The Editorial Team |

Infrastructure | Access Energy Developing a $200-Million Solar Plant in Nigeria

Lagos, Nigeria, Capital Markets in Africa — Access Energy Group, a Dubai-based renewable energy company, is developing a 100-megawatt solar project in northern Nigeria. The plant will be in the Kaduna state, north of the capital of Abuja. It is expected to cost around $200 million and be built in two phases of 50 megawatts, Reda El Chaar, the company’s managing director, said in an interview in London. The project is fully licensed and Access Energy…

Private Equity | Abraaj Plans $400 Million African Health-Care Pool

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LAGOS, Nigeria, Capital Markets in Africa — Emerging markets investor The Abraaj Group is trying to raise $400 million for a fund to invest in African health-care businesses, according to documents from an investor. Abraaj Growth Markets Health Fund Africa will invest alongside the Abraaj Growth Markets Health Fund, according to a report from the African Development Bank. The Dubai-based firm is trying to gather $1 billion for the latter and has closed on $500 million so far,…

Nigerian President to Meet Lawmakers to Negotiate Delayed Budget

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LAGOS, Nigeria, Capital Markets in Africa — Nigerian President Muhammadu Buhari will meet leaders of Parliament on Friday to negotiate a delayed 2016 budget after he said lawmakers had made changes to the original spending plan he presented in December. The president will meet to resolve “areas where he wanted adjustments in the 2016 budget,” Abdulrazak Namdas, spokesman for the House of Representatives, said by phone from the capital, Abuja. “It is going to be a negotiation.” Buhari…

Black South African Investors Bidding for PIC Stake in Vodacom

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Johannesburg, South Africa, Capital Markets in Africa — The Public Investment Corp., which manages the bulk of the pension money of South African government workers, is in talks with various black investors who are seeking to buy a stake in Vodacom Group Ltd., PIC Chief Executive Officer Dan Matjila said. The government last year sold its 14 percent stake in Johannesburg-based Vodacom, the largest wireless operator in South Africa, for about 25 billion rand ($1.8 billion) to raise funds…

Greece’s Secret Debt Evoked in Mozambique $1 Billion Hole

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LAGOS, Nigeria, Capital Market in Africa — For some Africa watchers, Mozambique’s confession of a $1 billion debt hole seems strangely reminiscent of another country — one that’s also in contentious talks with the International Monetary Fund. The predicament reminds analysts including Rand Merchant Bank’s Nema Ramkhelawan-Bhana of Greece’s concealment of its true fiscal dilemma in the late 1990s and early 2000s. The IMF said last week that Mozambique failed to disclose government-guaranteed loans provided by Credit Suisse Group…

Congo’s Government Halts VAT Repayments to Support Currency

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DRC, Capital Markets in Africa — The Democratic Republic of Congo’s government suspended the payment of value-added tax reimbursements to all companies until further notice to reduce pressure on the domestic currency and shore up government finances. The suspension is a “temporary measure,” said Gerard Mutombo, cabinet director at the Finance Ministry. The decision was taken by Prime MinisterMatata Ponyo Mapon, according to a letter to the central bank sent by Vice Finance Minister Albert M’Peti…

Nigeria’s Buhari Says He’s Not Convinced on Naira Devaluation

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LAGOS, Nigeria, Capital Markets in Africa — President Muhammadu Buhari reiterates that he’s yet to be convinced that majority of Nigerians will derive any benefit from a devalued naira, his office says in an e-mailed statement. Buhari says he holds same conviction on the currency as when he resisted its devaluation as military ruler in the 1980s. “I stood my grounds for the good of Nigeria”. After naira was devalued when Buhari was deposed in…

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