October 2014 African Business News

Nigerian president Goodluck Ebele Jonathan addresses the 69th United Nations General Assembly at the U.N. headquarters in New York September 24, 2014.

Nigeria's Goodluck Jonathan to run for president again in February

Nigerian President Goodluck Jonathan’s office confirmed on Wednesday that he will seek a second term in office in elections set for February.


Gingerbox.com.ng launches fruits delivery service in Lagos

Gingerbox.com.ng has been launched in Nigeria to deliver fruits and nuts to offices.

Euromonitor International

Africa's Markets of the Future with Sarah Boumphrey, Head of Strategic, Economic & Consumer Insight at Euromonitor International (Report)

Euromonitor reveals the next eight Sub-Saharan African consumer markets with the brightest growth prospects: Angola, Côte d’Ivoire, Ethiopia, Ghana, Mozambique, Senegal, Tanzania and Uganda.

Affordable Housing in Nigeria (Illustration)

Affordable housing: Nigeria's big challenge also a 'massive opportunity'

Africa’s most populous nation must spend between US$5-7bn annually in constructing new houses to close the housing affordability gap by 2025.

Wale Tinubu, CEO, Oando

Oando renews moves to list subsidiary Oando Marketing on the Nigerian Stock Exchange

Oando Plc is renewing moves to list its downstream subsidiary, Oando Marketing Limited (OML), as a separate entity on the Nigerian Stock Exchange (NSE).

Oscar Onyema, CEO, Nigerian Stock Exchange (NSE)

Nigerian Stock Exchange joins the World Federation of Exchanges

The Nigerian Stock Exchange became a full member of the World Federation of Exchanges on Tuesday, just as it prepares to woo Asian fund managers.

Kusuntu Partners

Kusuntu Partners launches match-making marketplace for private equity investors and target companies

Kusuntu Partners launches a new service for linking up the Africa Focused Private Equity Funds and Investors to Africa Small and Growing Businesses.

Nigerian Stock Market

Power reform shines a light on Nigerian stocks

Nigeria is Africa’s biggest economy and one of the world’s largest oil and gas producers.

The Nigerian writer Chimamanda Ngozi Adichie at the Hay Festival in 2012

Continental drift: Africa39, an anthology of writing from south of the Sahara, is too good to miss

In 2007, Britain’s Hay Festival collaborated with the Unesco World Book Capital project to publish Bogotá39, a literary collection that showcased the talents of 39 Latin American writers under the age of 40.

The Global African Investment Summit (TGAIS) 2014

Global African Investment Summit ends with record number of 36 bankable projects worth $246B presented to international investors

The Global African Investment Summit (TGAIS) closed yesterday after two days of high level panels and roundtables to explore investment opportunities in Africa.

Investment in West Africa's frontier markets offer very attractive risk-reward profiles.

Don't ignore West Africa's "emerging-emerging" markets: John Morton, Head of Emerging Markets Fixed Income, Fischer Francis Trees & Watts (FFTW)

Frontier economies such as those of West Africa present untapped debt investment opportunity, according to US-based fixed income manager Fischer Francis Trees & Watts (FFTW).

Edwin Dande, Partner & CEO, Cytonn Investments

Digital platform taps into Kenyan Diaspora billions: Edwin Dande, Partner & CEO, Cytonn Investments

Real estate and private equity investments firm Cytonn Investments has launched a digital platform for Kenyans in the Diaspora.

Shoe manufacturing in Ethiopia

Made in Africa: Ethiopia positions itself as manufacturing alternative to China

Ethiopia is bidding to become Africa’s lead manufacturing hub, repositioning itself as an outsourcing alternative to countries such as China, where rising labour costs are driving margin conscious multinationals to look elsewhere.

If they are not buying, they are renting luxury homes for up to £15,000-per-week and staying for between six weeks and three months.

African oligarchs splash out on London homes

A new wave of African oligarchs are following the trail blazed by Russian billionaires, buying up luxury properties in some of London’s most exclusive postcodes, according to new research.

