The Editorial Team |

Nigeria to Cut Stake in Oil Assets Under Buhari’s Growth Map

LAGOS (Capital Markets in Africa) – Nigeria plans to sell portions of its oil assets to help fund President Muhammadu Buhari’s four-year program to lift the economy from its worst slump in a quarter century and create 15 million jobs. Buhari proposes in a 2017-2020 economic blueprint to reduce the government’s stake in joint-venture oil assets and other holdings. Selling them will “optimize their efficiency and reduce fiscal burden on the government,” according to the proposal posted on the…

Nigerian Regulator Seeks to Block Takeover of Etisalat Unit

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LAGOS (Capital Markets in Africa) – Nigeria’s telecommunications regulator is seeking to block a potential takeover of Emirates Telecommunications Corp.’s unit in the country by a group of banks after the mobile-phone operator missed repayments on a $1.2 billion syndicated loan. The Nigerian Communications Commission has urged the central bank to intervene in the matter because it is concerned over the fate of Etisalat Nigeria’s more than 20 million subscribers in the country, the Abuja-based NCC said in an…

StanChart Said to Revamp Investment Banking to Boost Revenue

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JOHANNESBURG (Capital Markets in Africa) – Standard Chartered Plc has revamped its investment banking division in a push to boost income from existing clients, as the Asia-focused lender attempts to restore revenue growth after years of missing targets, two people familiar with the move said. Paul Skelton, who heads global banking, has divided his unit into five industry segments and five regions to simplify and improve relationships with clients, said the people, who asked not to…

FirstRand First-Half Profit Rises 13% After Bank Boosts Lending

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JOHANNESBURG (Capital Markets in Africa) – FirstRand Ltd., Africa’s biggest bank by market value, said fiscal first-half profit rose 13 percent after lending increased and its insurance operations sold more policies. Net income increased to 11.89 billion rand ($904 million) in the six months ended Dec. 31, from 10.48 billion rand a year earlier, the Johannesburg-based company said in a statement on Thursday. The interim dividend rose 10 percent to 1.19 rand a share, exceeding growth in so-called…

Ivory Coast to Review 2017 Budget Amid Slump in Cocoa Prices

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ABIDJAN (Capital Markets in Africa) – Ivory Coast, the world’s biggest cocoa producer, will revise its budget for 2017 after prices for the beans dropped by a third since the middle of last year, according to a government official. While the slump in cocoa prices weighs on income, the West African nation also has to provide for new expenditures, government spokesman Bruno Kone said by phone. Ivory Coast’s “resources are largely sufficient to face these expenses…

Old Mutual Full-Year Profit Slides as South Africa Economy Slows

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JOHANNESBURG (Capital Markets in Africa) – Old Mutual Plc, the U.K.-based insurance company, said full-year profit dropped 7.2 percent after the pound weakened after Britain’s decision to leave the European Union and its South African operations contended with the slowest economic growth since the 2009 recession. Net income declined to 570 million pounds ($693 million) in the 12 months through December from 614 million pounds a year earlier, the London-based company said in a statement on Thursday….

Accion Frontier Inclusion Fund oversubscribed to closes at $141m

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LAGOS (Capital Markets in Africa) – Accion and Quona Capital announced today the final close of the Accion Frontier Inclusion Fund, the world’s first global fintech fund for the underserved. The oversubscribed Fund represents $141M in commitments from an array of leading institutional investors including global insurance companies, investment banks and asset managers, a university endowment, prominent foundations and family offices, as well as development finance institutions. The Fund will focus on emerging markets in…

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