The Editorial Team |

Richest African Dangote Plans to Buy Arsenal in Four Years

LAGOS, Capital Markets in Africa: Aliko Dangote, Africa’s richest man, plans to buy London-based Arsenal soccer team within four years. Dangote, a Nigerian worth $10.9 billion, according to the Bloomberg Billionaires Index, announced his intention to buy the club last year. He said he needs to wait for his business prospects to improve and his investments in gas pipelines and an oil refinery to play out before making the acquisition. “There’s no doubt” he’ll buy Arsenal and “it’s not a…

Nigeria hunts down 700,000 firms in tax crackdown to offset oil slump

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LAGOS, Capital Markets in Africa: Nigeria has hunted down 700,000 firms that have never paid taxes as the country seeks new revenue sources to offset low oil prices that have pushed Africa’s biggest economy into its first recession in more than 20 years, its tax chief said. Tunde Fowler, executive chairman of the Federal Inland Revenue Service (FIRS), said in a rare interview that he also expected 10 million individuals to be discovered by December…

OPIC Finances Wind Farm in Senegal, Solar Developer in Nigeria

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LAGOS, Capital Markets in Africa: The Overseas Private Investment Corp. lent $250 million to fund a wind project in Senegal. The Taiba N’Diaye wind farm is in western Senegal is expected to have a capacity of 158 megawatts once complete, the U.S. government’s development finance institution said in an e-mailed statement. OPIC has partnered with Lekela Power, a joint venture between Dublin-based Mainstream Renewable Power Ltd. and private equity investor Actis LLP, to build the project. It is…

Morocco’s Managem posts 63 pct slide in first-half net profit

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CASABLACA, Capital Markets in Africa: Morocco’s biggest mining company Managem posted a 63 percent drop in first-half net profit to 52 million dirhams ($5.35 million) on Thursday, citing weak global commodities prices. Managem said it was hit by a 12 percent slide in silver prices, a 21 percent drop in both copper and cobalt and a 16 percent decline in zinc during the first six months of 2016. Controlled by the Moroccan royal family’s holding…

Kenyan Geothermal Gets $60 Million From African Development Bank

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NAIROBI, Capital Markets in Africa: The African Development Bank will lend $60 million to finance a geothermal power project in Kenya. The funds will go to state-owned Geothermal Development Co. to buy three drilling rigs, according to Gabriel Negatu, regional director at the Abidjan, Ivory Coast-based financial institution. Kenya “has enormous potential in geothermal power capacity which it has not fully exploited,” Negatu said in an interview in Nairobi. The country has been tapping geothermal power in…

Too Many Satellites Means Sky-High Margins Under Pressure

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LAGOS, Capital Markets in Africa: Satellite operators are launching more high-powered communications rigs into space, with two more set to join about two-dozen already in orbit by the end of the year, crowding the skies and threatening the industry’s fat profit margins. The new orbiters being launched at a cost of as much as $500 million each are forcing established operators to embark on costly upgrades of their fleets at a time when their business…

Kia Motors to assemble cars in Ethiopia, considers Algeria

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ADDIS ABABA, Capital Markets in Africa: South Korea’s Kia Motors Corp signed a deal with a local company on Thursday to start assembling cars in Ethiopia and is thinking of similar operations elsewhere in Africa. “It is important to penetrate the African market. We are also looking at the prospects of opening similar plants in Algeria and other countries,” Soon Nam Lee, President of Kia’s Middle East and Africa headquarters, told Reuters. Kia and Belayab…

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