October 2016 African Business News


Ngũgĩ wa Thiong'o is the writer the world needs now. Credit: qz.com/EPA/University of California

Ngũgĩ wa Thiong'o: The Kenyan author who’s done more for literature than Bob Dylan, and should have won the Nobel Prize

Ngũgĩ wa Thiong’o did not win the Nobel Prize in Literature, yet again. For years, the Kenyan writer has topped the list of contenders at betting sites, rivaling Japanese novelist Haruki Murakami, or with the case this year, American novelist Don DeLillo.

Mitsubishi UFJ Said to Weigh Adding Bank Offices in Africa Push

Mitsubishi UFJ Said to Weigh Adding Bank Offices in Africa Push

Mitsubishi UFJ Financial Group Inc. is considering opening offices in Kenya and Morocco to boost its African business as Japanese companies seek natural resource and infrastructure-related opportunities on the continent.

Paul Kavuma, CEO, Catalyst Principal Partners

Catalyst Principal Partners acquires majority stake in Tanzanian pharma company for $125M

Catalyst Principal Partners, a leading East African focused private equity firm, has acquired a controlling stake in Zenufa Laboratories in Tanzania for $125 million.

Kenyan writer and former political prisoner Ngugi wa Thiong'o at Howard University in Washington in 2006. Credit: Nikki Khan/The Washington Post

The Nobel Committee got it wrong: Ngugi wa Thiong'o is the writer the world needs now

The Kenyan writer has been a favorite to win for years. This year, according to gambling site Ladbrokes, the odds were 4-to-1 in Ngugi’s favor, with Haruki Murakami second at 7-to-1, and Don DeLillo at 12-to-1.

GE Venture to Build World’s Largest LPG Power Plant in Ghana

GE Venture to Build World’s Largest LPG Power Plant in Ghana

General Electric Co., Endeavor Energy Resources LP and Sage Petroleum Ltd. won approval from Ghanaian lawmakers for the construction of the world’s largest liquefied petroleum gas fired power plant.

Kigali Heights, Kigali, Rwanda (Illustration)

Magnificent Kigali Heights to open in November

Kigali Heights, a new mega-commercial complex in Rwanda’s capital Kigali, has set November as the opening month for the $36 million property.

Nigeria's largest airline Arik plans $1B share offer & possible London Stock Exchange listing

Nigeria's largest airline Arik plans $1B share offer & possible London Stock Exchange listing

Nigeria‘s largest airline Arik Air plans to raise as much as $1bn through a private share placement next year and then a possible initial public offering (IPO) in Lagos and London, its managing director said.

Menlyn Park Shopping Centre, Pretoria, South Africa (Illustration)

Menlyn Park Shopping Centre to cement its place as Africa’s largest mall

Despite a slowdown in consumer spending across South Africa, Pretoria’s Menlyn Park Shopping Centre is undergoing a R2.5 billion revamp that will make it the largest mall in Africa, unseating Durban’s Gateway Theatre of Shopping.

Setting the record straight. Credit: qz.com/Reuters/James Akena

Africans on social media push a missionary group to take down offensive music video about life in Uganda

A music video released this month by Luket Ministries, an Oklahoma missionary group working in Uganda, features five white women in traditional Ugandan dresses dancing with plastic jerry cans, knocking back deworming tablets, and eating sukuma wiki, or kale, with their hands.

Okechukwu Enelamah, Nigeria's Minister of Industry, Trade and Investment (L) and Natalie Kolbe, Partner & Co-Head of Private Equity at Actis

An Enabling Enterprise Environment And Accountability Are Key For Nigeria's Long Term Future: Okechukwu Enelamah, Nigeria's Minister Of Industry, Trade & Investment And ACA Co-Founder & Former CEO

Actis, a leading growth markets investor, hosted over 200 senior public and private sector decision makers in Lagos at Heritage Place in Ikoyi to share Actis’ perspectives on the Africa opportunity and potential for Nigeria.

South African billionaire Nicky Oppenheimer is one of the wealthiest men in the country with a net worth of $6.8B (Forbes, 2014).

South African Diamond Billionaire Oppenheimer Backs New Hedge Fund Startup

The family of South African diamond-mining billionaire Nicky Oppenheimer is backing a new hedge fund to be run by ex-Capricorn Capital Group Ltd. money managers Andrew Crawford and Stephen Carew.

Ebi Atawodi, General Manager, Uber Lagos. Credit: marcopolis.net

Uber Partners First Bank to Offer Loans to Nigerian Drivers

Uber Technologies Inc. is partnering with FBN Holdings Plc’s First Bank Nigeria to provide loans to drivers.

Nigeria's new Oba of Benin: The coronation of a lifetime. Credit: punchng.com

Nigeria's new Oba of Benin: The coronation of a lifetime (Photos)

The rainy season is supposed to be over in Nigeria, but on Thursday just before midnight, torrential rain and crackling lightning let loose over Benin City.

Yemi Alade

The boom in Africa's music industry continues

Demand for homegrown contemporary music is sweeping Africa and driving a creative boom in the continent’s thriving music industry.

