July 2014 African Business News

Gervinho and Drogba at the 2014 FIFA World Cup in Brazil

Africa is a country, football edition

Africa remains divided along many lines, from race and religion to ethnicity.

Three Nigerian city clusters that will increasingly compete with Lagos

Three Nigerian city clusters that will increasingly compete with Lagos

Nigeria’s retail and wholesale trade industry has the potential to grow by 7.1% per year, and by 2030 could be the largest contributor to the country’s GDP, according to recent report by McKinsey Global Institute.

Inside the iRoko offices in Lagos

iROKOtv, 'Nigeria's Netflix', takes Nollywood to a global audience

An episode of Shuga, a popular soap opera set in Kenya, is playing on a screen at the offices of iRoko TV – an online platform commonly dubbed the “Netflix of Africa”.

Office Building

Delta International to raise $90M to invest in African properties

Delta International Property Holdings Ltd. (DLI) plans to raise about $90 million over the next two months to fund the purchase of office and retail developments in Africa.

A staff member of on-line retailer Jumia, pushes a cart past shelves at the company's warehouse in Lagos April 10, 2014

Online retailer Jumia expanding into new markets: Uganda, Ghana and Cameroon

Online retailer Jumia, a would-be African Amazon set up by German venture capital firm Rocket Internet, is expanding into three new markets – Uganda, Ghana and Cameroon, the company said on Monday.

Blessing Okagbare storms to gold in the 100m

Nigeria's Blessing Okagbare storms to gold in the 100m, setting new Commonwealth record

Nigeria’s Blessing Okagbare set a new Commonwealth record of 10.85 seconds to win 100m gold and put her Jamaican rivals in the shade.

Civic Center Tower, Lagos, Nigeria

Lagos, Nigeria will witness a blitz of high-rise building completions within the next few years

The development pipeline for prime grade property in Lagos has been growing at an unrelenting pace recently.

Udayan Goyal, Founder and Managing Partner at Anthemis Group

Apis Partners launches private equity growth fund to invest in financial technology in Africa and Asia

Strong appetite for investments in financial technology has prompted the launch of a private equity firm dedicated to the sector in emerging markets.

Doyin Okupe, Senior Special Assistant on Public Affairs to the President of Nigeria

In spite of Nigeria's progress, somehow the global community & media seems to focus on the negative: Doyin Okupe, Senior Special Assistant on Public Affairs to the President of Nigeria

The world’s negative perception of Nigeria is a “tragedy”, a political official from the country told CNBC, who advocated focusing on the strength of Nigeria’s economy rather than its struggles with Islamist terrorism and increasing instability.

Doyin Okupe, Nigeria's Senior Special Assistant on Public Affairs to the President

Nigeria is doing everything it can to ensure the safe return of kidnapped girls: Doyin Okupe, Senior Special Assistant on Public Affairs to the President of Nigeria (Video)

Doyin Okupe, Nigeria‘s Senior Special Assistant on Public Affairs to the President, Goodluck Jonathan, defends the government’s attempts to tackle the problem of the insurgency and says the “safe return” of the girls kidnapped by Boko Haram is key.

Seven Energy will be the next Nigerian corporate to test investor appetite

Sub-Saharan Africa bond issuance booms

Bond issuance volumes from sub-Saharan African have already surpassed last year’s levels with the promise of more to come.

Easy Taxi

Easy Taxi, which operates in 32 countries including Nigeria, Ghana, Kenya and Egypt, secures additional $40M in series D fund raising

Easy Taxi, a leading mobile taxi app in Latin America, Africa, Middle East and Asia, secured USD 40m in Series D funding led by the Russian Phenomen Ventures with participation of Tengelmann Ventures, the investment company of Germany’s multi-sector retailer Tengelmann Group.

A proposed design for block of flats in Nigeria

Africa’s online real estate market will be focus of the world within the next 5 years: Obi Ejimofo, MD, Lamudi Nigeria

Africa’s online real estate sector will be the focus of the entire world within the next five years, according to Obi Ejimofo, managing director of Lamudi Nigeria.

Penny Pritzker, US Secretary of Commerce

Obama's Africa Summit, the largest event ever held by a US President with African heads of state: Q&A with Pritzker and Bloomberg

In the first week of August, U.S. President Barack Obama will convene the inaugural U.S.-Africa Leaders Summit in Washington D.C., an unprecedented gathering of African business and political leaders and heads of state.

