The Editorial Team |

Dangote CFO Quits Two Weeks After Appointment of Operations Head

LAGOS (Capital Markets in Africa) – Dangote Cement Plc Chief Financial Officer Brian Eganresigned, two weeks after Africa’s biggest producer of the building material created a second CFO position. Egan, 55, is stepping down with immediate effect and will return to Ireland, the company said in a statement Thursday on the Nigerian Stock Exchange’s website. Dangote said Feb. 13 it hired Guillaume Moyen as CFO for operations. Moyen, who joined from United Arab Emirates-based OLA Energy, was to report…

South Africa’s Gordhan Says Graft Put State Firms `on Their Knees’

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JOHANNESBURG (Capital Markets in Africa)- South African state companies have been brought to their knees by graft, according to Public Enterprises Minister Pravin Gordhan. At least seven state companies are “either on their knees or touching carpet” as institutions were damaged due to so-called state capture, Gordhan said Thursday at a conference in Johannesburg. As much as 500 billion rand ($36 billion) probably left South Africa due to state capture, he said, using a local term…

EU Net Migration to U.K. Falls to Decade Low Ahead of Brexit

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LONDON (Capital Markets in AfricaA) – Net migration to Britain from other European Union countries is at its lowest level in a decade as Brexit uncertainty escalates. EU citizens arriving in the U.K. outnumbered those leaving by just 57,000 in the 12 months through September, the least since 2009 and half the number recorded a year earlier, the Office for National Statistics said Thursday. Overall net migration, including from non-EU countries, was little changed at 283,000. EU…

May Survives Another Vote as She Slowly Brings Opponents Onside

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LONDON (Capital Markets in AfricaA) – A week ago, Theresa May’s aides expected that by now the prime minister would be reeling from a mass Cabinet walkout and a crushing parliamentary defeat. Instead, she’s clung on amid growing signs that opposition to her Brexit deal is eroding. The prime minister avoided confrontation with her ministers by backing downTuesday, and agreeing to give Parliament the option of postponing Brexit rather than crashing out without a deal. The muted…

Dangote: Africa’s Richest Man Makes a $17 Billion Bid for Immortality

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LAGOS (Capital Markets in Africa) – Aliko Dangote’s plan to reduce Nigeria’s dependency on fuel imports will carve out an even bigger slice of the nation’s $376 billion economy for his empire. The best way to appreciate the scale of Aliko Dangote’s empire is to hitch a ride on one of his private jets. A half-hour after his Bombardier Challenger 605 takes off from Lagos Airport, it descends into a seemingly desolate area of Kogi State…

Green Energy, Spurned by Zuma, Back in Vogue in South Africa

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JOHANNESBURG (Capital Markets in Africa) – With South Africa’s state electricity utility in dire financial straits and straining to meet demand, the government has reverted to courting independent renewable energy producers to help power the continent’s most industrialized economy. President Cyril Ramaphosa, his Energy Minister Jeff Radebe and the Treasury have all recently heralded solar and wind-powered plants as the answer to meeting South Africa’s future electricity demands, citing falling costs and environmental considerations. The government also needs…

Senegal’s Sall Heads for Outright Win in Partial Vote Results

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DAKAR (Capital Markets in Africa) – Senegalese President Macky Sall is leading Sunday’s election with the necessary majority for an outright win, according to unofficial results from most of the country’s 45 departments. Sall secured 57 percent of the 3.8 million votes counted in 39 departments that were compiled by a group of citizen observers known as Senegal Vote and tallied by Bloomberg. The results from 32 departments that were reported by state-run Agence de Presse Senegalaise…

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