Oil and Gas News

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.

Media Eghbal, Head of Countries' Analysis, Euromonitor International. Credit: LinkedIn

Top 3 Largest Markets in Sub-Saharan Africa (Audio): Media Eghbal, Head of Countries' Analysis, Euromonitor International

Sub-Saharan African economic growth is expected to pick up in 2017 after reaching the lowest level in 22 years in 2016.

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.

Aliko Dangote, Founder & CEO, Dangote Group

How the Dangote Group will become a $100B business

With a track record exhibiting profound resilience and foresight, it comes as no surprise that Dangote Group and its Founder and CEO, Aliko Dangote, are ardent on building the multinational conglomerate into a $100 billion market capitalization business.

GE proposes investing in Nigeria's oil refineries

GE proposes investing in Nigeria's oil refineries

General Electric Co has proposed investing in Nigeria’s oil refineries, potentially convening a consortium of companies to improve capacity at the facilities.

Aliko Dangote, President, Dangote Group. Credit: CNBC Africa

I will build Dangote Group into a $100B business, I still have plans to buy Arsenal, says Africa's richest man Aliko Dangote (Video)

“If you are in Africa or in Nigeria for the short-term, then you shouldn’t be there,” says Aliko Dangote, the President of Dangote Group.

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.

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.

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.

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.

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.

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).

Africa's richest man Aliko Dangote plans to buy Arsenal in four years.

Africa's richest man Aliko Dangote plans to buy Arsenal in four years (Video)

Aliko Dangote, Africa’s richest man, plans to buy London-based Arsenal soccer team within four years.

Standard Chartered

Standard Chartered Looks Beyond Oil Industry for Angola Growth

Standard Chartered Plc will look beyond Angola’s oil and gas industry to pursue growth. The bank remains committed to Angola even as the country has had to deal with the plunge in crude prices.

Safaricom

Africa's largest companies are growing faster than their global peers, says new McKinsey report (Infographic)

Large companies in Africa are growing faster than their peers in the rest of the world, raking in $1.4 trillion in annual profits and contributing to government taxes and higher wages, a new McKinsey report finds.

Tony Elumelu, Chairman of Heirs Holdings & UBA

Nigeria has officially entered a recession + Interview with UBA Chairman Tony Elumelu (Video)

Nigeria’s economy has officially entered a recession. The latest growth figures shows the economy shrunk by 2.06% between April and June.

Konza Tech City

Kenya's $50 billion megaprojects (Photos)

Konza Tech City – The much-hyped Konza Tech City – or “Silicon Savannah” – is hoped to be a world-class hub of entrepreneurship. The $15 billion site, set in 5,000 acres to the south of Nairobi, will accommodate almost 200,000 people, complete with universities, research facilities, and IT centers.

Aliko Dangote (Left), Kola Karim, Temitope Balogun (TB) Joshua & Ade Ayeyemi

How Nigeria's top tycoons made their fortunes

Between the politicians and the rich, there is considerable overlap. Running a political campaign is extraordinarily expensive in Nigeria, and many a senator is heard complaining, in private, about how much money is needed to buy a seat.

Mark Okoye, Executive Director & Secretary, Anambra State Investment Promotion and Protection Agency (ANSIPPA)

Invest Nigeria - Think Anambra (Presentation): Anambra State Investment Promotion and Protection Agency (ANSIPPA)

In March 2015, Anambra was ranked the most transparent and accountable state in Nigeria, complying with all the set standards in public sector accounting, according to the International Public Sector Accounting Standards (IPSAS).

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).

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.

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.

Michelle Kathryn Essomé, CEO, AVCA

Africa had record levels of private equity exits in 2015: AVCA & EY

African private equity firms cashed in on investments last year at the highest rate in almost a decade, with South Africa, Egypt, Nigeria and Kenya accounting for two-thirds of these exits.

Luis Gravito, Senior Partner & Managing Director, BCG

Boston Consulting Group opens office in Lagos, 4th in Africa

The Boston Consulting Group has opened an office in the Nigerian city of Lagos, its fourth in Africa.

Africa’s richest man, Aliko Dangote (Left), has a net worth of about US$18 billion, according to Forbes. Tom Saater/Bloomberg

Ranks of African millionaires swell

The sinking tide of commodity prices has lowered incomes for the rich and poor, but for a growing class of African millionaires, the effect may be less painful than for others.

