Investors outside Nigeria will be able to seek shares in Dangote Petroleum Refinery’s planned IPO through channels serving foreign and diaspora buyers, including Daba Finance. The refinery is offering 4.1 billion shares at ₦525 each, or about $0.40, in a sale that could raise about ₦2.15 trillion. The minimum application is 10 shares, costing ₦5,250.The offer is scheduled to run from September 14 to October 13, with trading expected to begin on the Nigerian Exchange after allotment. Dangote has said it wants participation from Nigerians, the diaspora and investors elsewhere in Africa. The company is targeting millions of shareholders as it opens ownership of the refinery to the public.Daba provides Nigerian-market access to eligible international investors <a href="https://coronation.ng/institutional/about-us/coronation-securities/" rel="noopener noreferrer" target="_blank">through a distribution arrangement with Coronation</a>, a leading financial services group in Nigeria. Coronation Securities is regulated by Nigeria’s Securities and Exchange Commission. Daba says users accessing the offer through its international channel will not need a Nigerian bank account, BVN or personal CSCS account. Eligibility still depends on rules in each investor’s country of residence.The offer has also been assessed as Shariah-compliant. Buraq Capital reviewed the refinery under a methodology based on AAOIFI standards and found its business and financial ratios within the required limits. Interest-bearing borrowings were 13.995% under the assessment, while non-permissible income represented 0.3564%.Investors using Daba must complete KYC and register their interest before applying when subscriptions open. Expressing interest does not reserve shares or guarantee an allocation. Final allocations will be determined under the IPO process.<a href="https://dabafinance.com/en/dangote-ipo" rel="noopener noreferrer" target="_blank">For more information on how to participate and to track the Dangote IPO, view the dedicated IPO page here.</a>

Daba Finance/Dangote IPO is Here. What Does This Mean for Non-Nigerian Investors?

Daba Intelligence

Dangote IPO is Here. What Does This Mean for Non-Nigerian Investors?

US imports of refined copper from the Democratic Republic of Congo reached a record in July as manufacturers turned to cheaper African metal and traders moved shipments ahead of possible changes to US tariffs. Deliveries from Congo reached 53,290 metric tons, giving the country 23.9% of US copper imports for the month.Total US copper imports exceeded 220,000 tons for the first time. The increase marks a change in Congo’s role in the market: the US imported less than 32,000 tons from the country during all of 2024. Congo, the world’s second-largest copper producer, has increased output and now has more refined metal available for export.Congolese copper is gaining buyers even though no brands from the country are approved for delivery against COMEX futures contracts. US consumers including copper rod mills and tube manufacturers are buying the metal in the physical market instead. Congolese cathode is priced against the London Metal Exchange benchmark and can trade at discounts of $550 to $800 a ton to account for freight and other costs.That discount became more important as COMEX copper traded $400 to $600 a ton above LME prices at points during the summer. Improved quality has also increased acceptance of Congolese metal among US industrial buyers.The shift is changing Congo’s export flows. China’s imports from the country fell 4.3% during the first 7 months of 2026. In July, China bought 95,778 tons of Congolese copper, giving Congo 39.4% of Chinese imports, its lowest share since October, though it remained China’s largest supplier.

Daba Finance/US Copper Imports From Congo Hit Record in July 2026

Reuters

US Copper Imports From Congo Hit Record in July 2026

The United Nations General Assembly backed a move toward world maps that show continents in their correct relative sizes, supporting an Africa-led campaign to reduce use of the Mercator projection. The resolution passed on September 4 with 164 countries voting in favor, 1 against and 6 abstaining.Togo led the proposal with support from the African Union. The resolution promotes the Equal Earth projection, which preserves the relative area of countries and continents. The Mercator projection, created in the 16th century, enlarges land masses as they move away from the equator. As a result, Greenland can appear close in size to Africa even though Africa is about 14 times larger.The resolution is not binding and does not call for Mercator maps to be removed from navigation. Mercator remains useful for maritime and aviation routes because it preserves direction. The UN measure focuses on maps used for education, public communication and other purposes where comparing the size of countries and continents matters.Togo plans to change the world maps used in its school geography materials by the end of 2026. Foreign Minister Robert Dussey said the country will also work with African Union members, other governments, international organisations and technology companies to promote wider use of equal-area projections.Equal Earth was developed in 2018 as an alternative that keeps land areas proportional while maintaining shapes that are easier to recognise than some other equal-area maps. The campaign now shifts from the UN vote to whether schools, governments, publishers and digital mapping companies change the projections they use.

