June 2014 African Business News


Chimamanda Ngozi Adichie

New Wave of African Writers With an Internationalist Bent

More than a decade ago, when the young Nigerian writer Chimamanda Ngozi Adichie was struggling to get her first novel, “Purple Hibiscus,” published, an agent told her that things would be easier “if only you were Indian,” because Indian writers were in vogue.

Parinaz Firozi, Managing Director, Jumia Kenya

Jumia introduces marketplace in Kenya to put local shops online

Hailing from Nigeria, ecommerce outfit Jumia has unveiled its online marketplace in Kenya. The platform allows traditionally offline suppliers to sell their products to the company’s huge customer base.

Nigerian Stock Exchange (NSE) All-Share Index (ASI)

The Nigerian Stock Exchange flies with help from MSCI

Nigeria is receiving a large influx in foreign portfolio flows in spite of investors’ unease following the terror campaign of Boko Haram, after a closely-tracked index provider increased significantly the weighing of Africa’s largest economy.

Republic of Congo Infrastructure Project

Congo Republic Raising $1.5 Billion in Credit-Linked Notes to Fund Infrastructure Projects

Republic of Congo plans to sell as much as $1.5 billion of credit-linked notes to fund infrastructure projects in the central African country.

Ghana Power Plant

FirstRand Unit to Fund $120 Million of Ghana’s Kpone Power Plant

South Africa’s FirstRand Ltd. (FSR) said its investment banking unit will finance as much as $120 million of Ghana’s $820 million Kpone power plant as lenders seek to benefit from African infrastructure projects.

Miguel Azevedo, Head, Investment Banking, Africa, Citigroup

Nigeria's growth no longer oil-dependent: Miguel Azevedo, Head of Investment Banking for Africa at Citigroup (Video)

Miguel Azevedo, Head of Investment Banking for Africa at Citigroup, says the growth prospects for Nigeria are “very positive” and that the country’s economy is no longer oil-dependent.

Ngozi Okonjo-Iweala, Minister of Finance, Nigeria

Nigeria's Corruption Is Sensationalized: Ngozi Okonjo-Iweala, Minister of Finance, Nigeria (Video)

Nigeria’s finance minister, Ngozi Okonjo-Iweala, says Nigeria’s corruption is sensationalized and trivialized.

Ngozi Okonjo-Iweala, Minister of Finance, Nigeria

Nigeria's Future Is More Than Just Oil: Ngozi Okonjo-Iweala, Minister of Finance, Nigeria (Video)

Nigeria’s finance minister, Ngozi Okonjo-Iweala, says Nigeria’s economy does not just rely on oil and is becoming more diversified.

Nok Sculpture from Nigeria

Boston museum returns looted African art to Nigeria

Boston’s Museum of Fine Arts has returned eight pieces of ancient African art to Nigeria after discovering they were likely looted from the West African nation, museum officials said on Thursday.

Julio Portalatin, CEO, Mercer

Marsh & McLennan to Buy 34% of Alexander Forbes of South Africa

Marsh & McLennan Cos (MMC) will buy a 34 percent stake in South Africa‘s Alexander Forbes Ltd. (AFB) as Africa’s largest independent pension-fund manager prepares to sell shares on the Johannesburg Stock Exchange next month.

Tanzania GDP

Tanzania Says Economy Will Expand by 20 Percent After GDP Rebasing

Tanzania’s government expects the size of the economy to increase by 20 percent after rebasing the country’s gross domestic product data to factor in expanding industries such as mining and natural gas.

Avigdor Liberman, Foreign Minister, Israel

Israeli Investors Woo African Companies

Israel’s government is leading 50 executives this week on a tour of Africa in a bid to diversify business interests amid the threat of international boycotts and irritation over new corporate taxes.

Africa Market Data

Exchange Data International (EDI) launches African Economic Data Service (AFED)

Exchange Data International (EDI), a provider of global securities data, has launched the African Economic Data Service (AFED), a source of macroeconomic…

Nigerian Naira

Nigerian economy leads frontier market opportunities

Companies such as Guaranty Trust Bank, Zenith Bank, and Nigerian Breweries have put Nigeria at the forefront of frontier market opportunities, according to Baring Asset Management.

