African Energy Chamber set to release the much awaited 2020 Africa Energy Outlook
November 19, 2019 | 0 Comments
|The outlook is the result of a strong regional and international cooperation between actors of the government, public and private sector across sub-Saharan Africa|
|JOHANNESBURG, South Africa, November 19, 2019/ — The African Energy Chamber (https://EnergyChamber.org) will be issuing this month its first Energy Outlook for 2020, in times when the global energy industry is going through an important period of transition.|
The outlook is the result of a strong regional and international cooperation between actors of the government, public and private sector across sub-Saharan Africa. It gathers the latest data available on sub-Saharan Africa’s hydrocarbons markets, and benefits from insights of key local, regional and international companies, experts and economists.
The Africa Energy Outlook 2020 will notably shed light on improving African business and legal environments, give strategic insights into sub-Saharan Africa’s production outlook, highlight the growing role of gas in Africa’s ongoing energy transition, map out the continent’s energy infrastructure outlook, and share key investment outlook for crude oil and natural gas across the continent.
“At such a pivotal moment of transition, leadership and initiative are required to position African businesses and their communities at the heart of the extraordinary development which the energy industry promises to deliver over the next decade,” said Mickael Vogel, Director of Strategy, African Energy Chamber. “This outlook is part of that effort. We are providing a comprehensive look at the oil and gas sector across sub-Saharan Africa, with a focus on key strategic and operational developments in the industry for 2020 as well as identifying opportunities for investment,” he added.
“This Outlook is a strategic yearly initiative of the African Energy Chamber to provide all interested stakeholders and investors with a tool to navigate sub-Saharan Africa’s rapidly developing energy markets,” said Verner Ayukegba, Senior Vice President at the Chamber. “Being the fastest-growing energy network on the continent, it is our responsibility to mobilize our partners around such research and analysis which benefits everyone involved in shaping the future of Africa.”
The Africa Energy Outlook 2020 will be released later this month and be available online for free to all AEC partners and stakeholders.
*Africa Energy Chamber
Africa Investment Forum 2019: African Development Bank signs $250-million risk participation agreement with ABSA, to address Africa’s trade financing gap
November 18, 2019 | 0 Comments
|The Bank’s trade finance operations aim to facilitate inter and intra Africa trade by reducing the trade financing gap on the continent|
|JOHANNESBURG, South Africa, November 18, 2019/ — The African Development Bank (https://AfDB.org/en) has signed an unfunded $250-million Risk Participation Agreement (RPA) facility with ABSA – a pan-Africa financial institution with a solid presence in 12 African countries.|
The 3-year RPA facility was signed November 12, on the sidelines of the Africa Investment Form through its trade finance operations. Under this 3-year RPA facility, the Bank and ABSA will share default risk on a portfolio of eligible trade transactions originated by African Issuing Banks (IBs) and confirmed by ABSA.
Leveraging the Bank’s AAA rating, ABSA will underwrite trade transactions issued by African issuing banks across key sectors like agriculture, energy, and light-manufacturing with a special focus on Small and Medium Sized Enterprises (SME’s) in fragile and low-income African countries. The Bank’s commitment under the RPA is to assume up to 50% (and 75% in special cases) of every underlying transaction issued by the IBs, while ABSA will confirm such a transaction and bear not less than 50% of its underlying risk.
Working with strategic partners like ABSA, the Bank’s trade finance operations aim to facilitate inter and intra Africa trade by reducing the trade financing gap on the continent. Since 2013, the Bank’s RPA program has supported over 16 issuing banks with about US$650 million limits in Southern Africa alone, with special focus on SMEs and local corporates in manufacturing, agribusiness, import/export and energy sectors.
In the same period, the program supported over $4billion in trade volumes across Africa, with $938 million of that being intra-Africa trade. Other trade finance instruments employed by the Bank include: (i) Trade Finance Line of Credit (TFLoC) (https://bit.ly/2CRVxcv) – funded line provided to banks for the financing of exclusively trade-related transactions in Africa; and (ii) Soft Commodity Finance Facility (SCFF) (https://bit.ly/2CRVxcv) – funded instrument meant to support the financing of exports of soft commodities across the continent.
“The RPA facility is one of the tools employed by the African Development Bank to alleviate poverty and achieve robust economic growth and sustainable development on the continent through: increased trade facilitation of import-export activities of African local corporates and SME’s; enhanced inter and intra-Africa trade; and regional integration,” said Pierre Guislain, Bank Vice President for Infrastructure, Private Sector and Industrialization, “This is consistent with the Bank’s High 5s focus to Industrialize Africa, Light up Africa, Integrate Africa, Feed Africa and improve the living standards of Africans,” he added.
