Despite Africa’s slowdown; property developers and private equity funds continue to pour investment into the continent, but with more focused strategies.
“Over $1.2 billion has been raised and allocated to real estate investment in Africa over the past year and we expect this trend to continue” said Kfir Rusin, General Manager of the upcoming Africa Property Investment Summit.
Commenting on the global capital flows making their mark on African real estate, Peter Welborn, Chairman of Knight Franks’ Africa business says that “the underlying investment theme across sub-Saharan Africa, over the next decade will undoubtedly be driven by substantial allocations of equity, into JV’s with successful local partners. Both the west African retail sector as well as the southern and east Africa logistics sectors will be high on the hit list of international capital.”
The last year has seen Actis, RMB Westport, Novare, Phatisa and Growthpoint successfully raising capital from global funds such as GIC Singapore, Grosvenor (USA), The IFC, CDC Group (UK) among other international funds.
The Africa Property Investment (API) Summit is the leading African focused real estate forum, which brings together influential property players from around the continent. The API Summit offers developers and investors access to new development strategies, a chance to showcase projects and meet with new sources of capital across Sub-Saharan Africa. The summit is the perfect opportunity to leverage off the expertise and knowledge of key industry players.
“This year’s summit will feature various discussions on innovative strategies and collaboration, as well as showcasing new real estate opportunities and projects across Africa. Whilst uncertainty remains, we believe that African property is still poised for growth, albeit at a lower but more sustainable level,” says Rusin.
The effects of the currency and liquidity crises have been sharply felt across the continent but most notably in the larger oil driven commodity exporting countries. This has resulted in a shift towards economic diversification and countries in the East African region providing more economic stability than others.
Although there has been a slowdown across Africa, one of the continents’ largest funds remain optimistic. Bronwyn Corbett, CEO of Mara Delta says, “the company remains bullish under the African growth story. We have built extensive IP into our target countries and see tremendous growth in these markets that we are levering to build an Africa powerhouse real estate fund. Focus is on the strength of the counter party and mitigation of risks to build a quality portfolio and deliver substantial returns to shareholders.”
“We can already confirm over 500 delegates from over 30 different countries. We have noticed substantial growth in delegate numbers, with a 30% increase in attendance and a large international contingent compared to previous years. We see real estate and related industries as an important contributor to GDP in Africa and therefore we expect this trend to continue in future years” Concluded Rusin.
The two-day conference will be held from 18-19 August 2016 at the Sandton Convention Centre in Johannesburg and will feature speakers from Broll, CBRE, Mara Delta, Knight Frank, Old Mutual, STANLIB, Standard Bank, Novare, RMB Westport, JLL, CDC Group, ALN, ITL, Growthpoint, UPDC, Britam, Fusion Capital, and Heriot Properties to name a few.
Key sessions at the API Summit will include: The Role of global capital in Africa , Africa’s Retail reality check, Logistics & Industrial sector making its mark as well as focused discussions on countries such as Rwanda, Ivory Coast and Tanzania.
Global Capital Fuelling African Property Markets
Global ICT Capacity Building Symposium for Nairobi
Nairobi is set to host ITU’s Global ICT Capacity Building Symposium (CBS-2016), the main global event for capacity development in the field of information and communication technology (ICT). The symposium will take place in Nairobi, Kenya, from 6 to 8 September 2016, preceded by pre-events on 5 September.
The symposium is organized by ITU, the UN specialized agency for information and communication technologies (ICTs) and hosted by the Government of Kenya under the theme “Embracing Capacity Building Opportunities in the Digital Era”. The event brings together thought leaders from all over the world including Ministers, Directors-General of Regulatory Authorities, Heads of UN organizations, CEOs of private sector companies, representatives from universities and research institutions, human capacity building executives and other experts in ICT capacity building.
The programme will focus on how education and training in the field of ICTs will contribute towards achieving the SDGs across all sectors
Efforts to meet the 17 UN Sustainable Development Goals (SDGs) come at a time of major digital technology transformation that will impact the way people live and societies operate. Emerging technologies such as the Internet of Things (IoT) and advent of smart cities and smart societies, as well as the growth of big data, require different sets of knowledge and skills across all sections of society.
