Finance

LAGOS (Capital Markets in Africa) – After decades of difficulties in Nigeria over crude theft, pollution and oil-related corruption, Royal Dutch Shell Plc still feels optimistic a fossil fuel can improve life in the country. The Anglo-Dutch oil major is seeking to develop Nigeria’s domestic energy market around natural gas. It’s plentiful, harder to steal, better for the environment and can underpin a robust industrial sector that could potentially employ thousands, according to Ed Ubong, the managing director of Shell…

JOHANNESBURG (Capital Markets in Africa) – BHP Billiton Ltd., the world’s biggest miner, is advancing plans to add production of a key cobalt material used in rechargeable batteries to boost its exposure to the electric vehicle revolution. The Nickel West operation in Western Australia, aiming to sell 90 percent of its output to the battery sector by the end of next year, has had success with laboratory tests on adding production of cobalt sulphate alongside…

NAIROBI (Capital Markets in Africa) – Kenya Airways Plc may revisit plans to delist from the Nairobi Securities Exchange as the loss-making carrier proceeds with a recovery strategy. The withdrawal of Africa’s third-biggest airline from the bourse was an option considered by the company during last year’s financial restructuring but was dropped, chiefly to protect minority shareholders, according to Chairman Michael Joseph. “There are no concrete plans to delist at the moment,” he said in…

LAGOS (Capital Markets in Africa) – African nations should consider increasing access to markets within the region to help offset the effects of increased U.S. protectionism, theWorld Bank’s vice president for the continent said. “The region may need to expand market access to absorb the costs arising from the hike in tariffs,” Hafez Ghanem said in an interview Thursday in Nigeria’s capital, Abuja. “This would include strengthening trade among Africa countries.” Escalating trade tensions are threatening to…

JOHANNESBURG (Capital Markets in Africa) – Transnet SOC Ltd., South Africa’s state-owned rail and ports operator, paid 509 million rand ($38 million) more for 100 locomotives after switching a supply contract to a Chinese rail company from Mitsui & Co. of Japan, according to a report commissioned by the National Treasury. The finding is part of an investigation into so-called state capture, in which private individuals used influence over government officials to win contracts from…