$1 Million Awarded to African Entrepreneurs in Grand Finale of the Jack Ma Foundation Africa Netpreneur Prize Initiative
November 17, 2019 | 0 Comments
|The aim of the prize is to support and inspire the next generation of African entrepreneurs who are building a more sustainable and inclusive economy for the future|
|ACCRA, Ghana, November 17, 2019/ — Last night the Jack Ma Foundation hosted its first annual Africa Netpreneur Prize Initiative (ANPI) (https://www.Netpreneur.Africa/) grand finale awarding $1 million in prize money to 10 entrepreneurs from across Africa.|
The ANPI is a flagship initiative of the Jack Ma Foundation, created by Jack Ma after his first trip to Africa in 2017. The aim of the prize is to support and inspire the next generation of African entrepreneurs who are building a more sustainable and inclusive economy for the future. In its inaugural year, nearly 10,000 entrepreneurs from 50 countries across the continent applied. The Jack Ma Foundation has committed to running the competition for 10 years.
The finale event, called “Africa’s Business Heroes,” was held in Accra, Ghana, where the top 10 finalists pitched their businesses directly to four prestigious judges including Jack Ma, Founder of Alibaba Group and the Jack Ma Foundation; Strive Masiyiwa, Founder and Executive Chairman of Econet Group; Ibukun Awosika, Chairman of First Bank of Nigeria and Founder/CEO of The Chair Centre Group; and Joe Tsai, Executive Vice Chairman of Alibaba.
The specifics of the prize pool division is listed below. Each finalist is receiving a share of $1 million.
The top three finalists were:Temie Giwa-Tubosun, founder and CEO, LifeBank (https://LifeBank.ng/) ( Nigeria) – First Place, winning $250,000Dr. Omar Sakr, founder and CEO, Nawah-Scientific (https://Nawah-Scientific.com/) (Egypt) – Second Place, winning $150,000Christelle Kwizera, founder, Water Access Rwanda (https://www.WARwanda.com/) (Rwanda) – Third Place, winning $100,000
“It was an incredible honor to be named Africa’s Business Hero. I was truly inspired by my fellow winners at today’s Netpreneur Summit. The Africa Netpreneur Prize will give me the resources to grow LifeBank and expand our presence in Nigeria and throughout the rest of Africa. I look forward to continuing my journey to solve problems and make a significant impact on the future of Africa,” said Temie Giwa-Tubosun, Founder and CEO of LifeBank.
The remaining finalists, who each received $65,000, are listed below:Waleed Abd El Rahman, CEO, Mumm (https://www.getMumm.com/) (Egypt)Ayodeji Arikawe, co-founder, Thrive Agric (https://ThriveAgric.com/)(Nigeria)Mahmud Johnson, founder and CEO, J-Palm (https://www.JPalmshop.com/) (Liberia)Kevine Kagirimpundu, co-founder and CEO, UZURI K&Y (https://shop.UZURIKY.com/) (Rwanda)Dr. Tosan J. Mogbeyiteren, founder, Black Swan (https://bit.ly/2OjgHFY) (Nigeria)Chibuzo Opara, co-founder, DrugStoc (https://www.DrugStoc.com/) (Nigeria)Moulaye Taboure, co-founder and CEO, Afrikrea (https://www.Afrikrea.com/) (Cote D’Ivoire)
“The finalists who competed in ‘Africa’s Business Heroes’ should be an inspiration for Africa and for the world. Each of these entrepreneurs looked at big challenges facing their communities, and saw them as opportunities,” said Jack Ma, Founder of the Alibaba Group and Jack Ma Foundation. “It is my strong belief that entrepreneur heroes, like these finalists, will change the world – creating companies that drive inclusive growth and opportunity for the continent. Everyone is a winner tonight.”
“This competition demonstrates the overwhelming entrepreneurial talent that exists across Africa. I’m very excited about the future of industry and entrepreneurship for this continent,” said Strive Masiyiwa, Founder and Executive Chairman of Econet Group. “The top 10 truly show the limitless potential of African business.”
“What really struck me about the finalists was that they each addressed specific African problems with a specific African solution in a fresh way, leveraging technology that wasn’t available previously,” said Ibukun Awosika, Chairman of First Bank of Nigeria and Founder/CEO of The Chair Centre Group. “If this is an indication of the future of entrepreneurship on the continent, then Africa’s future looks bright.”
“Africa’s Business Heroes” will be televised in a two-hour special throughout Africa. The journeys of the finalists as well as their pitches and business insights from the judges will all be included in this exciting television event.
You can watch “Africa’s Business Heroes” on the following dates and channels:December 13, 2019 – ROK 3 on DSTVDecember 14, 2019 – NOVELA and Sports Focus on StarTimes
Check your local listings for specific channel and airing times.
