Investment Corp of Dubai (ICD), the state fund which holds stakes in some of the emirate's top firms, has agreed to buy a $300 million stake in top Nigerian cement producer Dangote Cement, a spokesman for Dangote said on Monday.
Carl Franklin, Dangote's head of investor relations, did not give further details. Dangote's current market capitalisation is about $23.7 billion, meaning ICD is taking a stake of about 1.3 percent.
Dangote, owned by Africa's richest man Aliko Dangote, is Nigeria's biggest company. It is expanding operations and plans to roll out cement plants across Africa.
Reuters
Related story: Africa's richest man Nigerian Aliko Dangote to donate 30 billion naira in 2 years
Monday, September 8, 2014
Nigeria lose to Congo 2-3 in Nations Cup qualifier
Nigeria continued a turbulent period as they slumped to a dramatic 3-2 Africa Cup of Nations qualifying defeat against Congo on Saturday.
The hosts took a 13th-minute lead in Calabar through Efe Ambrose, only for Prince Oniangue to level the score.
Thievy Bifouma put the visitors ahead five minutes before half-time and the U.J Esuene Stadium was left shocked as the forward extended the advantage to 3-1 from the penalty spot.
Substitute Gbolahan Salami set up a grandstand finish with an 89th-minute goal, but Congo were able to hold on for a famous triumph.
Stephen Keshi's deal as Nigeria coach was allowed to run down after the 2014 World Cup, but the 52-year-old remains in charge and took the reins for Saturday's game.
Nigeria's last-16 defeat to France in Brazil was preceded by a dispute between the players and the country's football association over bonuses, and the ruling body are currently facing a possible ban due to political interference.
Congo lost to Rwanda in the previous round of qualifying and only reached this stage after their conquerors were found guilty of selecting an ineligible player.
They did not seem like such lucky losers when Ambrose nodded in from an Ahmed Musa free-kick but Oniangue restored parity on the end of a powerful run by Sagesse Babele.
Bifouma put his team ahead when Nigeria were hesitant in dealing with a corner and there was further defensive woe in the 53rd minute when Ogenyi Onazi felled the Almeria man and the referee awarded a penalty.
Bifouma made no mistake before Lazio's Onazi passed up a glorious opportunity to atone for his error at the other end.
Emmanuel Emenike, a surprise omission from Keshi's starting line-up, came on to draw a fine saw from Chancel Massa as Nigeria piled on the pressure.
Salami's strike in a goalmouth melee was their only reward and attentions can now only tentatively turn towards next week's match against South Africa, as a Fifa suspension hangs over the Nigerian FA unless it can agree to terms from world football's governing body by Monday.
Goal
Related story: FIFA planning on suspending Nigeria again
The hosts took a 13th-minute lead in Calabar through Efe Ambrose, only for Prince Oniangue to level the score.
Thievy Bifouma put the visitors ahead five minutes before half-time and the U.J Esuene Stadium was left shocked as the forward extended the advantage to 3-1 from the penalty spot.
Substitute Gbolahan Salami set up a grandstand finish with an 89th-minute goal, but Congo were able to hold on for a famous triumph.
Stephen Keshi's deal as Nigeria coach was allowed to run down after the 2014 World Cup, but the 52-year-old remains in charge and took the reins for Saturday's game.
Nigeria's last-16 defeat to France in Brazil was preceded by a dispute between the players and the country's football association over bonuses, and the ruling body are currently facing a possible ban due to political interference.
Congo lost to Rwanda in the previous round of qualifying and only reached this stage after their conquerors were found guilty of selecting an ineligible player.
They did not seem like such lucky losers when Ambrose nodded in from an Ahmed Musa free-kick but Oniangue restored parity on the end of a powerful run by Sagesse Babele.
Bifouma put his team ahead when Nigeria were hesitant in dealing with a corner and there was further defensive woe in the 53rd minute when Ogenyi Onazi felled the Almeria man and the referee awarded a penalty.
Bifouma made no mistake before Lazio's Onazi passed up a glorious opportunity to atone for his error at the other end.