Jacob Kholi, Partner, The Abraaj Group

Private Equity Investing in Africa: The Abraaj Group's Perspective (Video)

Private Equity Investing in Africa: The Abraaj Group’s Perspective

Ekow Afedzie, Deputy Managing Directory, Ghana Stock Exchange

How Ghana's Stock Exchange Is Boosting Listings: Ekow Afedzie, Deputy MD, Ghana Stock Exchange (Video)

How Ghana’s Stock Exchange Is Boosting Listings: Ekow Afedzie, Deputy MD, Ghana Stock Exchange

Oscar Onyema, CEO, Nigeria Stock Exchange

Nigeria Stock Exchange Chasing A Trillion Dollar Market Cap: Oscar Onyema, CEO, Nigerian Stock Exchange (Video)

Nigeria Stock Exchange Chasing A Trillion Dollar Market Cap: Oscar Onyema, CEO, Nigerian Stock Exchange

Jeremy Doutte, CEO, Jumia Nigeria
Nigerian Football (Soccer) Fans

Nigeria: The World's Most Crazed Soccer Nation

Nigeria can make a strong case for recognition as the most soccer-crazed country in the world.

Wale Tinubu, CEO, Oando

Oando Shares Surge on the Nigerian Stock Exchange following approval of $1.65B Acquisition of ConocoPhillips Nigeria

Shares in Oando Plc rose the maximum 10 percent allowed on Nigeria’s stock exchange on Friday after the oil firm said it had won government approval to complete a $1.65 billion acquisition of ConocoPhillips’ Nigerian assets.

Aliko Dangote, Africa's Richest Man

Africa's Richest Man: Aliko Dangote, Founder & CEO, Dangote Group (Video)

Africa’s Richest Man: Aliko Dangote, Founder & CEO, Dangote Group

Aliko Dangote, Chairman & CEO, Dangote Group

African Cement: Day of Aliko Dangote? (Video)

Lafarge, the global cement producer, plans to combine its Nigerian and South African operations. The Financial Times’ Robert Armstrong and Joseph Cotterill discuss whether this can challenge the African dominance of Dangote Cement, the company owned by Aliko Dangote, Africa’s richest man.

Larry Seruma, Managing Principal & Chief Investment Officer, Nile Capital Management

Main street invests in Africa’s stocks: Nile Fund’s Larry Seruma on the continent’s modernizing equity markets

Getting in on Africa’s economic boom is no longer reserved for CEOs or million dollar entrepreneurs.

Silk Invest's African Opportunities for Footballers Fund

Silk Invest teams up with Kolo Toure to launch the African Opportunities for Footballers Fund (Video)

This will be the first fund of its kind and makes it possible for African Football players to manage their financial assets while also investing in the grand opportunity of their home continent. The fund will be domiciled in Luxembourg and will primarily invest in the African markets.

African Fixed Income

African Fixed Income in 90 seconds (Video)

When investors speak about investing in Africa, they usually refer to equities. What is often overlooked is the fixed income opportunity.

Davis Chirchir, Cabinet Secretary for Energy and Petroleum, Kenya

Kenya Forges Ahead With Oil Pipeline Plan

Kenya will soon invite bidders for the design and construction of a crude oil pipeline that would enable East African countries to export recently-discovered oil through the Indian Ocean port of Lamu.

L'Oréal investing big in R&D in Nigeria

L'Oréal investing big in R&D in Nigeria

Speaking at the recent Nigerian Retail Transformation Conference, the managing director of L’Oreal Central West Africa announced the company has invested “over 800 million euros” in R&D in the region.

2010 FIFA World Cup, South Africa

South Africa Is Still Winning After 2010 FIFA World Cup

Four years after hosting the 2010 FIFA World Cup, South Africa endures sustained success as a leading sporting and travel motherland.