The initiative will host a pitch competition where 10 finalists from across the continent will compete for $1 million in total prize money every year through 2028. All entrepreneurs across Africa, are encouraged to apply. Entries for next year’s prize will open in the first half of 2020.
The Opportunity for Crypto in Africa is Enormous and will Impact Everyone’s Lives
November 14, 2019 | 0 Comments
Cape Town, 14th November 2019 – Luno’s CEO Marcus Swanepoel, speaking at AfricaCom 2019, has outlined how the implementation and use of cryptocurrencies will be an important part of Africa’s future. Luno can see that as cryptocurrencies develop over the next ten years, they can become part of everyone’s lives, solving many of the issues currently associated with existing fiat currencies.
Commenting after his keynote at AfricaCom, Marcus said: “Cryptocurrencies are on a growthpath which can help solve the fundamental problems of the existing monetary system, which in many parts of Africa is not fit for purpose. At the moment we tend to hear about the perceived issues with crypto and although these stories make headlines they also serve to make us forget the problems which have beset the traditional financial systems in Africa.
“Africans using traditional currencies are often faced with high transaction costs, inflation and currency devaluation, exorbitant interest rates and high levels of fraud. Coupled with all this – accessing the existing system (despite the fact that many have a mobile phone and conduct other elements of their lives online) is still incredibly restrictive”
This has in turn led to a lack of financial inclusion and huge unbanked deposits, which does not help people or nations and severely hampers economic growth and financial freedom.
“It will take time for the full benefits of cryptocurrencies to be seen. Cryptocurrencies have only effectively been in general circulation for five to ten years, so it is still nascent, but like the early adopters of the internet, the long term benefits are very clear.
Marcus had a clear message for the conference audience which was that cryptocurrencies are alive and well. They are about to enter a very significant and exciting period, and through forward thinking and proactive regulation, countries across Africa can set themselves up for future growth and success.
Luno is continuing to put its support behind regulators who are embracing cryptocurrencies and who recognise the long term benefits a secure and transparent blockchain system offers, especially for developing markets. As the company expands across Africa, collaboration with regulators, governments and the broader financial ecosystem will be key.
Marcus concluded: “Cryptocurrencies will be life changing for many millions of people in Africa. For the unbanked and those that lose out every time they deal with the existing financial services sector, there lies ahead a better way of moving, storing and exchanging value. We just have to remember that cryptocurrencies are very new, and will need time to develop to its full potential. Luno is at the forefront of bringing this inevitable change to the world in a responsible way. Markets which are prepared to see the potential and work with the cryptocurrency industry will very quickly move ahead of jurisdictions which refuse to change. We’ve seen this in every sector which technology touches, and the financial technology and cryptocurrency sector will be no different.”
Demonizing Oil and Gas companies is not a constructive way forward on energy transition. Africa will push for “the Right to Drill”
November 14, 2019 | 0 Comments
By NJ Ayuk *
African nations must and will take advantage of their hydrocarbon resources for economic development. Environmental sustainability is a part of it, not an impediment.
Johannesburg, 14 November 2019: In an article written for the Guardian newspaper this week, Nobel Peace Prize Winner Archbishop Desmond Tutu of South Africa argued for an Apartheid-style boycott on coal, oil and gas companies as a solution to fight climate change and help ensure global environmental sustainability goals. “We must stop climate change. And we can, if we use the tactics that worked in South Africa against the worst carbon emitters,” the subtitle of the piece reads.
The sentiment expressed by Mr. Tutu is laudable and speaks to many across the world that have become rightfully concerned by the effects of climate change on our environment.
However, it is also a misguided sentiment. Oil and gas companies are not autocratic regimes focused on oppressing the people and steal their resources. They are businesses, which yes, are focused on profit, but they are also focused on the sustainability of the business itself. In practical terms, it means that these companies adapt to the needs of the economies they are integrated in. Boycotting oil and gas companies will not have an impact on carbon emissions, but it might raise the price of fuel in the long run. That is not the goal intended.
While there is demand for hydrocarbons, there will be production. The shift in the dynamic of supply and demand in recent years can already be spotted in the way oil and gas companies have restructured. More and more, these companies are diversifying their portfolios to include renewable energy assets and many of them are at the forefront of research and development of new technologies to help exploit renewable resources. I cover this extensively in my recent book, Billions at Play. Oil and gas companies are shifting into becoming “energy companies”, they are even rebranding, with Equinor (former Statoil) being the most evident example, to showcase that change in corporate paradigm. And in all honesty, who else would be better prepared, better funded and better placed to drive the energy transition that we all seek. Demonizing energy companies is not a constructive way forward, and ignoring the structural role that carbon-based fuels have in today’s society distorts the public debate. Bringing energy companies, governments and civil society groups together to find functional solutions will achieve much more.
