August 2015 African Business News


Muhammadu Buhari, President of Nigeria

Nigeria's Buhari appoints Chief of Staff, SGF, Heads of Customs and Immigration

Nigeria’s President Muhammadu Buhari has appointed Alhaji Abba Kyari, who has held posts at United Bank for Africa, Unilever, and Mobil, as his chief of staff.

Africa's richest man and China sign $4.3B deal to build cement factories across the continent

Africa's richest man and China sign $4.3B deal to build cement factories across the continent

A Chinese state-owned engineering company has signed a deal worth $4.3bn (£2.8bn) to build factories for a Nigerian cement company run by Africa’s richest man, Aliko Dangote.

Cynthia Gordon, incoming CEO of Millicom Africa

Millicom appoints Cynthia Gordon as CEO of Africa division

Millicom announced the appointment of Cynthia Gordon as Executive Vice President and CEO of its Africa Division.

Asbel Kiprop (center) just beat his compatriot Elija Manangoi to take gold in the 1,500m event

Kenya tops medal table at World Athletics Championships

Kenya has come top of the overall medal table at the World Athletics Championships in Beijing for the first time, with seven gold medals.

East Africa sees regional power links ready in 3 years

East Africa sees regional power links ready in 3 years

Power lines connecting the east African states of Tanzania, Uganda, Rwanda, Kenya and Ethiopia are expected to be completed within the next three years, helping improve supplies and power trading, a senior Kenyan official said on Thursday.

Africa’s richest man plans to almost double the continent’s cement production by 2020

Africa's richest man plans to almost double the continent's cement production by 2020 (Infographic)

Africa’s cement wars are heating up. Dangote Cement, owned by Africa’s richest man, Nigerian billionaire Aliko Dangote, has revealed its agreement with a Chinese construction company to build cement plants in 11 countries.

Concept image of Lagos, Nigeria from NLE, featured in "Uneven Growth," MoMA, New York. Credit: CNN

Lagos 2050: How should Africa's biggest city prepare for doubling in size?

So your city is about to double in size, and it’s happening whether you like it or not. Infrastructure will be strained, sanitation is a concern and children need educating.

Volkswagen plant in Uitenhage, South Africa. Photographer: Henner Frankenfeld/Bloomberg

Volkswagen to Invest $340 Million in South African Car Business

Volkswagen AG, which is seeking to become the world’s largest automaker by 2018, is investing more than 4.5 billion rand ($340 million) in South Africa for new products and infrastructure.

Billionaire Aliko Dangote at Dangote Cement Plc's new plant in Ndola, Zambia. Photographer: Liezel Hill/Bloomberg

Cement is the new oil as Africa's richest man takes on Lafarge

Africa’s richest man is pushing to dominate its market for cement, the material at the heart of the continent’s infrastructure boom.

DHL is investing about $50M in Sub-Saharan Africa to tap emerging middle class

DHL is investing about $50M in Sub-Saharan Africa to tap emerging middle class

Deutsche Post AG’s DHL unit is investing about $50 million in sub-Saharan Africa as rising household incomes help spur demand for express and freight deliveries.

Segun Agbaje, CEO, Guaranty Trust Bank

Nigeria needs to devalue Naira, says Guaranty Trust Bank's CEO Segun Agbaje

Nigeria needs to devalue the naira as falling oil prices and the global markets rout this week mean the currency’s exchange rate is unsustainable, according to biggest local bank by market value.

Gerhard Zeelie, Head of Real Estate Finance ex. South Africa, Standard Bank

Real estate in Africa continues to drive growth potential, says Standard Bank's Head of Real Estate Finance

A growing consumer middle-class, powered by rapid urbanisation and shifting demographic trends is driving both property demand and growth opportunities in the real estate industry across the African continent.

Nigeria state oil group NNPC taps private sector for top ranks

Nigeria state oil group NNPC taps private sector for top ranks

The new head of Nigeria’s state oil company has tapped the private sector as part of an overhaul of senior ranks intended to clean up the entity at the heart of the country’s economy.

Albert Essien, CEO, Ecobank

Nigeria should switch to managed currency float, says Ecobank CEO Albert Essien

Nigeria, whose currency lost almost 8 percent against the dollar this year, would benefit from letting market forces have more say over its exchange rate, according to Albert Essien, chief executive officer of Ecobank Transnational Inc.

MTN in talks with IHS to sell towers for as much as $2 billion

MTN in talks with IHS to sell South Africa towers for as much as $2 billion

MTN Group Ltd. has begun talks with phone-tower operator IHS Holding Ltd. over South African towers the wireless carrier is seeking to sell in a deal valued at as much as $2 billion, according to a person familiar with the matter.