First Consultants Hospital, Lagos, Nigeria

A callout of the American press reporting on Nigeria being "Ebola-free"

Nigeria has been declared Ebola-free.

Olusegun Obasanjo, former president of Nigeria, urges investors to consider social impact when putting money into Africa.

Nigeria's former President, Olusegun Obasanjo, urges investors to focus on inclusive growth

Nigeria’s former president warned investors at an African business summit in London they should focus on promoting “inclusive growth” if they want to avoid triggering social strife.

Mobile money use in Africa

Mobile money in Africa: The next generation

Africa has forged a reputation as a global leader in mobile financial services.

Empty Ebola ward in Abuja, Nigeria

How Did Nigeria Quash Its Ebola Outbreak So Quickly?

On July 20 a man who was ill flew on commercial planes from the heart of the Ebola epidemic in Liberia to Lagos, Nigeria’s largest city.

London Stock Exchange (LSE)

London Stock Exchange to pursue African company listings

The London Stock Exchange is launching an aggressive attempt to increase the number of listings of African companies in the UK, following strong interest from institutional investors in a recent wave of initial public offerings from the region.

Welcome to Nollywood

Hurray for Nollywood

Nigerian cinema may be little known outside of Africa, but the country’s homegrown movie business, called Nollywood, produces about 1,000 films a year — a cinematic output that eclipses Hollywood’s and is second only to India’s Bollywood

Stanbic IBTC

Is there hidden value in Nigeria's Stanbic IBTC?

Stanbic IBTC is Nigeria’s best-performing bank stock. Its share price has climbed 40.5% this year and 55.4% over the past twelve months. Is it nearing the end of its run? Or is the market offering investors a discount to the bank’s real worth?

Bond Market Data

African local bonds - an untapped opportunity?

African dollar bonds are increasingly gaining mainstream acceptance as the continent’s brisk economic growth and low interest rates in the developed world help buoy demand for high-yielding debt.

A mixed use high density development stands as part of the Wescape real estate project in Cape Town, South Africa, in this undated handout illustration.

Building a Boston in Cape Town: $13B dream rises from ashes of apartheid

David Pearson has a vision: a new community of 800,000 — bigger than Boston — complete with factories, schools, clinics and a university that will help erase the legacy of apartheid in Cape Town.

Board Room

Private equity looks to African investors

Fundraising by Africa-focused private equity has rebounded after the global financial crisis, buoyed by support from the international development finance institutions.

Stock Market Data

African Stock Exchange (AFSX) partners with Deutsche Börse ahead of launch

The first pan-African exchange plans to use the technology and support services of Deutsche Börse’s Xetra trading venue when it goes live next year.


Nigeria's largest ecommerce site Konga appoints 7thingsmedia to drive traffic growth

Nigeria’s largest online shopping portal, Konga, has selected digital media agency 7thingsmedia to drive traffic and revenue growth through display, paid and organic search campaigns.

Board Room

Global private equity players increasingly look to Africa as investment on the continent doubles in 2014 H1

The value of global private equity deals targeting Africa has more than doubled (137%) in the first half of 2014 compared to the same period last year, according to research by global law firm Freshfields Bruckhaus Deringer.

Checking passengers for infection at International Nnamdi Azikiwe Airport in Abuja, Nigeria, on August 11, 2014.

Nigeria's Ebola crackdown is an example to the world

The public health crackdown on Ebola in Nigeria, which has been declared free of the virus, serves as a model for the rest of the world.

People walk past an information board on Ebola at a bus terminal in the Obalende district of Lagos, on Oct. 20, 2014. Africa's most-populous nation was on Monday declared officially Ebola free.

WHO Cites Nigeria's Response to Halt Ebola as Blueprint

Nigeria’s success in stopping Ebola shows how the virus can be stamped out and is a blueprint for other developing countries at risk of the disease, according to the World Health Organization.

