The Editorial Team |

Kenya to Jail Bankers Guilty of Wrongdoing After Failures

NAIROBI, Kenya, Capital Markets in Africa: Kenya’s central bank wants bankers found guilty of any wrongdoing jailed, after three lenders in East Africa’s biggest economy collapsed in the past nine months. “If people did the wrong things they should be held accountable,” Governor Patrick Njoroge said Thursday in an interview at the World Economic Forum in Kigali, the Rwandan capital. “We are going to take them to a court of law. Put them behind bars.” Kenyan…

Crude Oil | Nigeria Oil Output Slumps Further as Exxon Pipeline Damaged

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LAGOS, Nigeria, Capital Markets in Africa: Nigeria’s oil production has dropped again as a third major crude-export facility was disrupted, this time by accidental damage rather than militant attacks. Exxon Mobil Corp. has declared force majeure — a legal clause that allows it to stop deliveries without breaching contracts — on shipments of Qua Iboe, the company said in a statement Friday. The Bonny Light and Forcados oil grades were already disrupted following militant attacks. The…

Private Equity | Abraaj Readies Nigerian Fertilizer, East African Insurance Deals

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LAGOS, Nigeria, Capital Markets in Africa: Abraaj Group, a Dubai-based private equity firm, is in the final stages of approval for three transactions in sub-Saharan Africa and will probably make further investments in the region before the end of the year, partner Sev Vettivetpillai said on Thursday. Abraaj is seeking final internal approval for three transactions, including one in Nigeria’s fertilizer industry, an insurance investment in East Africa and an industrial business in South Africa, he said in an…

Investment | ShowMax Expands to 36 African Countries in Challenge to Netflix

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Johannesburg, South Africa, Capital Markets in Africa: Naspers Limited, Africa’s biggest company by market value, expanded its video-streaming service ShowMax into 36 new sub-Saharan African countries in a challenge to Netflix Inc., which is also growing in the region. The new markets went online Friday, bringing ShowMax’s availability globally to 65 countries, the company said in an e-mail. The service started in August. Naspers, which has a market value of $57 billion and is Africa’s largest…

Investment | DuPont Plans to Double Its African Seed Business in Five Years

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LAGOS, Nigeria, Capital Markets in Africa: DuPont Company plans to more than double its African seed business, excluding the mature South African market, over five years as governments and farmers on the least-developed continent seek to boost crop yields, a director of the company’s Pioneer unit said. “From a revenue perspective we’re aiming for over 20 percent in terms of the compound annual growth rate,” Prabdeep Bajwa, the African regional business director for Pioneer, said in…

Congo Government Will Investigate, Tax Freeport Copper-Mine Sale

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Kinshasa, DR. Congo, Capital Markets in Africa: The Democratic Republic of Congo’s government plans to investigate Freeport-McMoRan Inc.’s sale of a copper mine in the central African country for $2.65 billion and tax the transaction, Mines Minister Martin Kabwelulu said. Freeport, based in Phoenix, Arizona, announced May 9 it sold its indirect 56 percent stake in the Tenke Fugurume mine, which also produces cobalt, to China Molybdenum Company Gecamines, the state-owned Congolese miner, said May 10 it wasn’t informed…

Nigerian Equity Markets | 12 May 2016: Nigerian Bourse Rebounds as Downstream Oil Counters Rally… NSE ASI up 0.9%

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LAGOS, Nigeria, Capital Markets in Africa: The Nigerian equities market halted a two day losing streak as the All Share Index rose 0.9% to close at 25,865.06 points at the end of today’s trading session. Market capitalization also advanced N80.7bn to settle at N8.9tn. Today’s performance was buoyed by the gains in bellwether counters – NIGERIAN BREWERIES (+2.5%), FORTE OIL (+5.0%) and ZENITH (+1.5%) which counterpoised the impact of the decline in NESTLE (-1.5%), UNILEVER…

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