The Editorial Team |

Nigerian Cocoa Shows High Mold Levels in Early Crop Arrivals

LAGOS (Capital Markets in Africa) – Initial harvests of Nigeria’s main-crop cocoa arriving at ports and warehouses show high levels of mold in the major producing southwest region due to a prolonged wet season, according to commodities inspection agents and buyers. Cocoa beans inspected in a sample of warehouses in the region are showing mold in the range of 18 percent to 24 percent, compared with a maximum of 4 percent required by the International…

Tokyo Whale Sells $230 Million Bitcoin in Mt. Gox Wind-Down

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LAGOS (Capital Markets in Africa) – The trustee liquidating cryptocurrencies on behalf of defunct exchange Mt. Gox has offloaded another 25.98 billion yen ($230 million) of Bitcoin and Bitcoin Cash. The disposals were made in the period since the 10th creditors meeting was held on March 7, Nobuaki Kobayashi said in a statement on Tuesday. The total compares with 43 billion yen in the prior round of sales, which the bankruptcy attorney announced six months ago. Digital…

Key Congo Opposition Leader Is Excluded as Candidate in Vote

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KINSHASA (Capital Markets in Africa) – The Democratic Republic of Congo’s electoral commission confirmed opposition leader Jean-Pierre Bemba’s disqualification from this year’s presidential vote. Bemba’s removal excludes two key figures from challenging President Joseph Kabila’s anointed successor in the Dec. 23 vote, after businessman-turned-politician Moise Katumbi was prevented from registering for the race. Congo, the world’s biggest cobalt miner hasn’t had a peaceful transition of power since it gained independence from Belgium in 1960. Twenty-one of the 26 candidates…

Saipem Convicted in Algeria Corruption Case; Eni Cleared

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TUNIS (Capital Markets in Africa) – Saipem SpA was convicted in Milan of corruption linked to energy contracts in Algeria, while fellow Italian oil company Eni SpA was cleared. The oil-services company was fined 400,000 euros ($467,800), and another 197 million euros will be confiscated as part of the conviction, according to judge Giulia Turri. Eni, which owns 31 percent of Saipem, Eni’s former Chief Executive Officer Paolo Scaroni and current Chief Upstream Officer Antonio Vella were cleared of any wrongdoing. Saipem may…

Egypt Plans to Sell $5 Billion Bonds Overseas in Next Few Months

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CAIRO (Capital Markets in Africa) – Egypt plans to issue international bonds worth about $5 billion in the coming months, Finance Minister Mohamed Maait said Wednesday. “We don’t know the schedule yet, but we’re planning,” Maait told a gathering of business people in Cairo. “We are monitoring the interest rate, we are monitoring international markets.” Maait said that the exact issue size had yet to be finalized and Egypt was still considering what currency to issue in….

MTN Surges as Nigeria Softens Tone on $8.1 Billion Claim

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LAGOS (Capital Markets in Africa) – MTN Group Limited’s shares rose the most in more than six months after Nigeria softened its stance over claims that Africa’s biggest wireless carrier illegally transferred $8.1 billion out of the country. The Central Bank of Nigeria made the accusation late last month, plunging the South African company into a crisis that’s wiped almost a third off its share price. MTN has since provided additional information that may lead…

Two Middlemen Found Guilty in Milan Trial Over Nigeria Oil Graft

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LAGOS (Capital Markets in Africa) – Two middlemen were found guilty of corruption in Milan in a case related to an oil deal involving Royal Dutch Shell Plc, Eni SpA and the Nigerian government. Emeka Obi and Gianluca Di Nardo were found by a court to have helped arrange a payment between the oil companies and the Nigerian government for an oil license in the country, which largely went to pay bribes. The verdict could help bolster Italian prosecutors’ case…

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