November 2014 African Business News


Luanda, Angola: Angola is one of the countries in which One Re currently operates.

London reinsurer One Re expanding into 38 African countries by 2015

One Re Ltd., the first reinsurer approved under Britain’s “twin peaks” system of financial regulation, said it’s seeking clients across 38 African countries in the next year as growth outpaces developed regions.

Addis Ababa

Ethiopia: Africa's fastest growing economy plans to issue first US dollar sovereign bond

Ethiopia plans to sell its first dollar bond as Africa’s fastest-growing economy exploits record demand for the continent’s debt.

Verod Capital Management

Private equity firm Verod Capital buys stake in Niyya Food and Drinks

Verod Capital has bought a stake in Nigeria-based consumer food production company Niyya Food and Drinks, for an undisclosed amount.

JP Morgan Chase & Co

JPMorgan Says Kenya May Be Part of Future Africa Expansion

JPMorgan Chase & Co. (JPM:US), which has more than 150 staff in South Africa, said it’s interested in establishing an office in Kenya “in time” as part of plans to expand on the continent.

Oscar Onyema, CEO, Nigerian Stock Exchange

Nigerian Stock Exchange plans to start trading of derivatives by 2016: Oscar Onyema, CEO, Nigerian Stock Exchange

The Nigerian Stock Exchange plans to start allowing trading by 2016 of derivatives such as futures and options in interest rates, currencies and equity indexes, its chief executive said.

Christina Hawley, Managing Director of New Countries, Jumia

How WhatsApp is helping Jumia disrupt African commerce

"In most of Africa you have a vibrant economic situation happening," says Christina Hawley, managing director of online shopping service Jumia, speaking at WIRED Retail.

Africa

Investors too 'Eurocentric' on Africa: Graham Bell, Strategist, Old Mutual Equities

Many developed world investors still have a ‘Eurocentric view’ of Africa which is ‘rooted in the past’, according to Old Mutual equities strategist Graham Bell.

AXA

AXA enters Nigerian market, buying Mansard Insurance for $246M

French insurer AXA said on Friday it was entering the Nigerian market by buying the holding company of Mansard Insurance for 198 million euros ($246 million) in cash.

Ziad Dalloul, CEO, Africell

Africell on mission to secure U.S. private equity investment

Africell Holding, the largest mobile-phone operator in Sierra Leone and Gambia, is courting U.S. private-equity firms including Providence Equity Partners, KKR, and Carlyle Group, hoping to sell a stake in the company, which is valued by the owner at up to $1.5 billion.

Ethiopian Airlines

Ethiopian Airlines eyes African aviation liberalization in 2015

Ethiopian Airlines hopes a decision to open up intra-African aviation routes will be fully implemented in 2015, the airline’s chief executive said on Thursday.

Sven Richter, Head of Frontier Markets, RenAsset Management

Nigeria remains an attractive investment destination. Negativity is overblown: Sven Richter, Head of Frontier Markets, RenAsset Management

Concerns over Nigeria’s long-term growth are misguided, although the country must ensure more could be done to ensure the safety of its currency, Sven Richter has said.

Muhtar A. Kent, CEO of Coca-Cola

Coca-Cola & SABMiller strike deal to create Africa's largest bottling operation

SABMiller Plc (SAB) and Coca-Cola Co. (KO) will combine bottling operations for non-alcoholic beverages in southern and eastern Africa, forming the continent’s largest Coca-Cola bottler with annual revenue of almost $3 billion.

Cadbury

The 20 most valuable companies in Nigeria

Discover the 20 most valuable companies in Nigeria.

A stock broker transacts shares during a trading session at the Nairobi Securities Exchange in Kenya’s capital Nairobi January 11, 2012.

Kenya to cross-list $2B Eurobond on the Nairobi Securities Exchange

Kenya plans to cross-list its $2 billion Eurobond on the Nairobi bourse in a move that will allow more Kenyans to have access to the bond, Deputy President William Ruto told an investment conference on Monday.

South African billionaire, Christoffel Wiese, owns about 35 percent of Brait.

Fresh off $2.4B windfall from Pepkor sale, South Africa's Brait on the hunt for up to 3 acquisitions

Brait SE (BAT) is seeking investment targets for the 26.4 billion rand ($2.4 billion) windfall it received from the sale of its stake in Pepkor Holdings Pty Ltd. as shareholders pressure the company to spend the cash.

