December 2015 African Business News


Jason Njoku, Founder & CEO, iROKOtv

Jason Njoku: Bringing Nollywood to the masses

“I’ve been to Nigerian parties and one of the first things they ask you is: ‘Who do you work for? And ‘what level are you at?’”

Africa's Prospects - Macro Environment, Business, Consumer and Retail Outlook Indicators. Credit: nielsen.com

Africa's Prospects - Macro Environment, Business, Consumer and Retail Outlook Indicators (Infographics & Report): Nielsen

Africa’s rise in prominence is part of an overall global trend that has seen a shift in economic opportunity from the developed to the developing world. In fact, 6 out of the 10 fastest growing economies in the world are in Africa.

Media companies finally understand: The future of African TV is mobile. Credit: qz.com

Media companies finally understand: The future of African TV is mobile

For a while now, media companies in Africa have been betting that the continent’s growing consumer class will pay for their premium pay-TV services.

Marlon Chigwende, Managing Director and Co-Head, Sub-Saharan Africa Buyout Advisory, Carlyle

Private equity giant Carlyle says it may make Sub-Saharan Africa deals early next year

Carlyle Group LP, the world’s second-largest manager of investment alternatives to stocks and bonds, said it may announce new purchases for its sub-Saharan Africa fund early next year as it forecasts the region will grow faster than all other areas except India and China.

Fred Swaniker, Founder and Chairman of the African Leadership Group (ALG). Credit: ted.com

Fred Swaniker's plan to build 25 world-class universities in Africa

Fred Swaniker, the founder of the African Leadership Network (ALN), has plans to launch 25 world-class, African-focused universities in the next 25 to 30 years, which he estimates will be educating around 250,000 people at any given time.

Orange is the New Black. Credit: qz.com

Netflix is coming to South Africa next month, and it's got an ace up its sleeve

Netflix is set to go live in South Africa next month, according to various local reports—almost exactly a year after the online video service first hinted at debuting on the continent.

The African Union meets in Johannesburg, South Africa. Credit: ft.com

Ambitious plans promise surge in African commerce

When the US, Japan and 10 other economies recently sealed the deal on a vast new Pacific Rim trading bloc, they made front page headlines around the world.

Jes Staley, CEO, Barclays

Why Barclays Needs Africa

Chapter one in the manual given to all new bank CEOs directs them to survey every business line, looking for fat that can be trimmed and capital that can be reallocated.

Leading the way is DJ Black Coffee, a colossal figure on the South African house scene. He's topping the charts and filling dance floors, and often works with many of his musical forebears, such as Hugh Masekela.

How South Africa became the new capital of house music

It may have started in “The Warehouse” club, Chicago, but the center of the house music world has relocated.

Higher bids: Ayo Adeyinka says demand is growing for Nigerian art. Credit: ft.com

African art works discover a new world of patronage

The sculpture standing in the corner of Ayo Adeyinka’s gallery is a message from the future: a child, standing on tiptoe, poised to launch herself into space on iridescent wings.

A makeup booth at Carrefour in Abidjan

CFAO plans 80 malls across Africa, opens $66M mall in Abidjan

French distribution group CFAO opened its first shopping mall in Africa on Friday, a $66 million centre in Ivory Coast’s commercial capital Abidjan, as part of a major drive to tap into the growth of Africa’s middle classes.

Addis Ababa, Ethiopia. Ethiopia is predicted to be Africa’s fastest growing economy in 2015

Africa outperforms global economy despite downward revisions

Africa continues to outperform other world regions despite falling commodity prices and rising conflict in 2015, according to revised GDP figures forecasted by the International Monetary Fund (IMF) accessed via Analyse Africa.

MTN is fighting to the last and pushing back on its $3.9 billion Nigeria fine. (Reuters/Siphiwe Sibeko)

MTN is now challenging its $3.9B Nigeria fine in a Lagos court

The seemingly never ending battle between MTN and Nigeria’s telecoms regulator, has taken yet another twist. Initially slammed with a record $5.1 billion fine in October, which was later reduced to $3.9 billion, MTN now says it will challenge the fine in court.

