Abuja News

Nigerian Investor Sets Up $135 Million Commodities Exchange

Nigerian Investor Sets Up $135 Million Commodities Exchange

A Nigerian startup is developing a new agricultural commodities exchange in Africa’s most populous country to take advantage of the government’s efforts to boost farming output to reduce reliance on oil.

Igho Sanomi, Founder & Chairman, Taleveras Group

How 42-year old Nigerian oilman Igho Sanomi built a commodities trading giant

Igho Sanomi, 41, is the founder of Taleveras, a $2 billion (revenues) international commodities trading company active over a wide spectrum of global energy markets including crude oil and refined petroleum products, natural gas and power.

The first three books Cassava is publishing in the US. Credit: Cassava/Quartz

Nigerian book publisher Cassava Republic is opening shop in the US

For eons, piracy in African book publishing has been something that booksellers lived with and factored in as part of the climate of doing business.

An Ethiopian Airlines plane arriving in the Nnamdi Azikiwe International Airport Abuja on Tuesday, the first flight after rehabilitation of the runway. Credit: Albert Otu/ICE/NAN/premiumtimesng.com

Nigeria reopens Abuja airport after completing runway repairs 24 hours ahead of schedule

Nigeria’s international airport in the capital, Abuja, has formally reopened after six weeks of urgent repairs to its runway.

Aliko Dangote, CEO, Dangote Group

Aliko Dangote: In for the long haul

Aliko Dangote, Africa’s richest man, is optimistic that the only place to invest in today is Africa.

Kemi Adeosun, Nigeria's Minister of Finance

Nigeria to tap private capital, boost spending on infrastructure

Nigeria aims to rise the proportion of government spending devoted to infrastructure to 30 percent from 10 percent and to mobilize private capital for additional funding.

Yemi Osinbajo, Nigeria's Vice President

Buhari's sick leave re-energizes Nigeria's presidency

When protesters marched on Nigeria’s presidential villa earlier this month to complain about a biting recession, they were not repelled by baton-wielding policemen, the usual fate for anyone arriving uninvited at the gate of the country’s power center.

Estée Lauder partners with Jumia to bring key brands to Nigerian market

Estée Lauder partners with Jumia to bring key brands to Nigerian market

The Estée Lauder Companies is set to launch Clinique, Estée Lauder and Aramis into the Nigerian market for the first time thanks to its new partnership with Jumia Online Retailer.

SafariCity, Arusha, Tanzania

Check out 5 futuristic African cities that will take the tourism industry by storm (Photos)

Africa is seen to take up the tech challenge by investing billions of dollars in the development of tech futuristic cities.

Kenya's Little Cab app is set to take on Uber in Uganda and Nigeria

Safaricom's Little Cab, Kenya's Uber rival, is launching in Nigeria and Uganda

Little Cab, the ride-hailing app backed by telecoms operator Safaricom, is slowly giving Uber a run for its money in Kenya.

She Leads Africa runs networking events in Lagos and Abuja, as well as Accra, Nairobi and Johannesburg. Credit: FT

African start-up helps and inspires young female entrepreneurs

In Zambia, one of their blogs is the undisputed arbiter of style. In South Africa, one of their apps is the gateway to private beaches and pop-up dining.

Food for thought: Cover of ‘Longthroat Memoirs’ by Yemisi Aribisala © Cassava Republic

Publisher's expansion brings Nigerian writers to world stage

Nigerian novelist Chimamanda Ngozi Adichie warned in 2009 about the danger of hearing a “single story” about a person, country or continent.

Chauffeur driven: Uber in Lagos. Credit: FT

Uber gears up to ease stressful commutes in Nigeria

Car-hailing app Uber has frequently attracted controversy — whether over workers’ rights, management practices and its attitude to regulation.

Tunde Kehinde, Co-Founder, Africa Courier Express (ACE)

Africa Courier Express (ACE): The app that's beating the traffic in Lagos (Photos)

On the streets of Lagos, motorcycles, cars and daredevil cyclists weave through the lanes, jostling for space to avoid getting stuck in the chaotic traffic jams.

