The Editorial Team |

Private Equity | Barclays Africa Said to Attract Abraaj-Led Group for Stake

LAGOS, Nigeria, Capital Markets in Africa: Buyout firm Abraaj Group is leading a group of investors planning to bid for a minority stake in Barclays Plc’s African unit, according to people familiar with the matter. Abraaj is working with financial advisers and is in discussions to team up with other investors including a Middle Eastern sovereign wealth fund, the people said, asking not to be identified as the information is private. The private equity firm may bid for as…

FBN Says Director Questioned as Nigeria Probes Bank Transactions

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LAGOS, Nigeria, Capital Markets in Africa: FBN Holdings Plc, Nigeria’s biggest lender by assets, said one of its directors was invited and questioned by the Economic and Financial Crimes Commission as part of a wider probe into alleged illegal transactions by the country’s banks. Executive Director Dauda Lawal was questioned about sums allegedly distributed by a former minister of petroleum, and is cooperating fully with the agency, the Lagos-based lender said in a statement Friday on the Nigerian…

Financing | Mozambique’s Nyusi to Visit China Next Week, Presidency Says

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Maputo, Mozambique, Capital Markets in Africa: Mozambican President Filipe Nyusi will visit China later this month, his office said, weeks after western donors withdrew budgetary support following the southern African nation’s admission to holding more than $1 billion of undeclared loans. Nyusi’s week-long visit, which received parliament’s go-ahead last week, begins May 16, an official at the presidency said Friday. “The authorization should not be a blank check to contract more debt,” Lutero Simango, the leader of…

Business | Africa Has More Large Businesses Than You Expect, McKinsey Says

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LAGOS, Nigeria, Capital Markets in Africa: McKinsey & Co. Inc. has identified 700 African companies with annual sales of more than $500 million, many of which are growing and reinvesting and are a reason for optimism about economic prospects on the continent, the consultancy’s global managing director said. “That’s a lot more than most people would think,” Dominic Barton said Friday in an interview at the World Economic Forum on Africa in Rwanda’s capital, Kigali. “Two-thirds of them…

Kenya to Jail Bankers Guilty of Wrongdoing After Failures

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NAIROBI, Kenya, Capital Markets in Africa: Kenya’s central bank wants bankers found guilty of any wrongdoing jailed, after three lenders in East Africa’s biggest economy collapsed in the past nine months. “If people did the wrong things they should be held accountable,” Governor Patrick Njoroge said Thursday in an interview at the World Economic Forum in Kigali, the Rwandan capital. “We are going to take them to a court of law. Put them behind bars.” Kenyan…

Crude Oil | Nigeria Oil Output Slumps Further as Exxon Pipeline Damaged

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LAGOS, Nigeria, Capital Markets in Africa: Nigeria’s oil production has dropped again as a third major crude-export facility was disrupted, this time by accidental damage rather than militant attacks. Exxon Mobil Corp. has declared force majeure — a legal clause that allows it to stop deliveries without breaching contracts — on shipments of Qua Iboe, the company said in a statement Friday. The Bonny Light and Forcados oil grades were already disrupted following militant attacks. The…

Private Equity | Abraaj Readies Nigerian Fertilizer, East African Insurance Deals

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LAGOS, Nigeria, Capital Markets in Africa: Abraaj Group, a Dubai-based private equity firm, is in the final stages of approval for three transactions in sub-Saharan Africa and will probably make further investments in the region before the end of the year, partner Sev Vettivetpillai said on Thursday. Abraaj is seeking final internal approval for three transactions, including one in Nigeria’s fertilizer industry, an insurance investment in East Africa and an industrial business in South Africa, he said in an…

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