Author: The Editorial Team

LAGOS (Capital Markets in Africa) – Nigeria implemented its portion of the OPEC+ production deal in February, said the country’s oil minister, a move that enhances the impact of supply cuts that have already boosted crude prices. “We’re basically complying, effective February” with the country’s pledged 53,000 barrel-a-day reduction, Minister of State for Petroleum Emmanuel Ibe Kachikwu said in an interview on Thursday. “The price fluctuations mean OPEC needs to be a bit more together, a bit…

LAGOS (Capital Markets in Africa) – Singapore’s sovereign wealth fund GIC Pte was among investors that helped U.S. cryptocurrency exchange Coinbase Inc. raise $300 million last year, according to people familiar with the matter. While Coinbase said it garnered investment in its October funding round from firms including Tiger Global Management, Wellington Management and Andreessen Horowitz, GIC’s participation hasn’t previously been disclosed. GIC declined to comment, while an official for Coinbase also declined to comment. With the foray into digital assets, possibly…

JOHANNESBURG (Capital Markets in Africa) – Blue Label Telecoms Ltd. is considering offers for potential new investment in Cell C Pty Ltd. after posting a first-half loss partly caused by its interest in South Africa’s third-largest mobile-phone company. Blue Label led a rescue of Cell C two years ago, but the move is yet to pay off as the unit struggles with debt and the dominance of larger rivals, Vodacom Group Ltd. and MTN Group Ltd….

JOHANNESBURG (Capital Markets in Africa) – Steinhoff International Holdings NV said it’s on track to publish audited financial results and is entering the final stages of a debt restructuring as first-quarter sales rose 3 percent. The South African retailer, which almost collapsed amid an accounting scandal in late 2017, has sold assets and held extensive talks with lenders as it battles to stay afloat. The owner of Conforama in France and Mattress Firm in the U.S….