Daba Finance/UN Backs Equal Earth Map in Africa-Led Push Against Mercator

UN Backs Equal Earth Map in Africa-Led Push Against Mercator

Angola approved the sale of a 34% stake in Standard Bank de Angola, clearing the way for the lender to list on the country’s BODIVA exchange. The Capital Market Commission approved an offer of 4.76 million shares held by the state, with subscriptions running from September 11 to September 25 and trading expected to begin September 30.The shares will be offered at between Kz41,220 and Kz50,000 each. At those prices, the 34% stake would be worth between Kz196.2 billion and Kz238 billion. All 14 million shares in Standard Bank de Angola will be admitted to trading, giving the bank a market value of between Kz577.1 billion and Kz700 billion based on the offer range.Standard Bank Group, which owns 51% of the Angolan lender, has the right to acquire 3.36 million shares, equal to another 24% of the bank. The remaining 1.4 million shares, representing 10%, will be offered to the public. If Standard Bank takes its full allocation, its ownership would rise to 75%, while the Angolan state would retain 15%.The government acquired its current 49% holding after seizing shares previously owned by businessman Carlos São Vicente. The sale forms part of Angola’s PROPRIV privatization programme, through which the government has been reducing state ownership in companies and bringing more assets to the domestic capital market.The listing will add another bank to BODIVA following the market debuts of Banco Angolano de Investimentos and Caixa Geral Angola. It also gives local and foreign investors access to a lender controlled by Standard Bank Group, Africa’s largest banking group by assets.

Daba Finance/Angola Clears Standard Bank Unit Public Offer as State Sells 34% Stake

Angola Clears Standard Bank Unit Public Offer as State Sells 34% Stake

Kenyan President William Ruto has ordered Tata Chemicals to end its operations at Lake Magadi, escalating a dispute over one of the country’s oldest mining businesses. Ruto said the operation had failed to generate enough local investment and that the government plans to bring in 2 companies to develop soda ash into glass and other chemicals in Kajiado County.The decision follows a July 28 government order suspending mining and exports at Tata Chemicals Magadi while authorities reviewed regulatory issues. Tata said it submitted the requested documents and maintains that it complies with Kenyan requirements. The company said it will continue engaging the government through legal and regulatory channels.Lake Magadi has produced soda ash commercially since 1911. Tata Chemicals acquired the business in 2005 and now operates capacity of about 350,000 metric tons a year. The product is used in glass, detergents and chemicals. Kenya exported 254,779 tons of soda ash worth about $56.9 million in the year through July 2025, with Magadi supplying customers in Africa, Asia and the Middle East.Ruto said the next operators will be required to process more of the mineral inside Kenya rather than export it with limited local manufacturing. The government wants a glass plant and a chemicals factory built in Kajiado, part of a push to extract more value from the country’s minerals and create manufacturing jobs.The exit would affect employees, suppliers and communities linked to the Magadi operation and could disrupt one of Kenya’s mineral exports during the transition. Tata said the welfare of its workers and the Magadi community remains a priority. The government has not disclosed the companies it plans to bring in or the timetable for transferring the operation.

Daba Finance/Kenya Orders Tata Chemicals Out of Magadi Soda Ash Operation

Kenya Orders Tata Chemicals Out of Magadi Soda Ash Operation

Abu Dhabi National Oil Co. is in talks to buy stakes in refining businesses in Nigeria and Thailand as the state-owned producer seeks more customers for its crude and a larger role in fuel trading. The discussions include Nigeria’s <a href="https://dabafinance.com/en/insights/dangote-refinery-ipo-explained-in-5-minutes" rel="noopener noreferrer" target="_blank">Dangote Petroleum Refinery</a> and refineries operated by units of Thailand’s PTT.A deal with PTT could include agreements for ADNOC to supply crude to the refineries and receive refined fuels that it could sell to other buyers. The structure would give ADNOC demand for its crude while increasing the volume of gasoline, diesel and other products available to its trading business. The talks remain private and may not result in transactions.In Nigeria, ADNOC is discussing an investment in Dangote’s refining operations as the company prepares Africa’s largest IPO. Dangote signed offering documents on September 7 for a sale of 4.1 billion shares at ₦525 each. The offer, scheduled for September 14 to October 13, could raise about ₦2.15 trillion, or $1.63 billion, before any additional shares are issued.Dangote plans to use capital to help double its Lagos refinery’s capacity from 700,000 barrels a day to 1.4 million by 2029. The expansion is expected to cost about $14.3 billion. The refinery reported $1.82 billion of profit after tax in the first half of 2026 after a $476 million loss in 2025.For ADNOC, an investment would extend a strategy that already includes crude trading in Africa and fuel sales into markets such as Kenya and Ethiopia. The company is also expanding outside oil production through gas, chemicals and fuel retail assets in several markets.

