The Editorial Team |

Tullow Plans More Ghana Wells Once Maritime-Border Spat Settled

ACCRA (Capital Markets in Africa) – Tullow Oil Plc plans to drill more wells off Ghana once a ruling on a border dispute is out of the way. Ghana and Ivory Coast disagree over their maritime boundary, frustrating projects to pump oil and gas offshore. In September, the International Tribunal for the Law of the Sea, or Itlos, will rule on the matter, likely clearing the way for an expansion of Tullow’s Tweneboa-Enyenra-Ntomme project, the company said. “We were…

Cell C Is Said to Sell $464 Million of Bonds Amid Reorganization

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JOHANNESBURG (Capital Markets in Africa) – Cell C Pty Ltd. plans to raise as much as $464 million from the sale of two bonds as part of the South African mobile-phone company’s recapitalization that will enable Blue Label Telecoms Ltd. to buy a stake, according to two people familiar with the matter. The country’s third-largest wireless carrier will sell $184 million of three-year senior secured bonds and $280 million of five-year securities, according to the people, who asked…

Kuwait Seeks Energy Venture With Traders From Glencore to Vitol

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LAGOS (Capital Markets in Africa) – OPEC member Kuwait plans to start trading energy and not just producing it, joining other Middle Eastern producers eager to claw back some of the profit traders like Vitol Group and Glencore Plc earn by buying and selling the region’s oil. State-run Kuwait Petroleum Corp. is in talks with both commodities dealers along with some international oil companies about forming a joint venture to trade refined products as early as next year, a…

Zimbabwe Opposition Unity Talks Said to Falter as Elections Near

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HARARE (Capital Markets in Africa) – Negotiations to unite Zimbabwe’s opposition against President Robert Mugabe’s ruling party before elections next year are foundering on disputes over who’ll be the alliance leader and guarantees of seats for smaller groups, according to five officials involved in the talks. Former Vice President Joice Mujuru and ex-Prime Minister Morgan Tsvangiraiare at loggerheads over who’ll lead the coalition, said the officials, who asked not to be identified because the talks haven’t been made…

Ecobank’s Ivory Coast Unit Is Said to Plan IPO to Fund Expansion

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ABIDJAN (Capital Markets in Africa) – Ecobank Transnational Inc.’s Ivory Coast unit plans to raise 45 billion CFA francs ($79 million) in an initial public offering on West Africa’s regional stock exchange, according to two people familiar with the matter. The share sale will begin by October, pending approval by the regulator, Regional Council for Public Savings and Financial Markets, the people said, asking not to be identified because the information hasn’t been made public. The listing…

Nigeria Holds Key Rate at 14% as It Seeks Currency Stability

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LAGOS (Capital Markets in Africa) – Nigeria’s central bank left its main lending rate unchanged for a sixth consecutive meeting as it seeks to hold on to gains it’s made in inflation and exchange-rate stability. The Monetary Policy Committee held the key policy rate at 14 percent, Central Bank of Nigeria Governor Godwin Emefiele told reporters on Tuesday in the capital, Abuja. That was in line with the forecast of all but two of 19 economists in a Bloomberg survey. While inflation in…

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