The Editorial Team |

WorldRemit Marks Africa for Share of $36 Billion Cash Transfers

LAGOS, Nigeria, Capital Markets in Africa: WorldRemit is seeking transactions in every African country by October as the company seeks a bigger share of the continent’s money transfers which are forecast to reach $36 billion this year. WorldRemit is currently operating in 34 of Africa’s 54 states and is using partnerships with cellular operators such as MTN Group Ltd. and Vodafone Group Plc to grow the number of money transfers through mobile technology, the London-based, closely held…

Fund Raising | Actis raises over $500m for new African real estate fund

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LONDON, Capital Markets in Africa: Actis, a leading growth markets investor, is pleased to announce that it has reached final closing on its third opportunistic private real estate fund, Actis Africa Real Estate Fund 3 (“ARE3”) with commitments totalling more than $500m, comfortably exceeding its original $400m target. ARE3 is the largest opportunistic private real estate fund targeting sub-Saharan Africa raised in the market to date. ARE3 has a diverse investor base, including pension funds,…

Ghana Market | For a Lesson in Precisely How Not to Do an IPO, Look at Ghana

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ACCRA, Ghana, Capital Markets in Africa: It was supposed to be sub-Saharan Africa’s biggest share sale by a state company in almost 10 years. Instead, it’s a lesson in how not to conduct a privatization. More than two months after Ghana’s Agricultural Development Bank Limited received bids totaling $113 million in an initial public offering, and a decade after ending state ownership was first discussed, the company is reopening the sale, essentially invalidating the first auction….

Finance | Investec Plans to Raise 145 Million Pounds to Boost Capital

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Johannesburg, South Africa, Capital Markets in Africa: Investec Plc plans to raise as much as 145 million pounds ($209 million) by selling equity to buy back preference shares it and other South African banks issued about a decade ago, mainly to fund transactions aimed at boosting black ownership of the economy. The offer involves placing up to 30.87 million ordinary shares in the company in an accelerated book build being arranged by JPMorgan Chase & Co.,…

Nigeria | Darkness Looms Over Nigeria as Delta Attacks Cut Power

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LAGOS, Nigeria, Capital Markets in Africa: Unless President Muhammadu Buhari, 73, can subdue armed militants attacking gas facilities that supply the nation’s power plants, his plans to remedy an electricity shortage he called a “national shame” in his inauguration speech a year ago, will be stillborn. In March, Buhari said he would increase power generation by 2,000 megawatts this year and raise it by 2019 to 10,000 megawatts, double this year’s peak in early February. Then militants…

Opportunity | Nigeria Telecommunications Industry Grows Despite Economic Woes

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LAGOS, Nigeria, Capital Markets in Africa: Growth in Nigeria’s telecommunications industry picked up in the three months through March even as the economy shrunk for the first time in more than a decade, according to a government report. Telecommunications expanded 5 percent in the first quarter, compared with 3.5 percent in the three months through December, and contributed 8.8 percent to gross domestic product, the Nigerian Bureau of Statistics said in a report on Thursday. The economy contracted by 0.4…

Foreign Exchange | As Nigeria Dithers on Naira, Foreign Companies See Funds Trapped

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LAGOS, Nigeria, Capital Markets in Africa: As Nigeria’s policy makers dither on plans to loosen capital controls and let the naira weaken, foreign companies such as Nampak Ltd. of South Africa and British Airways Plc are battling to get their money out of the country. Nampak, Africa’s biggest producer of beverage cans, is considering currency swaps that would enable the Johannesburg-based company to repatriate money trapped due to the shortage of foreign exchange in Nigeria, its chief executive officer said….

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