The Editorial Team |

AfDB starts electricity cooperative feasibility studies in Nigeria and Ethiopia

LAGOS (Capital Markets in Africa) – The African Development Bank has kicked off a feasibility study to explore the potential of electricity cooperative business models in Nigeria and Ethiopia. The effort is part of the Bank’s goal of achieving universal electricity access across Africa by 2025. Currently, power shortages diminish the region’s GDP growth by 2-4% per year, holding back job creation and poverty reduction efforts. The study, funded by the South-South Cooperation Trust Fund,…

International Finance Corporation invests $15 million in Comoros telecom

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LAGOS (Capital Markets in Africa) – International Finance Corporation has made its first investment in Comoros to Telecom Comores S.A., known as Telco SA. The €13 million ($15 million) loan has the potential to transform the mobile market in one of the least developed telecom markets in Africa and globally. It will support the introduction of competition in a previously monopolized sector and help address the significant gap in connectivity and affordability. “IFC financing…

South Africa’s FNB raises alarm over new debit order fraud

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JOHANNESBURG (Capital Markets in Africa) – South Africa’s First National Bank. FNB has said that it has detected abnormally high volumes and disputes of suspicious debit orders with descriptors Procall and Mzansi in December 2018 and January 2019. In line with its standard practice, the Bank has informed customers of new debit orders loaded on their bank accounts. In addition, and based upon the monitoring of debit order disputes, FNB has detected that a large…

JAC Motors expands into 28 African countries

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LAGOS(Capital Markets in Africa) – Anhui Jianghuai Automobile Group Corp., Ltd., JAC Motors, China’s automobile and commercial vehicle manufacturer, has announced the results of its expansion program in Africa in 2018, declaring that it has established a presence in 28 countries across the continent. Spurred on by China’s Belt and Road initiative (BRI), the country’s program to fund and build infrastructure projects around the world along the ancient Silk Road trade routes, JAC Motors has…

Nominations for the 2019 EY World Entrepreneur Award Are Now Open

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JOHANNESBURG (Capital Markets in Africa) – The search is on again for the world’s greatest entrepreneurs. These are individuals who have the courage to build something truly remarkable; inspire innovation without limitations; cut through the noise of this transformative age; and fuel growth by being unstoppable. Driven by their desire to better the world around them, they stop at nothing to achieve their greatest ambitions. Marking its 22nd year, the EY World Entrepreneur Award™ (www.EY.com/za/wea)…

Zenith Bank Plc FY’18 results – EPS expands by 11.2% YoY to N6.15

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LAGOS (Capital Markets in Africa) – Gross earnings declined by 15.9% YoY to N620.0 billion, in line with our estimate of N632.8 billion (-2.0% deviation). In contrast, after tax profit improved by 11.3% YoY to N193.4 billion, in line with our N192.2 billion projection (+0.6% deviation). On a quarterly basis, gross and after tax earnings weakened by 4.6% QoQ and 21.1% QoQ to N145.4 billion and N49.2 billion respectively. ZENITHBANK declared a final dividend per…

Juicy Nigerian Yields May Just Spare Banks From Profit Pains

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LAGOS (Capital Markets in Africa) – Nigeria’s biggest banks have found a way of shielding earnings from another year of tepid credit demand — buying up local government bonds that offer among the highest yields in emerging markets. Lenders are reducing credit to companies and consumers hampered by challenges in an economy too dependent on oil — the prices of which have tumbled nearly 30 percent since October. Steep inflation, a lack of foreign exchange and high levels of…

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