Loading...

advertisement
Home Blogs > Business

Another South African Company Leaves Nigeria on weak economy

Aug 24 '16 | By La Afrique Media | Views: 244 | Comments: 7

hotel and gaming group Sun International became the latest South African business to pull out of Nigeria because of weak economic growth and clashes with regulators in the west African country.

In January Nigeria's Economic and Financial Crimes Commission (EFCC) launched a probe into Sun International's initial investment in the Tourist Company of Nigeria, which owns and operates the 5-star Federal Palace hotel in Lagos.

Sun International, which reported a 20 percent fall in diluted adjusted headline earnings per share (AHEPS) to 628 cents for the year to June, said the Federal Palace had been hit by slow economic growth, the low oil price, the threat from Boko Haram and a weakening naira.

"The board has decided to exit Nigeria and steps will be taken to achieve this in a manner that does not erode further value," the company said in a statement.

"Continued setbacks in Nigeria as well as the ongoing shareholder dispute have frustrated all attempts to develop and improve the property."

Sun International is the latest South African company to clash with Nigerian authorities after telecoms group MTN was fined for failing to disconnect users with unregistered SIM cards.

Sun International's decision to exit Nigeria follows food and clothing retailer Woolworths and Tiger Brands, which sold its loss-making Nigerian division to Dangote Industries.

Nigeria, Africa's largest economy, is suffering its worst financial crisis in decades as a slump in oil revenues hammers public finances and the naira. The central bank governor has said recession is likely.

Shares in Sun International were down 0.7 percent by 0855 GMT.

Reporting its results, the company said poor economic conditions and general negative sentiment in its home market of South Africa resulted in revenue growth at casinos of only 0.8 percent at 7 billion rand ($514.78 million).

"In South Africa, the economic environment remains a serious concern. We do not anticipate any meaningful growth in gaming revenue until there is a recovery in the economy and renewed consumer confidence," Chief Executive Graeme Stephens said.

The South African Reserve Bank expects economic growth at zero percent this year, due to a severe drought and falling commodity prices. ($1 = 13.5980 rand)