Daba Finance/ADNOC Reportedly Eyes Dangote Refinery Stake in Global Expansion

ADNOC Reportedly Eyes Dangote Refinery Stake in Global Expansion

The International Bank for Industry and Commerce of Benin (<a href="https://dabafinance.com/en/capitalmarkets/brvm/bicb" rel="noopener noreferrer" target="_blank">BRVM: BICB</a>) rose to a record high in the week ended September 4 as investors pushed banking stocks higher across the BRVM. BIIC gained 22.35% to close at 10,400 FCFA after touching the same level during the week, its highest price since listing.The move came during another strong week for the regional exchange. The BRVM Composite rose 3.50% to a record 548.60 points, while the BRVM Main Index gained 5.46% to 405.70. The BRVM 30 added 3.49% and the BRVM Prestige rose 1.85%. Equity market capitalization increased 3.50% to 21,154.75 billion FCFA, while trading value jumped 79.49% to 14.18 billion FCFA.Financial stocks were among the main drivers of the rally. Coris Bank International Burkina Faso gained 13.01% to 33,450 FCFA, BICICI rose 11.88% to 33,005 FCFA and ETI Togo advanced 9.23% to 71 FCFA. The sector’s strength helped financial services rise 5.58% during the week.BIIC’s rise adds to a strong year. The stock is up 109.05% since the start of 2026 and 99.42% over the past 12 months. The gain shows continued demand for banking stocks as investors look for companies with earnings growth, dividend potential and exposure to expanding credit markets in the WAEMU region.The wider market also remained firm, with 31 stocks rising against 13 decliners. Africa Global Logistics Côte d’Ivoire was the second-best weekly performer, up 16.55% to 3,205 FCFA. On the losing side, Bernabé Côte d’Ivoire fell 5.43%, Palmci lost 4.26% and Tractafric Motors Côte d’Ivoire dropped 3.12%.

Daba Finance/BIIC Hits All-Time High as BRVM Rally Lifts Banking Stocks

BIIC Hits All-Time High as BRVM Rally Lifts Banking Stocks

Dangote Petroleum Refinery has set the subscription date for its initial public offering, with the window opening on September 14, 2026, and closing on October 13, 2026. The dates follow approval from Nigeria's Securities and Exchange Commission and today's release of the offer prospectus, and the company confirmed them at a signing ceremony held alongside the prospectus launch.Investors will be able to apply for shares through licensed stockbrokers and approved online investment platforms once the window opens. The offer covers 4,100,000,000 ordinary shares priced at ₦525.00 ($0.40) each, with a minimum subscription of 10 shares and further applications in multiples of 10 thereafter. A full subscription would raise ₦2.15 trillion (about $1.6 billion), and payment is due in full on application.The refinery plans to list on the Main Board of the Nigerian Exchange once the offer closes. The offer runs by way of an offer for subscription, with retail investors applying through an electronic application and qualified investors applying electronically or through an investor application form. Vetiva, FirstCap and Stanbic have been appointed to manage the offer process.Dangote set the offer at a fixed price of ₦525.00 ($0.40) a share for the refinery, which processes 650,000 barrels of crude oil a day and ranks as the world's largest single-train facility. Proceeds from the offer will fund growth capital expenditure, and eligible retail investors who hold the minimum required shareholding for the applicable period may receive up to two additional shares at no extra cost, subject to regulatory approval.Application forms and payment instructions will be available through receiving banks and brokers named in the prospectus, and investors who apply before the window closes will receive an allotment based on the level of subscription. In the event of oversubscription, the issuer may absorb up to 30% of the offer beyond its target size, subject to SEC approval, and the company said allotment results will follow standard exchange timelines.<a href="https://dabafinance.com/en/dangote-ipo" rel="noopener noreferrer" target="_blank">For more information on how to participate and to track the Dangote IPO, view the dedicated IPO page here.</a>

Daba Finance/Dangote Refinery Official Sets Date for IPO Subscription

Dangote Refinery Sets IPO Subscription Date for September 14, 2026

Dangote Petroleum Refinery released its initial public offering prospectus today, setting out the final terms of a share sale that could rank as the largest in African history. Executives signed the document at a ceremony in Lagos, marking the last regulatory step before the offer opens to investors across Nigeria and the wider region. Copies of the prospectus are now available through receiving banks, brokers, and the company's investor relations portal, and the refinery plans to list a stake on the Nigerian Exchange once the offer closes.The prospectus lists 4,100,000,000 ordinary shares, at a nominal value of $0.000013 each, for sale at ₦525.00 ($0.39) per share, targeting a total issue size of ₦2.15 trillion (about $1.6 billion), if the offer is fully subscribed. Dangote Petroleum Refinery &amp; Petrochemicals FZE, the entity issuing the shares, set a minimum subscription of 10 offer shares, with further applications in multiples of 10 thereafter. The offer runs at a fixed price, with payment due in full on application, and proceeds will go toward funding growth capital expenditure.The SEC cleared the offer after reviewing the refinery's financial statements and disclosures, and executives at the ceremony described the signing as the final step before the offer opens to the public.The refinery, which processes 650,000 barrels of crude oil a day, ranks as the world's largest single-train facility and Africa's largest refining complex by capacity, having reached full output in February 2026. Eligible retail investors who hold their shares for the applicable minimum period may receive up to two additional shares at no extra cost, subject to regulatory approval, and the issuer may absorb up to 30% of the offer if it is oversubscribed, subject to SEC approval. The shares will rank pari passu with the refinery's existing ordinary shares, and an independent assessment found them Shari'ah-compliant.Subscription opens on September 14, 2026, and closes on October 13, 2026. Retail investors can apply through an electronic application, while qualified investors can apply electronically or through an investor application form. The offer runs by way of an offer for subscription, and the shares are expected to list on the Main Board of the Nigerian Exchange once the offer closes.<a href="https://dabafinance.com/en/dangote-ipo" rel="noopener noreferrer" target="_blank">For more information on how to participate and to track the Dangote IPO, view the dedicated IPO page here.</a>

