The Editorial Team |

West African Finance Ministers Inch Closer to Single Currency

LAGOS (Capital Markets in Africa) – West African finance ministers and central bank governors agreed on technical issues surrounding the creation of a single currency for the Economic Community of West African States next year. “At a ministerial level, we’ve established a roadmap” for the establishment of a new currency, Ivory Coast Finance Minister Adama Kone told reporters Tuesday after the meeting in Abidjan. The 15-member regional organization has set a target to have a…

Morocco Holds Key Interest Rate as Easing Proves Not So Easy

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RABAT Capital Markets in Africa) – Morocco’s central bank held its benchmark rate steady Tuesday, refusing to budge even as the country’s economic prospects took a turn for the worse. The decision, which Bank Al-Maghrib said was linked to bullish inflation projections and monetary conditions, came even as the government presses ahead with measures that will inject billions of dirhams into the economy — steps that also are impeding an easing. The bank’s board said…

IFC to Sell 14% Ecobank Stake to Dutch Investment Company Arise

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LAGOS (Capital Markets in Africa) – The International Finance Corp., a unit of the World Bank Group, agreed with funds managed by IFC Asset Management Co. to sell their 14.1% stake in Ecobank Transnational Inc. to Dutch company Arise BV, the Lome, Benin-based lender said. The transaction will be completed “in the coming months” subject to approval by regulators, Ecobank said in statement published Monday on the website of the Nigerian Stock Exchange. The bank, which operates in about 30 African…

Mursi, Who Ruled Egypt Between Two Revolts, Dies in Court

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CAIRO (Capital Markets in Africa) – Mohamed Mursi, a bespectacled Muslim Brotherhood foot-soldier elevated from obscurity to become Egypt’s first freely elected civilian president, has died. He was 67. Incarcerated since his ouster in 2013, Mursi collapsed and died during a trial that sought to cast elements of the popular revolt that brought him to power as a foreign conspiracy. His death in a court room, defending his record, symbolized the grubby end of the…

The African oil industry denounces BBC Panorama’s attack on Senegal as a much Ado about nothing

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JOHANNESBURG (Capital Markets in Africa) – The African Energy Chamber (EnergyChamber.org) rejects the accusations made by the recent BBC Panorama program on Senegal and believes this case is about a sinister rush to judgment, an obsession to taint a reform-driven President and the oil industry at any cost and by any means, and certainly without an understanding of the facts and how the oil industry works. It is important that in this rush to judgment,…

Enhancing Energy Security in Africa – the time is now

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LAGOS (Capital Markets in Africa) – The African Energy Chamber has called on African governments and oil companies to do more to protect the security of energy infrastructure in Africa. Oil and gas infrastructure is quickly becoming a principal target for terrorists, rogue organizations, hostile state and non-state actors, and criminal enterprises. The recent attacks in the Middle East – the drone attack on the Saudi Aramco pipelines and the attacks on oil tankers in…

Seplat to Raise $200 Million From Banks for Nigerian Gas Project

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LAGOS (Capital Markets in Africa) – Seplat Petroleum Development Co. plans to raise $200 million in loans from banks to fund a gas project it jointly owns with the Nigerian government. It will appoint an arranger “shortly after” an investor meeting scheduled for June 26, Chief Financial Officer Roger Brown said on Thursday in Lagos, Nigeria’s commercial capital. It will raise an additional $80 million through vendor financing, or equipment suppliers, to complete its financing requirement for a…

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