An interview with Babatunde Fashola, Governor of Lagos State, about ongoing ocean reclamation work for the planned mega-project Eko Atlantic City.
Lagos (Nigeria) will be a city of 25 million people by 2015.
Watch more videos on Eko Atlantic City
VIDEO: Eko Atlantic City – The New Lagos – Part 1 | VIDEO: Eko Atlantic City – The New Lagos – Part 2 | VIDEO: Eko Atlantic City – The New Lagos – Part 3 | VIDEO: Eko Atlantic City – The New Lagos – Part 4
An overview of the wave models and tests involved in ensuring that Eko Atlantic City’s coast is able to withstand a “once-in-a-hundred-years” storm. The company responsible for this project is DHI.
Watch more videos on Eko Atlantic City
VIDEO: Eko Atlantic City – The New Lagos – Part 1 | VIDEO: Eko Atlantic City – The New Lagos – Part 2 | VIDEO: Eko Atlantic City – The New Lagos – Part 3
The South African Competition Commission (SACC) has confirmed it is again investigating the country’s mobile operators for collusion, although the SACC had cleared them of the accusation only a month ago. The SACC has subpoenaed documents from the companies.
At a hearing last month held by the Parliamentary Portfolio Committee, Competition Commission Commissioner Shaun Ramburuth said there was no evidence of collusion between the operators, referring to interconnection fees which are a regulated issue, but last week retracted this and said that investigations were now being carried out.
Commissioner Shaun Ramburuth would not say how many people had been subpoenaed, saying only that the “process of interviewing them is under way”. Read the rest of this entry »
The Zambian Development Agency (ZDA) has revealed that it has shortlisted eight companies interested in acquiring a stake in fixed line monopoly operator Zambia Telecommunications Company (Zamtel).
Those operators understood to have made the shortlist include South Africa’s Telkom, Indian state-owned pair Bharat Sanchar Nigam Ltd (BSNL) and Mahanagar Telephone Nigam Ltd (MTNL) and Portugal Telecom. Rounding out the shortlist are four joint bids; a consortium of Russia’s Vimpelcom and the telecoms arm of the Alfa Group, Altimo; a consortium of Egypt-based Orascom Telecom and its subsidiary Telecel Globe; Angola’s UNITEL – a consortium of Unitel and Angola Cables; and a consortium of Libya’s LAP Greencom and LAP Green Networks. Read the rest of this entry »
Nigerian mobile operator Etisalat Nigeria has spent over $2 billion on the rollout of its GSM network in the year since the cellco launched operations, Daily Trust reports, citing the Etisalat Nigeria’s Chairman Hakeem Belo-Osagie.
Etisalat has constructed over 500 active cell sites nationwide, providing coverage to around 40% of the population. Read the rest of this entry »
The Central Bank of Nigeria has an important role to play in efficiently regulating Nigeria's banking sector.
After the audit findings on the first 10 of Nigeria’s 24 banks were revealed in the middle of August, the market has been holding its breath for the results of the 14 remaining banks.
On 2 October, the Central Bank of Nigeria (CBN) announced that four more banks – Bank PHB, Equitorial Trust Bank (ETB), Spring Bank, and Wema Bank – were undercapitalized, in a poor liquidity position, and in what the CBN called a “grave situation”. A fifth bank – Unity Bank – was adjudged to have insufficient capital but a healthy liquidity position.
The CBN said it will inject N200 billion (US$1.3 billion) into the four distressed banks to stabilize them. This is in addition to the N420 billion ($2.8 billion) released to the five banks – Oceanic Bank, Intercontinental Bank, AfriBank, Finbank and Union Bank – found to be in trouble after the first round of audits. The managing directors and executive directors of Spring Bank, Equitorial Trust Bank (ETB), and Bank PHB have also been removed. Read the rest of this entry »
As an indication of optimism in the market, leading companies like Ecobank, Halliburton, and Total will be congregating in London to secure talented professionals for their operations across Africa at the Careers in Africa Recruitment Summit from 30 October to 1 November.
This will be the second edition of the Summit this year following a very successful event in May. Kabeho Solo, Chief Human Resources Officer at National Microfinance Bank of Tanzania says “This event continues to be a source of high caliber talent from diverse backgrounds.” Read the rest of this entry »
Bode George, a top Nigerian politician from the ruling People’s Democratic Party (PDP) has been sentenced to two-and-half years for corruption.
Bode George was accused of inflating contracts and abusing public funds worth $500 million (£305 million) when he ran the Nigerian Ports Authority (NPA).
George was seen as one of the untouchables among the Nigerian elite.
Lawyers for Bode George, a close ally of former President Olusegun Obasanjo, say that Bode George will appeal.
Nigerians are questioning whether the conviction and sentencing of George can be true.
He and five colleagues accused with him entered court before their conviction laughing and joking, according to reports.
However, the smiles faded and the court erupted into disorder as they were sentenced. Read the rest of this entry »
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