July 2015 African Business News


Lagos Internal Revenue Service Chairman Tunde Fowler. Source: Lagos Internal Revenue Service via Bloomberg

Lagos Tax Agents Turn Death Threats Into Praise as Oil Drops

Tunde Fowler used to get death threats when he began collecting levies in Nigeria’s commercial hub of Lagos 10 years ago. Today he gets hailed as Tax Muyiwa, a nickname that means “bring your tax” in the local Yoruba language.

South Africa's Naspers betting on e-commerce growth in emerging & frontier markets

South Africa's Naspers betting on e-commerce growth in emerging & frontier markets

South Africa’s biggest company by value, media giant Naspers, said on Tuesday it still sees room for expansion in its e-commerce business even after strong growth last year.

Nigerian Stock Exchange to list depositary receipts enabling local ownership of US stocks like that of Apple.

'Bring Nairas, Buy Apple': Nigerian Stock Exchange to enable local purchases of foreign companies' shares

Nigerians will soon be able to invest in companies such as Apple Inc. and LVMH Moet Hennessy Louis Vuitton SE in their local currency at their local bourse.

Johannesburg mulls regulating Uber to appease taxi drivers

Johannesburg mulls regulating Uber to appease taxi drivers

South Africa’s most populous city is considering regulations for car-booking service Uber Technologies Inc. in the country’s richest province, addressing the concerns of the taxi industry.

Wale Tinubu, CEO, Oando

Vitol partners with private equity firm Helios in $276M deal to buy 60% of Oando's downstream business

Nigeria’s Oando has agreed to sell a 60 percent stake in its downstream business to Vitol and Helios Investment Partners for $276 million, the energy company said on Tuesday.

Naspers’ global footprint

Africa's largest company Naspers adds Nigeria to 'BRIC'

Naspers Ltd. is rewriting the ‘BRIC’ acronym to include Nigeria and Turkey among the world’s best emerging markets as China and Russia lose some luster with Africa’s most valuable company.

Vodacom shop

South Africa sells Vodacom stake to fund Eskom in $1.9B deal

South Africa’s government has sold its 13.91% stake in mobile phone firm Vodacom to the Public Investment Corporation to raise 23 billion rand ($1.9 billion) in funding for power utility Eskom, the Treasury said on Wednesday.

In November of last year, French insurer AXA bought control of Nigeria's fourth-largest insurer, Mansard Insurance.

Africa: A growing insurance market

Low penetration across most African markets spell many opportunities for insurers, but success will depend on their ability to devise strategies to expand their foothold in a continent of 54 immensely diverse economies.

Shameel Joosub, CEO, Vodacom

Vodacom's $576M Neotel deal wins South Africa antitrust approval

Vodacom Group Ltd., the African unit of Vodafone Group Plc, was granted provisional approval by South Africa’s Competition Commission to buy Internet provider Neotel Pty Ltd. for 7 billion rand ($576 million).

Lagos Startup Week 2015

Seedstars World announces partnership with Lagos Startup Week and Uber to showcase the best Nigerian entrepreneurs

On July 31st, the Nigerian leg of Seedstars World will take place at the final event of Lagos Startup Week. This will showcase the best entrepreneurs from around Nigeria, elevate them to an international stage, and offer them the opportunity to receive investment of up to $1.5 million.

Femi Otedola. Credit: AFP/Getty Images

Nigerian billionaire Femi Otedola's Forte Oil signs $83M contract with Siemens

Forte Oil, Nigeria’s largest petroleum marketing company which is majority-owned by billionaire Femi Otedola, has signed an $83 million contract with Siemens to upgrade its 414-megawatt gas-fired power plant situated in Kogi State in Nigeria’s central region.