The Editorial Team |

Gulf Capital closes $250m private debt fund

LAGOS (Capital Markets in Africa) – UAE-based alternative investment firm Gulf Capital has closed a $250 million (AED925m) debt fund, it said on Monday. The Gulf Credit Opportunities Fund II is Gulf Capital’s second private debt and mezzanine fund. The fund, which follows a similar investment and diversification strategy as its predecessor (Fund I), will invest in mid-market companies across the Middle East, Turkey, and Africa region that generates over $5m (AED18.35m) in earnings before…

Algebra Ventures in Egypt hits $40m mark

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CAIRO (Capital Markets in Africa) – Algebra Ventures has completed a US$40-million first closing. Algebra claims that it’s the largest tech VC fund in Egypt. According to a press release sent to Ventureburn, the fund will invest in up 25 tech startups or “tech-enabled” start-ups. Focus areas include “technology IP, fintech, industry platforms, e-commerce and consumer internet”, Algebra explained. As for funding amounts, Algebra confirmed that investments would mostly be in the range of US$500…

Safa Afrique raised capital for diamond mining in West Africa

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CONAKRY (Capital Markets in Africa) – Citigate International Ltd has announced the successful closing of Safa Afrique with $10 million raised from GCC investors. These funds will be deployed for Safa Afrique’s diamond mining portfolio which primarily consists of its flagship project in Sierra Leone as well as two joint venture projects in Guinea and Liberia with Stellar Diamonds plc, a London listed (AIM: STEL) company. Work on the project will begin immediately with activities…

AfDB approves Africa Renewable Energy Initiative

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ABIDJAN (Capital Markets in Africa) – The Boards of Directors of the African Development Bank (AfDB) have endorsed the proposal by the Bank’s Management to serve as Trustee to administer and manage the resources of Africa Renewable Energy Initiative (AREI), and also to host the AREI Independent Delivery Unit as requested by African Heads of State and Government. The AREI is an Africa-owned and Africa-led initiative of the African Union. It aims at harnessing Africa’s…

Africa50 to Develop Solar Power in Nigeria

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LAGOS (Capital Markets in Africa) – Africa50, the infrastructure fund for Africa, has signed a joint development agreement (JDA) for an 80 MW (AC) solar photovoltaic independent power project in Nigeria. The project, near Dutse in Jigawa state, will be co-developed with Scatec Solar, a Norwegian integrated independent solar power producer, and Norfund, the Norwegian Investment Fund for Developing Countries. The project includes the construction of a dedicated 132 kV overhead transmission line that will…

U.S. charges Nigerian with role in cyber scam targeting thousands

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LAGOS (Capital Markets in Africa) – A Nigerian man is facing U.S. charges that he participated in scams targeting thousands of victims globally in which company executives or vendors were impersonated in emails directing employees to make large wire transfers. David Chukwuneke Adindu, 29, pleaded not guilty in Manhattan federal court on Wednesday to charges including wire fraud, prosecutors said, more than three weeks after the FBI said he was arrested at a Houston airport….

Nigeria’s distributable revenue fell by 7.8 percent in November

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LAGOS (Capital Markets in Africa) – Nigeria’s distributable revenues to the government fell in November by 7.8 percent to 387 billion naira ($1.27 billion) as militant attacks shut down Niger Delta oil pipelines and cut earnings, the accountant general has said. Nigeria, which has Africa’s biggest economy, is an OPEC member that relies on crude oil sales for two-thirds of government revenue. As a result, it has been hit hard by the fall in global…

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