Daba Finance/Dangote Refinery Officially Announces Terms of IPO at Signing Ceremony

Dangote Refinery Officially Announces Terms of IPO at Signing Ceremony

Nigerian stocks rose for a second week as investors increased positions ahead of the country’s return to FTSE Russell’s Frontier Market classification. The NGX All-Share Index gained 2.36% to 246,992.44 points in the week ended September 4, from 241,298.47 a week earlier. Market capitalisation increased by about ₦3.72 trillion to ₦159.54 trillion, while the index’s 2026 return reached 58.72%.Trading also increased. Investors exchanged 4.36 billion shares worth ₦210.33 billion in 223,284 deals, compared with 2.51 billion shares worth ₦123.22 billion the previous week. Financial services accounted for 82.10% of volume. Fortis Global Insurance, United Bank for Africa and Access Holdings together represented 52.46% of shares traded.Gains spread across the market, with 56 stocks advancing and 35 declining. <a href="https://dabafinance.com/en/capitalmarkets/ngx/royalex" rel="noopener noreferrer" target="_blank">Royal Exchange</a> led with a 25% increase to ₦1.10, followed by <a href="https://dabafinance.com/en/capitalmarkets/ngx/champion" rel="noopener noreferrer" target="_blank">Champion Breweries</a> at 20.10% and <a href="https://dabafinance.com/en/capitalmarkets/ngx/nb" rel="noopener noreferrer" target="_blank">Nigerian Breweries</a> at 18.80%. <a href="https://dabafinance.com/en/capitalmarkets/ngx/betaglas" rel="noopener noreferrer" target="_blank">Beta Glass</a> recorded the largest decline, falling 17.38% to ₦465.Oil and gas led sector performance with a 9.10% gain, supported by <a href="https://dabafinance.com/en/capitalmarkets/ngx/seplat" rel="noopener noreferrer" target="_blank">Seplat Energy</a>, <a href="https://dabafinance.com/en/capitalmarkets/ngx/oando" rel="noopener noreferrer" target="_blank">Oando</a> and <a href="https://dabafinance.com/en/capitalmarkets/ngx/aradel" rel="noopener noreferrer" target="_blank">Aradel Holdings</a>. Banking rose 3.58%, insurance gained 3.85% and consumer goods advanced 3.52%. Industrial goods fell 0.35%. Among larger stocks, Seplat gained 10%, <a href="https://dabafinance.com/en/capitalmarkets/ngx/zenithbank" rel="noopener noreferrer" target="_blank">Zenith Bank</a> rose 6.3%, <a href="https://dabafinance.com/en/capitalmarkets/ngx/mtnn" rel="noopener noreferrer" target="_blank">MTN Nigeria</a> added 5% and <a href="https://dabafinance.com/en/capitalmarkets/ngx/firstholdco" rel="noopener noreferrer" target="_blank">First HoldCo</a> increased 3.4%.The rally comes before Nigeria’s September 21 return to FTSE Russell’s Frontier Market status. FTSE has identified 31 Nigerian companies for its Frontier Index Series, including 10 large-cap stocks. The change could increase attention from global funds that track or benchmark against frontier-market indices.

Daba Finance/Nigerian Stocks Gain 2.36% as FTSE Return Drives Buying

Nigerian Stocks Gain 2.36% as FTSE Return Drives Buying

West Africa’s BRVM extended its 2026 rally in the week ended September 4, with the Composite Index rising 3.50% to 548.60 points as buying spread across most of the market. The BRVM 30 gained 3.49% to 265.30, while the Prestige Index rose 1.85% to 199.81. The Principal Index led the benchmarks with a 5.46% increase to 405.70.Trading activity also increased. Volume rose 8.16% to 7.14 million shares, while transaction value jumped 38.24% to XOF 14.18 billion from XOF 10.26 billion a week earlier. Equity market capitalization climbed 3.50% to XOF 21.15 trillion. Sonatel Senegal remained the most traded stock, accounting for XOF 2.05 billion, or 14.44% of weekly turnover.Gains covered most of the exchange, with 31 stocks advancing, 13 falling and 3 unchanged. <a href="https://dabafinance.com/en/capitalmarkets/brvm/bicb" rel="noopener noreferrer" target="_blank">BIIC Benin</a> led with a 22.35% gain to XOF 10,400. <a href="https://dabafinance.com/en/capitalmarkets/brvm/sdsc" rel="noopener noreferrer" target="_blank">Africa Global Logistics Côte d’Ivoire</a> rose 16.55% to XOF 3,205, while <a href="https://dabafinance.com/en/capitalmarkets/brvm/cbibf" rel="noopener noreferrer" target="_blank">Coris Bank International Burkina Faso</a> gained 13.01% to XOF 33,450 after reporting a 21.18% increase in net banking income and a 23.49% rise in net profit.<a href="https://dabafinance.com/en/capitalmarkets/brvm/bnbc" rel="noopener noreferrer" target="_blank">Bernabé Côte d’Ivoire</a> posted the largest decline, falling 5.43% to XOF 2,175 after gains in prior weeks. <a href="https://dabafinance.com/en/capitalmarkets/brvm/palc" rel="noopener noreferrer" target="_blank">Palm Côte d’Ivoire</a> lost 4.26% to XOF 9,000, while <a href="https://dabafinance.com/en/capitalmarkets/brvm/prsc" rel="noopener noreferrer" target="_blank">Tractafric Motors Côte d’Ivoire</a> fell 3.15% to XOF 4,350.The bond market moved in the opposite direction. Capitalization fell 1.26% to XOF 12.76 trillion, while XOF 2.4 billion of bonds changed hands. Côte d’Ivoire, Senegal and Benin government issues accounted for 61.02% of total bond turnover.

