Features

LAGOS (Capital Markets in Africa) – Nigeria’s Senate said it would probe the renewal process of energy leases undertaken by the oil minister and the Department of Petroleum Resources, in search of anomalies that could cost the government more than $10 billion in lost revenue. The Minister of State for Petroleum Resources Ibe Kachikwu and the DPR are renewing the “leases of companies that have brazenly and illegally refused to pay royalties,” lawmakers said in a motion…

LAGOS (Capital Markets in Africa) – Nigeria revealed plans for a new national airline and said a majority stake could be available to an overseas backer as it seeks know-how and cash to help the start-up avoid the fate of former flag carriers. The West African state has no cap on overseas ownership of its airlines and would be prepared to offer more than 50 percent of the company — named Nigeria Air — to…

NAIROBI (Capital Markets in Africa) – Tullow Oil Plc may shut down operations in northern Kenya in two weeks unless persistent issues with local residents, which threaten progress of the project, are resolved. Disruptions in the remote Turkana region have already halted the shipments of a pilot program to test early production and deliver oil from Lokichar to the port of Mombasa about 1,000 kilometers (640 miles) away, for future export. Tullow, along with partners Africa…

LAGOS (Capital Markets in Africa) – The U.S. is set to scale back aid to African military units fighting terrorism as it realigns its defence strategy to compete with more traditional threats from China and Russia. The shift comes despite a growing terror threat on the continent that has led to an increased American presence, resulting in attacks on U.S. forces in Niger and Somalia that have left six U.S. service members dead since early…

JOHANNESBURG (Capital Markets in Africa) – South African President Cyril Ramaphosa urged his Nigerian counterpart to sign a continent-wide free-trade deal. Nigeria should take its time to consult on the agreement before signing up, but shouldn’t “take too long,” Ramaphosa said at a conference Wednesday in the West African nation’s capital, Abuja. “The continent is waiting for Nigeria and South Africa. By trading among ourselves, we are able to retain more resources in the continent.” Talks to establish…

JOHANNESBURG (Capital Markets in Africa) – South African Airways pledged to urgently begin a search for a private-sector partner to help turn around the troubled state-owned carrier and ease the burden on an already stretched National Treasury. The assurance followed an attempt by the Solidarity union to end SAA’s reliance on state funding and push the airline into business rescue. The carrier hasn’t made a profit since 2011 and last year needed a bailout to avoid…