Rand Merchant Bank Report shows South Africa Drops Position, Nigeria Not Among the Top 10.

Rand Merchant Bank Report shows South Africa Drops Position, Nigeria Not Among the Top 10.

JOHANNESBURG (Capital Markets in Africa) – One of the most important findings of Rand Merchant Bank’s (RMB) seventh edition of Where to Invest in Africa is that the African continent could find itself hovering on the brink of disaster if it continues to depend on its current economic fundamentals and does not usher in economic diversification.  Where to Invest in Africa 2018 highlights those countries which have understood the need to adapt to the prolonged slowdown in commodity…

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Dangote Cement Approaches South Africa’s PPC About Takeover

Dangote Cement Approaches South Africa’s PPC About Takeover

LAGOS (Capital Markets in Africa) – Dangote Cement Plc has approached PPC Ltd. about a takeover deal, signalling the start of a possible bidding war for South Africa’s biggest cement maker after an earlier offer led by Canada’s Fairfax Financial Holdings Ltd. Dangote has told PPC’s board that it’s interested in buying “the entire share capital,” the Lagos-based company said late Wednesday in a statement to the Nigerian Stock Exchange. “This communication is still at the preliminary…

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Nigeria Signals Oil-Output Cap Needs Six Months of Stability

Nigeria Signals Oil-Output Cap Needs Six Months of Stability

LAGOS (Capital Markets in Africa) – Nigeria indicated Wednesday that it won’t be willing to cap its oil production until at least the second quarter of next year, and then only if it’s managed to keep output consistent near its target for six months. The OPEC member, which along with Libya was exempted from a 2016 accord to reduce production to ease a global-supply glut, had previously said that the output limit would come into play…

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Boko Haram Defies Buhari With More Attacks in Northeast Nigeria

Boko Haram Defies Buhari With More Attacks in Northeast Nigeria

LAGOS (Capital Markets in Africa) – Ten months after Nigerian President Muhammadu Buhari declared a victory over Boko Haram, the Islamist militant group is stepping up attacks in the far northeast of the country. Boko Haram militants deployed at least 80 children as “human bombs” this year, Mark Lowcock, the United Nations under-secretary-general for humanitarian affairs, said on Tuesday in the north-eastern city of Maiduguri, the group’s birthplace. The most spectacular attack occurred in July when the…

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Interswitch Nigeria Sees Delayed IPO Concluded by End-2019

Interswitch Nigeria Sees Delayed IPO Concluded by End-2019

LAGOS (Capital Markets in Africa) – Interswitch Ltd., a Nigeria-based payments-processing company, expects to complete its delayed dual listing in London and Lagos before the end of 2019. The initial public offering to raise as much as $1 billion had been scheduled for 2016 and was delayed because equity markets were not as “favorable as we would have liked,” Interswitch’s divisional chief executive officer for switching and processing, Akeem Lawal, said in an interview. “We will…

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Kuwait Says OPEC May Decide on Extending Cuts in March 2018

Kuwait Says OPEC May Decide on Extending Cuts in March 2018

LAGOS (Capital Markets in Africa) – OPEC and allied oil producers will keep reviewing options for their agreement to cut output, and a final decision on extending the deal beyond March could be postponed until the first quarter of 2018, Kuwait’s oil minister said. The Organization of Petroleum Exporting Countries will consider all its alternatives if the market doesn’t re-balance by the end of March when the cuts expire, Kuwait’s Oil Minister Issam Almarzooq said Wednesday at a…

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Nigeria | Cracks Grow in Nigerian Ruling Party Over Buhari’s Plans

Nigeria | Cracks Grow in Nigerian Ruling Party Over Buhari’s Plans

LAGOS (Capital Markets in Africa) – With doubts growing that Nigerian President Muhammadu Buhari will seek a second term because of lingering health issues, cracks are emerging in the ruling All Progressives Congress as key politicians jostle to succeed him. Women Affairs Minister Aisha Alhassan appeared in an online video last week declaring support for former Vice President Atiku Abubakar to become leader in 2019, when Buhari’s term ends. Alhassan confirmed the recording to the British Broadcasting Corp., saying she…

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