This is especially the case in Africa. While the concerted effort amongst all of the world’s nations is fundamental to curb the effects of climate change, it is paramount to have a clear understanding of what efforts will be most decisive, and which regions of the world are in a better position and have the biggest responsibility to tackle these issues.
To be sure, Europe, North America and China, by and large responsible for much of the CO2 emissions that are behind the changes in our climate, have to live up to that responsibility and move towards more sustainable practices.
We can not expect African nations, which put together have polluted 7 times less than China, 13 times less than the United States, and 18 times less than Europe since the beginning of the industrial revolution, according to Carbon brief, to undermine their best opportunities for economic development by simply aligning with the Western view of how to tackle CO2 emissions.
Gabriel Obiang Lima, Minister of Mines and Hydrocarbons of Equatorial Guinea, summed it up quite decisively to the press last week during the Africa Oil Week in Cape Town. “Under no circumstances are we going to be apologising,” he said, “anybody out of the continent saying we should not develop those
[oil and gas]
fields, that is criminal. It is very unfair.”
Minister Lima’s blunt words are an answer to a number of misconstrued views about the African continent, and about the oil and gas industry it is striving to develop. While a few nations across the continent have been producing hydrocarbons for decades, these resources have mostly been exported to fuel industrial development in Europe, the US and Asia. The reasons for this are varied and have as much to do with the European colonial legacy as with the lack of existing financial resources and expertise to develop local economies over the last century.
That, however, is coming to a change. As I have argued and championed for years, African nations are finally starting to make use of these resources to develop their own national economies. We must remember that nearly half of all Africans still don’t have access to electricity and that nearly every company in the continent struggles with the lack of power reliability, which raises operational costs, reduces productivity and hurts their ability to compete in international markets. African leaders are now painfully aware of the damage an unreliable energy network causes on national economies and are moving to change that.
Today, natural gas is by far the most economically sustainable way of producing power in enough quantities to fuel economic development. Petrochemical plants represent a massive economic opportunity to produce byproducts from oil and gas with a higher value within the supply chain, an opportunity to create jobs, develop infrastructure and produce wealth. Refineries too have a dramatically positive impact in curbing the need for fuel imports. All of these are fundamental pieces of the puzzle that will foster Africa’s economic growth and promote the betterment of the lives of its people. I have been saying this for a long time and have helped with that development through the African Energy Chamber, supporting cooperation amongst African nations to promote intra-African trade on energy resources and build synergies, which is the way forward.
The African Development Bank has estimated that between USD$130 and USD$170 billion a year in the run up to 2025 would be needed to close the infrastructure gap across the continent. How are African nations to fund these fundamental developments if they give up on exploring their natural resources? How can the Western world, or anyone for that matter, suggest, or demand, that African nations leave these resources underground when it was these same resources that powered economic development everywhere else?
After decades of colonial occupation and subsequent political and military in-fighting, many African regions have now reached the level of stability that will allow them to build working functioning economies. The fuel for that will be these countries’ natural resources, be it oil, gas, coal or diamonds. Boycotting the companies that can help these countries develop these resources would be paramount to economic suicide.
This is not to say that environmental sustainability and climate change should not be at the top of the list of concerns when debating the African energy sector, but it should inform environmental impact assessment policies and foster best practices in the industry, not put a stop to it.
Yes, renewable energy sources can have a role in contributing to expand electrification in Africa, and solar and wind power have become competitive when compared to carbon-based generation, but that will always depend on the resources available in each region and will always have to be supported by other forms of generation capacity that can overcome the issue of intermittency that follows renewable power generation.
This is already happening. Kenya, for instance, is one of the world’s leading nations in terms of the share of its energy matrix coming from renewables, on its way to reach 100% in the coming years, but it also holds some of the world’s largest geothermal energy reserves, and it will continue to develop its oil reserves because it needs the money to fund economic development.
Africa’s time to grow and develop is finally here, and it will be funded by its natural resources. Misguided moral lessons from the West will do little to change that because the financial resources coming from these activities are crucial and irreplaceable. In a somewhat ironic way, even if Africa wanted to stop using fossil fuels and shifted every power station to renewable sources, it would still be forced to develop its oil and gas fields in order to fund that transition.
There is no point in promoting radical approaches to the energy transition, particularly for Africa. A balanced manageable and well-lead approach of progressive transitioning combining hydrocarbons and renewable energy development alongside strong environmental protection policies in the sector is the option that is not only realistic, but that will allow to combine economic growth and environmental sustainability.
