Citigroup News

Adesola Adeduntan, CEO, First Bank

Nigeria banks trying to stabilize 9mobile ahead of sale, FBN says

Nigerian lenders will try to stabilise the business of 9mobile, the country’s fourth largest telecoms group, until they can find new investors.

Africa's Liquid Telecom raises $700m in bond and term-loan issue

Africa's Liquid Telecom raises $700m in bond and term-loan issue

Liquid Telecom, an unlisted pan-African telecoms group, has raised $700m in a bond and term-loan issue that will help it refinance debt and provide a war chest for further acquisitions.

Jes Staley, CEO, Barclays

Barclays to surrender control of Africa unit with £1.6bn sale

Barclays has been given regulatory approval for the sale of its remaining stake in its Barclays Africa Group, according to a unit of the business.

Oscar Onyema, CEO, Nigerian Stock Exchange

Nigerian Stock Exchange working with MTN on 2017 listing

The Nigerian Stock Exchange (NSE) is working with South African cell operator MTN on a listing of its shares in the country this year, the head of the bourse said on Thursday.

Bola Onadele, CEO, FMDQ OTC Securities Exchange

Meet the Boss: Bola Onadele, CEO, FMDQ OTC Securities Exchange

The Financial Markets Dealers Quotations (FMDQ) OTC Securities Exchange is a Nigerian marketplace that trades debt securities and currency, specifically dollar against naira.

Africa's banker of tomorrow

Armed with fintech and fueled by data: Africa's banker of tomorrow

Markets in Shanghai closed up today on news that the Chinese bullet train manufacturer Fujian Corp won the contract to connect Casablanca to Abidjan.

MTN Nigeria

MTN Nigeria begins IPO discussions

MTN has commenced talks with the Nigerian Securities and Exchange Commission (SEC) regarding an initial public offering in 2017.

Bob van Dijk, CEO, Naspers

Africa's most valuable company Naspers worth less than what it owns (Infographics)

Fifteen years ago, a South African media company invested $34 million in an obscure Chinese Internet developer. Today that stake is worth $88 billion.

7 Reasons to Be Bullish on MTN Group

MTN Nigeria said to target $1 billion in Nigerian Stock Exchange IPO

MTN Group Ltd., Africa’s biggest wireless operator by sales, and minority shareholders in its Nigerian business are seeking to raise about $1 billion in an initial public offering.

MTN to list on the Nigerian Stock Exchange in 2017

MTN to list on the Nigerian Stock Exchange in 2017

MTN Group Ltd. appointed units of Citigroup Inc. and Standard Bank Group Ltd. as advisers on a planned listing of the wireless company’s Nigeria business on the country’s local stock exchange, part of a deal struck with the West African nation’s government to settle a record fine.

Africa - The great opportunity

Africa: The great opportunity

Africa is rapidly becoming the global economic growth engine. Half of the world’s 25 fastest-growing nations are in Africa and almost 40 per cent of the continent will achieve GDP growth of more than 5 per cent in 2016.

Building the Entrepreneurial Base in Africa

Building the Entrepreneurial Base in Africa: J. Eric Wright, Chairman, Africa Venture Partners

J. Eric Wright was headed for Wall Street until he decided to take a year off in Africa. That short jaunt has stretched into nearly three decades on the continent — and led him to his life’s work.

Africa Telecom and Tech IPO Pipeline Swells as Growth Companies Target Public Markets. Credit: sokopay.com

Africa Telecom and Tech IPO Pipeline Swells as Growth Companies Target Public Markets

From Nigerian fintech to East African fiber, several exciting and diverse companies are emerging as IPO contenders in Africa’s rapidly growing Technology, Media & Telecommunications (TMT) sector, according to specialist news provider TMT Finance.

Shiv Arora, Head of Private Equity Real Estate, Cytonn Investments

Local banks knock off foreign dominance in Kenyan market: Shiv Arora, Head of Private Equity Real Estate, Cytonn Investments

Kenyan banks have knocked off foreign dominance in the market posing a risk for the latter to exit the market if they fail to change their strategy.

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.

Mitchell Elegbe, Founder & CEO, Interswitch

Helios said to be working with Citigroup to sell Nigeria's Interswitch

Helios Investment Partners, an Africa-focused private equity firm, is preparing to sell Nigerian payments-processing group Interswitch Ltd. in a deal that could value the company at more than $1 billion, people with knowledge of the matter said.

Herbert Wigwe, CEO, Access Bank

Mobile telephony enables Nigerian banks to fine tune services

Uzoma Dozie can remember when really effective marketing by banks took a different form.

Jaime Dimon, Chairman, President & CEO, JP Morgan Chase

JPMorgan plans Africa expansion even as Ghana and Kenya regulators refuse entry

Jamie Dimon, chief executive officer of JPMorgan Chase & Co., which has offices in South Africa and Nigeria, said the bank wants a presence in more African countries to spur growth, even after regulators in Ghana and Kenya refused the lender entry.

Albert Essien, CEO, Ecobank

Nigeria should switch to managed currency float, says Ecobank CEO Albert Essien

Nigeria, whose currency lost almost 8 percent against the dollar this year, would benefit from letting market forces have more say over its exchange rate, according to Albert Essien, chief executive officer of Ecobank Transnational Inc.

JPMorgan hires HSBC trader Lebogang Moropa to start up South Africa prime brokerage business

JPMorgan hires HSBC trader Lebogang Moropa to start up South Africa prime brokerage business

JPMorgan Chase & Co. rehired a trader from HSBC Holdings Plc as the biggest U.S. bank sets up prime brokerage operations in South Africa for the first time.

