March 2016 African Business News


Tyra Malzy, Chief Learning Officer, Mazars University

3 reasons why CEOs succeed in Africa today: Tyra Malzy, Chief Learning Officer, Mazars University

Africa is the fastest growing region in the world. Even for those already in the know, Bloomberg shares some eye-opening stats: over the past 10 years, Sub-Saharan Africa’s GDP has grown by 51% compared to 23% world average or 13% for the US.

The Making of Leaders - An African Outlook: Morgan Philips & Mazars

The Making of Leaders - An African Outlook (Report): Morgan Philips & Mazars

As economic acceleration continues across Africa, the need for more executive talent only intensifies. And, as companies expand their regional footprint and scale up operations, the type of executive who is capable of working across diverse cultures, geographies, and markets, is all the more rare.

Nigerian pop star, D'banj has been one of the continent's biggest names over the years (Reuters/Afolabi Sotunde)

The sound of young urban Africa is set to take over the world's pop charts

London has long been one of the world’s most influential pop culture centers, particularly with fashion and music.

Wizkid

Meet Wizkid: Nigeria's Best-Dressed Pop Star

Wizkid is pretty much the biggest thing in Nigerian pop, which itself seems to advance on the global music stage almost as quickly as the country’s economy, one of the fastest growing in the world.

Davido

How Davido Became African Pop Music's Fortunate Son

Once, while on a Greyhound layover in Birmingham, Alabama, David Adedeji Adeleke, the Nigerian pop star now better known as Davido, spotted a familiar face on the CD rack of a bus station rest stop.

Nigerian e-commerce site DealDey gets acquired by Swiss media group Ringier (Infographic)

Nigerian e-commerce site DealDey gets acquired by Swiss media group Ringier (Infographic)

The African subsidiary of Swiss media and e-commerce company Ringier has acquired Nigerian online shopping startup DealDey for an undisclosed amount.

Africa - The Race Between Debt and Growth

Africa: The Race Between Debt and Growth

As sentiment toward emerging markets has turned negative over the past few years, African economies have not been spared from the ensuing rout.

Shop Africa 2016: Knight Frank

Shop Africa 2016 (Report & Infographics): Knight Frank

Sub-Saharan Africa is experiencing a wave of modern shopping mall development. The retail sector has become a major focus for development activity in recent years, as investors have been attracted by the growth potential of African consumer markets.

Africa Capital Markets Watch 2015: PwC

African Capital Markets Watch 2015 (Report & Infographic): PwC

PwC’s 2015 Africa Capital Markets Watch provides an analysis of African equity and debt capital markets transactions that took place between 2011 – 2015. It also highlights the trends in African capital markets in 2015 which reflected strong figures.

Huawei looks to Africa to cut network deals

Huawei looks to Africa to cut network deals

Chinese telecommunications giant Huawei has spread rapidly across the African continent.

Hospitality Market Snapshot 2015 - Oil Economies - Accra, Lagos and Luanda (Report): HTI Consulting

Hospitality Market Snapshot 2015 - Oil Economies - Accra, Lagos and Luanda: HTI Consulting (Report)

Between 2011 and 2012, the price of oil was at its highest levels in recent times, at close to $110 per barrel. By the end of 2014, an oversupply of oil saw the price of oil drop to below $100 per barrel. In 2015, prices dropped as low as $49. In 2016, prices have dipped as low as $30 and currently stand at about $40 per barrel.

Uber launches in Abuja and Mombasa, offers 6 days free rides

Uber launches in Abuja and Mombasa

Mobile taxi company Uber is spreading its tentacles across the continent, with Abuja and Mombasa becoming the latest African cities where the company has introduced its service.

Bharti Airtel to sell 1,350 towers in Tanzania to American Tower Corp

Bharti Airtel to sell 1,350 towers in Tanzania to American Tower Corp

Bharti Airtel Ltd, the world’s third largest communications services provider, has signed an agreement with American Tower Corp., to sell approximately 1,350 towers in Tanzania.

Aliko Dangote, President and Chief Executive Officer of Dangote Group and Co-Chair of the World Economic Forum (WEF) Annual Meeting 2014, speaks during a session at the WEF in Davos January 22, 2014.

Africa's richest man Dangote makes bid to acquire controlling stake of Peugeot Nigeria

Aliko Dangote, Africa’s richest man, has teamed up with two Nigerian states to bid for a majority stake in Peugeot Automobile Nigeria (PAN) Limited, a local joint venture with the French automaker, the governor of Kaduna State said on Thursday.

Oba Esigie of Benin (1504-1550 BC) was the first King of Benin who ascended the throne with the title Esigie in about 1504.