The New York Times quoted Mr. Gwede Mantashe, South Africa’s Energy Minister, in an article covering the Africa Oil Week. “Energy is the catalyst for growth,” he said, “they even want to tell us to switch off all the coal-generated power stations,” “until you tell them, “you know we can do that, but you’ll breathe fresh air in the darkness”.
*NJ Ayuk is the CEO of Centurion Law Group and the Executive Chairman of the African Energy Chamber. His experience negotiating oil and gas deals has given him an expert’s grasp of Africa’s energy landscape. He is the author of “Billions at Play: The Future of African Energy and doing deals.”
Mozambique features strongly at 2019 Africa Investment Forum with $24.6 billion project, the largest deal
November 13, 2019 | 0 Comments
Mozambique’s state oil and fuel company Empresa Nacional de Hidrocarbonetos (ENH), tabled a $24.6 billion transformative project for Mozambique’s economy, the largest deal to feature at the 2019 Africa Investment Forum.
The project includes the development of the Golfinho and Atum fields and the nation’s first onshore liquefied natural gas plant.
Mozambique’s Prime Minister Agostinho do Rosário made the announcement at a media briefing session during the Forum, the continent’s premier investment marketplace, organized by the African Development Bank and its partners.
The project is an opportunity to create jobs and will revive the Mozambican economy, Agostinho do Rosário told journalists.
State oil company ENH Chief Executive Officer Omar Mitha says the country is already courting global investors to raise US$1.3 billion to fund the company’s share in the Area 1 natural gas project, in which it holds a 15% stake.
For African Development Bank President Adesina, African governments must not carry the burden of infrastructure alone; they must allow private sectors to lessen the load.
Last year’s inaugural Africa Investment Forum secured investment interest worth $38.7 billion of dollars in just three days. For this year’s edition, the Bank and its partners are aiming to cap that figure.
In closing and addressing a question debt, Adesina said, “First and foremost, Africa is not in debt crisis, we have several countries that have challenges in terms of equity ratios tipping at the levels that raise concern. Africa is not one country, Africa is not two countries, Africa is 54 countries…There’s nothing to cause any alarm.”
The three-day Africa Investment Forum is taking place in Johannesburg, South Africa.
Sixth Mozambique gas summit and exhibition opens Wednesday
November 12, 2019 | 0 Comments
By Wallace Mawire
The National Hydrocarbons Company (ENH) and the events company CWC, from London, will host the 6th edition of the Mozambique Gas Summit and Exhibition at the Joaquim Chissano International Conference Centre, Maputo on 13 to 14 November.
It is reported that the event will be officially opened by His Excellency Filipe Jacinto Nyussi, President of the Republic of Mozambique.
This 6th edition will address the key topic: “Post-FID Gas infrastructure development-Economic diversification-industrialisation.”
It is reported that High-level representatives from the global oil and gas industry are expected to attend the conference from around 55 countries and over 50 speakers from different areas of the energy sector.
The event is also hosting 130 exhibitors, representing the entire oil and gas value chain, as well as 700 attendees including national, from various levels and international delegates, representing a record attendance since this event began.
Interswitch and Visa enter into strategic partnership
November 12, 2019 | 0 Comments
- Visa to acquire a significant minority equity stake in Interswitch
- Partnership expected to expand the digital payments ecosystem across Africa, the world’s most underpenetrated market
- Interswitch and Visa share a vision to drive financial inclusion across the African continent
(Tuesday 12th November, Nigeria): Interswitch Limited (“Interswitch” or the “Company”), a leading technology-driven company focused on the digitisation of payments in Nigeria and other countries in Africa, and Visa Inc. (“Visa”), the world leader in digital payments, today announced a strategic partnership that will further advance the digital payments ecosystem across Africa.
As part of the agreement, Visa will acquire a significant minority equity stake in Interswitch. The investment makes Interswitch one of the most valuable African FinTech businesses with a valuation of US$1 billion. Visa will join globally renowned investors, Helios Investment Partners, TA Associates and IFC, as shareholders in Interswitch, alongside Company management.
Founded in 2002, Interswitch disrupted the traditional cash-based payments value chain in Nigeria by introducing electronic payments processing and switching services. Today, Interswitch is a leading player in Nigeria’s developing financial ecosystem with omni-channel capabilities across the payments value chain, processing over 500 million transactions per month in May 2019.
In 2018, electronic payments in Africa accounted for only 12 per cent of transactions by volume, compared to 54 per cent in Europe and 79 per cent in North America. Sub-Saharan Africa is the fastest-growing digital payments market in the world, with electronic payment volume expected to grow at a CAGR of approximately 35 per cent from 2018 to 2023 in the region (excluding South Africa). This progress is expected to be driven by the deepening payments infrastructure, population and urbanisation growth, GDP growth above the global average, increased mobile and internet penetration, as well as a supportive regulatory landscape for electronic payments and financial inclusion.