JLL Acquires Trussard Property Consultants to Drive Further Growth in South Africa

JLL Acquires Trussard Property Consultants to Drive Further Growth in South Africa

JLL announced earlier this month the acquisition of Trussard Property Consultants, a leading local real estate leasing and investment agency business, based in Johannesburg.

M-KOPA call center. Credit: m-kopa.com

Generation Investment Management leads $19M fund raising round in M-KOPA Solar

M-KOPA Solar, the world’s leading pay-as-you-go energy provider to off-grid homes, has announced the closing of a US$19 million financing round led by Generation Investment Management LLP.

Resilient Earnings at African Banks Offset Risks, Moody's Says

Resilient Earnings at African Banks Offset Risks, Moody's Says

Banks across Africa are expected to remain stable in 2016 as resilient earnings, adequate capital levels and deposit-based funding counter rising asset-quality risks, according to Moody’s Investors Service.

Carolyn Campbell, Managing Director and Founding Partner, Emerging Capital Partners. Credit: avca-africa.org

African private equity - The bright continent: Carolyn Campbell, MD, Emerging Capital Partners

Last year, a record $4bn (€3.7bn) was ploughed into private equity fundraising in Africa.

A money changer counts Nigerian Naira at a bureau de change (AP Photo/Sunday Alamba)

Nigeria: 'The Boom Isn't Over, It's Still To Come'

Muhammadu Buhari’s honeymoon period as Nigerian president is well and truly over.

Amy Jadesimi, MD, LADOL

Returnee Amy Jadesimi in quest for bigger role in Nigeria's energy industry

While the collapse in oil prices might seem like unequivocally bad news for Nigeria’s energy industry, there is one Lagos-based executive who sees only opportunity.

MallForAfrica

Rising e-commerce platform MallForAfrica could make billions for itself and global brands

A section of Africa’s population has been steadily climbing the affluence stakes, with numbers of multimillionaires predicted to rise by 59% in the next 10 years.

Ikeja City Mall, Lagos, Nigeria

Private equity firm Actis exits its investment in Nigeria's Ikeja City Mall

Ikeja City Mall in Lagos has been sold for an undisclosed amount to two South African property funds, Hyprop Investments Limited and Attacq Limited.

Bob van Dijk, CEO, Naspers

Africa's largest company Naspers to increase exposure to US tech startups

Naspers Ltd. plans to increase its exposure to U.S. technology startups as Africa’s biggest company by market value seeks to limit the impact of a U.S. interest-rate rise and identify new Internet growth prospects, Chief Executive Officer Bob van Dijk said.

Phuthuma Nhleko, Executive Chairman, MTN Group

Nigeria says MTN fine reduced by 25% and not 35%

MTN Group said the Nigerian Communications Commission (NCC) has issued another letter, informing the company that the fine had actually been reduced by 25 percent to NGN 780 billion and not by 35 percent to NGN 674 billion as the regulator had earlier indicated in its letter dated 2 December to MTN.

$60M Achimota Retail Centre in Ghana opens

$60M Achimota Retail Centre in Ghana opens

The latest shopping mall development to be complete in Ghana – the $60 million Achimota Retail Centre located in north-eastern Accra – opened its doors today to the delight of locals.

Nissan Pathfinder: Nissan is one of the car makers that recently started building cars in Nigeria.

Nigeria Targets 80% Local Manufacturing in Auto Industry

Nigeria plans to raise the portion of local manufacturing in the automotive industry to 80 percent by 2023 as Africa’s most populous country seeks to cut imports and diversify the economy away from oil, the industry regulator said.

Nigeria has reduced its record MTN fine to $3.4 billion

Nigeria cuts record MTN fine 35% to $3.4 billion

The Nigerian government has agreed to reduce the hefty fine imposed on MTN to $3.4 billion following lengthy negotiations between the two parties.

First Burger King restaurant opens in Ivory Coast

First Burger King restaurant opens in Ivory Coast

Burger King, the second largest fast food hamburger chain in the world, announced on Tuesday the opening of the first Burger King restaurant in Abidjan, Ivory Coast.

WeChat Africa plans to invest $3.5 million in tech startups

WeChat Africa plans to invest $3.5 million in tech startups

WeChat Africa plans to invest 50 million South African Rand (about 3.5 million US Dollars) in tech startups in Africa.