Nigeria-based energy firm Oando Plc said it closed $1.63 billion to purchase the assets of US-based firm ConocoPhillips in the country, in a bid to become the top producer for the biggest oil exporter of Africa.
Tags: Africa
Microsoft 4Afrika selects five African startups for innovation grant
US tech giant Microsoft selected five African tech startups to receive innovation grants, technical support, and mentorship from Microsoft under its venture arm extension, the Microsoft 4Afrika Initiative.
Vasari chief grabs majority stake in South African spirits firm TNB
Former Whyte & Mackay chief Vivian Imerman grabbed a majority stake in South Africa-based spirits firm TNB through his own company Vasari for an undisclosed sum to expand his portfolio of liquors and spirits.
African mineral exploration poised to drop amid lack of funding sources
African mineral exploration activity is poised to drop by 15% to 20% in 2014 as sources of funding have dried up due to difficult economic problems, according to David Cox, senior sales executive of SNL Metals Economic Group.
General Electric Co CEO Jeffrey Immelt asks private investors for more investment in African healthcare
General Electric Co Chief Executive Officer Jeffrey Immelt has asked private investors to pour more funds in African nations where government-run services have been strained, Bloomberg reported.
Latest News
British biotechnology startup QuantuMDx turned to crowdfunding platform Indiegogo to raise funds for the development and commercialization of a hand-held device that can diagnose malaria rapidly.
Dubai-based construction company Arabtec Holding had no plans to up its stake in interior contracting firm Depa, according to a statement made by Arabtec to Dubai's bourse.
Aliko Dangote, Africa's richest man with about $22 billion net worth, is set to spend $9 billion to build the largest privately-owned oil refinery in Nigeria.
Aliko Dangote, the richest man in Africa and Chief Executive of Nigerian company Dangote Group, plans to invest around $16 billion in cement, agriculture, and petrochemicals project in 18 countries over the next four years.
UK-based investment fund Pearson Affordable Learning Fund has backed Delhi-based education startup Avanti Learning Centres to develop a system that will help students from low-income families prepare for college entrance tests.
Protea Group has invested NGN11.13 billion (over USD70 million) for the development of more hotel brands in Nigeria, according to the group's chief executive officer.
Africa-focused private equity (PE) fundraisers have secured more than USD2 billion from January to September, according to Private Equity Africa, a publication for fund managers and investors.
Switzerland-based Trafigura Beheer BV had put up for sale its stake in Puma Energy for USD500 million. Trafigura sold a part of its interest in the African unit to Angola's Sonangol Corporation and Cochan Ltd.
US-based private equity fund Exhilway Global has closed USD200 million for its mines and minerals private equity fund that will operate in Indonesia, Turkey, and Kazakhstan.
