The Editorial Team |

Crypto Victims Flush Away Cash on Deal That’s More UTI Than ICO

LAGOS (Capital Markets in Africa) – Lithuanian startup Prodeum set out to raise as much as 5,400 Ether (about $6.5 million) in an initial coin offering, ostensibly to revolutionize the agriculture industry and put fruit on the blockchain. That’s not the strange part. Tracking produce could actually be a good use for the technology, and some legit firms are already doing it, so investors can be forgiven for signing up. But then there’s the name. “Prodeum” is spelled almost…

Tharisa’s Pouroulis Meets Zimbabwe Leader, Seeks Opportunities

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HARARE (capital Markets in Africa) – Tharisa Plc Chief Executive Officer Phoevos Pouroulis met Zimbabwe’s new president, Emmerson Mnangagwa, on Jan. 18, as the Cyprus-based platinum and chrome mining company seeks opportunities in the country with the world’s second-biggest reserves of the metals. Pouroulis was accompanied to the meeting in Mnangagwa’s office in Harare, the nation’s capital, by executives including Gregory Taurog, the company’s marketing and sales director, and Hans van Wyk, the operations director of subsidiary Tharisa Minerals….

Zimbabwean Opposition Party Says Mnangagwa Rule Is Illegitimate

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HARARE (Capital Markets in Africa) – Zimbabwe’s opposition National People’s Party said the country’s new president, Emmerson Mnangagwa, lacks legitimacy and is overseeing military rule ahead of elections he says will take place before July. Mnangagwa should return Zimbabwe to legitimate civilian rule and introduce electoral reforms, Joice Mujuru, head of the NPP, said in an emailed statement late Thursday. He must also undo “oppressive” legislation that undermines press freedom and enables the persecution and arrest of…

EIB Plans to Double Kenyan Loans This Year for Infrastructure

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NAIROBI (Capital Markets in Africa) – The European Investment Bank may double its loans to Kenya this year to fund power plants, roads, and other infrastructure projects, the lender’s regional representative said. Financing has been agreed in principle for deals worth about 375 million euros ($465 million), Catherine Collin, EIB regional representative for East Africa, said in an interview Wednesday in the capital, Nairobi. Last year, the lender signed commitments totaling 182 million euros, she said. “Kenya…

West Africa’s Stock Exchange Expects Regional Bank IPO in 2018

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ABIDJAN (Capital Markets in Africa) – The IPO will be one of two initial public offerings expected this year on West Africa’s Bourse Regionale des Valeurs Mobilieres, known as BRVM, Edoh Kossi Amenounve says in an interview. Other IPO “should be Societe des Telecommunications du Mali” Average profitability growth of BRVM’s stocks seen rising to 6.5%-7% in 2018 after 5% in 2017 2017 profitability dropped after declining in capital gains BRVM to launch the online…

Ramaphosa Says South Africa Has no Cash for Nuclear Plants

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JOHANNESBURG (Capital Markets in Africa)- South African Deputy President Cyril Ramaphosa, who is next in line to lead the country, said the government currently can’t afford to build new nuclear power reactors. “We have to look at where the economy is — we have excess power and we have no money to go for a major nuclear plant building,” Ramaphosa told reporters Thursday at the World Economic Forum in Davos, Switzerland. “We have said the nuclear…

Nigeria Can’t Rely on Rising Oil Prices, Minister Says

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LAGOS (Capital Markets in Africa) – Africa’s top oil producer is learning to ignore crude prices, Nigeria’s Finance Minister Kemi Adeosun said. “We’ve gotten to a point where we don’t care,” whether prices will be sustained at the level that they have recently risen to, Adeosun said during an interview in her office in the capital, Abuja. “We’ve been able to balance our budget at $45-$46 per barrel and we’ve got to learn to live comfortably at…

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