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.

GERMAN-NIGERIAN BUSINESS CONFERENCE: How Nigeria And Germany Are Partnering For A Better Future

Monday, October 30, 2023, Lagos Continental Hotel hosted the German-Nigerian Business Conference 2023, a landmark event that brought together leaders and stakeholders from both countries to explore new opportunities for collaboration and transformation. The conference, which marked the 10th anniversary of the German-Nigerian Business Forum, was organized by the Nigerian-German Chamber of Commerce and featured keynote speeches as well as panel discussions, business meetings, and networking sessions.

The conference aimed to create partnerships for a transformative change in various sectors such as energy, agriculture, health, digitalization, and infrastructure. Nigeria, Africa’s largest economy and most populous country, has been undergoing a process of economic diversification and reform, while Germany, Europe’s largest economy and a global leader in innovation and technology, has been expanding its presence and engagement in Africa.

Chancellor Scholz praised Nigeria as a strategic partner for Germany in Africa and expressed his commitment to support Nigeria’s economic development and diversification. He also announced a new initiative to provide 100 million euros for renewable energy projects in Nigeria, which would help the country address its power challenges and transition to a low-carbon economy.

Chancellor Scholz

Also, Governor Babajide  Sanwo-Olu, represented by the Deputy Gov, Obafemi Hamzat, used the opportunity to showcase the opportunities and potentials of Lagos as the economic hub of Nigeria and West Africa. He also outlined his administration’s vision and plans to make Lagos a smart city that is sustainable, inclusive, and innovative. 

"He invited German businesses to partner with Lagos in achieving its goals. He said that Lagos was open for business and ready to offer a conducive environment for investors"

The conference also witnessed the signing of several memoranda of understanding (MoUs) and agreements between Nigerian and German companies and institutions in various fields such as renewable energy, health care, agriculture, digitalization, and vocational training. These agreements reflected the mutual interest and commitment of both countries to work together for a better future.

Nigerian Billionaire Femi Otedola Takes Over As Vice Chancellor Of Augustine University, Gives N750 Million To Students

Femi Otedola

Femi Otedola, one of Nigeria’s richest men and a leading philanthropist, has assumed the role of Vice Chancellor of Augustine University, a private Cathotlic institution in Lagos State. The inauguration ceremony took place on Thursday, October 26th, 2023, and was graced by prominent figures from the religious, political, and business sectors.

Otedola, who has a net worth of $1.8 billion according to Forbes, is the former chairman of Forte Oil PLC, a major petroleum marketing company, and the founder of Zenon Petroleum and Gas Ltd, a leading supplier of diesel and kerosene in Nigeria. He is also the father of popular Nigerian singer and DJ, Florence Otedola, better known as DJ Cuppy.

Otedola said he was honored and humbled by the opportunity to serve as the Vice Chancellor of Augustine University, and vowed to uphold the high standards of Catholic education in Nigeria. He said he would work with the faculty, staff, and students to achieve academic excellence, moral integrity, and social responsibility. He also praised the vision and mission of the university, which aims to prepare students for leadership and enterprise in a competitive and dynamic world .

As a gesture of his goodwill and generosity, Otedola announced that he would donate N750 million ($1.9 million) to all the students of the university as a financial aid to cope with the economic challenges facing Nigeria. He said each of the 750 students currently enrolled in the university would receive N1 million ($2,500) each from his personal funds. He urged the students to use the money wisely and to pursue their dreams with passion and dedication .

The students and staff of Augustine University were overjoyed by Otedola’s donation and thanked him for his kindness and vision. They also pledged to work hard and make him proud as the new Vice Chancellor .

Augustine University is located in Ilara, a town in Epe local government area of Lagos State. It was established by the Catholic Archdiocese of Lagos in 2015 with the approval of the National Universities Commission (NUC). It offers various undergraduate and postgraduate programmes in arts, sciences, social sciences, management, and education .

IFEOMA CLYOPATRA ONYIA: THE SAVOUR OF FINE WINE

CEO Clyopatra Winery and Vineyard in Maryland, Speak on the Exciting Journey of Being the First African Winery Owner in the USA.

Launching an exquisite line of premium wine, this Month of October, Ifeoma Clyopatra Onyia is making history as the first African Winery and Vineyard business owner operating in the United State of America. Aside this lofty title, the boss of Clyopatra Winery and Vineyard in Maryland, understands wine, and When she talks wine, she brings them alive in such passionate ascriptions that that you can feel their taste and deep romantic scent.

Maybe her successful career in the world of fashion designing speaks a tone for her creative mind, but for her and wine, the tale is more like a spiritual connection. It is an odyssey of attraction dating back to her simple roots in Udi - a village in eastern Nigeria well known for producing the best of palm wine, then to the exquisite wineries across Italy and the United States of America, and now, it's all come together into one huge ball of wine-adventures.

 In this exclusive cover story Interview with Business Africa, she talks of the different shades of her wine in the most romantic tongue, bringing you closer to the wow experience that will define your first sip.

How did you get started on this brave Journey?

It all started with my gazillion questions to my Dad about Wine, how they are made and the difference between the Grape wine and the Palm wine, coming from Udi in Enugu Local Government Nigeria, where our natural resource is Palm Wine...

Interviewed by Abayomi Ojo-Daniel For Business Africa Magazine.

Download Free eCopy here: https://drive.google.com/file/d/19MqjUodFEoLT0NkBwch45ioswzLLuTTJ/view?usp=drivesdk