because of attacks by Islamist militants and armed gangs, the UN High Commissioner for Refugees said on 10 November. Niger already hosts more than 500,000 refugees; new arrivals in Diffa and Tahoua face shortages of food, water and shelter.
Uganda’s ruling party is in turmoil, after senior officials rejected President Yoweri Museveni’s plan to position his son as his successor. According to several reports, the proposal to back army chief Muhoozi Kainerugaba was met with strong opposition during a closed-door meeting this week. The vote was abandoned after several members spoke out against his candidacy, with only four reportedly voting in his favour and three against. Kainerugaba, has attracted controversy over inflammatory social media posts, including threats against political opponents and claims of torture.