The Editorial Team |

Nigeria Rolls Out $2 Billion Brazil-Like Social-Welfare Plan

LAGOS (Capital Markets in Africa) – Nigeria is rolling out its first national social-welfare program modeled partly on Brazil’s Bolsa Familia in a bid to boost a weak economy and curb poverty by giving cash to its poorest citizens and ensuring their children go to school. The government of Africa’s most-populous nation is investing 500 billion naira ($1.5 billion) in the initiative this year and is talking to the World Bank about a $500 million…

South Africa Inflation Rate Rises for First Time in 2017

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JOHANNESBURG (Capital Markets in Africa) – South Africa’s inflation rate rose for the first time this year in May after food-price growth quickened from the slowest pace since December 2015. Consumer-price inflation accelerated to 5.4 percent from 5.3 percent in April, matching the median estimate of 22 economists in a Bloomberg survey and staying within the central bank’s target range for a second month. Prices increased 0.3 percent in the month, Statistics South Africa said in a report…

Angola’s Biggest Bank to Sell Bad Loans to Restore Profit

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LUANDA (Capital Markets in Africa) – Angola’s biggest bank plans to sell non-performing loans as part of a reorganization to return to profit. Banco de Poupanca e Credito SARL, known as BPC, aims to dispose of 231 billion kwanzas ($1.38 billion) of its unpaid loans to a state-owned company created earlier this year to recover bad debt and free the nation’s banks to lend again, according to Chairman Ricardo Viegas D’Abreu. The lender has also been…

Cell C Seeking 73% Debt Reduction in Blue Label Buyout Deal

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JOHANNESBURG (Capital Markets in Africa) – Cell C Pty Ltd. is seeking to cut its debt by 73 percent as part of a deal that will help South Africa’s third-largest mobile-phone operator sell a stake to Blue Label Telecoms Ltd. while retaining its operating license, according to two people familiar with the matter. The proposed transaction will see Cell C split about 9 billion rand ($688 million) of borrowings into three special purpose vehicles, said the people, who…

Atlas Mara Sells Stake to Revive Nigerian Ambitions

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LAGOS (Capital Markets in Africa) – Atlas Mara Ltd., which has dropped almost 80 percent since an initial public offering led by co-founder Bob Diamond, plans to raise more than its market value by selling a 35 percent stake to Fairfax Africa Holdings Corp. The firm expects to get $200 million from selling new stock to existing shareholders and Fairfax Africa and will also issue a fresh convertible bond to the Toronto-based investment company, the company said in…

Ivory Coast, Ghana Said to Seek $1.2 Billion Loan for Cocoa

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ACCRA (Capital Markets in Africa) – The cocoa regulators of the world’s two biggest producers are in talks with the African Development Bank about a $1.2 billion loan that will be used to increase output and mitigate against volatile prices, according to two people familiar with the matter. Ivory Coast and Ghana want to build storage facilities for local processing and for the storing and release of stocks based on market demand, said the people, who…

Protest-Hit Ethiopia Region Plans Oil Company to Calm Unrest

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ADDIS ABABA (Capital Markets in Africa) – A central Ethiopian region that’s seen almost two years of sporadic anti-government protests is planning a new private oil company and is in talks to import Middle Eastern crude, part of an economic initiative authorities say will address some of the roots of the unrest. Oromia Petroleum Share Co., the planned venture, will import the oil via Djibouti, process it at a new large-scale refinery and distribute it…

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