Lagos Governor Seeks More Foreign Investment in Auto, Real Estate, Tech

Gov Babajide Sanwolu & Jung Won Ju

BusinessAfrica – Lagos State Governor Babajide Sanwo-Olu said he wants to attract more foreign investment in the sectors of automobile, real estate and technology, as he met with the management of Daewoo Engineering and Construction Nigeria Ltd. on Monday.

Sanwo-Olu said his administration is committed to creating an enabling environment for businesses and investors, and that Lagos is open for new opportunities. He urged the South Korean company, which has been operating in Nigeria for over 40 years, to take its relationship with the state to another level.

“Let it be a visit of commitment and real partnership. Let it be a visit where there will be real transactions on the table that both of us can take away,” he said at the Lagos House in Ikeja, according to a statement from his office.

Daewoo Group Chairman Jung Won Ju said the company plans to invest in housing, real estate and infrastructure in Nigeria, and that Lagos has been identified as one of the major investment areas because of its economic status. He said the company will make that commitment in a short time.

Lagos is Nigeria’s commercial hub and the most populous city in Africa, with an estimated population of over 20 million people. The state government has been implementing various projects and policies to improve the infrastructure, security and business climate in the city.

Vista Group Acquires Oragroup With $140 Million Financing From Afreximbank

Simon Tiemtore pose with Anayo Awani

Vista Group, a pan-African financial services company, has announced the acquisition of Oragroup, a West African banking group, with a $140 million financing from the African Export-Import Bank (Afreximbank). The deal, which was signed at the Intra-African Trade Fair 2023 in Cairo, Egypt, is expected to reshape the continent’s financial landscape and create a leading regional banking institution.

Oragroup operates in 12 countries across four regions in West and Central Africa, with 156 branches and more than 2,000 employees. The group has a total balance sheet of $2.8 billion and a net banking income of $249 million as of December 2020. The acquisition will enable Vista Group to expand its footprint and offer a wider range of products and services to its customers.

"Mr. Tiemtore acknowledged  that the acquisition is a game-changing endeavor that will create value for all stakeholders, and that Vista Group is grateful to Afreximbank for its trust and partnership"

Afreximbank, the sole lender in this transaction, is providing a $140 million term sheet under its intra-Africa investment finance facility, which aims to support cross-border investments and trade within Africa. The facility is part of Afreximbank’s strategy to promote intra-African trade and regional integration, as well as to foster economic diversification and industrialization.

The agreement was signed by Mrs. Kanayo Awani, Executive Vice President of Intra-African Trade Bank at Afreximbank, and Mr. Simon Tiemtore, Chairman and CEO of Lilium Capital and Group Chairman of Vista Bank Group. 

According to words from the representative of the Afreximbank, the deal aligns with the institution's vision for inorganic growth through mergers and acquisitions, and the bank is proud to support Vista Group’s ambition to become a tier one banking player in Sub-Saharan Africa. Mr. Tiemtore acknowledged  that the acquisition is a game-changing endeavor that will create value for all stakeholders, and that Vista Group is grateful to Afreximbank for its trust and partnership.