Daba Finance/BRVM Stock Market Sustains Rally as Market Cap Crosses XOF 21T

BRVM Stock Market Sustains Rally as Market Cap Crosses XOF 21T

Dangote Petroleum Refinery has received approval from Nigeria’s Securities and Exchange Commission to sell 4.1 billion shares at ₦525 ($0.40) each, clearing the way for an initial public offering that could raise about ₦2.15 trillion, or $1.6 billion. The order book is expected to open on September 14, putting the company on course for one of Africa’s largest public offerings.The SEC also registered the refinery’s existing 120.13 billion ordinary shares and cleared its draft offer documents. The company can now hold its completion board meeting and signing ceremony before opening the sale. The offer includes a 15% greenshoe option, allowing additional shares to be sold if investor demand exceeds the initial allocation.The IPO follows a <a href="https://dabafinance.com/en/news/dangote-refinery-seeks-private-placement" rel="noopener noreferrer" target="_blank">$2.5 billion private placement completed</a> in July that valued the refinery at about $40 billion and attracted demand worth 3.7 times the shares available. Dangote also completed a <a href="https://dabafinance.com/en/news/dangote-refinery-secures-1-billion-backing-ahead-of-ipo" rel="noopener noreferrer" target="_blank">$1 billion underwriting programme</a> in August, comprising a funded $600 million private placement and a $400 million commitment supporting the public offer.Proceeds will help fund plans to increase refining capacity to 1.4 million barrels a day from 650,000 barrels. The Lagos facility has tested output of 700,000 barrels a day and includes a 900,000-ton-a-year polypropylene plant and a 435 MW power station. It supplies Nigeria and exports refined products to other African markets and Europe.Aliko Dangote has said the IPO is intended to broaden ownership among Nigerian and African investors. The group is also planning a 700,000-barrel-a-day refinery in Kenya and is considering other African listings for the Nigerian refinery after its Lagos debut. A foreign listing in London is not expected for at least 3 years.<a href="https://dabafinance.com/en/dangote-ipo" rel="noopener noreferrer" target="_blank">Visit our Dangote IPO information hub to learn more about the public issuance.</a>

Daba Finance/Dangote Refinery Sets IPO Price at $0.40 Per Share After SEC Approval

Dangote Refinery Sets IPO Price at $0.40 Per Share After SEC Approval

FTSE Russell has added 31 Nigerian companies to its Frontier Index Series as Nigeria prepares to return to Frontier Market status on September 21 after a 3-year absence. The move puts some of the country’s largest listed companies back into benchmarks used by global investors and index-linked funds.The index provider classified 10 Nigerian companies as large caps: <a href="https://dabafinance.com/en/capitalmarkets/ngx/aradel" rel="noopener noreferrer" target="_blank">Aradel Holdings</a>, <a href="https://dabafinance.com/en/capitalmarkets/ngx/dangcem" rel="noopener noreferrer" target="_blank">Dangote Cement</a>, <a href="https://dabafinance.com/en/capitalmarkets/ngx/firstholdco" rel="noopener noreferrer" target="_blank">First HoldCo</a>, <a href="https://dabafinance.com/en/capitalmarkets/ngx/gtco" rel="noopener noreferrer" target="_blank">Guaranty Trust Holding Company</a>, <a href="https://dabafinance.com/en/capitalmarkets/ngx/mtnn" rel="noopener noreferrer" target="_blank">MTN Nigeria</a>, <a href="https://dabafinance.com/en/capitalmarkets/ngx/nestle" rel="noopener noreferrer" target="_blank">Nestlé Nigeria</a>, <a href="https://dabafinance.com/en/capitalmarkets/ngx/nb" rel="noopener noreferrer" target="_blank">Nigerian Breweries</a>, <a href="https://dabafinance.com/en/capitalmarkets/ngx/presco" rel="noopener noreferrer" target="_blank">Presco</a>, <a href="https://dabafinance.com/en/capitalmarkets/ngx/stanbic" rel="noopener noreferrer" target="_blank">Stanbic IBTC Holdings</a> and <a href="https://dabafinance.com/en/capitalmarkets/ngx/zenithbank" rel="noopener noreferrer" target="_blank">Zenith Bank</a>.Another 10 stocks, including <a href="https://dabafinance.com/en/capitalmarkets/ngx/accesscorp" rel="noopener noreferrer" target="_blank">Access Holdings</a>, <a href="https://dabafinance.com/en/capitalmarkets/ngx/uba" rel="noopener noreferrer" target="_blank">UBA</a>, <a href="https://dabafinance.com/en/capitalmarkets/ngx/fidelitybk" rel="noopener noreferrer" target="_blank">Fidelity Bank</a>, <a href="https://dabafinance.com/en/capitalmarkets/ngx/oando" rel="noopener noreferrer" target="_blank">Oando</a> and <a href="https://dabafinance.com/en/capitalmarkets/ngx/unilever" rel="noopener noreferrer" target="_blank">Unilever Nigeria</a>, were placed in the mid-cap category. 11 companies were classified as small caps.Nigeria was removed from FTSE Russell’s Frontier classification in September 2023 after foreign investors faced delays converting naira proceeds into foreign currency and repatriating capital. The country was placed on a watch list for a return in October 2025 after foreign-exchange liquidity improved and repatriation delays eased.FTSE Russell confirmed the reclassification in April 2026, but implementation faced another review after Nigeria moved from T+2 to T+1 settlement in June. International investors raised concerns that the shorter settlement period could create a need to fund trades before execution. Nigerian market authorities, custodians and FTSE Russell spent the following months assessing the process before the September return was confirmed.The change comes during a rally in Nigerian stocks. The NGX All Share Index had gained about 58% in local currency and more than 70% in dollar terms by early September. Nigeria’s largest listed companies added about ₦46.69 trillion in market value during the first 8 months of 2026, increasing the weight of companies that will now enter FTSE’s Frontier benchmarks.

