Wednesday 01 July 2015

Former Central Bank of Nigeria Governor Sanusi to Chair Blackstone Development Company

Blackstone and Black Rhino have announced the appointment of Lamido Sanusi, the former governor of the Central Bank of Nigeria, as the chairman of Black Rhino. Infrastructure development firm Black Rhino was set up in early 2014 and fund manager...

Omidyar Network and EchoVC Invest USD1.2m in Nigerian Hotel Booking Website

Omidyar Network and EchoVC’s Pan Africa Fund have teamed up to invest USD1.2m in Hotels.ng, the hotel booking site founded by Mark Essien. The website currently lists more than 7,000 hotels across Nigeria, targeting both business and leisure travelers....

AFIG Acquire Stake in Ghanaian Real Estate Firm

Through their Atlantic Coast Regional Fund (ACRG), AFIG have acquired a stake in Primrose Properties Ghana Ltd (PPG), a real estate development company in Ghana’s capital Accra. PPG develop both residential and commercial properties and have become one of...

ECP Exit NSIA Participations to Amethis and National Bank of Canada

Amethis Finance and National Bank of Canada, an integrated financial services group, have announced the acquisition of ECP’s 26.24% stake (through their Africa Fund III PCC) in Cote d’Ivoire’s NSIA Participations. Amethis will acquire 5.4% of the overall...

AfricInvest Acquire Minority Stake in Commodities Dealer Elephant Group

AfricInvest will acquire an undisclosed minority stake in Nigerian Elephant Group, an agricultural commodities trader. The investment will enable Elephant Group who trade in fertiliser, rice, and and palm oil ‑ to expand their operations to increase their...

ARM Harith Infrastructure Fund Announces First Close

ARM Harith Infrastructure Investment Ltd (ARMHIIL) have announced the first close of their ARM Harith Infrastructure Fund (ARMHIF). ARMHIF aims to raise USD250m for investments in transport, energy and utilities in West Africa, mainly Nigeria. ARMHIIL is...

Excellon Launch West Africa Fund

More cash for Nigerian firms: Nigerian boutique investment bank Eczellon Capital have announced the launch of a USD250m West Africa private equity fund that will invest in, amongst others,  deals in energy, infrastructure, oil and gas. Relative...

AXA Acquires Assur Africa Holdings from PE Funds and DFIs

Private equity firms DPI and AfricInvest and their co-investor DFIs DEG, FMO and PROPARCO have sold Assur Africa Holding (AHA) to global insurance and asset management group AXA Group for EUR198m. AHA holds a 77% stake in Nigerian Mansard Insurance Plc....

USD710,000 Seed Funding for West African Start Ups and the Finland Connection

Good news from our internet neighbours over at VC4Africa: IroFit, a Nigerian-Finnish mobile payments start up, raised USD600,000 in seed funding from a group of investors who include ‘Nordic early-stage VC firm Inventure, major Finnish payments industry...

ARM Capital Partners and IFC Announce Co-Investment in Nigerian Food Manufacturer

The World Bank Group’s International Finance Corporation (IFC) and ARM Capital Partners have announced a joint USD9.5m equity in Nigerian Boulos Foods and Beverages Ltd. The IFC will contribute USD3.5m and ARM USD6m. Boulos, incorporated in Ibadan, Oyo...

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