Benin City: The mighty medieval capital now lost without trace (Photos)

With its mathematical layout and earthworks longer than the Great Wall of China, Benin City was one of the best planned cities in the world when London was a place of ‘thievery and murder’.

Skander Oueslati, Co-Head of Sub-Saharan Africa, AfricInvest

Pan-African private equity firm AfricInvest invests in East Africa's Silafrica

AfricInvest, a leading pan-African mid-cap-focused private equity firm, has invested in Silafrica Plastics and Packaging International Limited (“Silafrica”), the leading East African plastics and packaging group with operations in Tanzania, Kenya, Ethiopia, Uganda and India.

Flight attendants serve beverages aboard an Ethiopian Airlines 787 Dreamliner on a flight to Jomo Kenyatta International Airport.

Intra-African travel is about to become easier, safer and more open

Intra-African travel — which is critical to unlocking the region’s tourism potential — is set to become easier, safer and more open.

Sunny Verghese, Co-Founder, Group Managing Director and CEO, Olam

Olam Bets on Africa Reward as On-The-Go Food Demand to Climb

Olam International Ltd., one of the world’s largest food traders, is hunting for more investments in Africa as it looks to benefit from the continent’s increasing appetite for everything from instant noodles to lollipops.

Mitchell Prather, Managing Director, Djembe Communications

We see opportunities in every conceivable sector in Africa: Mitchell Prather, Managing Director, Djembe Communications

We are seeing inquiries from a number of public and private sector entities representing a wide variety of sectors, including financials, agriculture, infrastructure and hospitality, to name a few.

The Legend Hotel (Illustration); which will be located within the Murtala Muhammed International Airport boundaries in Lagos, Nigeria; will feature 54 guest rooms, including eight suites. Credit: Curio - A Collection by Hilton/estateintel.com

Curio - A Collection by Hilton makes its Africa debut at Nigeria's Murtala Muhammed International Airport

Hilton Worldwide has reached an agreement with Quits Hospitality Ltd to open the first property under the Curio – A Collection by Hilton brand in Africa.

In partnership with mobile money platform M-PESA, KCB disburses one loan every eight seconds.

Fact of the Day: Kenyan bank KCB disburses one loan every eight seconds

Bid farewell to long lines at the teller window. Brick and mortar bank branches will soon be going the way of the dinosaur.

East Africa Private Equity Deal Dashboard - RisCura & EAVCA

East Africa Private Equity Deal Dashboard 2016 (Report): RisCura & East Africa Venture Capital Association (EAVCA)

The first ever dashboard on East African private equity deals has been released, another step forward in the quest for solid investment data on the African continent.

Aliko Dangote, Chairman, Dangote Group

Africa's richest man Dangote opens Nigeria tomato factory to vie with Chinese imports

Dangote Group, owned by Africa’s richest man Aliko Dangote, opened a tomato-processing factory near Nigeria’s northern city of Kano aimed at vying for the local market with imports from China.

An Overview of the Hotel Real Estate Sector in Africa: JLL

An Overview of the Hotel Real Estate Sector in Africa (Report): Jones Lang LaSalle (JLL)

The narrative on the investment potential in Africa has improved significantly over the past decade and many sectors in the African economy are seeing high growth in investment from global corporates, institutional investors and private equity.

Protea Hotel Abuja

BON Hotels takes over management of four Protea Hotels locations in Nigeria

Cape Town-based hospitality company BON Hotels has taken over the management, sales and marketing of four Protea Hotels locations in Nigeria.

A scene from the movie “Fifty” created by Mo Abudu's EbonyLife TV

Nigerian Media Mogul Mo Abudu Making Most of EbonyLife TV Success

On a recent trip to Spain, Nigerian media mogul Mo Abudu seemed to be losing sight of what was meant to be a short retreat.

Shayne Nelson, CEO, Emirates NBD

Dubai banking group Emirates NBD plans more success out of Africa

Emboldened by the bank’s success in Egypt, the chief executive of Emirates NBD is eyeing further expansion into Africa.

Samuel Eto'o and Ronaldinho played together at Barcelona (Reuters/Albert Gea)

The world's best soccer club is looking to Africa for its next superstars

FC Barcelona, the current champion of European and world soccer, is seen as the gold standard in the game.

iROKOtv is the world's largest online distributor of African content and Africa's largest internet TV operator.

Nollywood's French kiss

Romance has blossomed between Nigeria’s iROKO and France’s Canal+, who have signed a multi-million-euro deal to distribute Nollywood hits in French via an app.

