The Editorial Team

Nigerian Tech Startup TeamApt Targeting $1 Billion Valuation

LAGOS (Capital Markets in Africa) – Nigerian tech startup TeamApt Ltd. is in the market raising its third round of funding at a value of more than a $1 billion, which will result in the banking software firm joining a spate of Africa-tech companies to become so-called unicorns. The Lagos-based company is targeting to raise about $150 million, said founder and Chief Executive Officer Tosin Eniolorunda in an e-mailed response to queries. TeamApt is getting…

Inflation Is Killing the Dollar Carry Trade in Emerging Markets

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LAGOS (Capital Markets in Africa) – A short-lived reprieve for emerging-market carry trades funded in dollars looks to be over, with an upsurge in U.S. inflation making the outlook increasingly treacherous. A Bloomberg index of these bets has dropped more than 4% in the past two months, the biggest slide since March 2020 for a strategy of borrowing in the greenback and investing in developing-nation currencies. The quickest U.S. inflation in three decades is putting pressure on the Federal Reserve to…

E-Naira Lures About Half a Million People Weeks After Its Launch

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LAGOS (Capital Markets in Africa) – Nigerian central bank’s digital currency has lured about half a million users three weeks after it was introduced in a move to entice people away from crypto currencies. Adoption rate for the Central Bank of Nigeria digital currency called eNaira “has been excellent,” according to Osita Nwanisobi, spokesman for the Abuja-based lender. More than 488,000 people have downloaded the consumer wallet — that’s needed to transact eNaira — while about 78,000…

Vodacom Considers South Africa Financial Services Unit IPO

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JOHANNESBURG (Capital Markets in Africa) – Vodacom Group Ltd. may consider a separate listing of its financial services business in South Africa to unlock value, seeking to address what Chief Executive Officer Shameel Joosub says is a stockmarket discount to the carrier’s sum-of-parts worth. The overall company, which also includes operations in Tanzania and Mozambique, trades in Johannesburg and could look at whether a carve out of the financial services unit makes sense, he said…

Heineken to Buy Distell for $2.5 Billion in Africa Expansion

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JOHANNESBURG (Capital Markets in Africa) – Heineken NV agreed to buy South African wine and spirits maker Distell Group Holdings Ltd. for 2.2 billion euros ($2.5 billion), creating a new regional group to compete with larger rival Anheuser-Busch InBev SA and spirits giant Diageo Plc. The Dutch brewer made an offer of 180 rand a share that’s been recommended by Distell’s board, according to a statement on Monday. Heineken will also look to buy a majority stake…

Johnson Faces U.K. Parliament Grilling Over Lobbying Furor

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LONDON (Capital Markets in Africa) – U.K. Prime Minister Boris Johnson is battling a mounting backlash over his attempt to protect a Conservative lawmaker found to have broken lobbying rules, with Parliament set to hold an emergency debate on Monday.Johnson was forced to perform a U-turn following widespread condemnation — including from fellow Tories — of his decision to try to tear up Parliament rules rather than accept the suspension of Owen Paterson, who was found…

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NEW YORK (Capital Markets in Africa) – President Joe Biden and his party notched a huge economic victory late Friday with passage of a bipartisan public works bill. Now he seeks to sell Americans on the merits of $550 billion in new spending even as they face rising prices for fuel, food and housing. The president plans an infrastructure tour over the next several weeks to promote the legislation, including a visit to the Port…

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