Nigeria News

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.

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.

Phuthuma Nhleko, Executive Chairman, MTN Group

MTN Chairman sells $8.8 million of shares before arrival of new CEO

MTN Group Ltd. Executive Chairman Phuthuma Nhleko sold shares worth about 123 million rand ($8.8 million).

Fashion-conscious Lagosians switch to online shopping

Fashion-conscious Lagosians switch to online shopping

Three years ago, MallforAfrica joined the raft of Nigerian tech start-ups attracting private equity and venture capital backing.

Labi Ogunbiyi

Data can become Nigeria's new "black gold"

In the early 2000s I decided to leave my job heading the African project finance team in a global law firm to become an investor.

Dar es Salaam, Tanzania

The rise of Africa's megacities

Over the last 35 years, the share of Africa’s population living in urban areas climbed from 27% to 40%.

Jeff Schlapinski, Director of Research, EMPEA

Private equity investment in Africa heats up as pension funds stay local

African private equity is having its moment in the sun, with pension funds on the continent ready to invest in their own backyard as investment banks continue to retreat from lending and domestic strategies mature.

Nigeria's President Muhammadu Buhari. Credit: Yahoo/Pius Utomi Ekpei/AFP/Getty Images

Fool Nigeria Once, Shame on You. Fool Nigeria Twice ...

It’s been a tough year for Nigerian President Muhammadu Buhari. The mood in Africa’s most populous nation is a far cry from the euphoria that greeted his historic 2015 election.

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.

Nunu Ntshingila, Head of Facebook Africa. Credit: Memeburn

Facebook is boosting its advertising teams in Africa

Facebook is building a team of young executives to win digital advertising dollars from small and medium sized businesses across Africa’s major markets.

Dangote Industries cement plant in Dakar, Senegal

Gulf investments in Africa beginning to spread far and wide

Traditionally, investments from the Arabian Gulf into Africa have focused on North Africa, owing partly to closer cultural ties and the Gulf’s focus on western markets. This scenario is slowly changing and so too are the pan-African investment strategies of Gulf investors.

NNPC Towers, Abuja, Nigeria. Credit: iloveabuja.com.ng

Nigeria proposes broad oil sector overhaul and potential NNPC stock exchange listing

Nigeria outlined a plan to overhaul state oil company NNPC and eventually list it on the stock exchange in a bid to modernize and streamline the industry.

Bryan Leith, COO, KPMG Africa

Africa's Economic Prospects: Bryan Leith, ‎COO, KPMG Africa

While on a road show for US clients, Bryan Leith, chief operating officer of KPMG’s global Africa practice, sat down with Global Finance to discuss the continent’s economic prospects.

Will he cash in on Africa's real estate boom?

Will he cash in on Africa's real estate boom?

You’ve heard it before: Africa, the new investment frontier! Risky, but high reward potential, the mantra goes of emerging markets — particularly in Africa, home to 13 of the 20 fastest-growing economies in the world.

Live music in Accra, Ghana

Why is Ghana 25 times more successful than Nigeria at attracting tourism revenues?

Tourism should be an easy win for emerging market (EM) and frontier market (FM) economies with weakened currencies, and cheap jet fuel; an opportunity that we think is being missed.

Monde Twala, VP of Viacom Africa’s BET, Youth and Music portfolio

Viacom and Turner Targeting Africa's Millennials With Multi-Platform Offerings

With more than half the population of Africa under the age of 18, networks are looking for more ways to target young audiences with cross-platform content, hoping to grow today’s generation of increasingly connected African youths into tomorrow’s brand-loyal consumers.

Is Donald Trump racist? Chimamanda Ngozi Adichie certainly thinks so

Is Donald Trump racist? Chimamanda Ngozi Adichie certainly thinks so (Video)

Renowned novelist Chimamanda Ngozi Adichie shuts down nonsensical argument being made by the American Spectator’s editor in chief American R Emmett Tyrrell.

Chinelo Anohu-Amazu, Director General, Pension Commission of Nigeria (Pencom)

Africa still attractive to investors, says PenCom Head Chinelo Anohu-Amazu

Portfolio flows into Africa may be falling but this marks a readjustment in the way investors interact with the continent, says Chinelo Anohu-Amazu, Head of Nigeria’s National Pension Committee (PenCom).

There's still room for growth. Credit: qz.com/Reuters/Akintunde Akinleye

The "Africa Rising" story isn't over yet, despite China's slowdown and flagging growth in Nigeria and South Africa

The idea that African economies are on the way up first became popular around 2010, buoyed by a commodities boom and improved governance across the continent. Now, with flat commodity prices and slowing demand from China, the narrative of “Africa Rising” has mostly fallen out of fashion.

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.

Business-to-business market in Africa to show $1 trillion growth by 2025, says McKinsey

Business-to-business market in Africa to show $1 trillion growth by 2025, says McKinsey

According to the World Bank, 35 of 47 economies in sub-Saharan Africa took at least one step in making it easier to do business in their country in 2015.

MTN Nigeria

MTN versus Nigeria

MTN’s misadventures in Nigeria have become a cautionary tale for multinationals and governments in the region – but for which side is still a matter of some debate.

Scatec Solar and Norfund sign power purchase agreement for Mozambique's first large-scale scale solar plant

Scatec Solar and Norfund sign power purchase agreement for Mozambique's first large-scale solar plant

In addition to this new 40 MW plant in Mozambique, Scatec Solar operates 200 MW of solar power plants in South Africa and Rwanda and has new projects under development across Africa, including in Mali, Nigeria and Kenya.

Linda Ikeji Social

Linda Ikeji Social: Nigeria's super blogger Linda Ikeji launches social network and will share ad revenue with users (Video)

The name Linda Ikeji strikes fear into many a Nigerian celebrity. They’re often petrified their secrets are about be revealed in the powerful one-woman gossip machine that has dominated online media in Nigeria for the last decade.

African Private Equity Academy to be launched in Sandton, South Africa

African Private Equity Academy to be launched in Sandton, South Africa

The South African and Kenyan offices of pan-African law firm Bowmans together with international law firm Freshfields Bruckhaus Deringer and leading Nigerian law firm Udo Udoma & Belo-Osagie will launch their inaugural African Private Equity Academy in Sandton this week.

A visitor takes photographs from the Ou Kaapse Weg as seasonal fog covers the city of Cape Town. Almost 7,000 visas were issued by the South African embassy in the UAE for the first seven months of this year. Credit: thenational.ae/Mike Hutchings/Reuters

Hotel developers will invest billions of dollars in African projects over the next few years

Hotel developers will invest billions of dollars in African projects over the next few years as they seek to take advantage of a fast-expanding middle class and growing business travel.

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.

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.

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.

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.

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.

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.

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.

Kia Motors to assemble cars in Ethiopia

Kia Motors to assemble cars in Ethiopia

South Korea’s Kia Motors Corp signed a deal with an Ethiopian company last week to start assembling cars in Ethiopia and is thinking of similar operations elsewhere in Africa.

Wale Tinubu, CEO, Oando

Helios Investment Partners enters agreement to acquire 49% of Oando Gas & Power in $115.8 million deal

Oando has announced the execution of a definitive agreement with Helios Investment Partners to acquire 49% of the voting rights in Oando’s midstream business subsidiary, Oando Gas and Power Limited (OGP).