The Editorial Team |

Steinhoff Casts Doubt on Future as Writedowns Hit $17 Billion

JOHANNESBURG (Capital Markets in Africa) – The global retailer at the center of South Africa’s biggest corporate scandal cut the value of its assets by 15.3 billion euros ($17 billion) because of accounting irregularities. The company also warned it won’t be able to keep going longer than 12 months unless its debt is reorganized and it skirts mounting lawsuits and possible regulatory fines. At risk is a business with 120,000 employees across chains including Mattress…

Sonangol Boss Fired by Angola’s President as Fuel Runs Dry

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LUANDA (Capital Markets in Africa) – Angolan President Joao Lourenco fired Sonangol EP Chairman Carlos Saturnino as he revamps the company amid persistent fuel shortages in the southern African nation. The presidency appointed Gaspar Martins to lead the state-owned company with a new board after incumbent members were dismissed, according to a statement late Wednesday. Lourenco met with oil industry officials on Tuesday, vowing to end shortages at gas stations across the country that imports almost all of its fuel. Lourenco…

Nigeria’s Buhari Nominates Emefiele for Second Term as Governor

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LAGOS (Capital Markets in Africa) – Nigerian President Muhammadu Buhari nominated central bank Governor Godwin Emefiele for a second five-year term in office, making the 57-year-old former bank chief executive the first to have his term renewed since 1999. Senate President Bukola Saraki read Buhari’s choice of Emefiele to lawmakers on Thursday. His appointment is subject to the Senate’s approval. His first five-year tenure ends this month and Buhari’s decision to give him a second…

Towards an Enabling Legal and Regulatory Framework for Private Equity and Venture Capital in Nigeria

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LAGOS (Capital Markets in Africa) – Research and data from private equity industry associations such as the Emerging Markets Private Equity Association (EMPEA), the African Venture Capital Association (AVCA) and the Private Equity and Venture Capital Association (PEVCA) highlight the impact of challenges including global commodity price fluctuation, foreign exchange volatility, security and insufficient diversification of the economy, among other factors, on the pace of activity in the Nigerian private equity and venture capital (PE)…

INTO AFRICA May 2019 Edition – Private Equity: Nurturing Africa

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Welcome to the May 2019 edition of INTO AFRICA, a publication written by the professionals, for professionals, investors, policymakers … Advancing and providing fresh insight into Africa’s emerging markets through renowned thought leadership and peer-to-peer knowledge-sharing. The edition is titled: Private Equity: Nurturing Africa. African private equity (PE) has remained robust with the total value of fundraising increasing to US$2.7bn in 2018 from US$2.4bn in 2017, indicating investors’ ongoing confidence in African PE, based on…

Bankers Ring Alarm Bells Anew as Brexit Weakens British Economy

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LAGOS (Capital Markets in Africa) – After years of work and millions of pounds spent in preparation for the U.K.’s withdrawal from the European Union, the delay to October and seemingly endless questions about the outcome are casting a cloud over bankers’ outlooks and taking the shine off the rise in shares this year. The sentiment was underlined on Friday when HSBC Holdings Plc’s Chief Financial Officer Ewen Stevenson warned that the uncertainty is plaguing consumer and business…

MTN Revamps Board With a Who’s Who of African Heavyweights

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JOHANNESBURG (Capital Markets in Africa) – MTN Group Ltd. appointed former South Africa Deputy Finance Minister Mcebisi Jonas as chairman and Nigeria’s ex-central bank Governor Lamido Sanusi as a non-executive director as part of boardroom shake up at Africa’s biggest wireless carrier. Jonas, 59, will replace Phuthuma Nhleko, who plans to step down in December after almost two decades as chairman or chief executive officer of the Johannesburg-based company. The stock held onto gains and traded 2.4 percent higher as of…

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