News | - Part 38

Madagascar Removes Restrictions on Gold Exports, Official Says

Antananarivo, Madagascar, Capital Markets in Africa — Madagascar liberalized gold exports three years after it made the central bank the sole seller of the precious metal, an official said. A ministerial decision to do so was adopted in July 2015 but it has taken time to implement the amendment, Guy Raoilison, the general manager of the national gold agency known as ANOR, told reporters Thursday in the capital, Antananarivo. The island-nation made its central bank…

Nigerian Central Bank Governor and Investment Minister Talk on FX Supply

Posted on by The Editorial Team

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…

Egypt Slops Limits on Foreign Currency Deposits for Individuals

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CAIRO, Egypt, Capital Markets in Africa — Egypt removed restrictions on the amount of foreign currency individuals can deposit and withdraw from banks, to ease the damage from an intensifying dollar shortage. However, Egyptian banks are still mandated to maintain caps on corporate accounts, Egypt’s central bank said in a statement on its website on Tuesday. The central bank had limited foreign currency deposits to US$50,000 per month since February, 2015, before easing the rule for…

Djibouti President starts US$4 billion Mega-Gas Project

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Djibouti, Capital Markets in Africa – Djibouti President Ismail Omar Guelleh laid the foundation stone for Mega-Gas Project on Thursday 3rd March 2015. The work on the project will include 700km gas pipeline, liquefaction plant, an export terminal at Damerjog in Djibouti, to begin “shortly,” government stated in e-mailed statement. The pipeline will transport as much as 12bcm of natural gas/yr from Ethiopia to Djibouti; liquefaction plant will have the capacity to produce as much…

Africa Internet Group, parent of Jumia, secures over €300M funding

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LAGOS, Nigeria, Capital Markets in Africa —- Africa Internet Group, the parent company of Jumia the online retailer, has secured over €300M in funding. This new round of investment is led by existing investors including MTN and Rocket Internet as well as a new investor, Goldman Sachs. In a statement, AIG said that the funds will significantly strengthen its balance sheet, enabling the company to leverage the significant growth of Jumia and to capitalise on…

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