Emmanuel Emenike, a surprise omission from Keshi's starting line-up, came on to draw a fine saw from Chancel Massa as Nigeria piled on the pressure.
Salami's strike in a goalmouth melee was their only reward and attentions can now only tentatively turn towards next week's match against South Africa, as a Fifa suspension hangs over the Nigerian FA unless it can agree to terms from world football's governing body by Monday.
Goal
Related story: FIFA planning on suspending Nigeria again
Friday, September 5, 2014
Boko Haram now threatens state capital
From a ragtag band of fighters conducting sporadic raids and bombings from its hideouts, Nigeria’s Boko Haram is fast evolving into a force able to take and hold territory. In attacks on September 1st its jihadist militants overran Bama, the second-largest town in Borno state.
Armed with rocket-launchers and armoured vehicles stolen from the demoralised Nigerian army, Boko Haram (its name translates loosely as “Western education is forbidden”) has moved beyond its established lairs in the Sambisa forest and the Mandara Mountains. In recent weeks it has taken several towns close to the Cameroonian border, among them Gwoza, Gamboru Ngala and Banki.
The seizure of Bama could provide a launch-pad for an attack on parts of Maiduguri, the state’s capital, about 65km (40 miles) away, with a population of more than 1m people. It was the birthplace of the insurgency. Two areas seized by the group in recent weeks form a strategic crescent around the city. Boko Haram has destroyed a series of bridges, including several close to Maiduguri, in an attempt to thwart military access and isolate parts of the state.
The grab for territory signals a change from Boko Haram’s hit-and-run tactics. This may be in keeping with pronouncements by its firebrand leader, Abubakar Shekau, that chunks of Borno state are “Muslim territory” in what appears to be an imitation of the caliphate proclaimed in parts of Iraq and Syria by Islamic State. Boko Haram has erected flags over the towns it has invaded, forcing any remaining residents to follow its strict version of sharia (Islamic law) or be killed.
Further territorial gains by the group could worsen a dire humanitarian situation. Thousands of refugees have sought sanctuary in Maiduguri, and the UN reckons that 9,000 people fleeing violence have arrived in Cameroon in the past ten days, with another 2,000 crossing into Niger, a desert nation already buckling under the pressure of taking in 50,000 refugees since May 2013.
Nigeria’s security forces have only slim prospects of rolling back the insurgency. Government soldiers are said to have fled Bama, as they did in earlier attacks on other towns; a whole battalion fled to Cameroon last month. Nigeria’s army claimed it had repelled the attack on Bama, then extended a curfew in Maiduguri. A recent report by Chatham House, a London-based think-tank, points out that soldiers in the north-east are suffering from malfunctioning equipment, low morale, desertions and mutinies. Despite a large increase in government spending on the army, little of this largesse has found its way to the front lines: many of the troops fighting against Boko Haram have been paid late, or sometimes not at all.
A change in tactics is also called for. The report argues that the army needs first of all to protect civilians. It was a little over a year ago that Nigeria’s president, Goodluck Jonathan, who is expected to run for re-election in February, made the somewhat embarrassing admission that parts of Borno state were no longer under the government’s control. Mr Jonathan’s promise to end a “serious threat to national unity and territorial integrity” looks increasingly empty. Conditions in north-eastern Nigeria are deteriorating, soldiers are breaking ranks and an emboldened terror group is gaining momentum.
The Economist
Related stories: Another Northern Nigerian town falls to Boko Haram
Video - The state of Nigerian governance and Boko Haram
Armed with rocket-launchers and armoured vehicles stolen from the demoralised Nigerian army, Boko Haram (its name translates loosely as “Western education is forbidden”) has moved beyond its established lairs in the Sambisa forest and the Mandara Mountains. In recent weeks it has taken several towns close to the Cameroonian border, among them Gwoza, Gamboru Ngala and Banki.
The seizure of Bama could provide a launch-pad for an attack on parts of Maiduguri, the state’s capital, about 65km (40 miles) away, with a population of more than 1m people. It was the birthplace of the insurgency. Two areas seized by the group in recent weeks form a strategic crescent around the city. Boko Haram has destroyed a series of bridges, including several close to Maiduguri, in an attempt to thwart military access and isolate parts of the state.