Interswitch’s core market, Nigeria, is the largest economy in Africa with a rapidly growing electronic payments market. Point of sale (“POS”) and ATM transactions per adult grew at a CAGR of 94 per cent and 59 per cent from 2013 to 2018, respectively. In Nigeria, there were only 11 card transactions per adult per annum in 2018 compared to 92 in markets like South Africa, 126 in Brazil and 465 in the UK. Despite this market under-penetration, POS card transactions in Nigeria are expected to grow at a CAGR of 63 per cent between 2018 and 2023.
In addition to its switching and processing services, Interswitch owns Verve, the largest domestic debit card scheme in Africa with more than 19 million cards activated on its network as of May 2019. The business also operates Quickteller, a leading multichannel consumer payments platform, driving financial inclusion across Nigeria with over 270,000 access points, as of 2018, from which consumers can initiate peer-to-peer transfers, bill payments, airtime purchases, and other e-commerce transactions, processing over 42 million transactions monthly as of 31 July 2019 (equivalent to over NGN560 billion (US$1.5 billion) through direct, indirect and Paypoint channels). Interswitch’s unique market capabilities and strong consumer proposition, has enabled it to deliver consecutive years of sustainable profitable growth.
The partnership will create an instant acceptance network across Africa to benefit consumers and merchants and facilitate greater connectivity for communities. Both parties will also retain their respective independent solutions, and Interswitch will retain its scheme neutral strategy.
Mitchell Elegbe, Founder and Chief Executive of Interswitch, said; “Sub-Saharan Africa is the fastest growing payments market in the world, with growth driven by a young and dynamic population, rapidly evolving consumer behaviour, and an increasing desire for payment solutions that can be accepted across the continent and abroad. I am delighted that Interswitch has formed a partnership with Visa, with whom we plan to drive the next phase of transformation in the African payments landscape.”
Andrew Torre, Regional President CEMEA, Visa, said; “Africa is a priority region for us, and we continually seek strategic partnerships with local players to further strengthen our leadership position and enhance the payments ecosystem across the continent. This partnership aligns with our global strategy to work with and invest in innovative partners, and we look forward to working with Interswitch to provide new consumer and merchant experiences and support the rapid growth of digital commerce across Africa.”
Babatunde Soyoye, Helios’s co-founder and Managing Partner, added, “A strategic investment by Visa, the world’s leader in digital payments, into Interswitch is a substantial endorsement of the Company’s expertise in African payments. As an active investor in leading African payments businesses, we see tremendous opportunities to digitise payments across the continent and have worked closely with Interswitch’s management team to build a high quality and scalable platform geared to address some of these opportunities. We look forward to further collaboration with the Company alongside Visa.”
The transaction is subject to the relevant regulatory approvals and is expected to close by Q1 2020.
FT Partners acted as exclusive strategic and financial advisor to Interswitch on this transaction.
|Interswitch Group Marketing & Corporate Communications Cherry Eromosele, Enyioma Anaba, Tomi Ogunlesi||+234 1 6283888 Ext 1253 firstname.lastname@example.org|
|International public relations adviser to Interswitch Smithfield, A Daniel J Edelman Company John Kiely, Charles Harrison, George Yeomans||+44 20 3047 4228 Interswitch@edelman.com|
|Nigeria public relations adviser to Interswitch Vaerdi Oluyemisi Lanre-Phillips, Rob Newman||+234 909 888 2196 Interswitch@Vaerdi.org|
|Visa Global Corporate Communications Shannon Reed Corporate Communications Nigeria Niyi Adebiyi||+1 650.432.2990 email@example.com +234 816 6109761 firstname.lastname@example.org|
Halima Aliko Dangote Takes charge of Dangote Group Commercial Operations
November 11, 2019 | 0 Comments
|Dangote Industries Appoints Halima Aliko Dangote as GED Commercial Operations|
|LAGOS, Nigeria, November 11, 2019/ — Halima Aliko Dangote has been appointed as the Group Executive Director, Commercial Operations of Dangote Industries Limited (DIL) (www.Dangote.com), one of Africa’s largest and most diversified business conglomerates.|
According to a release by the company, Halima Aliko Dangote is returning to the Group after serving on secondment in several capacities across two of its Business Units over the last five years. She is also a Trustee of the Aliko Dangote Foundation, the philanthropic arm of the conglomerate.
In her most recent role, Halima served as Executive Director of Dangote Flour Mills. Remarkably, she led the turnaround of the business from loss in turnover to a profitable status; a feat derived from consistent high performance over time.
