Business
AfricanShowcase 2025 Set to Transform Barking Town Centre into a Celebration of African Culture and Commerce
In 2023, a group of Black investors based in Atlanta agreed to buy a white-owned bank, Holladay Bank & Trust, and convert it into a Black-owned one. The investors included Dr. Bernice A. King, a daughter of civil rights icon Dr. Martin Luther King Jr; Ashley D. Bell, a former White House policy adviser, and former NFL player Dhani Jones.
They planned to rename the Utah-based institution Redemption Bank and said they wanted to provide financial services to Black communities historically underserved by financial institutions while offering online banking services and small business loans.
The deal, which was awaiting regulatory approval, would mark the first time Black investors purchased a non-Black bank, a statement by Redemption Holding Company said at the time. It would also be the first time in American history that an existing commercial bank would become a Black-owned Minority Depository Institution (“MDI”) through acquisition, the statement added.
After two years, Redemption has finally completed its acquisition of Holladay Bank & Trust. It makes it the first time a bank has been owned by a Black-led investment group in the Western U.S., the AP reported this month.
The acquisition got delayed due to the collapse of Silicon Valley Bank in 2023, Bell, CEO and chairman of Redemption Holding, told the AP.
“This process has undoubtedly taken longer than any of us anticipated,” Bell said. “However, we are grateful for the diligence of the staff at the FDIC, the leadership of the (American Bankers Association), and the renewed sense of urgency from the new administration this year, all of which helped bring everything together.”
While Bell is the CEO, King is expected to be Redemption Bank’s senior vice president for corporate strategy and serve on the company’s advisory board.
With about $65 million in assets, Redemption Bank will be the first Black-owned bank not physically located within an economically vulnerable community and the first in the Rockies, according to the AP.
It will also be the only one located in the Black-banking desert that stretches from Houston to Los Angeles, the AP added.
The company will further become the 24th Black-owned bank in the nation, termed as Minority Depository Institutions (MDI). MDI is a federal designation for banks and unions that are owned or controlled by minority groups. The most recent MDI was Adelphi Bank, launched in January 2023.
U.S. hotel chains Hilton and Marriott have announced African expansion drives to tap into the continent’s rapid tourism growth.
Rising business and leisure travel on the continent has made it increasingly attractive for multinational companies and Hilton said on Wednesday that it plans to more than triple its African portfolio to more than 160 hotels.
The company plans to enter Angola, Ghana and Benin for the first time while returning to Madagascar and Tanzania, its statement said without providing a specific time horizon for the expansion plans.
Marriott expects to add 50 properties by 2027, it said on Wednesday. Those will include entry into five new countries: Cape Verde, Ivory Coast, the Democratic Republic of Congo, Madagascar and Mauritania.
The group’s existing African portfolio encompasses nearly 150 properties and 26,000 rooms across 20 countries and 22 brands.
Airlines have also increased their African capacity.
Emirates now offers 161 weekly flights across Africa, recently adding daily services to Entebbe and Addis Ababa. United Airlines launched a direct Washington-Dakar route in May and Delta will begin a seasonal daily flight to Accra in December.
International arrivals to the continent rose 9% year on year in the first quarter of 2025, the United Nations World Tourism Organization says, 16% above the same period of pre-pandemic 2019.
That momentum is translating into economic impact. Tourism accounts for between 3% and 7% of gross domestic product in countries such as Kenya, Morocco and South Africa, and up to 15% in tourism-heavy economies such as Namibia, World Bank and national statistics show.
Business
Global Entrepreneur, Dr. Emeka Agwu Pushes for Unity and Cross-Border Environmental Solutions
Dr. Emeka Agwu, Director of the EndHunger Initiatives and Global Voice Foundation for Community Development, has issued a powerful call to action, emphasizing the urgent need for unified, global efforts to address the rapidly worsening environmental crisis. In his remarks, Dr. Agwu highlighted that the world is experiencing an unprecedented ecological emergency marked by rising temperatures, increasing pollution, loss of biodiversity, and a surge in environment-related diseases—all contributing to high mortality rates and global instability.
Dr Emeka Agwu is being honored with a presentation at the prestigious Central University of Finance and Economics, Beijing, on April 23, 2025
According to Dr. Agwu, a multi-dimensional strategy is essential to effectively respond to these challenges. First, he called for stronger international cooperation, noting that global problems require global solutions. Second, he stressed the importance of fostering innovation in environmental protection technologies, enhancing energy efficiency, and overhauling environmental governance systems. Third, he advocated for the development of comprehensive policies and standards to guide the global transition to clean energy and ensure stringent control over carbon emissions.
Pastor Emeka Agwu with the Nigerian Ambassador to Beijing, and the Secretary of the organizing committee.
Furthermore, Dr. Agwu underscored the necessity of building a global green economy through collective efforts by governments, the private sector, civil society, and the general public. He emphasized that environmental awareness must be integrated into education systems, and that public campaigns and corporate accountability must be elevated to drive sustainable change.
With Professor Peter. Dr Emeka Agwu, also with other investors seeking collaboration for Chinese and Nigerian youths on innovative technology and AI with the New Chinese Youth Minister.
He also commended the recent establishment of the China-Nigeria Economic Coordination Center Office (CNCC), describing it as a pivotal step toward deepening bilateral collaboration in innovation and technology transfer. Dr. Agwu believes the CNCC will play a crucial role in enabling both nations to jointly develop adaptive strategies for climate resilience and sustainable development.
In his concluding remarks, Dr. Agwu reminded stakeholders that the environmental crisis transcends national borders and ideological divides. “We are at a defining moment,” he said. “This is not just about protecting nature—it’s about safeguarding the future of humanity. The choices we make today will determine the world we leave behind for future generations.”
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