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AfDB: US$11m Equity Investment Empowers BluePeak Private Capital Fund

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2 years ago

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The African Development Bank has taken a significant step towards fostering economic growth in Africa by committing an equity investment of US$11 million to BluePeak Private Capital Fund.

This partnership aims to support an indigenous fund manager who possesses extensive knowledge of African markets and is dedicated to investing in underserved small and mid-size companies across the continent.

African Development Bank Invests In BluePeak Private Capital Fund
The African Development Bank Group’s Board of Directors has given its seal of approval for an equity investment of US$11 million in BluePeak Private Capital Fund. This investment contributes to BluePeak’s final close target of $155 million. By facilitating the growth of mid-size firms in sectors such as pharmaceuticals, agribusiness, manufacturing, and logistics, the African Development Bank actively promotes its goal of supporting economic development in Africa.

BluePeak Private Capital Fund: Empowering Potential Market Leaders

As a premier private capital fund based in Luxembourg, BluePeak plays a pivotal role in providing growth capital to middle-sized companies with the potential to become market leaders across Africa. By focusing on expansion, recapitalization, and deleveraging, BluePeak adds value to its portfolio companies. The fund plans to make a minimum of eight investments ranging from $8 million to $25 million in well-established companies that generate steady cash flows.
Diverse Investment Opportunities: BluePeak’s Thriving Portfolio
BluePeak’s current investment pipeline encompasses a diverse range of sectors. The fund allocates 22% to agribusiness, 22% to manufacturing and packaging, 12% to pharmaceuticals, 12% to fintech and financial services, and 11% each to information technology and telecommunication, logistics, and commercial real estate. With such a broad spectrum of investments, BluePeak is poised to attract interest from other development finance institutions.
African Development Bank’s Commitment On Businesses
Walid Cherif, co-founder of BluePeak Private Capital, expressed his appreciation for the African Development Bank’s commitment, stating that it signifies confidence in their strategy of supporting impactful businesses in Africa. The financing challenges faced by SMEs in Africa due to macroeconomic setbacks necessitate filling the financing gap, a role BluePeak is determined to play.
Unveiling The Benefits: African Development Bank’s Equity Investment
The equity investment from the African Development Bank promises multiple benefits, including ensuring that the fund adheres to the highest standards. By investing in BluePeak, the bank supports an indigenous fund manager with an in-depth understanding of African markets, enabling them to invest in underserved small and mid-size companies. The fund managers have already identified investment opportunities across 15 African countries.
Driving Job Creation And Infrastructure Development
The equity investment by the African Development Bank is projected to create 1,142 full-time jobs while simultaneously supporting the construction of 6,400 telecommunication towers. Moreover, it aims to significantly increase the production of malaria drugs from 33 million units in 2022 to 75 million units in 2027. As a substantial portion of the portfolio firms operate in rural areas, this investment will also benefit women and other vulnerable members of communities, particularly in the agribusiness sector.
BluePeak Fund And The African Development Bank
The investment strategy of BluePeak Fund aligns seamlessly with the African Development Bank’s High 5 priorities. This includes industrializing Africa, improving the quality of life for its people, and working towards achieving food security across the continent.
African Development Bank’s Vision
Through the equity investment, the African Development Bank aims to contribute to Africa’s integration at both the continental and regional levels. This strategic move promotes private sector promotion and is in line with the African Development Bank’s priorities for the development of the private sector, particularly in supporting small and medium-sized enterprises. Furthermore, this investment plays a crucial role in advancing the bank’s strategy to enhance Africa’s pharmaceutical manufacturing capabilities on a continent-wide scale.

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The African Development Bank’s equity investment in BluePeak Private Capital Fund represents a significant milestone in driving economic growth and empowering African businesses. By supporting an indigenous fund manager with a deep understanding of African markets, the bank ensures that underserved small and mid-size companies receive the necessary investments to thrive. The diverse investment opportunities offered by BluePeak contribute to job creation, infrastructure development, and the overall improvement of livelihoods across the continent.
Through strategic investments in sectors such as pharmaceuticals, agribusiness, manufacturing, and logistics, the African Development Bank actively promotes its High 5 priorities, industrializing Africa, improving quality of life, and feeding the continent. This equity investment not only strengthens the private sector but also facilitates Africa’s integration at the regional and continental levels.
As the African Development Bank continues to champion economic development and sustainable growth in Africa, partnerships like the one with BluePeak Private Capital Fund pave the way for a brighter future. By maximising investments and leveraging the potential of African businesses, the bank plays a vital role in transforming the continent’s economic landscape.

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Business

Uba Sani: Least Paid Worker In Kaduna Earns N72,000

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5 days ago

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May 2, 2025

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Uba Sani, governor of Kaduna, says no worker in the state earns less than N70,000 as salary in compliance with the new minimum wage.

Sani spoke on Thursday at Murtala Square in Kaduna on occasion the Workers’ Day celebration.

The governor said the least paid worker in the state earns N72,000, noting that he believes in the dignity of labour, adding that the issue of incremental adjustment of salaries would be addressed soon.