Governments, industry, universities and other higher education institutions need to invest in, and develop a range of ICT skills, which will not only enable increased participation in the economy, but will ensure the creation of digital citizens for a digital society.
ITU’s Global ICT Capacity Building Symposium will explore a number of topics, including:
New skills requirements in a changing world – investing in tomorrow’s workforce
Innovative tools for education and learning
New digital learning methodologies, including online learning, social media tools and massive open online courses (MOOCs)
The central role of academia in building skills in the digital era.
The opening day of the event will feature a Ministerial Roundtable on ICTs, Sustainable Development Goals and future priorities for capacity building, and a Leaders’ Dialogue on public policies, industry skills requirements, and the role of academic institutions as providers of education and skills.
Ericsson’s CEO Resigns with Immediate Effect
Ericsson’s CEO, Hans Vestberg has resigned from the company with immediate effect after he lost the support of the other directors of the company.
Jan Frykhammar, Executive Vice President and CFO, will assume the CEO position until a new CEO is in office.
Chairman of the Board Leif Johansson said that: “in the current environment and as the company accelerates its strategy execution, the Board of Directors has decided that the time is right for a new leader to drive the next phase in Ericsson’s development.”
In conjunction to presenting its earnings report for the second quarter on July 19, the company presented a strong action plan to significantly reduce cost and adapt to the current market environment.
“As stated in the report the Board fully supports the cost reduction plans. In addition, the Board supports the company business strategy and new company structure,” Johansson continued.
Carl Mellander, currently VP & Group Treasurer, is appointed acting CFO with immediate effect.
Hans Vestberg will be available to support the Board and management during his term of notice of six months.
Huawei Revenue Jumps 40% in First Half of 2016
China’s Huawei has reported a 40 percent rise in its first half revenues for this year, reaching RMB245.5 billion (USD36.8 billion).
However, the operating margin fell to 12 percent from 18 percent in the previous half-year.
“We are confident that Huawei will maintain its current momentum, and round out the full year in a positive financial position backed by sound ongoing operations,” Chief Financial Officer Sabrina Meng said in a brief statement.
“We achieved steady growth across all three of our business groups, thanks to a well-balanced global presence,” Meng said, referring to the company’s telecom, consumer device and enterprise business segments.
The company has set a target of USD75 billion in revenues for 2016.
Boeing Projects Demand for 1.5m Pilots, Technicians Next 20 Years
Boeing released its 2016 Pilot and Technician Outlook and projects a demand for nearly 1.5 million pilots and technicians over the next 20 years. Plane manufacturer forecasts that between 2016 and 2035, the world’s commercial aviation industry will require approximately:
· 617,000 new commercial airline pilots
· 679,000 new commercial airline maintenance technicians
· 814,000 new cabin crew
The 2016 outlook shows a growth of 10.5% for pilots over the 2015 outlook and 11.3% for maintenance technicians. New pilot demand is primarily driven by new airplane deliveries and fleet mix, while new technician demand is primarily driven by fleet growth.
Sherry Carbary, Vice President, Boeing Flight Services, said: “Cabin crew are an integral part of operating an airline, and while Boeing does not train cabin crew like pilots and technicians, we believe the industry can use these numbers for planning purposes.”
The outlook represents a global requirement for about 31,000 new pilots, 35,000 new technicians and 40,000 cabin crew annually. Projected demand for new pilots, technicians and cabin crew by global region for the next 20 years is approximately:
http://www.aerotime.aero/upload/content-assets/images/bobob.JPG
The Asia-Pacific region comprises 40% of the global need due to the growth in the single-aisle market which is driven by low-cost carriers, while North America is the result of new markets opening in Cuba and Mexico, and demand in Europe has increased as a response to a strong intra-European Union market.