Share:
Paul Anderson
Jan 20
JOINING THE ILLUMINATI BRINGS YOU INTO THE LIMELIGHT OF THE WORLD IN WHICH YOU LIVE IN TODAY. YOUR FINANCIAL DIFFICULTIES ARE BROUGHT TO AN END. WE SUPPORT YOU BOTH FINANCIALLY AND MATERIALLY TO ENSURE YOU LIVE A COMFORTABLE LIFE. IT DOES NOT MATTER WHICH PART OF THE WORLD YOU LIVE IN. FROM THE UNITED STATES DOWN TO THE MOST REMOTE PART OF THE EARTH, WE BRING YOU ALL YOU WANT. BEING AN ILLITERATE OR A LITERATE IS NOT A BARRIER TO BEING A MILLIONAIRE BETWEEN TODAY AND THE NEXT TWO WEEKS. YOU BEING IN THIS OUR OFFICIAL PAGE TODAY SIGNIFIES THAT IT WAS ORDERED AND ARRANGED BY THE GREAT LUCIFER THAT FROM NOW ON, YOU ARE ABOUT TO BE THAT REAL AND INDEPENDENT HUMAN YOU HAVE ALWAYS WISHED YOU WERE. if you are interested, kindly Email: worldwideilluminate666@gmail.com or call /whatsapp +2349073598657 for you to be rich and famous today.JOINING THE ILLUMINATI BRINGS YOU INTO THE LIMELIGHT OF THE WORLD IN WHICH YOU LIVE IN TODAY. YOUR FINANCIAL DIFFICULTIES ARE BROUGHT TO AN END. WE SUPPORT YOU BOTH FINANCIALLY AND MATERIALLY TO ENSUR...See more
Alisha Africanz
Jan 31
Alisha Africanz
Jan 31
7-11 HOLY SPIRITUAL OIL BEST TRADITIONAL HEALER MAMA ALISHA +27710565695 IN JPOHANESBURG SANDTON
This oil is used for blessings to come down upon you. Rub the oil on the top of your head and bottoms of you feet and have luck in all number games.
Be the first to review this product call +27710565695
Meet famous holy spiritual oil doctor 11 years experienced Certified Psychic doctor,Leader of African traditional healers approved of accuracy,treats and cures long time illnesses and solving problems with guaranteed results.
Contact Mama Alisha +27710565695
Email:barkhaganeshi@gmail.com
www.mamaalisha.co.za
7-11 HOLY SPIRITUAL OIL BEST TRADITIONAL HEALER MAMA ALISHA +27710565695 IN JPOHANESBURG SANDTON
This oil is used for blessings to come down upon you. Rub the oil on the top of your head and b...See more
sonia williams
Apr 2
Hey guys, get your ex back fast with the help of a real and genuine spell caster called Dr.Unity..
I'm so excited my broken Marriage has been restored and my husband is back after a breakup, After 2 years of marriage, me and my husband has been into one quarrel or the other until he finally left me and moved to California to be with another woman. i felt my life was over and my kids thought they would never see their father again. i tried to be strong just for the kids but i could not control the pains that torments my heart, my heart was filled with sorrows and pains because i was really in love with my husband. Every day and night i think of him and always wish he would come back to me, I was really upset and i needed help, so i searched for help online and I came across a website that suggested that Dr Unity can help get ex back fast. So, I felt I should give him a try. I contacted him and he told me what to do and i did it then he did a (Love spell) for me. 28 hours later, my husband really called me and told me that he miss me and the kids so much, So Amazing!! So that was how he came back that same day,with lots of love and joy,and he apologized for his mistake,and for the pain he caused me and the kids. Then from that day,our Marriage was now stronger than how it were before,All thanks to Dr Unity. he is so powerful and i decided to share my story on the internet that Dr Unity real and powerful spell caster who i will always pray to live long to help his children in the time of trouble, if you are here and you need your Ex back or your husband moved to another woman, do not cry anymore, contact this powerful spell caster now. Here’s his contact: Email him at: Unityspelltemple@gmail.com ,
you can also call him or add him on Whats-app: +2348071622464 ,
his website:http://unityspelltemple.yolasite.com .
Jessica, 26 years, Texas, USA.
Hey guys, get your ex back fast with the help of a real and genuine spell caster called Dr.Unity..
I'm so excited my broken Marriage has been restored and my husband is back after a breakup, Af...See more
Jessica stephen
Apr 26
Hey guys, I'm so excited of getting my husband back after he left me and our 3 kids for another woman.
After 2 years of marriage, me and my husband has been into one quarrel or the other until he finally left me and moved to California to be with another woman. i felt my life was over and my kids thought they would never see their father again. i tried to be strong just for the kids but i could not control the pains that torments my heart, my heart was filled with sorrows and pains because i was really in love with my husband. Every day and night i think of him and always wish he would come back to me, I was really upset and i needed help, so i searched for help online and I came across a website that suggested that Dr Unity can help get ex back fast. So, I felt I should give him a try. I contacted him and he told me what to do and i did it then he did a (Love spell) for me. 28 hours later, my husband really called me and told me that he miss me and the kids so much, So Amazing!! So that was how he came back that same day,with lots of love and joy,and he apologized for his mistake,and for the pain he caused me and the kids. Then from that day,our Marriage was now stronger than how it were before,All thanks to Dr Unity. he is so powerful and i decided to share my story on the internet that Dr Unity real and powerful spell caster who i will always pray to live long to help his children in the time of trouble, if you are here and you need your Ex back or your husband moved to another woman, do not cry anymore, contact this powerful spell caster now. Here’s his contact: Email him at: Unityspelltemple@gmail.com ,
