stake

Visa To Acquire Stake In Nigeria’s Interswitch

November 12, 2019 7:51 am

Visa Inc plans to acquire a “significant minority” stake in payments platform Interswitch, the Nigeria-based company said on Tuesday.

Interswitch did not provide financial details in its statement.

Read Also: Global Investors Mull $67b Projects For Africa In 2020

The acquisition, which Sky News reported on Sunday as being a 20 per cent stake for 200 million dollars, would give the company a valuation of one billion dollars — putting it in the tech-world “unicorn” status for companies that have a billion-dollar valuation.

(Reuters/NAN)…

Total Plans To Sell Stake In Nigerian Oil Block

November 7, 2019 7:07 am

French oil major, Total is seeking to sell its 12.5 percent stake in the giant Bonga deepwater oilfield off the coast of Nigeria, in an effort to adjust the energy company’s Africa portfolio amid a broad expansion.

Reuters quoted banking and industry sources as saying that the stake in Oil Mining Lease (OML) 118, which is located some 120 kilometres (75 miles) off the Niger Delta, is valued at up to $750 million.

Investment bank, Rothschild, is said to be running the sale process for the oil major.
Rothschild and a spokeswoman for Total declined to comment.

OML 118 is …