African Business articles from October 2007

African Business archives from October 2007

Nigeria's 2020 vision: a plea from the diaspora.(THIS MONTH'S PRIZE LETTER)(Letter to the editor)
October 1, 2007... As a Nigerian living in the diaspora, I must confess I was very eager to read the Cover Story, 2020 Vision, Nigeria's Grand Ambition in the August/September issue. While I was reading the article I was so thrilled by the vision painted that I...

2020: let the people know; Progress and respect for Nigeria.(THIS MONTH'S PRIZE LETTER)(Letter to the editor)
October 1, 2007... I was very interested by the proposition of your cover story that Nigeria can attain world-class status by 2020. The author of the article, Versi, says it can happen but maybe not by that date. I think that is being too optimistic. The...

The Zimbabwe question: readers' dialogue.(THIS MONTH'S PRIZE LETTER)(Letter to the editor)
October 1, 2007... Your reader, Washington Tendai of Lusaka, raised an essential question for Zimbabwe: Would a post-Mugabe government bring a prosecution against members of the current Zanu-PF leadership and specifically the Head of State (African Business...

African logistics: building capacity.(THIS MONTH'S PRIZE LETTER)(Letter to the editor)
October 1, 2007... The July issue cover story of your world class magazine, The Art and Science of Logistics in Africa was a superb report on the current state of African logistics, but it left me pondering whether our continent will ever truly have the capacity...

Telecom TV: the boob tube?(THIS MONTH'S PRIZE LETTER)(Letter to the editor)
October 1, 2007... My heart sank when I read that there are plans to develop a 24 hour TV news channel to be delivered over mobile networks. (All Africa TV Channel will Bank on Mobile Technology--African Business August/September 2007). You see, I am a TV...

New solar computer launched.(ITC)(Iveneo introduce solar computer)(Brief article)
October 1, 2007... A new low-cost solar powered computer has been launched on the Ugandan market. Retailing at Ushl.6m (around $940), these computers are designed for rural areas with limited or no access to the electricity grid. [ILLUSTRATION OMITTED] ...

Africa's richest man?(Wealth)
October 1, 2007... Next December, Forbes will publish its list of Africa's wealthiest individuals. But one man has already claimed that it will be he who tops the league table--the Nigerian industrialist Aliko Dangote. Dangote has confidently stated that no one...

Woodside pull-out shock.(Oil and Gas)(Woodside Energy)(Brief article)
October 1, 2007... Kenya's attempts to locate offshore oil and gas reserves have suffered a setback with a surprise announcement from the Australian oil and gas company Woodside Energy. Woodside has said it is pulling out of the consortium it headed exploring...

Afriqiyah takes first delivery.(Aviation)(Afriqiyah Airways contract with Airbus S.A.S.)
October 1, 2007... Libyan-based Afriqiyah Airways has taken delivery of the first plane of a 23 aircraft order it has placed with European aero-manufacturer Airbus. The new Airbus A320, which is fitted throughout with leather seats incorporating widescreen...

Iran explores West African opportunities.(Trade)(Brief article)
October 1, 2007... A 30-strong team of Iranian government officials and business representatives have held talks with their West African counterparts to discuss expanding bilateral trade co-operation. The Iranian visitors held talks with Cote d'Ivoire officials...

Egypt launches initiative.(Science and technology)(Academy for Scientific Research and Technology)(Brief article)
October 1, 2007... Egypt's President, Hosni Mubarak, has given the green light for a new higher council for science and technology, and also a new science and technology development fund. These new initiatives are designed to rejuvenate Egypt's science and...

Namibia's Cell One goes for growth.(Telecoms)(Development Bank of Namibia)(Investec Inc.)(Nedbank Capital)(Brief article)
October 1, 2007... The Development Bank of Namibia (DBN), Investec and Nedbank Capital are investing N$535m ($75m) as a long term loan in Namibia's second largest mobile company Cell One. This will enable the company to extend its GSM network to cover up to 90%...

Minister warns of shortages.(Health)(Emilienne Raoul)(Brief article)
October 1, 2007... Congo Brazzaville's Minister of Health, Social Affairs and the Family, Emilienne Raoul, has warned of an impending crisis caused by the lack of qualified staff in francophone sub-Saharan Africa's public health sector. "The human resources...

AB guide to African currencies.(Briefs)(Statistical table)
October 1, 2007... AB Guide to African Currencies Country Currency [pounds sterling]STG Algeria (Dinar) 140.52 Angola (New Kwanza) 151.83 Benin (CFA) ...