Daba Finance/FTSE Russell Adds 31 Nigerian Stocks to Index Ahead of Frontier Return

FTSE Russell Adds 31 Nigerian Stocks to Index Ahead of Frontier Return

Nigeria’s naira is heading for its strongest annual gain in at least 8 years as higher oil earnings and remittances increase the supply of dollars in the economy. The currency traded at about ₦1,328.92 per dollar on Sept. 2, taking its gain since the start of 2026 to about 8%.The naira could strengthen further to about ₦1,290 per dollar by the end of the year, according to the average forecast of 4 analysts surveyed by Bloomberg. That would extend its 2026 appreciation to almost 12%, its best annual performance since at least 2018. The recovery follows losses after Nigeria changed its foreign-exchange system in 2023.Dollar supply has increased from several sources. Higher oil prices have lifted export earnings, while formal diaspora remittances reached $3.8 billion in the first 7 months of 2026, up 50.2% from a year earlier. July alone brought $947 million through international money transfer operators. Nigeria’s foreign reserves also rose to about $53.8 billion at the end of August from $45.6 billion at the start of the year.The stronger currency has supported returns on Nigerian assets by reducing the exchange-rate losses faced by foreign investors. Nigeria’s stock market had gained more than 70% in dollar terms by early September, while tighter monetary policy and higher yields have also attracted capital into local debt markets.The next test is Nigeria’s 2027 election. Election periods can bring higher government spending, demand for dollars and investor uncertainty. The naira’s direction will depend on oil production and prices, remittance flows, capital inflows and whether the Central Bank of Nigeria maintains confidence in the foreign-exchange market.

Daba Finance/Nigerian Naira Heads for Best Annual Gain Since 2018

Nigerian Naira Heads for Best Annual Gain Since 2018

African stock markets are posting some of the strongest returns in the world this year, even as gold has fallen from its January peak and oil prices remain volatile. Data for selected African exchanges as of Sept. 2 show double-digit gains in many markets, led by Nigeria, Zimbabwe, Ghana and the <a href="https://dabafinance.com/en/capitalmarkets/brvm" rel="noopener noreferrer" target="_blank">BRVM regional exchange</a>.Nigeria’s <a href="https://dabafinance.com/en/capitalmarkets/ngx" rel="noopener noreferrer" target="_blank">NGX All Share Index</a> was up 71.78% in dollar terms since the start of 2026, the strongest gain in the group. Zimbabwe followed at 70.21%, while Ghana returned 57.13% and the BRVM gained 53.4%. Tunisia was up 43.66%, Rwanda 40.3%, Uganda 39.08% and Kenya 35.87%. Egypt rose 24.24%, while South Africa gained 5.15%. A few markets lagged, including Botswana, Mauritius, Morocco and Malawi.The gains stand out against weaker commodity performance. Gold prices are about 20% to 22% below their January record high, while oil markets have swung sharply this year. That has shifted attention toward equities, where investors are backing domestic sectors such as banking, telecoms, consumer businesses and industrials rather than relying only on commodity exposure.West Africa has been one of the main drivers of the rally. Nigeria, Ghana and the BRVM all rank near the top of the table in dollar terms, showing strong investor demand across both local and regional exchanges. The BRVM’s performance is notable because it reflects gains across 8 WAEMU countries, including Côte d’Ivoire, Senegal and Burkina Faso.The rally suggests investors are placing more value on local growth stories, earnings momentum and currency stability. While commodity swings still shape African economies, equity markets are showing that returns are increasingly being driven by domestic businesses and capital markets.