Nigeria gets World Bank guarantee for power plant to boost supply by almost 10%

Nigeria gets World Bank guarantee for power plant to boost country's supply by almost 10%

Nigeria moved closer to finishing a power plant expected to boost the country’s supply by almost 10 percent when it signed a financing agreement with the World Bank on Friday.

Mustafa Chike-Obi, CEO, Asset Management Corporation of Nigeria (AMCON)

Nigeria’s president replaces "bad bank" AMCON CEO Mustafa Chike-Obi with Ahmed Lawan Kuru

Nigeria’s President Muhammadu Buhari has replaced the CEO of the government-owned “bad bank” set up to resolve a financial crisis five years ago. This is Buhari’s second change of leadership of a key state company in a month.

Modderfontein development, South Africa

Africa's megaprojects: 326 billion reasons Africa is on the move (Photos, Infographic & Video)

When the new, expanded Suez Canal was inaugurated on August 6, the world marveled at the endeavor and single-mindedness that had born — and bored — 72 kilometers of new waterways through the Egyptian earth.

Emmanuel Ibe Kachikwu, incoming Group Managing Director of NNPC

Nigeria's fuel subsidy unsustainable: Emmanuel Kachikwu, Managing Director, NNPC

The new head of Nigeria’s state oil company said on Thursday the country’s fuel subsidy was an unsustainable drain on the economy, calling for deregulation of the oil and gas sector.

Shoprite is cementing its standing as Africa's retail giant. (Reuters/Staff)

South Africa's Shoprite supermarket has the edge on Walmart's Nigeria plans

Get ready for the Nigerian supermarket wars. Within weeks of each other, two major retailers have announced their intention to battle it out in Africa’s largest consumer-goods market.

James Mworia, CEO, Centum Investment Group

How Centum's 37-year-old James Mworia rose from intern to CEO in just seven years

When James Mworia joined Nairobi-based investment company Centum in 2001 as a 23-year-old intern, his ambition was to “become CEO someday”.

Johannesburg, South Africa

South Africa's Competition Commission rejects Telkom, MTN deal

South Africa’s Competition Commission has rejected a networking sharing transaction proposed by operators Telkom and MTN South Africa.

The Africa Competitiveness Report 2015 - WEF, AfDB, OECD & World Bank

The Africa Competitiveness Report 2015: WEF, AfDB, OECD & World Bank (Infographics & Report)

The Africa Competitiveness Report 2015 comes out at an auspicious moment for the continent. Africa’s solid average growth rate of more than 5 percent over the past 15 years bears witness to the region’s impressive economic potential.

Corporate Entry into Africa - A New Chapter - Jones Lang LaSalle

Corporate Entry into Africa - A New Chapter: Jones Lang LaSalle (Report)

Africa has seen a surge of corporate interest and investment in recent years. Total FDI inflows into the region more than doubled since 2003 as international companies have sought to benefit from the sustained economic growth, rapid pace of urbanisation, emerging middle class and the myriad of other growth opportunities the African continent presents for international business.

Broadening horizons - How do private equity investors create value - A joint study of private equity exits in Africa by AVCA and EY

How do private equity investors create value in & from Africa? A study of private equity exits in Africa: AVCA & EY (Infographic & Report)

In our inaugural report, we countered popular opinion about PE in Africa to prove that the industry was making excellent progress in exiting its portfolio companies. We also provided evidence of genuine value creation by PE firms in the region through hands-on involvement in the companies they back.

Africa Attractiveness Survey 2015 - Making Choices - EY

Africa Attractiveness Survey 2015 - Making Choices: EY (Report)

Geopolitical tensions and weak economic growth led to a 3.1% decline in greenfield FDI projects worldwide in 2014. FDI projects in Africa fell 8.4%, but remained well above pre-2008 levels. However, capital investment into the continent surged to US$128b, up 136%. And FDI created 188,400 new African jobs, a 68% increase.

Shoprite to accelerate Africa expansion

Africa's biggest retailer Shoprite to accelerate Africa expansion

South Africa’s Shoprite Holdings, Africa’s biggest retailer by sales, will open nearly twice as many stores on the rest of the continent this year as in 2014, chief executive Whitey Basson said on Tuesday.

MallForAfrica

With a billion Africans set to shop online, a new wave of start-ups is looking to cash in (Infographics)

Africa’s middle class is rising and they have money to spend. About a third of the continent spends between $4 to $20 a day—a group that is expected to grow to 42% by 2060, according to data from the Africa Development Bank. That’s more than a billion people.

The real size of Africa compared to the US, India & China

Check out this simple, interactive tool that shows the real size of Africa compared to the US, India & China

Africa is massive; 30.22 million sq km, in fact. It can swallow up the whole of Europe, for instance. Africa is the second largest continent in the world.