Food is the new oil.(Industry overview)(Editorial)
October 1, 2007... Globally, we will need to produce more food over the next 50 years than mankind has had to over the past 10,000 years combined. The world's population is now 6.1bn--an increase of 2bn since 1980--and it will reach 9bn by the time our children...

An excellent year for African banks.(AFRICA'S TOP 100 BANKS)(Industry overview)
October 1, 2007... 2006 has been a good year for Africa with the economy growing at around 5% and the prices of export commodities including softs at virtually an all-time high. Consumer spending has shown a sharp spike. All this has been good news to banks which...

Glossary of keybanking terminology.(AFRICA'S TOP 100 BANKS)(Glossary)
October 1, 2007... The Balance Sheet is a financial statement approved by an external auditor showing a bank's assets, liabilities, equity and annual income on given date. Balance Sheet Mismatch implies that the maturities of the liabilities differ (are...

Africa's top 100 bank.(National Bank of Egypt)(Nedbank Ltd.)(Standard Bank Group Ltd.)(Company rankings)
October 1, 2007... AFRICA'S TOP 100 BANKS Date of Region Rank Banks Results Country Southern 1 Standard Bank Group Dec-06 South Africa ...

Morocco pulls ahead.(Region by Region: North Africa)
October 1, 2007... Our survey of the Top 20 banks in North Africa has previously revealed that Moroccan and Egyptian financial institutions have been fairly evenly balanced as the largest players in North Africa. [ILLUSTRATION OMITTED] However, there are...

Stirred and shaken, Nigeria still rises to the top.(Region by Region: West Africa)(Industry overview)
October 1, 2007... Our 2007 table of the top West African banks has changed more than any table for any African region in any year, yet Nigerian financial institutions continue to dominate the results. [ILLUSTRATION OMITTED] As by far West Africa's...

A tale of two sectors.(Region by Region: Southern Africa)(ranking of Standard Bank Group, Absa Group, Absa Group, Nedbank Group, Investec and FirstRand Banking Group )(Company rankings)
October 1, 2007... It comes as no surprise that South African banks continue to dominate both our pan-African and Southern African tables of leading banks. Standard Bank Group (Stanbank), Absa Group, Nedbank Group, Investec and FirstRand Banking Group are the...

Mauritius leads but Kenya shows strength in depth.(Region by Region: East Africa)(Company rankings)
October 1, 2007... State Bank of Mauritius has extended its lead at the top of our table of the Top Eastern African banks. The Mauritian bank has boosted its capital from $351 m to $403m since last year's survey, while the capital of its nearest domestic and...

Major setback for CBN currency plans: the proposal by the governor of the Central Bank of Nigeria that the currency would be redenominated next year was seen as a logical outcome of the country's strong financial position; it therefore came as a shock when Abuja announced its suspension. What lay behind the move? Neil Ford and Anver Versi report.(AFRICA'S TOP 100 BANKS)(Central Bank of Nigeria)
October 1, 2007... Following on from Nigeria's deep-seated banking reforms and landmark debt repayment deal in 2006, the Central Bank of Nigeria (CBN) announced in August that it would make the Naira fully convertible from 1 January 2009. [ILLUSTRATION...

Declaring war on counterfeiters and pirates.(Guest Column)
October 1, 2007... Counterfeit goods and intellectual property piracy have become a major bane on world economies and Africa is now becoming a prime target. Tanzania is hosting a conference on the topic this month (October) and Baroness Lynda Chalker, chair of...

New bank will bridge Africa and Asia.(INTERCONTINENTAL)(AfrAsia Bank Ltd. starts new operation)(Brief article)
October 1, 2007... AfrAsia Bank Ltd, a joint-venture by the Mauritian business group Mon-Loisir (85%) and Loita Capital Partners from South Africa (10%), starts operations at 10, Dr Ferriere Street, in Port-Louis this month (October) with a capital of Rs200m...

Kenyan banks given all-clear.(REPORT)(Central Bank of Kenya)(Financial report)(Brief article)
October 1, 2007... A report from Fitch says that Kenya's banking sector is performing satisfactorily and the country's financial institutions are financially sound and solvent. The Central Bank of Kenya has also announced that the sector's profitability has...

Emerging markets.(LAW)(Denton Wilde Sapte to expand its services)(Brief article)
October 1, 2007... One of the world's top law firms and noted specialist in emerging markets, Denton Wilde Sapte (DWS), intends to increase its African and Middle East operations. Denton Wilde Sapte has over 600 lawyers and a network of offices spanning the UK,...

Bank of Mauritius celebrates 40 years.(FOCUS ON MAURITIUS)(Brief article)
October 1, 2007... Mauritius is one of the few countries in the world where the Central Bank was created before independence. The Bank of Mauritius, an autonomous bank found at Sir William Newton Street in the capital Port-Louis, started its operations on 15th...

