Interview | - Part 9

In Nigerian `Cash-and-Carry’ Politics, Ambition Is Constant

LAGOS (Capital Markets in Africa) – At recent rallies of Nigeria’s ruling All Progressives Congress for next year’s general elections, the list of speakers is often dominated by former members of the opposition People’s Democratic Party who switched sides. Former ministers, two-term governors and other senior officials who served with the PDP during its 16-year rule take turns to denounce the “corruption and waste” of their erstwhile party while touting the virtues of President Muhammadu…

Africa Prefers Fair Trade to Marshall Plans – Nigerian VP Osinbajo

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DAVOS, Switzerland, January 25, 2018/ — Remarks by His Excellency, Prof. Yemi Osinbajo, SAN, GCON, The Vice President of The Federal Republic of Nigeria, at an Interactive Session Titled “Stabilizing The Mediterranean” at the World Economic Forum in Davos, Switzerland, on Wednesday, 24 January, 2018: Q: How realistic is Africa replacing China as the factory of the world, how realistic is that? How do you look at the Marshall plan for Africa, is it something…

Buffett Elevates Abel or Jain as Likely Successor With New Roles

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LAGOS (Capital Markets in Africa) – Warren Buffett finally confirmed what many investors have already guessed about who will succeed him as chief executive officer of Berkshire Hathaway Inc., the sprawling conglomerate he’s built over the past five decades. In naming two senior executives — Ajit Jain and Greg Abel — to the company’s board and giving them each responsibility for large swaths of Berkshire’s businesses, he positioned one of the two men to probably be his replacement. “It’s part…

Billionaire Wiese’s Hold on Steinhoff Weakens Amid Scandal

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JOHANNESBURG (Capital Markets in Africa) – Christo Wiese’s grip on his global furniture retailing empire is slipping after the South African billionaire resigned from the board of troubled Steinhoff International Holdings NV and creditors forced a sale of part of his stake. Wiese stepped down from his role as chairman to resolve questions over any conflict of interest as the owner of Mattress Firm in the U.S. and Conforama in France fights for survival amid a deepening accounting…

How Mugabe Lost His Grip on Power in Zimbabwe

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HARARE (Capital Markets in Africa) – Zimbabwean President Robert Mugabe’s 37-year monopoly on power has come to an abrupt end. The military seized power and detained Mugabe following a week of confrontation with his government. While the army generals say they aren’t staging a coup or targeting the 93-year-old president, it’s clear they are calling the shots for now in the impoverished southern African nation. 1. What sparked the crisis? It’s all about who will succeed…

Aliko Dangote – Richest Man in Africa to Invest Abroad After $10 Billion Oil Bet

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LAGOS (Capital Markets in Africa) – “Nothing is impossible.” These three words are on a plaque that Aliko Dangote keeps on his office desk in Lagos, Nigeria, constantly reminding Africa’s richest man how to approach the world. Dangote, who was worth $12.3 billion as of mid-August, according to the Bloomberg Billionaires Index, is modest in his personal life but bold in business.Presiding over an empire that includes cement, freight, infrastructure, agriculture, and—soon—oil refining, Dangote, 60, possesses a…

African Reinsurance Sector: Weathering the Storm

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EXCLUSIVE INTERVIEW with Mr. Corneille Karekezi, Group Managing Director/Chief Executive of African Reinsurance Corporation. He talks to Capital Markets in Africa about challenges and opportunities in African Insurance and Reinsurance markets. How is the reinsurance sector coping with the current macroeconomic uncertainty, where currency volatility and the commodity slump coupled with terrorism and political instability have put pressure on economies in Africa? CORNEILLE KAREKEZI: The recent slump in commodity prices coupled with the attending depreciation of most currencies…

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