A school official takes a pupil's temperature using an infrared digital laser thermometer in front of the school premises, at the resumption of private schools, in Lagos, Sept. 22, 2014.

Nigeria is declared "Ebola-Free": Here's what Nigeria did right

The World Health Organization declared Nigeria free of Ebola on Monday, a containment victory in an outbreak that has stymied other countries’ response efforts.

The Grand Ethiopian Renaissance Dam under construction

As Ethiopia plans to become regional power hub, talks move forward on 6,000 MW Renaissance Dam, which will be Africa's biggest dam

The three main countries that share the Nile River’s waters moved toward an agreement to study whether a planned $4 billion Ethiopian dam would disrupt flows to downstream countries, water ministers of Ethiopia, Sudan and Egypt said after talks on Friday.

Nigeria Consumer Price Tracker

Smart phones bringing us smarter data in Africa: Standard Chartered and Premise Data launch Nigeria Consumer Price Tracker (Video & Report)

Standard Chartered is using smart phones to find out what is happening to prices in Africa’s biggest economy, Nigeria.

Fiber Optic Cable

Angola approves $260M bank guarantee for undersea fiber cables installation

The Government of Angola has approved a bank guarantee of USD 260 million to install an undersea fibre optic cable linking Angola, Brazil and the US, according to a presidential order published by the Angolan press.

Seven Energy

IFC invests $50M in Nigeria's Seven Energy debt issuance

The International Finance Corp. bought almost 13 percent of the debt sold by Seven Energy International Ltd., a Nigerian oil and gas company, with some proceeds earmarked for a pipeline in Africa’s biggest economy.

Enterprise Bank

Nigeria's Heritage is acquiring Enterprise Bank for $340M

Nigerian Heritage Banking Co. is paying 56.1 billion naira ($340 million) to acquire nationalised lender Enterprise Bank Ltd.

Chris de Kock, CEO of FirstRand's WesBank unit

South Africa's FirstRand to offer vehicle finance in Nigeria

FirstRand Ltd. (FSR), Africa’s largest bank by market value, is to offer vehicle finance in Nigeria as the Johannesburg-based lender targets growth in the continent’s biggest economy.

A room in Protea Hotel Ikeja

Why Marriott International Is Investing In Africa

Marriot’s big start in Africa came this last April with the acquisition Protea, a hotel chain in Africa that would make Marriott the largest hotelier in Africa with the added 117 properties in seven African countries.

Lagos, Nigeria

Africa isn't a country: Don't judge this thriving continent by the Ebola crisis

REPORTS of people cancelling safari holidays in Kenya and South Africa due to fears of Ebola (over 3,000 miles away in Guinea, Liberia and Sierra Leone) are the latest manifestation of the devastating impact on African economies wrought by the perception of Africa as one homogenous place.

Tina Joematt Pettersson, South Africa's Minister of Energy

France and South Africa sign nuclear energy agreement

Paris and Pretoria signed Tuesday an agreement which could open the way for French nuclear giant Areva to bid to build eight nuclear reactors in South Africa worth up to $50 billion (39.5 billion euros).

Andrew Stewart (Left), American Express Vice President and General Manager for Turkey, Middle East, and Africa and James Mwangi (Right), Equity Bank CEO during the launch of American Express cards in Nairobi Oct 15, 2014.

Equity Bank and American Express launch American Express cards in Kenya

Equity Bank and American Express have launched the first American Express Cards in Kenya, offering Kenyan consumers the Equity Bank American Express® Green Card and the Equity Bank American Express® Gold – both of which carry rich rewards and benefits.

BlackBerry Passport

BlackBerry Passport will be available in South Africa from early November

BlackBerry’s square screen smartphone, the Passport, is coming to South Africa in early November 2014.


Heineken wins regulatory approval to merge Nigerian Breweries & Consolidated Breweries

Nigerian Breweries (NB) said on Monday it won regulatory approval to merge its operations with rival Consolidated Breweries, majority owned by its parent firm Heineken.