Africa Finance Corp. attracts fresh capital from Asia and the Middle East


| Leave a Comment

The Africa Finance Corporation (AFC) has raised $400m in a new syndicated loan to support the development of infrastructure on the continent and aid in the post-pandemic recovery. Strong interest from investors led to the offering being 2.5 times oversubscribed, leading to a total facility of $100m above the initial target. This is the AFC’s […]

Read more »

Eco Atlantic to consolidate Southern African portfolio with acquisition of Azinam


| Leave a Comment

The South Atlantic continental margins of Africa continue to fuel investors’ appetite as their promising prospects open up to oil & gas exploration. Eco (Atlantic) Oil & Gas, the Canadian independent with assets in Guyana and Namibia, has just announced its acquisition of 100% of Azinam to consolidate its portfolio in the region, including in […]

Read more »

What are the shallow water assets Seplat Energy is trying to acquire from ExxonMobil in Nigeria?


| Leave a Comment

Following press speculation, Seplat Energy has finally confirmed today that it is indeed in competitive discussions to acquire ExxonMobil’s Nigerian shallow water business along with an undisclosed partner. While deliberations are still ongoing and have no certainty to conclude, such an acquisition would be transformational for Seplat. The assets that Seplat is eyeing cover those […]

Read more »

Afreximbank signs $2 billion in deals with Nigerian oil & gas companies


| Leave a Comment

The African Export-Import Bank (Afreximbank) showed up for Nigeria’s oil sector this week in Durban, during the Intra-African Trade Fair 2021. The bank has signed three separate deals totaling almost $2bn with the state-owned Nigerian National Petroleum Corporation (NNPC), indigenous operator Eroton Exploration & Production and new Nigerian independent Mars Exploration & Production. A $1.04 […]

Read more »

Ardova Plc completes acquisition of Enyo Retail & Supply Ltd in Nigeria


| Leave a Comment

Nigerian energy and oil marketing company Ardova Plc has announced the completion of its 100% acquisition of Nigerian fuels retailing company Enyo Retail & Supply. Through this transaction, Ardova has grown its fuel retail stations by 95, bringing its total network in Nigeria to 545. The acquisition is part of ongoing consolidation in the Nigerian […]

Read more »

African Development Bank Group and French Development Agency sign €2 billion co-financing partnership


| Leave a Comment

On the sideline of the Paris Peace Forum this week, the African Development Bank Group (AdFB) and French Development Agency (AFD) have signed a €2 billion co-financing partnership agreement for Africa. The agreement covers the 2021-2026 period and targets €2 billion in the first three years only to complement the current partnership between both institutions. […]

Read more »

Tullow Oil exercises pre-emption rights in Ghana and consolidates stake in key producing fields


| Leave a Comment

Tullow Oil has announced today that it has exercised its right of pre-emption related to the sale of Occidental Petroleum’s interests in Ghana’s Deep Water Tano (DWT) Block to Kosmos Energy. As per the DWT Joint Operating Agreement (JOA), Tullow has pre-emption rights in respect of the 11.05% participating interest acquired by Kosmos Energy from […]

Read more »

Western nations announce multi-billion dollar partnership to phase out South African coal


| Leave a Comment

During the COP26 Climate Summit in Glasgow this week, the United States, Britain, France, Germany and the European Union have committed $8.5bn (£6.2bn) to help end South Africa’s reliance on coal. South Africa has become an undisputed renewable energy leader in Africa, but continues to heavily depend on burning coal to generate electricity. Coal still […]

Read more »

InfraCo Africa and Helios are establishing a new $350m climate-focused investment vehicle for Africa


| Leave a Comment

InfraCo Africa, part of the Private Infrastructure Development Group (PIDG) and Helios Investment Partners (Helios) have announced that they are working together to establish a pan-African investment vehicle: Climate, Energy Access and Resilience (CLEAR). The initiative was announced as part of a UK government event hosted in Glasgow on Finance Day of the UN’s COP26 […]

Read more »

The UK’s CDC Group commits over £3 bn to combat the climate emergency in Africa and Asia


| Leave a Comment

During the COP26 this week in Glasgow, the UK’s development finance institution and impact investor CDC Group has made an investment commitment of over £3 billion to support emerging economies in Africa and Asia to combat the climate emergency. The funds will mostly be channeled into Africa and select South Asian markets and are part […]

Read more »

Nigeria: RainOil completes acquisition of majority stake in Eterna Plc


| Leave a Comment

RainOil has completed its acquisition of 63.6% of the shares of Eterna Plc though its investment arms, Preline Ltd (60.9%) and Norsworthy Investments (2.6%). The Sale and Purchase Agreement (SPA) was executed on August 25th, 2021. The transaction had been reported in Hawilti’s Q3 M&A Watch, available within the Hawilti+ research terminal. The acquisition of […]

Read more »

Kosmos Energy consolidates interests in Ghana’s producing Jubilee and TEN fields


| Leave a Comment

Kosmos Energy has just announced the close of a transaction by which it has acquired an additional 18% in the Jubilee Field and an additional 11% in the TEN Fields in Ghana from Occidental Petroleum (OXY) for a price of $550m. Both assets were previously chased by TotalEnergies as part of its broader acquisition of […]

Read more »

