Nigeria | - Part 4

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

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…

Investment | Nigerian Ntel Pursues US$1 Billion Investment for Mobile-Broadband Growth

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LAGOS, Nigeria, Capital Markets in Africa — Nigerian Internet provider Ntel is looking more than US$1 billion to invest in 4G mobile broadband by 2020, to take advantage of a rising number of smartphone users in the country. “We are speaking to investors and to banks who are interested in a growth story for Africa,” Chief Executive Officer Kamar Abass, 51, said in an interview on March 31. “We are seeing the very beginnings of a…

Buhari Says Nigeria’s Currency Squeeze Is a ‘Temporary Phase’

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LAGOS, Nigeria, Capital Market in Africa — Nigerian President Muhammadu Buhari said the foreign-exchange squeeze being faced by the country is a “temporary phase” to be overcome when structural problems are addressed. “It grieves me that so many manufacturing industries in the country today are groaning and frustrated because of lack of foreign exchange to import raw materials and spare parts,” Buhari said Monday at the start of a meeting on the economy in Abuja,…

Nigerian Central Bank Governor and Investment Minister Talk on FX Supply

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LAGOS, Nigeria, Capital Markets in Africa — Nigerian central bank Governor Godwin Emefiele and Trade and Investment Minister Okechukwu Enelamah are discussing ways to ensure supplies of foreign exchange to manufacturers in the Africa’s largest economy as the slump in oil prices constraint dollar inflows. “My minister is engaging with the central bank governor and other key stakeholders to ensure that the interests of manufacturers are taken care of” in the provision of foreign exchange, Omotara Awobokun, director…

MTN Group proposes to pay US$1.5 billion to settle Nigerian penalty

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LAGOS, Nigeria, Capital Markets in Africa — MTN Group Limited has proposed to pay 300 billion naira ($1.5 billion) to settle a record $3.9 billion fine in Nigeria for missing a deadline to disconnect unregistered subscribers, according to a document handed to reporters in the Nigerian Senate. Africa’s biggest mobile-phone company made the offer in order to settle a dispute that has been running since the fine was first imposed by Nigerian regulators in October. The country’s…

Moody’s puts three Nigerian banks on review for downgrade

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LAGOS, Nigeria, Capital Markets in Africa — Moody’s Investors Service has placed on review for downgrade the long-term ratings of three Nigerian banks—Access Bank plc (Ba3/B1 RUR down, b2 RUR down), Sterling Bank plc (B2 RUR down, b3 RUR down) and Bank of Industry (Ba3 RUR down). In a statement, the ratings agency said that the reviews are driven by the potential weakening of the Nigerian Government’s capacity and willingness to provide support to the…

MTN agrees to Pay US$25mn toward record US$3.9bn Nigeria Fine

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LAGOS, Nigeria, Capital Markets in Africa — MTN Group Limited, Africa’s largest mobile-phone company, agreed to pay 50 billion nairas (US$251 million) toward a record US$3.9 billion fine in Nigeria for missing a deadline to disconnect unregistered subscribers. The payment to the Nigerian government was made “on the basis that this will be applied toward a settlement, where one is eventually, hopefully, arrived at,” the Johannesburg-based company said in a statement on Wednesday. MTN also agreed to…

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