The Editorial Team |

MTN Plunges After Nigeria Orders Refund of $8.1 Billion Dividend

JOHANNESBURG (Capital Markets in Africa) – Almost a year after MTN Group Limited thought it had been cleared over accusations of illegally taking money out of Nigeria, the issue has resurfaced with a vengeance. Late Wednesday, the country’s central bank ordered Africa’s largest wireless carrier to return $8.1 billion it says was repatriated improperly over eight years through 2015. The decision caught the company and its shareholders off guard and the shares plunged the most in 20…

Tanzania Power Firm Asked to Pay Standard Chartered $148 Million

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DAR ES SALAM (Capital Markets in Africa) – The International Centre for Settlement of Investment Disputes ordered the Tanzania Electric Supply Co. to pay Standard Chartered Plc $148.4 million after breaching a power contract, the arbitrator said. The case that began in 2001 concerns a purchase agreement in May 1995 between Tanesco and Independent Power Tanzania Ltd., whose rights were later taken over by Standard Chartered in 2014. The agreement required IPTL to supply Tanesco…

Bearish Signals Stalk South Africa Stocks After August Gains

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JOHANNESBURG (Capital Markets in Africa) – It’s been a great month, but things may be about to turn a lot grimmer for South African stocks, if technical signals are any guide. The benchmark is coming off its longest winning streak since October, rising for nine consecutive days through Tuesday. The FTSE/JSE Africa All Share Index this week revisited levels above 60,000, last seen in February, taking its August advance to 4.5 percent, set for the…

U.K.’s May Pledges Closer Ties Between Nigeria, City of London

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LAGOS (Capital Markets in Africa) – Prime Minister Theresa May banked pledges for London Stock Exchange listings from Nigerian billionaire Aliko Dangote and Seplat Petroleum Development Co. as she announced plans to bolster ties between the City of London and Nigeria. Seplat on Wednesday committed to list $350 million of Eurobonds issued earlier this year on the LSE, May’s office said in a statement. That comes on top of Dangote’s commitment to list Dangote Cement Plc, valued at $10.8 billion, on the…

Kenya Airways Sees Airport JV Improving Facility, Revenue

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NAIROBI (Capital Markets in Africa) – A proposed joint venture between Kenya Airways Plc and the East African nation’s airports manager to run the capital’s main airport will improve the facility and provide more income for the airline, its chairman said. The carrier partially owned by Air France-KLM is in talks with the Kenya Airports Authority to jointly oversee Nairobi’s Jomo Kenyatta International Airport. KQ, as the airline is also known, currently pays landing fees…

Standard Chartered Lends Tanzania $1.44 Billion for New Rail

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DAR ES SALAM (Capital Markets in Africa) – Standard Chartered Plc will lend Tanzania 3.3 trillion shillings ($1.44 billion) for the construction of a section of a new standard-gauge railway between Morogoro and Makutupora, in the Dodoma region, the Finance Ministry said. The agreement follows a meeting between Finance Minister Philip Mpango and Chief Executive Officer Bill Winters in the commercial capital, Dar es Salaam, the ministry said in an emailed statement. The East African…

Millicom Tanzania Targets IPO as Ownership Dispute Settled

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DAR ES SALAAM (Capital Markets in Africa) – Millicom International Cellular SA’s Tanzanian unit is targeting an initial public offering “in the near future” after a court ruled in the company’s favour in an ownership dispute, Managing Director Simon Karikari said. Tanzania’s Appeal Court ruled in July that Luxembourg-based Millicom was Tigo Tanzania’s rightful owner, dismissing a case by Geneva-based Golden Globe International Services Ltd. and Quality Group Ltd. of Tanzania that laid claim to…

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