The Editorial Team |

Venezuela Mess Prods China to Reassess Africa Lending Spree

NIGERIA, Capital Markets in Africa: The threat of Venezuela defaulting on Chinese debt is putting pressure on Beijing to reassess how easily it doles out money to commodity-dependent nations, especially those in Africa. As low oil prices ravage Venezuela’s economy and embattled leader Nicolas Maduro seeks better terms on Chinese loans, China is paying greater attention to things like fiscal stability and political risk in overseas lending. Increasing such scrutiny could complicate President Xi Jinping’s pledge to spread $60 billion in aid across Africa over the next three years,…

Kenyan Treasury, Central Bank in Turf War Over Capital Rules

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KENYA, Capital Markets in Africa: Kenyan Treasury Secretary Henry Rotich is counting on three bank failures in eight months to help drive through proposals that will reduce the central bank’s oversight of the industry. Rotich, 47, is seeking to persuade lawmakers to accept proposals that will increase the amount of capital banks must set aside as safety buffers and is also pushing amendments to allow the government more influence in the management of financial institutions. Central Bank of…

Kenya’s Odinga Says He Has Evidence Eurobond Funds Went Missing

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KENYA, Capital Markets in Africa: Kenya’s main opposition party says it will produce evidence in coming weeks to support allegations that almost a third of the $2.82 billion the nation raised in its debut Eurobond sale two years ago has been misappropriated. Raila Odinga, the leader of the Coalition for Reforms and Democracy, said the East African nation’s Auditor-General doesn’t have a paper trail to account for the transfer of the funds into the country….

Investment | Exxon Said to Eye Gas Deal That May Ease Mozambique Debt Crisis

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MOZAMBIQUE, Capital Markets in Africa: Exxon Mobil Corporation is considering buying stakes in natural gas discoveries off Mozambique made by Anadarko Petroleum Corp. and Eni SpA, potentially giving a tax windfall to the African nation grappling with a deepening debt crisis, according to two people with knowledge of the matter. Acquiring a share of Anadarko’s Area 1 in the Rovuma Basin off Mozambique’s north coast could generate capital gains tax of about $1.3 billion for the government, one of…

Devalued Nigerian Naira Too Hot for Traders Seeing Further Currency Slide

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NIGERIA, Capital Markets in Africa: Traders expecting Nigeria’s currency devaluation to trigger a rush of cash into Africa’s largest economy are rapidly concluding that the naira’s 30 percent drop wasn’t enough. Investors got the foreign-exchange policy change they asked for, but still aren’t flocking to buy naira assets as the Central Bank of Nigeria keeps a grip on its currency, nine days after abandoning a 16-month-old peg. The naira fell almost 30 percent to a record 281.75…

Brexit Could Hurt South Africa’s GDP Growth, Kganyago Says

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SOUTH AFRICA, Capital Markets in Africa: The U.K.’s vote to leave the European Union will hurt South Africa’s economic growth, according to Reserve Bank Governor Lesetja Kganyago. “We would not venture into a recession at this stage, but there is no doubt that it will slow the South African economy from the weak growth that we already have,” Kganyago said in an interview with Bloomberg TV at the European Central Bank Forum in Sintra, Portugal on Tuesday. The…

Alitheia Identity Managers Partners with US-based impact investor Capria

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NIGERIA, Capital Markets in Africa: Alitheia Identity Managers (Alitheia Identity) announced a partnership with Capria Ventures (Capria), a global impact investment firm that works with local fund managers to accelerate the flow of capital in emerging markets. Female entrepreneurs, women-led and gender-diverse management teams are particularly set to benefit. Commenting on Capria’s selection of Alitheia Identity for funding and support, Anne-Marie Chidzero, Managing Partner at Alitheia Identity said: “Together with the African Development Bank’s (AfDB)…

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