Nigeria | - Part 2

JPMorgan Asks U.K. Court to Toss $875 Million Nigerian Lawsuit

LAGOS (Capital Markets in Africa) – JPMorgan Chase & Co. asked a London court to dismiss a lawsuit brought by the Nigerian government that accuses the bank of failing to prevent $875 million in corrupt payments. The lender said it got the correct approvals from Nigerian officials before transferring the funds to accounts controlled by a former oil minister who’s been convicted of money laundering, and that the government’s claim has no real prospect of success. After…

Nigeria Misses Out on Emerging-Market Rally as Vote Nears

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa)- Emerging-market assets may be enjoying a strong start to the year, but one country missing out on the rally is Nigeria. With investors fretting about tight elections just a month away, low oil prices and escalating violence, there’s little to suggest there’ll be an immediate turnaround. The main stock index in Lagos, the commercial capital, has lost 4.1 percent since the end of 2018, which is the biggest drop globally after Serbia, Romania and Bulgaria,…

Nigeria Softens Rules Shielding Banks From Wireless Rivals

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Nigeria is preparing rules that will allow wireless carriers to transfer cash, softening a previous policy that protected the turf of banks in Africa’s most populous country. The central bank may have realized it can’t rely on lenders alone to achieve its objective of extending services to the 50 million adults still without a bank account in the nation of about 200 million people. Telecommunications firms, including South Africa’s MTN…

Nigerian Leader Proposes $24 Billion Spending for 2019

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Nigerian President Muhammadu Buhari presented an 8.8 trillion-naira ($24.2 billion) budget for next year to lawmakers after the cabinet agreed to reduce spending plans as the nation struggles to meet revenue targets. Nigeria, Africa’s biggest oil producer and most populous nation, has “recovered from recession” after a slump in 2016, Buhari told a joint session of the Senate and House of Representatives in the capital, Abuja, broadcast live on TV. Key…

Nigeria’s $2.86 Billion Eurobond Offers More But Gets Less

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Nigeria’s sale of $2.86 billion eurobonds failed to attract as much interest as previous issues even though it offered yields that were considerably higher. Friday’s offering in London, issued in three tranches, attracted bids of $9.5 billion for notes with yields as high as 8.75 percent and 9.25 percent for two of the tranches. Earlier this year a $2.5 billion, two-tranche offering of 12- and 20-year securities, yielding 7.14 percent…

MTN Seeks Nigeria Court Injunction in $10 Billion Payment Spat

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – MTN Group Ltd. applied to Nigeria’s Federal High Court to stop the government enforcing $10 billion in claims against the mobile phone company, buying itself some time as it tries to defuse the dispute. Africa’s biggest wireless carrier repeated a denial that it illegally transferred $8.1 billion out of Nigeria and owed a further $2 billion in back taxes. The crisis has wiped almost a third off MTN’s share price…

Unity Is Nigeria Opposition’s Key Hurdle in Defeating Buhari

Posted on by The Editorial Team

LAGOS(Capital Markets in Africa) – The floodgates have opened. At least 12 challengers are bidding to defeat Nigerian President Muhammadu Buhari in February’s elections, but their sheer number will strain the opposition’s ability to unite behind a single candidate to stand a chance of winning. With the president of Africa’s biggest oil producer facing discontent over security crises and an anemic economy, top candidates including Senate President Bukola Saraki, former Vice President Atiku Abubakar and ex-Kano state Governor Rabiu Kwankwaso are defectors…

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