West Africa | - Part 16

China Pledges $40 Billion towards Nigerian infrastructure projects

LAGOS (Capital Markets in Africa) – Nigeria ordered Taiwan to move its trade mission from the capital, Abuja, to the commercial hub, Lagos, following a visit by the Chinese foreign minister during which his government pledged to invest $40 billion in infrastructure in Africa’s most populous country. Nigerian Minister of Foreign Affairs Geoffrey Onyeama announced the move Wednesday after meeting with Chinese counterpart, Wang Yi, China’s official Xinhua News Agency said. China has said it will invest $40…

Nigeria Traders to Start Exchange Rate in Black Market Fight

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Nigeria’s money-changers will introduce an exchange rate for the naira to help the central bank combat unregulated trading. Licensed dealers, known as bureaux de change, or BDCs, will post an exchange rate each Monday on their website from Jan. 16 to “highlight positive rate development in the market” and counter domains such as abokifx.com, which publishes unofficial prices daily, Aminu Gwadabe, the head of the local BDC association, told reporters…

Ghana President Picks Investment Banker as Finance Minister

Posted on by The Editorial Team

ACCRA (Capital Markets in Africa) – Ghana appointed investment banker Ken Ofori-Atta as finance minister following elections last month that saw the return to power of the New Patriotic Party. The announcement was made by President Nana Akufo-Addo on Tuesday in comments on Citi FM radio. Ofori-Atta, 57, held the post of executive chairman of the Accra-based investment bank Databank Financial Services Ltd. for 12 years until 2012 and served as director of fundraising during the NPP’s campaign for the…

Quantum Global’s Hotel Fund Acquires Mövenpick Ambassador Hotel Accra

Posted on by The Editorial Team

ACCRA (Capital Markets in Africa) – QG Africa Hotel LP, a Mauritius-based investment fund managed by Quantum Global Investments Africa Management Ltd., today announced the acquisition of the Movenpick Ambassador Hotel Accra from Kingdom Holding Company (KHC). The transaction which closed on 28 December 2016 marks the most sizable open-market hotel transaction in Sub-Saharan Africa to date. Complementing Quantum Global’s already significant African investment portfolio the value proposition of this transaction is underpinned by its…

Nigerian Equity Market Sustains Uptrend and the All Share Index up 1.3%

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – After depreciating on the first three trading days of the year, Nigerian equities sustained the uptrend observed last Friday as the All Share Index recorded a 1.3% appreciation at the close of trade today. Performance today was largely driven by a rebound in the prices of DANGCEM (+1.2%), UCAP (+9.6%), TOTAL (+0.3%) and GUARANTY (+4.9%). Consequently, market capitalization improved N113.1bn to settle at N9.2tn. Activity, however, waned as volume and value traded declined 0.6% and 7.4% to…

Devaluation Looms for Nigeria Even as Forwards Ease on Oil

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – The Nigerian naira’s recovery in the forwards market may be deceptive. The currency is destined to weaken, however, long policy makers hold out. Six-month contracts declined to their lowest level since September last week as crude oil, Nigeria’s top export, advanced about 20 percent after OPEC agreed to a production cut in November. A drop in forwards would typically be a sign of growing confidence in a nation’s economy and currency, but…

West African Leaders Meet on Gambia Standoff as Deadline Looms

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BANJUL (Capital Markets in Africa) – The Economic Community of West African States meets in the Nigerian capital Monday to discuss how to get Gambian President Yahya Jammeh to step down next week without the bloc having to resort to force. Nigerian President Muhammadu Buhari hosts his Senegalese and Liberian counterparts in Abuja on Monday, according to a statement e-mailed by the Nigerian presidency. Sierra Leone Vice President Victor Bockarie Foh and former Ghanaian President John Mahama will also attend, it said….

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