May 2015 African Business News

Nigeria's new president, Muhammadu Buhari. Photo: Rahima Gambo/

Muhammadu Buhari sworn in as Nigeria's President (Video)

Nigeria’s new President was sworn in Friday at a boisterous ceremony that marked the first peaceful transfer of power between rival parties in the nation.

The new Tesla Energy Powerwall home battery

Could the Tesla Powerwall be the catalyst for Africa to leapfrog the electric grid?

The African continent is revolutionizing itself as the place where no infrastructure is no problem. This began in the telecommunications field.

Akinwumi Adesina, President-Elect of the African Development Bank

President Adesina and the Years Ahead for the African Development Bank

After six rounds of voting that saw off seven candidates from across the region, Nigeria’s outgoing Minister of Agriculture and Rural Development Dr. Akinwumi Adesina has been elected to serve as the next president of the African Development Bank (AfDB).

MTN Zambia is the largest telecommunications company in Zambia.

Zambia's largest phone company MTN Zambia to list on Lusaka Stock Exchange

Zambia’s largest telecom operator MTN Zambia now plans to list on the Lusaka Stock Exchange (LuSE) in order to comply with its local licence conditions.

Nigeria's new President Muhammadu Buhari rides in a motorcade while inspecting the guard of honor before his inauguration at Eagle Square in Abuja, Nigeria on May 29, 2015. Afolabi Sotunde—Reuters

Why change in Nigeria matters to the world: Madeleine Albright, former US Secretary of State

This week, something unprecedented is happening in Africa’s most populous country, where groundbreaking political change is underway.

Elsie Kanza, Senior Director & Head of Africa, World Economic Forum

Looking back to move forward: Elsie Kanza, Senior Director & Head of Africa, World Economic Forum

In 1992, one year after the end of the apartheid era in South Africa, the two leaders that would broker the country’s future trajectory appeared together at a forum in Switzerland.

The PDP’s lack of faith in biometric registration played into the hands of the tech-savvy APC. Credit: Pius Utomi Ekpei/AFP

How the Nigerian electoral race was won

With less money than its rivals, the APC poached ruling party dissidents and used technology and social media to get its message out and monitor the vote.

Ethiopian flag

Ethiopia's economy: Neither a sprint nor a marathon

Nowhere in Africa is modern China more of a lodestar than in Ethiopia, which on May 24th held an uneventful election with a predetermined outcome: another term in office for the long-standing ruling party.

Muhammadu Buhari is sworn in as Nigeria’s President in historic transfer of power.

Muhammadu Buhari is sworn in as Nigeria’s President in historic transfer of power

Muhammadu Buhari, a 72-year-old retired general, took Nigeria’s oath of office on Friday, assuming the presidency of Africa’s most populous nation. The ceremony, rich with military pomp and cultural tradition, marked a historic transfer of power on the continent.

Akinwumi Adesina, President-Elect of the African Development Bank and Nigeria's outgoing Minister of Agriculture

African Development Bank picks Nigeria's Adesina as its new President

Akinwumi Adesina, Nigeria’s minister of agriculture and rural planning will succeed Rwanda’s Donald Kaberuka as the next president of The African Development Bank (AfDB).

Johann Rupert is South Africa's richest man (According to Forbes in 2014), Chairman of the luxury goods company Richemont, and Chairman of investment company Remgro.

Private equity fund backed by two of South Africa's richest men raises $345M to invest in Africa

Pembani Remgro Infrastructure Fund, founded by two of South Africa’s richest men, has raised $345 million to invest in electricity generation, transport and logistics in Africa.

The fuel search continues(Reuters/Afolabi Sotunde)

Nigeria's Goodluck Jonathan just did incoming Buhari a big favor with the fuel crisis

As Nigeria gradually pulls back from the brink of the ‘Petrocalypse‘, it is just the latest example of why the petroleum sector of one of the world’s biggest exporters needs urgent reform.

Dr. Merga Bekana, National Ethiopian Electoral Board Chairman, reads on 27 May 2015 in Addis Ababa the preliminary results of the 5th Ethiopian General Election which took place on 24 May 2015 (AFP Photo/Zacharias Abubeker)

Ethiopia's ruling party wins election landslide

Ethiopia’s ruling party and its allies have won an overwhelming majority in parliament in weekend elections, the country’s electoral board announced Wednesday.

Nigeria star Asisat Oshoala awarded BBC’s 2015 Women's Footballer of the Year.

