Nigerian mobile-phone manufacturer Tingo Mobile agreed to buy a majority stake in Mass Telecom Innovation Nigeria Plc for about 4 billion naira ($25 million) to develop rural broadband in Africa’s most populous country.
Lafarge SA, the French cement maker that plans to merge with Holcim Ltd. of Switzerland to become the world’s biggest producer of the building material, will combine Nigerian and South African assets to form a new company to compete with Africa market leader Dangote Cement Plc.
The Nigerian Stock Exchange plans to halt trading if there’s a drop of 5 percent in a bid to avert a crash in an index that’s rallied 31 percent this year, the second-best performing equity market in Africa.
Caverton Offshore Support Group, a Nigerian company that provides marine and aviation services to the oil and gas industry, plans to expand in four new countries after listing on the Nigerian Stock Exchange yesterday.
Most emerging-market stocks fell as Great Wall Motor Co. dragged Chinese shares lower, offsetting a rally in Indian equities. Brazil’s Ibovespa declined for a second day as oil producer Petroleo Brasileiro SA sank.