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

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)…

Mauritius Expects 46% Leap in Foreign Investment This Year

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MAURITIUS, Capital Markets in Africa: Mauritius’s government expects foreign direct investment to increase as much as 46 percent this year, even as the United Kingdom’s decision to leave the European Union may curb inflows to the Indian Ocean island nation. Foreign investors are expected to commit 14 billion rupees ($395 million) by the end of 2016, compared with 9.6 billion rupees last year, Board of Investment Chief Executive Officer Ken Poonoosamy said in a phone…

Ghana Names 15 Banks as Primary Dealers in Government Bonds

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Ghana, Capital Markets in Africa: Ghana named 15 banks as primary dealers in the country’s bonds as the West Africa nation seeks to develop its domestic fixed-income market. Only lenders licensed by the Securities and Exchange Commission and appointed by the central bank will participate in auctions to purchase government debt for their own account and trading purposes, Bank of Ghanasaid Tuesday in a statement on its website. The primary dealers shall also act as market makers…

Econet Agrees to Pay $428 Million for Neotel With Investors

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HARARE, Zimbabwe, Capital Markets in Africa: Econet Wireless Global affiliate Liquid Telecom agreed to pay 6.55 billion rand ($428 million) for South African Internet-service provider Neotel Pty Ltd., creating the continent’s largest broadband network and business-to-business phone carrier. Shares of Tata Communications Ltd., which is selling the stake, surged. The buyer is partnering with Royal Bafokeng Holdings, a South African empowerment investment group, which has committed to taking a 30 percent stake in Neotel, according to…

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