XerxES Investment Global in $164m Abuja electricity deal

XerXes Global Investments has backed a $164 million deal to acquire 60 percent of Nigeria-based utility company Abuja Electricity Distribution Company (AEDC).

The investor partnered Copperbelt Energy Corporation (CEC), an electricity distribution company based in Zambia, on the transaction. The duo structured the acquisition through KANN Consortium, a holding company equally owned by the duo.

The deal will be financed through a combination of debt and equity, and is expected to be finalised by August 2013.

XerXes and CEC won the deal through an auction process. CEC last year signed an agreement with...

http://africanfinancialnews.com/+/xerxes-investment-global-in-164m-abuja-electricity-deal

South African Ethos raises $800m fund

South African private equity firm Ethos has raised $800 million for their Fund VI, exceeding their initial $750 million target.

The firm noted that for the first time, they were able to attract investors from Asia, reflecting growing interest in opportunities for private equity, especially in Africa.

Reuters reports that ‘Ethos had managed to attract a wider spread of investors than in previous rounds of fundraising, drawing Asian pension and sovereign wealth funds for the first time, as well as investors from Europe, North America, the Middle East and Africa.’

http://africanfinancialnews.com/+/south-african-ethos-raises-800m-fund

South Africa: Tsogo Sun in U.S.$100m African Expansion

[SA Info]South African hotel and casino group Tsogo Sun is to invest $100-million (about R900-million) in projects in Mozambique and Nigeria as part of its African growth strategy....

http://africanfinancialnews.com/+/south-africa-tsogo-sun-in-us100m-african-expansion

FG may bar group exit from pension scheme

The National Pension Commission is seeking the support of the Federal Government to deny approval to any sector desiring to opt out of the Contributory Pension Scheme. It was gathered that the commission took this stance after some groups opted out of the scheme with others making attempts to do the same. PenCom is, therefore,... [Read More...]...

http://africanfinancialnews.com/+/fg-may-bar-group-exit-from-pension-scheme

Britain mulling payouts for Kenyan Mau Mau

Britain is negotiating to compensate thousands of Kenyans who claim they were severely mistreated by their colonial rulers: Guardian reports

http://africanfinancialnews.com/+/britain-mulling-payouts-for-kenyan-mau-mau

PFAs to invest N3.4tn in infrastructure

Acting Director-General, PenCom, Mrs. Chinelo Anohu-AmazuPension Fund Administrators will invest part of the growing pension funds in infrastructure after the Pension Reform Act 2004 must have been replaced with a new act.This was contained in a memorandum submitted by the National Pension Commission to the Senate Committee on Establishment and Public Service and the House Committee on Pensions at the joint public hearing for the proposed enactment of the Pension Reform Act 2013.Acting Director-General, PenCom, Mrs. Chinelo Anohu-Amazu, said the commission proposed that the funds should be utilised for national...

http://africanfinancialnews.com/+/pfas-to-invest-n34tn-in-infrastructure

F.C.C. Clears Sprint Deals With SoftBank and Clearwire

The Federal Communications Commission on Friday cleared the way for the $21.6 billion purchase of Sprint by SoftBank of Japan, as well as Sprint's offer to buy the broadband network Clearwire....

http://africanfinancialnews.com/+/fcc-clears-sprint-deals-with-softbank-and-clearwire

Zenith leads 12 other Nigerian banks in world top 1000

Zenith Bank tops Nigerian banks in this year’s Top 1000 World Banks Ranking of The Banker Magazine of the Financial Times Group, London, United Kingdom. The 13 banks that made the ranking are Zenith Bank, First Bank, Guaranty Trust Bank, Access Bank, United Bank for Africa, Ecobank, Fidelity Bank, First City Monument Bank, Skye Bank, [...]Zenith leads 12 other Nigerian banks in world top 1000...

http://africanfinancialnews.com/+/zenith-leads-12-other-nigerian-banks-in-world-top-1000

India now leads America in purchase of Nigeria crude oil

Recent statistics have shown that the Government of India now leads the United States of America in the purchase of crude oil from Nigeria. India High Commissioner in Nigeria Mr Mahesh Sachdev who disclosed this when he paid a courtesy call on the Niger State Governor Dr Muazu Babangida Aliyu at government house in Minna on [...]India now leads America in purchase of Nigeria crude oil...

http://africanfinancialnews.com/+/india-now-leads-america-in-purchase-of-nigeria-crude-oil

Nigeria: Entrepreneurs and investors discuss the VC climate for local startups

Jason Njoku, iROKO Partners and SPARK, and Tayo Oviosu, Paga.

This article by Bankole Oluwafemi originally appeared on TechCabal, a VC4Africa publishing partner.

