The Editorial Team |

Zimbabwe Ruling Party Wants Old Mutual Out of Stock Exchange

HARARE (Capital Markets in Africa) — Zimbabwe’s ruling party wants Old Mutual Ltd.’s listing on the Zimbabwe Stock Exchange terminated, an official said, clarifying a weekend statement in which it called for the company to be “ejected” from the nation’s financial system. “The statement was about the listing of Old Mutual on the stock exchange,” Tafadzwa Mugwadi, the Zimbabwe African National Union-Patriotic Front’s director of information and publicity, said by phone Monday from the capital,…

Nigeria Pleads in U.K. Court to Appeal $9.6 Billion Award

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LAGOS (Capital Markets in Africa) — Nigeria’s government is in a London court to ask for more time to appeal a $9.6 billion arbitration award, an amount that is more than the country’s income from oil last year. The country, Africa’s largest crude producer, wants more time to pursue its accusations that the 2010 gas-supply contract with Process & Industrial Developments Ltd. was a sham. Last year, a British judge upheld the arbitration award P&ID…

Nile Talks Founder, Escalating Tension Between Africa Powers

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LAGOS (Capital Markets in Africa) — African Union-brokered talks ended without an agreement on a disputed dam project on the Nile River’s main tributary, potentially ratcheting up tensions between two key U.S. allies on the continent. The negotiations over the Grand Ethiopian Renaissance Dam in Ethiopia have again foundered over the pace at which the country plans to fill the 74 billion cubic meter reservoir, stoking Egypt’s concern that it will lose control over its…

Trump Seeks to Harness Supreme Court Losses in Making 2020 Case

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NEW YORK (Capital Markets in Africa) — President Donald Trump is seizing on a string of losses at the Supreme Court to galvanize his political base with calls to remake the judiciary with more conservative judges, a key issue that fueled his first presidential run. Trump has promised a new list of potential Supreme Court nominees this summer, repeating the gambit he used to calm doubts about him among some Republicans in 2016, and demanded…

Nigeria Plans 10-Year Fund for Infrastructure Investment

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LAGOS (Capital Markets in Africa) — Nigeria plans to introduce an infrastructure-focused fund that will be accessed by investors for as long as 10 years to boost growth after the pandemic, according to the state-owned Bank of Industry. The lender is seeking the approval of the government for the fund to start, “hopefully by early next year or towards the end of this year,” Chief Executive Officer Olukayode Pitan said at a virtual investor conference…

South African Regulator Rebukes Insurers Over Virus Claims

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JOHANNESBURG (Capital Markets in Africa) — A South African regulator warned insurers to stop broadly rejecting claims from businesses seeking to cover losses because of a lockdown to curb the coronavirus. “The Financial Sector Conduct Authority is concerned about the behavior of some insurers who are deliberately avoiding paying business-interruption claims were no grounds exist to do so,” the Pretoria-based regulator said in an emailed statement. “The national lockdown cannot be used by any insurer…

CDC Invests $100 Million Into New African Fund Planned By Helios

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LAGOS (Capital Markets in Africa) — The U.K.’s development-finance arm CDC Group committed $100 million to a $1.25 billion Africa-focused private-equity fund planned by Helios Investment Partners LLP. CDC will also look for co-investment opportunities with Helios, Clarisa De Franco, the head of the London-based firm’s African funds in an e-mail. The investment, which will come from $1.5 billion the CDC has set aside this year for Africa and Asia, could be a catalyst for commitments from…

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