February 2015 African Business News

LeapFrog Investments

Private equity firm LeapFrog buys $25M stake in financial technology company AFB Mauritius

LeapFrog Investments, the private equity firm with a focus on Africa and Asia, said it bought a minority stake in financial technology company AFB Mauritius Ltd. for $25 million in the fourth deal for its Fund II.

Jumia Nigeria

Jumia launches in Angola

African e-commerce site Jumia has launched in Angola, taking the number of countries in which it is active to 11.

How to navigate Africa's retail distribution labyrinth - Nielsen

How to navigate Africa's retail distribution labyrinth: Nielsen (Infographic & Report)

Africa is on companies’ growth agenda for obvious reasons. Six of the 10 fastest-growing economies in the world are in Africa, it has the world’s greatest proportion of young people, and it has a burgeoning urban population with growing demand for many goods not yet widely available, as well as the means to buy them.

Jerome Valcke, Secretary General, FIFA

2023 Africa Cup of Nations dates to change

The 2023 Africa Cup of Nations will move from January to June because of plans to switch the 2022 World Cup dates, FIFA secretary general Jerome Valcke said Wednesday.

Albert Essien, CEO, Ecobank Group

Ecobank Group CEO Albert Essien tells investors to engage with Africa on a long-term basis

Ecobank Group CEO Albert Essien gave the keynote address in Munich today at the 4th Conference on Managing Risk in Africa.

Dar es Salaam, Tanzania

Millicom and Vodacom bring mobile money interoperability to Tanzania

Millicom’s Tigo Pesa mobile money service is becoming the first in Africa to allow transactions with users of other mobile money networks within the same market.

Africa Market Data

Bargain Hunters Pounce as Nigeria Stocks Rise for Eighth Day

Nigeria’s stocks rose in the longest winning streak since July 2013 as investors bought shares they deemed oversold following declines spurred by concern lower oil prices and elections will hurt the economy.

Bankole Cardoso, MD, Easy Taxi Nigeria

We're not scared of Uber: Bankole Cardoso, MD, Easy Taxi Nigeria

Easy Taxi Nigeria does not consider itself to be in direct competition with Uber in spite of the global taxi app launching in Lagos last year, according to managing director (MD) Bankole Cardoso.

Nigeria's fashionistas upset by falling oil prices

Nigeria's fashionistas upset by falling oil prices

The drop in world oil prices is hitting the fashion-conscious women of Kano hard.


VoguePay's African ambitions

With offices in Lagos and London, VoguePay is looking to build a payment processing bridge connecting Africa’s one billion people to the global market.

Easy Taxi Nigeria

Africa Internet Group (AIG), operators of Jumia, Easy Taxi, Lamudi, Carmudi, HelloFood, Kaymu, and Jovago, moves offices to Yaba, Nigeria's Silicon Valley

Africa Internet Group (AIG), the leading internet group in Africa, has moved its office to Yaba, housing six of its ventures in Nigeria – Easy Taxi, Lamudi, Carmudi, HelloFood, Kaymu, and Jovago.


South Africa's Bidvest makes $515M bid for rest of Adcock Ingram

South African conglomerate Bidvest has offered about $515 million for the shares it does not already own in drugmaker Adcock Ingram in a new attempt to build a big presence in the pharmaceutical market.

Rwanda Stock Exchange (RSE)

Rwanda Stock Exchange wins prize cross-listing of Kenya's Equity Bank

It might be one of the world’s tiniest stock markets, with only six listed companies, but a seventh addition has just doubled the value of the Rwanda Stock Exchange.

IPO Watch Africa 2014 - PwC

IPO Watch Africa 2014: PwC (Infographics & Report)

IPO Watch Africa surveys all new primary market equity IPOs and FOs in which capital was raised on Africa’s principal stock markets and market segments, as well as IPO and FO activity of African companies on international exchanges, on a yearly basis.

The African Development Bank Collaborates with Bloomberg on the Launch of an African Bond Index

The African Development Bank Collaborates with Bloomberg on the Launch of an African Bond Index

The African Development Bank (AfDB) through the African Financial Markets Initiative (AFMI) has launched its AFMISM Bloomberg® African Bond Index.

Nigeria Strategy - H1 2015 - ARM (Report)

Nigeria Strategy - H1 2015: ARM (Report)

Global growth softened over H2 2014 as a tepid economic macro-picture across Europe and Japan combined with EM deceleration to offset robust growth in the US. Reflecting the uneven economic pattern across countries, IMF thrice downgraded global growth forecasts over H2 14.

