News
Sun International Finalizes $14.4M Exit from Nigeria, Sells Interests to RFC
Sun International Limited, run by Anthony Leeming, South African entrepreneur, has agreed to sell its Nigerian interests to Rutam Finance Company Limited (RFC) for roughly $14.4 million.
The move is part of Sun International’s strategy to consolidate operations and focus on key markets. Sun International joined the Nigerian market in 2009, but has struggled in recent years due to a challenging operating climate.
This divestiture is consistent with the company’s strategic objectives and represents a shift in portfolio management.
Sun International, will sell a 43.3 percent ownership investment in Tourist Company of Nigeria PLC (TCN), which manages Lagos’ Federal Palace Hotel, to RFC for $1.875 million.
In addition, the group would pay off its whole $12.675 million credit to RFC, effectively exiting the Nigerian market. The corporation also intends to sell its remaining 6% ownership in TCN in due course.
The transaction, subject to customary closing conditions including as regulatory approvals, is estimated to create a cash inflow of about $14.41 million for Sun International.
These funds will be utilized to reduce debt.
Following the completion of the acquisition, TCN will no longer be included in Sun International’s financial statements.
This will reduce group debt by about $41.82 million, excluding IFRS 16 lease liabilities.
The closing is scheduled for no later than May 28, 2024, provided that all usual closing conditions are met. The Nigerian Competition Authority, the Securities and Exchange Commission, and the Nigerian Stock Exchange have all provided key clearances.
Sun International, founded in 1968 by the late Sol Kerzner, has grown into a renowned gaming and resort company under Leeming’s leadership.
In fiscal 2023, the company’s revenue increased by 7% to $646.14 million, while headline earnings increased by 86 percent to $55.35 million.
This demonstrates Sun International’s resiliency and strategic direction. Sun International’s pullout from Nigeria demonstrates the company’s dedication to streamlining its portfolio and pursuing growth possibilities in key areas.
With a rich history and a focus on the future, this transaction demonstrates the company’s commitment to create wealth for shareholders and stakeholders while also strengthening its position in the gaming and hospitality industries.
News
Firms Seek Specialized Expertise to Combat AI Cyber Threats – Study Reveals
As concerns about the use of AI in cyberattacks increase, companies worldwide are racing to bolster their cybersecurity strategies, according to a Kaspersky survey.
In a new study the cybersecurity company revealed that 92% of IT and Information Security professionals surveyed in the Middle East, Turkiye and Africa (META) region expect the use of AI by malicious actors to escalate over the next two years.
This growing threat is prompting organisations to prioritise cyber defense expertise, with many turning to cybersecurity vendors for specialised support and training.
In its latest study titled “Cyber defense & AI: Are you ready to protect your organisation?” Kaspersky gathered insights from IT and Information Security professionals across SMEs and large enterprises. The findings underscore the urgent need to prepare for AI-driven cyberattacks.
To combat these evolving threats, companies place high value on cybersecurity expertise, with 94% of respondents in the META region highlighting the importance of growing internal expertise through training for in-house employees, and 93% underscoring the need for external expertise provided by cybersecurity vendors. This need spans sectors from retail to critical infrastructure, emphasising a universal demand for advanced threat protection.
To reinforce their cyber protection, organisations are actively integrating both internal and external expertise. Currently, 36% of companies surveyed in the META region are either implementing or planning to deploy external support to adapt to the evolving threat landscape, while 34% are doing the same through internal training initiatives. Additionally, 61% already use external cybersecurity expertise, and 62% have training programs in place, underscoring a dual approach in fortifying their protection.
Cybersecurity vendors’ expertise can come in various forms, from specialised professional services that help organisations deploy their protection solutions, to advanced expert centers that focus on specific security challenges.
One of these centers is the Kaspersky AI Technology Research Center. It brings together the company’s AI research and development efforts, to deepen the protective capabilities of cybersecurity solutions.
Vladislav Tushkanov, Group Manager at the Kaspersky AI Technology Research Center, says: “Our latest survey shows that businesses are acutely aware of the rising threat from AI-driven cyberattacks and are looking to reinforce their protection through comprehensive solutions, including the use of vendors’ extensive cybersecurity expertise.
The Kaspersky AI Technology Research Center plays a pivotal role by helping us leverage AI advancements to enhance our threat protection strategies and explore innovative ways of using AI in cybersecurity. It also enables us to address security concerns specific to AI itself, ensuring that businesses are prepared for the latest AI-driven threats.”
News
EFCC Dismantles Fake Hotel Review Syndicate, Arrests 105 in Crackdown
Economic and Financial Crimes Commission (EFCC) has dismantled a fake hotel review syndicate and arrested four Chinese nationals and 101 Nigerians for their roles in the elaborate internet fraud scheme.
Victims were allegedly first lured into rating hotels in exchange for small sums of money.
Eventually they would be encouraged to make bookings in any of the rated hotels for as much as $500.
They were told that the company would pay them back with chunky interest into a crypto wallet bearing their names.
However, the victims would in the end not be able to open the wallet.
EFCC announced that the suspects operated out of Naka Hall Plaza on Abutu Garba Street in Gudu, Abuja, where agents recovered 100 compact workstations.
Dele Oyewale, spokesman, EFCC, said the suspects used fake foreign identities to target unsuspecting victims, primarily U.K. residents.
Authorities said the criminal network was allegedly led by the Chinese nationals, who recruited and trained Nigerian youths with advanced technical skills to act as customer service representatives.
These representatives followed a predesigned script to deceive their victims online.
The operation follows a separate crackdown weeks earlier, in which 792 suspects — including 148 Chinese nationals — were arrested for involvement in cryptocurrency and romance scams.
The foreign nationals allegedly used corporate apartments disguised as business centers to train their Nigerian accomplices. These accomplices were reportedly taught to initiate romance and investment scams and use their own identities to carry out fraudulent activities.
The EFCC also highlighted a concerning trend of foreign nationals instructing Nigerians in internet-related crimes.
News
AfDB to Partner LAMATA to Expand Existing Rail System
The African Development Bank (AfDB), has disclosed plans to work with the Lagos Metropolitan Area Transport Authority (LAMATA), to boost the state’s transport system with the development of another rail line.
This was contained in a statement signed by, the Head, Corporate Communication, LAMATA, Mr. Kolawole Ojelabi in Lagos.
Ojelabi said that the AfDB Vice President, Private Sector Infrastructure and Industrialisation, Mr. Solomon Quaynor, gave the assurance during a visit to LAMATA.
He added that the bank was interested in partnering LAMATA to expand the capacity of the existing rail system.
“Quaynor was also in the company of the Non-Sovereign Operations and Private Sector Equity Specialist, Mr Mayowa Ayodele ahead of a visit of the technical team to assess the Purple line,” he said.
The Purple Line is a 60-kilometre railroad along the Redemption Camp in Ogun State, traversing Berger, Agege and Alimosho and terminate at Volkswagen to join the Blue Line.
“The visit follows a recent pitch for investment on 60-kilometre Lagos Rail Mass Transit (LRMT) Purple Line at the African Development Bank forum in Morocco, where the Lagos delegation was led by Governor Babajide Sanwo-Olu.
“This is to further discuss collaboration on the project and other lines outlined in the Lagos Strategic Transport Master Plan. The delegation toured the LRMT Blue Line and expressed satisfaction with the progress of the Blue Line rail system,” he said.
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