Dangote Named Forbes Africa Person of the Year 2014

Billionaire Nigerian business man, Aliko Dangote, was weekend named as the Forbes Africa Person of the Year 2014.

Other finalists of the most coveted award were South Africa’s Public Protector, Thuli Madonsela, Nigerian author,  Chimamanda Ngozi Adichie, Director-General of the Securities and Exchange Commission, (SEC), Arunma Oteh and  President of the African Development Bank, Donald Kaberuka.

In selecting Dangote, the panel of judges noted that

Connectivity: DHL Rates Nigeria 38 Out of 140 Countries

The DHL Global Connectedness Index has ranked Nigeria 38 out of 140 countries and 12th worldwide on the breadth of connectivity.

DHL said in a statement yesterday in Lagos that the index was obtained after a detailed analysis of the state of globalisation around the world by the company’s Global Logistics Department.

The statement quoted the Managing Director of DHL Express, Sub Saharan Africa, Charles Brewer,  as saying that the index was based on international flows of trade, capital, information and people.

It said Africa averaged the third largest increase in connectedness among all global regions in the last four years.

It noted that five countries — Burundi, Mozambique, Madagascar, Mali and Cote d’ Ivoire –showed the largest increase in

South Africa’s Business Event Celebrates 20 Years of Democracy

The South Africa National Convention Bureau (SANCB) is celebrating South Africa’s 20 years of democracy at EIBTM this year, by reflecting on the significant growth of the business events industry on the African continent.

South African Tourism, the official destination marketing organisation of South Africa, is also honouring the tenth anniversary of Meetings Africa, an event dedicated to showcasing Africa’s diverse offering of services and products.

The tenth edition of Meetings Africa, hosted by

AFD Offers €400m Grant to Nigeria

The French Agency for Development (AFD), a public development finance institution has said it recently approved €400 million as grant to finance transport and energy projects in Nigeria.

The Country Director, AFD, Mr. Hubert Dognin stated this at the European Union (EU)- Nigeria business forum held in Lagos.

He said his agency needed to identify projects with Nigeria which would need financing.

According to him, the facility for Nigeria, under the infrastructure trust fund and the regional indicative program is an EU facility.

“At the regional level, we have €400 million available for transport and energy and at the national level, for the national indicative program, we have $150 available to finance the energy sector,” he added.

Also commenting on the improved bilateral relationship trade between the EU and Nigeria, the EU Ambassador to Nigeria and the Economic Community of West African States (ECOWAS), Mr. Michael Arrion said:  “EU Foreign Direct Investment (FDI) stock in Nigeria grew from €25.3 billion (N5.3trillion) in 2011 to €27.2 billion (N5.7 trillion) in 2012.

“The EU is also Nigeria's most important

2015 general elections will not deplete Nigeria’s fortune – Emefiele

The Governor of the Central Bank Governor (CBN), Mr Godwin Emefiele, has said that the 2015 General Elections would not deplete the fortunes and reserves of the country.

Emefiele gave the assurance on Wednesday in New York, at the Africa Business Summit, a high level international forum on Africa’s investment climate and market with the theme “Africa is Rising, There Are Challenges, Still We Rise.’’

He said that the nation’s economy was currently doing well and the 2015 elections would not let it take a downturn.

He further said that Nigeria currently had a reserve of about 41 billion dollars, “which is the highest in Africa.’’

The CBN governor said though people were predicting a drop in crude prices and revenues, with 41 billion dollars reserve supporting imports and production for the next seven to eight months, “Nigeria’s economy is

Why we are investing N2.2b in rice production — Wems Agro

Following Dangote’s $1billion investment in rice production in Nigeria, another company has pledged to invest about N2.2 billion in cultivating about 25,000 hectares of land at Akotogbo in Ondo state with a promise to create 2500 jobs.

Speaking on the project, the Chairman of Wems Agro Companies, Rotimi Wemi-Akinsola, said Nigeria has a vast arable land and lots of water to plant rice.

But, he regretted that the country does not produce up to 15% of the 22.5 million bags of rice consumed in the country monthly.

“Rice growing and consumption historically has been based in south East Asia, where most of the world’s rice is still grown.

The fast growing market is sub – Saharan Africa (SSA) where rice production falls far below consumption and where the FAO forecasts that rice will be the largest staple food by 2030.”

He added “Nigeria’s per capital consumption is estimated to be

Interswitch, East Africa’s Paynet Group combine businesses

Interswitch Transnational Holding, the leading pan-African integrated payments company, has reached a partnership agreement with Paynet Group, East Africa’s leading multi-institutional payments provider, to combine their businesses.

Interswitch says it will acquire a majority shareholding in Paynet Group and Paynet’s existing shareholders will become shareholders of the Interswitch Group.

Both companies emphasise that the deal will enable both to take advantage of fast-growing East- West Africa trade and continue to provide their customers, both businesses and government, with a trusted partner.

According to Interswitch, the new company will create an unrivalled payment infrastructure across East and West Africa, uniting financial institutions on a single network, integrating transaction solutions seamlessly into businesses, and creating a secure and convenient way to make cross-border transactions.

The new combined network will

FirstRand Earmarks $924m for Expansion in Africa

FirstRand Limited, Africa’s biggest bank by market value has said it is setting aside 10 billion rand ($924 million) for expansion across the continent, as profit increases from regions outside its home market, South Africa.

“We’ve got a provisional licence in Ghana and should be up and running there in early 2015,” Chief Executive Officer of the Johannesburg-based bank, Sizwe Nxasana told Bloomberg yesterday.

He added: “In time, we’ll set up operations in Kenya and Angola.”

South African and international banks are targeting expansion in West and East Africa to take advantage of accelerating economies and population growth.

Robert Diamond’s Atlas Mara Co-Nvest Ltd, last week increased its stake in

Qatar National Bank Mulls Increased Investment in Africa

Doha-based Qatar National Bank (QNB) has expressed its preparedness to be the largest financial institution in Africa as well as the Middle East by 2017.

This followed its acquisition of 12.5 per cent stake in Ecobank Transnational Incorporated (ETI) last week.

QNB acquired a total of 1,767,612,630 ordinary shares and 732,277,056 preference shares in of ETI.

QNB bought the shares from the Asset Management Corporation of Nigeria (AMCON), through a deal on the floor of the Nigerian Stock Exchange (NSE).

The investment was QNB’s first acquisition in ETI and marked the bank’s first entry into Africa.

The acquisition of the ordinary shares was expected to