‘Dangote effect’ in play with Kenya’s hopes dashed as Nigeria grabs Ethiopian trophy
Nigeria beats Kenya to Ethiopia’s first foreign investment banking licence, signalling a shift in Africa’s investment power led by big private-sector players like Dangote.
When Ethiopia’s Capital Market Authority (CMA) granted its first foreign investment banking licence to a unit of Nigeria’s United Capital Group, it shattered expectations across East Africa. Nairobi had been confident that a Kenyan bank would claim the historic prize – a goal Kenyan institutions had pursued for years.
Kenya had already carved out an advantageous position in Africa’s second-most-populous nation through a Safaricom-led consortium that secured Ethiopia’s first private telecom licence, broke the state monopoly, and rapidly attracted millions of subscribers.
