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Nigeria | International Oil Companies Support Fuel Imports with US$200 Million

LAGOS, Nigeria, Capital Markets in Africa — International oil companies in Nigeria have agreed to provide about US$200 million to support fuel imports and end shortages, Emmanuel Kachikwu, Petroleum Minister of State said. “I have been able to convince the upstream oil companies to provide foreign exchange buffers over the next one year for those who’re bringing in products,” Kachikwu said in video posted on his Facebook page on Thursday. “So we have tied Total upstream…

Zimbabwe Audits Companies on Meeting Black Ownership Targets

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Harare, Zimbabwe, Capital Markets in Africa — Zimbabwean government began an audit to examine whether foreign and white-owned companies are complying with the law, which required companies to sell or cede 51 percent ownership to black Zimbabweans. “We’re now in the process of checking which companies are in full compliance of our indigenization policy and will come up with a database of these companies,” Mathias Tongofa, the deputy indigenization and empowerment minister, told lawmakers late…

Central Bank of Kenya Warns About Bad Loans in Banking System

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NAIROBI, Kenya, Capital Markets in Africa — The amount of non-performing loans in Kenya’s financial system and the inadequate funds set aside to cover them are hampering the industry, Central Bank Governor Patrick Njoroge said, adding his office would conduct more stringent surveillance of the sector. NPLs rose to 6.8 percent of total credit in February from 5.7 percent a year earlier, Njoroge, who’s been in the job for less than a year, told reporters in the capital,…

Angola to Hold Talks on IMF Loan as Oil Prices Sting Economy

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Luanda, Angola, Capital Markets in Africa — Angola plans to start talks with the International Monetary Fund about a loan to help the oil-producing economy cope with the slide in oil. State revenue in Africa’s second-biggest producer of the commodity has plunged due to the weakening of crude prices since mid-2014, while the kwanza has declined almost 18 percent against the dollar this year. With the government relying on the oil industry for about 95 percent of export income,…

South Africa’s Growth Downside Amid Credit Outlook says S&P

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JOHANNESBURG, South Africa, Capital Markets in Africa — Standard & Poor’s halved its 2016 growth forecast for South Africa as it warned that pressure on the nation’s credit rating comes mainly from a slow economic expansion. The rating company cut its growth forecast for this year to 0.8 percent, in line with that of the central bank, from 1.6 percent, and reduced its estimate for 2017 to 1.8 percent from 2.1 percent, according to an e-mailed statement…

IMF Keeps Rwanda’s Growth at 6.9%, Sees Cautious Monetary Policy

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Kigali, Rwanda, Capital Markets in Africa — International Monetary Fund stated that Rwanda’s economic performance in 2015 remained robust, with GDP growth of 6.9 percent. Growth in 2015 was buoyed by strong construction and services activity, with agriculture and manufacturing also performing well. Consumer price inflation remained contained, averaging 2.5 percent for the year, though it increased in the second half of 2015 due to higher food prices and administrative price increases. In February 2016,…

Finance | Forte Oil Nigeria Plans to Raise US$500 Million for Expansion

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LAGOS, Nigeria, Capital Markets in Africa — Forte Oil Nigeria Plc, said it plans to raise as about 100 billion naira (US$502 million) in equity or debt in 2016 as it aims to double profit and expand amidst Nigerian economic slowdown and commodity slump. The company plans to get approval this month and raise the capital by the third quarter, Chief Financial Officer Julius Omodayo-Owotuga said in an interview. The company is “already looking at” acquiring retail…

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