Daba Finance/Africa Posts Some of World's Best Stock Market Returns in 2026

Africa Posts Some of World's Best Stock Market Returns in 2026

Daba Finance and Coronation have agreed a distribution arrangement that will give eligible investors outside Nigeria digital access to Nigerian capital-market products, as the country's equities rally and it prepares to return to FTSE Russell’s Frontier Market index universe later this month. The companies announced the agreement on September 2 in Lagos and Miami.Eligible users will access Nigerian investment products through the Daba platform, while Coronation Securities and Coronation Asset Management provide the underlying services within Nigeria’s regulated market. Daba Advisors, the group’s US investment adviser, is registered with the US Securities and Exchange Commission. Eligibility will depend on the laws of each user’s jurisdiction.The partnership covers 3 areas: market intelligence, investor education and digital access. Daba will add Nigerian market news, data, analysis and research supported by Coronation. The companies will also offer courses through Daba Academy and Coronation Investment Academy, along with webinars focused on Nigerian securities, risks, institutions and market structure.The live service supports digital onboarding, multi-currency funding, trade or investment requests and reporting. Daba said it will manage the user experience while Coronation provides Nigerian market products and expertise. Coronation Securities is registered with Nigeria’s Securities and Exchange Commission and is a trading license holder of Nigerian Exchange Ltd., while Coronation Asset Management is registered as a fund and portfolio manager.The launch comes as Nigerian equities remain among Africa’s strongest performers in 2026. The NGX All-Share Index ended August at 244,199.39 points, up about 57% for the year, while market capitalization stood at about ₦157.74 trillion. The exchange touched a record market value above ₦160 trillion in August. Nigeria is also set to rejoin FTSE Russell’s Frontier Market classification from September 21 after improvements in foreign-exchange liquidity, repatriation and market access.Foreign participation, however, remains a smaller part of trading activity. Domestic investors accounted for about 91% of NGX transactions in May, according to exchange data. That gap gives the Daba-Coronation arrangement a clear target: investors who follow Nigeria but have lacked a simple route to participate. Daba says it serves more than 250,000 customers across the US, Europe, Canada and Africa. Chief Executive Officer Boum III Jr. said the aim is to combine Coronation’s Nigerian market expertise with Daba’s technology and international reach. Access remains subject to local eligibility rules, and the arrangement does not relate to any specific securities offering.

Daba Finance/Daba, Coronation Open Nigerian Market Access to Global Investors

Daba, Coronation Open Nigerian Market Access to Global Investors

Senegal reached a staff-level agreement with the International Monetary Fund for a $2.2 billion, 3-year lending programme as the government seeks to restore debt sustainability after uncovering more than $11 billion of previously misreported borrowing. The agreement still requires approval from IMF management and its Executive Board.The deal follows months of negotiations after the IMF froze a previous $1.8 billion programme when the scale of the undisclosed debt became clear. Senegal’s public debt reached about 132% of GDP at the end of 2024. Some estimates put the hidden borrowing closer to $13 billion, equal to more than a quarter of the country’s roughly $40 billion economy.Senegal said it agreed to an enhanced framework to address its debt burden, without disclosing the measures involved. The IMF said the government must take corrective action linked to the past misreporting. Planned reforms include stronger debt management, more fiscal transparency and changes to public spending. Authorities are also preparing a revised budget.Markets reacted by pushing Senegal’s international bonds to record lows, with all trading below 50 cents on the dollar or euro. Senegal had more than $7 billion of international bonds outstanding at the end of 2025, equal to almost 20% of its total debt. Export credits accounted for about another 10%.Implementation could face political pressure. Former Prime Minister Ousmane Sonko opposed an IMF-led debt restructuring before leaving the government and now serves as president of the National Assembly. The new IMF programme is expected to provide an anchor for other financing, including support from development institutions, but restoring access to capital will depend on Senegal reducing debt risks and rebuilding confidence in its public finances.S

Daba Finance/Senegal Secures $2.2B IMF Deal as Debt Restructuring Looms

Senegal Secures $2.2B IMF Deal as Debt Restructuring Looms

Ventures Platform has closed its second institutional fund at $84 million, exceeding its $75 million target as the Nigerian venture capital firm expands funding for early-stage technology companies across Africa. The final close comes 3 years after its first institutional fund and adds new investors including the European Bank for Reconstruction and Development, Norfund, Alphatron and Ashesi University Foundation.The new investors join backers including the International Finance Corporation, British International Investment, Standard Bank, Proparco, AfricaGrow, Nigeria’s iDICE programme, MSMEDA and Alder Tree Investment. Family offices also participated, giving the fund a mix of development institutions, banks and private investors.Ventures Platform plans to invest from pre-seed through Series A and provide follow-on capital to some portfolio companies. The fund will invest across Africa, with a focus on markets including Nigeria, Côte d’Ivoire, Egypt, Morocco and Senegal. Its target sectors include fintech, health technology, agriculture, education, artificial intelligence and digital infrastructure.The firm has spent more than a decade investing in African startups. Its portfolio includes Moniepoint, OmniRetail, PiggyVest, Raenest, Seamless Technologies and _able. Ventures Platform plans to use the new fund to lead more early-stage rounds while helping companies raise later financing and expand into other markets.The $84 million close comes as African startups continue to face a tighter funding market than during the venture capital boom of 2021 and 2022. The fund’s ability to exceed its target gives Ventures Platform more capital to invest at a stage where founders often struggle to raise institutional funding.

