Economy
LSE Names 50 Kenyan Firms in ‘Companies to Inspire Africa’ Report
By Modupe Gbadeyanka
Fifty companies operating in Kenya are named today in London Stock Exchange’s inaugural ‘Companies to Inspire Africa’ report.
Collectively, Kenyan companies make up 14 percent of the total number of companies in the report, one of the highest concentrations of high growth companies in Africa.
About 28 percent of Kenyan companies operate in the renewable energy space, reflecting the country’s preeminent role in exploring alternative energy production on the continent.
Amongst those from the country are Cellulant – a mobile commerce company operating a payments ecosystem which connects financial sector customers, Mobile Network Operators and businesses to their consumers; D.light – a solar energy company delivering affordable solar home and power solutions for people without access to reliable energy; Eaton Towers – owns and manages a network of telecommunications towers in Africa; and Shop Soko – an ethical fashion brand and mobile technology-enabled supply chain platform.
The report identifies 343 companies from 42 African countries as the continent’s most exciting and dynamic small businesses; companies delivered impressive average compound annual growth rate (revenue) of 16 percent over a 3 year period 2013-2015; fast-growing companies appear in all regions of Africa. Highest concentration of companies from West Africa with 31 percent of companies, closely followed by East Africa with 26 percent and Southern Africa with 22 percent; and South Africa, Kenya and Nigeria are the countries with the most companies in the publication, each represented by over 50 companies.
Also, the report identified fast-growing companies present across a wide range of sectors, saying there is strong representation from innovative industries, with 22 companies in renewable energy and 40 in technology & telecoms.
The report highlighted industry, which covers areas such as oil and gas, construction, manufacturing and chemicals, is the biggest sector, with 23 per cent of companies in the report, followed by Financial Services which includes mobile banking, micro-credit, disruptive technology and Fintech, with 16 per cent, indicating that the continent has great promise for both traditional and more recent economic success stories.
Report highlights the important role of female entrepreneurship; 12 percent of the companies in the report are led by female CEOs, three times the average for companies across Africa
Today, company CEOs featured in the report were welcomed to London Stock Exchange Group by the Priti Patel MP and Xavier Rolet, CEO, London Stock Exchange Group at a special launch event to celebrate African companies’ success, ambition and uniquely African entrepreneurial spirit.
They were also joined by a broad range of Africa-focused investors, as well as senior representatives of African Development Bank Group, CDC Group and PwC, all partners on the report.
International Development Secretary, Priti Patel said: “London Stock Exchange’s first-ever ‘Companies to Inspire Africa’ report is proof of the dynamism and vision of the City of London in supporting Africa’s growing economies.
“Now is the time for UK businesses to seize the opportunities offered by Africa, and the UK Government is supporting the City of London to become the global financial centre for the developing world.
“This will help Africa industrialise faster, trade more and create millions of jobs, driving the continent forward to a future of prosperity, and helping some of the world’s poorest countries stand on their own two feet.”
Xavier Rolet, Chief Executive, London Stock Exchange Group said: “We are delighted to release the first edition of London Stock Exchange Group’s ‘Companies to Inspire Africa’ report, which follows the success of our research focused on the UK and European SMEs. For the first time ever, we have identified hundreds of Africa’s most inspirational and dynamic private companies. The report demonstrates the huge role that small and medium sized enterprises are playing as the driving force behind African economies: developing skills, creating high quality jobs and delivering growth.
London Stock Exchange has made it our mission for over 300 years to support access to growth capital for small and large companies in all parts of the world. We are proud to play our part in this great economic journey by shining a light on Africa’s success stories. We are also continuing to work in partnership with African stock exchanges to help develop robust, efficient and transparent capital markets to raise finance for companies like the ones listed in this report and thousands of others to realise their potential.”
LSEG’s “Companies to Inspire Africa” report included contributions from government, including from the UK Secretary of State for International Development, Priti Patel MP; Vice-President of the European Commission, Jyrki Katainen; the Maltese Minister of Finance, Prof Edward Scicluna; and Lord Boateng, former UK High Commissioner to South Africa.
The report was produced in partnership with African Development Bank Group, CDC Group and PwC who contributed their expertise to the report, and is sponsored by Citi, Diamond Bank and FTI Consulting.
By Adedapo Adesanya
The Central Securities Clearing System (CSCS) Plc has declared the first interim dividend in its history after posting its financial results for the first half of 2026, reflecting robust earnings growth, improved operating efficiency and stronger capital market activity.
The board approved an interim dividend of N1.00 per ordinary share for the six months ended June 30, 2026, citing the company’s strong cash generation, resilient balance sheet and confidence in the sustainability of its earnings.
The interim payout represents about 56 per cent of the total dividend of N1.78 per share paid for the 2025 financial year, underscoring its strong earnings momentum while preserving financial flexibility to invest in technology, innovation and future growth.
CSCS recorded one of the strongest financial performances in its history during the review period, with total operating income rising by 92 per cent to N18.51 billion from the corresponding period of 2025.
The growth was driven by higher transaction fee income as capital market activity strengthened, continued expansion in depository services, increased collateral management revenues and stronger contributions from data and technology-enabled services. Investment income also improved as the company optimised its investment portfolio.
Despite the sharp rise in revenue, operating expenses increased by only 38 per cent, reflecting disciplined cost management and the scalability of the company’s business model.
