News | - Part 2

Mozambique Reorganizes State Companies Amid Debt Crisis

MAPUTO, Capital Markets in Africa: Mozambique identified six companies including telecommunications providers Telecomunicacoes de Mocambique and Mocambique Celular Sarl among 20 state-owned entities it plans to reorganize or sell as it battles a debt crisis. Others are the national airline Linhas Aereas de Mocambique and airport operator Aeroportos de Mocambique, a silos and bulk-terminal company at Matola and postal company Correios de Mocambique, the Finance Ministry said in an e-mailed response to questions from the capital,…

Nigeria |MasterCard Sees Growth in Nigerian Traders Without Bank Accounts

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LAGOS, Nigeria, Capital Markets in Africa — MasterCard Inc. plans to introduce new payment systems in Nigeria that will target merchants who don’t have bank accounts and rely mostly on cash transactions. The company is working with the umbrella organizations of Nigerian traders and collaborating with banks and technology companies to start offering the services this year, Omokehinde Ojomuyide, MasterCard’s vice president and area business head for West Africa, said May 6 in an interview in Lagos,…

S&P sees South Africa’s banks up against growing credit risks

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Johannesburg, South Africa, Capital Markets in Africa — South Africa’s banks will find it tougher to turn a profit as the economy remains feeble for the next few years and credit risks rise, credit ratings agency Standard & Poor’s said on Thursday. Consumers, squeezed by rising interest rates, unemployment of around 25 percent and high debt levels, are a growing headache for lenders in Africa’s most advanced economy which is forecast by the government to…

Zimbabwe orders foreign firms to Sell Shares to Black by April 1

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Harare, Zimbabwe, Capital Markets in Africa — Zimbabwe will shut down foreign-owned companies on April 1 if they don’t comply with a law that requires them to sell or cede 51 percent of their shares to black Zimbabweans, Indigenization Minister Patrick Zhuwao said. The Indigenisation and Economic Empowerment Act was passed in 2010 under President Robert Mugabe’s black empowerment drive but implementation has been slow. “Comply by that date or close shop, comply by that date…

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…

Nigeria’s 2016 Budget Deficit Widen As Oil Price Slump

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Lagos, Nigeria, Capital Markets in Africa — The Nigeria’s 2016 budget deficit is estimated at 36 percent after oil prices dropped below the $38 per barrel benchmark estimate set by Africa’s largest economy. The gap will increase to NGN 3 trillion (US$15.1 billion) from NGN 2.2 trillion, or 3 percent of gross domestic product, and will remain within the “comfort zone for the international credit rating agencies,” Finance Minister Kemi Adeosun stated in an e-mailed statement on Thursday. The…

ICD supports Ivory Coast to successfully Issue the largest West African Sovereign Sukuk

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Jeddah, Kingdom of Saudi Arabia, Capital Markets in Africa — On 21st December 2015 the Republic of Côte d’Ivoire, acting through the Ministry of Economy and Finance, closed an inaugural local currency, CFA 150 Billion (USD 244 million) Sukuk al-Ijara (“Sukuk”). The Islamic Corporation for the Development of the Private Sector (“ICD”), an arm of the Jeddah-based Islamic Development Bank, acted as the Lead Arranger. The sukuk with a five‐year maturity, was subscribed by regional…

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