The Editorial Team |

South Africa Posts 8.6 Billion-Rand Trade Deficit in August

JOHANNESBURG (Capital Markets in Africa) – South Africa’s trade balance swung to a deficit in August after three months of surpluses as shipments of precious metals and stones, which include gold and diamonds slumped. The 8.6 billion-rand ($619 million) deficit compares with a revised surplus of 5 billion rand in July, the Pretoria-based South African Revenue Service said in an e-mailed statement on Friday. The median of 10 economist estimates compiled by Bloomberg was for a surplus of 1.6…

Nigeria Can Sue Chevron, Total Over Illegal Exports, Judge Says

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LAGOS (Capital Markets in Africa) Nigeria’s government can take the local units of Chevron Corporation and Total SA to trial for illegally exporting oil, a judge said. Justice Cecilia Olatoregun dismissed claims from the companies that they had no cases to answer at a hearing in the Federal High Court in Lagos, Nigeria’s commercial capital, on Friday. The trials will begin on Oct. 26, she said. “The government is seeking revenues that it lost due to under-declarations” of…

Motsepe’s ARC to Buy 10% Stake in Alexander Forbes Business

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JOHANNESBURG (Capital Markets in Africa) – African Rainbow Capital (Pty) Ltd., chaired by billionaire Patrice Motsepe, agreed to buy 10 percent in the main operating unit of Alexander Forbes Group Holdings Ltd. for 753.5 million rand ($56 million). African Rainbow Capital, known as ARC, will pay 14.69 rand a share for the stake in Alexander Forbes Ltd., which houses the company’s African and international operations, Johannesburg-based Alexander Forbes said in a statement on Thursday. Motsepe,…

Nigeria Banks Find Raising Cash ‘Tough’ in Shrinking Economy

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LAGOS (Capital Markets in Africa) – Nigerian banks are finding it difficult to raise capital as a shrinking economy cuts revenue and deters investors, the industry’s regulator said. “It’s been tough,” Umaru Ibrahim, managing director of the Nigerian Deposit Insurance Corp., said in an interview in the southwestern city of Abeokuta on Tuesday. Banks require “adequate capital that would help them cushion any adverse effect of loan defaults or losses,” he said. Ibrahim’s comments come as Access…

IMF Disburses Further $116 Million to Ghana in Bailout Plan

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ACCRA (Capital Markets in Africa) – The International Monetary Fund approved the release of a $116 million installment to Ghana after a review of economic and monetary reforms that are part of an almost $1 billion bailout plan for the West African nation. The total disbursements under the program amount to $465 million so far, the Washington-based lender said in an e-mailed statement on Wednesday. Ghana turned to the IMF in April 2015 after lower…

Strong Demand Seen for Ivory Coast’s Sucrivoire Ahead of Listing

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ABIDJAN (Capital Markets in Africa) – Shares in Sucrivoire SA of Ivory Coast will go on sale Oct. 5 as the lead arranger of an initial public offering forecasts strong demand for a stake in the sugar producer that the government is disposing of. Sucrivoire is preparing to list on the Bourse Regionale des Valeurs Mobilieres in Ivory Coast’s commercial capital, Abidjan, as part of a privatization program by the West African nation to boost public finances…

Eurobond Investors Warm to Nigeria as OPEC Deal Aids Rally

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LAGOS (Capital Markets in Africa) – Nigeria, heading for its first full-year contraction in 25 years and in need of funding to cover a record budget deficit, may take heart from the performance of its dollar debt and OPEC’s agreement to cut oil production as the West African country prepares to tap the Eurobond market for the first time since 2013. Demand for the nation’s U.S. currency-denominated securities drove yields to the lowest in 15 months, handing…

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