West Africa | - Part 15

Gambia’s Jammeh Pleads for Judges as Deadline to Quit Nears

BANJUL (Capital Markets in Africa) – Gambia’s Yahya Jammeh called on regional heads of state to help the country find judges so that its Supreme Court can hear his objections to losing a presidential election last month, two days after Nigeria’s president failed to persuade him to step down. Jammeh filed an injunction at the court to stop the swearing-in of opposition leader Adama Barrow due Jan. 19 and needs judges to hear the case as soon…

Nigeria to sell diaspora bonds in March after eurobond issue

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LAGOS (Capital Markets in Africa) – Nigeria will look to issue a debut diaspora bond by March to raise funds from Nigerians abroad, after completing a $1 billion eurobond sale this month, a finance ministry source told Reuters on Wednesday. Nigeria is in its first recession in 25 years and needs to find money to make up for shortfalls in its budget. Low prices for crude and militant attacks in its crude-producing heartland, the Niger Delta,…

Army Is Ouattara Achilles’ Heel as Ivory Coast Economy Roars

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ABIDJAN (Capital Markets in Africa) – As Ivory Coast President Alassane Ouattara presides over Africa’s fastest-growing economy and leads a ruling coalition that’s just won a fresh majority in parliament, he still faces a key threat to national stability: the army. A two-day mutiny by soldiers demanding better pay and living conditions that paralyzed several cities last week was the second uprising in three years. It showed that the world’s biggest cocoa producer is still vulnerable after…

Nigeria to Partner Schlumberger on Chad Basin Oil Exploration

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LAGOS (Capital Markets in Africa) – Nigeria’s state oil explorer said it’s on the verge of a deal with Schlumberger Ltd. to help in its search for commercial deposits in inland basins away from the restive Niger River delta region. Nigerian National Petroleum Corp. and the world’s largest oil-services provider will carry out joint exploration and risk assessment studies in the frontier basins, including the Chad basin, Babatunde Adeniran, chief operating officer in charge of ventures, said…

Sentiment Bearish as Nestle Drags Index Lower in Nigerian Equity Markets

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LAGOS (Capital Markets in Africa) – Sentiment was bearish today on the Nigerian Bourse as the All Share Index shed 0.2% to close at 26,330.39 points consequent on price declines in large cap stocks such as NESTLE (-2.4%), FORTE(-9.2%) and ETI (-3.0%). Accordingly, investors lost N19.1bn as market capitalization settled at N9.1tn. However, market activity was mixed as volume traded waned 9.2% to 179.3m units while value traded surged 42.4% to close at N1.5bn. Banking Sector Emerges Lone Gainer Performance…

IMF says plans to meet new Ghana government over aid programme

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ACCRA (Capital Markets in Africa) – The International Monetary Fund (IMF) plans to visit Ghana to hear the new government’s plans for implementing the country’s $918 million aid deal, the Fund said on Thursday. President Nana Akufo-Addo was sworn in on Saturday pledging to cut taxes, spend on development and boost annual growth to double digits as he seeks to return Ghana to its place as one of Africa’s most dynamic economies. He also inherits a…

Nigeria Central Bank Won’t Devalue Naira, Traders’ Union Says

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LAGOS (Capital Markets in Africa) – The Central Bank of Nigeria has no plans to devalue the naira, the head of a money changers’ body said after meeting policy makers. Officials are “not looking at devaluation” as rising oil prices boost reserves, according to the Association of Bureaux De Change Operators of Nigeria. The naira was little changed at 315.34 per dollar on Thursday, while Brent crude traded above $56 per barrel. “They assure us that people have…

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