Cofounder @WallStAfrica Inc| @kenyanwalstreet |@HisaApp|
Joined July 2016
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Eric Asuma retweeted
It’s a privilege and honor to be part of Secretary-General @antonioguterres’ team
Eric Asuma retweeted
Broadcast and brokerage are collapsing into one platform.
@brianmfoote, CRO & Board Member of FINTECH Media Group, tells @lucytokenbay the goal is to make world-class exchange content "immediately transposable to the user" so they can "move into action" instead of juggling "three to five to seven different platforms."
Eric Asuma retweeted
Speaking at the high-level investor engagement, the NSE Chairman, @Tom_Mulwa underscored the strategic importance of accelerating Africa’s economic growth through transformative infrastructure and development projects, financed through the continent’s capital markets.
This was an incredible week
I had the privilege of leading my Team at @NSE_PLC and the Capital Markets Industry in hosting ALHAJI ALIKO DANGOTE.
The event opened doors for Kenyans to participate in the DANGOTE Refinery IPO upon regulatory approvals.
Eric Asuma retweeted
Dangote East Africa Petroleum Refinery, Mokowe, Lamu County xitter.cf/i/broadcasts/1lKQRWLWk…
Eric Asuma retweeted
I asked Aliko Dangote about the funding architecture for the East Africa Refinery:
· Is the plan still a 70:30 debt-to-equity split?
· There have been expressions of interest for co-investing, including from Kenya's National Infrastructure Fund. How much has been crowded in so far?
Dangote says:
· The governments of Kenya, Uganda & Rwanda have made solid commitments to co-invest
· As of now, the 30.0% equity interest is "almost done". The 30.0%, if anything, is "too small" as a portion for equity
· The plan is to have the East Africa Refinery listed on the Nairobi Securities Exchange post-stabilisation
· He says East African economies producing oil will receive priority offtake as far as sourcing crude is concerned. Capacity will then be augmented from other sources like the UAE
Link to full discussion with Dangote - youtube.com/watch?v=7TMPOu_g…
Eric Asuma retweeted
When I sat down with Aliko Dangote this afternoon, my first question was that I was surprised at the percentage of the shares floated in the ongoing US$1.6 billion IPO, it's ~ 3.4% shareholding floated (see quoted tweet).
My question was:
· Why not float more, given that the market depth of demand (local and international) seems to be able to absorb more shares?
· Is there a plan to further increase the float in the market given what early sounding signals to be high appetite?
Dangote says:
· Yes, there is a plan for the gobble up more than has been floated currently in the market for the IPO
· The Group will try as much as possible to take up more than has been advertised & the group is in talks with the regulators to see how to actualise this
· Plans are underway to do "something very creative" to ensure that the IPO accommodates as many Africans as possible
The key thing for me in the Dangote IPO is looking at the P&L within the context of the entity not having transitioned to stable, full-capacity production across all its processing units until March 2026.
The refinery did not achieve performance testing rates of up to 700,000 barrels per day until June 2026.
Other notable take outs for me are:
· The issuance is ₦2.153 trillion (US$1.62 billion) & opens on Sep 14th, closes on Oct 13th
· The issuance has a US$400.0 million 'underwriting' by Pan-African Refinery Investment SPV (formerly India Infra Buildco), 25.34% of the offer
· In 2025, the conglomerate registered ₦18.74 trillion (US$12.33 billion) worth of revenue & loss of ₦723.06 billion (US$475.81 million)
· The entity closed 2025 with its total assets valued at ₦22.39 trillion (US$15.47 billion)
· As at close of 2025, the total borrowings amounted to US$6.24 billion comprising secured bank loans of US$2.26 billion & unsecured borrowings of US$3.99 billion from Dangote Industries Limited
· Costs & expenses of the offer are estimated at ₦41.49 billion (US$31.27 million), the remaining ₦2.11 trillion (US$1.59 billion) will be applied towards growth capital expenditure in connection with the Issuer’s refinery expansion programme
· In the event of an over-subscription, the Issuer may absorb up to 30% of the Offer subject to
the approval of the SEC
Eric Asuma retweeted
Today, we hosted Aliko Dangote at the Nairobi Securities Exchange to engage Kenyan and East African investors on the Dangote Refinery IPO.
In our fireside chat, we unveiled the Kenyan participation solution: a CMA-approved Global Depository Receipts programme to be listed on the NSE, allowing investors to access the opportunity in Kenya Shillings through standard CDS accounts.
This was about more than an IPO. It was about opening African ownership to one of the continent’s most consequential industrial growth stories.
African capital must increasingly finance African ambition.
Eric Asuma retweeted
At the just concluded 'Bullish Africa' by @kenyanwalstreet, I asked @JohnGachora what the next order of business is for @NCBABankKenya post the US$855.82 million (Kes 110.39 billion) acquisition by @Nedbank.
He says two things:
· "we see ourselves in DRC, we see ourselves in Ethiopia within a very short time. We are looking for opportunities in those countries"
· "I don't believe that, given where banking is, green field entry works. You can be sure we are sniffing for acquisitions"
South Africa's top bank leaders continue to troop into Nairobi.
Nedbank (@Nedbank) CEO, Jason Quinn, is in town on the back of the US$855.82 million (Kes 110.39 billion) bid to acquire a controlling 66.0% stake in NCBA Group (@NCBABankKenya).
I sat down with him to unpack the transaction.
