Private Equity

LONDON (Capital Markets in Africa) – Lekoil Ltd. sank to a record low in London trading after falling victim to an alleged scam, leaving the future of a Nigerian oil project at risk. A loan deal struck earlier this month is no longer valid, the company said, alleging that individuals claiming to be from the Qatar Investment Authority were in fact fraudsters. Lekoil now has until February to raise enough money to cover its drilling costs at…

LAGOS (Capital Markets in Africa) – The hedge fund industry’s main trade association has hired a Carlyle Group Inc. partner to be its new president, as the investment firms look to bolster their lobbying presence ahead of what promises to be a turbulent political year. Bryan Corbett will join the Managed Funds Association on Jan. 21, the Washington-based group said on Wednesday. A Republican who worked at the White House and Treasury Department during the George W. Bush administration, Corbett…

LAGOS (Capital Markets in Africa) – Helios Towers, one of sub-Saharan Africa’s largest mobile-phone tower operators, is reviving plans for an initial public offering, people familiar with the matter said. The company’s advisers are resuming preparations for an IPO that could value Helios at about $3 billion, according to the people. It is considering filing for the share sale as soon as this year, the people said. The tower owner is weighing London and Johannesburg…

PORT LOUIS (Capital Markets in Africa) – Let down by falling numbers of Chinese visitors and fretting about Brexit, the tourism industry of Mauritius is turning to an unexpected savior: Saudi Arabia. While surging numbers of Chinese visitors to the Indian Ocean island’s resorts helped underpin an 11% annual growth rate in tourists in 2015, that slowed to 4.3% last year, partially as a result of the scrapping of direct flights by China Southern Airlines Co….

JOHANNESBURG (Capital Markets in Africa)  – Alexander Forbes Group Holdings Ltd. plans to announce the buyer and price of its short-term insurance business by the end of July as the South African retirement-services provider streamlines operations in a new strategic push. “There was massive interest,” Chief Executive Officer Dawie de Villierssaid by phone Tuesday, declining to identify bidders. “We’re in the final stretch with the shortlisted candidates and are negotiating with them.” The company is also exiting…