The Editorial Team |

Angola Shows Some Investors Still Find It Hard to Resist Yield

LUANDA (Capital Markets in Africa) – It takes some brazenness for a nation rated six steps into junk territory and with the world’s worst-performing currency to issue a Eurobond in this market. But Angola did just that on Monday, selling $500 million of 30-year debt in only the third dollar-denominated deal from an emerging-market government since May. The sale suggests that even with sentiment toward emerging markets turning much more bearish in the past three months, some investors still…

Nigerian Lender Sees Credit Surging as Banks Sign Up for Loans

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LAGOS (Capital Markets in Africa) – Development Bank of Nigeria Plc, a state-owned lender set up to improve access to credit in Africa’s largest economy, expects loans to small businesses to surge after the number of banks signing up to disburse the facilities more than doubled. The state-owned bank, targeting as much as 60 billion naira ($166 million) of loans this year, expects lending to small- and medium-sized companies to reach “hundreds of billions of…

Ethiopian Air in Talks to Back Nigerian Startup Carrier

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LUANDA (Capital Markets in Africa) – Ethiopian Airlines Enterprise said it’s in talks to back a start-up carrier in Nigeria in a move that would swell a network of alliances and equity holdings that’s extended the company’s reach across the continent. Tewolde GebreMariam, Ethiopian’s chief executive officer, plans to hold talks with a Nigerian government minister about the proposal later Tuesday at the Farnborough air show in southern England, he said in an interview in London….

Angola Annuls $1.5 Billion Port Deal With Dos Santos-Linked Firm

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LUANDA (Capital Markets in Africa) – A company with ties to Africa’s richest woman, Isabel dos Santos, is threatening to seek compensation from the Angolan government after losing concession rights to build a $1.5 billion port near the capital, Luanda. The decision to withdraw the contract to build and operate the Barra do Dande port appears to be yet another step by President Joao Lourenco to ease the grip of his predecessor’s family on the nation’s economy. Lourenco…

Tullow’s Kenya Oil Operations Threatened as Impasse Endures

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NAIROBI (Capital Markets in Africa) – Tullow Oil Plc may shut down operations in northern Kenya in two weeks unless persistent issues with local residents, which threaten progress of the project, are resolved. Disruptions in the remote Turkana region have already halted the shipments of a pilot program to test early production and deliver oil from Lokichar to the port of Mombasa about 1,000 kilometers (640 miles) away, for future export. Tullow, along with partners Africa…

Ghana Takes Back Control of Bank After `Questionable’ Deals

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ACCRA (Capital Markets in Africa) – Ghana took back control of Agricultural Development Bank Ltd. after the regulator annulled deals for more than half of the lender’s shares following its initial public offering in 2016. The West African nation’s central bank regulator cancelled the holdings of Belstar Capital Ltd., Starmount Development Co., Ecobank Capital Ltd. and SIC Financial Services Ltd., which together held 52 percent in the lender known as ADB, Bank of Ghana said in a statement on Monday….

Nigerian Oil Executives’ Firms Ordered to Pay $680 Million

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LAGOS (Capital Markets in Africa) – Nigerian oil executive Wale Tinubu and his deputy at Oando Plc were dealt a court defeat as firms they own or part-own were ordered to pay $680 million in a dispute over corporate shareholdings. The legal battle revolves around ownership of a holding company that ultimately controls a majority stake in Lagos-based oil and gas producer Oando, which is being investigated over claims of financial mismanagement and had its shares temporarily suspended…

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