you can also call him or add him on Whats-app: +2348071622464 ,
his website:http://unityspelltemple.yolasite.com ,
Jessica, 26 years, Texas, USA.
Hey guys, I'm so excited of getting my husband back after he left me and our 3 kids for another woman.
After 2 years of marriage, me and my husband has been into one quarrel or the other until ...See more
Jessica stephen
Apr 26
Hey guys, I'm so excited of getting my husband back after he left me and our 3 kids for another woman.
After 2 years of marriage, me and my husband has been into one quarrel or the other until he finally left me and moved to California to be with another woman. i felt my life was over and my kids thought they would never see their father again. i tried to be strong just for the kids but i could not control the pains that torments my heart, my heart was filled with sorrows and pains because i was really in love with my husband. Every day and night i think of him and always wish he would come back to me, I was really upset and i needed help, so i searched for help online and I came across a website that suggested that Dr Unity can help get ex back fast. So, I felt I should give him a try. I contacted him and he told me what to do and i did it then he did a (Love spell) for me. 28 hours later, my husband really called me and told me that he miss me and the kids so much, So Amazing!! So that was how he came back that same day,with lots of love and joy,and he apologized for his mistake,and for the pain he caused me and the kids. Then from that day,our Marriage was now stronger than how it were before,All thanks to Dr Unity. he is so powerful and i decided to share my story on the internet that Dr Unity real and powerful spell caster who i will always pray to live long to help his children in the time of trouble, if you are here and you need your Ex back or your husband moved to another woman, do not cry anymore, contact this powerful spell caster now. Here’s his contact: Email him at: Unityspelltemple@gmail.com ,
you can also call him or add him on Whats-app: +2348071622464 ,
his website:http://unityspelltemple.yolasite.com ,
Jessica, 26 years, Texas, USA.
Hey guys, I'm so excited of getting my husband back after he left me and our 3 kids for another woman.
After 2 years of marriage, me and my husband has been into one quarrel or the other until ...See more
jessica stephen
May 8
Hey guys, I'm so excited of getting my husband back after he left me and our 3 kids for another woman.
After 2 years of marriage, me and my husband has been into one quarrel or the other until he finally left me and moved to California to be with another woman. i felt my life was over and my kids thought they would never see their father again. i tried to be strong just for the kids but i could not control the pains that torments my heart, my heart was filled with sorrows and pains because i was really in love with my husband. Every day and night i think of him and always wish he would come back to me, I was really upset and i needed help, so i searched for help online and I came across a website that suggested that Dr Unity can help get ex back fast. So, I felt I should give him a try. I contacted him and he told me what to do and i did it then he did a (Love spell) for me. 28 hours later, my husband really called me and told me that he miss me and the kids so much, So Amazing!! So that was how he came back that same day,with lots of love and joy,and he apologized for his mistake,and for the pain he caused me and the kids. Then from that day,our Marriage was now stronger than how it were before,All thanks to Dr Unity. he is so powerful and i decided to share my story on the internet that Dr Unity real and powerful spell caster who i will always pray to live long to help his children in the time of trouble, if you are here and you need your Ex back or your husband moved to another woman, do not cry anymore, contact this powerful spell caster now. Here’s his contact: Email him at: Unityspelltemple@gmail.com ,
you can also call him or add him on Whats-app: +2348071622464 ,
his website:http://unityspelltemple.yolasite.com ,
Jessica, 26 years, Texas, USA .
Hey guys, I'm so excited of getting my husband back after he left me and our 3 kids for another woman.
After 2 years of marriage, me and my husband has been into one quarrel or the other until ...See more
You need to sign in to comment
advertisement

Search People, News and more..

Advertise

WHY SHOULD YOU BECOME A MEMBER?

La Afrique Media has more than 100 Thousand Members. Get news and info that matter to you, a daily brief on what’s happening in your network, and a quick way to reach out and keep in touch. Connect. Find. Rate. Be found. Learn. Share & Post a Story

Become a member