Last month, Nigerian tech blog TechCabal hosted the first of its “TechCabal Sessions”. Read the recap below. Tayo Oviosu, founder and CEO of Paga, served as ‘special guest’. Paga was launched in 2011 and is now the #1 mobile payments company in Nigeria. Other participants included iROKO Partners & SPARK‘s Jason Njoku, Prowork‘s Francis Onwumere, Hotels.ng‘s Mark Essien, and many other interesting people. The TechCabal Sessions are exclusive dinner events where influential personalities in Nigerian...

http://africanfinancialnews.com/+/nigeria-entrepreneurs-and-investors-discuss-the-vc-climate-for-local-startups

Abraaj to raise $1bn health fund

Abraaj is looking to raise $1billion for a healthcare fund to invest in Africa, Asia and Latin America. The Abraaj Global Healthcare Fund (GHF) expects to have its first close in 2014. The fund will likely be registered in the ......

http://africanfinancialnews.com/+/abraaj-to-raise-1bn-health-fund

Osun recapitalizes Omoluabi Savings and Loans Ltd. with N1.65bn

The State Government of Osun’s financial institution, the Omoluabi Savings and Loans Limited, has recapitalized with additional N1.65 billion shares. Speaking with reporters in Osogbo, the state capital, after a board meeting, the Chairman of the Board of Directors, who is also the Commissioner for Finance, Economic Planning and Budget, Dr. Wale Bolorunduro, said the

http://businessdayonline.net/news/osun-recapitalizes-omoluabi-savings-and-loans-ltd-with-n165bn

AFC underwrites $65m swamp rig acquisition facility

The Africa Finance Corporation has underwritten $65m of a $100m senior secured term loan facility for Depthwize Nigeria Limited for the acquisition and upgrade of swamp rigs. This, according to a statement by the corporation on Monday, is in line with the Nigerian Content legislation of 2010 aimed at domesticating a significant proportion of the

http://businessdayonline.net/news/afc-underwrites-65m-swamp-rig-acquisition-facility

GT Bank completes acquisition of 70% stake in Fina Bank Ltd

GTBank has completed the acquisition of a 70% stake in Fina Bank Kenya with subsidiaries in Uganda and Rwanda. On July 18, 2013, GTBank and the shareholders of Fina Bank entered into a Share Sale and Purchase Agreement for the acquisition of 70% stake in Fina Bank. The Agreement was subject to customary regulatory approvals

http://businessdayonline.net/news/gt-bank-completes-acquisition-of-70-stake-in-fina-bank-ltd

KKR raises first real estate fund

(Reuters) - Private equity firm KKR & Co LP (NYS:KKR) said on Tuesday it had raised a $1.5 billion (916.3 million pounds) real estate fund, its first dedicated investment pool for the asset class, which is rebounding in the United States amid a modest economic recovery. Investors are seeking to capitalize on the growing demand for commercial real estate space as U.S. industries slowly recoup job losses after the recession. Jones Lang LaSalle Inc (NYS:JLL) expects 10 percent growth of global investment volume year-over-year in commercial real estate to $550...

http://africanfinancialnews.com/+/kkr-raises-first-real-estate-fund

American Express to pay US$75.7m for overbilling

Credit-card giant American Express on Tuesday announced a US$75.7 million settlement to resolve charges that it overbilled consumers and misled customers on services provided....

http://africanfinancialnews.com/+/american-express-to-pay-us757m-for-overbilling

Tech in China 2013: VCs are chasing online education, finance, and mobile

While big Chinese Internet companies poured money into acquisitions and investments, this year was more about VCs on the lookout for new markets or games changers....

http://africanfinancialnews.com/+/tech-in-china-2013-vcs-are-chasing-online-education-finance-and-mobile

Adamawa receives $11m from Sovereign Wealth Fund

Receiving certificates for the two amounts in Yola, the Adamawa State capital, Governor Murtala Nyako said that the introduction of the fund was laudable as it would enhance development...

http://businessdayonline.net/news/adamawa-receives-11m-from-sovereign-wealth-fund

Chike-Obi: AMCON won’t invest N500b Sinking Fund

The Banking Sector Resolution Cost Fund (Sinking Fund) standing at about N500 billion is being kept with the Central Bank of Nigeria (CBN), Chief Executive Officer of the Asset Management Corporation of Nigeria (AMCON) Mustafa Chike-Obi has said. He told The Nation that there is no possibility of investing the fund because it was established ......

http://businessdayonline.net/news/chikeobi-amcon-wont-invest-n500b-sinking-fund

Bank Pledges More Support for Agric Sector

[This Day]Stanbic IBTC Bank has restated its commitment to the development of the agriculture sector of the economy. The bank described agricultural finance as an area of strength for its parent company, the Standard Bank Group, adding that it was committed to deploying such expertise in Nigeria to support the sector's development....

http://businessdayonline.net/news/bank-pledges-more-support-for-agric-sector