Jay Ireland, President, GE Africa

GE sees potential to double African revenue and employees in 5 years, says GE Africa President Jay Ireland

General Electric Co. sees the potential to double its African revenue and employees as the company expands in countries including Ethiopia and Mozambique, GE Africa President Jay Ireland said.

IHS Towers acquires rival Helios Towers Nigeria (HTN)

IHS Towers acquires rival Helios Towers Nigeria (HTN)

IHS Holding on Thursday announced that it has agreed to acquire Helios Towers Nigeria (HTN), in the process adding 1,211 tower sites in Nigeria to its portfolio.

Africa's mobile subscriptions grow fastest globally

Africa's mobile subscriptions grow fastest globally: ITU

Africa experienced the largest growth in mobile subscriptions of any world region in 2014, according to Analyse Africa’s analysis of data from the International Telecommunications Union (ITU).

A Gulfstream G650 jet. The route from Lagos to London is the eighth-fastest growing private-jet route in the world.

Newly Rich Africans Are Young, Hip Millennials Willing to Spend

The profile of a rich African is shifting from older white-haired males to younger, hip millennials who have found new ways to make and keep money in a changing global scene.

Alon Lits, Uber's general manager for sub-Saharan Africa, walks beside a vehicle which operates in the fleet of Uber taxis in Kenya's capital Nairobi March 9, 2016. U.S.-based Uber plans to expand in Tanzania, Uganda and Ghana this year and will focus on convincing traditional taxi drivers to work for the ride-hailing service, Lits, Uber's general manager for sub-Saharan Africa, said. REUTERS/Noor Khamis

Uber seeks to lure cabbies in Africa expansion plan

U.S.-based Uber plans to expand in Tanzania, Uganda and Ghana this year and will focus on convincing traditional taxi drivers to work for the ride-hailing service, Alon Lits, Uber’s general manager for sub-Saharan Africa, said.

South Africa's Finance Minister, Pravin Gordhan gestures during a media briefing after he was reappointed to the position on Sunday night by President Jacob Zuma in Pretoria, South Africa December 14, 2015. REUTERS/SIPHIWE SIBEKO

European banks' old errors to blame for Barclays' Africa exit: South Africa Finance Minister Pravin Gordhan

Barclays’ decision to sell down its stake in a Johannesburg-listed venture is a consequence of past mistakes at European banks rather than a reflection of Africa’s future prospects, South Africa’s finance minister said.

Emmanuel Ibe Kachikwu, Nigeria’s Minister of State for Petroleum Resources and NNPC’s Group MD. Credit: sweetcrudereports.com

Nigeria aims to end refined petroleum imports within 18 months, says Kachikwu

Nigeria, Africa’s top oil producer, wants to remove the need for imported petroleum products within 18 months, Minister of State for Petroleum Emmanuel Ibe Kachikwu said on Tuesday.

4G connectivity could drive a new era of productivity for African entrepreneurs

4G connectivity could drive a new era of productivity for African entrepreneurs

Sub-Saharan Africa’s telecoms infrastructure has improved in leaps and bounds over the past few years, thanks to new undersea cables, national fibre links and mobile data services.

Old Mutual shares surge on break-up and bid talk. Credit: Reuters

Old Mutual shares surge on break-up and bid talk

Anglo-South African financial services company Old Mutual said on Monday it was considering all options in a strategic review, with speculation of a break-up and takeover bids for its assets sending its shares soaring.

A scene from the Lagos set of “Walking Away”, a film from ROK Studios and Divine Touch Productions.

The Netflix of Africa Doesn't Need Hollywood to Win

Walter Taylaur, a gangly, gregarious Nigerian writer-director, needed a place to shoot his movie, Gbomo Gbomo Express, a low-budget “comedy-thriller.” In the movie, the head of a music label hits it off with a socialite while out on the town in Lagos.

Jumia is one of the leading e-commerce sites in Africa.

African Technology Startups Gaining Attention

The increasingly noticeable discussions of the tech boom taking shape across Africa were recently further bolstered by news about startup financings on the continent.

Lagos, Nigeria

There is much to like in Nigeria, says RenCap's Chief Economist Charles Robertson

We have always maintained that Nigeria’s future does not lie with oil, and are encouraged by the high quality government team that is pushing hard for diversification.

Azeb Asnake, CEO, Ethiopian Electric Power (EEPCo)

Ethiopia is the ideal environment for independent power producers (IPPs), says EEPCo CEO Azeb Asnake

Ethiopia has more than 45,000 MW of untouched hydro potential, plus huge resources of solar, wind and geothermal energy to tap; along with rising domestic demand for electricity; pro-investment policies; and plans laid out for the country to become a region-wide clean energy exporter.