Finance

LAGOS (Capital Markets in Africa) – Nigeria expects $3 billion in investment funding from citizens living mainly in the U.S. to support the agriculture, power, mining and transportation sectors, a senior presidential adviser said. The government will support “a diaspora investment fund,” Abike Dabiri-Erewa, President Muhammadu Buhari’s adviser on diaspora affairs, said in an interview in Abuja, the capital. “They’re planning a $3 billion investment in Nigeria. The fund will be driven by Nigerians in America.”…

NAIROBI (Capital Markets in Africa) – The European Investment Bank plans to double its funding for infrastructure development in Kenya this year if government bureaucracy in approving projects eases. The Luxembourg-based lender targets to disburse 200 million euros ($227 million) of loans, half of which will be available for the Kenya Ports Authority to refurbish berths at East Africa’s busiest sea-port in Mombasa county, Catherine Collin, the bank’s East Africa representative, said Thursday in an…

CAIRO (Capital Markets in Africa) – Egypt is finalizing details of a new type of oil and gas contract to attract even more foreign investment than the $10 billion already coming into its energy industry this year. The contract will provide investors with incentives to explore for fossil fuels in undeveloped areas, Egypt’s oil minister Tarek El-Molla said in an interview. He didn’t provide details of the changes to the contract. “We’re improving the cost-recovery process to…

JOHANNESBURG (Capital Markets in Africa) – Zimbabwe should adopt South Africa’s rand as its currency, one of a series of fundamental reforms needed to restore economic stability in the country, former Finance Minister Tendai Biti said. His call is an endorsement of government efforts to link Zimbabwe’s economy to neighbouring South Africa’s currency as it grapples with a foreign-exchange shortage that’s spawned the fastest price increases since hyperinflation a decade ago. Zimbabwe abolished its own currency in…

JOHANNESBURG (Capital Markets in Africa) – South Africa’s first deep-water discovery, reported Thursday by French oil major Total SA, may prompt a rush of activity offshore by competitors as the country works to cut its reliance on imported fuels. The Brulpadda find, estimated at about 1 billion barrels by Total Chief Executive Officer Patrick Pouyanne, could be enough to supply South Africa’s refineries for almost four years. That’s a boon for a country that has always been short of…

JOHANNESBURG (Capital Markets in Africa) –  Ascendis Health Ltd., already considering an offer for its Remedica unit, is planning to sell other key businesses as the South African company battles to service debt and ensure survival, according to people familiar with the matter. The debt-laden maker of multivitamins, probiotics and pet nutritional supplements received an unsolicited offer for Cyprian unit Remedica last month, providing relief for the worst performing stock on Johannesburg’s stock exchange last year. Ascendis…

LUANDA (Capital Markets in Africa) – Hamilton, Bermuda, February 6, 2019 – Seadrill Limited (“Seadrill”) announces today that it has entered into a 50:50 joint venture with Empresa de Serviços e Sondagens de Angola Ltda, an affiliate of Sonangol E.P. (“Sonangol”). The new joint venture, Sonadrill, will operate four drillships, focusing on opportunities in Angolan waters. Each of the joint venture parties will bareboat two drillships into Sonadrill. The Seadrill drillships will be from our existing…