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Trajectories — Portrait No. 10 At end-June 2025, Nedbank carried its 21.2% of Ecobank Transnational at R1.8bn against a market value of R1.9bn. It sold the block four months later...
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The Clause Nobody Else Writes

Trajectories — Portrait No. 9 Africa holds roughly 15% of the world’s people and attracts about 1% of global venture funding. Within that 1%, four anglophone markets — Nigeria, Kenya,...
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$2.5 Billion Borrowed, $27 Million Invested: CEMAC’s Capital Problem Goes to London

In seven months, three CEMAC sovereigns raised roughly $2.52 billion on international bond markets at coupons between 8.9% and 9.5%. In the whole of 2025, Central African companies attracted $27...
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The Pity Product

Trajectories — Portrait No. 8 In 2013, Fast Company appended an editor’s note to its profile of Bethlehem Tilahun Alemu. It removed a claim that soleRebels was the world’s only...
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Removed Twice by the Same Regulator

Trajectories — Portrait No. 7 A tenure cap moves a person. It does not necessarily move power. On 21 August, Nigeria’s twelve-year limit on non-executive directors ends Tony Elumelu’s chairmanship...
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Two Funds for Eleven Countries: The Arithmetic of Central Africa’s Missing Film Industry

A Franco-Congolese actress trained in Paris, directed by France’s leading stage and screen names, has worked for a Central African production exactly once — on a self-financed film whose technical...
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Where the Rules Get Written

Trajectories — Portrait No. 6 Every Cameroonian exporter who negotiates a letter of credit, writes “FOB Douala” into a contract, or signs an arbitration clause is applying rules drafted by...
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Three Years of Web Design

Trajectories — Portrait No. 5 Africa’s largest technology exit is usually reported as $682m. The figure adds a payment that was made to one that may never be, and excludes...
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The Man Who Bought Gatwick

Trajectories — Portrait No. 4 Infrastructure is a rent asset. Airports, ports and power grids earn their returns from the absence of a substitute, not from competitive advantage — which...
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The Financier Who Chose the Factory

Trajectories — Portrait No. 3 Central African economies pay better for trading than for making. Importing a container requires working capital and a licence; building the factory requires energy, a...
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The $6.4bn Bet That Came Undone

Trajectories — Portrait No. 2 Ursula Burns took over a company whose product was being erased by the internet, and spent $6.4bn — the largest acquisition in Xerox’s history —...
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Suing for a Dial Tone

Trajectories — Portrait No. 1 Strive Masiyiwa spent five years and most of his money in court, arguing that Zimbabwe’s telephone monopoly was an assault on free speech. He won,...
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Narrative Doesn’t Fund Anything Any More: What LPs Actually Want from African Managers

The money hasn’t left Africa. It has simply become much harder to convince. Institutional investors are no longer asking whether the continent holds promise; they want to know how that...
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Twenty-four markets, one integration: Tola Mobile’s bet on African payments

A payments stack that clears transactions in Lagos will not necessarily clear them in Nairobi. What performs in Accra can stall in Kampala. That fragmentation is the wall most companies...
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