Alaoji Power Plant, Aba, Abia, Nigeria

Nigeria and US sign MoU on 1,500MW power plant

The Federal Government and the United States of America on Thursday signed two Memoranda of Understanding to build a 1,500-megawatts power plant as well as other infrastructure to boost Nigeria’s power sector

Airtel Kenya

Airtel loses bid to force Safaricom to cut M-PESA fees

The Competition Authority of Kenya (CAK) says it doesn’t have jurisdiction to order Safaricom to cut M-Pesa cross network transaction fees.

Malvina Goldfeld, Head, Business Development, Sub-Saharan Africa, PayPal

Taking Nigerians cashless: Q&A with PayPal's Head of Business Development in Sub-Saharan Africa, Malvina Goldfeld

Nigeria’s 170-million plus population has an estimated 60-million internet users, making it the largest potential market for PayPal of all the countries it has entered in recent months.

JumpStart Africa

Crowdfunding Now Available To African Entrepreneurs Through JumpStart

How many times have you had that killer idea but you had to shelve it because of a lack of capital or a money related obstacle?

Victoria Island, Lagos, Nigeria

Lagos, Nigeria: Africa's Big Apple

With tech hubs, a newly wealthy class, and an exploding population, Lagos is forging a model for Africa’s urban future. Saturday night in Africa’s biggest city, Lagos, and five of us are lip-reading across the table above the thumping music at Rhapsody’s, a restaurant-club on upscale Victoria Island.

Ifeoluwa Florence Otedola, Tourism Ambassador, Fascinating Nigeria

Fascinating Nigeria Tourism Ambassador, Ifeoluwa Florence Otedola, at the Financial Times (FT) Business of Luxury Summit 2014 in Mexico City (Video)

At the most recent FT Business of Luxury Summit held in Mexico City on 11-13 May 2014, the “Next 15″ emerging markets were showcased as the next wave of growth opportunities for luxury products and services.

Malek Bou-Diab, Portfolio Manager, Bellevue African Opportunities

How to play Africa's infrastructure boom: Malek Bou-Diab, Portfolio Manager, Bellevue African Opportunities, Bellevue Asset Management (Video)

Malek Bou-Diab, Portfolio Manager at Bellevue African Opportunities, discusses how to invest in Africa’s booming infrastructure story.

Timothy Oguntayo, CEO, Skye Bank

Timothy Oguntayo takes charge as Skye Bank CEO

Former Group Managing Director/Chief Executive Officer GMD/CEO of Skye Bank Plc, Mr. Kehinde Durosinmi-Etti yesterday formally handed over the mantle of leadership of the bank to his successor, Mr. Timothy Oguntayo.


Uber launches in Lagos as it expands further into Africa

The popular San Francisco- based car ordering service Uber has just launched in Lagos, Nigeria.

Wole Soyinka

Walking With Wole Soyinka

Several times, I have met Professor Wole Soyinka without actually meeting him.

Chinelo Anohu-Amazu, Director-General, Pension Commission of Nigeria (PenCom)

Africa countries woo domestic savers to fund infrastructure

Like many African workers Olalere Ojedokun’s only pension plan was sending his kids to school so they could take care of him in old age, but that changed when Nigeria introduced a contributory pension scheme that it hopes will cover everyone.

John Santora, President and CEO, Cushman & Wakefield

Top four emerging & frontier property markets are from Africa - Botswana, South Africa, Zambia & Ghana: Cushman & Wakefield (Report)

Cushman & Wakefield has evaluated the risks of acquiring office space in the most sought after emerging and frontier markets.

Left - Right: General Joseph Ankrah (Chairman, Ghana National Liberation Council), Lieutenant Colonel Yakubu Gowon (Head of State, Nigeria), and Lt. Colonel Chukwuemeka Odumegwu Ojukwu (Governor, Eastern Region, Nigeria) at Aburi, Ghana

Naij - A History of Nigeria by Jide Olanrewaju - An Actualize Production (Video)

An excellent, in-depth video of Nigeria’s history by Jide Olanrewaju

McKinsey Global Institute (MGI)

Nigeria’s renewal - Delivering inclusive growth in Africa’s largest economy: McKinsey Global Institute (Report)

As global investors and business leaders look to Africa as the next region of transformative economic growth, they are paying increasing attention to Nigeria.