Nigeria Power Council Adopts Sustainable Energy Agenda
The Nigeria National Council of Power (NACOP) has adopted the country’s Sustainable Energy for All (SE4All) Action Agenda during its 2nd edition that took place in Kaduna City from 11 to 15 July, 2016.
The executive session of the NACOP on 14 July gathered ministers, policy makers from the national and state levels, members of the national assembly, representatives of development partners and the private sector, as well as other major stakeholders in the power sector. The NACOP was organised by the Ministry of Power, Works and Housing under the theme: Achieving incremental, then stable, then uninterrupted power.
The Action Agenda is an umbrella energy sector development document and constitutes a national response to the Sustainable Development Goal (SDG) number 7 on energy adopted in September 2015 by the UN General Assembly that strives to “ensure access to affordable, reliable, sustainable and modern and energy for all.”
In addition to the Action Agenda the NACOP adopted the National Renewable Energy and Energy Efficiency Action Plans and unveiled the national power sector investment catalogue. The African Development Bank in its capacity as host of the SE4All Africa Hub collaborated closely with Nigeria on this process.
The Minister of Works, Power & Housing, Babatunde Raji Fashola, underscored that contrary to old plans, the plans adopted are practical with easy to follow steps to implement.
He further highlighted Nigeria’s commitment to a 30% target of renewable energy in terms of electricity generation by 2030.
Daniel-Alexander Schroth, the SE4All Africa Hub Coordinator, highlighted the importance of the Action Agenda and the African Development Bank’s increased commitment to the energy sector under the New Deal on Energy for Africa.
He further underscored that the Bank has responded favorably to a request from the Government of Nigeria to provide technical assistance support for the development of the Nigeria SE4All Investment Prospectus in collaboration with the ECOWAS Centre for Renewable Energy and Energy Efficiency and the European Commission with a view to mobilise investments from the public and private sectors.
L’Oréal Accelerates Product Development for Sub-Saharan Africa
L’Oréal has inaugurated its new Research & Innovation Center to study African hair and skin specificities as well as the beauty routines and expectations of sub-Saharan consumers.
The Research & Innovation Center in South Africa is the Group’s 7th R&I hub globally. It hosts product development, evaluation and advanced research teams and will employ scientists from the fields of chemistry, chemical engineering, physiology, cosmetology and biochemistry.
Alexandre Popoff, Executive Vice-President Eastern Europe and Africa, Middle East, said: “Sub-Saharan Africa is one of the fastest growing regions for L’Oréal. Our new research arm in South Africa will solidly enable us to continually create the beauty products of the future for our African consumers, while drawing inspiration from the diverse beauty rituals and the various needs of our consumers on the continent.”
Laurent Attal, Executive Vice-President of Research and Innovation, said: “By opening this new Research & Innovation Center, we are spearheading L’Oréal Research for the African continent. We are showing our determination to go further in innovations for the African beauty market. Our consumer surveys conducted since 2010 and our in-depth studies of skin and hair since early 2000, represent the knowledge base for the development of tailored products for African consumers. We are starting with hair and our ambitions are much broader and cover the body, hygiene, skin care and makeup categories.”
Deep knowledge of African Beauty
The Research activity in South Africa started in 2003 with an Evaluation Center focused on consumer knowledge and product assessment.
The mission of the brand new Research & Innovation Center is to translate beauty needs and hair and skin knowledge into innovative products ranging from hair care, hair color, relaxers and shapers to personal hygiene.
Cutting edge instruments to visualize the skin surface, the spots or to measure hair breakage and rigorous protocols are used daily to assess the technical, functional and sensorial benefits of the products. The key areas will be skin evenness, sebum, acne, dryness, hair manageability, sensitive scalp and the fine tuning of fragrances.
The new Research & Innovation Center will also cooperate with the African scientific ecosystem, universities, dermatologists, natural biodiversity centers as well as hairdressers.
Innovating for the African Consumer
L’Oréal has already introduced key beauty innovations for African consumers.
For example, the African Beauty Brands team has brought to the market the black oil technology for hair color, failsafe relaxers as well as skin evenness routines.