Miguel Azevedo, Head of Investment Banking, Citi Africa

Citi to Deutsche Bank on charm offensive in Africa as banks clamor for bond issuance deals

Bankers from London to Frankfurt and New York are on a charm offensive in Africa. Their goal: convincing governments to keep selling debt as first-half issuance slows from a five-year high.

Africa is the new China

Africa is the new China: Here is why you should care

Apart from the fact that one is a continent and the other a country, Africa is the new China. This seems like an odd idea at first. After all, China has a booming economy, and African countries are poverty-stricken, politically volatile, and unjustifiable business risks. Right? Wrong.

Miguel Azevedo, Head of Investment Banking, Citigroup Africa

Citigroup sees consumer companies as Africa's hottest M&A space, says Africa Head of Investment Banking Miguel Azevedo

Citigroup Inc. said consumer-focused companies are the most active industry for mergers and acquisitions in Africa as trade increases and the continent’s middle class grows.

Ade Adeyemi, CEO of Citi Sub-Saharan Africa & incoming CEO of Ecobank Group

Citi's Sub-Saharan Africa CEO Ade Adeyemi to take over as Ecobank Group's new CEO

Ecobank Transnational Incorporated (“Ecobank”), parent company of the Ecobank Group, the leading pan-African bank with operations in 36 countries across the continent, is pleased to announce the appointment of Ade Ayeyemi as its new Group Chief Executive Officer.

Columbia University Africa Economic Forum (AEF) 2015 Speakers

Columbia University announces line-up of speakers ahead of April 11 African Economic Forum (AEF) in New York City

Columbia University’s Graduate Schools of Business, Law, and International and Public Affairs are pleased to announce details of the 12th annual African Economic Forum (AEF), the largest Africa-focused event to be held at the university.

Kevin Murray, MD for West and Central Africa, Citi

Prospects in Francophone Africa are bright: Kevin Murray, MD for West and Central Africa, Citi

Kevin Murray, MD for West and Central Africa, Citi French-speaking West and Central Africa are generating strong revenues and could emerge as…

Telecommunications Tower

Telkom said to mull phone tower network sale in South Africa

Telkom SA SOC Ltd., a South African phone company seeking to cut costs on a struggling mobile service, is considering a sale of a network of telephone towers in the country, according to people with knowledge of the matter.

Johannesburg, South Africa

Investors keep an eye on the big picture in Africa, in spite of short-term challenges

Concerns about the scale of the Ebola crisis and plunging commodity prices would have had investors fleeing Africa not that long ago. But dealmaking in the sub-Saharan region is buoyant as most investors set aside short-term worries and bet big on growth.

Professor and pastor Yemi Osinbajo is the Vice Presidential candidate for Nigeria's All Progressives Congress (APC) party

Nigeria APC presidential candidate Muhammadu Buhari picks professor and pastor Yemi Osinbajo as running mate

The All Progressives Congress (APC) presidential candidate, General (Retired) Muhammadu Buhari, has picked Professor Yemi Osinbajo as his running mate in Nigeria‘s 2015 presidential election scheduled for February 14, 2015.

Miller beer by SABMiler

M&A activity heats up in Africa as investors bet on growth

Concerns on the scale of the Ebola crisis, current levels of political unrest and plunging commodity prices would have sent investors rushing out of Africa not long ago.

JP Morgan Chase & Co

JPMorgan Says Kenya May Be Part of Future Africa Expansion

JPMorgan Chase & Co. (JPM:US), which has more than 150 staff in South Africa, said it’s interested in establishing an office in Kenya “in time” as part of plans to expand on the continent.

Miguel Azevedo, Head of Investment Banking, Citigroup Africa

Citi's Head of African Investment Banking Miguel Azevedo preaches Africa's growth story

Because Miguel Azevedo spends two weeks each month traveling on the African continent, Citigroup’s head of African investment banking must get special permission from his firm to fly to countries affected by the Ebola crisis.

The Global African Investment Summit (TGAIS) 2014

Global African Investment Summit ends with record number of 36 bankable projects worth $246B presented to international investors

The Global African Investment Summit (TGAIS) closed yesterday after two days of high level panels and roundtables to explore investment opportunities in Africa.

Standard Chartered Bank

StanChart to hire 1,000 more staff in Africa: Diana Layfield, CEO, Standard Chartered Africa

Standard Chartered plans to hire at least 1,000 more staff in Africa in the next couple of years, an increase of more than 10 percent, even as its expansion elsewhere has slowed.

Lesetja Kganyago, Deputy Governor of the South African Reserve Bank

Lesetja Kganyago appointed new governor of South African Reserve Bank (SARB)

The South African rand has been on the up all day.

Penny Pritzker, US Commerce Secretary, at the US-Africa Business Forum

Africa Summit Set the Stage for US Business. Now What?

As the dust settles after the U.S.-Africa Leaders’ Summit that took place in early August in Washington, a clearer picture is emerging of what it achieved.

Seven Energy will be the next Nigerian corporate to test investor appetite

Sub-Saharan Africa bond issuance booms

Bond issuance volumes from sub-Saharan African have already surpassed last year’s levels with the promise of more to come.

Citibank, Nigeria

Foreign investors shrug off Nigeria risks: Omar Hafeez, Head, Citigroup Nigeria

Worsening security in Nigeria has not deterred foreign investors from buying its assets, Citigroup’s country head said on Wednesday, citing $1.1 billion worth of Eurobonds it had traded for three local lenders so far this year.

Miguel Azevedo, Head, Investment Banking, Africa, Citigroup

Nigeria's growth no longer oil-dependent: Miguel Azevedo, Head of Investment Banking for Africa at Citigroup (Video)

Miguel Azevedo, Head of Investment Banking for Africa at Citigroup, says the growth prospects for Nigeria are “very positive” and that the country’s economy is no longer oil-dependent.