nigerian Archives - AfricaBusiness.com

13Dec

By Africa BusinessNo Comments

African Banking innovation sees AfDB approving multi-currency line of credit of USD 300m

By Thandisizwe Mgudlwa The African Development Bank has extended the equivalent of USD 300 million to FirstRand Bank Limited to support projects across Africa This week an announcement from Tunis, Tunisia, revealed that the African Development Bank has approved a seven-year multi-currency line of credit for an amount equivalent to USD 300 million to FirstRand Bank Limited (FRB) of South Africa to finance a wide range of projects in local currencies and across Africa. And most African countries are characterized by low discretionary rates of domestic savings. As a result, the intermediation capacity of the financial sectors is limited, leading to the gap currently being filled with borrowings denominated in foreign currency. However, this introduces a currency mismatch in the fi...

12Nov

By Africa BusinessNo Comments

Standard Bank Group leads US$550m Shoreline Natural Resources facility

Standard Bank Group, as mandated lead arranger and bookrunner, has closed a US$550,000,000 syndicated bank guarantee and bridge facilities for Shoreline Natural Resources. This is one of the largest finance deals completed in Nigeria so far in 2012. Shoreline has used the facility to acquire 45% in OML 30, an oilfield in the Niger Delta of Nigeria, from 1 November 2012. China Development Bank joined Standard Bank Group as mandated lead arranger. They were joined by lead arrangers Ecobank Nigeria and First City Monument Bank. The facility was fully underwritten by Standard Bank Group. It was signed with Shoreline on 29 June 2012, has a 12+6 month tenor and is structured as a bank ...

3Nov

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African News

Airtel Nigeria appoints Segun Ogunsanya as Chief Executive Officer

Segun Ogunsanya will be responsible for defining and delivering the business strategy and providing overall leadership for Airtel Nigeria LAGOS, Nigeria, November, 2012/African Press Organization (APO)/ – Bharti Airtel (http://www.airtel.com), a leading global telecommunications services provider with operations in 20 countries across Asia and Africa, today announced the appointment of Segun Ogunsanya as the Chief Executive Officer of Airtel Networks Ltd, Nigeria (“Airtel Nigeria”). Logo: http://www.photos.apo-opa.com/plog-content/images/apo/logos/airtel.jpg Mr. Ogunsanya, who will be responsible for defining and delivering the business strategy and providing overall leadership for Airtel Nigeria, will report to Manoj Kohli, CEO (International) and Joint MD, Bharti A...

23Jul

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African News, Nigeria News

Kola Aluko Hails $4.5 Billion Deal for New Refineries

LONDON, July 23, 2012 /PRNewswire/ -- The Nigerian government has signed a Memorandum of Understanding with US firm Vulcan Petroleum Resources and Nigeria's Petroleum Refining and Strategic Reserve to build six new oil refineries in a deal worth $4.5 billion. Two of the plants, each of which will have a capacity of 30,000 barrels per day, are set to be operational within a year. Nigeria - Africa's top oil producer - has been held back by its lack of refining capacity, which has made it a net importer of processed crude and subject to global price fluctuations. Until recently, a generous fuel subsidy protected consumers from high import prices. Though not yet lifted entirely, six months ago President Goodluck Jonathan announced that this support was no longer affordable. Fund...

22Jul

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African News, South Africa News

Standard Bank South Africa’s Muvo card brings cutting edge technology to bus system

The introduction of the MasterCard Muvo card in Durban will herald the beginning of the end of carrying cash for bus fare in South Africa. Commuters using People Mover and Durban Transport buses throughout Ethekwini municipality in KwaZulu-Natal province will use the card to pay their fare. The card is powered by Standard Bank South Africa and introduced through its innovation arm Beyond Payments and transport IT specialistAlmex. The card is an anonymous debit MasterCard that is coupled with the National Department of Transport's specified ticketing solution. It is also prefunded and reloadable, and can be used as a standard EMV MasterCard, as well as in a contactless environment enabled though the MasterCard PayPass™ contactless technology. The launch follows the successful...

12Jul

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African News, Nigeria News

DRIVING MONETISATION OF SERVICES IN A FAST CHANGING MARKET. Nigeria Africa Com 26-27 September 2012

Nigeria Africa Com 26-27 September 2012 Eko Hotel & Suite, Victoria Island, Lagos, Nigeria http://www.comworldseries.com/nigeria Join the debate on twitter using #NigeriaCom Join our group on LinkedIn: Nigeria Com DRIVING MONETISATION OF SERVICES IN A FAST CHANGING MARKET Nigeria Com “is the only forum that brings together all stakeholders in the telecoms industry” as described by attendees in 2011. This year’s event is taking place at the Eko Hotel in Lagos on the 26-27 of September. Join us for 2 days of strategic and innovative presentations, panel sessions and interactive debates. If you attend Nigeria Com you will meet and network with the entire Nigerian digital ecosystem which now includes; successful OTT players, innovative app developers, popular social me...

10Jul

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African News

Africa – Mobile Voice Market and Major Network Operators

Market penetration to reach 60% among Africa's one billion people in 2012 Mobile phones represent more than 90% of all telephone lines in Africa. Market penetration passed the 50% mark in 2010 and is expected to reach 60% in 2012. Subscriber growth across the continent has slowed to around 17% p.a, but several individual markets are still growing at 50% p.a. or more and others stand at only single-digit penetration rates. The continent's most advanced markets have passed the 100% penetration mark. Although the greatest demand is in the major cities, cellular solutions are also being employed to increase accessibility in rural and other disadvantaged areas. In addition to mobile networks, Wireless Local Loop (WLL) systems have been introduced in a large number of countries for the provision...