Diezani Alison-Madueke, Nigeria's Minister of Petroleum

OPEC Said to Name Nigeria's Diezani Alison-Madueke as President for 2015

Diezani Alison-Madueke will succeed Libya’s Abdourhman Ataher Al-Ahirish as OPEC’s President next year, according to a delegate at the group, who asked not to be identified in line with policy.

The Carlyle Group

The Carlyle Group partners with Old Mutual Private Equity to acquire 100% of Tiger Automotive in maiden South Africa deal

Global Alternative Asset Manager The Carlyle Group (NASDAQ: CG) and Old Mutual Private Equity today announced that they have agreed to acquire 100% of South African tyre retailer and wholesaler Tiger Automotive (TiAuto) from Ethos Private Equity and the founders.

Airtel Towers

Airtel agrees to sell 4,800 Nigerian towers to American Tower Corporation

American Tower Corporation and Airtel have entered into a definitive agreement for the sale of over 4,800 of Airtel’s communications towers in Nigeria.

Mobile Apps

Safaricom launches $1M venture fund targeting mobile apps in Kenya

Kenyan operator Safaricom has launched a USD 1 million venture fund aimed at accelerating the development of innovative mobile applications.

Africa's Richest 2014 Visualization

Africa's Richest 2014 (Visualization)

Visualization of Africa’s Richest 55. Data courtesy of Ventures Africa. Sort and filter by Net Worth (US $). Filter by Number of Jobs Created, Country of Citizenship, Industry, Age, and Gender.

Jumia

Rocket Internet-Backed Jumia Raises $150M For Its African E-Commerce Business

Rocket Internet-backed Jumia is in the money today, after the Africa-based e-commerce company announced it has raised €120 million ($150 million) in new funding.

Twins Kessie and Eku Edewor

The Nigerians have arrived ... and London is paying attention

Richard Vedelago is 29 years old and worth more millions than he’s prepared to tell. ‘Money talks, but wealth whispers,’ he says with a smile, sitting back in the bar at Claridge’s – his idea – and lazily sipping an elderflower juice.

David Rubenstein, Co-Founder & Co-CEO of the Carlyle Group

Carlyle Group buys 18 percent stake in Diamond Bank for Nigerian expansion

Carlyle (CG) Group LP invested $147 million in Lagos-based Diamond Bank Plc (DIAMONDB) as it seeks to expand in Africa’s largest economy.

Brand Africa 100 - 2014

Fact of the Day: MTN is the most valuable brand in Africa - Brand Africa announces top 100 brands in Africa for 2014

The annual ranking of the most admired and most valuable brands in sub-Sahara Africa, Brand Africa 100, was announced earlier today at the Nairobi Securities Exchange, in Nairobi, the capital of Kenya.

Presidents Goodluck Jonathan (Left) and Jacob Zuma of Nigeria and South Africa respectively

Why Nigerians don't invest in South Africa

More than a decade ago, I wrote the first of what were to be many columns for this newspaper about the challenging relationship between Africa’s pivotal economies, Nigeria and SA.

Omobola Johnson, Nigeria's Minister of Communication Technology

ICT to be largest contributor to Nigeria's GDP by 2020: Omobola Johnson, Nigeria's Minister of Communication Technology

Omobola Johnson, Nigeria’s minister of communication technology Omobola Johnson has predicted ICT would be the highest contributor to Nigeria’s GDP by 2020.

Nairobi Securities Exchange (NSE)

Kenyan capital markets to start trading asset-backed securities, commodities, and derivatives

Kenya plans to offer asset-backed securities on its capital market with local governments raising funds for projects and banks fashioning their mortgages into securities, the market’s regulator said on Friday.

Albert Essien, CEO, Ecobank

Ecobank considers sale of $500M stake in Nigerian unit: Albert Essien, CEO, Ecobank

Ecobank Transnational Inc. is considering selling a stake in its Nigerian subsidiary as part of a plan to raise about $500 million of equity for the unit.