Awards for business excellence.(FOCUS ON MAURITIUS)(Brief article)
October 1, 2007... Mauritius' Ministry of Industry, Trade, SME and Co-operatives has launched the Business Excellence Award competition for local enterprises engaged in all sectors of the economy, particularly in textiles and clothing, jewellery, diamond cutting...

Mauritius goes for Islamic banking.(FOCUS ON MAURITIUS)(Brief article)
October 1, 2007... Mauritian Finance Minister Rama Sithanen believes that there is a potential demand for Islamic banking and finance in Mauritius--not only from those who follow the Islamic faith but from the rest of the population as well. "By enlarging...

S African customers alerted.(FRAUD WARNING)(Brief article)
October 1, 2007... The chief executive of the South African Banking Risk Information Centre, Gilbert Swats, says members of the public using mobile banking services should be especially vigilant against fraudsters. He recommends not choosing a personal...

Pan-African women's bank mooted.(CONFERENCE)(Conference news)(Brief article)
October 1, 2007... The second Pan-African Women's Conference meeting in Johannesburg focused on creating a pan-African women's bank as part of a strategy of empowering women to reduce poverty in Africa. "Our goal is the creation of a pan-African bank for...

Dominic Bruynseels resigns from Absa.(CORPORATE)
October 1, 2007... Executive director Dominic Bruynseels has resigned from the Absa Group and Absa Bank boards. Bruynseels, who also served on the board of Absa Bank Ltd (ABSP.JO), was an executive director and a representative of majority shareholders...

BNP Paribas teams up with Sahara.(INTERCONTINENTAL)
October 1, 2007... In a further indication that the Libyan authorities are committed to reforming the country's financial sector, BNP Paribas has been chosen as the strategic partner for Libya's Sahara Bank. Sahara Bank has 1,500 employees and a market share...

New MD for CFX bank, Zimbabwe.(RECENT APPOINTMENTS)(Onesimo Jacob Mukumba appointed as managing director)
October 1, 2007... CFX Bank Limited in Zimbabwe has appointed seasoned banker, Onesimo Jacob Mukumba as its MD with effect from August 2007. [ILLUSTRATION OMITTED] Mukumba has more than 30 years banking experience with the Standard Chartered Bank Group...

Bank of Namibia gets new communications head.(RECENT APPOINTMENTS)(Helena Badenhorst appointed as head of corporate communications )(Brief article)
October 1, 2007... Helena Badenhorst has been hired as head of corporate communications by the Bank of Namibia. Her responsibilities include the promotion of education which forms a central part of the Bank of Namibia's mission. Badenhorst holds a B-Com in...

HSBC international appoints Tina Molloy for South Africa.(RECENT APPOINTMENTS)(Brief article)
October 1, 2007... HSBC Bank International, the HSBC group's offshore bank based in Jersey, has appointed Tina Molloy as its area sales manager in South Africa. [ILLUSTRATION OMITTED] Moloy has been working with the HSBC Group for 18 years. She will be...

Promotions at Stanbic Bank Botswana.(RECENT APPOINTMENTS)(Leina Gabaraane appointed as deputy managing director)(Leonard Siwawa appointed as managing director)(Brief article)
October 1, 2007... Stanbic Bank Botswana has announced the appointments of Leina Gabaraane as the deputy MD of Stanbic Bank Botswana and Leonard Siwawa as the MD of Stanbic Investment Management Services (SIMS). Leina Gabaraane joined SIMS as founding CEO in...

Tokyo-Mitsubishi man gets top Africa spot.(RECENT APPOINTMENTS)(Takeshi Sagawa appointed as head of department)(Brief article)
October 1, 2007... Takeshi Sagawa, formerly based in Johannesburg as the chief representative of Bank of Tokyo-Mitsubishi, has been appointed the head of the sub-Saharan Africa department at the bank's head office in Tokyo. Sagawa held his previous post for...

World Bank funding for Africa hits $5.8bn.(RECENT APPOINTMENTS)(Brief article)
October 1, 2007... The World Bank (WB) devoted financing reaching a record of $5.8bn in International Development Association (IDA) resources to sub-Saharan Africa in 2006. That is $1bn more than in the previous year. Oby Ezekwesili, vice president for WB...

Mo Ibrahim resigns as Celtel chairman.(RECENT APPOINTMENTS )(Lord Simon Cairns appointed at Celtel)(Brief article)
October 1, 2007... Lord Simon Cairns has been appointed chairman of the Celtel board, replacing Mo Ibrahim the founder of the company. Ibrahim is stepping down to focus on the Mo Ibrahim Foundation. He will also be working on the newly established Africa...

