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Nigeria | Ecobank Transnational Incorporated FY:2015 & Q1:2016 Earnings Update

LAGOS, Nigeria, Capital Markets in Africa — Ecobank Transnational Incorporated (“ETI” or “the Bank” or “the Group”) published its FY: 2015 and Q1:2016 numbers recently after issuing an initial profit warning. The FY: 2015 result reflected the Bank’s recent operational challenges as it booked a monumental impairment charge in loans and advances which surged to N105.2bn (136.9% higher than N44.4bn in FY: 2014). This pattern was also witnessed in the Bank’s Q1:2016 result; thus significantly…

Nigeria | FBN Holdings FY 2015 and Q1 2016 Earnings Update

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LAGOS, Nigeria, Capital Markets in Africa — FBN Holdings Plc. (“FBNH” or “The Group”) published its much awaited audited FY:2015 and Q1:2016 results on 26th March 2016 on the floor of the Nigerian Stock Exchange (NSE) with Gross Earnings and Profit After Tax coming much lower than anticipated. Skewness to Oil & Gas loans impacted on profitability as a monumental N119.3bn was booked in impairment charges for its FY:2015 dragging profitability by 82.0%. We present the…

Nigeria | Moody’s downgrades Nigeria’s sovereign issuer rating with a stable outlook

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LAGOS, Nigeria, Capital Markets in Africa — Moody’s Investors Service has today downgraded Nigeria’s long-term issuer ratings to B1 from Ba3 and has assigned a stable outlook, concluding the review for downgrade initiated on March 4th 2016. The key drivers of today’s rating action are as follows: 1) Increased external vulnerability brought about by the prospect of lower-for-longer oil prices; 2) Execution risk in the transition to a less oil-dependent federal budget, and the implications…

Global Market Review and Outlook Week Ending 29 April

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LAGOS, Nigeria, Capital Markets in Africa — In the week, the major events that shaped market performance were the US Fed meeting outcome and the BOJ’s decision. The US Fed completed its third meeting for the year on Tuesday and decided to keep its benchmark rate unchanged while reassuring investors that it will continue to assess economic developments amid slow and steady growth across the globe. Similarly, the BOJ’s decision to keep rates stable came…

Nigeria | Sub-Nationals on the Blink: A Case for Fiscal Restructuring

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LAGOS, Nigeria, Capital Markets in Africa — President Muhammadu Buhari met with members of Nigeria’s Governors Forum (NGF) yesterday, 28th April 2016. Expectedly, the state governors requested for more palliatives to ameliorate their fiscal challenges. The proposed palliatives include an 18-month moratorium on loans before resuming servicing, direct financial intervention and commitment of the Federal Government (FGN) to a Fiscal Restructuring Plan for Federating units which are yet to be made publicly available. This comes…

Angola | Moody’s downgrades Angola’s rating to B1 with negative outlook

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Luanda, Angola, Capital Market in Africa — Moody’s Investors Service has today downgraded the long-term issuer and senior unsecured debt ratings of the Government of Angola to B1 from Ba2 and assigned a negative outlook. The short-term issuer ratings have been affirmed at Not-Prime (NP). The key drivers of the downgrade are: The government’s financial position and the country’s external position have deteriorated sharply due to the shock stemming from the structural downward shift in…

Private Equity | CDC Group invests US$140m in East Africa’s ARM Cement

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NAIROBI, Kenya, Capital Market in Africa: A new US$140 million investment designed to boost the local supply of cement in East Africa and promote infrastructure development has been announced today by CDC, the UK’s development finance institution. CDC is investing in ARM Cement Limited (“ARM”), a producer of cement, lime and fertilizer, with operations in Kenya, Tanzania and Rwanda. CDC’s capital will help the company develop its existing business and to potentially expand its operations…

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