“I have been involved in the struggle for labour rights, workers’ rights. That is my antecedent. Because of my background, I sat down with the leadership of the Nigerian Labour Congress (NLC),” Sani said.

“I made it clear to them that though we have met the minimum wage requirement but there is something called incremental adjustment which is discretionary.

“Because of my relationship with both NLC and TUC, I asked them that we should sit down and come up with a formular that will make every worker in Kaduna state happy, irrespective of his or her status and they came up with three different options.

“Today, I want to reaffirm to all of you here that by the grace of God, we will look at the incremental adjustment and ensure that even senior civil servants will benefit because we have to make our workers happy.’’

The governor added that his administration also prioritises improving the living conditions of pensioners.

He said the state government has released N3.8 billion to settle outstanding gratuities, death benefits, and accrued rights under the contributory pension scheme in April.

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“Since the inception of our administration, we have cumulatively paid the sum of N10.4 billion in gratuity, death benefits, and accrued rights in the Contributory Pension Scheme,” Sani said.

The governor said the payment of such a huge sum to pensioners is “unprecedented.”

Commenting on the ongoing industrial action by the Kaduna State University branch of the Academic Staff Union of Universities (ASUU), Sani said his administration has done everything to reposition the school.

According to him, more than 60 percent of the courses were not accredited when he assumed office, but his administration spent over N300 million to secure National Universities Commission (NUC) accreditation.

The governor said the striking lecturers’ demands had accumulated over 17 years, with about three of his predecessors unable to settle the liabilities, which now total between N5 billion and N6 billion.

“In spite of this, the lecturers want us to settle these liabilities now, and I said no. I said that we have to sit down and have a dialogue. I then asked them, where were their voices in the last 17 years?” he said.

He promised that the problem would be addressed owing to the importance of education, which he described as the “greatest leveller”.

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PETROAN Asks FG To Prioritise Welfare Of Oil, Gas Workers

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5 days ago

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May 2, 2025

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The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has asked the government to prioritise the welfare of oil workers, given the hazardous nature of their work.

In a statement on Thursday, Billy Gillis-Harry, PETROAN’s president, hailed oil and gas workers across the country on Workers’ Day.

According to Joseph Obele, PETROAN’s spokesperson, Gillis-Harry, while addressing journalists in Abuja, appealed to the government and stakeholders in the industry to improve welfare packages and expand health insurance for oil workers.

“Studies have shown that workers in areas where gas flaring is prevalent are at high risk of several health challenges, which can affect them physically, mentally and even increase cancer risks,” Gillis-Harry was quoted as saying.

The association said gas flaring remains a serious problem in Nigeria’s energy industry, exposing workers and nearby communities to harmful health and environmental effects.

The group said the impact of gas flaring highlights the urgent need for better health protection and general welfare for those working in the sector.

According to the statement, Gillis-Harry urged regulatory bodies to strictly enforce existing laws aimed at stopping gas flaring in the country.

“It’s imperative that we prioritise the health and well-being of our workers and protect the environment from the harmful effects of gas flaring,” the president said.

The spokesperson said PETROAN believes ending gas flaring would reduce its harmful impact on workers and host communities and help build a more responsible oil and gas industry.

Obele said PETROAN commended governors who have started paying the new minimum wage, especially those paying above the set rate.

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“Billy Gillis-Harry called on governors who are yet to comply to do so in the shortest possible time, emphasising the need for workers to receive fair compensation for their labour,” he said.

He said the association also reaffirmed its commitment to collaborating with stakeholders to support oil and gas workers and ensure safe and healthy working environments.

Obele said PETROAN is of the view that better welfare and an end to gas flaring would boost productivity, reduce accidents, and raise performance across the industry.

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MTN Nigeria posts N1trn revenue surge

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1 week ago

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April 30, 2025

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MTN Nigeria Communications Plc generated N1.0 trillion in service revenue in the first quarter of 2025.

This marks a 40.5 per cent increase from the N752.99 billion earned in Q1 2024.

The company confirmed this in a corporate filing with the Nigerian Exchange Ltd. on Tuesday.

Profit after tax dropped by 134 per cent, falling to N133.7 billion from N392.7 billion in the same period of 2024.

Its total subscriber base grew by 8.2 per cent to 84.1 million, with 3.2 million new additions in Q1 2025.

Active data users rose by 13 per cent to 50.3 million, following the addition of 2.6 million users.

EBITDA climbed 65.9 per cent to N492.7 billion, while EBITDA margin improved by 7.2 percentage points to 46.6 per cent.

The company recorded free cash flow of N209.9 billion and earnings per share stood at N6.38.

MTN Nigeria CEO, Karl Toriola, expressed satisfaction with the Q1 2025 results, citing strong strategic execution and resilient service demand.

He said momentum from Q4 2024 had helped put the firm on track to restore profitability and achieve a positive net asset position.

He added that regulatory approval for price adjustments was essential to sustain investment and maintain service quality.

This approval enabled N202.4 billion in capital expenditure, up 159 per cent, aimed at expanding capacity and enhancing user experience.

Toriola said the 40.5 per cent growth in service revenue underscored strong demand and commercial discipline.

He noted that Q1 results do not yet reflect the full impact of price changes made late in the quarter. (NAN)

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