Nigeria's largest airline Arik air to double fleet by buying mostly Boeing planes

Nigeria's largest airline Arik Air to double fleet by buying mostly Boeing planes

Nigeria’s largest airline Arik Air plans to nearly double its fleet to 52 planes within 10 years and has already ordered some of them from Boeing, a source at the company said on Monday.

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.

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.

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.

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.

Nigeria's Startups Get Boost from Buhari, Zuckerberg

Nigeria's Startups Get Boost from Buhari, Zuckerberg

Nigeria has a growing technology scene full of ambitious young entrepreneurs who are seeking out solutions to various social challenges.

Here are the top 10 Sub-Saharan African cities for consumer spending growth (Infographic)

Here are the top 10 Sub-Saharan African cities for consumer spending growth (Infographic)

An extensive overview of 24 first- and second-tier cities in Cameroon, Kenya, Nigeria and South Africa in a recently published white paper reveals particularly dynamic growth shifting from the region’s mature consumer markets in South African metropolises to the urban areas in other Sub-Saharan countries.

Diane Radley, Old Mutual Investment Group

Why Old Mutual is investing millions in Nigeria's property and agriculture markets

This month, South African financial services firm Old Mutual Investment Group announced a partnership with Nigeria’s sovereign wealth fund for the investment of US$700m in real estate and agriculture.

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

Two Years after Its Launch Uber Nigeria Proves to Be a Success

My name is Ebi Atawodi and I am the General Manager of Uber in Nigeria. We launched Uber in Nigeria in 2014. We are just under two years old now which I think is quite a feat for a Nigerian business!

Novare Matola (Illustration), Maputo, Mozambique

Novare Africa Property Fund II closes with $350 million for investment

Novare Africa Property Fund II, the fund with a mandate to invest in retail and commercial real estate in sub-Saharan Africa outside of South Africa, has announced its final close at the end of June 2016.

Abuja, Nigeria

Abuja, Nigeria's original startup city is making a big play for Africa's young tech entrepreneurs

When most people think of Nigeria having an ecosystem of innovation and technology they instinctively think of Lagos, and understandably so.

Alon Lits, General Manager, Sub-Saharan Africa, Uber

Uber to launch in Ghana, Uganda and Tanzania within a month

Alon Lits, General Manager, Sub-Saharan Africa, Uber Ride-hailing company Uber said Thursday that it plans to start operating in the capitals of…

Ebi Atawodi, General Manager, Uber Nigeria

How Uber is changing life in Nigeria (Video)

Few things affect life in Lagos like traffic. However, Ebi Atawodi, Uber‘s General Manager in Nigeria, thinks Uber is making a difference in people’s lives.

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.

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.

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.

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.

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.

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.

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.

Derrick Roper, CEO, Novare Equity Partners. Source: financialmail.co.za

Africa's emerging markets will come back into view: Derrick Roper, CEO, Novare Equity Partners

Private equity fund managers, who adopt longer term time horizons than traditional asset managers, are showing renewed interest in African investment opportunities.

AG Mobile launches mobile phones and tablets in Nigeria

AG Mobile launches its mobile devices in Nigeria

African mobile technology brand AG Mobile has launched in Nigeria. AG Mobile is one of Africa’s first original design manufacturers and was the first South African company to build a mobile device in 2007.

Nigeria Targets Country-Wide Broadband Access by 2020

Nigeria Targets Country-Wide Broadband Access by 2020

Nigeria plans to help revive economic growth by expanding broadband Internet access throughout Africa’s most populous country by 2020 despite delays in rolling out the needed infrastructure, according to the telecommunications regulator.

IMF Managing Director Christine Lagarde watches children perform a dance in Abuja during her visit to Nigeria. Photograph: IMF via Getty Images

It's naira or never - Nigeria needs decisive action on its currency: Oluseun Onigbinde, Co-Founder, BudgIT

When Christine Lagarde, the managing director of the International Monetary Fund, visited Nigeria this week, she called for more flexibility on the exchange rate, encouraging those who believe the naira could be devalued again very soon.

Goodluck Jonathan, former President of Nigeria; and Muhammadu Buhari, President of Nigeria

High life over for Nigeria's 'Big Men' as crackdown looms on big entourages and VIP travel

New president bans from politicians from first-class flights and employing crowds of hangers-on at public expense.

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.

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.

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.