In addition, customised products such as Hair Food and Make-up fully adapted to African skin tones are already offered to sub-Saharan consumers.
Red Star Plc Commended over Compliance
The Head of the Courier Regulatory Department (CRD) of NIPOST, Dr. Simon Emeje has commended the management of Red Star Plc for its steadfastness in its compliance to all regulatory rules laid down by the department for the courier industry.
This much he said when the management of the company, led by the outgoing Group Managing Director, Mr Sule Bichi paid the management team of the CRD a courtesy visit recently.
Emeje stated that if the CRD were to give awards to those in the industry, he will give Red Star Plc an award as the best in compliance to regulatory rules among many others.
He said this is a reflection of the leadership style brought to bear on the company by the outgoing Group Managing Director.
Describing Bichi, Emeje said “he is someone who is ready to do what is right at all times, even in the face of adversity. He is a gentleman who is highly committed to the industry and he makes sure he complies with every regulation as at when due. If we have any forum, we will continue to make use of his experience and invite him.”
Corroborating this, Andrew Ebiloma, Head of Enforcement, CRD noted that Red Star as a company has always been at the forefront of most of the trainings and seminars organized by the regulatory body for operators in the industry.
Members of the team of CRD that received the Red Star management include Aribasoye Olusola, Head of finance and Accounts; Dotun Shonde, Head Licensing & Renewal; Mrs Ogunlesi, Head Control Administration and Mrs. Deborah Ogonmilade, Head, Media and Publications.
Speaking earlier, the outgoing Group Managing Director of Red Star Plc, Mr. Sule Bichi disclosed that the organisation is undergoing changes in leadership and structure so as to re-strategise for the future, hence the need to keep the regulatory authority informed on developments and new innovations.
He noted that the company has expanded with different subsidiaries that have enormous growth potential which is required to contribute positively to the industry.
Bichi was accompanied on the visit by the Deputy Managing Director and CEO, Sola Obabori; Executive Director, Finance, Auwalu Babura; Executive Director, Sales and Marketing, Victor Ukwat; Divisional Managing Director of Red Star Express, Charles Ejekam and Corporate Affairs Manager, Olufemi Oluwole.
American XL Catlin Opens Africa-Focused Reinsurance Unit
US insurance and reinsurance specialist XL Catlin announced in a statement that it has established a new reinsurance unit in Africa.
The new unit will provide facultative and treaty reinsurance across the continent, the same source added. It will be led by Alex St James, a former senior executive at One Re Limited.
St James who has more than 20 years of experience in the insurance and reinsurance industry has worked in the past in Africa with various companies, notably in Mozambique, Angola and Ghana.
“Africa is a varied and complex collection of frontier and developing markets, generally rich in resources and increasingly home to international companies,” said David Watson, XL Catlin’s Chief Executive, Europe, Middle East & Africa, Reinsurance, in the statement. “Traditionally there has been a lack of insurance penetration across the continent, but this is changing and we believe we have a part to play as reinsurance capacity will further drive the development and growth of the primary insurance market,” he added.
Experts to Lead ITU Telecom World Forum
Speakers from governments and industry from around the world will provide contrasting perspectives on the theme of “Collaborating in the Digital Economy” at this year’s ITU Telecom World event.
The annual meeting of global leaders in information technology will be held on 14-17 November in Bangkok, Thailand.
Current confirmed speakers include:
Shamshad Akhtar, Executive Secretary of The United Nations Economic and Social Commission for Asia and the Pacific (ESCAP)
Adam Boni Tessi, President, Haute Autorite de L’audiovisuel et de La Communication (HAAC), Benin
Yuji Inoue, Chairman, Toyota Info Technology Center, Japan
Dongmyun Lee, Chief Technology Officer, KT Corporation (Korea Telecom)
Vladica Tintor, Director, Regulatory Agency for Electronic Communications and Postal Services (RATEL), Serbia
Syed Ismail Shah, Chairman, Pakistan Telecommunication Authority, Pakistan
The Leadership Summit will kick off the event, bringing together public and private sector leaders who will explore the reasons why working together is crucial for growth in the digital economy. Subsequent Telecom World sessions will explore topics key to the future of telecommunications and development, including 5G, collaborative regulation, the connected car, smart sustainable cities, fostering SME innovation, digital financial services and more.