Nigeria star Asisat Oshoala awarded BBC's 2015 Women's Footballer of the Year

Nigeria and Liverpool Ladies striker Asisat Oshoala has won the BBC Women’s Footballer of the Year award after a vote by fans around the world, the broadcaster announced on Tuesday.

James Mwangi, CEO, Equity Bank

Kenya's Equity Bank to expand to the DRC via acquisition in first step outside East Africa

Kenya’s Equity Bank Group plans to expand its operations into the Democratic Republic of Congo by acquiring a 79 percent stake in ProCredit Bank Congo, its chief executive officer said on Tuesday.

Mark Essien, Founder,

Nigeria's Raises $1.2 Million

Nigeria’s leading hotel booking website,, has raised $1.2 million from the Omidyar Network, the investment vehicle of eBay founder Pierre Omidyar, and EchoVC Pan-Africa Fund, a seed-stage technology fund.

Steers burger: Famous Brands' Steers has become one of South Africa's most recognizable quick-service restaurant brands.

South Africa's Famous Brands, owner of Steers, Debonairs and Wimpy, to enter Ghana

South African fast-food restaurant group Famous Brands plans to enter Ghana this year as part of its drive to grow beyond a domestic market held back by high unemployment and sharply rising electricity costs.

Globacom remains Nigeria's second-largest phone company, approaching 30 million national subscribers

Globacom remains Nigeria's second-largest phone company, approaching 30 million national subscribers

Globacom now has almost 30 million subscribers on its network, according to the company.

Real estate: Building the future of Africa - PwC (Report)

Real estate: Building the future of Africa - PwC (Report)

Africa’s young population will drive the demand for real estate and different types of real estate. Across Africa there will be continued urbanisation, an expansion of current cities and the rise of new cities.

Ethiopian Flag: Ethiopians cast vote in historic general elections.

Ethiopians cast vote in historic general elections

Millions of Ethiopians cast their votes on Sunday, May 24th, in the country’s fifth general elections. The general elections consist of both national and regional elections.

The African Development Bank (AfDB): Connecting regions (Reuters/Thomas Mukoya)

Why you should care who's in line to run the African Development Bank

This week, the African Development Bank (AfDB), the World Bank of Africa if you like, will elect a new president to replace Donald Kaberuka, a former Rwandan finance minister, who steps down on August 31 after a decade in charge.

Into Africa - The continent’s Cities of Opportunity - PwC

Into Africa: The continent’s Cities of Opportunity - PwC (Video, Presentation, and Report)

Megatrends are colliding across Africa. The growing middle class, the strong demographic growth with improving age mix, the technological innovation that we have already seen in mobile payments for example, growing choice of investment partners from the global south and fast-paced urbanization are shaping what the future of Africa could look like.

Chasing that paper: African businesses are splashing out more on M&A in 2015 than ever before (Reuters/Stringer)

African businesses are splashing out more on M&A in 2015 than ever before

Perhaps the most overlooked feature of the oft-challenged ‘Africa Rising’ narrative is that African businesses are growing in self-confidence and belief in their continental competition rather than looking to the West for validation.

Foreign direct investment in Africa surges

Foreign direct investment in Africa surges

Africa is the world’s fastest-growing region for foreign direct investment, according to a report from fDi Intelligence, a data division of the Financial Times group.

Dar es Salaam, Tanzania

Africa will have faster economic growth than any other region by 2040: PwC

Savvy CEOs already recognise the economic clout Kinshasa, Johannesburg and Lagos have in Sub-Saharan Africa (SSA).

Addis Ababa, Ethiopia

Ethiopia's economy to grow 10.5% in 2016, says World Bank

Ethiopia’s economy is expected to grow by 9.5 percent this fiscal year ending June before accelerating to 10.5 percent in 2015/16, the World Bank said on Friday, adding inflation will remain in single digits during this period.

Mark Mobius, Executive Chairman, Templeton Emerging Markets Group

Africa offers best emerging market opportunities: Mark Mobius, Executive Chairman, Templeton Emerging Markets Group

Emerging market guru Mark Mobius tells investors not to be put off by negative headlines – there are plenty of viable growth opportunities in the African stock markets.

Josef Langerman, Standard Bank Group’s Head of Software Development and Maintenance

Africa's Standard Bank Seeks Speed Through Software Automation, DevOps

Standard Bank Group Ltd., Africa’s largest lender by assets, has offices all over the continent. While that might be good for business, it poses a problem for IT: all those systems communicate with the bank’s South African headquarters in a different way.