The grab for territory signals a change from Boko Haram’s hit-and-run tactics. This may be in keeping with pronouncements by its firebrand leader, Abubakar Shekau, that chunks of Borno state are “Muslim territory” in what appears to be an imitation of the caliphate proclaimed in parts of Iraq and Syria by Islamic State. Boko Haram has erected flags over the towns it has invaded, forcing any remaining residents to follow its strict version of sharia (Islamic law) or be killed.
Further territorial gains by the group could worsen a dire humanitarian situation. Thousands of refugees have sought sanctuary in Maiduguri, and the UN reckons that 9,000 people fleeing violence have arrived in Cameroon in the past ten days, with another 2,000 crossing into Niger, a desert nation already buckling under the pressure of taking in 50,000 refugees since May 2013.
Nigeria’s security forces have only slim prospects of rolling back the insurgency. Government soldiers are said to have fled Bama, as they did in earlier attacks on other towns; a whole battalion fled to Cameroon last month. Nigeria’s army claimed it had repelled the attack on Bama, then extended a curfew in Maiduguri. A recent report by Chatham House, a London-based think-tank, points out that soldiers in the north-east are suffering from malfunctioning equipment, low morale, desertions and mutinies. Despite a large increase in government spending on the army, little of this largesse has found its way to the front lines: many of the troops fighting against Boko Haram have been paid late, or sometimes not at all.
A change in tactics is also called for. The report argues that the army needs first of all to protect civilians. It was a little over a year ago that Nigeria’s president, Goodluck Jonathan, who is expected to run for re-election in February, made the somewhat embarrassing admission that parts of Borno state were no longer under the government’s control. Mr Jonathan’s promise to end a “serious threat to national unity and territorial integrity” looks increasingly empty. Conditions in north-eastern Nigeria are deteriorating, soldiers are breaking ranks and an emboldened terror group is gaining momentum.
The Economist
Related stories: Another Northern Nigerian town falls to Boko Haram
Video - The state of Nigerian governance and Boko Haram
Thursday, September 4, 2014
MTN to transfer ownership of 9,000 towers in Nigeria
MTN says it has reached an agreement with IHS Holding for the transfer of its towers business, comprising of up to 9,151 of MTN’s mobile network towers in Nigeria.
The transaction is expected to reduce MTN Nigeria’s operating costs, drive network efficiencies and further expand MTN’s voice and data capacity, the operator said.
Under the terms of the transaction and subject to requisite regulatory approvals, the 9,151 towers will be transferred to a new company which will be owned jointly by MTN and IHS.
IHS will have full operational control of the underlying business.
The new towers company will market independent infrastructure sharing services to other mobile operators and Internet Service Providers (ISPs) in Nigeria.
The transaction is expected to close in Q4 2014.
Sifiso Dabengwa, Group President and CEO of MTN Group, said: “We are delighted to have entered into a further transfer transaction with IHS, in our largest African market. IHS’ deep knowledge and considerable experience in the sector will help drive efficiencies and enhance our network uptime, allowing us to concentrate on further raising our own service levels, improving the customer experience and ensuring we remain the number one operator in Nigeria.”
This is the ninth tower transaction for IHS and its fifth with MTN following the transactions in Cote d’Ivoire, Cameroon, Rwanda and Zambia that took place in 2012 and 2013. On completion of this transaction, IHS will manage over 20,000 towers in Africa.
As part of the deal, the new towers company has committed more than US$500 million of additional investment over four years into tower upgrades and a maintenance programme to improve quality of service and enhance the customer experience on the MTN Nigeria network.
In addition, further investments will be made into IHS’ centralised Network Operations Centre (NOC) in Nigeria to optimise operations and increase IHS’ market leading network uptimes of over 99%.
IHS said it anticipates creating a ‘considerable number’ of technical and engineering direct and indirect employment opportunities to be sourced locally in Nigeria.
