West Africa | - Part 11

Nigerian Graft Agency Traces $615 Million to Alison-Madueke, Ex-Petroleum Minister

LAGOS (Capital Markets in Africa) – Nigeria’s anti-graft agency said it traced at least $615 million of allegedly illegally acquired cash and properties to the West Africa nation’s former oil minister, Diezani Alison-Madueke. In addition to “boxes of gold, silver and diamond jewellery, worth several million pounds” found at her residence, the Economic and Financial Crimes Commission identified more than a dozen buildings across the country worth more than $500 million owned by the former minister,…

Ghana targets five million passengers yearly with AfDB-funded international airport expansion

Posted on by The Editorial Team

ACCRA (Capital Markets in Africa) – The project, funded by the African Development Bank (AfDB) with a $120-million facility, will improve air transport in the country. It is also expected to contribute towards boosting the country’s economy, reduce the cost of doing business, and improve competitiveness. “This terminal is being built for a successful economic future. Its large capacity is a confident statement of intent,” said AfDB President, Akinwumi Adesina during a tour of the…

Nigerian All-Share Index Drops 2.71%, Biggest since 1 June 2016

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LAGOS (Capital Markets in Africa) – The Nigerian Stock Exchange Main-Board Index fell for the second day, dropping 2.71 percent, or 998.59 to 35,866.12. The move was the biggest since falling 2.75 percent on June 1, 2016. The MSCI Emerging Markets Europe, Middle East and Africa Index declined 0.4 percent. Dangote Cement Plc contributed the most to the decline, falling 5 percent. Cement Co. Northern Nigeria Plc decreased 9.7 percent, the biggest loss. Dangote Sugar Refinery Plc rose 10…

Etisalat Nigeria Owners Said to Face Write-offs After Default

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LAGOS (Capital Markets in Africa) – Lenders who took over Etisalat Nigeria last month after the wireless carrier defaulted on $1.2 billion in debt are being advised to take a writedown to ensure a planned sale of the company is successful, according to people familiar with the matter. Whether to write down the asset has emerged as a sticking point between the owners, who include Nigerian lenders Access Bank Plc, Guaranty Trust Bank Plc and Zenith Bank Plc, and investments…

Ghana Seeks to Rein In Runaway Spending With New Legislation

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ACCRA (Capital Markets in Africa) – Ghana wants to put an end to chronic overspending by making it illegal to propose or implement a budget where the deficit is larger than 5 percent of gross domestic product, Finance Minister Ken Ofori-Atta said. The West African nation’s government will this year ask lawmakers to amend the Public Financial Management Act to limit the budget deficit from 2018, Ofori-Atta said by phone on Thursday. The Finance Ministry will ensure…

Dangote Cement Profit Jumps as Higher Prices Lift Revenue

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LAGOS (Capital Markets in Africa) – Dangote Cement Plc, Africa’s largest producer of the building material and Nigeria’s biggest company, said first-half profit surged as an increase in revenue offset lower volumes and operations in the rest of the continent helped bolster sales. Net income rose 35 percent to 143.5 billion naira ($447.7 million) in the six months through June, compared with 106 billion naira a year earlier, the Lagos-based company said in a statement…

Tullow Plans More Ghana Wells Once Maritime-Border Spat Settled

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ACCRA (Capital Markets in Africa) – Tullow Oil Plc plans to drill more wells off Ghana once a ruling on a border dispute is out of the way. Ghana and Ivory Coast disagree over their maritime boundary, frustrating projects to pump oil and gas offshore. In September, the International Tribunal for the Law of the Sea, or Itlos, will rule on the matter, likely clearing the way for an expansion of Tullow’s Tweneboa-Enyenra-Ntomme project, the company said. “We were…

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