The Editorial Team |

Nigerian Senate to Probe `Irregular’ Oil Lease Renewals

LAGOS (Capital Markets in Africa) – Nigeria’s Senate said it would probe the renewal process of energy leases undertaken by the oil minister and the Department of Petroleum Resources, in search of anomalies that could cost the government more than $10 billion in lost revenue. The Minister of State for Petroleum Resources Ibe Kachikwu and the DPR are renewing the “leases of companies that have brazenly and illegally refused to pay royalties,” lawmakers said in a motion…

MTN Is Said to Mull West African Unit Sale in Markets Cull

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JOHANNESBURG (Capital Markets in Africa) – MTN Group Ltd.’s sale of its Cyprus unit is just the start of a broader exit from small or problematic markets, with the Liberian unit leading a number of West African divisions being considered for disposal, according to people familiar with the matter. Africa’s largest mobile-phone company by subscribers sees the Liberia, Guinea and Guinea-Bissau businesses as ones it could do without, said two of the people, who asked…

Libya Kidnap Shows Oil-Supply Growth at Risk From Insecurity

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TRIPOLI (Capital Markets in Africa) – Just as Libya resumes oil exports from recently shuttered ports, an attack on its largest field is setting back progress yet again. An incursion by gunmen into the Sharara field Saturday and the kidnapping of workers there forced the National Oil Corp. to cut output and ban exports. It’s the latest in a string of security incidents that have hobbled Libyan shipments despite repeated attempts to restore flows in the politically…

Mauritian Central Bank Urges Lenders to Boost Deposit Rates

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PORT LOUIS (Capital Markets in Africa) – Mauritius’s central bank urged commercial lenders benefiting from the lowest official interest rates in more than a decade to increase the amount they pay depositors. Bank of Mauritius Governor Yandraduth Googoolye said he plans to put the revision of savings rates on the agenda at a forthcoming meeting with lenders. “Bearing in mind that in 2015 banks had lowered interests rates without any change in the key repo rate, I know…

South African Rate-Hold Bets Firm Up as June CPI Undershoots

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JOHANNESBURG (Capital Markets in Africa) – South African consumer prices accelerated at a slower pace than economists’ expectations in June, cementing the case for the central bank to hold its benchmark rate Thursday. The annual inflation rate was 4.6 percent compared with 4.4 percent in May, Pretoria-based Statistics South Africa said in a statement Wednesday. The median estimate in a Bloomberg survey was 4.8 percent. The rand had its worst month in more than two years…

All Emerging-Market Currencies Fall as U.S. Dollar Extends Rally

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JOHANNESBURG (Capital Markets in Africa) – U.S. dollar left every emerging-market currency in the red on Wednesday as stocks retreated. Russia’s ruble led losses after crude oil slumped and U.S. representatives mulled new sanctions against the country. The Chinese yuan sank to the lowest level since August 2017, bolstering speculation that officials are comfortable with currency weakness. Mexico’s peso posted the biggest decline among Latin American peers, trimming its advance from the July 1 presidential election. The yield on…

Nigeria Seeks Foreign Help to Build 30-Plane, 80-Route Airline

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LAGOS (Capital Markets in Africa) – Nigeria revealed plans for a new national airline and said a majority stake could be available to an overseas backer as it seeks know-how and cash to help the start-up avoid the fate of former flag carriers. The West African state has no cap on overseas ownership of its airlines and would be prepared to offer more than 50 percent of the company — named Nigeria Air — to…

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