“Building meaningful collaboration is the only way to feed innovative ideas back into the digital economy in a sustainable way, securing inclusive growth and positive social impact,” ITU Secretary-General Houlin Zhao said.
“By bringing together expert speakers from government and industry, including leaders from SMEs, the ITU Telecom World Forum will focus on the most effective ways to build this collaboration, accelerate innovation and help the global digital economy flourish.”
Other forum highlights will include:
A ministerial roundtable on the crucial role governments play in advancing the digital economy. The conversation will include ministers from countries around the globe, including Thailand, Afghanistan, Iran, Ivory Coast, Belarus and Singapore, among others.
B2B and B2G dialogues exploring how corporations and governments can strengthen collaboration with SMEs to improve the outcomes of research and development, accelerate innovation and improve public services
Alongside the forum discussions, ITU Telecom World will feature an international exhibition, which will showcase digital solutions and investment opportunities from countries and companies from emerging and developed markets, including SMEs.
The ITU Telecom World Awards ceremony will recognise excellence in ICT innovation with social impact, and a host of networking opportunities will connect exhibitors, delegates, countries, organisations and individuals.
Nigeria Power Council Adopts Sustainable Energy Agenda
The Nigeria National Council of Power (NACOP) has adopted the country’s Sustainable Energy for All (SE4All) Action Agenda during its 2nd edition that took place in Kaduna City from 11 to 15 July, 2016.
The executive session of the NACOP on 14 July gathered ministers, policy makers from the national and state levels, members of the national assembly, representatives of development partners and the private sector, as well as other major stakeholders in the power sector. The NACOP was organised by the Ministry of Power, Works and Housing under the theme: Achieving incremental, then stable, then uninterrupted power.
The Action Agenda is an umbrella energy sector development document and constitutes a national response to the Sustainable Development Goal (SDG) number 7 on energy adopted in September 2015 by the UN General Assembly that strives to “ensure access to affordable, reliable, sustainable and modern and energy for all.”
In addition to the Action Agenda the NACOP adopted the National Renewable Energy and Energy Efficiency Action Plans and unveiled the national power sector investment catalogue. The African Development Bank in its capacity as host of the SE4All Africa Hub collaborated closely with Nigeria on this process.
The Minister of Works, Power & Housing, Babatunde Raji Fashola, underscored that contrary to old plans, the plans adopted are practical with easy to follow steps to implement.
He further highlighted Nigeria’s commitment to a 30% target of renewable energy in terms of electricity generation by 2030.
Daniel-Alexander Schroth, the SE4All Africa Hub Coordinator, highlighted the importance of the Action Agenda and the African Development Bank’s increased commitment to the energy sector under the New Deal on Energy for Africa.
He further underscored that the Bank has responded favorably to a request from the Government of Nigeria to provide technical assistance support for the development of the Nigeria SE4All Investment Prospectus in collaboration with the ECOWAS Centre for Renewable Energy and Energy Efficiency and the European Commission with a view to mobilise investments from the public and private sectors.
L’Oréal Accelerates Product Development for Sub-Saharan Africa
L’Oréal has inaugurated its new Research & Innovation Center to study African hair and skin specificities as well as the beauty routines and expectations of sub-Saharan consumers.
The Research & Innovation Center in South Africa is the Group’s 7th R&I hub globally. It hosts product development, evaluation and advanced research teams and will employ scientists from the fields of chemistry, chemical engineering, physiology, cosmetology and biochemistry.
Alexandre Popoff, Executive Vice-President Eastern Europe and Africa, Middle East, said: “Sub-Saharan Africa is one of the fastest growing regions for L’Oréal. Our new research arm in South Africa will solidly enable us to continually create the beauty products of the future for our African consumers, while drawing inspiration from the diverse beauty rituals and the various needs of our consumers on the continent.”