A 🧵
I asked Jason about the quick succession between the 2025 US$100.0 million exit from Ecobank Transnational (22.0% stake) & the 2026 buyout of a 66.0% stake in NCBA Group.
Jason makes a few points:
· When he assumed leadership of Nedbank (from Absa Bank) 18 months ago, the first order of business was a strategic review of the business
· The revamped strategic approach for Nedbank entails deployment of capital in businesses where the bank can enjoy control
· The first part of the Ecobank Transnational exit was the fact that holding a 22.0% stake undermined Nedbank's ability to meaningfully influence the bank's strategy
· The second part of the Ecobank Transnational exit was the fact that West Africa had presented a difficult market as far as extraction of dividends was concerned
· Having exited Ecobank Transnational, Jason & his team were persuaded that a banking entity that is anchored on Southern & Eastern Africa presents a compelling business case
Eric Asuma retweeted
Part 4: Bringing African Banking to the Market
The conversation with Peter Tuchman ends with a look at what’s next for African capital markets.
Wall Street Africa is building the Wall Street Africa Banking ETF in Nairobi — a fund designed to track leading African banks, with plans to list first on the Nairobi Securities Exchange before expanding to New York.
But what exactly is an ETF?
Think of it as a basket of investments that gives you exposure to an entire sector, rather than requiring you to pick individual companies. That could mean banking, energy, minerals or other parts of the economy.
For younger and newer investors, that broader exposure can offer a simpler way to participate in a sector through a single investment.
Eric Asuma retweeted
Two of the world's five best-performing stock markets this year are in Africa. @WallStAfrica CEO @ericasuma is building the data bridge connecting those markets to global capital, including a new banking ETF.
terminal.fintech.tv/fintecht…
Eric Asuma retweeted
John Gachora, NCBA Group MD joined the Unstoppable Africa engagements under the UN Global Africa Business Initiative, spoke at the Bullish Africa Annual Summit, and visited the New York Stock Exchange. #UNGA81 #NYSE #AfricaRising #BullishAfrica2026 #NCBABankingOnBelief
Eric Asuma retweeted
At the NYSE, Wall Street Africa Co-Founder & CEO Eric Asuma [ @ericasuma ] speaks with Peter Tuchman [ @EinsteinoWallSt ] , veteran NYSE floor broker, on trading, financial education and the growing connection between global markets and Africa.
From what it really takes to be a floor broker, to the rise of retail investing and educating the next generation of investors, Tuchman shares his perspective from the trading floor of one of the world’s most iconic exchanges.
The conversation also explores Africa’s growing capital markets, the continent’s next generation of investors, and the upcoming Wall Street Africa Banking ETF, set to list on the Nairobi Securities Exchange.
Eric Asuma retweeted
"Kenya's roughly 7.4 million MSMEs make up about 98% of businesses. Coupled with a highly educated young population and rising levels of unemployment, the need for solutions is paramount” @JohnGachora @kenyanwalstreet #BullishAfrica2026
Today at the Bullish Africa Annual Summit 2026, our opening panel explores **Africa’s Unspoken Investment Opportunity**.
Moderated by @AmbokoJH of @NationMediaGrp, the conversation brings together British Robinson of Milken Institute International, @JohnGachora of @NCBABankKenya and Anna Sophie Herken of GIZ.
Together, they’ll examine where Africa’s investment opportunities remain overlooked, what continues to shape global perceptions of risk and how better market intelligence can help turn potential into committed capital.
The conversation starts today in New York City at the Marriot Marquis, Westside Ballroom.
Few slots remaining. Secure your attendance via wallstreet.africa/bullish
#BullishAfrica2026 #BullishAfrica
Eric Asuma retweeted
Invest Kenya's Chief Executive, @JohnMwendwaOGW, joined the Trade and Infrastructure panel at Bullish Africa 2026 in New York today, Building the Rails for Pan-African Economic Success, alongside Mary-Ann Musangi and Chris Diaz of Bidco Africa.
Convened by Kenyan Wall Street at the Marriott Marquis as an official side event of the 81st UN General Assembly, the summit brought together more than 250 executives representing over USD 10 trillion in assets under management. Invest Kenya was a strategic partner.
The Authority's argument on the panel was simple. Africa's trade corridors will be built by capital that can see the rails: the ports, the power, the logistics and the rules that connect them. Kenya's job is to make each of those legible to an investor sitting in New York, so that a Nairobi opportunity is priced on fundamentals rather than perception.
#UNGA81 #BullishAfrica #InvestInKenya #CapitalMarkets #Kenya #NSE
Eric Asuma retweeted
Quickmart is coming to the NSE Kenya.
Offering 50% of the company, 2 billion shares, to investors.
📍 72 stores | 16 counties
💰 FY25 revenue: KES 50.4bn
📈 Adjusted PAT: KES 1.7bn
💵 Target dividend payout: 80%+ of PAT
No new capital raise. This is an offer for sale and will be a major new consumer-sector listing on the NSE 👏🏾
Eric Asuma retweeted
Bullish on Africa!
Congrats on putting together such a solid event on a global stage @ericasuma
Eric Asuma retweeted
Africa’s growth story is being written by the people building, investing and creating across the continent.
@AndrewWBarden shares why he’s bullish on Africa and why this is the moment to turn conviction into action.
The conversation continues at the Bullish Africa Annual Summit in New York at the Marriot Marquis, Sep 22.
Seats are running out fast; secure your attendance on wallstreet.africa/bullish.