The Editorial Team |

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

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…

World Bank units add $517 mln to Ghana oil, gas project financing

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ACCRA (Capital Markets in Africa) – The World Bank Group said on Thursday it two of its units would provide another $517 million to Ghana in debt and guarantees to support the $7.7 billion Sankofa oil and gas project developed by Italy’s ENI SpA and upstream trader Vitol Ghana. The financing adds to a $700 million World Bank guarantee package announced in July and brings the institution’s total financing to around $1.217 billion for the…

Dollar Rises to 13-Year High as U.S. Stocks Rebound, Gold Sinks

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The dollar climbed to the highest level since 2003 against the euro and gold plunged as the prospect of a steeper path for U.S. interest rates filtered through markets. U.S. stocks rebounded from the worst day in two months. Financial shares led gains in major American equity benchmarks, while rate-sensitive stocks slipped after U.S. 10-year yields reached the highest level in more than two years. The greenback extended its advance against major and emerging-market peers after the Federal Reserve’s…

Nigerian Equity Markets | 15 Dec 2016: Banking Stocks Drive Index Higher, SE ASI up 0.6%

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LAGOS (Capital Markets in Africa) – The equities market recorded gains for the 6th consecutive trading session today as the All Share Index expanded 0.6% to close at 26,559.01 points consequent on price appreciations in Banking Stocks such as UBA (+4.8%), GUARANTY (+4.4%) and ZENITH (+1.6%). Accordingly, market capitalization rose N52.1bn to settle at N9.2tn though market activity waned as volume and value traded declined 2.6% and 64.9% to close at 200.0m units and N1.5bn respectively. Banking Sector Emerges Lone Gainer…

Big Banks $70 Billion Short in Fed Push to Prevent Bailouts

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LONDON (Capital Markets in Africa) – Wall Street banks are about $70 billion short in building up funds the Federal Reserve says they’ll need to tap following a collapse, down by almost half from the central bank’s earlier estimates. The eight biggest U.S. financial firms are required to build cushions of long-term debt that can be transformed into equity in a new company if the old one fails, according to a rule the Fed governors approved Thursday….

Dutch Private Equity invests in Kenya-based dairy company

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NAIROBI (Capital Markets in Africa) – DOB Equity has announced today that it has taken up a stake in Countryside Dairy Ltd at a publicly undisclosed value as part of a commitment to increase social impact investment deals in Kenya. By investing in Countryside Dairy Ltd, the Private Equity fund with offices in Kenya, Tanzania and the Netherlands will be seeking a slice of the KES100bn Kenya Dairy sub-sector. According to the Kenya National Dairy Master…

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