Nigeria | - Part 12

Africa’s Contemporary Art Finds a Home in Cape Town Museum

JOHANNESBURG (Capital Markets in Africa) – Overlooking the harbour in Cape Town, the Zeitz Museum of Contemporary Art Africa, known as Zeitz Mocaa, opened last month in a former corn silo complex that was renovated for 500 million rand ($37 million). It displays strictly 21st century works by a range of young and established artists from across the continent, including South Africa’s Simphiwe Ndzube and William Kentridge and Kenyan-born Wangechi Mutu, as well as African-American and Afro-Caribbean pieces….

Nigerian Minister Is Said to Query $24 Billion Oil Contracts

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Nigeria’s oil minister sent a letter to President Muhammadu Buhari listing at least $24 billion of contracts involving the state oil company that he said were never discussed with him or the firm’s board, a copy of the document seen by Bloomberg shows. Emmanuel Kachikwu, the state minister for petroleum resources, complained in the seven-page, August 30 letter to Buhari that during the more than one-year tenure of Nigerian National Petroleum…

Northeast Nigeria Recovering From Islamist Violence, Unicef Says

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LAGOS (Capital Markets in Africa) – Northeastern Nigeria is beginning to recover from the devastation caused by an almost decade-long Islamist insurgency as famine is averted, more people access aid and children return to school, although huge challenges remain, the United Nations Children’s Fund said. The Boko Haram militant group has claimed more than 20,000 lives in a violent campaign to impose its version of Islamic law on Africa’s biggest oil producer. At least 5.2…

OPEC Oil Output Climbed in September as Libya, Nigeria Recover

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LAGOS (Capital Markets in Africa) – OPEC nations pumped slightly more crude in September as Libya’s biggest oil field returned to production. Output from the Organization of Petroleum Exporting Countries was 32.83 million barrels a day in September, a gain of 120,000 barrels a day from August, according to a Bloomberg News survey of analysts, oil companies and ship-tracking data. Production in Libya, which along with Nigeria is exempt from output cuts, rebounded 30,000 barrels a…

Nigeria Plans to Sell $5.5 Billion of Eurobonds by Year-End

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LAGOS (Capital Markets in Africa) – Nigeria plans to sell as much as $5.5 billion of Eurobonds in the next three months to fund capital projects and replace local-currency debt, according to the Debt Management Office. Yields on existing bonds rose to the highest in two months. The new offers would bring the amount raised through Eurobond sales by Africa’s most-populous nation this year to more than $7 billion as President Muhammadu Buhari’s administration restructures its…

Coca-Cola Nigeria Will Spend $600 Million on New Products

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LAGOS (Capital Markets in Africa) – Coca-Cola Co.’s Nigerian operation will invest $600 million by 2020 to boost sales, in line with a global strategy to extend the product range beyond its soft drinks. The unit of the Atlanta-based beverage maker plans to expand its offering of drinks to include flavoured and condensed milk, iced tea and bottled water to meet demand in Africa’s most populous country, Peter Njonjo, the president of the West Africa operation,…

SBM of Mauritius Eyes Kenyan Banks, Plans Nigerian Expansion

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PORT LOIUS (Capital Markets in Africa) – SBM Holdings Ltd., Mauritius’s second-largest lender, plans more acquisitions in Kenya as it seeks to become one of the country’s top 10 banks within the next three years before expanding into West Africa. The bank, which obtained a license to begin operating SBM Kenya Ltd. in May, expects to have its systems and staff in place by December, Advisor to the Board of Directors & Group Lead Executive Moses Harding…

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