The Editorial Team |

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

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…

Libya Oil-Output Boost at Eastern Fields Offsets Drop at Sharara

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TRIPOLI (Capital Markets in Africa) – Libya is ramping up oil output at its eastern fields, offsetting thousands of barrels in production lost from the partial shutdown of the country’s biggest deposit after gunmen kidnapped workers there. The North African nation’s overall production rose to 650,000 to 700,000 barrels a day and is expected to rise further after shipments resume at eastern ports that re-opened after a political standoff last week, according to a person familiar…

Africa Terror Fight to Suffer as China, Russia Take U.S. Focus

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LAGOS (Capital Markets in Africa) – The U.S. is set to scale back aid to African military units fighting terrorism as it realigns its defence strategy to compete with more traditional threats from China and Russia. The shift comes despite a growing terror threat on the continent that has led to an increased American presence, resulting in attacks on U.S. forces in Niger and Somalia that have left six U.S. service members dead since early…

South African President Urges Nigeria to Sign Africa Trade Pact

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JOHANNESBURG (Capital Markets in Africa) – South African President Cyril Ramaphosa urged his Nigerian counterpart to sign a continent-wide free-trade deal. Nigeria should take its time to consult on the agreement before signing up, but shouldn’t “take too long,” Ramaphosa said at a conference Wednesday in the West African nation’s capital, Abuja. “The continent is waiting for Nigeria and South Africa. By trading among ourselves, we are able to retain more resources in the continent.” Talks to establish…

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