Finance

LAGOS (Capital Markets in Africa) – Dangote Cement Plc Chief Financial Officer Brian Eganresigned, two weeks after Africa’s biggest producer of the building material created a second CFO position. Egan, 55, is stepping down with immediate effect and will return to Ireland, the company said in a statement Thursday on the Nigerian Stock Exchange’s website. Dangote said Feb. 13 it hired Guillaume Moyen as CFO for operations. Moyen, who joined from United Arab Emirates-based OLA Energy, was to report…

JOHANNESBURG (Capital Markets in Africa) – With South Africa’s state electricity utility in dire financial straits and straining to meet demand, the government has reverted to courting independent renewable energy producers to help power the continent’s most industrialized economy. President Cyril Ramaphosa, his Energy Minister Jeff Radebe and the Treasury have all recently heralded solar and wind-powered plants as the answer to meeting South Africa’s future electricity demands, citing falling costs and environmental considerations. The government also needs…

JOHANNESBURG (Capital Markets in Africa) – MultiChoice Group Ltd. soared 16 percent in debut trading in Johannesburg as the pan-African pay-TV company embarks on a new era of independence following a spin off by technology giant Naspers Ltd. The shares traded at 111.12 rand as of 11 a.m. local time on Wednesday, valuing the company at almost 50 billion rand ($3.5 billion). That’s the biggest listing in the city since Steinhoff International Holdings NV unbundled its Africa…

NAIROBI (Capital Markets in Africa) – Kenya may consider taking full ownership of its national carrier to effectively ward off competition from other state-owned airlines on the continent and from the Gulf, according to Transport Principal Secretary Esther Koimett. The East African state owns 48.9 percent of Kenya Airways Plc after it converted debt into equity in 2017. The agreement diluted major shareholder Air France-KLM’s stake to 7.8 percent, and brought in a consortium of banks under the…

LONDON (Capital Markets in Africa) – A potential delay to Britain’s exit from the European Union is being labeled a mixed blessing by U.K. Plc. While extending the departure is better for companies than crashing out next month without a deal, it threatens further uncertainty and added costs for businesses that have been preparing for a March 29 split. “If you’re a business, you wonder, ‘So what the hell do I do now?’,” said Mats…

LAGOS (Capital Markets in Africa) – Guinea sits on some of the richest iron ore deposits in the world, but they’ve been more of a curse than a blessing to the mining industry. That might be about to change as the government ends a seven-year-old dispute with billionaire Beny Steinmetz over the Simandou iron ore project. At the same time, mining veteran Mick Davis is starting a new development that could be the precursor to projects exploiting Guinea’s great…

KINSHASA (Capital Markets in Africa) – Former Democratic Republic of Congo President Joseph Kabilaapproved an oil contract that encroaches on a world-famous national park during his final weeks in office. Kabila signed a decree Dec. 13 validating a production-sharing agreement between closely held South African company DIG Oil Ltd. and the state oil firm for three permits in central Congo. A large section of one licence — Block 8 — covers territory inside Salonga National Park,…