As a result, operating profit surged by 186 per cent to N10.11 billion, while profit before tax climbed by 115 per cent to N13.21 billion. Earnings per share also rose significantly to 190.1 kobo from 109.1 kobo in the corresponding period of 2025.
The organisation also recorded improvements in operating efficiency. Its cost-to-income ratio declined to 45.4 per cent from 63.2 per cent a year earlier, while operating profit margin improved to 54.6 per cent from 36.8 per cent.
According to the company, the results demonstrate not only the benefits of stronger market activity but also the resilience of its operating model and its ability to convert revenue growth into higher profitability, improved shareholder returns and sustainable long-term value creation.
Commenting on the interim dividend, the Chairman of CSCS Plc, Mr Temi Popoola, said the board’s decision reflected confidence in the firm’s financial strength, earnings quality and long-term strategic direction.
He said the strong performance was driven not only by increased market activity but also by sustained improvements in operational efficiency, disciplined cost management and the continued diversification of revenue streams.
Mr Popoola noted that the Board remained committed to balancing shareholder returns with investments in technology, innovation, resilience and new growth opportunities that would strengthen CSCS’ position as Nigeria’s leading financial market infrastructure and one of Africa’s foremost post-trade institutions.
The chief executive of CSCS Plc, Mr Shehu Yahaya Shantali, attributed the strong performance to the resilience of the entity’s business model, the dedication of its workforce and the confidence of market participants.
He said the first-ever interim dividend demonstrated the company’s ability to translate strong earnings growth and improved operating efficiency into enhanced shareholder value.
Mr Shantali added that CSCS would continue to strengthen its core market infrastructure, invest in technology and innovation, diversify its revenue base and enhance value creation for stakeholders while supporting the development of Nigeria’s capital market.
By Aduragbemi Omiyale
The national scale long-term issuer rating of Axxela Limited has been upgraded by GCR Rating to A+(NG), just as its short-term issuer rating was affirmed with a stable outlook.
The rating firm upgraded the long-term issue rating for Axxela Funding 1 Plc’s N16.4 billion series 1 senior unsecured bond to A+(NG), while the N11.5 billion series 1 senior secured bond was lifted to A+(NG)(EL).
GCR noted in a note that the actions reflect the leading gas and power portfolio company’s robust business model, strong earnings performance, and sustained financial profile, reinforcing its ability to deliver long-term value while maintaining financial discipline.
Axxela’s recent achievements have been driven by its continued focus on responsible growth, customer satisfaction, and creating lasting value for national development.
“The ratings upgrade by GCR is a strong endorsement of Axxela’s disciplined approach to business. Beyond recognising our financial strength, it reflects the resilience of our business model and the confidence in our strategic direction.
“Over the past few years, we have continued to make significant strides across the business by expanding our natural gas infrastructure, strengthening our operational footprint, advancing our sustainability agenda, and maintaining an unwavering commitment to operational excellence and safety,” the chief executive of Axxela, Mr Moshood Olajide, commented on the development.
As the company continues to advance its long-term growth strategy, the upgraded ratings reinforce confidence in Axxela’s credit profile, financial resilience, and ability to create enduring value for investors, customers and other stakeholders.
By Adedapo Adesanya
The Ministry of Solid Minerals Development and the National Identity Management Commission (NIMC) have strengthened their partnership to deploy digital identity technology, aiming to combat illegal mining and enhance security in Nigeria’s mining sector.
Speaking while receiving the Director-General and management of NIMC on a courtesy visit to his office in Abuja, the Minister of Solid Minerals Development, Mr Dele Alake, described the commission as a critical institution in Nigeria’s development architecture, stressing that effective governance could not be achieved without a credible identity management system.
“NIMC occupies a critical position in translating policy into reality. It is pivotal to the development of any nation because governance today is driven by data, technology and credible identity systems,” he added.
He noted that inadequate identification systems had weakened enforcement efforts over the years, allowing illegal mining activities to flourish in mineral-rich communities.
“Without identification, we cannot trace or track, and insecurity will flourish. In the solid minerals sector, we need effective monitoring of both legal and illegal operations.
“A credible identity ecosystem will strengthen regulation, improve enforcement and support our efforts to sanitise the sector,” Mr Alake said.
The minister identified technology, statistics, data gathering and digital identity as critical enablers for evidence-based policymaking, improved regulatory oversight, efficient licensing, investment promotion and national development.
On her part, the DG of NIMC, Mrs Abisoye Coker-Odusote, highlighted several opportunities for collaboration between both institutions, noting that the newly enacted NIMC Act has positioned Nigeria to fully embrace a digital governance ecosystem.
She explained that deeper integration of identity management into the solid minerals sector would facilitate database integration across government institutions, enhance regulatory compliance, strengthen security and law enforcement, improve monitoring of operators, and provide stronger support for the implementation of Community Development Agreements (CDAs) in mining host communities.
Mrs Coker-Odusote added that NIMC’s upgraded digital infrastructure is capable of supporting government institutions in building reliable databases, improving transparency and delivering more efficient public services.
Both institutions said they would immediately begin implementing technology-driven initiatives under the partnership, expressing confidence that expanding access to trusted digital identities for miners and other eligible residents would enhance accountability and strengthen governance in the solid minerals sector.
