April 2016 African Business News


South African mining billionaire Patrice Motsepe, Founder and Executive Chairman of African Rainbow Minerals

South African billionaire Patrice Motsepe launches private equity firm

South African billionaire Patrice Motsepe has launched a new financial services investment company.

Michelle Kathryn Essomé, CEO, AVCA

Africa had record levels of private equity exits in 2015: AVCA & EY

African private equity firms cashed in on investments last year at the highest rate in almost a decade, with South Africa, Egypt, Nigeria and Kenya accounting for two-thirds of these exits.

Nhlanhla Nene, South Africa's former Minister of Finance

South Africa's former Minister of Finance Nhlanhla Nene appointed as Advisor at Thebe Investment

Former finance minister Nhlanhla Nene has been appointed as an advisor at Thebe Investment Corporation to help roll-out the firm’s growth plan, his second private sector job in a week.

Denis Duverne, Director, Deputy CEO, AXA

AXA expands Africa operations in joint venture with Lloyd's specialty group Chaucer

AXA is targeting the rapidly expanding market for African specialty insurance by partnering with Chaucer, a Lloyd’s specialty insurance group.

Shameel Joosub CEO, Vodacom

Vodafone unit mulls bid for South Africa state internet company

Vodafone Group Plc’s South African unit is considering a bid for unprofitable state-owned Internet company Broadband Infraco, as the government works toward the privatization of some assets to boost the country’s finances.

BMW plant in Rosslyn, South Africa

South Africa in Talks With Five Automakers About New Plant

South Africa is in talks with five vehicle manufacturers about a proposed new assembly plant in the port city of East London, a potential boost for an industry that’s using government incentives to attract investment from companies including Ford Motor Co. and BMW AG.

Former Barclays CEO Bob Diamond preparing bid for Africa arm of Barclays

Former Barclays CEO Bob Diamond preparing bid for Africa arm of Barclays

Bob Diamond has teamed up with a major private equity firm as he attempts to develop plans to mount a bid for the African operations of Barclays, the bank he ran until four years ago.

Ghana's startup hub pioneer MEST is going pan-African with a $50 million fund

Ghana's startup hub pioneer MEST is going pan-African with a $50 million fund

Meltwater Entrepreneurial School of Technology (MEST) has built one of Africa’s best known startup ecosystems in Accra, Ghana over the last eight years—and now it’s doubling down on a push to take its vision pan-African.

South African supermarket chain Pick n Pay to partner with AG Leventis in Nigeria expansion move

South African supermarket chain Pick n Pay to partner with AG Leventis in Nigeria expansion move

South African supermarket operator Pick n Pay plans to expand into Nigeria next year through a partnership with a local conglomerate, as it seeks to reduce its reliance on its home market, it said on Tuesday.

A Steers burger: South Africa's Famous Brands is the owner of Steers, Debonairs Pizza and Wimpy restaurants

South Africa's Famous Brands buys 51% of Italian restaurant chain Lupa Osteria

South Africa’s biggest fast-food restaurant chain Famous Brands will take a 51 percent stake in Lupa Osteria, an Italian restaurant business, it said on Monday, in a drive to extend its presence in the casual dining sector.

AB InBev agrees to concessions with South Africa over SABMiller deal

AB InBev agrees to concessions with South Africa over SABMiller deal

Anheuser-Busch InBev will invest 1 billion rand ($69 million) to support South African farmers as part of concessions agreed with the government to secure regulatory approval for its $100 billion-plus takeover of SABMiller.

Kenya beat Fiji to win first ever World Rugby Sevens Series title

Kenya beat Fiji to win first ever World Rugby Sevens Series title

Kenya dispatched Fiji 30-7 in the final of the Singapore Sevens to secure their first ever tournament win in the HSBC World Rugby Sevens Series.

The Landmark Centre, Lagos, Nigeria

Vantage Capital commits $20 million to leading Nigerian property development company Landmark Africa

Vantage Capital, Africa’s largest mezzanine fund manager, announced on Wednesday that it has committed $20 million to Landmark Africa, one of Nigeria’s leading property developers.

Africa's richest man, Aliko Dangote, begins construction of $1B cement plant In Nigeria

Africa's richest man, Aliko Dangote, begins construction of $1B cement plant in Nigeria

Dangote Cement, Africa’s largest cement producer which is controlled by Nigerian billionaire Aliko Dangote, on Sunday began the construction of a new $1 billion cement factory in Okpella, Edo state, in Nigeria’s southern region.

South Africa's $340 million Mall of Africa set to open this month

The largest mall in Africa: South Africa's $340 million Mall of Africa set to open this month

South Africa’s largest shopping center development to date, the $340 million Mall of Africa, will be fully operational in 17 days — on 28 April 2016.

Olam steps up Nigeria milling business with $150 million investment

Olam steps up Nigeria milling business with $150 million investment

Olam aims to cement its wheat milling stature in Nigeria. The agribusiness company is stepping up its wheat milling business in Nigeria as it invests $150 million in the country.

Geoffrey White, CEO, Agility

The macroeconomics across Africa are impressive: Geoffrey White, CEO, Agility Africa

The world in 2016 is very challenging; energy prices have collapsed, China’s economy has slowed; political instability is amok in the Middle East; ISIS wages open war; Russia has resumed its colonial ambitions and Europe is struggling to survive the difference in economic cultural attitudes between the North and South, compounded by the influx of migrants.

