Nigeria | - Part 57

Richest African Dangote Plans to Buy Arsenal in Four Years

LAGOS, Capital Markets in Africa: Aliko Dangote, Africa’s richest man, plans to buy London-based Arsenal soccer team within four years. Dangote, a Nigerian worth $10.9 billion, according to the Bloomberg Billionaires Index, announced his intention to buy the club last year. He said he needs to wait for his business prospects to improve and his investments in gas pipelines and an oil refinery to play out before making the acquisition. “There’s no doubt” he’ll buy Arsenal and “it’s not a…

Nigeria hunts down 700,000 firms in tax crackdown to offset oil slump

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LAGOS, Capital Markets in Africa: Nigeria has hunted down 700,000 firms that have never paid taxes as the country seeks new revenue sources to offset low oil prices that have pushed Africa’s biggest economy into its first recession in more than 20 years, its tax chief said. Tunde Fowler, executive chairman of the Federal Inland Revenue Service (FIRS), said in a rare interview that he also expected 10 million individuals to be discovered by December…

OPIC Finances Wind Farm in Senegal, Solar Developer in Nigeria

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LAGOS, Capital Markets in Africa: The Overseas Private Investment Corp. lent $250 million to fund a wind project in Senegal. The Taiba N’Diaye wind farm is in western Senegal is expected to have a capacity of 158 megawatts once complete, the U.S. government’s development finance institution said in an e-mailed statement. OPIC has partnered with Lekela Power, a joint venture between Dublin-based Mainstream Renewable Power Ltd. and private equity investor Actis LLP, to build the project. It is…

Lafarge Africa raises 60 bln naira in bond issues

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LAGOS, Capital Markets in Africa: Lafarge Africa said on Thursday it has raised 60 billion naira ($184 million) by issuing three and five-year bonds through book building. The local unit of the world’s biggest cement maker, LafargeHolcim, issued a three-year bond at 14.25 percent to raise 26.38 billion naira and sold a five-year bond at 14.75 percent to fetch 33.62 billion naira, it said in a statement. The cement and clinker mixer said in April…

Nigeria Needs Lower Interest Rates, Finance Minister Says

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LAGOS, Capital Markets in Africa: Nigeria’s Monetary Policy Committee needs to cut interest rates to help boost the economy because it’s currently more important to focus on growth than on inflation, according to Finance Minister Kemi Adeosun. “We would like to see the interest-rate increase that happened at the last MPC meeting reconsidered,” Adeosun said in an interview with broadcaster CNBC Africa Monday. “At the moment in the Nigerian economy, growth is the most important thing.”…

Private Equity | Helios signs $115.8 million agreement with Oando PLC

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LAGOS, Capital Markets in Africa: Oando PLC ( Oando or the Group), an integrated oil and gas company headquartered in Nigeria, has announced the execution of a definitive agreement with a vehicle owned by funds advised by Helios Investment Partners LLP (Helios), to acquire 49% of the voting rights in Oando’s midstream business subsidiary, Oando Gas and Power Limited (OGP). The agreed transaction consideration of US$115.8mn is conditional upon the receipt of regulatory approvals and…

Nigerian Central Bank Keeps Benchmark Rate Unchanged in Sept

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LAGOS. Capital Markets in Africa: Nigeria’s central bank left its main lending rate unchanged as it weighed supporting the currency and fighting inflation while propping up an ailing economy. The Monetary Policy Committee held the benchmark rate at 14 percent, Governor Godwin Emefiele told reporters Tuesday in the capital, Abuja. That was in line with projections of eight of the 17 economists surveyed by Bloomberg. One predicted a 100 basis point cut, and the rest said policy would be tightened by…

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