FCMB supports 'culture of excellence'.(RECENT APPOINTMENTS)(First City Monument Bank)(Brief article)
October 1, 2007... First City Monument Bank (FCMB) of Nigeria, significantly raised its profile in London this summer. It was good to see the bank supporting African art by sponsoring the annual Caine Prize for African Writing. [ILLUSTRATION OMITTED] ...

Tribute to African women in finance.(EDITORIAL)(Editorial)
October 1, 2007... Welcome to the second issue of African Banker magazine. We would like to thank all our readers and advertisers for their tremendous support to the first issue. Your congratulatory emails, phone calls and personal messages have been most heart...

The sub-prime debacle--should we worry? The US sub-prime mortgage debacle has already incurred losses of around $100bn but the fallout is far from over. Has the contagion spread to Africa?(OPINION)
October 1, 2007... The latest jitters emanating from the collapse of the US sub-prime mortgage market, have raised fears about a generalised credit squeeze (i.e. the amount of money circulating in the banking system), thereby hurting companies and consumers. ...

Women power in African finance.
October 1, 2007... Despite obstacles, African women have been making impressive strides in the world of business. A number of determined individuals have stood all conventions on their heads and stormed into what is normally considered a male bastion--banking and...

Ecobank's Arnold Ekpe: building Africa's first true multinational.(STAR INTERVIEW)(Interview)
October 1, 2007... In this exclusive, wide-ranging interview with African Banker editor Anver Versi, Ecobank's chief executive, Arnold Ekpe talks candidly about building Africa's first true multinational bank, the prospects of a merger with Nigerian giant...

Access bank's Aigboje Aig-Imoukhuede: competitive, not aggressive.(PROFILE)
October 1, 2007... The 'young lions' are a new breed of Nigerian banker. Most are in their early 40s and all have worked with world-class multinational banks. They are not satisfied with wanting to be the best in the country--they want to set their standards...

Tuninvest: sustainable profits.(PRIVATE EQUITY)(interview with Aziz Mebarek)(Interview)
October 1, 2007... Tuninvest, Tunisia's leading private equity group created 13 years ago, has recently launched a second fund focusing on sub-Saharan Africa. Omar Ben Yedder talks to one of the founding partners, Aziz Mebarek, to find out more. AFRICAN...

Libya to fund African industry: Bashir Saleh Bashir, one of Muammar Ghadaffi's closest advisors, serves as the chairman and managing director of the Libya Africa Portfolio, the investment arm of the Great Socialist People's Libyan Arab Jamahiriya. He spoke exclusively to African Banker at his Tripoli office.(INVESTMENT)(Column)
October 1, 2007... With a $5bn fund to invest and $3bn already committed to projects throughout Africa, you might expect Bashir Saleh Bashir to have an aura of self-importance about him. In fact, the opposite is true; first impressions are of an African...

African union: a bank for Africa? Impatient at delays in promised development and aid capital from developed countries, the African Union (AU) will establish an investment bank in the next three years.(CONTINENTAL)
October 1, 2007... According to Maxwell Mkwezalamba, the AU's commissioner for economic affairs, Africa is becoming increasingly impatient with the rich countries' failure to deliver on their pledges to double aid for Africa by 2010. "It's frustrating to note...

A billion customers waiting: the unbanked in Africa and other developing countries constitute an enormous potential for profitable expansion for commercial banks, according to a new study. Tom Nevin reports.(Finance)
October 1, 2007... The problem of financial exclusion or limited access to banking services for individuals and small businesses looms large around the world but is nowhere as pronounced as in Africa. In China and India only about a third of the population...

East Africa's branding boom: the intense rivalry between telecoms providers in East Africa is driving the advertising industry to new heights. Mark J Sorbara reports.(Advertising)
October 1, 2007... Most African sectors and industries are reaping the benefits of an unprecedented international demand for natural resources, but in East Africa the advertising sector is riding the coat-tails of a buoyant telecoms sector. [ILLUSTRATION...

Chinese boost Kenya geothermal ambitions: geothermal power is clean and cheap, and Kenya has plenty of it in the Great Rift Valley. But new investment in this source has been hard to come by--until recently with the entry of the Chinese.(Energy)
October 1, 2007... Kenya's recent power supply woes have attracted a great deal of attention. Electricity rationing has affected homes, businesses, schools and hospitals, and when sustained over a long period can have a considerable impact on GDP. ...