Why Nigerian entrepreneurs should solve other problems apart from ecommerce: Dotun Olowoporoku, Founder, Starta Africa

Why Nigerian entrepreneurs should solve other problems apart from ecommerce: Dotun Olowoporoku, Founder, Starta Africa

Nigeria is almost a victim of it’s size. It’s almost too easy to have big ambition.

Hotel Novotel Dakar, Senegal. An AccorHotels property

Hotel development in Africa jumps 30% to 64,000 rooms for 2016

The number of planned hotel rooms for 2016 in Africa has soared to 64,000 in 365 hotels, up almost 30% on the previous year, according to new figures from the annual W Hospitality Group Hotel Chain Development Pipeline Survey.

Nkosazana Dlamini-Zuma, Chair, African Union

Will AU Chair Dlamini-Zuma be South Africa's next President?

African Union Commission chairperson Nkosazana Dlamini-Zuma says she will step down at the end of July, fuelling speculation that she will run for president in her native South Africa in elections slated for 2019.

Rita Kavashe, Managing Director, GM East Africa

General Motors East Africa to double truck output on construction boom, says MD

A construction boom in Kenya has fueled a rise in commercial truck sales for market leader General Motors, which is investing $7.9 million in 2016 to upgrade its assembly plant in Nairobi and more than double output, a senior executive said on Thursday.

Tope Lawani, Co-Founder & Managing Partner, Helios Investment Partners

Pan-African private equity firm Helios completes deal to acquire UK's Crown Agents

Helios, the pan-African investment firm, is set to deliver a postcolonial turnround with a deal for key divisions of Crown Agents — a company which was once a pillar of the British empire.

Luis Gravito, Senior Partner & Managing Director, BCG

Boston Consulting Group opens office in Lagos, 4th in Africa

The Boston Consulting Group has opened an office in the Nigerian city of Lagos, its fourth in Africa.

Ford Everest

Ford invests $167 million in South Africa to build Everest SUV

Ford Motor Co. will invest 2.5 billion rand ($167 million) in the U.S. automaker’s South African operations to start production of the Everest sport utility vehicle and create about 1,200 jobs.

Kamar Abass, CEO, Ntel

Nigeria's Ntel seeks $1 billion for mobile broadband growth

Nigerian Internet provider Ntel is seeking more than $1 billion to invest in 4G mobile broadband by 2020 as the owner of the former state landline company seeks to take advantage of a rising number of smartphone users in Africa’s most populous country.

Etienne Nel, Co-Founder and CEO of South Africa’s soon-to-be second stock exchange, ZAR X

ZAR X: What will South Africa's second stock exchange do differently and who will it target?

Last week Wednesday South African company ZAR X announced that it had been granted a conditional stock exchange licence by the Financial Service Board (FSB).

Abdul-Nashiru Issahuku, newly-appointed Governor of the Bank of Ghana. Credit: theafricareport.com

Abdul-Nashiru Issahuku appointed Governor of the Bank of Ghana

Abdul-Nashiru Issahuku has been appointed the next Governor of Ghana’s central bank, the Bank of Ghana (BoG).

Stephane Richard, Chairman and CEO of Orange

French telco giant Orange to invest $85 million in Nigerian e-commerce group Africa Internet Group

French telecommunications company Orange is to invest 75 million euro ($85 million) in Nigerian e-commerce group Africa Internet Group (AIG) and become a shareholder, the two companies said on Tuesday.

Africa’s richest man, Aliko Dangote (Left), has a net worth of about US$18 billion, according to Forbes. Tom Saater/Bloomberg

Ranks of African millionaires swell

The sinking tide of commodity prices has lowered incomes for the rich and poor, but for a growing class of African millionaires, the effect may be less painful than for others.

Two Rivers, Nairobi, Kenya (Illustration)

Africa: A land of opportunity for property investors

UAE investors have been urged to follow in the footsteps of the Majid Al Futtaim Group and the Landmark Group by pursuing property opportunities in East Africa.

Uche Orji, CEO, Nigeria Sovereign Investment Authority. newafricanmagazine.com

Nigeria's sovereign wealth fund grew assets by 20% to $1.07B in 2015, says CEO Uche Orji

Total assets of Nigeria’s sovereign wealth fund grew to 213.67 billion naira ($1.07 billion) in 2015, up by 20 percent compared with the previous year, its managing director said on Friday.

Maitama Mixed Use Development, Abuja, Nigeria (Illustration). Credit: Eris/estateintel.com

Eris and Momentum to invest over $308M in West African real estate

Momentum Global Investment Management (MGIM) and the Eris Property Group have allocated over $308 million for real estate investments in West Africa in the 1st Quarter of 2016.

Kenya signs $5.42B railway extension deal with Chinese firm

Kenya signs $5.42B railway extension deal with Chinese firm

Kenya recently signed a multi-billion dollar agreement with China Communications Construction Company (CCCC) to extend the country’s rail network, adding to a swathe of infrastructure deals in Africa won by Chinese firms.

Harry G. Broadman, CEO, Proa Global Partners

Here are the top 3 economic misperceptions of Africa: Harry G. Broadman, CEO, Proa Global Partners

Africa seems to be the only continent today that is regularly referred to as a “country”. It bristles me every time I hear it said.

Chris Folayan, Founder and CEO, MallForAfrica

Mall For Africa: How a Nigerian built an African e-commerce empire from his bedroom

As an Africa business coach and consultant I have the pleasure of wandering through African business news and related success stories as part of my job.