Features

LUANDA (Capital Markets in Africa) — Angola can expect interest from Gemcorp Capital LLP, a firm already invested in the nation’s energy sector when it offers a potential 30% stake in oil company Sonangol EP. Under President Joao Lourenco, one of Africa’s biggest oil-producing nations has implemented reforms in recent years to draw investment and mitigate a decline in output. The process is at an early stage, but Sonangol has estimated the value of the stake…

LODDON (Capital Markets in Africa) — Boris Johnson led Britain out of the European Union on a wave of public anger with high levels of immigration. Now he says he’s open to the idea of an amnesty for migrants who move to the U.K. illegally. “When people have been here for a very long time and haven’t fallen foul of the law, then it makes sense to try to regularize their status,” Johnson told a…

LAGOS (Capital Markets in Africa) — Eni SpA, Royal Dutch Shell Plc and several of their current and former executives were acquitted of corruption charges related to a Nigerian oil deal by a court in Milan. The verdict ends a three-year legal saga that loomed large over the tenure of Eni Chief Executive Officer Claudio Descalzi, who was among those found not guilty on Wednesday. Italian prosecutors had sought an eight-year jail term for him. Several…

DAR ES SALAAM (Capital Markets in Africa) — Tanzania’s response to the coronavirus will be one of the key issues facing the successor to deceased President John Magufuli, whose unorthodox response to the disease ilicited international consternation. Under Tanzania’s constitution, 61-year-old Vice President Samia Suluhu Hassan is set to take over from Magufuli and serve out his term, which was due to end in 2025. Magufuli, who died on Wednesday, dominated policymaking in the southeast…

DAR ES SALAM (Capital Markets in Africa) — Tanzanian President John Magufuli, who drew widespread criticism for his denialism of the coronavirus pandemic, has died only five months after he won a second term in a disputed election. He was 61. “We have lost our courageous leader, President John Magufuli, who has died from a heart illness,” Vice President Samia Suluhu Hassan said on state television on Wednesday. Magufuli fell ill on March 14 and had been…

LAGOS (Capital Markets in Africa) — A dozen years into its fight with the Islamic insurgent group Boko Haram, Nigeria is getting some new weapons: a pair of Wing Loong II drones from China. The deal is one of a growing number of sales by state-owned Aviation Industry Corp. of China (AVIC), which has exported scores of the aircraft. The United Arab Emirates has used AVIC drones in Libya’s civil war, Egypt has attacked rebels…

LAGOS (Capital Markets in Africa) – Policymakers in China are bringing technology firms into alignment with national priorities to ensure that policy intent is met, fostering innovation that serves the real economy and improves wellbeing, whilst preventing financial risks though prudent regulation. The implication is that central government has made a value judgement: only innovation that serves the real economy, and doesn’t compromise financial stability, will be provided pathways to flourish. However, given a choice…