US investment firm, Blackstone, is selling its African subsidiary Black Rhino Group

US investment firm, Blackstone has stopped its investment move in Africa's energy and infrastructure projects.

Blackstone Group
  • Checks by Business Insider SSA By Pulse show that the African subsidiary's website has been shut down.
  • Some Blackstone investments in Africa include fuel pipeline in Ethiopia which was shelved a few years ago and a gas-fired project in Nigeria.
  • Black Rhino and Dangote decline to reply to email seeking comment on the exit.

US investment firm, Blackstone Group is reportedly selling its Africa subsidiary, Black Rhino Group, established in 2012.

According to a report by Bloomberg, Blackstone stopped investing in the Africa subsidiary since 2018 as it stopping its investment move in Africa's energy and infrastructure projects.

Emir Lamidi Sanusi as chair of Black Rhino in Africa

In 2015, the US firm appointed Emir Lamido Sanusi and former CBN governor as chairman of its board of directors.

The group had said it will stay long longer on the continent's soil and partnered with Africa's richest man, Aliko Dangote to jointly invest $5 billion in the energy projects across Sub-Saharan Africa as part of former President Barack Obama's Power Africa initiative.

Black Rhino and spokesperson for Dangote declined to reply to Bloomberg's email seeking comment on the exit.

Checks by Business Insider SSA By Pulse show that the African subsidiary's website has been shut down and efforts to reach the Black Rhino team proved abortive.

Some Blackstone investments in Africa include fuel pipeline in Ethiopia which was shelved a few years ago, Black Rhino and Globeleq Inc, an Africa-focused independent power producer, acquired the rights to develop and operate the gas-fired project in Nigeria. The sale of the power plant is underway which will see Blackstone exiting Black Rhino stake, a person familiar with the matter told Bloomberg.

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