Nigeria News

Nigeria's naira is tumbling after a currency float, but that's a good thing

Nigeria's naira is tumbling after a currency float, but that's a good thing

After the first day of trading following a currency float, the value of Nigeria’s naira dipped by 31%, selling at 288.85 naira as markets closed on Monday (June 20).

Trace TV buys pan-African VOD platform Buni.tv

Trace TV buys pan-African VOD platform Buni.tv

Trace TV has announced the acquisition of pan-African VOD service Buni.tv, in preparation for the launch of its own VOD platform Trace Play, slated for later this year.

Chimamanda Ngozi Adichie

Akosua Adoma Owusu to Adapt Chimamanda Ngozi Adichie Short Story

Another novel by acclaimed Nigerian author Chimamanda Ngozi Adichie is getting the film treatment.

UberEverything will have to get round logistics difficulties in cities like Lagos. (AP Photo/Sunday Alamba)

Uber Africa will diversify beyond car rides this year with its UberEverything service

Having nearly perfected the business of moving people around on the continent, Uber is set to diversify the core of its business in sub Saharan Africa with the introduction of UberEverything.

Issam Darwish, Executive Vice Chairman & CEO, IHS Towers

IHS Towers closes the first African mobile infrastructure consolidation transaction with HTN Towers

IHS Holding Limited (IHS), the largest mobile telecommunications infrastructure provider in Africa, Europe and the Middle East, has completed the acquisition of Helios Towers Nigeria Limited’s (HTN) 1,211 diversified tower sites throughout Nigeria.

Ebi Atawodi, General Manager, Uber Lagos

Uber, the sharing economy and the future of transportation in Lagos

CNN says Uber could be bigger in Lagos than it is in London. In its first 16 months, Uber provided 30% more rides in Lagos than it did during its first 16 months in London.

This Startup Trains Africa's Elite Coding Apprentices For Giants Like IBM & Microsoft

This Startup Trains Africa's Elite Coding Apprentices For Giants Like IBM & Microsoft

As a teenager growing up in Lomé, the capital of Togo, Faiçal Tchirou taught himself to code at a cybercafé. He wanted to help his mother manage the small pharmacy she owned.

With Kenya's Safaricom, Uber will face a rival it won't be able to beat so easily

With Kenya's Safaricom, Uber will face a rival it won't be able to beat so easily

In Africa, local taxi companies and startups have been working hard to compete with Uber but the ride hailing company has managed to outmaneuver most of them.

Phuthuma Nhleko, Executive Chairman, MTN

MTN settles Nigeria fine & looks at listing on the Nigerian Stock Exchange

MTN Group has agreed to pay a reduced fine of 330 billion naira ($1.7 billion) in a settlement with the Nigerian government of a long-running dispute over unregistered SIM cards, sending shares in the South African telecoms group soaring.

Uber Nigeria

Nigeria leads the way promoting ridesharing in Africa: Ebi Atawodi, General Manager, Uber West Africa

At the start of the last century, just one in seven people worldwide lived in cities. Today, it’s half and the UN predicts that by 2050, another 2.5 billion people will be living in urban areas.

Stephen Keshi is one of two people to win the Cup of Nations as a player and manager, and the only black African ever to coach at a World Cup. Photograph: Pius Utomi Ekpei/AFP/Getty Images

Stephen Keshi: Brawler, talker and most successful black African coach of all time

The former Nigeria and Togo manager, who died on Tuesday evening aged just 54, was, at the international level, the finest African coach of his generation.

As it expands in Africa, Uber adapts to local markets and adopts cash payments

As it expands in Africa, Uber adapts to local markets and adopts cash payments

While Uber continues its push into Africa the company is making allowances to local markets and testing unique service models users wouldn’t see in other parts of the globe.

Interswitch: Africa’s first ‘unicorn’? Credit: eyefortravel.com

Interswitch: Africa's first 'unicorn'?

An integrated digital payments and transaction processing company in Nigeria has travel companies queueing up, writes Sally White.

Philip Akesson, Country Manager, Travelstart Nigeria

Travelstart appoints Philip Akesson as Nigeria Country Manager

Travelstart has just announced the hiring of Philip Akesson as Nigeria Country Manager, effective June 1st, 2016. Akesson will be based in Travelstart Nigeria’s office in Ikeja, Lagos.

