Features | - Part 239

Angola Leader Secures Economic Grip Naming Daughter as Oil Boss

Luanda, Angola, Capital Markets in Africa: Angolan President Jose Eduardo dos Santos tightened his family’s grip on sub-Saharan Africa’s third-biggest economy two years before he has indicated he’ll leave office by naming his billionaire daughter Isabel as chairwoman of the state oil company. The appointment “shows that President dos Santos doesn’t trust anyone else and moreover that he’s looking to have a dynastic succession,” Markus Weimer, an analyst for Horizon Client Access Inc., an energy investment advisory group, said…

Zuma, Gordhan’s Conflicting Orders Frustrate SAA’s Acting CEO

Posted on by The Editorial Team

Johannesburg, South Africa, Capital Markets in Africa: South African Airways is having to deal with conflicting orders from the country’s Finance Minister Pravin Gordhan and President Jacob Zumaand that’s hindering the unprofitable state-owned airline from making a full recovery, acting Chief Executive Officer Musa Zwane said. The carrier needs firm decisions on whether SAA should be privatized, how it should be capitalized, the make-up of a new board and a new CEO, Zwane said in an interview. The former head of the…

WorldRemit Marks Africa for Share of $36 Billion Cash Transfers

Posted on by The Editorial Team

LAGOS, Nigeria, Capital Markets in Africa: WorldRemit is seeking transactions in every African country by October as the company seeks a bigger share of the continent’s money transfers which are forecast to reach $36 billion this year. WorldRemit is currently operating in 34 of Africa’s 54 states and is using partnerships with cellular operators such as MTN Group Ltd. and Vodafone Group Plc to grow the number of money transfers through mobile technology, the London-based, closely held…

Nigeria | Darkness Looms Over Nigeria as Delta Attacks Cut Power

Posted on by The Editorial Team

LAGOS, Nigeria, Capital Markets in Africa: Unless President Muhammadu Buhari, 73, can subdue armed militants attacking gas facilities that supply the nation’s power plants, his plans to remedy an electricity shortage he called a “national shame” in his inauguration speech a year ago, will be stillborn. In March, Buhari said he would increase power generation by 2,000 megawatts this year and raise it by 2019 to 10,000 megawatts, double this year’s peak in early February. Then militants…

Opportunity | Nigeria Telecommunications Industry Grows Despite Economic Woes

Posted on by The Editorial Team

LAGOS, Nigeria, Capital Markets in Africa: Growth in Nigeria’s telecommunications industry picked up in the three months through March even as the economy shrunk for the first time in more than a decade, according to a government report. Telecommunications expanded 5 percent in the first quarter, compared with 3.5 percent in the three months through December, and contributed 8.8 percent to gross domestic product, the Nigerian Bureau of Statistics said in a report on Thursday. The economy contracted by 0.4…

Foreign Exchange | As Nigeria Dithers on Naira, Foreign Companies See Funds Trapped

Posted on by The Editorial Team

LAGOS, Nigeria, Capital Markets in Africa: As Nigeria’s policy makers dither on plans to loosen capital controls and let the naira weaken, foreign companies such as Nampak Ltd. of South Africa and British Airways Plc are battling to get their money out of the country. Nampak, Africa’s biggest producer of beverage cans, is considering currency swaps that would enable the Johannesburg-based company to repatriate money trapped due to the shortage of foreign exchange in Nigeria, its chief executive officer said….

Impressions from the World Economic Forum on Africa —- RMB Morgan Stanley

Posted on by The Editorial Team

The 26th World Economic Forum on Africa was held in Kigali, Rwanda last week: We attended the gathering and provide feedback on the conference and the investable themes coming out of it. Connecting Africa’s Resources through Digital Transformation: The theme of this year’s forum builds on that of the World Economic Forum held in Davos this January, by honing in on how Africa sees itself participating in the so-called Fourth Industrial Revolution. Rwanda, a continental…

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