The Editorial Team |

Big Oil’s $45 Billion of New Projects Signal Spending Revival

LAGOS, Nigeria, Capital Markets in Africa: Two projects worth $45 billion announced this month show the world’s largest oil companies are regaining the confidence to make big investments, emboldened by rising crude prices and low costs that promise to trigger more expansion ahead. Chevron Corp. gave the go-ahead to a $37 billion expansion in Kazakhstan, the industry’s biggest undertaking since crude started tumbling two years ago. BP Plc signed off on the $8 billion expansion of…

Angola Said to Discuss $500 Million Loan With Gemcorp

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ANGOLA, Capital Markets in Africa: Gemcorp Capital LLP is negotiating with Angola about providing Africa’s biggest oil producer with a loan of about $500 million even as the IMF said the country called off talks over financial support, according to a person familiar with the matter. Talks are continuing to set up a facility for the Angolan Ministry of Finance to enable it to get dollars for the purchase of medicine and food and an…

Infrastructure | Cameroon, France’s EDF Finalize $1.2 Billion Hydropower Deal

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Cameroon, Capital Markets in Africa: Cameroon’s government and Electricite de France SA concluded a deal to build a 420 MW hydroelectricity plant that will increase the West Africa nation’s power capacity by more than a third. The partners established the Nachtigal Hydropower Company that will oversee the 700 billion CFA francs ($1.2 billion) project during a signing ceremony on Thursday at the site, 65 kilometers (40 miles) south of the capital, Yaounde. EDF will own a 40 percent…

Skye Bank Extends Drop After Management Ousting as Diamond Falls

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NIGERIA, Capital Markets in Africa: Skye Bank Plc tumbled, extending a slide to the lowest level in almost three months, after Nigerian regulators replaced the top management of the country’s eighth-largest bank for consistently breaching cash and liquidity ratios. Diamond Bank Plc fell the most since Jan. 19 even as shares of some the country’s banks rose on the Nigerian Stock Exchange All Share Index on Friday. Gains by FBN Holdings Ltd., the country’s largest lender by assets, Zenith Bank Plc and…

South African Central Bank Champions Choice for Welfare Banking

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South Africa, Capital Markets in Africa: The 16.9 million people receiving welfare payments from South Africa’s government into bank accounts should have the right to choose between financial services companies, according to the country’s central bank. A contract awarded by the South African Social Security Agency to Johannesburg-based Net 1 UEPS Technologies Inc. to pay grants electronically in 2012 has this year been dogged by court battles and criminal charges. Under the contract, which will be taken over by the…

Siemens Targets Building South Africa Gas-Fired Power Plants

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South Africa, Capital Markets in Africa: Siemens AG is interested in bidding to build gas-fired electricity-generating capacity in South Africa as the German engineering company boosts its presence in the country and the government seeks to end power shortages. “Gas can be a complete game-changer for the South African economy,” Siemens South Africa Chief Executive Officer Sabine Dall’Omo, 58, said in an interview in Johannesburg on Wednesday. “Gas is one of our strongholds. International investors are very…

Nigeria: Spectre of Who Is Next Stalks Nigeria After Bank Shakeout

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LAGOS, Nigeria, Capital Markets in Africa: The ousting of top management at one of Nigeria’s largest banks is deepening concern over the health of the industry. The central bank stepped in to replace the chief executive officer, chairman and 10 other directors of Skye Bank Plc on July 4 after the nation’s eighth-biggest lender consistently breached cash and liquidity ratios. The regulator made the announcement before a three-day holiday and after the market had closed. The stock tumbled to a record…

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