The Editorial Team |

Vodacom Tanzania Says Police Arrest MD Over Network Use

DAR ES SALAAM (Capital Markets in Africa) – Police have questioned several Vodacom Tanzania Ltd. employees, including Managing Director Hisham Hendi, over alleged fraudulent use of network facilities, the company said. “No formal charges have been preferred against these employees, but we have been advised that they may appear in court today,” the company said in an emailed statement. Hendi was named head of the Vodacom Group Ltd. unit in March after months of leading the…

Nigeria Says There’s Consensus OPEC+ Deal Will Be Extended

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LAGOS (Capital Markets in Africa) – The OPEC+ deal to curb oil production probably will be extended, “hopefully for another six months” beyond the end of June, Nigerian oil minister Emmanuel Kachikwu said. The agreement has stabilized the oil market and easing the curbs could bring back excess supply, he told reporters at a conference in Malabo, Equatorial Guinea. However, Nigeria, which has pumped more crude than it pledged to under the deal, will find it challenging…

Aspen Is Said to Get Approvals for Baby-Milk Deal in Weeks

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JOHANNESBURG (Capital Markets in Africa) – Aspen Pharmacare Holdings Ltd. is expected to receive final approvals to complete the sale of its milk-formula business within weeks, according to people familiar with the matter, after delays to the deal wiped out more than 30 percent of the South African drugmaker’s market value. New Zealand authorities have indicated that the disposal to French dairy company Lactalis International could be approved this month, said the people, who asked not…

Sierra Leone Public Finance Audit Shows $1 Billion Missing

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SIERRA LEONE (Capital Markets in Africa) – A probe into state funds in Sierra Leone has shown that the government can’t account for $1 billion, or more than a quarter of its gross domestic product, in state expenses made over a three-year period. The funds are missing due to graft and mismanagement under the previous administration, Finance Minister Jacob Jusu Saffa said Tuesday on Star Television. He pledged that the government will recover the funds by June,…

Territory Dispute Clouds $1.1 Billion S. Africa-Morocco Deal

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RABAT (Capital Markets in Africa) – The South African government’s support for a political movement some 4,500 miles away could complicate a $1.1 billion deal. Moroccan billionaire Othman Benjelloun on Tuesday spoke out against South Africa-based Sanlam Ltd.’s acquisition of insurer Saham Finances SA, saying South Africa has chosen the wrong side in a territorial dispute. South Africa supports a group called the Polisario Front, which has been seeking self determination in the Western Sahara territory since 1991. Morocco…

Africa Growth at 7-Year High, No Thanks to Its Major Economies

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LAGOS (Capital Markets in Africa) – Growth in Africa’s two largest economies may be sputtering along but that won’t stop the continent’s gross domestic product from expanding at the fastest pace since at least 2012. GDP growth for the continent is forecast to accelerate to 4 percent this year, up from an estimated 3.5 percent in 2018, making it the fastest-growing region in the world after Asia, according to the African Development Bank. And that’s…

Nigeria to Boost Port Security as U.S. Imposes Restrictions

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LAGOS (Capital Markets in Africa) – Nigeria is improving the security of its waterways and harbors, the nation’s ports authority said, as the U.S. reportedly imposed restrictions on the West African country. The U.S. Coast Guard will apply conditions of entry to ships that recently visited some of Nigeria’s port terminals, Ships & Ports reported, citing the U.S. organization. The entry restrictions will begin April 12 and aim to protect the U.S. from vessels arriving from countries…

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