Business Tech
Related stories: Wande Adalemo - From University drop out to Nigerian tech giant
PayPal signs "tens of thousands" in first week of launch in Nigeria
The transaction is expected to reduce MTN Nigeria’s operating costs, drive network efficiencies and further expand MTN’s voice and data capacity, the operator said.
Under the terms of the transaction and subject to requisite regulatory approvals, the 9,151 towers will be transferred to a new company which will be owned jointly by MTN and IHS.
IHS will have full operational control of the underlying business.
The new towers company will market independent infrastructure sharing services to other mobile operators and Internet Service Providers (ISPs) in Nigeria.
The transaction is expected to close in Q4 2014.
Sifiso Dabengwa, Group President and CEO of MTN Group, said: “We are delighted to have entered into a further transfer transaction with IHS, in our largest African market. IHS’ deep knowledge and considerable experience in the sector will help drive efficiencies and enhance our network uptime, allowing us to concentrate on further raising our own service levels, improving the customer experience and ensuring we remain the number one operator in Nigeria.”
This is the ninth tower transaction for IHS and its fifth with MTN following the transactions in Cote d’Ivoire, Cameroon, Rwanda and Zambia that took place in 2012 and 2013. On completion of this transaction, IHS will manage over 20,000 towers in Africa.
As part of the deal, the new towers company has committed more than US$500 million of additional investment over four years into tower upgrades and a maintenance programme to improve quality of service and enhance the customer experience on the MTN Nigeria network.
In addition, further investments will be made into IHS’ centralised Network Operations Centre (NOC) in Nigeria to optimise operations and increase IHS’ market leading network uptimes of over 99%.
IHS said it anticipates creating a ‘considerable number’ of technical and engineering direct and indirect employment opportunities to be sourced locally in Nigeria.
Business Tech
Related stories: Wande Adalemo - From University drop out to Nigerian tech giant
PayPal signs "tens of thousands" in first week of launch in Nigeria
FIFA planning on suspending Nigeria again
Nigeria have until Monday to restore to power Nigeria Football Federation (NFF) president Aminu Maigari, deposed in an election last week while he was detained by police in a second attempt to oust him from office since the World Cup.
FIFA said in a statement it had sent a letter to the NFF confirming that Nigeria will be suspended "should there still be persons claiming to have been elected to NFF positions on 26 August 2014 and occupying their offices on Monday, 8 September 2014 at 08.00 (Central European Time)".
NFF elections last week saw Chris Giwa take over as president but his election has been widely disputed within Nigerian football and rejected by FIFA.
Maigari was arrested at the same time as the poll, in an unsubtle attempt to keep him from the vote, and held by police but not questioned and later released.
The involvement of security forces led Nigerian media to speculate the giant west African country’s government were seeking to unseat Maigari but wary of FIFA’s policy of no government interference in the running of its member associations.
Maigari had also been held for a brief period after arriving home from Brazil in July following Nigeria's elimination in the World Cup last 16 when a first bid to sweep him from power was made by rivals.
A court order was obtained by a rival faction ordering an immediate election in July but world football's governing body rejected this too, suspending Nigeria for seven days before the status quo was restored.
FIFA’s latest threat means Nigeria could be stopped from playing their scheduled Nations Cup qualifier in South Africa next Wednesday which would effectively see them out of the competition and unable to defend the title they won in 2013.
They can however go ahead with the opening Group A qualifier against Congo in Calabar on Saturday.
"Should the new deadline not be respected, the NFF will be automatically suspended until the board claiming to be elected vacates the premises of the NFF and the NFF General Secretary is able to perform his work without interference," FIFA said.
"The NFF Executive Committee as it was composed on 25 August 2014, meaning under the presidency of Aminu Maigari, should then convene as soon as possible a first extraordinary general assembly to elect the members of the electoral committee and a second extraordinary general assembly in the shortest time possible allowed by law in order to proceed with the elections of new NFF office-bearers."
Reuters
Related stories: FIFA suspends Nigeria from all international football
FIFA threaten to sanction Nigeria over sacked NFF board
FIFA to lift ban on Nigeria participating in international football
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