Taxify's driver app, putting the driver first. Credit: Taxify/qz.com

Uber's rivals in Africa think they can win with happier drivers, traffic jam deals and even price haggling

Wherever there is a car, a decent road and a reliable GPS connection, there is Uber.

Fela Kuti: A militant message couched in uplifting form. Photograph: Leni Sinclair/Getty Images

Here are the 10 best songs by Fela Kuti

A look back over a seminal career that encompassed political dissidence, UFO contact, chicken sacrifice – and some of the greatest dance music ever recorded.

Aliko Dangote’s ventures usually come hand-in-hand with investments in basic infrastructure such as roads and electricity supply, which benefit the local community.

Dangote Group: A trend-setter for Africa's leadership

After three and a half decades in operation, the Dangote Group has grown from a small trading business in Nigeria to become sub-Saharan Africa’s largest manufacturing conglomerate, emerging as a net economic contributor to all the countries in which it operates.

The Durbar festival in Sokoto, Nigeria, an annual event that that features prayers, music players and a military parade. Photograph: Saurabh Das/AP

"Born on a Tuesday" by Elnathan John: A review by Chika Unigwe

At the centre of Elnathan John’s insightful debut novel about religious extremism in Nigeria is its eponymous protagonist, Dantala, whose name translates as Born on a Tuesday.

Eric Osiakwan, Managing Partner, Chanzo Capital

How mobile is sparking creativity in African business: Eric Osiakwan, Managing Partner, Chanzo Capital

Chanzo Capital is an early stage micro-VC firm that provides capital and mentorship to high-tech startups in Kenya, the Ivory Coast, Nigeria, Ghana and South Africa (the so-called KINGS of Africa’s digital economy).

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…

Fly540

Check out 10 airlines looking to change the face of Africa's skies (Photos & Video)

The future looks bright for air travel across Africa. It’s predicted that by 2034, 190 million more flights segments will be flown across the continent.

Meet some of the tech companies creating opportunity in Africa

Meet some of the tech companies creating opportunity in Africa: Jonathan Berman, CEO, J.E. Berman Associates

For our family, it’s the homecoming routine. I pull up to the house and my son flies out of the car to inspect the box or two on our front stairs. Santa only delivers once a year, but Amazon leaves something on our door about every other day.

At the regional finals of the third annual Challenge Cup, hosted this year in Nairobi. Credit: Christopher M. Schroeder/recode.net

Startup Rising Africa

It’s hard to get more American than generalizing Africa as one big homogenous thing. It is, of course, a rich and diverse continent of more than 50 nations, where merely a piece of it — say from Kenya to Nigeria — is a greater distance than the entire United States.

Ajen Sita, CEO, EY Africa

Africa's development within the global economy: Ajen Sita, CEO, EY Africa

While Africa’s 2015 GDP is down 1.2% from 4.6% in 2014, it is still among the fastest growing regions in world.

Charles Robertson, Global Economist, Renaissance Capital

The outlook for frontier markets in Africa (Video): Charles Robertson, Global Economist, Rennaisance Capital

RenCap’s Global Economist Charles Robertson discusses frontier markets and the economic outlook for various nations in Africa.

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.

Fund manager sees continuing growth from rising African consumer markets juggernaut.

Fund manager sees continuing growth from rising African consumer markets juggernaut

“Africa is fast becoming an important profit driver for some of the largest multinational consumer based companies,” says Insync’s Monik Kotech.

Jose Filomeno de Sousa dos Santos, Chairman of FSDEA

Angola sovereign wealth fund FSDEA says half of investments in private equity

Angola’s sovereign wealth fund said it put more than half of its investments in private equity funds focused in the country and across sub-Saharan Africa last year, describing its performance as “solid,” particularly in light of the global economic turbulence.

Sev Vettivetpillai, Partner, Abraaj Group. Credit: M&A Advisor

Dubai-based private equity firm Abraaj readies Nigerian fertilizer and East African insurance deals

Abraaj Group, a Dubai-based private equity firm, is in the final stages of approval for three transactions in sub-Saharan Africa and will probably make further investments in the region before the end of the year, partner Sev Vettivetpillai said on Thursday.

