The Editorial Team |

Fund Manager Fighting to Keep $16 Million in Libyan Bonuses

LAGOS (Capital Markets in Africa) – Nine years and one revolution after agreeing to manage more than $620 million of Libyan funds, a London banker is in court fighting the firm he founded, and defending fees he used for a lifestyle that included a 165,000-pound ($232,000) stay at a five-star hotel in the British capital. Frederic Marino is accused by FM Capital Partners of taking more than $16 million in secret commissions between 2009 and 2014, seeking and…

Gordhan Plans Sweeping Changes for South African State Firms (1)

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JOHANNESBURG (Capital Markets in Africa) – Extensive changes are in the offing at South Africa’s troubled state-owned companies as new Public Enterprises Minister Pravin Gordhan moves to tackle their many management and financial failings. Power utility Eskom Holdings SOC Ltd. and several other state entities have been caught up in graft and management scandals over recent years and repeatedly called on the state to bail them out as their debt ballooned to unsustainable levels. Former union boss and…

Ghana Is Said to Name Citi, Three Others to Market Eurobond

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ACCRA (Capital Markets in Africa) – Ghana appointed Citigroup Inc., JP Morgan Chase & Co, Bank of America Corp. and Standard Chartered Plc as head arrangers to market an upcoming sale of Eurobonds, according to two people familiar with the matter. The West African nation also named Accra-based Fidelity Bank Ltd. and IC Securities as co-arrangers, said the people, who asked not to be identified because they’re not authorized to speak publicly about the matter. Ghana…

Kenya Opposition Urges Probe of Cambridge Analytica Role in Vote

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NAIROBI (Capital Markets in Africa) – Kenya’s biggest opposition party called for an independent probe of Cambridge Analytica’s role in last year’s protracted presidential elections that were marred by violence. “We would be interested in the truth about the role of Cambridge Analytica in spreading divisive propaganda in our election cycle,” Orange Democratic Movement Secretary-General Edwin Sifuna said Tuesday by phone from Nairobi, the capital. “We support an inquiry into their involvement.” Channel 4, a…

Buhari’s Trump Card for Nigeria’s 2019 Vote: Weak Opposition

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LAGOS (Capital Markets in Africa) – Samuel Okunola shares the frustration of many Nigerians with the man he voted for three years ago, President Muhammadu Buhari. The 52-year-old tailor no longer feels he can support him in elections next year, but he doesn’t see an alternative. “I can’t vote for Buhari in 2019,” Okunola said in an interview at his shop in the upscale Victoria Island district in Lagos, Nigeria’s biggest city. “I’m looking for someone…

South Africa Awaits First Ratings Verdict of Ramaphosa Era

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JOHANNESBURG (Capital Markets in Africa) – South Africa will probably escape a junk assessment from Moody’s Investors Service this week in the first such verdict on the country’s creditworthiness since Cyril Ramaphosa came to power. The change in leadership last month from the troubled era of Jacob Zuma will allow Africa’s most-industrialized economy to cling on to the only major investment-grade rating it has left, according to all 15 respondents in a Bloomberg survey of economists and analysts. The rand has rallied and business…

This Is What Africa’s Central Banks Are Debating This Month

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LAGOS (Capital Markets in Africa) – Central banks in five major sub-Saharan African economies are scheduled to announce their interest-rate decisions in the next three weeks, including Nigeria if lawmakers get around to approving Monetary Policy Committee nominees. Slower inflation and more stable exchange rates have built a case for looser monetary policy in Kenya, Ghana, South Africa and Nigeria. Economic growth near 1 percent in South Africa and Nigeria, which make up half of…

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