The Editorial Team |

Nigeria Sovereign Fund to Boost Local Focus After Profit Dip

LAGOS (Capital Markets in Africa) – The Nigeria Sovereign Investment Authority is restructuring its portfolio to focus more on domestic investments after a drop in the currency wiped out foreign-exchange gains last year. “The asset allocation strategy of NSIA has been restructured to reflect an increased focus on domestic infrastructure investments with 50 percent of future contributions to be dedicated to infrastructure,” according to a statement on Monday from the fund. The institution, which last year had…

Ghana to Buy Contracts to Protect It From High Oil Prices

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ACCRA (Capital Markets in Africa) – Ghana will buy contracts to protect it from higher oil-product prices in the third quarter as the West African nation seeks to curb volatility in what consumers pay at the pump amid rising costs of the fuel in international markets. The government is putting together a risk-management program to go to the market “in a month or two” for options on crude, with the strike price yet to be…

Oil Pares Decline Amid Nigerian Pipe Cracks, Growing OPEC Schism

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LAGOS (Capital Markets in Africa) – Crude pared losses as cracks in a key pipeline threatened Nigerian oil exports and a schism deepened within OPEC over whether to allow more crude to flow onto global markets. Futures erased a 1.4 percent loss in New York on Monday. New leaks have been discovered in a Nigerian pipeline that’s been shut since late last week and the operator provided no estimate for when deliveries will resume. Meanwhile, Iraqjoined Iran and…

Vodacom Plans $1.3 Billion Share Sale to Raise Black Stake

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LAGOS (Capital Markets in Africa) – Vodacom Group Limited proposed raising the black-owned shareholding in Africa’s largest wireless carrier by selling a stake of about 6 percent to certain investors and employees. The 17.5 billion-rand ($1.3 billion) deal will help Vodacom comply with a government initiative to raise black ownership in Africa’s most industrialized economy, part of ongoing efforts to redress inequalities originating from white-minority rule. After the transaction, about 20 percent of Vodacom will be controlled by…

INTO AFRICA June 2018 Edition – Renewed Optimism: African Real Estate

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LAGOS (Capital Markets in Africa) –Welcome to the June 2018 edition of INTO AFRICA, a publication with fresh insight into Africa’s emerging capital markets. This month’s edition, titled: Renewed Optimism: African Real Estate, examines the opportunities as well the challenges in the African real estate markets. Africa’s continuing economic and social development is encouraging investors to expand their portfolios in the continent and the yearning for long-term investment has drawn increased numbers of international investors…

Zuma Vows to Fight Back as South African Graft Trial Delayed

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JOHANNESBURG (Capital Markets in Africa) – South Africa’s former President Jacob Zuma warned opponents and ruling party officials against attacking him in public and vowed to prove his innocence after the High Court postponed his corruption case until next month. Zuma, 76, appeared briefly in the court in the eastern port city of Durban on Friday where the case was delayed until July 27 to enable his lawyers to get clarity on who will pay his legal…

Landlocked Ethiopia May Establish Naval Base at Kenyan Port

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ADDIS ABABA (Capital Markets in Africa) – Ethiopia, landlocked since the secession of Eritrea a quarter century ago, may consider building a naval base in neighbouring Kenya to strengthen its military capabilities, the head of the state shipping company said. The facility could form part of a port the Kenyan government is building at Lamu, said Roba Megerssa Akawak, chief executive officer of the state-owned Ethiopian Shipping & Logistics Services Enterprise. The 390 billion-shilling ($3.87…

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