Arif Naqvi, Founder & Group CEO, Abraaj Group

Abraaj-led group could bid for 35% of Barclays Africa

Buyout firm Abraaj Group is leading a group of investors planning to bid for a minority stake in Barclays Plc’s African unit, according to people familiar with the matter.

Issam Darwish, Founder, Singularity Investments. Credit: forbes.com

Singularity invests in mobile advertising startup Sliide Airtime

Singularity Investments announced on Wednesday that it had invested an undisclosed sum into Sliide Airtime, a mobile advertising technology start-up that gives consumers free airtime in return for engaging with news and branded content delivered to the lock screen of their mobile devices.

Michael Ugwu, General Manager, West Africa, Sony Music Entertainment

Michael Ugwu is leading the Nigerian music revolution (Video)

Lagos is a city with a vibrant music scene and is, arguably, the music capital of Africa. When Sony Entertainment, one of the world’s largest record labels, decided to start operations in West Africa, the company turned to Michael Ugwu to be its General Manager.

Edoh Kossi Amenounve, CEO, Bourse Régionale des Valeurs Mobilières (BRVM)

West African stock markets are planning to join forces (Video)

Stock exchanges in Nigeria, Ghana, Sierra Leone, Cape Verde, as well as the BRVM are in talks to develop a common platform for cross-border listing and trading in West Africa, to create broader and deeper liquidity across the region.

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.

Justin Clarke, CEO, One Africa Media & Acting CEO, Ringier One Africa Media

Ringier Africa and One Africa Media form joint venture

Ringier Africa and One Africa Media (OAM) have agreed to merge their pan-African Classifieds assets to create and grow Africa’s largest classifieds group.

"Industries serving consumer staples and discretionary spending fetch the highest prices because of favorable demographics in the growing middle class," says Rory Ord, RisCura's Head of Valuations

Private Equity Firms Bid Up Africa M&A Prices on Record Funds

The prices private equity firms pay for stakes in African companies are the highest in six years, driven by record fundraising and competition for the continent’s expanding middle class.

Kuben Naidoo, Deputy Governor, South African Reserve Bank

As Bob Diamond readies Barclays Africa bid, South Africa warns on bank buyouts

South Africa raised caution over Bob Diamond’s potential offer for Barclays Plc’s local unit, with the central bank signaling that private-equity bidders for the country’s third-largest lender would face opposition from regulators.

Tony Elumelu, Chairman, UBA Group. Credit: brandessencenigeria.com

Nigeria's UBA plans African expansion, says Chairman Tony Elumelu

United Bank for Africa (UBA) plans to increase its presence in Africa outside Nigeria to 25 countries from 18 now and inject capital into its subsidiaries in Kenya, Tanzania and Uganda, its chairman said on Tuesday.

Nollywood money is big money (Reuters/Akintunde Akinleye)

Nigeria's 'Netflix of Africa' iROKOtv made a 3,000% return for investors

As Nigeria’s tech space has matured over the last few years, it has drawn the attention—and money—of curious investors.

Uche and Chimamanda Adichie in Lagos, Nigeria, 2016

Why Chimamanda Ngozi Adichie Considers Her Sister a "Firm Cushion" at Her Back

I remember standing at the foot of the long stairway in our new house, too frightened to climb, everything big and unfamiliar, until my sister Uche silently took my hand and we went up together.

Chinelo Anohu-Amazu, Director-General of Nigeria's National Pension Commission (PenCom)

Where next for Nigeria's economy? Chinelo Anohu-Amazu Nigeria's PenCom DG weighs in (Video)

The Director-General of Nigeria‘s National Pension Commission (PenCom) Chinelo Anohu-Amazu discusses pension contribution plans and the country’s economy.

Olatorera Oniru, CEO, Dress Me Outlet

Meet the Nigerian woman who is building the fashion Amazon of Africa

Olatorera Oniru is one of Nigeria’s most assiduous and ambitious young entrepreneurs. The 29 year-old lady is the founder of Dressmeoutlet.com, a Lagos-based e-commerce startup that retails fashion products sourced from across the globe.