Nigeria | - Part 44

President Buhari Faces Spreading Opposition as Nigerian Economy Slumps

LAGOS (Capital Markets in Africa) – Yusuf Rabiu went door-to-door urging people in the northern Nigerian city of Kano to vote for President Muhammadu Buhari in last year’s elections. Now he’s regretting his decision. “We expected him to solve our economic problems,” Rabiu, a 36-year-old hat seller, said at the city’s Kurmi market as a group of friends nodded in agreement. “I didn’t know voting for him would mean more hunger, more suffering.” After ending the 16-year reign…

South African Bank Stocks Beating Rivals May Find 2017 Tougher

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – South Africa was a bright spot for banks on the continent in 2016, with stocks shrugging off the nation’s economic woes to head for the third-best performance in the past decade. Next year the picture may not be as rosy. The nation’s banks index rose 25 percent this year as rate increases boosted lending income, commodities rose and the rand rebounded. In Nigeria, 15 banks fell 33 percent on average and 11…

Interswitch Delays IPO Over Nigerian Dollar Supply Concerns

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LAGOS (Capital Markets in Africa) – Interswitch Limited, which processes payments for banks and owns a brand of debit cards in Nigeria, suspended plans to raise as much as $1 billion in an initial public offering as investors fret over further potential weakness in the naira and a shortage of foreign currency. The company, which operates in five African countries, said last year it met with banks including Bank of America Corp., Barclays Plc and Standard Bank…

Helios Investment Partners acquires 49% stakes in Oando’s Subsidiary

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LAGOS (Capital Markets in Africa) – Oando PLC (referred to as “Oando” or the “Group”), Nigeria’s leading indigenous energy group listed on both the Nigerian and Johannesburg Stock Exchange, has announced the completion of a partial divestment of 49% of the voting rights in Oando’s midstream business subsidiary, Oando Gas and Power Limited (“OGP”), to Glover Gas & Power B.V., a special purpose vehicle owned by Helios Investment Partners LLP (“Helios”), a premier Africa-focused private…

Oil Trades Near $52 as Investors Eye Libyan Crude Output Return

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LAGOS (Capital Markets in Africa) – Oil hovered near $52 a barrel as investors eyed the potential return of crude volumes from Libya and await output cuts in January as part of an OPEC and non-OPEC deal. Futures were little changed in New York after swinging between gains and losses. Libyan oil-facility guards backtracked on an agreement to allow supply to flow from the El Feel and Sharara fields, two of the country’s biggest fields. Investors await production…

Africa50 to Develop Solar Power in Nigeria

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LAGOS (Capital Markets in Africa) – Africa50, the infrastructure fund for Africa, has signed a joint development agreement (JDA) for an 80 MW (AC) solar photovoltaic independent power project in Nigeria. The project, near Dutse in Jigawa state, will be co-developed with Scatec Solar, a Norwegian integrated independent solar power producer, and Norfund, the Norwegian Investment Fund for Developing Countries. The project includes the construction of a dedicated 132 kV overhead transmission line that will…

U.S. charges Nigerian with role in cyber scam targeting thousands

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – A Nigerian man is facing U.S. charges that he participated in scams targeting thousands of victims globally in which company executives or vendors were impersonated in emails directing employees to make large wire transfers. David Chukwuneke Adindu, 29, pleaded not guilty in Manhattan federal court on Wednesday to charges including wire fraud, prosecutors said, more than three weeks after the FBI said he was arrested at a Houston airport….

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