Nigeria to increase spending with new “Budget of Economic Growth and Sustainability”


| Leave a Comment

At a Joint-Session of the National Assembly in Abuja this week, President Buhari delivered his 2022 Budget Speech, presenting what will be his administration’s last full year budget before the 2023 presidential election. To boost economic recovery, the country will be increasing government spending by over 20% to reach $40bn next year, or NGN 16.39 […]

Read more »

TCX and FMO issue first ever offshore Congolese franc note


| Leave a Comment

Yesterday, the Dutch entrepreneurial development bank (FMO) issued on the Luxembourg Stock Exchange the first ever offshore Congolese franc note, with a countervalue of $20m (or about FCFA 40bn) and 14-month tenor. The issuance of the AAA-rated note was supported by TCX, a fund specialised in shielding international lenders and their local borrowers in emerging […]

Read more »

After Oza and Asaramatoru, Decklar considers entry into Emohua Marginal Field


| Leave a Comment

Decklar Resources has announced it has entered into a non-binding letter of intent to purchase all of the issued and outstanding shares of Wesfield Exploration and Production. Westfield E&P is the Nigerian entity that holds a Risk Finance and Technical Services Agreement (RFTSA) with Erebiina Energy Resources, the recent winner of the Emohua Marginal Field […]

Read more »

A.P. Moller Capital has acquired 44% of Cabeólica from the Africa Finance Corporation


| Leave a Comment

Through the Africa Infrastructure Fund, A.P. Moller Capital has just acquired a 44% stake in Cabeólica S.A., which runs four wind farms on the islands of Santiago (9.35MW), São Vicente (5.95MW), Sal (7.65 MW) and Boa Vista (2.55 MW) in Cabo Verde. The stake was acquired from the Africa Finance Corporation (AFC), who has been […]

Read more »

Nigeria has closed Africa’s biggest Eurobond’s issuance this year, and might raise more


| Leave a Comment

Earlier this week, Nigeria successfully issued three tranches of Eurobonds on the international capital markets, its first such operation since November 2018. While the country had planned to raise between $3bn and $6.2bn, the order book peaked at a whopping $12.2bn, enabling the government to settle for a healthy $4bn from foreign investors. The issuance […]

Read more »

AFC creates new asset management division – wants to raise $2bn for African infrastructure


| Leave a Comment

The Africa Finance Corporation (AFC) plans to step up its infrastructure financing in Africa with a new asset management division, AFC Capital Partners. Its debut offering, the Infrastructure Climate Resilient Fund (ICRF) is planning to raise $500m within the next twelve months and $2bn over the next three years. The fund will act as a […]

Read more »

Flutterwave and MTN forge new mobile money partnership across Africa


| Leave a Comment

MTN and Flutterwave have announced a mobile money partnership that will allow businesses integrating Flutterwave in Cameroon, Côte d’Ivoire, Rwanda, Uganda and Zambia to receive payments via MTN Mobile Money (MoMo).  MTN MoMo is a fintech platform providing consumers and businesses with an electronic wallet, enabling electronic transfers and payments as well as access to […]

Read more »

Sonangol posts $4bn loss for 2020

| Leave a Comment

Angola’s national oil company Sonangol has posted a net loss of Kz 2,383,978,740,444, or the equivalent of $4.1bn for 2020. The crash of oil prices last year along with Sonangol’s impairments were the major reasons behind losses last year. The company continues to be involved in a major restructuring and divestment effort in order to […]

Read more »

Nigerian institutional investors back bonds issuance from country’s leading free zone


| Leave a Comment

The Lagos Free Zone Co. (LFZC), a subsidiary Singaporean conglomerate Tolaram, has successfully issued a NGN 10.5bn 20-year Series 1 Senior Guaranteed Fixed Rate Corporate Infrastructure Bonds, the company said today. The issuance falls under a NGN 50bn debt issuance programme aimed at securing financing to expand what has become Nigeria’s most modern and integrated […]

Read more »

Lagos State prepares for historic green bond issuance


| Leave a Comment

The Lagos State Government is preparing for the issuance of an NGN 25bn ($60m) green bond under the Nigerian Green Bond Market Development Programme (NGBMDP). State Governor Babajide Sanwo-Olu signed an MoU towards the issuance with the NGBMDP’s implementing partners, FMDQ Holdings and Financial Sector Deepening (FSD) Africa this week. The NGBMDP was launched in […]

Read more »

African governments have developed a taste for Eurobonds: why it’s dangerous


| Leave a Comment

by Misheck Mutize Post Doctoral Researcher, Graduate School of Business (GSB), University of Cape Town International financial markets have opened a window for African governments to diversify their funding sources from traditional multilateral institutions and foreign aid. For example, they can now borrow through issuing Eurobonds – these are international bonds issued by a country […]

Read more »

Globeleq completes ZAR 5.2bn refinancing for 238 MW in South Africa


| Leave a Comment

Globeleq has announced the completion of a ZAR 5.2 billion debt financing package for three of its renewable energy facilities in South Africa: the 138 MW Jeffreys Bay Wind Farm, and the 50 MW De Aar Solar and 50 MW Droogfontein Solar plants. The transaction falls under the Department of Mineral Resources and Energy’s (DMRE) […]

Read more »