The Editorial Team |

MTN Nigeria Needed Just 16 Minutes to Reverse Market Fortune (1

LAGOS (Capital Markets in Africa) – MTN Group Ltd. has been promising to list its Nigerian business on the Lagos stock exchange for almost three years, yet it took just 16 minutes for the mobile-phone giant to cause a sensation. After a lengthy ceremony of speeches, congratulations and rounds of applause delayed the start of trading for more than half an hour, it looked as though MTN Nigeria Communications Plc may not trade at all with the market…

Pound Falls Out of Favor With Brexit Uncertainty on the Rise

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LONDON (Capital Markets in Africa) – That’s the advice from fund managers and strategists opting to reduce exposure to the U.K. amid a lack of Brexit clarity and escalating trade tensions. BlueBay Asset Management LLP is shorting the pound and gilts, while UBS Wealth Management is avoiding U.K. government debt and long-term pound bullNomura International Plc has ended its buy recommendation on sterling. Prime Minister Theresa May has now set the week of June 3 to bring…

MTN Nigeria Valued at $5 Billion in Lagos Stock-Exchange Listing

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LAGOS (Capital Markets in Africa) – MTN Group Ltd. will list its Nigeria unit in Lagos on Thursday in a move that will value the pan-African wireless carrier’s largest business at 1.8 trillion naira ($5 billion). The move is a step toward a partial sell down of the carrier’s majority 79% stake, and was agreed to as part of the settlement of a $1 billion regulatory fine three years ago. MTN Nigeria is the market leader…

Microsoft Will Spend $100 Million on African Development Center

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LAGOS (Capital Markets in Africa) – Microsoft Corp. plans to spend more than $100 million over five years to open its first development centers in Africa to work with local partners and governments, as well as hire engineering talent. Initial sites will be in Nairobi, Kenya’s capital, and Lagos, Nigeria’s commercial hub. The software giant plans to hire 100 full-time developers at the two sites by the end of this year and expand to 500 by the…

Deadly Attack on Sudan Sit-In Puts Transition Deal in Doubt

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LAGOS (Capital Martkets in Africa) – At least six people were killed when militiamen attacked a long-running sit-in outside Sudanese army headquarters, throwing into doubt a fresh deal between the opposition and ruling military on how to divide power in the aftermath of President Omar al-Bashir’s ouster. Gunfire rocked the protest site overnight in Khartoum, with the Central Committee of Sudanese Doctors reporting the death toll and use of live ammunition. The worst sustained violence in…

Nigeria’s Fidelity Bank Turns to Digital Lending to Boost Growth

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LAGOS (Capital Martkets in Africa) – Nigeria’s Fidelity Bank Plc is seeking to boost customer numbers by 20% this year by pushing its digital channels and offering loans to low-income borrowers via their mobile phones. The bank hopes to increase its clients from 4.5 million in 2018 and expects return on equity to rise to 13% from 11.8%, Executive Director Gbolahan Joshua said in an interview. More than 150,000 customers have applied for digital loans since it started providing…

May Seeks Support for Brexit Plan as Cross-Party Talks Stall

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LONDON (Capital Markets in Africa) – Prime Minister Theresa May will meet with her cabinet Tuesday as she comes under increasing pressure to pull out of Brexit talks with the opposition Labour Party and set a date for her departure. The latest in a series of cross-party meetings aimed at ending the parliamentary deadlock over leaving the European Union broke up without substantive progress Monday evening, according to a person familiar with the discussions. Monday night’s meeting “took stock…

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