Uche Orji, CEO, Nigeria Sovereign Investment Authority. newafricanmagazine.com

Nigeria's sovereign wealth fund grew assets by 20% to $1.07B in 2015, says CEO Uche Orji

Total assets of Nigeria’s sovereign wealth fund grew to 213.67 billion naira ($1.07 billion) in 2015, up by 20 percent compared with the previous year, its managing director said on Friday.

Hospitality Market Snapshot 2015 - Oil Economies - Accra, Lagos and Luanda (Report): HTI Consulting

Hospitality Market Snapshot 2015 - Oil Economies - Accra, Lagos and Luanda: HTI Consulting (Report)

Between 2011 and 2012, the price of oil was at its highest levels in recent times, at close to $110 per barrel. By the end of 2014, an oversupply of oil saw the price of oil drop to below $100 per barrel. In 2015, prices dropped as low as $49. In 2016, prices have dipped as low as $30 and currently stand at about $40 per barrel.

Jay Ireland, President, GE Africa

GE sees potential to double African revenue and employees in 5 years, says GE Africa President Jay Ireland

General Electric Co. sees the potential to double its African revenue and employees as the company expands in countries including Ethiopia and Mozambique, GE Africa President Jay Ireland said.

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.

Lagos, Nigeria

There is much to like in Nigeria, says RenCap's Chief Economist Charles Robertson

We have always maintained that Nigeria’s future does not lie with oil, and are encouraged by the high quality government team that is pushing hard for diversification.

Emmanuel Ibe Kachikwu, Nigeria’s Minister of State for Petroleum Resources and NNPC’s Group MD

Nigeria to break state oil firm NNPC into 30 companies

Nigeria is to break up its state oil firm into 30 separate companies as it seeks to reform the organization, the country’s Minister of State for Petroleum Resources Ibe Kachikwu said Thursday.

UK investors eye Africa's burgeoning opportunities

Africa is one of the few bright spots on the global economic horizon, says billionaire investor George Soros

Investor and philanthropist George Soros has described Africa as ‘one of the few bright spots on the global economic horizon’, while consultants McKinsey say that the continent offers higher returns than any other developing region.

African IPOs Set to Double Capital Raised in 2016 - Baker & McKenzie

African IPOs Set to Double Capital Raised in 2016: Baker & McKenzie (Infographics)

Africa’s equity capital markets are set for a strong 2016 following a reasonable 2015 despite commodity price falls and capital flight from emerging markets hitting the continent’s major economies.

African M&A deal volume at a seven year high, says Mergermarket

African M&A deal volume at a seven year high, says Mergermarket

A steady increase in African deal flow and interest from overseas investors since the financial crisis points to the increasing maturity of African countries as a destination for M&A.

Victoria Island, Lagos, Nigeria

Africa: Firmly on the map

A number of new real estate fund platforms focused on Sub-Saharan Africa (SSA) have emerged in recent years, giving credence to the continent’s ability to attract larger capital commitments from global investors.

Akinwumi Adesina, President, AfDB

Africa growth stays strong even as China slumps: Akinwumi Adesina, President, AfDB

Strong investment flows to Africa will sustain high economic growth on the continent even amid low oil prices and a slowdown in China, African Development Bank President Akinwumi Adesina said.

Andrea Nono, CEO, MTU South Africa (Rolls-Royce Power Systems)

Rolls-Royce Power Systems plans African expansion, says South Africa CEO Andrea Nono

Rolls-Royce Power Systems plans to replicate the 100 megawatt (MW) Mozambique gas-fired power station it is commissioning elsewhere in Africa as the company expands its footprint across the continent.

Deepak Malik, Africa Regional Director, Norfund

Norway fund mulls West Africa expansion with Ghana investments

The Norwegian Investment Fund for Developing Countries is considering investments in financial-services and clean-energy businesses in Ghana as the institution extends its scope to West Africa.

Sanusi Lamido Sanusi (Muhammadu Sanusi II), Emir of Kano and former Governor of Nigeria's Central Bank

Nigeria's former Central Bank Governor Lamido Sanusi criticizes President Buhari's currency policy

Respected former head of Nigeria’s Central Bank Lamido Sanusi has said the government should end its policy of trying to maintain the value of the currency, the naira.