Gabon increased the yield guidance on Eurobonds it plans to sell as part of an exchange of $1 billion of existing debt after initial rates were criticized by Standard Bank Group Ltd. and Jefferies Group Inc. as too low.
When Gbemiga Omotoso bought a Samsung tablet computer last year, he handed over his cash to a man in a van. There was nothing shady, though, about the transaction. It’s part of online retailer Jumia’s attempt to adapt to the unique challenges of selling in Nigeria.
Nigeria’s economy “could easily” grow at a rate of 10 percent if the newly privatized power industry puts an end to daily electricity cuts, said Jim O’Neill, a former chairman of Goldman Sachs Asset Management.
Zenith Bank Plc, Nigeria’s second largest lender by assets, said it expects to increase loans to the country’s privatized power companies as the government seeks to end blackouts in Africa’s biggest oil producer.
The rand weakened for a sixth day against the dollar, the longest stretch of losses in five months, after South Africa posted a wider-than-estimated trade deficit and before U.S. manufacturing data. Bond yields rose.
South African bond yields rose for the first time in three days on speculation that the Federal Reserve may pare stimulus that drove inflows to assets in emerging markets. The rand fluctuated between gains and losses.
Ecobank Transnational Inc., the most geographically-diverse lender in Africa, said Chairman Kolapo Lawson will step down amid allegations of fraud that are being investigated by Nigeria’s capital markets regulator.