The Editorial Team |

NTT Said to Mull Sale of African Business Worth $800 Million

JOHANNESBURG (Capital Markets in Africa) – Nippon Telegraph & Telephone Corp. is considering the sale of African operations it acquired with the takeover of Dimension Data Holdings Ltd. and is open to approaches from interested buyers, according to three people familiar with the situation. The assets are valued by Japan’s former phone monopoly at about $800 million, said two of the people, who asked not to be identified as the matter hasn’t been made public….

Parallel Market Emerges in Nigeria’s Currency-Trading World

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LAGOS (Capital Markets in Africa) – A kind of parallel universe is taking shape in Nigeria’s foreign-exchange market. The African country’s traditional forwards market is facing competition from an upstart based on the new exchange-rate window policy makers opened six weeks ago. Bond investors and speculators are switching away from non-deliverable forwards that are linked to the main interbank exchange rate, which is tightly controlled by the central bank, and embracing the more liberal pricing…

With May Under Pressure, Who Could Be New Conservative Leader?

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LONDON (Capital Markets in Africa) – A shocking U.K. election result that’s thrown the Conservative Party into turmoil leaves Theresa May’s position looking precarious. If history is any indication, the Tories will waste little time in seeking a new leader. So who can lay claim to the Tory crown? Brexit talks are due to start in 10 days’ time, with the possibility of at least one new face on the other side of the negotiating…

Dangote $700 Million Deal to Meet Third of Nigeria’s Sugar Needs

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LAGOS (Capital Markets in Africa) – A Dangote Industries Ltd. subsidiary will invest $700 million in a central Nigerian project that seeks to produce almost a third of the sugar consumed in Africa’s most populous nation. Tunga Sugar project, in the central state of Nasarawa, will be made up of a 60,000-hectare (148,260-acre) plantation and two factories with combined capacity of 430,000 metric tons of refined white sugar, Dangote Group’s president, Aliko Dangote, said in a…

Comey Leaves Trump Under a Crippling `Cloud’ of Investigations

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WASHINGTON (Capital Markets in Africa) – Donald Trump’s White House had feared the worst from former FBI Director James Comey’s testimony – the revelation of what one close associate called a “salacious bomb” that would send the investigations off into entirely new, and entirely unpredictable, directions. It never came, as Comey mostly hewed to previously reported details. But calmly, carefully, Comey actually might have done something just as dangerous. Ex-FBI chief James Comey testifies to Congress. Here’s what…

British Pound Slides as U.K. Vote Springs Hung Parliament Before Brexit

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LONDON (Capital Markets in Africa) – The pound headed for the biggest drop in a year after it emerged that the ruling Conservative Party has fallen short of an overall majority, just 10 days before Brexit negotiations are set to begin. The currency slumped against all of its major peers as Theresa May’s Tories were set to miss the target of 326 seats needed to form a majority government, contrary to what many polls were predicting…

Nigeria Best Stock Performer Sees `Huge’ Growth on Vaccines

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LAGOS (Capital Markets in Africa) – May & Baker Nigeria Plc, which is establishing Nigeria’s sole vaccine-production facility in a partnership with the government, said it expects sales to soar when it starts manufacturing them within two years due to a shortage of supply in the region. “There is a huge potential for May & Baker,” Chief Executive Officer Nnamdi Okafor, 56, said in an interview in Lagos, Nigeria’s commercial capital. Revenue for the nation’s second-biggest pharmaceutical…

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