4 Africa Exchange (4AX), South Africa's second stock exchange planning for October debut

4 Africa Exchange (4AX), South Africa's second stock exchange, planning for October debut

Trading on South Africa’s second equity bourse may begin by the fourth quarter if Bravura Equity Services (Pty) Ltd. gets approvals to operate the Johannesburg Stock Exchange rival.

Bryant (ABC) Orjiako, Chairman, Seplat

Seplat's Chairman ABC Orjiako on recent acquisitions and growth targets (Video)

Seplat‘s Chairman, ABC Orjiako, speaks about Seplat’s recent acquisitions of oil blocks OMLs 53 and 55, the development of gas operations, and hopes to meet a production target of 85,000 barrels a day by 2017.

Kenyan President Uhuru Kenyatta

Kenya's President Kenyatta said to be considering Haron Sirima as next Governor of the Central Bank of Kenya

Haron Sirima, Deputy Governor of the Central Bank of Kenya, is the favorite to succeed current Governor, Njuguna Ndung’u, when his term expires on March 3, according to two people with knowledge of the discussions.

South Africa fines Deutsche Bank $857,000 for rules breaches

South Africa fines Deutsche Bank $857,000 for rules breaches

Deutsche Bank AG was fined 10 million rand ($857,000) by South Africa’s banking regulator for failure to comply with rules covering the detection of property linked to terrorism and other crimes.

Runa Alam, CEO, Development Partners International (DPI)

Africa's opportunities far outweigh its risks: Runa Alam, Co-Founder & CEO, Development Partners International (DPI)

Runa Alam is something of a private equity pioneer. Alam co-founded Development Partners International, which she calls the first pan-African private equity firm, in 2007.

Eko Atlantic City, Lagos, Nigeria (Illustration)

Nigeria's Eko Atlantic City takes shape

The new multi-billion dollar Eko Atlantic City with residential and commercial tower blocks off the coast of Lagos in Victoria Island, is taking shape as developers forge ahead with infrastructure development.

Ethos Private Equity

Ethos Private Equity looks north to the rest of Sub-Saharan Africa as private equity shifts focus

Ethos Private Equity said it may conclude its first pan-African transaction by the end of the first quarter as South African buyout firms look for growth north of the country’s borders.

The Redeemed Christian Church of God annual convention campground near Mowe, on the outskirts of Lagos. Credit: proof.nationalgeographic.com

Church business goes digital in Africa

Mania for Africa-produced mobile apps has spread to the continent’s churches. Almost half of sub-Saharan Africans will be mobile phone users by 2020, according to research by industry body GSMA. Half of those will be smartphone users.

Dealdey raises $5M in series B funding from Swedish investment company Kinnevik. Credit: techcabal.com

DealDey raises $5M in series B funding from Swedish investment company Kinnevik

DealDey, a Nigerian ecommerce website that aggregates discounted goods and services, has raised $5 million in follow-on funding. DealDey’s second round of funding comes from its original investor, Kinnevik.

Pregnant Sudanese businesswoman Shiraz Al-Tayeb Hamid, 28, managing director of her family’s plastics factory, talks to a worker at the plastics factory in Khartoum February 25, 2009, as her sister Sherein, who is a plastics engineer, inspects the shoes. REUTERS/Zohra Bensemra

Why entrepreneurship is key to Africa's development: Wiebe Boer, former CEO, Tony Elumelu Foundation

Africa is increasingly taking its place on the global stage as a continent of growth and opportunity.

French retailer Carrefour to inaugurate 1st store in Kenya this year

International store chains coveting strong growth prospects in Kenya's retail market

Nakumatt and other local retailers have long served Kenya’s market but now international store chains and private equity investors are also coveting the strong growth prospects in east Africa’s leading economy.

Bitcoin's Big Opportunity In Africa

Bitcoin's Big Opportunity In Africa

On a Tuesday night at a Nairobi tech incubator, Michael Kimani preaches the virtues of crypto currencies to a small gathering of tech-savvy Kenyans.

Africa Development Bank to fund $145M Kenya-Tanzania power line

Africa Development Bank to fund $145M Kenya-Tanzania power line

The African Development Bank Group or AfDB has approved a $145 million loan to fund the construction of an electricity supply line between Tanzania and Kenya, the lender said on Thursday, boosting efforts to integrate regional power connections.

