Johncom buys 51% of Business Day Nigeria
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Business Day Nigeria and Business Day SA are now linked by more than just their titles with the Johnnic Communications (Johncom) acquisition of a majority share in the Nigerian paper.
Johncom, which owns 50% of Business Day SA, announced the deal yesterday, saying it hoped to create a common publishing platform to link the two markets.
`We will strengthen this linkage in the coming months to the benefit of consumers of business content in both countries,` said Johncom CEO Connie Molusi.
The 51% stake in Business Day Nigeria was acquired through a joint venture between Johncom and the Nigerian-managed Capital Alliance Private Equity. The remaining 49% was still held by Nigerian investors.
Frank Aigbogun, publisher and founder of Business Day Nigeria, said he was excited by the deal, which reflected `the rising confidence of foreign investors in Nigeria`.
The owners of Business Day SA, for their part, said the partnership opened a new front for the South African business daily. This complemented other ventures geared to the African market, such as weekly digest Business Day Africa, said Mzi Malunga, MD of BDFM Publishers, owner of Business Day SA.
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