Laurent Attal, Executive Vice-President of Research and Innovation, said: “By opening this new Research & Innovation Center, we are spearheading L’Oréal Research for the African continent. We are showing our determination to go further in innovations for the African beauty market. Our consumer surveys conducted since 2010 and our in-depth studies of skin and hair since early 2000, represent the knowledge base for the development of tailored products for African consumers. We are starting with hair and our ambitions are much broader and cover the body, hygiene, skin care and makeup categories.”
Deep knowledge of African Beauty
The Research activity in South Africa started in 2003 with an Evaluation Center focused on consumer knowledge and product assessment.
The mission of the brand new Research & Innovation Center is to translate beauty needs and hair and skin knowledge into innovative products ranging from hair care, hair color, relaxers and shapers to personal hygiene.
Cutting edge instruments to visualize the skin surface, the spots or to measure hair breakage and rigorous protocols are used daily to assess the technical, functional and sensorial benefits of the products. The key areas will be skin evenness, sebum, acne, dryness, hair manageability, sensitive scalp and the fine tuning of fragrances.
The new Research & Innovation Center will also cooperate with the African scientific ecosystem, universities, dermatologists, natural biodiversity centers as well as hairdressers.
Innovating for the African Consumer
L’Oréal has already introduced key beauty innovations for African consumers.
For example, the African Beauty Brands team has brought to the market the black oil technology for hair color, failsafe relaxers as well as skin evenness routines.
In addition, customised products such as Hair Food and Make-up fully adapted to African skin tones are already offered to sub-Saharan consumers.
SMILE Unveils Lowest 4G LTE Mobile Call Rates in Nigeria
‘Today, I am proud to announce the lowest call rate in Nigeria, using the very latest 4G LTE technology. Yes Nigeria! It is true. You can make calls at 8kobo per second to any network in Nigeria. You can also make and receive calls at the same rate from any country in the world. That is the Smile innovation! That is the Smile promise!! Ladies and gentlemen, welcome once again to our world of UNLIMITED POSSIBILITIES!’
That was the kernel of the speech by Mr. Godfrey Efeurhobo, Managing Director of Smile Communications Limited at the re-launch of Smile Voice services in Lagos yesterday.
‘As you are aware, Smile made the first ever Voice over LTE (VoLTE) call in Nigeria during the beta testing of its voice service in October 2015. Most of you were invited and witnessed this historic event. Since then, we have introduced SmileVoice to our customers who can use SmileVoice from a VoLTE-enabled handset with Smile SIM card OR downloading the SmileVoice App on their Android or Apple iPhone device.’
The SmileVoice App is a world-first, FREE mobile app that gives customers access to SuperClear voice calls over 4G LTE network, without the need for a VoLTE handset. Having the SmileVoice app on your mobile is like having a second SIM card in your phone.
Efeurhobo said Smile customers can use their data plan to make SuperClear voice, video calls and send SMSs to any number locally and internationally and there would be no need for the recipient to also have SmileVoice.
With SmileVoice, thousands of Nigerians are now enjoying seamless, SuperClear voice calls to their loved ones to and from anywhere in the world.
‘With the SmileVoice App, connected to any data network anywhere in the world, you can make calls to any network in Nigeria at the same rate!’
About Smile Communications
Smile is Nigeria’s premier 4G LTE operator with coverage in eight cities, with plans to roll out services in more cities in Nigeria. Smile possesses a Universal Access Service License (UASL), which means that it is a full communications company, and not an ISP, albeit providing services using the latest 4G LTE technology.
Smile is a full, best-in-class Communications Company. We are today where every other communications company would like to be. With Smile, you are at the cutting-edge of telecommunications technology. We invite you to Smile. Now you can!
Eko Atlantic City Unveils Nigeria’s 1st 8 Lane City Road
Eko Atlantic City, a unique, innovative development, in a vibrant environment with 21st Century facilities on the coast of Lagos has reached advanced stages in the first 5 million sq. metres of the project.
The city not only boasts of independent power and water supply, seamless communications network but also an extensive citywide road network. This will be the first of its kind in Lagos and Nigeria.
