The Editorial Team |

Kenyan Opposition Chooses Odinga to Run Against Kenyatta

NAIROBI (Capital Markets in Africa) – An alliance of Kenyan opposition parties chose former Prime Minister Raila Odinga as its candidate to run against President Uhuru Kenyattain elections scheduled for August. Odinga’s running mate on the National Super Alliance ticket will be former Vice President Kalonzo Musyoka, co-principal Musalia Mudavadi said Thursday at a rally in the capital, Nairobi. The two were recommended by a technical committee that also considered Mudavadi and Senator Moses Wetang’ula as potential candidates. “The one who will fly the…

Guinness Nigeria records 29% growth in revenue in Q3

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Lagos – April 27, 2017 – Guinness Nigeria Plc, the nation’s leading alcoholic beverage manufacturer and a subsidiary of Diageo Plc, has released its unaudited results for the nine months ended 31 March, 2017. The results detail revenue growth of 29% and a 6% increase in gross profit when compared to the same nine-month period in 2016. While the first half volume growth continued in the third quarter, the third quarter also benefited cycling a…

Mozambique MPs Back State Guarantees for Previously Hidden Debt

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MAPUTO (Capital Markets in Africa)- Mozambique’s parliament ratified a law that provides state guarantees for previously hidden loans of two state-owned companies that sparked a debt crisis in one of the world’s poorest countries. Lawmakers from the ruling Front for the Liberation of Mozambique approved the state accounts for 2015, which included guarantees for loans worth $1.12 billion that ProIndicus and Mozambique Asset Management took out in the prior two years. Opposition members left the…

Nigeria Senator Says Work on 2017 Budget Stalled by Police Raid

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LAGOS (Capital Markets in Africa) – A Nigerian lawmaker said work on passing the overdue 2017 budget stalled after police raided his house last week and took away key papers. The police denied confiscating any budget-related document. “The police truncated work on the 2017 budget by the invasion of my house,” Senate Appropriations Committee Chairman Danjuma Goje told reporters Wednesday in the capital, Abuja. “I don’t know if the police are now working on the…

Nigeria’s Buhari Seeks Approval of $7 Billion Borrowing Plan

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LAGOS (Capital Markets in Africa) – Nigerian President Muhammadu Buhari asked lawmakers to approve a plan for the government to borrow $7 billion through 2018 from abroad to develop railroads and support an economic recovery. The Export-Import Bank of China approved $6 billion of loans for railroad projects, including $3.5 billion to build a line connecting the commercial capital, Lagos, with the south eastern city of Calabar, according to a letter from Buhari to the lawmakers, which Bloomberg saw…

South Africa’s Nuclear Plans Stall as Process Ruled Unlawful

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JOHANNESBURG (Capital Markets in Africa) – South Africa hasn’t complied with the constitution in seeking bidders for a nuclear-energy program and must cancel any deals that have already been signed, the Western Cape High Court ruled. The government must hold public hearings and debate the estimated 1 trillion-rand ($76 billion) program in Parliament, according to a ruling read out on Wednesday by Judge Lee Bozalek in a case brought by civil-society groups Earthlife Africa and…

World’s Deepest Devaluation Makes Egypt Assets RenCap’s Top Pick

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CAIRO (Capital Markets in Africa) – Egypt is reaping the rewards of a painful devaluation. The plunge that sent its currency tumbling the most in the world over the past six months has made the nation’s assets among Renaissance Capital Ltd.’s top picks in developing nations. The Egyptian pound is now the cheapest of all emerging-market and African currencies after it scrapped controls in November, the investment bank’s real effective exchange rate model shows. The…

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