Mercedes to make new 'C' class in S Africa: Mercedes-Benz will start manufacturing its new 'C' class vehicles in East London by the end of the year. The vehicles are destined for both the local and export markets. Report by Neil Ford.(Industry)
October 1, 2007... German automotive manufacturer Mercedes-Benz has announced that it is to start production of its new 'C' class model at the South African port of East London, boosting demand at the port's car terminal. [ILLUSTRATION OMITTED] The...

China: problems of success.(Guest Column)(relation between China and Africa)
October 1, 2007... Following our extensive coverage of the relationships between Africa and China, we invited Glyn Ford, Labour Euro Member of Parliament for the Southwest of England and Gibraltar, member of the European Parliament International Trade Committee...

The battle for Durban's expansion begins.(Logistics in Africa)
October 1, 2007... Given South Africa's rising volumes of trade, the Durban Container Terminal, the biggest in Africa, will need to expand capacity in the near future if it is not to lose business to terminals elsewhere in the sub region. But there are strong...

How to turn Africa into a land of milk and money.(Essay)
October 1, 2007... India is the world's number one milk producer today but in the 1960s it was at the same stage as Africa's dairy industry is now. In this essay, adapted from an address he made to Comesa delegates in Lusaka, Zambia, S. S. Bhatnagar, with 30...

Fan-parks will attract one million visitors: in his regular briefing watch on how preparation for the 2010 World Cup in South Africa is shaping up, Tom Nevin reports on how 'fan parks' can boost attendance and quell complaints that the construction boom is bypassing smaller businesses.(World Cup Watch)
October 1, 2007... Even if soccer fans can't get a seat in the stadium, they'll come in droves to the host city if well-appointed fan parks are there to accommodate them; and if South Africa can promise an exciting fan park experience, at least one million soccer...

African growth will hit 6% this year, says report: this year's African Economic Outlook, compiled by the African Development Bank and the Organisation for Economic Cooperation and Development, paints a positive picture of the continent's overall performance over the past year. Neil Ford reviews the report.(Topic)
October 1, 2007... The annual report on the state of the African economy by the African Development Bank (AfDB) and Organisation for Economic Cooperation and Development (OECD) has been a cause for optimism in recent years. After many years of disappointing...

Flaring ban deadline to stay: the deadline for the end of associated gas flaring in Nigeria is to stand, despite protests from some operators. At current prices, Nigeria is losing billions of dollars and also adding to climate change by flaring most of its gas. Report by Neil Ford.(NIGERIA)
October 1, 2007... The new Nigerian government of President Umaru Yar'Adua has promised to stand by the ban on routine gas flaring that had been set for 2008 by former president, Olusegun Obasanjo. [GRAPHIC OMITTED] [ILLUSTRATION OMITTED] While some...

Are foreigners distorting land prices?(SOUTH AFRICA)
October 1, 2007... The question of whether or not foreigners should be allowed to own South African land has been debated long and vigorously by successive South African governments. A comprehensive report on the issue is expected in the near future. Tom Nevin...

Brazil, India will spur coal output: Mozambique, blessed with plentiful natural resources, will soon be able to exploit its large coal reserves through a deal with a Brazilian company. India's Tata Steel is also poised to follow suit. Neil Ford reports.(MOZAMBIQUE)
October 1, 2007... Mozambique's success in re-establishing a viable economy since the end of the civil war in 1992 has been well documented. A decade of 10% growth annually enabled the country to rebound from the years of devastation. [GRAPHIC OMITTED] ...

End of the 'blood diamond' syndrome? Liberia has now resumed the diamond trade and licences are being issued. However, the government must entrench policies to prevent a recurrence of the 'blood diamonds' syndrome. Report by Neil Ford.(LIBERIA)
October 1, 2007... The Liberian government has quickly responded to the decision of the UN to lift the blanket ban on the export of diamonds from the country by ending its own moratorium on 'the mining, sale and export of diamonds'. [GRAPHIC OMITTED] ...

Economy set to grow--if calm prevails: Congo-Brazzaville could be entering a new phase of political calm as well as a spurt in economic growth following a rise in the production of oil. Analysis by Neil Ford.(CONGO-BRAZZAVILLE)
October 1, 2007... In contrast with neighbouring Gabon, Congo-Brazzaville seems to have finally stemmed the fall in oil production and something of a recovery may be underway. [GRAPHIC OMITTED] The economy has also been boosted by reforms that have led...

Blue men's blues: songs from the desert.(Ishumar)(Sound recording review)
October 1, 2007... Ishumar Toumast EMI CDRW148 Recently, the music of the Touareg peoples has come to attention of Western audiences through the work of the band Tinariwen. With the release of Ishumar, the debut album from Toumast, those...