The Editorial Team

Kenya Approved for $258 Million IMF Disbursement After Review

NAIROBI (Capital Markets in Africa) The International Monetary Fund approved a disbursement of $258.1 million for Kenya after completing a second review under a 38-month program to address debt vulnerabilities, the Covid-19 response and enhancing governance. The delivery of IMF funds brings total disbursements to $972.6 million out of a total $2.34 billion available under the country’s program approved in April, the IMF said in a statement late Friday. Kenyan authorities have kept up a…

Ownership Tussle Sees Chairman of Nigeria’s FBN Holdings Ousted

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LAGOS (Capital Markets in Africa) – Nigeria’s third-largest lender by market value named a new chairman after investors wrestled for control of the 127-year institution. FBN Holdings Plc, owner of First Bank of Nigeria, on Friday received approval from the Central Bank of Nigeria to appoint Ahmad Abdullahi to the role, after Remi Babalola resigned, pressured by a “contest by some significant shareholders for control,” the regulator’s spokesman Osita Nwanisobi said by phone from the capital, Abuja. An FBN spokeswoman…

Libya Mulls Bonuses for Oil Firms in Bid to Boost Output

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TRIPOLI (Capital Markets in Africa) – Libya may introduce contracts with private oil companies that would give bonuses to those that meet targets and penalize those that don’t, as the OPEC member tries to raise output to 1.4 million barrels a day by mid-2022. Reaching that figure is possible if a national budget is finally passed that unlocks funding for the sector, according to Oil Minister Mohamed Oun. Otherwise, the North African nation may undertake the…

Egypt Seeks to Build $20,000 Electric Vehicles in Green Push

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CAIRO (Capital Markets in Africa) – Egypt is joining the Middle East’s push to adopt electric cars, tasking a state-owned company to build affordable vehicles with a Chinese firm while taking advantage of its renewable energy boom to power them. Authorities are in contact with three potential companies as they seek a partner for El Nasr Automotive Manufacturing Co. on the project that’ll see 2 billion pounds ($127 million) invested, Public Enterprise Minister Hisham Tawfik said in…

Reluctance to Fund Gas Threatens West Africa Power Projects

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LAGOS (Capital Markets in Africa) – Africa’s newest gas producers are concerned that projects utilizing the resources to broaden access to electricity are under threat by a push to avoid the funding of fossil fuels. “Many companies operating in the sector are scaling down or pulling out completely” following COP26 pledges to lower carbon emissions, Senegal Oil Minister Sophie Gladima said in an interview at the sidelines of the MSGBC Conference in the city of Diamniadio. Senegal…

Biden’s Economic Package Risks Languishing in Senate Into 2022

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NEW YORK (Capital Markets in Africa) – Senate Majority Leader Chuck Schumer insists the Senate will pass President Joe Biden’s nearly $2 trillion tax-and-spending package before Christmas, but there’s still much work to do and time is running short. A delay into the new year risks slowing momentum for Democrats who need this legislative victory behind them as they fight to maintain narrow majorities in the House and Senate in the 2022 midterm elections. The…

Living quietly in a Surrey village, is this really the man who invented Bitcoin?

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LONDON (Capital Markets in Africa) – The leafy lane is regularly described as one of the most expensive addresses in Britain, a Home Counties idyll where Premier Leaguefootballers now threaten the commuter-belt ascendancy of stockbrokers and other City types. The new-build mini-mansions and more established hacienda-style homes in the ‘Beverly Hills’ of Surrey are a far cry from Craig Wright’s urban, subtropical upbringing in Australia. There, as a troubled but intellectually precocious four-year old, he…

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