4th Quarter 2010 Issue 14 An IC Publication

Africa’s CapitalMarkets

Nurturing tendershoots

Nigeria: Are reforms working? Profile: Kingdom Zephyr South Africa: A black-owned bank? HSBC eyes Nedbank takeover

Eurozone €8.00, UK £5.50, USA $9.95, Australia A$15.00, Bahrain bd3.000, Canada $11.00, CFA Zone cfa5.000, Denmark dkr 65, Egypt E£30, Ethiopia R40, Gambia da100, Ghana gh¢5.00, Indonesia R59.000, Jamaica $400, Japan ¥1400, Jordan JD5.000, Kenya kshs450, Kuwait kd2.500, Lebanon l10.000, Malaysia rm30, Mauritius mr300, Morocco dh40, Nigeria N600, Norway nok120, Oman or3.000, Qatar qr30, Saudi Arabia rls30, Sierra Leone le10,000, Singapore S$14, South Africa r39.90 (inc tax), other Southern African countries r35 (excl tax), Sweden skr65, Switzerland sfr15.00, Tanzania tshs7,500, Tunisia td5.000, Turkey 6.00ytl, UAE dh30, Uganda ush12,000, Zambia k25,000