President Uhuru Kenyatta with CNN Global Executive Vice President and MD Tony Maddox

CNN boss apologizes to Kenya for "hotbed of terror" statement after Kenya cancels advertising deal

CNN has apologized to Kenya over a recent terrorism slur. n a televised CNN report preceding President Obama’s July trip to Kenya, the news network referred to the East African country as a “hotbed of terror” …

Vodacom has 64 million subscribers and runs mobile networks in South Africa, Tanzania, the Democratic Republic of Congo, Mozambique and Lesotho. Photographer: Dean Hutton/Bloomberg

Naspers in talks With Vodacom to deliver video-on-demand services across Africa

Naspers Ltd. is in talks with wireless carrier Vodacom Group Ltd. about delivering video content to mobile devices across Africa as the media company seeks to compete with Netflix Inc. in offering movies and TV in the continent of 1 billion people.

Market Vectors Africa Index ETF (AFK)

Invest In Africa's Growth Through The Market Vectors Africa Index ETF

The Market Vectors Africa Index ETF is the simplest and most efficient solution for investors to gain exposure to Africa’s economic growth. The fund has experienced a sharp drop in price since 2014, which is not at all correlated to the financial earnings of the fund’s major holdings.

Airtel is losing its fight against Safaricom for Kenya's fast-growing mobile market

Airtel is losing its fight against Safaricom for Kenya's fast-growing mobile market

Airtel Kenya is engaged in a mighty battle against Safaricom for Kenya’s growing mobile market. The telecom company is struggling to put a dent in Safaricom’s dominance, but they are getting left behind.

Cross listing of ETFs on Johannesburg, Lagos and Nairobi stock exchanges coming soon

Cross listing of ETFs on Johannesburg, Lagos and Nairobi stock exchanges: Coming soon

Discussions are currently underway between market participants in Nigeria, Kenya and South Africa to launch the cross listing of Exchange Traded Funds (ETFs).

Hong Kong's Frontier Services Group acquires Johannesburg-based logistics firm TFCG for $4M

Hong Kong's Frontier Services Group acquires Johannesburg-based logistics firm TFCG for $4M

Frontier Services Group Limited (FSG), a publicly listed, transportation and logistics solutions provider in frontier markets with its operational headquarters in Nairobi, Kenya, today announced that it has entered into a Share Purchase Agreement …

Dr. Emmanuel Ibe Kachikwu (R), the new managing director of the Nigerian National Petroleum Corp (NNPC), shakes hands with the former Group Managing Director of NNPC, Dr. Joseph Thlama Dawha during a handover ceremony in Abuja, Nigeria, in this August 5, 2015 handout photograph made available to Reuters August 6, 2015.

Nigeria's new oil chief Emmanuel Ibe Kachikwu announces restructuring & audit

The new head of the Nigerian National Petroleum Corp said on Thursday that he had started a three-pronged restructuring of the state-owned company that should lead to “a new NNPC”.

Africa Report 2015 - Real Estate Markets in a Continent of Growth and Opportunity - Knight Frank

Africa Report 2015 - Real Estate Markets in a Continent of Growth and Opportunity: Knight Frank (Infographics & Report)

The Africa Report is a unique and market-leading publication which draws on the expertise of Knight Frank’s unrivalled network of property professionals in Africa. The report presents a wealth of material highlighting the growth of Africa’s economies, cities and real estate markets.

A new Africa energy world - A more positive power utilities outlook - PwC

A new Africa energy world - A more positive power utilities outlook: PwC (Report)

Africa faces a huge electricity demand challenge. Existing infrastructure is insufficient to meet current requirements, let alone the growth of the coming decades. Installed power capacity is expected to rise from 2012’s 90GWto 380GW in 2040 in sub-Saharan Africa.

Bright Africa - The drivers, enablers and managers of investment on the continent: RisCura (Report)

Bright Africa 2015 - The drivers, enablers and managers of investment on the continent: RisCura (Report)

Africa’s investors have become markedly more sophisticated in recent years. They understand that the continent is one of the world’s fastest-growing regions and that populations are young and urbanizing.

Amazon Opens Johannesburg Office in Africa Expansion

Amazon opens Johannesburg office in South Africa expansion

Amazon.com Inc plans to open a branch of its cloud-based technology business in Johannesburg as the online retailer seeks to expand its customer base in Africa.

When Netflix launches in South Africa, it’ll already have stiff competition

When Netflix launches in South Africa, it'll already have stiff competition

When it eventually launches in South Africa, the popular video-on-demand service, Netflix, will find a competitor waiting for it.

La Croisette, Abidjan, Ivory Coast

La Croisette, Abidjan

La Croisette is the business lunch destination de rigueur in Abidjan. It is a must-visit not only because of its elegant cuisine — local seafood as well as imported French beef and cheese.