Nigeria | - Part 79

Gulf investors access Africa via co-investment with private equity funds and invest US$9.3 billion

DUBAI, Capital Markets in Africa — In support of its efforts to highlight attractive investment opportunities in Africa to its members, Dubai Chamber of Commerce & Industry launched new report entitled “Beyond Commodities: Gulf Investors and the new Africa”, which has highlighted that co-investment with private equity funds, purchase of private equity businesses, and direct buyouts or minority share acquisition represent the most significant modes of FDI entry for Gulf investors interested in Sub-Saharan Africa. The study,…

Nigerian banks to remain resilient despite elevated credit risks from deteriorating operating environment — Moody’s

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Lagos, Nigeria, Capital Markets in Africa — Moody’s Investors Service expects Nigerian banks’ non-performing loans to rise in 2016, driven by the deteriorating repayment capacity of borrowers in the oil and gas sector, although their profitability will remain sufficient to absorb related provisioning needs, as indicated in the report, “Banking System Overview: Nigeria” written by Moody’s analysts Akintunde Majekodunmi and Peter Mushangwe. As a reflection of lower oil prices that will continue to constrain fiscal…

Breaking News: Nigerian President named himself Minister of Petroleum, Kemi Adeosun in-charge of Finance …

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Abuja, Nigeria, Capital Markets in Africa — The Nigerian President Muhammadu Buhari has finally announced the long-awaited portfolios of ministers, who were sworn in on Wednesday, at the Presidential Villa, Abuja. President Buhari named himself Minister of Petroleum, while Ibe Kachikwu was named Minister of State for Petroleum (currently in charge of Nigerian National Petroleum Corporation). The President also announced Kemi Adeosun (former Commission of Finance, Ogun State) to be in-charge of Finance Ministry. Adeosun faces an uphill task to…

Nigeria’s Access Bank to remain resilient over next 12-18 months, despite significant challenges

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Lagos, Nigeria, Capital Markets in Africa — Nigeria’s Access Bank Plc has high capital levels that boost its resilience in the face of weaker Nigerian economic growth that has led to potential asset quality pressure and weakened liquidity conditions, Moody’s Investors Service said in a report on November 5th 2015. “Weaker economic growth in Nigeria and tighter liquidity within its banking system are among the challenges exerting pressure on Access Bank’s core profitability,” said Akintunde…

Nigeria: Four Disquieting Subjects in the Market… Calls for Concerns?

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Lagos, Nigeria, Capital Markets in Nigeria — The Nigerian capital market and business community have been hit with a string of “bad news” in last few days, as unimpressive earnings releases – including the monumental loss reported by OANDO Plc – filtered into the market. The sequence of negative press was further amplified by regulatory sanctions on select listed and unlisted companies for alleged regulatory breaches. The actions and reactions that have trailed these events…

African Stock Market October 2015 Performance: South African equity best performer for local and foreign investors in October, BRVM YTD leader …

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Lagos, Nigeria Capital Markets in Africa — African stock market performance measured by country equity benchmark index returns ended in negative for the month of October, with six gainers and twelve losers on the local currency basis. Still on local basis return, the October’s average return of -0.9 percent was recorded across eighteen African stock indices and October monthly returns range from -6.6 percent recorded by the Kenyan equity markets (measured by NSE All Share Index) to +7.4 percent registered by the South African…

Moody’s says Nigeria’s Sterling Bank’s credit profile likely to be resilient to downside risks

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London, Capital Markets in Africa — Nigeria’s Sterling Bank Plc is likely to remain resilient to downside risks despite its rising problem loans, says Moody’s Investors Service in a report published today. Moody’s outlook on the bank is stable for the next 12-18 months. “The bank reported 1H2015 results that show a continued upward trend in the bank’s non-performing loans (NPLs) and highlights vulnerabilities in the bank’s asset quality given its rapid loan growth in…

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