Tanzania claims ownership of Bharti Airtel’s local unit
Jerome Ushakang
December 21, 2017
Tanzania said Bharti Airtel Ltd.’s local unit belongs to state-owned Tanzania Telecommunications Co., a claim that sets up an ownership dispute between the government and the Indian phone operator, according to report by Bloomberg. “Airtel, according to the information we have,” is an asset of Tanzania Telecommunications Co., President John Magufuli said on the East […]
Wema Bank partners Petrolex on $300m tank farm
Jerome UshakangDecember 20, 2017
Wema Bank Plc has disclosed that it is partnering with Petrolex, an indigenous oil and gas company to set up $300million mega tank farm. Olusegun Oloketuyi Managing Director/Chief Executive Officer Wema Bank Plc, said the bank’s involvement bank’s involvement in part-financing the largest Tank Farm in sub-Saharan Africa further reaffirms its commitment to play a […]
FBNHoldings renames its merchant banking and asset management businesses
Businessam StaffDecember 19, 2017
In line with the objectives to deliver a consistent customer experience and drive increased stakeholder value, FBN Holdings Plc has announced the renaming of all entities under its Merchant Banking and Asset Management group. These are FBNQuest Merchant Bank, FBNQuest Asset Management, FBNQuest Securities; FBNQuest Capital, FBNQuest Trustees and FBNQuest Funds. The merchant banking and […]
China demand makes donkey prices soar
Businessam StaffDecember 19, 2017
Increasing demand for donkey skin by China has escalated the prices for the beast of burden, creating a big problem for Nigerian peasants and artisans who use it. In China, the skins of donkeys are believed to have medicinal properties. “Two years ago we were buying donkeys strong enough for our trade for between 15,000 […]
Disney buys Fox assets in $52bn split of Murdoch Realm
Businessam StaffDecember 14, 2017
Walt Disney Co. agreed to a $52.4 billion deal to acquire much of the global empire that media baron Rupert Murdoch assembled over three decades, from a fabled Hollywood studio to Europe’s largest satellite-TV provider to one of India’s most-watched channels. Holders of Murdoch’s 21st Century Fox Inc. will get 0.2745 Disney share for each Fox share, […]
BAT trading in line, sees another year of earnings growth
Businessam StaffDecember 14, 2017
British American Tobacco said on Wednesday it was continuing to perform well and it was confident it would deliver another year of good earnings growth at constant currency as its brands outperformed the industry. BAT, which makes Lucky Strike and Dunhill cigarettes, said in a second-half trading update that its markets in Canada, Germany, Romania, […]
Turkey’s TAV Havalimanlari Holding plans bid for four Nigerian airports
Businessam StaffDecember 14, 2017
Turkey’s biggest airport operator, TAV Havalimanlari Holding AS, is planning to bid for concession contracts for four airports in Nigeria, according to Bloomberg’s report. The Istanbul-based company, majority owned by Aeroports de Paris, has already submitted a non-binding bid for the airports, which include those in Lagos and Abuja. Though, according to the report, the plan […]
Investec provides U.K. fintech with $67m for online loans
Businessam StaffDecember 13, 2017
In a sign that a sweeping new European Union banking law may be spurring banks and fintech startups to tie-up, Investec Plc has formed a pilot program with MarketInvoice Ltd., a British online lender to businesses. According to Bloomberg, London-based MarketInvoice, which arranges loans for small companies secured by accounts receivable, will handle the underwriting […]
Nigerian Breweries announces Borrut Bet new managing director/CEO
Businessam StaffDecember 11, 2017
The board of directors of Nigerian Breweries Plc. has announced new management changes. Rising from its meeting late last week, the board named Jordi Borrut Bel as the substantive managing director/CEO of the Company effective January 22, 2018. He replaces Johan Antonie Doyer, who has managing director/CEO on an interim basis since June. Doyer is […]
Alibaba to Invest $200m in India online grocer
Businessam StaffDecember 8, 2017
Alibaba Group Holding Ltd., China’s e-commerce giant, plans to invest about $200 million in India’s largest online supermarket, Bigbasket, leading a $280 million funding round in the startup, according to people familiar with the negotiations. Alibaba is taking a stake of about 25 percent in Bigbasket after months of negotiations, said the people, asking not […]