Nigeria

Funds

Will Interswitch be Africa’s first $1bn tech “unicorn”?

Nigeria’s digital payments and payment card giant Interswitch Ltd could become Africa’s first tech “unicorn” or technology company valued at over $1 billion. Private equity firm Helios is aiming to exit.

Exchange news

Soaring trading on Nigeria’s FMDQ market for fixed income and fx

Nigeria’s booming fixed interest and currency securities exchange FMDQ OTC Plc (“over-the-counter”) recorded market turnover of NGN93.9 trillion ($471.7 billion) for the 8 months to 31 August.

Nigeria

IMF cuts African growth forecast

Africa’s growth is slowing dramatically, says the International Monetary Fund, and is likely to be 3.75% this year and 4.25% next year. It could get worse if the global economy does not grow.

Cote d’Ivoire

Cross-exchange trading between Ghana and Nigeria stock exchanges

Brokers on the Ghana and Nigerian Stock Exchanges in July achieved a first cross border securities trade under the stage “sponsored access” of West Africa’s capital markets integration first launched 2013. This opens the way for more cross-border deals.

Capital raising

AfDB $400,000 seed equity to central depositories link Africlear Global

The central depositories of Kenya and Nigeria have formed a joint venture Africlear Global with a custodian which is part of Altree Financial Services Group.

Exchange news

Nigeria’s SEC asks for comments on exchange demutualization

Nigeria’s Securities and Exchange Commission published rules on demutualization of securities exchanges on 20 February, with a 2-week deadline for comments.

Capital raising

IPOs soar as Africa’s capital markets raise $11bn

• US$11bn IPO and FO proceeds raised in 2014 in African equity markets • US$37.4bn proceeds raised from 2010 to 2014 • 24 African IPO …

Exchange news

4 priorities from new head of African stock exchanges

The new President of the African Securities Exchanges Association (ASEA) put forward 4 strategic objectives for the member bourses. Oscar Onyema, CEO of the Nigerian Stock Exchange, was elected President at this week’s ASEA conference in Kenya.

Exchange news

Nigerian Stock Exchange signs links to London SE Group

The Nigerian Stock Exchange signed a capital markets agreement with the London Stock Exchange Group (LSEG) to support African companies seeking dual listings in London and Lagos, after earlier this year implementing a new settlement process to boost listings.

Exchange news

London Stock Exchange offering to Africa

According to London Stock Exchange, there are 115 listings of companies focused on sub-Saharan African markets including 26 on the Main Market and 84 on AIM, the growth market.

Exchange news

JSE launches futures trading for 3 African currencies

South Africa’s JSE launches 3 new currency future instruments which are the first to track exchange rate between the rand (ZAR) and Nigeria’s Naira (NGN), Kenya Shilling (KES) and Zambia Kwacha (ZMW).

Exchange news

Direct market access links West Africa securities exchanges

The framework for linking West African securities exchanges starts with direct market access (DMA). A stockbroker on one West African exchange can transact on the Nigerian market through the system of an approved Nigerian stockbroker.

Egypt

Nigerian and African economies.. after the rebasing

Charts circulated by Reuters show the rebased Nigerian economy as biggest in Africa, followed by sluggish South Africa, Egypt, Algeria, Angola and Morocco. They also show growth rates: oil-fuelled Ghana led the pack with historic growth of 10.2% a year over 2010-13.

Exchange news

Steps to build the Nigerian debt capital markets

Top panel gives steps to deepen the Nigerian debt capital market at London’s ADCM 2014 conference including Nigerian Mortgage Refinancing Company and Nigerian Credit Enhancement Facility to boost infrastructure bonds.

Capital raising

Top legal conference focuses on Africa infrastructure and natural resources deals

International Financial Law Review (IFLR) Africa Forum on 20 May to focus on innovative financing and M&A for resource and infrastructure investment.

Capital raising

Nigeria’s Abuja Commodity Exchange set for privatization

The Nigerian Government plans to privatize the Abuja Securities and Commodities Exchange by mid-2014, according to Arunma Oteh, Director General of Nigeria’s Securities and Exchange Commission.

Exchange news

Nigerian Stock Exchange seeks advisors for demutualization

The Nigerian Stock Exchange is looking for external advisers to drive its demutualization process.

Cote d’Ivoire

Top performances for USD investors at Africa’s stock exchanges

Malawi came out as Africa’s top-performing exchange to USD-based investors over 2013 with a strong 62.4% return. Eight out of 13 African exchanges beat the S&P 500.

Funds

DPI private equity fund raises $400m

A leading African private equity house Development Partners International (DPI) has reached the first close of its second pan-African African Development Partners II (ADP II) fund at over $400 million.

Exchange news

New York Institute of Finance launches Nigerian links

Nigerian stockbrokers are to build their expertise under a working relationship between the New York Institute of Finance (NYIF) and the Chartered Institute of Stockbrokers (CIS) on building capacity.