Chairman King

January, 2010 African Business News

Latest Investment Opportunities in Africa

Jan 29

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Latest Investment Opportunities in Africa

Jan 28

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  • Reduced costs to attract call centre investors
    The Swaziland Investment Promotion Agency is calling on investors to take advantage of business process outsourcing opportunities coming into the southern African region from companies seriously affected by the global financial downturn.

BRICS – Brazil, Russia, India, China … and South Africa (or BASIC?)

Jan 27

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Denmark's Queen Margrethe (C) gives a toast to German Chancellor Angela Merkel (3rd L), U.N. Secretary General Ban Ki-Moon (L), China's Premier Wen Jiabao (3rd R), South Africa's President Jacob Zuma (2nd R), Mexico's President Felipe Calderon (R) and other guests during a dinner at the United Nations Climate Change Conference 2009 in Copenhagen December 17, 2009.

Denmark's Queen Margrethe (C) gives a toast to German Chancellor Angela Merkel (3rd L), U.N. Secretary General Ban Ki-Moon (L), China's Premier Wen Jiabao (3rd R), South Africa's President Jacob Zuma (2nd R), Mexico's President Felipe Calderon (R) and other guests during a dinner at the United Nations Climate Change Conference 2009 in Copenhagen December 17, 2009.

BRICS or BASIC? For many a year mere mention of the term BRIC has been guaranteed to set South African officials’ teeth grinding.

As the economic powerhouse of sub-Saharan Africa, South Africa has long dreamt of being a global player since the end of apartheid – and been frustrated by the fascination of so many economists with the big four emerging economies, the so-called BRIC nations (Brazil, Russia, India, and China), to the exclusion of South Africa.

Now, however, South Africa is daring to dream again, as is Jacob Zuma, its sometimes controversial leader, who just may have found a compelling geopolitical theme for his nine-month-old presidency.

Much has been made of the dramatic final evening at December’s climate change conference in Copenhagen when Barack Obama paid a call on the Chinese delegation, only to find that a meeting was already under way between Chinese, Brazilian, Indian, and South African leaders. Read the rest of this entry »

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Nigeria Imposes Tenure Limit on Bank CEOs: UBA’s Tony Elumelu and Zenith’s Jim Ovia Out

Jan 27

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Tony Elumelu, Outgoing MD/CEO, United Bank for Africa (UBA)

Tony Elumelu, Outgoing MD/CEO, United Bank for Africa (UBA)

Two of Nigeria’s most prominent bank chief executives are to be forced to stand down under new rules introduced by the Central Bank of Nigeria (CBN) as part of the governor’s ongoing tussle with some of the country’s most powerful tycoons.

Lamido Sanusi, who took over as CBN Governor in June, has already rocked the financial sector in Africa’s second largest economy, dismissing the executives of eight banks during a debt crisis brought on by reckless lending. The Central Bank of Nigeria (CBN) bailed out stricken banks to the tune of $4 billion.

In the latest move, the country’s 24 banks have been instructed to place a 10-year limit on the tenures of chief executives. “All CEOs who would have served for 10 years by July 31, 2010 shall cease to function in that capacity and shall hand over to their successors,” the CBN said.

Jim Ovia, Outgoing MD/CEO, Zenith Bank

Jim Ovia, Outgoing MD/CEO, Zenith Bank

The purpose of the new rules was to address “corporate governance issues”, the CBN said.

Three chief executives would be affected, including the heavyweights who run two of the continent’s largest banks, people familiar with the situation said.

One is Tony Elumelu, who emerged as chief executive at United Bank for Africa (UBA) following a power struggle that followed its 2005 merger with Standard Trust Bank, which he had run since 1997. UBA’s board has just appointed Phillips Oduoza as the MD/CEO designate to replace Tony Elumelu.

UBA says it has assets of more than $19 billion, seven million customers in 14 African countries, and offices in New York, Paris and London. In 2008, US regulators fined UBA $15 million for failing to implement an adequate anti-money laundering program. The bank has since appointed new risk managers. Read the rest of this entry »

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Millicom Ghana (Tigo) Sells 750 Towers to Helios Towers Ghana (HTG)

Jan 27

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TigoMillicom Ghana (trading as Tigo) has agreed to sell approximately 750 towers to Helios Towers Ghana (HTG), a direct subsidiary of Helios Towers Africa. As a result of the transaction, Tigo Ghana will retain a minority interest in Helios Towers Ghana (HTG).