The city, which is divided into 8 districts, is planned for mixed-use with commercial, residential, entertainment and leisure activities to make the city a 24/7 lively environment. City amenities and services will include an international school, hospital, and a high quality shopping mall, the largest in sub Saharan Africa.
The city’s road design and construction has been built according to world’s best practices with beautifully paved sidewalks, tree-lined and streetlights completed with a stunning ocean view. One of the considerations when developing the Eko Atlantic City was to guarantee free flowing traffic. This has now been achieved with the major road network recently completed.
The extensive road networks now clearly defined with an area in excess of 200,000 sq. metres. Most significantly Eko Boulevard, an 8 lane Boulevard, 1500M long ( similar to the 5th Avenue in New York) the focal point of the Business District is fully completed from Ahmadu Bello Way in Victoria Island to the Ocean Front, where an exquisite waterfront entertainment is being planned.
“We are extremely proud to have achieved another major milestone in the development of Eko Atlantic City. This futuristic city is not just for residential and commercial activities but a tourist attraction. We strongly believe the new boulevard will enhance business activities and be the ideal location for company headquarters, luxury and business hotels and also residential elements as well as attracting tourists from all over Africa,” says Ronald Chagoury Jr.
In addition, the city’s infrastructure network makes it the most technically advanced city in Nigeria. It comes with a fully integrated autonomous and reliable infrastructure networks with all its underground service pipes installed under the extensive paved side-walks( such as the storm-water drains, sewer drains, water supply piping, power cables and IT network ).
In 2006 South Energyx Nigeria Limited, a subsidiary of The Chagoury Group was awarded the concession to reclaim land, develop infrastructure and act as the exclusive authority over the development of Eko Atlantic City, next to Victoria Island in Lagos. Furthermore, South Energyx Nigeria Limited was specifically created to oversee the planning and development of Eko Atlantic, the new city of Lagos.
About Eko Atlantic:
Standing on 10 million square metres of land reclaimed from the ocean and protected by an 8.5 kilometre long sea wall, Eko Atlantic will be the size of Manhattan’s skyscraper district.
Self-sufficient and sustainable, it includes state-of-the-art urban design, its own power, clean water, advanced telecommunications, spacious roads and 110,000 trees.
The project is privately funded by South Energyx Nigeria Limited – the developers and city planners, a subsidiary of the Nigeria-based Chagoury Group of companies – working in strategic partnership with the Lagos State Government and supported by the Nigerian federal government.
Nigerian Banks Fall in The Banker’s 2016 Top Banks Ranking
African banks had their capital Tier 1 fall by 12.77% in 2015, The Banker (Financial Times group) revealed in its latest world’s top 1000 banks. The same performance is reflected in the growth of global volume for assets and returns.
“Commodity price fall and fluctuations of national currencies against the dollar, participated to this overall slump in performances of the continent’s major banks in the 2016 ranking,” said the ranking’s synthetic presentation.
South African banks lead the top 25 and grabbed the first three seats. However, they plummeted in their global rankings, as their assets volume slumped. Africa’s top bank, Standard Bank, is now 160th against 125th in 2015.
In the new ranking, Nigerian banks also decreased in number to 10 against 13 last year. The report suggests it might be linked to the multiple economic challenges faced by Nigeria, among which is oil price slump.
Only two banks (Access Bank and Ecobank Nigeria) have been found with a solid capital Tier 1. Ecobank Transnational Incorporated for which Nigeria is the most important market, kept its 306th position in the world and jumped one rank to the 6th position in Africa’s top 25.
Besides South African and Nigerian banks, there are some other banks in Africa that recorded positive results.
These include Kenya Commercial Bank and Equity Bank who entered Africa’s top 25 by increasing their capital Tier 1 by 2.4% and 29.8%. Egyptian banks also improved their performances in terms of return on capital, with Banque Misr entering the Top 5 of this segment.
Here, it is Commercial Bank of Ethiopia that leads the ranking.
Idriss Linge