Olusegun Aganga, Nigeria’s Minister of Industry, Trade, and Investment

Nigeria's improving investment climate: Segun Aganga, Nigeria's Minister of Industry, Trade, and Investment (Video)

Nigeria continues to have the potential to be a major player in the world economy.

Papa Madiaw Ndiaye, Founding Partner & CEO, AFIG Funds

How perceptions of Africa's risk have evolved: Papa Madiaw Ndiaye, CEO, AFIG Funds (Video)

Papa Madiaw Ndiaye is CEO of AFIG Funds, a Mauritius private equity fund management company with offices in Dakar (Senegal), Johannesburg (South Africa), and Washington, DC (USA).

Acha Leke, Partner, McKinsey

Nigeria Seen by McKinsey in World's Top 20 Economies by 2030: Acha Leke, Partner, McKinsey

Nigeria has the potential to be one of the world’s top 20 economies by 2030 with a consumer base exceeding the current populations of France and Germany, according to McKinsey & Co.

Jason Njoku, Founder & CEO, iROKOtv

East Africa is super-attractive for Internet TV: Jason Njoku, Founder & CEO, iROKOtv

Once upon a time I believed Lagos, Nigeria was the centre of the [Africa] universe.

Stephen Olabisi Onasanya, managing director of First Bank of Nigeria, and Efi Dahan, PayPal's regional director of Israel and Africa shake hands at the announcement of a partnership between First Bank and PayPal.

First Bank confirmed as PayPal's official partner in Nigeria

Nigeria’s oldest commercial bank, First Bank Nigeria, has been announced the official partner of PayPal in Nigeria.

Johannesburg Stock Exchange (JSE)

African IPO fund-raising in first half of 2014 surpasses all of 2013

Capital raised through IPO activity on African stock exchanges in 2014 has now surpassed the total raised during the whole of 2013.

Nairobi Securities Exchange (NSE)

Nairobi Securities Exchange Valued at 1.84B Shillings ($21M) for IPO

Kenya’s stock exchange will be valued at 1.84 billion shillings ($21 million) after listing its shares in an initial public offering, Chief Executive Officer Peter Mwangi said.

BlackBerry Z3

Android-compatible BlackBerry Z3 launched in Nigeria

BlackBerry has unveiled its Z3 smartphone in Nigeria, offering users who buy the device this month free application downloads valued at NGN8,000 (US$50).

Aliko Dangote

Cementing Africa's future: The rise and rise of Aliko Dangote, Africa's richest man

Aliko Dangote made his fortune by gambling on Africa’s future, repeatedly. For the Nigerian entrepreneur, that gamble has paid off spectacularly.

Malvina Goldfeld, Head, Business Development, Sub-Saharan Africa, PayPal

PayPal signs up "tens of thousands" in Nigeria in first week: Malvina Goldfeld, Head, Business Development for Sub Saharan Africa, Paypal

PayPal has signed up “tens of thousand” of Nigerians in its first week of operating in Africa’s biggest economy, with consumers already purchasing items from Britain, China and the United States via its online platform, a company official said.

Scene from the "Half of a Yellow Sun" movie

Nigerian films try to move upmarket: Nollywood's new scoreboard

NIGERIAN cinephiles rejoiced this month as news emerged that “Half of a Yellow Sun” (pictured above), arguably the most ambitious film project in the nation’s history, had received a release date in its own country.

Godwin Emefiele, Governor, Central Bank of Nigeria (CBN)

Nigeria's central bank holds rate at 12 percent with plans to lower later

Nigeria’s central bank held interest rates at 12 percent on Tuesday, keeping them at the same level as the last two years, but its new governor said he would be seeking a gradual reduction in rates over the next five years.

Itumeleng Mothibeli manages the mall and 13 other shopping centers that have sprung up to serve a black South African middle class that spends more money than the white middle class

Africans Open Fuller Wallets to the Future

Across sub-Saharan Africa, consumer demand is fueling the continent’s economies in new ways, driving hopes that Africa will emerge as a success story in the coming years comparable to the rise of the East Asian Tigers in the second half of the 20th century.

Paul Cleal, Chairman, PwC Africa

PwC looks to tap rise of Africa

PwC plans to ramp up its investment in Africa and build closer links between its UK and African operations as British companies look to tap into the rapidly expanding growth of the continent.