The Editorial Team |

Libya, Nigeria May Be Asked to Cap Oil Output, Kuwait Says

LAGOS (Capital Markets in Africa) – Libya and Nigeria, which have both boosted oil production since they were exempt from global cuts this year, may be asked to cap their crude output soon in an effort to help re-balance the market, Kuwait Oil Minister Issam Almarzooq said. OPEC and non-OPEC producers have invited the two African nations to their committee meeting in St. Petersburg, Russia, on July 24 to discuss the stability of their production, Almarzooq said…

Climate of Fear Engulfs Rwanda’s Upcoming Vote, Amnesty Says

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KIGALI (Capital Markets in Africa) – Rwandan President Paul Kagame is seeking re-election amid a climate of fear that’s the result of two decades of crackdowns on the political opposition, media and human-rights defenders, Amnesty International said. A report from the London-based group released Friday said freedom of expression, association and peaceful assembly have all been restricted since the Rwandan Patriotic Front came to power in the wake of the East African nation’s 1994 genocide. Opposition politicians…

Barclays Kenya `Open Minded’ on Takeovers as Industry Wilts

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NAIROBI (Capital Markets in Africa) – Barclays Bank of Kenya Ltd. is ready to make acquisitions in East Africa’s largest economy as the industry struggles to cope with interest-rate caps that have cut profit and curbed lending and regulators urge the industry to consolidate. “Are we open to acquiring? Absolutely,” Chief Executive Officer Jeremy Awori said in an interview on Wednesday in Nairobi, the capital. “So you’ll either be looking to acquire capabilities you don’t have, which will…

XSML invests in Monishop, Congo-Kinshasa

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KINSHASA (Capital Markets in Africa) – XSML, the fund manager active in Central & East Africa, announced its investment in Monishop sarl (Monishop), a well-known supermarket in Kinshasa, DRC. Since inception Monishop has grown to become the leading supermarket in Kinshasa in terms of product offering and overall store experience, with bank, fast-food and pharmacy facilities on the same premises. The investment supports Monishop to build a new large supermarket in the center of Kinshasa. Monishop…

Kenya Reviews Mining Laws as Industry Struggles to Grow

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NAIROBI (Capital Markets in Africa) – Kenya is reviewing its mining code, a year after enacting new legislation, as it seeks to attract investment into an industry that’s barely grown over the past five years. The government is working with the U.K. Department for International Development-funded Extractives Hub to come up with a revised law that balances investor returns with government-revenue needs and international best practice, Mines Secretary Dan Kazungu said. The review is expected to be…

Nigeria Taps Microsoft to Oracle to Recover From Recession

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LAGOS (Capital Markets in Africa) – Nigeria is hiring U.S. technology giants such as Oracle Corporation and Microsoft Corp. as the government invests more to save costs and fight corruption. An initiative led by Redwood, California-based Oracle has enabled Nigerian authorities to remove 50,000 so-called ghost workers, or fake entries, from the payroll, according to a presidency statement June 29. That followed Oracle’s decision to open an office in Abuja, the capital, in May. Other companies interested in taking…

Tanzania Passes Laws Enabling Renegotiation of Mining Deals

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DAR ES SALAAM (Capital Markets in Africa) – Tanzania approved two laws that enable the government to renegotiate contracts with mining and energy companies as the state seeks a greater share of revenue from natural resources. The bills, which deal with state sovereignty over mineral wealth and contracts containing “unconscionable terms,” were approved by parliament on Monday 3rd July 2017. The Tanzania Chamber of Minerals and Energy (TCME), the main industry lobby group that has…

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