The UK’s development finance arm, CDC Group, may invest more than $1 billion in Nigeria over the next four years as the government looks to increase business ties with Africa after it leaves the European Union in March.
CDC, which has investments ranging from listed Nigerian banks to an Ethiopian wine maker and a bakery in Zimbabwe, aims to put as much as $4.5 billion into the continent in that time, which would almost triple its existing African portfolio of roughly $2.6 billion.
“A reasonable figure for Nigeria, given the size of its economy, would be about $1.2 billion,” Nicholas O’Donohoe, CDC’s chief executive, said in Lagos, the nation’s commercial capital.
CDC will also open offices in Lagos and Nairobi, Kenya’s capital, adding to one it has in Johannesburg. The Nigerian office will open early next year and have around 10 people, Mr O’Donohoe said.
The group has been active in Nigeria, where it has $400 million of investments, for 70 years. It injects money into companies directly as equity or debt, or through private-equity funds. This year it loaned $100 million to the Nigerian unit of Indorama, which is building a fertiliser factory in the south of the country. It also committed $25m to Synergy, a local private-equity firm focused on small businesses in West Africa.
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UK Prime Minister Theresa May visited South Africa, Nigeria and Kenya earlier this year, saying she wanted the country to become the G7’s biggest investor on the continent by 2022.
Mr O’Donohoe said CDC, which has stakes in Nigerian lenders including Diamond Bank, Guaranty Trust Bank and Zenith Bank, will probably invest more in the banking sector.
“If you look at the larger banks, there’s a strong case that they’re through the worst,” he said. “It’s more problematic when you look elsewhere.”
CDC is working with the administrators of Kenya’s ARM Cement, part-owned by CDC and which has been exploring a sale since last year to help manage its debts.
Mr O’Donohoe said he doesn’t know if Nigerian billionaire Aliko Dangote is mulling buying the company.
“We’re in the risk-taking business and that one did not work out well,” he said. “But it’s an attractive asset.”
CDC will still look to invest more in Kenya and other East African countries, including Ethiopia, said Tenbite Ermias, the group's head of Africa.
“Ethiopia could be a big opportunity,” he said. “It depends on how the economy and politics progress.”
The Brutalist
Director: Brady Corbet
Stars: Adrien Brody, Felicity Jones, Guy Pearce, Joe Alwyn
Rating: 3.5/5
COMPANY PROFILE
Name: Lamsa
Founder: Badr Ward
Launched: 2014
Employees: 60
Based: Abu Dhabi
Sector: EdTech
Funding to date: $15 million
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
THE LIGHT
Director: Tom Tykwer
Starring: Tala Al Deen, Nicolette Krebitz, Lars Eidinger
Rating: 3/5
COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
UAE currency: the story behind the money in your pockets
The Sand Castle
Director: Matty Brown
Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea
Rating: 2.5/5
INDIA'S%20TOP%20INFLUENCERS
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The%C2%A0specs%20
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How to avoid crypto fraud
- Use unique usernames and passwords while enabling multi-factor authentication.
- Use an offline private key, a physical device that requires manual activation, whenever you access your wallet.
- Avoid suspicious social media ads promoting fraudulent schemes.
- Only invest in crypto projects that you fully understand.
- Critically assess whether a project’s promises or returns seem too good to be true.
- Only use reputable platforms that have a track record of strong regulatory compliance.
- Store funds in hardware wallets as opposed to online exchanges.
Mia Man’s tips for fermentation
- Start with a simple recipe such as yogurt or sauerkraut
- Keep your hands and kitchen tools clean. Sanitize knives, cutting boards, tongs and storage jars with boiling water before you start.
- Mold is bad: the colour pink is a sign of mold. If yogurt turns pink as it ferments, you need to discard it and start again. For kraut, if you remove the top leaves and see any sign of mold, you should discard the batch.
- Always use clean, closed, airtight lids and containers such as mason jars when fermenting yogurt and kraut. Keep the lid closed to prevent insects and contaminants from getting in.
COMPANY%20PROFILE
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The biog
Favourite films: Casablanca and Lawrence of Arabia
Favourite books: Start with Why by Simon Sinek and Good to be Great by Jim Collins
Favourite dish: Grilled fish
Inspiration: Sheikh Zayed's visionary leadership taught me to embrace new challenges.
The specs: McLaren 600LT
Price, base: Dh914,000
Engine: 3.8-litre twin-turbo V8
Transmission: Seven-speed automatic
Power: 600hp @ 7,500rpm
Torque: 620Nm @ 5,500rpm
Fuel economy 12.2.L / 100km
AGL AWARDS
Golden Ball - best Emirati player: Khalfan Mubarak (Al Jazira)
Golden Ball - best foreign player: Igor Coronado (Sharjah)
Golden Glove - best goalkeeper: Adel Al Hosani (Sharjah)
Best Coach - the leader: Abdulaziz Al Anbari (Sharjah)
Fans' Player of the Year: Driss Fetouhi (Dibba)
Golden Boy - best young player: Ali Saleh (Al Wasl)
Best Fans of the Year: Sharjah
Goal of the Year: Michael Ortega (Baniyas)
