The Editorial Team |

Nigeria Revenue Drops to 5-Year Low as Tax, Oil Income Fall

LAGOS, Nigeria, Capital Markets in Africa — Nigeria’s revenue fell last month to the lowest level in more than five years as taxes and oil earnings dropped, making it more difficult for the government of Africa’s largest economy to pay public workers. The country’s federal, state and local governments were altogether allocated 300 billion naira ($1.5 billion) in March, the Ministry of Finance said in a statement e-mailed late Thursday from the capital, Abuja. To assist the…

IMF Suspends Standby Credit Facility for Mozambique

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MAPUTO, Mozambique, Capital Markets in Africa — The International Monetary Fund (IMF) has confirmed the suspension of the second tranche of a loan to Mozambique of US$283 million from the Fund’s Standby Credit Facility (SCF). The suspension had been widely expected after the IMF announced last Friday that it was cancelling the mission which had been due to visit Mozambique this week because of the country’s “undisclosed loans”, which the IMF put at more than…

Zambia Prepares Ground for `Inevitable’ Post-Vote IMF Aid

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LUSAKA, Zambia, Capital Markets in Africa — Zambia, reeling from a copper-price slump and a power shortage, is readying for “inevitable” assistance from the International Monetary Fund that may be finalized in December, Treasury Secretary Fredson Yamba said. A deal will only come after general elections set for Aug. 11 and until then, the government will work on lowering electricity and fuel subsidies that the fund last month estimated could cost the southern African nation $660 million a year, Yamba…

Kenya Regulators Help Investment Bank Free Funds Held in Lender

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NAIROBI, Kenya, Capital Markets in Africa — Kenyan regulators are working with Genghis Capital Ltd. to help the investment bank free up cash locked in Chase Bank Kenya Ltd., an associated company which is being nursed back to health after collapsing following a run on deposits. Authorities are collaborating with the caretakers of Chase Bank so that clients of Genghis wanting to redeem some of their mutual fund holdings can access their money, Capital Markets Authority acting Chief…

Guinness Nigeria’s Profit Tumbles During Economic Downturn

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LAGOS, Nigeria, Capital Markets in Africa — Guinness Nigeria Plc, the country’s second-biggest brewer, said profit fell 83 percent in the nine months through to the end of March during a downturn in Africa’s largest economy. Earnings after tax were 864 million naira ($4.35 million) in the period, compared with 5.2 billion naira a year earlier, the local unit of Diageo Plc said in a statement on the Nigerian Stock Exchange’s website. Revenue dropped 18 percent to…

Exotix Says Nigeria is `Uninvestable’ Due to Currency Policy

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LAGOS, Nigeria, Capital Markets in Africa — Nigerian foreign-exchange controls are undermining political reforms by President Muhammadu Buhari and making the country “uninvestable” for buyers who measure returns in dollars, Exotix Partners LLP said. The reorganization of the state oil company’s structure, changes to the nation’s bureaucracy and Buhari’s efforts to curb corruption all point to “root and branch” changes to the country’s governance structures, Hasnain Malik, head of frontier markets strategy at London-based Exotix, said in an interview…

OPEC Invite Has Gabon Mulling Best Response to Oil Nightmare

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Libreville, Gabon, Capital Markets in Africa — Gabon is considering a return to OPEC and trying to rally fellow African nations for a more coordinated response to slumping oil prices, President Ali Bongo Ondimba said. Some members of the Organization of Petroleum Exporting Countries have asked the West African nation to rejoin the group after 21 years as producers seek to “fight together” to stabilize prices, Bongo said during an hour-long interview at Bloomberg headquarters in New York. Gabon hasn’t…

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