Amy Jadesimi, MD, LADOL (Lagos Deep Offshore Logistics Base)

The Changing Face Of Business In Nigeria: Amy Jadesimi, MD, LADOL (Lagos Deep Offshore Logistics Base)

Ask most people what they think of Nigeria and the answer will likely include references to oil, population and corruption.

Johannesburg Stock Exchange (JSE)

Stock exchanges in South Africa, Kenya, and Nigeria plan more ETF cross-listings

South Africa, Nigeria and Kenya are planning to cross-list more exchange-traded funds on their stock markets to boost liquidity of the securities, according to the Johannesburg Stock Exchange.

Strive Masiyiwa, Founder & Chairman, Econet Wireless Group

Transaction banking is dead: Econet Wireless Founder Strive Masiyiwa

As the evolution of mobile banking continues to disrupt the financial services sector, the founder and executive chairman of privately held telecoms conglomerate Econet Wireless Group sounded the death knell for traditional transaction banking.

Tshediso Matona, former Eskom CEO

South Africa's power utility Eskom parts ways with suspended CEO Tshediso Matona

South Africa’s power firm Eskom said on Monday it had agreed to “amicably” part ways with its chief executive who was suspended pending an inquiry into operations at the struggling utility.

Oceana's Lucky Star canned fish is one of the most loved brands in South Africa.

Oceana of South Africa to buy US fishery Daybrook in $382M deal

Oceana Group Ltd., South Africa’s largest fishing company, said it plans to buy Daybrook Fisheries, the U.S.’s second-biggest processor of Gulf menhaden fish, for $382 million.

Angola is a heavily oil-dependent economy with about 97% of its export revenue coming from crude.

Sub-Saharan Africa's growth remains strong despite low commodity prices

Sub-Saharan Africa is likely to retain its status as the world’s second-fastest-growing region after emerging Asia, Moody’s Investors Service says.

Load-shedding -- scheduled power cuts to reduce energy usage -- has become part of everyday life for many people and companies in South Africa (AFP Photo/Marco Longari)

Electricity shortages hobble South Africa's growth, says Finance Minister Nhlanhla Nene

Power outages are the biggest brake on South Africa’s economic growth, Finance Minister Nhlanhla Nene said Monday, as factories, homes and offices across the country continue to suffer from long electricity cuts.

African sovereign credit quality stable, says Moody's

African sovereign credit quality stable, says Moody's

The credit quality of sovereigns in Sub-Saharan Africa (SSA) over the next 12-18 months will be supported by strong infrastructure investment, structural reforms and competitiveness gains from currency depreciation, says Moody’s.

There is no better moment to invest in Africa than now

There is no better moment to invest in Africa than now

Home to the world’s youngest population, untapped natural resources and a growing middle class, Africa has become the target for investors keen on high returns.

Standard bearer … Donald Kaberuka, the outgoing president of the African Development Bank, at a board meeting in Abidjan, Ivory Coast, last September. Photograph: Sia Kambou/AFP/Getty Images

Here are the eight candidates running for African Development Bank President

The African Development Bank (AfDB) will elect a new president at the end of the month as its current leader, Donald Kaberuka, steps down after a decade in charge.

Bob Collymore, CEO, Safaricom

What's next for Kenya's mobile money revolution (Videos)?

Eight years ago, when your phone buzzed you knew it was probably a text message. But then Kenyans started sending money to each other on their mobile phones — and everything changed.

Hurley Doddy, Co-Founder, Managing Director, & Co-CEO of Emerging Capital Partners (ECP)

Private Equity in Africa: Emerging Capital Partners' Hurley Doddy on myths of Africa & the arrival of PE megafirms

Fundraising in Africa reached a record $4 billion in 2014, but the demand for capital still far exceeds the supply, a panel of private equity executives told attendees of the Global Private Equity Conference hosted earlier this week by the International Finance Corp. and the Emerging Markets Private Equity Association.

Women hold New Look shopping bags on Oxford Street in London, February 12, 2010. REUTERS/SUZANNE PLUNKETT

South Africa's Brait buys Britain's New Look for $1.2B

African investment heavyweight Brait SE (BATJ.J) said it will pay $1.2 billion for virtually all of budget clothes retailer New Look, giving it a substantial presence in Britain’s fiercely competitive fashion retail market.

Kojo Addae-Mensah, CEO, Databank

Ghana's largest private money manager plans to launch buyout fund to invest in agriculture and financial services

Ghana’s biggest private money manager plans to start a buyout fund that will invest in agriculture and financial-services companies in the West African nation.