The Editorial Team |

Credit Suisse Disputes Fees Shown in Kroll Mozambique Audit

MAPUTO (Capital Markets in Africa) – Credit Suisse Group AG, which helped arrange the majority of the $2 billion in Mozambique state-backed loans that plunged the country’s economy into crisis, disputed that it received more than $160 million in fees for arranging the financing. The bank was responding to Kroll LLC’s audit report into the loans that said it and Russia’s VTB Bank PJSC were paid almost $200 million in arrangement and contractor fees. The investigation showed that Mozambican…

Zimbabwe Plans a Green-Energy Fund to Boost Generation

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HARARE (Capital Markets in Africa) – Zimbabwe plans a green-energy fund to promote the use of renewables, with the initial aim of making up a 600 megawatt shortfall in electricity production. The southern African nation wants to generate at least 1,000 megawatts of power, or 16 percent of its total projected generation, through solar and other renewable energy systems by 2025, according to the energy ministry’s final draft of a policy document emailed to Bloomberg News. State-owned…

Burkina Faso Gets Solar Plant After Energy Policy Change

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OUAGADOUGOU (Capital Markets in Africa) – Burkina Faso signed an agreement to build a solar plant in the first such deal after the West African nation adopted legislation that authorizes private investment in the energy sector. Windiga Energy Inc. of Canada will install 85,000 photovoltaic panels to generate about 20 megawatts in the north-western outskirts of the capital, Ouagadougou, the country’s energy minister, Alfa Omar Dissa, told reporters after the signing ceremony on Tuesday. The project…

LeapFrog invests US$180mn in Enterprise Group Ghana

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ACCRA (Capital Markets in Africa) – LeapFrog Investments, the profit-with-purpose investor in emerging markets, today announces a total investment of US$180mn in Ghanaian financial services market leader, Enterprise Group Limited (Enterprise Group). The transaction draws from a US$350mn separately managed account, LeapFrog Strategic African Investments (LSAI), which was established in 2016 to access high growth markets in Africa. The Enterprise Group commitment represents LeapFrog’s largest investment to-date and marks the first investment of LSAI, a fund…

Julius Berger Eyes Oil, Power Deals to Curb Nigeria Risk

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LAGOS (Capita Markets in Africa) – Julius Berger Nigeria Plc, the largest construction company by market value in the West African nation, plans to acquire oil assets and expand into the power industry as it seeks to diversify its business and stay competitive after the country’s worst economic slump in decades. The Abuja-based company, which derives two-thirds of its earnings from government contracts, is also considering bidding for business in other countries in the region,…

Etisalat Nigeria Faces Hunt for New Owner After Talks Fail

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LAGOS (Capital Markets in Africa) Etisalat Nigeria faces a search for a buyer and operator after a consortium of banks seized control of a 45 percent stake from Emirates Telecommunications Corp. following the failure of talks about a $1.2 billion loan. A group of 13 Nigerian lenders ordered the Abu Dhabi-based company to transfer the shareholding to United Capital Trustees Ltd. by June 23, the operator of Nigeria’s fourth-biggest wireless carrier said in a statement Tuesday. Etisalat Nigeria…

Dangote Cement May Shut Ethiopian Plant Over Mining Disputes

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ADDIS ABABA (Capital Markets in Africa) – Dangote Cement Plc, controlled by Africa’s richest man, Aliko Dangote, said it may shut its operations in Ethiopia if authorities in the central state of Oromia don’t reverse an order to cement makers to hand over control of some parts of their businesses to local young people. Oromia state’s East Shewa Zone administration wants the Nigerian company to outsource its pumice, sand and clay mines to youth groups or…

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