The Editorial Team

Mauritius Group Buys IFC Stake in Kenyan Largest Retailer Naivas

LAGOS (Capital Markets in Africa) – Mauritian conglomerate IBL Ltd. and its partners acquired a 40% stake in Kenya’s biggest retailer Naivas Ltd., a milestone in the company’s East Africa expansion plan. IBL teamed up with Proparco, a subsidiary of French lender Agence Française de Développement and German KfW Group unit DEG on the deal, the Kenyan company said in an emailed statement. It involved the investors buying shares held by the International Finance Corp. and Amethis…

Saudi Prince Seals $7.7 Billion in Egypt Deals at Start of Tour

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CAIRO (Capital Markets in Africa) – Egypt and Saudi Arabia signed almost $8 billion in deals as the oil-rich kingdom’s crown prince began a Middle East tour aimed at promoting his role as a regional power-broker. The two nations signed 14 investment pacts valued at $7.7 billion, Egyptian state-run Middle East News Agency reported Tuesday, covering sectors including renewables, pharmaceuticals and e-commerce. Among them was an agreement with ACWA Power to generate and transfer…

Ghana Fuel Shortage Looms as Central Bank Rations Dollars

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ACCRA (Capital Markets in Africa) – Ghana faces a looming fuel shortage as the central bank rations dollars after oil prices surged following Russia’s invasion of Ukraine. The monthly fuel import bill for the West African nation jumped to $450 million in May, from $250 million in January, according to two people with knowledge of the matter. The central bank is only offering about $100 million a month at its foreign exchange auctions, and licensed…

Musk Says Bots Are a Problem for Twitter Deal, Not China

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LAGOS (Capital Markets in Africa) – Elon Musk cautioned there are a number of issues to iron out before he can complete his $44 billion takeover of Twitter Inc., including getting an accurate measure of bots on the social media platform and completing financing for the deal. The proportion of fake, spam and bot accounts on the service is “still a very significant matter,” Musk said in an interview with Bloomberg News Editor-in-Chief John Micklethwait at the…

Africa’s Rich Set to Get Wealthier From Technology Boost

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LAGOS (Capital Markets in Africa) – Increased use of technology to improve the efficiency of mature African businesses is expected to boost the number of high net worth individuals, as the second generation of family owned businesses takes over management from founders. The first generation emerged following the oil boom and liberalization of economies, with most investing in heavy industries, trading and commercial farming, according to Faizal Bhana, the director for the Middle East, Africa…

‘Jackpot’ Oil Discoveries May Help Namibia Double GDP by 2040

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NAMIBIA (Capital Markets in Africa) – Namibia expects its biggest oil discoveries since independence to help double its economy by 2040, Jennifer Comalie, chairperson of National Petroleum Corp. of Namibia, said in a Bloomberg TV interview. TotalEnergies SE in February said it had made a “significant” oil discovery off the coast of Namibia, three weeks after Shell Plc announced a find off the southwest African nation. Explorers have drilled more than a dozen exploration wells in search of…

Buhari Defends Record as Nigerians Endure Hardship, Insecurity

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Nigeria’s outgoing President Muhammadu Buhari said his successor will inherit a far more resilient economy thanks to investments in infrastructure and policies that have bolstered local production. Under his watch, the government has recovered hundreds of millions of dollars in stolen state funds, built new transport links and beaten back militant group Boko Haram, Buhari said in written responses to Bloomberg News questions. With Russia’s war on Ukraine disrupting global supply chains, the government’s support…

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