The Editorial Team |

INTO AFRICA May Edition: Unveiling Opportunities in African Equities

LAGOS, Nigeria, Capital Markets in Africa — The start of 2016 broke away from the well-known ‘January effect’ – a term coined to describe the seasonal irregularity witnessed in the financial markets over the years: the propensity of stock prices to increase during the first month of the year. In contrast, global equity markets had to navigate an ugly storm, as sell-offs ensued, driven by sentiment rather than fundamentals. Rekindled concerns over global growth and…

Congo | Moody’s downgrades Republic of the Congo’s rating to B1

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Brazzaville, Congo, Capital Markets in Africa — Moody’s Investors Service has today downgraded the Republic of the Congo’s (ROC) issuer rating to B1 from Ba3 and placed the B1 rating under review for further downgrade. The downgrade reflects the severe deterioration in the government balance sheet caused by the significant fall in oil prices, which Moody’s expects to remain low for several years. The purpose of the review for further downgrade is to allow Moody’s…

Nigeria edging closer to China — Bank of America Merrill Lynch

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Lagos, Nigeria, Capital Markets in Africa — Buhari’s recent trip to China generated impressive headlines on funding. If the whole $6bn infrastructure loan is disbursed, it could give a significant boost to Nigeria’s productivity. However, in the short term, the focus is on some important details of the currency swap arrangement and to what extent it can alleviate the pressure on Nigeria’s FX reserves. CBN lauds currency swap with China, but important details are missing The…

Private Equity | The Abraaj Group exits Unimed via an IPO on the Tunis Stock

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Tunis, Tunisia, Capital Markets in Africa: The Abraaj Group (‘Abraaj’ or the ‘Group’), a leading investor operating in global growth markets, today announced that it has successfully exited its investment in leading Tunisian pharmaceutical company Unité de fabrication de médicaments (‘Unimed’ or the ‘Company’), through an initial public offering (‘IPO’) on the Tunis Stock Exchange. The Abraaj Group invested in Unimed through one of its Funds in 2011. Unimed represents the first IPO this year on…

Nigeria Says $15 Billion Stolen in Security Spending Scams

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LAGOS, Nigeria, Capital Markets in Africa — Nigerian Vice President Yemi Osinbajo said about $15 billion was lost by the previous administration to fraudulent security spending scams, almost three times more than was previously estimated by the government. Osinbajo, who along with President Muhammadu Buhari defeated Goodluck Jonathan in elections last year on an anti-corruption campaign, said that the figure had only been discovered a few days ago, dwarfing the previous estimate of $5.5 billion allegedly misappropriated from contracts to buy defense equipment to…

IMF Says Sub-Saharan Africa Nations Must Contain Budget Gaps

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LAGOS, Nigeria, Capital Markets in Africa — Sub-Saharan African nations need to contain their fiscal deficits to avoid becoming more vulnerable to external events, the International Monetary Fund said. “If deficits are not curbed, these countries will be left without buffers and, worse still, remain vulnerable to a financing crisis should external financing conditions get even more difficult,” the Washington-based lender said in its Regional Economic Outlook on Tuesday. African countries from Ghana to Mozambique have approached the…

Private Equity | Abraaj Said to Seek Up to $300 Million Value in Egypt Health IPO

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LAGOS, Nigeria, Capital Markets in Africa — Buyout firm Abraaj Group is seeking a valuation of as much as $300 million for a group of hospitals it plans to list on the Egyptian stock exchange, according to two people familiar with the matter. An initial public offering for Cleopatra Hospital Co., which includes four private hospitals in the North African country, may take place as soon as this month, the people said, asking not to be identified…

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