Previously, she served as Executive Director of NASCON, a manufacturer of salt, seasonings and related consumer products, which are enjoying huge patronage among consumers. She continues to serve as a Non-Executive Director of NASCON.
Halima is the president of the Board of The Africa Center in New York, a uniquely focused center providing a forward-looking gateway for engagement with Africa, while encompassing policy, business and culture. She is a Board member of Endeavour Nigeria, and is also a member of the Women Corporate Directors (WCD).
She has over 12 years of professional experience and has held several executive management roles. In her new role, Halima will be responsible for leading the development and implementation of the Dangote Group’s customer strategy to drive customer growth, improve customer relationship management, enhance customer experience and increase long term customer value, according to the release.
She will also be responsible for the implementation of the Group’s shared services strategy with specific oversight for the following functions; Commercial, Strategic procurement, Administration and Branding & Communications.
Halima, who has a strong passion for women empowerment, holds a Bachelors’ Degree in Marketing from the American Intercontinental University, London, United Kingdom and a Master’s Degree in Business Administration from Webster Business School, United Kingdom.
She has attended a number of high profile leadership development programmes including: the Programme for Leadership Development (PLD) at Harvard Business School; Executive Development Programme at Kellogg School of Management; Finance and Accounting for Non-Financial Executives at Columbia Business School.
The Dangote Group, which recently emerged as the Most Admired African Brand and the Most Valuable Brand in Nigeria for the second consecutive year (2018 – 2019) is actively involved in manufacturing cement, sugar, salt, flour, poly-products as well as logistics, oil & gas and real estate.
Africa Investment Forum: “Short on talk, heavy on deals”, African Development Bank, South African government and partners affirm
November 10, 2019 | 0 Comments
Pretoria, South Africa, November 10, 2019 – The Africa Investment Forum will be short on talk and heavy on deals, the South African Government, the African Development Bank and key partners affirmed at a press conference ahead of the 2019 edition of the event.
Organized by the African Development Bank and its partners, the second edition of the Forum, will take place from place from 11 to13 November 2019 in Johannesburg, South Africa. The multi-stakeholder transactional marketplace is aimed at raising capital, advancing projects to bankable stage and accelerating financial closure of deals.
“Last year we achieved remarkable results with over $ 36 billion of investments interests that were signed or being were closed. We are hoping that this year it is going to be even better,” said Vuyelwa Vumendlini, Deputy Director General of the National Treasury of South Africa.
Sharing similar sentiments, Mduduzi Mbapa, Senior Advisor to the Premier of Gauteng noted that the biggest take away from last year’s edition was the need for greater interconnection on the continent. “In fact, many have been writing about Africa rising. Through this Forum, we are making sure that our continent does rise and it contributes to the growth of the world,” he said.
Around 2000 delegates are expected to attend the innovative investment marketplace which will bring together heads of state, project sponsors, pension funds, sovereign wealth funds, institutional investors in 60 boardroom sessions to move projects from commitment to action.
“The Africa Investment Forum is designed to be a transformative platform for deals across the continent. The Africa investment forum goes way beyond the three-day event starting Monday. It is continuous process of nurturing deals, projects preparation, deal closure, meeting boardrooms, but most importantly ensuring that those deals actually happen to impact the continent,” said Chinelo Anohu, Head and Senior Director of the Africa Investment Forum.
The Africa Investment Forum partners include Africa 50, Africa Finance Corporation, Africa Export-Import Bank, Development Bank of Southern Africa, European Investment Bank, Islamic Development Bank, Trade and Development Bank.
Victor Oladokun, Director of Communication and External Relations at the Bank, said the Forum’s agenda was simple.
“In a nutshell, the Africa Investment Forum has a very simple agenda that is tilting the flow of capital into Africa at a much greater level that we have experienced up to now.”
Sierra Leone removes GST on flight charges
November 9, 2019 | 0 Comments
By Uzman Unis Bah
Freetown, Sierra Leone –The Government of Sierra Leone has eliminated the Goods and Service Tax (GST) imposed on all aviation charges at the Freetown International Airport, starting fiscal year 2020.
The minister of finance, Jacob Jusu Saffa made this revelation during the reading of the government budget for the 2020 fiscal. The GST exemption on all aviation charges will come to effect in 2020, following the enactment of the 2020 finance bill.
“All aviation related charges will be exempted from the payment of GST. These include all aircraft handling charges and aircraft fueling.” The reduction will come at a time when the government strives to open doors for tourism and investments.
The director general of Sierra Leone Civil Aviation Authority (SLCAA), Moses Tiffa Baio said the move made by the government of Sierra Leone to exempt all aviation related charges in fiscal year 2020, is a proof of the government’s commitment to develop the aviation industry. He added this would be a possible way of turning Sierra Leone into a vacation industry, and boosting the prospect of upscale the economy.
