Nigeria’s central bank governor is to meet representatives of telecommunications company MTN and banks on Tuesday to discuss a dispute over the repatriation of $8.1 billion, two sources with direct knowledge of the matter said. The dispute is over the transfer of $8.1 billion of funds which Nigeria’s central bank said the company had sent […]
Egyptian investment bank EFG Hermes hopes to close a deal to acquire a Nigerian broker next month and is hoping to win IPO mandates in Saudi Arabia as it seeks new growth markets. Saudi Arabia could be a major growth market for EFG Hermes, which is the biggest investment bank in the Middle East but […]
Nigerian President Muhammadu Buhari on Tuesday asked lawmakers to approve the issuance of a $2.79 billion Eurobond, in a letter read in the upper chamber of parliament. He said he wanted the Eurobond to be issued in the international capital market for the “implementation of new external borrowing” that had already been approved in the […]
The recapitalisation exercise recently announced by the National Insurance Commission (NAICOM) took a toll on insurance stocks in September with majority of them recording price depreciation. Data obtained by the News Agency of Nigeria (NAN) from the Nigerian Stock Exchange (NSE) in Lagos showed that insurance equities dominated the losers’ table with Universal Insurance emerging […]
Oil prices fell on Monday but pared losses along with the U.S. stock market as investors bet that China’s economic stimulus steps on Sunday would be sufficient to boost the world’s No. 2 economy and bolster its crude demand. Global benchmark Brent crude slid below $83 per barrel early in the session, partly on concerns […]
Bank of America Merrill Lynch and Standard Chartered could be among the banks organising the 2019 London public listing of Dangote Cement, chairman and CEO Aliko Dangote said on Monday. Asked who the bankers could be for the IPO, Nigerian businessman Dangote said “the usual ones…Bank of America Merrill Lynch, Standard Chartered.” Speaking at the […]
The Nigerian central bank may reduce the amount it has ordered South African telecoms firm MTN to repatriate as part of an ongoing disagreement, central bank governor Godwin Emefiele said on Sunday. MTN and the central bank are in a dispute over the transfer of $8.1 billion of funds which the bank said the company […]
Nigerian government officials met with fund managers in New York last week on a non-deal roadshow held to update bondholders on the country’s growth plan after getting out of recession, an investor presentation seen by Reuters on Saturday showed. The economy recovered from its worst downturn in a quarter of a century last year, but […]
Element Group, a cryptocurrency economics and digital assets solutions analyst, published a report explaining that the SEC’s delay in approving bitcoin ETF proposals is the primary reason why the market has become so boring in recent weeks. “One can argue that the depressed volatility patterns we’re seeing with bitcoin is the market slowly adopting bitcoin […]
In this series, we’re ranking four global integrated energy companies based on their likely earnings growth YoY (year-over-year) in the third quarter. Previously, we discussed Chevron (CVX), Royal Dutch Shell (RDS.A), and BP’s (BP) earnings estimates. Chevron’s earnings are expected to grow 152% YoY in the third quarter—the highest among its peers. Shell and BP […]