The Editorial Team |

South Africa’s corruption watchdog interviews finance ministers in Zuma, Gupta inquiry -paper

JOHANNESBURG, Capital Markets in Africa: South Africa’s anti-corruption watchdog has interviewed Finance Minister Pravin Gordhan and his deputy Mcebisi Jonas as part of an investigation into whether President Jacob Zuma was influenced by the wealthy Gupta family in making government appointments, the Sunday Times newspaper reported. The paper said Public Protector Thuli Madonsela had written to Zuma informing him of her investigation into whether he breached the executive code of conduct. Madonsela has already interviewed…

Ghana to issue first domestic dollar bond next month – Finance Minister

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ACCRA, Capital Markets in Africa: Ghana plans to issue its first domestic investor only dollar bond next month in efforts to deepen the government’s financing streams and bolster the local bond market, Finance Minister Seth Terkper said on Friday. The two-year bond with a target of about $50 million, would be issued through a book-building system to be arranged by Barclays Bank, Stanbic Bank and brokerage firm Strategic African Securities, Terkper told reporters in Accra….

Nigeria Next for Allan Gray’s Ndiritu After Zambia Triumph

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LAGOS, Capital Markets in Africa: A year ago, Nick Ndiritu, a portfolio manager at Cape Town-based Allan Gray Ltd., took a bet on the world’s worst-performing debt. The Zambian bonds Ndiritu bought at the height of the southern African nation’s currency crisis have returned 29 percent this year as the economy rebounded, helping to boost returns at the Allan Gray Africa ex-South Africa Bond Fund to almost double its peer average. Now Ndiritu is seeing value in local-currency…

Oil Falls to 1-Month Low as Nigeria, Libya Poised to Swell Glut

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LAGOS, Capital Markets in Africa: Oil fell to a one-month low in New York on speculation that the resumption of shipments from Libya and Nigeria may add to the global surplus. Futures dropped as much as 2.7 percent on the New York Mercantile Exchange. Libya and Nigeria, whose supplies have been reduced by domestic conflicts, are preparing to boost exports within weeks. A tanker that’s supposed to collect crude from a key Libyan terminal for the first time in…

Nigeria to Sell $1 Billion in Eurobonds as Recession Bites

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Lagos, Capital Markets in Africa: Nigeria soon will sell $1 billion in Eurobonds to finance a budget deficit as a recession grips the major African oil producer amid foreign currency shortages and double-digit inflation, officials said Friday. The sale is part of government plans to borrow $5 billion from abroad for capital infrastructure projects to boost Africa’s largest economy. Already some $3 billion has been secured in low-cost, long-term loans from the World Bank and…

Private equity in Africa loses its shine

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JOHANNESBURG, Capital Markets in Africa: Major private equity firms have seen a number of top management departures in Africa, individuals familiar with the matter said, as the funds grapple with investments hurt by a weak economy. U.S. firm Carlyle, Standard Chartered and emerging market-focused Actis have all seen a change of top executives at their Africa funds, according to these six individuals. Once seen as a beacon of growth, private equity firms expanded their business…

Private Equity | Oasis Capital achieves first close at US$27mn

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LAGOS, Capital Markets in Africa: Oasis Capital Ghana has completed the first close of its second fund, Oasis Africa VC Fund (OAF) at US$27mn. The Fund, anchored by the Dutch Good Growth Fund (DGGF) at US$5mn, has secured commitments of US$7mn from the International Finance Corporation (IFC) and over US$15mn from a local investor base of 5 institutions and individuals. OAF will invest in Small and Medium Enterprises (SMEs) in Ghana and Cote d’Ivoire providing…

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