Zenith Bank

Ethiopia
Ecobank wary of entering market due to current regulations

Ethiopia could be part of the pan-African bank's East Africa expansion strategy. However, a number of restrictions around opening the country's banking sector to foreign competition are holding back investment projects.

Nigeria
Nestoil faces legal challenge from the NNPC

Pushed to the brink by debt, the junior oil company owned by Ernest Azudialu-Obiejesi and Nnenna Obiejesi has been ordered to pay compensation to the NNPC for an unfinished pipeline project. Although it has managed to have the fine reduced, the state-owned oil company has already launched a counter-attack.

Nigeria
Bola Tinubu sidelines finance minister

Despite being a staunch supporter, Wale Edun has seen his relationship with the president sour to the point where he has been stripped of some of his powers. This situation has benefited the minister of state, Doris Uzoka-Anite.

Palace Intrigues
Ousmane Sonko, Tony Elumelu, Alassane Ouattara

Intrigues big and small... Every Thursday, Africa Intelligence takes a peek into the corridors of power in Africa and beyond.

SenegalSonko's wife Anna Diamanka pays incognito visit to Paris

NigeriaUBA boss Tony Elumelu's evening at Palais Garnier cancelled

Ivory CoastAlassane Ouattara's private trip to France

Cameroon
Coris Bank in lead to buy local Société Générale

The government and the bank's Paris head office have agreed on a potential buyer for the subsidiary, which is the second-largest bank in the country.

Nigeria
Nigerian billionaires prepare for Paris meeting with French President

The France-Nigeria Business Council met on 15 October at the French embassy in Abuja and is now preparing its next trip to Paris, which will take place in parallel with President Bola Ahmed Tinubu’s official visit to Paris before the end of November.

Cameroon
BGFI and Zenith Bank both in running to buy Société Générale's local subsidiary

Banque Gabonaise et Française Internationale and Nigeria's Zenith Bank have both expressed an interest in acquiring Société Générale's Cameroon subsidiary.

Nigeria
Macron invites four Nigerian billionaires to Choose France summit

President Emmanuel Macron has invited four Nigerian billionaires to next week’s annual Choose France summit aimed at boosting international investment in the country.

Nigeria
Billionaire Jim Ovia brings his Zenith Bank to Paris

Nigeria's Zenith Bank has yet to obtain its official operating licence in France but its boss, billionaire Jim Ovia, seems to have no doubt that its application will be approved He has already signed a lease for the bank's new offices.

Nigeria
France-Nigeria Business Council reorganises following chairman's death

Banker Aigboje Aig-Imoukhuede will temporarily lead the council pending the election of a new chairman in May. He was close to its former head Herbert Wigwe, who died earlier this month.

Palace Intrigues
Félix Tshisekedi, David Cameron, Faure Gnassingbé, Alassane Ouattara, Guillaume Soro

Intrigues big and small... Every Thursday, Africa Intelligence takes a peek into the corridors of power in Africa and beyond.

DRCWill Cameron get through to Tshisekedi?

Ivory Coast/TogoOuattara and Gnassingbé's discreet tête-à-tête in Riyadh

NigeriaOlivier Becht keeps billionaire company in Lagos

Ivory CoastExiled opposition figure Guillaume Soro back in Africa

The New Guard
Ivory Coast, Tanzania, Egypt, Nigeria

Every Wednesday, Africa Intelligence spotlights a new generation of movers and shakers in business and politics.

Ivory Coast Régis Bamba, the e-banking whizzkid with big plans

Tanzania Bravious Kahyoza, outspoken rising economist star

Egypt Ahmed Tantawi's bold but implausible presidential bid

Nigeria Rabiu Olowo, finance guru

Nigeria
Paris becomes battleground for rival Nigerian bankers

Nigerian banks keen to expand their footprint in West Africa have set their sights on the French capital, given its financial ties with the region. Paris is turning into a competitive scene for Lagos executives.

Nigeria
AFC, Ecobank and Shell pursue Aiteo over OML 29 debts

Aiteo is still trying to escape proceedings launched against it by its creditors, who want repayment of a $2bn loan used to purchase of Shell's 40% stake in Nigeria's OML 29 oil block. Aiteo has however suffered a setback in a UK high court.

Nigeria
AFC, Ecobank and Shell loan for OML 29, a $2bn thorn in Aiteo's side

The Nigerian billionaire Benedict Peters' Aiteo is being hounded by its creditors wanting payment on a massive loan it took out in 2014 to purchase OML 29. All attempts at an amicable settlement have failed after many lengthy delays, mostly due to the pandemic.

Angola
Mired in crisis, Luanda turns to the AFC

Hard-hit by the continuing fall in oil prices that began at the start of the year, Angola is very keen to join the Africa Finance Corp, the pan-African multilateral banking institution based in Nigeria.

Nigeria
Could Bumi recover its dues through Erin's oil?

The American courts have rekindled the Malaysian junior's hope of obtaining its claim for several million dollars from its former partner.

Nigeria
Erin Energy crosses swords with lenders

Severely cash-stripped, Erin Energy is pushing to use its creditors' cash collateral.