“The elimination of GST on all aviation related charges at the Freetown International Airport opens the door to multiple opportunities of which the reduction of airline ticket prices in Sierra Leone is the key. Before now, airport charges and taxes levied on airline operations had direct impact on ticket cost, which resulted to increase in air tickets. The tax exemption will reduce cost of operations for the airlines and thus foster industry growth and contribute to the promotion of Air transport and tourism in Sierra Leone,” Baio said.
Making flying easy, and affordable, has been one of the challenges of the country; already, the government has reduced all airport taxes levied on travel fares. Travel via flight within the sub-continent has been very expensive; hence, with the elimination of the Goods and Service Tax; air travel will turn out to be affordable in the year 2020.
Former President flies the flag for a strong oil and gas future
November 7, 2019 | 0 Comments
|H.E. Obasanjo points to collaboration as the key to sustainability for the sector|
|CAPE TOWN, South Africa, November 7, 2019/ — Nigeria is the second biggest oil-rich country in Africa, after Libya, and the commercialisation of resources has been in the hands of the Nigerian National Petroleum Corporation (NNPC) that was established in 1977 as a merger of the Nigerian National Oil Corporation and the Federal Ministry of Mines and Steel. A man that was pivotal to Nigeria’s oil activities as well as setting the nation on the path to democracy was His Excellency Olusegun Obasanjo. He was president of Nigeria, Africa’s most populous nation, from 1999 to 2007 overseeing his country’s first democratic handover of power and administrative reforms that accelerated economic growth. He is credited for his pivotal role in the regeneration and repositioning of the African Union, including helping to establish the New Partnership for Africa’s Development (NEPAD) and the African Peer Review Mechanism (APRM), designed to promote democracy and good governance.|
Despite being out of office for 12 years H.E. Obasanjo is still a very influential and popular figure in the continent and at this year’s Africa Oil Week he was on hand to give his view on a sector that he helped to shape. “Over the 26 years that it has been in existence, I think the fortune of the African oil and gas sector has been up and down,” he says. “I will not dwell too much on the past, except to let the past enlighten our present, and our future. Not too long ago somebody looked at me and said to me, you will drink your oil. I thought he was angry because the price of oil was high, and I said to him, we will use our oil, will you join with me in using our oil? I was of course coming from an oil producing and exporting country.”
Facing up to challenging times
Despite his optimism, H.E. Obasanjo admits that the sector faces some challenges on the continent over the coming decades. “The challenges that we face in Africa are adequate investment in oil and gas, challenges of infrastructure, challenges of security, challenges of local content, challenges of regulation and challenges of predictability and stability,” he explains. “These are then same in the oil producing countries, the oil market and in the industry in general.
“These challenges are not challenges that only one country can deal with on its own. They are national challenges, they are regional challenges that they are also, what I would call oil and gas industry challenges, which we must handle together. Whatever the challenges we are facing as an industry must be able to disaggregate and find the best instrument, the best institution or the best organisation to deal with the challenges.”
The rising of renewables
When it comes to the sustainability of the sector and the rising tide of renewable energy, he believes that despite the need to reduce carbon emissions the oil and gas sector still has an important role to play and a bright future in Africa. “The present challenges particularly include renewable resources growing into the areas where oil and gas has been predominant,” he says. “I believe this should not really worry us too much.
“For me, I believe for the foreseeable future there will be no renewable energy that will be as portable as oil and gas. That is something that we can take as the advantage of to ensure oil and gas will still be there for the foreseeable future.” But H.E. Obasanjo believes that technology will pave the way to extending the life of oil and gas. “With technology we have to make the production of oil and gas cheaper and if production of oil and gas is cheaper, we will be able to get oil and gas going on for much longer than some people have predicted.
A future driven by technology
“I believe that this is the area where the oil countries should really work together and take advantage of new technology that is part of the digitalisation transformation such as artificial Intelligence. All the technology that are here now that were not available to us 15 years ago. They are there for use everywhere but are very important in the oil and gas industry. Of we bring this into the industry I believe that the industry and the fear that we have now will all be a thing of the past. The next 10 to 15 years may not be the way some people think.
As for the foreseeable future, H.E. Obasanjo points to collaboration as the key to sustainability for the sector. “I see collaborations at the national level, at the regional level, and at the industrial level, and of course, collaborating, at the global level,” he says. “Collaboration and taking advantage of technology. That would make the life of the oil industry much longer than reduce the fear that some people have that renewable energy resources will make oil and gas a thing of the past. If we can surmount this challenge, then the future of oil and gas cannot be dictated by anybody except by us; the producers and the investors. This will maintain oil and gas as an active resource for humanity.”