Additionally, Tigo Ghana and Helios Towers have entered into a long term leasing agreement where Helios Towers will provide Tigo Ghana with wireless communications towers, including a build-to-suit agreement to support the company’s wireless networks. Helios Towers will seek similar agreements with other operators in Ghana. The transaction is expected to create savings in both capital and operating expenditure for Tigo Ghana. Read the rest of this entry »

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Latest Investment Opportunities in Africa

Jan 25

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Zenith Bank Names Godwin Emefiele as MD/CEO Designate

Jan 25

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Godwin Emefiele, MD/CEO Designate, Zenith Bank

Godwin Emefiele, MD/CEO Designate, Zenith Bank

The Board of Zenith Bank Plc has announced the appointment of Godwin Emefiele as Managing Director/Chief Executive Officer designate of the Zenith Bank. The appointment, which is subject to Central Bank of Nigeria (CBN) confirmation, takes effect from August 1, 2010.

Godwin Emefiele is a pioneer staff of the Zenith Bank and has been instrumental in developing Zenith Bank into a world-class institution. He holds a BSc and an MBA in Finance from the University of Nigeria, Nsukka and is an alumnus of Stanford University, Harvard, and Wharton Graduate Schools of Business. Before commencing his banking career over 23 years ago, he taught Finance, Bank Management, and Insurance at the University of Nigeria and University of Port Harcourt.

Emefiele joined Zenith Bank over 19 years ago and was appointed Deputy Managing Director in 2001. Given his pivotal role in the bank’s growth, Zenith Bank has benefited from his in-depth knowledge of finance and banking. Read the rest of this entry »

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United Bank for Africa (UBA) Appoints Phillips Oduoza as MD/CEO Designate

Jan 25

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Phillips Oduoza, MD/CEO Designate, United Bank for Africa (UBA)

Phillips Oduoza, MD/CEO Designate, United Bank for Africa (UBA)

The Board of United Bank for Africa Plc has announced the appointment of Mr. Phillips Oduoza as Group Chief Executive Designate of UBA.

Phillips Oduoza has over 22 years experience in Banking and Financial Services spanning Banking Operations, Relationship Management, Credit/Marketing, Technology Implementation, Risk Management, Lean Banking Methods, and Brand Management.

Prior to this appointment, Phillips Oduoza was the Bank’s Deputy Managing Director overseeing its operations in the South, which is the UBA Group’s largest strategic business group.

He will commence as the Group Chief Executive of the Bank on August 1, 2010. In the interim, Mr Oduoza will work in tandem with Mr. Tony Elumelu, current Group Chief Executive of UBA to ensure that the transition is seamless. Read the rest of this entry »

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Ex-Eskom CEO, Jacob Maroga, Says He Was Fired, Denies ‘Poor Performance’ Claim

Jan 25

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Jacob Maroga, Former CEO, Eskom

Jacob Maroga, Former CEO, Eskom

Jacob Maroga, the former chief executive officer of Eskom Holdings Ltd. who is suing the South African electricity provider, said the company fired him citing “poor performance.”

Eskom’s claim that Maroga “lacked the necessary capacity to fulfil” his obligations as CEO is unfounded, according to an application he filed with the South Gauteng High Court. Maroga was “summarily dismissed” on Nov. 2 on grounds of “incapacity in light of poor performance,” a reason he denies, according to the application. Maroga is seeking reinstatement or R85.7 million ($11.3 million) in compensation.

Eskom, Africa’s largest power company, is without permanent replacements for its two most senior executives. Chairman Bobby Godsell resigned in November, saying the government didn’t support a plan to oust Maroga. The CEO left amid conflicting reports over whether or not he resigned. It had been reported in November that Jacob Maroga had resigned his post as CEO of Eskom. The Eskom dispute has set off charges of racism. The upheaval came as state-controlled Eskom sought funding for an expansion designed to ensure there’s no repeat of 2008 blackouts that shut mines. Read the rest of this entry »

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Latest Investment Opportunities in Africa

Jan 21

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