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N32bn debt: Court orders AMCON to take over properties of Hometrust’s boss

A Federal High Court in Lagos, Southwest Nigeria has granted an order of possession of seven choice properties scattered across Lagos Island belonging to a Lagos businessman, Samuel Ademosun and his wife, Toluleke Ademosun to Asset Corporation of Nigeria, AMCON pending the hearing and determination of the debt recovery suit filed against them by AMCON.


MainOne expands Data Center Footprint in Ghana

MainOne ( www.MainOne.net ) has announced the expansion of its data center brand, MDXi ( www.MDX-i.com ), into Accra Ghana, in line with its ongoing West African expansion plans. The company’s MDXi subsidiary, the largest commercial data center services provider in West Africa, is extending its imprint into Ghana with the new facility to expand […]


CityBlue Hotels Grows Regional Footprint (By Karanja Nzisa)

From humble beginnings in Rwanda in 2013, CityBlue Hotels’ (https://www.CityBlueHotels.com/) regional footprint has grown steadily to include, Kenya, Uganda, Zambia and now, Tanzania where the group is set to open its doors for the first time with 65 sophisticated bedrooms in March 2020 bringing the group’s total room inventory to 288.


Reps begin probe of AMCON N5.4 trillion debt portfolio

The House of Representatives has mandated it the Committee on Banking and Currency to investigate the debt portfolio of N5.4 trillion to AMCON and the alleged unwillingness of some of the debtors to pay.


Africa hotel RevPAR on the rise for 87th consecutive month

The revenue per available room (RevPAR) for Africa’s hotel supply has been on the rise for the 87th consecutive month, STR’s director Thomas Emanuel said at the Africa Hotel Investment Forum (AHIF).


How Ogun can remain Nigeria’s industrial hub, by manufacturers

To retain its reputation as the country’s industrial hub, after displacing Lagos State, local manufacturers have urged the Ogun State government to craft an industrial policy that deliberately establishes a strategic nexus between its infrastructure development and the attraction and expansion of industries in the state.


‘Nigeria’s Housing Needs May Rise To 20m By 2025’

The Chief Executive Officer (CEO) of Dradrock Estate Company, Mr Oladipo Idowu- Agida, has advocated an all-inclusive innovation in tackling the housing deficits in the country, saying Nigeria’s housing needs may rise to 20 million by 2025. Idowu- Agida also called for deployment of cutting edge innovation and technology to accelerate quality service delivery through […]


Cameroon: Onomo opens a 3-star hotel in Douala

On September 20, 2019, the hotel group Onomo announced it has opened a 3-star hotel in Douala, Cameroon. “With an investment of XAF15 billion, Onomo Hotel Douala is the first of a series of hotels planned to be opened by 2020,” the group indicated. Built over a 600 m2 land, Onomo Hotel Douala has 152 […]


Marriott International: “Africa is a land of opportunity”

“Africa is a land of opportunity with untapped potential and remains core to our strategy,” said Alex Kyriakidis, president and managing director, Middle East & Africa, Marriott International. “The economic growth of the region is witnessing, along with the substantial emphasis countries across the continent are placing on the travel and tourism sector, present us […]


Tempered outlook for property sector as season’s reports disappoint

Only two of the 17 property companies that released financial results in the latest reporting period outperformed their dividend expectations. Some were in line with their market forecasts but most underdelivered.


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