The Editorial Team |

Eni asks banks for billions to finance Mozambique gas project

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…

Moroccan and Rwandan Central bank keep rate unchanged in Sept

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CASABLACA/KIGALI, Capital Markets in Africa: – Morocco’s central bank kept its benchmark interest rate unchanged at 2.25 percent on Tuesday, saying the inflation forecast was consistent with its price stability objective. The bank, known as Bank al-Maghrib, said it expected inflation to remain around 1.6 percent in 2016 and fall to 1.2 percent in 2017. Expecting agricultural output to rebound in 2017 from the worst drought in decades to hit North Africa, the bank said…

MTN Drops as Phone Carrier Confronts New Allegations in Nigeria

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LAGOS, Capital Markets in Africa: MTN Group Ltd. shares slumped the most in three months after Nigerian lawmakers raised new allegations about the wireless carrier, this time accusing the company of illegally moving almost $14 billion out of its largest market. Nigeria’s Senate will thoroughly investigate the claim, it said on its Twitteraccount on Tuesday. The Johannesburg-based company, Africa’s biggest wireless carrier by sales, is accused of repatriating the funds over 10 years starting in 2006, according…

Nigerian Economic Policy Dispute Hinders Chances of Recovery

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LAGOS, Capital Markets in Africa: A dispute between Nigeria’s monetary and fiscal policy makers over how to lift the economy out of its worst slump in more than two decades may delay a recovery in Africa’s most populous country. Central bank Governor Godwin Emefiele last week ignored calls by Finance Minister Kemi Adeosun to cut borrowing costs and kept the key interest rate unchanged at 14 percent, hours after she said in a television interview looser policy is necessary to…

Oil Tankers Head to Key Nigeria Port as Militant Risk Endures

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LAGOS, Capital Markets in Africa: Oil tankers able to collect 6 million barrels of crude are heading to the biggest export terminal in Nigeria, where shipments are about to resume at a time when militants continue to pose a threat to the nation’s energy infrastructure. The Suezmax Ottoman Nobility is set to arrive at the Qua Iboe terminal on Tuesday, the first of five vessels due to load Nigeria’s largest export crude grade since terminal operator Exxon Mobil…

Ivory Coast Said to Start Sucrivoire Share Sale Next Week

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ABIDJAN, Capital Markets in Africa: Ivory Coast will start selling its stake in Sucrivoire SA next week, ahead of the sugar producer’s listing on the regional exchange in Abidjan, the commercial capital, according to a person familiar with the matter. The government will sell its 23 percent stake in Sucrivoire at 13,000 CFA francs per share, raising about 14.7 billion francs ($25.1 million), said the person, who asked not to be identified because the matter is…

South African Rand Advances to Five-Week High After U.S. Debate

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JOHANNESBURG, Capital Markets in Africa: South Africa’s currency strengthened for a second day, trailing only Mexico’s peso, as traders judged Hillary Clinton to have won the U.S. presidential debate versus Donald Trump. The rand appreciated as much as 1.5 percent against the dollar, heading for the strongest closing level since Aug. 18. It was 1.3 percent stronger at 13.5060 by 9:42 a.m. in Johannesburg. Most of the more than 140 global currencies tracked by Bloomberg gained. After Clinton and Trump’s first face-to-face…

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