The Editorial Team |

Liberia Court Halts Run-Off Election to Hear Fraud Charges

MONROVIA (Capital Markets in Africa) – Liberia’s Supreme Court halted next week’s presidential run-off vote to hear a challenge brought by a first-round losing candidate that the election was marred by fraud. The court issued a stay order for the Nov. 7 poll and will consider the complaint filed by the Liberty Party on Thursday, according to a writ issued on Wednesday. The Liberty Party lodged the objection and called for a rerun after its candidate,…

Nigeria Plans $1 Billion Processing Zone to Boost Exports

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LAGOS (Capital Markets in Africa) Nigeria plans to establish a $1 billion crop-processing park with Turkish investors in the country’s north as part of efforts to improve value and boost agricultural exports, according to the country’s investment-promotion agency. The Badeggi Crop Processing Zone in Niger state is expected to start in June next year, with an initial investment of $250 million by a Turkish investor, deputy director at Abuja-based Nigerian Investment Promotion Council, Aminu Takuma, said in…

Nakumatt Kenya Creditors Face Haircut on Debt, Government Says

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NAIROBI (Capital Markets in Africa) – Creditors owed more than 30 billion shillings ($289 million) by Nakumatt Holdings Ltd. will take a haircut if a plan by East Africa’s biggest retailer to enter administration goes ahead, said Kenya’s Industry & Trade Secretary Adan Mohamed. Nakumatt directors will next week seek the High Court’s approval to appoint an administrator and protection from insolvency in order to buy time from creditors including tax agencies, banks, landlords and suppliers. Approval by…

Congo Ruling Party Rebuffs U.S. Elections Call, Backs 2019 Vote

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KINSHASA (Capital Markets in Africa) – The head of the Democratic Republic of Congo’s ruling party said he supports a program under which elections will be held in April 2019 at the earliest, in an apparent rejection of a U.S. government demand that the delayed vote take place next year. The secretary-general of the People’s Party for Reconstruction and Democracy, Henri Mova Sakanyi, told members he backs the timeline given by the electoral commission, according to…

Shining Star of Initial Coin Offerings Crashing Back to Earth

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LAGOS (Capital Markets in Africa) – Bancor, one of the most successful initial coin offerings in the short history of digital tokens, is proving to be a dud for investors. After raising $153 million in a matter of hours in June, the Tel Aviv, Israel-based startup — whose market maker-like application aims to facilitate trading in other digital coins — has seen the price of its token decline 56 percent, one of the worst performances among…

Specter of Violence Looms Over Kenya After Two Disputed Votes

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NAIROBI (Capital Markets in Africa) – The specter of political violence lingers over Kenya after two shambolic elections within three months left the East African nation no closer to resolving a stalemate over who’s its rightful leader. While President Uhuru Kenyatta was declared the winner of both contests, his main rival Raila Odinga rejected the Aug. 8 vote as rigged and boycotted a court-ordered Oct. 26 rerun after the electoral agency ignored his demands to fire staff and change…

Africa’s oil & gas industry needs to ‘learn to leapfrog’ and harness innovation and technology

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JOHANNESBURG (Capital Markets in Africa) – The oil & gas industry in Africa continues to face market challenges arising from the low oil price, competition for revenue growth and local talent together with new expectations from investors and regulators. “Africa’s oil & gas industry is experiencing significant change and upheaval. There are fundamental shifts in companies’ strategies, business models and ways of working,” says Chris Bredenhann, PwC Africa Oil & Gas Advisory Leader. The sustained…

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