With a gross domestic growth (GDP) of 0.55% in the second quarter of 2017, Nigeria exited its first economic recession in over 20 years. To know how we managed to get out of the doldrums of economic comatose, the National Bureau of Statistics, (NBS), said in its report that the […]
One of Nigeria’s tier two lender, Diamond Bank, has secured a national banking license from the Central Bank of Nigeria, CBN. This means Diamond Bank has downgraded its operation from an international bank to a national bank. Diamond Bank has been in the eyes of the storm after its capital […]
Qatar said it will be quitting the Organization of Petroleum Exporting Countries (OPEC) by January 2019. The planned withdrawal is a sign that its row with Saudi Arabia and other Gulf countries has further escalated. OPEC is a group consisting of 12 of the world’s major oil-exporting nations. OPEC was […]
Global private equity giant, KKR today announced a newly promoted group of 18 Managing Directors, effective January 1, 2019. “We are thrilled to congratulate an exceptional group of senior leaders on this milestone and thank each of them for their significant contributions to maintaining our firm’s culture, integrity and success,” […]
Rio Tinto is to develop its most technologically advanced mine following the full approval of a $2.6 billion investment in the Koodaideri iron ore mine in Western Australia. Koodaideri will deliver a new production hub for Rio Tinto’s world-class iron ore business in the Pilbara, incorporating a processing plant and […]
Qualcomm Incorporated has announced the launch of Qualcomm Ventures AI Fund to invest up to an aggregate of $100 million in startups transforming artificial intelligence. The fund will focus on startups that share the vision of on-device AI becoming more powerful and widespread, with an emphasis on those developing new […]
Japan Tobacco Inc., said it has completed the acquisition of the tobacco business of the Akij Group. It would be recalled that the agreement to acquire the business was announced in a press release on August 6, 2018. The acquisition of Akij’s tobacco business enables the JT Group to become […]
Rio Tinto has appointed Simon McKeon AO as an independent non-executive director. Mr McKeon, an Australian citizen, will join the board on 1 January 2019. Mr McKeon brings a wealth of experience gained from various leadership positions across financial services, legal, charity and government sectors. After qualifying as a solicitor, […]
Onex Corporation said it has completed the acquisition of KidsFoundation Holdings B.V. KidsFoundation is the largest childcare provider in the Netherlands. In total, the Onex Partners Group invested approximately $172 million, which includes capital from both Onex Partners IV and V. Onex’ portion of the investment was $48 million as […]
Global private equity firm, Actis, said it has acquired Nigeria’s Four Points by Sheraton located in Victoria Island in Lagos, Nigeria. Actis said in a statement that it acquired the business alongside Westmont Hospitality Group. Actis said it will alongside Westmont acquire hospitality assets in major cities across sub-Saharan Africa. […]