Finance

LAGOS (Capital Markets in Africa)  – Nigeria is leading a continent-wide drive to raise as much as $9 billion to help African nations fund projects including oil exploration, refineries and pipelines, the country’s oil minister said. Africa’s largest oil producer is working with more than a dozen other nations grouped under the African Petroleum Producers Organization, or APPO, to raise $1 billion in start-up funding for the African Energy Investment Corp., Minister of State for Petroleum…

MAPUTO (Capital Markets in Africa)  – Gemfields Group Ltd., the owner of colored gemstone mines and maker of Faberge jewelry, has agreed to a 5.8 million pound ($7.6 million) settlement with a group of Mozambicans who said they suffered rights abuses around the company’s ruby mine in the north of the country. London-based law company Leigh Day last year brought a claim on behalf of the 273 people who lived near the Montepuez Ruby Mining…

JOHANNESBURG (Capital Markets in Africa) – Hudbay Minerals Inc.’s second-largest investor is seeking to oust the Toronto miner’s chief executive officer and replace most of its board. Waterton Global Resource Management will nominate eight new directors at Hudbay’s upcoming annual meeting with a slate that includes former mining executive Peter Kukielski and financial services industry veteran Richard Nesbitt, according to a letter to shareholders Wednesday. Waterton, which owns about 12 percent of Hudbay, will propose that Kukielski be named…

KAMPALA (Capital Markets in Africa) – Uganda National Oil Co. said it needs $779.4 million over the next four years for revenue-generating projects such as a refinery, export crude pipeline and a storage terminal, as the country plans for crude production early in the next decade. Government-owned UNOC is seeking funding in tranches, including $106.6 million in fiscal year 2019-2020, with the remainder to be allocated by 2023, according to a budget proposal for the Kampala-based company,…