Harmattan wind

How not to write about Africa: Use "African Spring"

On October 30, as thousands of determined Burkinabe put an end to the 27 year rule of their Western-backed autocratic leader, Blaise Compaoré, journalist Hewete Selassie asked a question (in a tweet) that pops up whenever mass protests break out somewhere in Africa: “So is #BurkinaFaso the beginning of the African #Arabspring?”

Ethos Private Equity

Ethos Private Equity agrees to acquire Nampak divisions for R1.6M ($144M)

Ethos Private Equity confirms that it has entered into an agreement to acquire Nampak’s Tissue, Corrugated and Sacks divisions for a total purchase price of R1 575 million.

Africa: A 21st century view - The Deloitte Consumer Review

Africa: A 21st century view - The Deloitte Consumer Review (Report)

Africa is becoming a magnet for foreign investment, with vast opportunities for consumer businesses. Tales of big opportunities off the back of Africa’s economic growth are not new.

Cao Baogang (right), vice-president of China Railway Construction Corporation (CRCC) China-Africa Construction Limited, shakes hands with Nigeria's Transport Minister, Idris Audu Umar, after signing a contract for a railway project in Nigeria in Abuja on November 19, 2014.

China signs its largest overseas contract with $12B Nigeria railway deal

China has secured its biggest overseas engineering contract with a deal worth almost US$12 billion to build a railway in Nigeria.

Solar Power Plant

Nigeria and New Generation Power sign $2B+ Memorandum of Understanding (MoU) to deliver 1,200MW of solar energy

New Generation Power, a global leader in the renewable energy industry, together with Motir Seaspire, signed a Memorandum of Understanding (MoU) with the Federal Government of Nigeria to deliver 1,200 megawatts (MW) of utility-scale solar photovoltaic (PV) energy projects within Nigeria.

Chinedu Nebo, Nigeria’s Minister of Power

Nigerian power firms can raise funds from capital markets: Chinedu Nebo, Nigeria's Minister of Power

Nigeria’s Electric Power Sector Reform (EPSR) Act authorizes the country’s 11 power distribution companies and six power generation companies to raise funds from the capital markets, says Nigeria’s Minister of Power, Professor Chinedu Nebo.

German Vegarra, Africa Head of Industry, International Finance Corporation (IFC)

Africa has the fastest growing private equity market in the world: German Vegarra, Africa Head of Industry, International Finance Corporation (Video)

Private equity flows into Africa have increased at a rate of 40% annually since 2011, making Africa the region with the fastest growing private equity market globally, according to German Vegarra, IFC Africa’s Head of Industry.

London Stock Exchange (LSE)

London Stock Exchange and the Nigerian Stock Exchange sign capital markets agreement

London Stock Exchange Group (LSEG) and The Nigerian Stock Exchange (NSE) have today signed a capital markets agreement that supports African companies seeking dual listings in London and Lagos.

Deutsche Börse

Deutsche Börse to start disseminating African sovereign bond indices

Deutsche Börse Market Data + Services today announced that it will begin disseminating fixed income indices and bond pricing data from African countries starting on November 24th.

Haris Broumidis, CEO, Vodafone Ghana

Vodafone Ghana to list on Ghana Stock Exchange (GSE): Haris Broumidis, CEO, Vodafone Ghana

Vodafone Ghana plans to list on the Ghana Stock Exchange (GSE) soon, reports Citi Business News.

Ghana's Databank Financial Services

Databank acts as sponsoring broker for inaugural listing on the Ghana Alternative Market (GAX)

Databank Brokerage Limited (DBL), Ghana’s leading brokerage house, has once again accomplished another ‘first’ in the securities market – Sponsoring Broker of the first security to be listed on the Ghana Alternative Market (GAX).

SAOTA-designed luxury villa in South Africa

Which African countries will see the greatest growth in millionaires over the next 10 years?

Research firm New World Wealth recently put together a ranking of African countries forecast to experience the greatest growth in high-net-worth individuals (HNWIs) over the coming decade.

Africa's growing middle class: A woman tries on an earring in a jewelry shop

African economy to grow 50% by 2019 on emerging middle class and increased household demand, says Deloitte

Africa’s gross domestic product may expand by 50 percent to $3.7 trillion by 2019, boosted by an emerging middle class and increased household demand, according to Deloitte.

Smartphones

Smartphone boom on the horizon for sub-Saharan Africa

The mobile revolution in sub-Saharan Africa is far from over.