The Editorial Team |

Nigerian Bank FCMB to Restructure Half Its Loans on Oil, Virus

LAGOS (Capital Markets in Africa) — FCMB Group Plc plans to restructure half of its loans after plunging oil prices, the coronavirus lockdown and a naira devaluation hindered the ability of the Nigerian bank’s clients to repay their debt. Credit facilities across industries ranging from oil and gas to small- and medium-sized enterprises will be reorganized, the Lagos-based lender said in a presentation on Tuesday. New terms will include a six-to 12-month moratorium on principal…

Morgan Stanley-Backed Fund to Buy Virus-Hit S. African Firms (1)

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JOHANNESBURG (Capital Markets in Africa) — Capitalworks Investment Partners Pty Ltd. plans to invest 5 billion rand ($270 million) of newly raised cash in mid-sized South African companies hit by a shrinking local economy and the coronavirus pandemic. The firm raised 25% more than planned for its Private Equity Fund III from Morgan Stanley’s Alternative Investments Partners unit, institutional investors and wealthy families, Capitalworks founder Chad Smart said. The Johannesburg-based company is seeking businesses with enterprise values from 250…

Ivory Coast Arrests Soldiers in Alleged Coup Plot Linked to Soro

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ABIDJAN (Capital Markets in Africa) — Ivory Coast arrested fourteen soldiers and five civilians for preparing a coup, an alleged crime for which presidential hopeful Guillaume Soro is also wanted, according to the public prosecutor. Soro, 47, was last week convicted and sentenced in absentia to 20 years in jail for embezzlement of public funds and money laundering, but still faces a charge of endangering state security. He was accused in December of plotting a coup after…

Halt Credit-Rating Moves for Virus, South Africa Tax Head Says

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JOHANNESBURG (Capital Markets in Africa) — Credit-rating companies should suspend their assessments for the foreseeable future because downgrades can force asset managers to sell sovereign debt and unnecessarily increase the cost of capital when economies are already facing headwinds due to the coronavirus pandemic, according to the head of South Africa’s tax agency. Some of Africa’s biggest economies, from Ghana through Angola, Nigeria, and South Africa, have had their debt assessments downgraded or the outlook…

Nigeria Wants to Defer Some Debt Payments

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LAGOS (Capital Markets in Africa) — Nigeria will seek to delay payments of some government debt until 2021 when it expects state revenue to recover, Finance Minister Zainab Ahmed said. A deferral wouldn’t be debt forgiveness, but rather a rescheduling of obligations to free up fiscal space to enable the government to address the coronavirus pandemic, Ahmed told a virtual briefing Tuesday. “When revenues improve, and we hope by 2021 they should improve, we will be able…

World Bank to Give Zimbabwe Virus Lifeline Despite Arrears

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HARARE (Capital Markets in Africa) — Zimbabwe will get $7 million from the World Bank to fight the coronavirus pandemic despite being in arrears with the Washington-based lender. The lender will mobilize $5 million from its Global Financing Facility Trust Fund to support the nation’s health response to the outbreak and redirect about $2 million from its ongoing Zimbabwe Idai Recovery Project to support affected communities, a World Bank spokesperson said in an emailed response…

Ethiopian Airlines Ready to Be Savior to Fellow African Carriers

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ADDIS ABABA (Capital Markets in Africa) — Ethiopian Airlines Group is prepared to come to the rescue of stricken carriers around Africa, even as the continent’s biggest airline deals with its own mounting losses and grounded planes due to the Covid-19 pandemic. Talks are underway with the government of Mauritius about the revival of the island nation’s state carrier, which was put into administration last month, Ethiopian Chief Executive Officer Tewolde GebreMariam said in an interview on Tuesday. And…

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