Sepp Blatter, President, FIFA

Confederation of African Football (CAF) supports FIFA boss Blatter, hits out at 'degrading' media

Africa’s soccer chiefs launched an attack on the media – “notably British” – for what it called “repeated, deliberately hateful, defamatory and degrading attacks” on the integrity of the Confederation of African Football (CAF) “and the entire African continent”.

Debt Market

South African Fund Giant, Stanlib Asset Management, Seeks to Tap Growing Demand for African Debt

Africa-based fund manager Stanlib Asset Management is to join Momentum Investments, Silk Invest and Investec Asset Management in offering an Africa Fixed Income fund from October this year.

Elias Masilela, Outoing CEO of South Africa's Public Investment Corporation (PIC)

Elias Masilela, outgoing CEO of Africa's Biggest Fund Manager, South Africa's PIC, to Join DaMina as Senior Adviser

Elias Masilela, who resigned last month as the chief executive officer of South Africa’s Public Investment Corp., Africa’s biggest fund manager, has joined DaMina Advisors, a frontier-markets consultancy.

Bond Market

Kenya’s First International Bonds Rise on First Full Day of Trading

Kenya’s first-ever international bonds rose on their first full day of trading, propelled by almost $8 billion worth of orders which on Monday had helped make it the largest-ever debt sale by an African country.

A PayPal sign is seen at an office building in San Jose, California May 28, 2014.

PayPal expands payment services to Nigeria and 9 other markets

PayPal is entering 10 new countries this week, including Nigeria, providing online payment alternatives for consumers via mobile phones or PCs in markets often blighted by financial fraud.

Issa Hayatou, President, Confederation of African Football (CAF)

Africa seeks to force FIFA’s hand with success in Brazil

Africa’s hopes of increased future World Cup representation rest heavily on achievement in Brazil this year where five countries seek to break new ground and force FIFA’s hand.

2010 FIFA World Cup South Africa

South Africa’s World Cup advice to Brazil—and a huge Waka Waka confession

Dear Brazil, when we hosted the World Cup in 2010, we taught the world some positive things about South Africa.

Delta Ghana Giraffe Tweet Gaffe

Delta Air Lines Discovers that there are no giraffes in Ghana

The publishing industry isn’t alone in thinking that the entire continent of Africa looks just like The Lion King.

Nigerian Naira (1000 Naira)

Nigeria, Argentina, and Vietnam Prove Top Picks for Multinationals - Frontier Strategy Group

Fresh from its coronation as the biggest economy in Africa, Nigeria has scored another first.

Rene Meza, CEO, Vodacom Tanzania

Vodacom says 250,000 sign up for M-Pawa service - Rene Meza, CEO, Vodacom Tanzania

Vodacom Tanzania says more than 250,000 users have registered for the M-Pawa service with over 50,000 customers making a total saving of TZS 1.2 billion and growing, three weeks after the launch.

Gervais Yao Kouassi, Ivory Coast National Football Team, 2014 FIFA World Cup

How are Africans fans watching the World Cup in Brazil?

As Nigeria and Ghana begin their campaign, a poll finds a somewhat optimistic belief on the continent that an African team will win. How will you be following the action?

Stephen Keshi, Nigeria National Football Team Coach

Africa can win the World Cup, says Nigeria coach, Stephen Keshi

African sides are as good as any at the World Cup and one could end up winning it in Brazil, Nigerian coach Stephen Keshi said on Sunday ahead of his side’s opening group game against outsiders Iran.

Bond Market

Kenya Taps Debt Market With Five and 10-Year US Dollar Bond Deal

The Republic of Kenya, rated B+ by Standard & Poor’s and Fitch, has opened books on a benchmark-sized offering of five and 10-year US dollar bonds, according to a source.

Paddy Docherty, CEO, Phoenix Africa

Investing in Frontier Africa with Paddy Docherty, CEO, Phoenix Africa (Video)

Investors are flocking to Africa’s large and established economies. However, the opportunities go much further.