The Editorial Team |

Nigeria Mulling Oil Assets Sale That Could Reshape Industry

LAGOS, Capital Markets in Africa: Nigeria’s possible sale of some of its oil and gas assets to raise money and boost the contracting economy in Africa’s most populous country could reduce the government’s influence over its biggest industry. President Muhammadu Buhari’s economic advisers are working on a plan “to generate immediate large injection of funds into the economy through asset sales, advance payment for license rounds, infrastructure concessioning,” to help deal with the slump in oil…

Zambia, Zimbabwe Pick AfDB Advisers for $4 Billion Batoka Plant

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HARARE, Capital Markets in Africa: Zambia and Zimbabwe have appointed the African Development Bank as lead financial advisers for the construction of the 2,400-megawatt Batoka Gorge hydro-power project that’s expected to cost $4 billion, an official said. The two southern African nations face severe power shortages as years of under-investment are amplified by low water levels at the Kariba dam hydro-power station that they each rely on for about half of total supplies. “Only yesterday, we were talking…

ArcelorMittal South Africa Plans $170 Million Black-Owned Stake

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JOHANNESBURG, Capital Markets in Africa: ArcelorMittal South Africa Ltd. plans a 2.3 billion-rand ($170 million) deal that involves the country’s former deputy finance minister as the continent’s biggest steelmaker seeks to meet the government’s objectives of boosting the participation of black people in the economy. AMSA, as the Vanderbijlpark, South Africa-based unit of ArcelorMittal is known, will issue a 17 percent shareholding to a specially formed black-owned company, Likamva Resources Pty Ltd., the steelmaker said in…

Oil Halts Loss Before OPEC Meets as Saudis Look to Future Deal

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ALGIERS, Capital Markets in Africa: Oil halted losses below $45 a barrel after Saudi Arabia signaled it may compromise with regional rival Iran on a future supply agreement as both countries expect no deal when OPEC members meet Wednesday in Algiers. Futures rose 0.4 percent in New York after falling 2.7 percent Tuesday. A dealin November is possible, Saudi Arabian Oil Minister Khalid Al-Falih said at a briefing in the Algerian capital, adding that Iran, as well as Libya and Nigeria, should be…

MTN Denies Illegally Transferring $14 Billion Out of Nigeria

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LAGOS, Capital Markets in Africa: MTN Group Ltd. said it “strongly refutes” an accusation by Nigerian lawmakers that the wireless carrier illegally moved almost $14 billion out of the country, as the company tries to quell the latest controversy in its largest market. “The allegations made against MTN are completely unfounded and without any merit,” MTN Nigeria Chief Executive Officer Ferdi Moolman said in a statement on Wednesday. MTN, Africa’s biggest mobile-phone company by sales, is accused of repatriating the funds…

Ghana’s Second Quarter Economic Growth Slowest in Two Years

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ACCRA, Capital Markets in Africa: Ghana’s economy grew at the slowest pace in two years in the second quarter as mining and oil output slumped. Gross domestic product expanded 2.5 percent in the three months through June 30 from a year earlier, compared with a revised 4.8 percent in the previous quarter, Philomena Nyarko, government statistician at the Ghana Statistical Service, told reporters in the capital, Accra, on Wednesday. The economy grew 0.6 percent from the…

Eni asks banks for billions to finance Mozambique gas project

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MAPUTO, Capital Markets in Africa: Italian oil firm Eni has approached banks for billions of dollars to finance a huge offshore gas development in Mozambique, a significant step in getting a long-delayed project off the ground, the company and sources said. Eni confirmed it met bankers in London last week about project financing to develop the Coral field, part of the huge reserves discovered six years ago in the Area 4 concession off the Mozambican…

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