Kuwait's Agility plans up to $100M Africa spend in 2015

Kuwait-listed logistics firm Agility plans up to $100M Africa spend in 2015

Kuwait-listed logistics firm Agility plans to spend up to $100 million in 2015 on its expansion plans, with Africa the main target of its investment, a senior executive said on Thursday.

Tencent Backs Mobile Jobs Startup With Its First ‘WeChat Africa’ Investment

Tencent Backs Mobile Jobs Startup With Its First 'WeChat Africa' Investment

Tencent has made its first investment in Africa under the banner of its WeChat messaging service.

Manchester City's Yaya Toure celebrates scoring a goal with teammates during their Premier League match against Sunderland at the Etihad Stadium on January 1, 2015 (AFP Photo/Lindsey Parnaby)

Manchester City sure missed Yaya Toure while he was at the Africa Cup of Nations

For half a decade, Yaya Toure has been the best central midfielder in the Premier League. However, even through two Premier League titles, an FA Cup and a League Cup, the Ivorian’s value truly did not register until he took off for the 2015 Africa Cup of Nations in January.

Opposition presidential candidate Muhammadu Buhari, of the All Progressives Congress (APC), speaks during the Nigeria Labour Congress in Abuja, February 9, 2015. AFOLABI SOTUNDE/REUTERS

Nigerian Opposition Leader Buhari Arrives in London on 'Charm Offensive'

Nigerian opposition leader Muhammadu Buhari has flown to London in an attempt to ease Western fears about his leadership in the event that he succeeds in winning the upcoming presidential election.

AfDB releases official list of candidates for the election of the next Bank President

Nigeria Agriculture Minister, Ethiopia & Chad Finance Ministers among shortlisted candidates for African Development Bank President

The Steering Committee of the Board of Governors of the African Development Bank met on 11 February, 2015 at the Bank’s headquarters in Abidjan and agreed to the following list of candidates for the election of the next President of the African Development Bank.


Frank Cadiz, Founder of South Africa's Cadiz, quits as CEO of asset unit

Frank Cadiz, the founder of the South African financial services firm Cadiz Group and the chief executive of its asset management arm, has resigned after a clash with shareholders, the company said on Thursday.

Central Bank of Angola (CBA)

Angola appoints new central bank deputy governors

Angola’s President Jose Eduardo dos Santos has appointed Cristina Dias Van-Dunem and Gualberto Lima Campos as deputy central bank governors, the central bank said.


South Africa's Bravura applies for stock exchange license to operate 4 Africa Exchange, a new exchange to rival the Johannesburg Stock Exchange

Bravura Equity Services (Pty) Ltd. is working with a group of international partners to apply for a license to operate a stock exchange in South Africa that would rival the 128-year-old Johannesburg Stock Exchange.

How Nigeria became the world's dual SIM-card superpower

Fact of the Day: Nigeria is the largest market in the world for multi-SIM phone use

It’s the juggle of every Nigerian professional: all those mobile handsets. And then comes the struggle: For consistent phone reception. There’s little consumers can do about the state of their network’s coverage but there is a market solution to the inconvenience of carrying more than one phone: dual-SIM phones.

Kingsley Chiedu Moghalu, Founder and Chief Executive Officer of Sogato Strategies LLC and former Deputy Governor of the Central Bank of Nigeria

Kingsley Chiedu Moghalu, former Deputy Governor of the Central Bank of Nigeria and Sogato CEO, appointed Professor at Tufts University's Fletcher School

Dr. Kingsley Moghalu has been appointed as a Professor of Practice in International Business and Public Policy at Tufts University’s Fletcher School effective July 1, 2015.

NYSE Euronext

Euronext announces partnership with the Johannesburg Stock Exchange, Africa's leading agricultural commodity exchange

Euronext (Paris:ENX) (Amsterdam:ENX) (Brussels:ENX) today announces that it has signed a license agreement with the Johannesburg Stock Exchange (“JSE”) providing the JSE with the right to list the flagship Milling Wheat contract currently traded on Euronext.

Africa is the #1 region in the world for mobile money transactions

Fact of the Day: Africa is the #1 region in the world for mobile money transactions

The number of smartphones in Africa is expected to grow by over 40 percent this year and to double to pass 350 million units by 2017, according to research from Deloitte.

The Carlyle Group, the world’s second-largest manager of alternative investments, invested $147 million for an 18 percent stake in Nigeria's Diamond Bank.

South Africa losing buyout allure to fast-growing Sub-Saharan African rivals

South Africa is no longer the destination of choice for private equity investors seeking to tap returns on the continent.