Features

LAGOS (Capital Markets in Africa) – Turkey’s first deep-sea drilling ship, flanked by Turkish war vessels, set sail Tuesday looking for natural gas and oil in contested waters of the Mediterranean, a launch liable to exacerbate longstanding tensions with Greece. The Fatih, named after the conqueror of Constantinople, or modern-day Istanbul, will operate some 60 nautical miles off the Turkish coast in or around the disputed area. The Eastern Mediterranean has become a gas hot…

Driving New Growth Momentum in Africa, the Islamic finance industry in Africa is fast gaining the attention of key stakeholders including central banks & regulatory authorities, as well as the leading international Islamic financial institutions and investors seeking to tap into high-growth opportunities on the continent October 2018, DJIBOUTI: The footprint of Islamic banking in Africa is set to expand further as the continent seeks to deliver on the economic and strategic opportunities provided by…

JOHANNESBURG (Capital Markets in Africa) – When President Trump tweeted in August that South Africa was engaged in “the large scale killing” of white farmers to seize their land, the nation’s president, Cyril Ramaphosa, didn’t respond personally. A fabricated accusation from the leader of the free world was the least of his problems. Ramaphosa probably felt his time was better spent doing his job. These days that includes confronting his top deputies, his fractured party, the powerful labor…

KINSHASA (Capital Markets in Africa) – The Democratic Republic of Congo’s electoral commission confirmed opposition leader Jean-Pierre Bemba’s disqualification from this year’s presidential vote. Bemba’s removal excludes two key figures from challenging President Joseph Kabila’s anointed successor in the Dec. 23 vote, after businessman-turned-politician Moise Katumbi was prevented from registering for the race. Congo, the world’s biggest cobalt miner hasn’t had a peaceful transition of power since it gained independence from Belgium in 1960. Twenty-one of the 26 candidates…

TUNIS (Capital Markets in Africa) – Saipem SpA was convicted in Milan of corruption linked to energy contracts in Algeria, while fellow Italian oil company Eni SpA was cleared. The oil-services company was fined 400,000 euros ($467,800), and another 197 million euros will be confiscated as part of the conviction, according to judge Giulia Turri. Eni, which owns 31 percent of Saipem, Eni’s former Chief Executive Officer Paolo Scaroni and current Chief Upstream Officer Antonio Vella were cleared of any wrongdoing. Saipem may…

LAGOS (Capital Markets in Africa) – Two middlemen were found guilty of corruption in Milan in a case related to an oil deal involving Royal Dutch Shell Plc, Eni SpA and the Nigerian government. Emeka Obi and Gianluca Di Nardo were found by a court to have helped arrange a payment between the oil companies and the Nigerian government for an oil license in the country, which largely went to pay bribes. The verdict could help bolster Italian prosecutors’ case…