The Editorial Team |

Senegal Raises Stake of State Oil Company Under New Code

DAKAR (Capital Markets in Africa) – Senegal’s National Assembly approved a new oil code as a string of major discoveries off its coast are expected to make the West African nation an oil exporter in coming years. The code increases the stake of state-run oil company Petrosen to as much 30 percent in new projects, Oil Ministry spokesman Barthelemy Sene said by text message in response to questions Monday. It will apply fixed percentages for…

Nigeria Opposition Leader Calls Top Judge Suspension Illegal

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LAGOS (Capital Markets in Africa) – Nigeria’s main opposition figure, Atiku Abubakar, said President Muhammadu Buhari breached the constitution by suspending the nation’s top judge just weeks before a general election in Africa’s biggest oil producer. The president’s move on Jan. 25 to temporarily replace Chief Justice Walter Onnoghen, citing allegations of a false asset declaration, has triggered a political crisis because the Supreme Court would probably have to rule on any challenges to the fairness of the vote….

South African Pensioners Protest Against Eskom-Related Loss

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JOHANNESBURG (Capital Markets in Africa) – South Africa’s Public Investment Corp. was reckless with pensioners’ funds when it invested about 90 billion rand ($6.6 billion) in bonds of state-owned utility Eskom Holdings SOC Ltd., according to the Association for Monitoring and Advocacy of Government Pensions. Other poor decisions by Africa’s biggest money manager included the provision of financial support to business ventures of media tycoon Iqbal Surve, AMAGP representative Albert van Driel told a commission of inquiry in…

Nigeria’s Election Chaos May Be Boosting Appeal of Egypt Assets

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LAGOS (Capital Markets in Africa) – The fortunes of Egypt and Nigeria’s local-currency bonds have diverged. Foreign inflows into Egyptian Treasury bills has narrowed the yield gap with Nigerian assets to below a percentage point for the first time in almost a year. That’s partly because the North African nation hasn’t been making headlines, which is in sharp contrast to Nigeria, where assets missed out on a rally this year because of political chaos ahead of general elections…

CDC Made Wrong Call on Investment in Kenyan Cement Maker ARM

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NAIROBI (Capital Markets in Africa) – CDC Group Plc misjudged the potential of Kenyan cement maker ARM Cement Plc when agreeing to invest $140 million almost three years ago, and is banking on the prospect of an acceptable buyout offer in a forthcoming auction. The U.K. investment firm allocated over half of its Kenyan portfolio to ARM to back an expansion into Tanzania and the development of a potential East African regional champion, Chief Executive Officer Nick…

Nigeria Leads Effort for $9 Billion African Energy Plan

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LAGOS (Capital Markets in Africa) – Nigeria is leading a continent-wide drive to raise as much as $9 billion to help African nations fund projects including oil exploration, refineries and pipelines, the country’s oil minister said. Africa’s largest oil producer is working with more than a dozen other nations grouped under the African Petroleum Producers Organization, or APPO, to raise $1 billion in start-up funding for the African Energy Investment Corp., Minister of State for Petroleum…

Gemfields Reaches Settlement Over Mozambique Rights Abuse Case

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MAPUTO (Capital Markets in Africa) – Gemfields Group Ltd., the owner of colored gemstone mines and maker of Faberge jewelry, has agreed to a 5.8 million pound ($7.6 million) settlement with a group of Mozambicans who said they suffered rights abuses around the company’s ruby mine in the north of the country. London-based law company Leigh Day last year brought a claim on behalf of the 273 people who lived near the Montepuez Ruby Mining…

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