Novare Lekki Mall (Illustration)

Nigerian property crash attracts brave investors betting for the long-term

A property market crash in Nigeria offers opportunities for brave investors betting that Africa’s most populous nation will deliver high returns when it climbs out of recession.

Dunkin' Donuts Arrives in South Africa to Challenge Krispy Kreme

Dunkin' Donuts Arrives in South Africa to Challenge Krispy Kreme

South Africans wanting hot glazed doughnuts with a gulp of coffee can now choose between two U.S. brands — Dunkin’ Donuts and Krispy Kreme.

Tamassa Resort in Mauritius

Property fund Mara Delta agrees to buy Tamassa Resort in Mauritius

LUX* Resorts and Hotels sells Tamassa Resort for US$40 million in sale-and-leaseback deal.

Ethiopia and Djibouti have launched the first fully electrified cross-border railway line in Africa.

Ethiopia and Djibouti have launched the first fully electrified cross-border railway line in Africa

Ethiopia and Djibouti have launched the first fully electrified cross-border railway line in Africa.

How Africans are using technology to solve problems

How Africans are using technology to solve problems (Infographic)

The advent of the internet and technology has changed the world. With over 70% of Africa’s population under 30, the continent has one of the youngest populations in the world.

BW Premier Collection, The Alba, Nairobi, Kenya (Illustration)

Best Western continues Africa expansion with launch of first BW Premier Collection hotel on the continent

Best Western Hotels & Resorts adds another hotel to its East African portfolio. The newest addition is BW Premier Collection, The Alba, located in Nairobi, Kenya.

Coca-Cola to buy AB InBev's stake in African subsidiary Coca-Cola Beverages Africa

Coca-Cola to buy AB InBev's stake in African subsidiary Coca-Cola Beverages Africa

Coca-Cola Co said it would exercise its right to buy Anheuser-Busch InBev’s stake in Africa’s biggest Coke drinks bottler, after the brewer’s takeover of SABMiller.

South Africa's Blue Label pays $400m for Cell C stake

South Africa's Blue Label pays $400M for Cell C stake

Blue Label Telecoms the largest distributor of prepaid airtime and data in South Africa, will pay 5.5 billion rand ($400 million) for a 45 percent stake in debt-laden mobile firm Cell C Ltd, it said on Wednesday.

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

Hilton Expands Presence in Nigeria with Signing of Hilton Lagos Airport

Hilton has announced the signing of a management agreement with Quality Inspection & Testing Services Limited to open a 350 guest-room and suite hotel at Lagos’ Murtala Muhammed International Airport, Nigeria.

Africa is still one of the world's most attractive markets for private equity: Boston Consulting Group (BCG)

Africa is still one of the world's most attractive markets for private equity: Boston Consulting Group (BCG)

Africa remains one of the world’s growth opportunities for private equity investors, even though the market has already surged dramatically over the past decade and several economies face serious challenges.

Cyril Ramaphosa, Deputy President of South Africa

South African union backs unionist-turned-tycoon Ramaphosa as next President

South Africa‘s Deputy President Cyril Ramaphosa saw his chances of becoming the country’s next leader increase on Monday when the powerful mining union he helped found before he made a fortune in business backed him to succeed President Jacob Zuma.

Akinwumi Adesina, President, AfDB

African economies are through the worst of downturn, says AfDB President Adesina

African economies are probably through the worst of their downturns and growth should accelerate next year, driven by investments in infrastructure and attempts to diversify from commodities, according to the African Development Bank.

93 Days: Movie honors Nigerian hero doctor Stella Ameyo Adadevoh who helped stop spread of ebola

93 Days: Movie honors Nigerian hero doctor Stella Ameyo Adadevoh who helped stop spread of ebola

As she lay on the hospital bed, weak and coughing, Dr Stella Ameyo Adadevoh wished her son a happy birthday over the phone. She asked him about his birthday presents and insisted his dad buy him a cake, after all, what’s a birthday without cake?

Africa's spending to exceed $5.6T by 2025: McKinsey

Africa's spending to exceed $5.6T by 2025: McKinsey

Africa’s household and business spending will top $5.6tn by 2025 and its manufacturing output could reach $93bn, according to a new McKinsey & Company report.

General Electric to invest $150 million in Nigeria

General Electric to invest $150 million in Nigeria

U.S. industrial firm General Electric plans to invest around $150 million in Nigeria by 2017, a senior executive said on Monday.

Amrod's In-House Branding

Carlyle Group to acquire Amrod, a South African Supplier of Promotional Products and Clothing

The Carlyle Group announced last week that it has agreed to acquire a majority share of Amrod, a fast-growing supplier of promotional products and clothing, serving distributors in South Africa and neighbouring countries.

Kenya Airways in talks with 3-4 parties on stake sale, says CEO Ngunze

Kenya Airways in talks with 3-4 parties on stake sale, says CEO Ngunze

Kenya Airways is talking to “about three or four” foreign institutional investors and airlines about buying a stake to raise cash for the carrier, its CEO said last month.

Uber expands food delivery business UberEats into South Africa

Uber expands food delivery business UberEats into South Africa

Uber Technologies started its UberEats food delivery service in South Africa last Thursday before it expands in the rest of the country and into the continent.