Daba Finance/IFC-Backed Ventures Raises $84M for African Startups

IFC-Backed Ventures Platform Raises $84M for African Startups

Swedfund is providing a $20 million loan to the Africa Go Green Fund to expand debt financing for companies working on energy efficiency and emissions reduction across Africa. The funding will support businesses in areas including clean cooking, electric transport, green buildings, appliances and industrial energy efficiency.Africa Go Green has financed close to 30 projects across 17 African countries. The fund provides debt to businesses that can struggle to secure long-term loans from commercial banks, even when their projects generate revenue and reduce energy costs. It was established by German development bank KfW and is managed by Cygnum Capital.Swedfund’s commitment adds to new capital raised by the fund this year. In January, German development finance institution DEG committed a €30 million loan to Africa Go Green. The fund has also backed projects including electric mobility, clean cooking and industrial energy solutions.Recent transactions include a $10.7 million facility for BioLite to distribute at least 163,500 improved cookstoves in Zambia and participation in a $50 million debt package for electric-motorcycle company Spiro. Africa Go Green has also provided $10 million to support the distribution of efficient cookstoves in Mozambique, Nigeria and the Democratic Republic of Congo.Swedfund said the investment is intended to increase the amount of capital available for projects that can lower energy use and operating costs. The Swedish development finance institution is investing alongside public and private investors as demand for power and transport grows across the continent.

Daba Finance/Swedfund Invests $20M in AGG Fund to Scale Energy Solutions

Cygnum Capital

Swedfund Backs AGG With $20M to Scale Energy Solutions in Africa

Cocoa prices are rising as disease, weak pod development and the return of El Niño threaten the next harvest in Ghana and Côte d’Ivoire, which together account for more than half of global supply. New York cocoa reached an 11-month high as traders focused on risks to the 2026/27 crop.Ghana’s Cocoa Board estimates production at 650,000 metric tons for 2026/27, down 13% from 750,000 tons this season. Farmers are dealing with black pod disease, swollen shoot disease and aging trees. Heavy rain and limited sunshine have also reduced pod development and made it harder to control fungal infections.The outlook in Côte d’Ivoire is also weaker. Early crop surveys point to production of about 1.8 million tons in the season starting in September, down 18% from about 2.2 million tons in 2025/26. Poor pod formation and weather have raised concerns about the main crop, while some exporters expect arrivals to ports to start later than usual.El Niño adds another risk. The weather pattern can bring warmer and drier conditions to West Africa, reducing soil moisture and cocoa yields. StoneX cut its forecast for the 2026/27 global cocoa surplus to 25,000 tons from 149,000 tons, while Transgraph Consulting expects the surplus to shrink to 80,000 tons from 415,000 tons.Current supply, however, remains higher than a year ago. Côte d’Ivoire shipped 2.11 million tons to ports through early August, up 20%, while Ghana harvested 750,000 tons in 2025/26, up 25.6%. ICE inventories have also reached a 2-year high, leaving the market caught between available supplies today and concerns about the next crop.

Daba Finance/El Niño And Disease Threaten West Africa’s Cocoa Harvest

El Niño And Disease Threaten West Africa’s Cocoa Harvest

Abidjan, Côte d'Ivoire – Servair Abidjan (ABJC), listed on the BRVM, has demonstrated significant upward momentum, with its share price increasing by +25.86% over the last 90 days. This notable move sees ABJC currently trading at 3845 XOF, reflecting a robust performance within the West African regional exchange. The company's market capitalization stands at 41.96 billion XOF. Such movements underscore the dynamic nature of African markets and the potential for investors seeking growth opportunities. While past performance does not guarantee future results, monitoring such trends is crucial for informed investment decisions. Daba Finance provides comprehensive insights into these market shifts, empowering investors across Africa and emerging markets.

Graph showing Servair Abidjan (ABJC) stock price increase on BRVM, with African market skyline in the background.

Daba Finance

Servair Abidjan (ABJC) Soars +25.86% on BRVM: A Look at West African Market Momentum

Sahara Power Enterprise Group has started construction of a $12 million gas-fired power plant in Lagos as the company seeks to supply businesses and communities with more reliable electricity. The 12 MW independent power plant is being built within Ikeja Electric’s Ogba network and is scheduled for completion in the first quarter of 2027.The facility will comprise 6 generating units of 2 MW each and will supply industrial clusters, businesses, homes and public institutions across Ogba, Acme Road, Wemco Road and surrounding areas. Cummins West Africa was awarded the construction contract.The project targets an area where companies often rely on diesel and petrol generators when grid electricity is unavailable. Nigeria has more than 13,000 MW of installed grid-connected generation capacity, but only about 4,000 MW was available for dispatch in April 2026, according to regulatory data.Sahara Power said the plant will bring electricity generation closer to customers, reducing supply interruptions and supporting production in one of Lagos’s industrial areas. The investment comes as Nigeria moves toward a more decentralised electricity market. Under the Electricity Act 2023, states can regulate their own intrastate power markets, and Lagos assumed responsibility for its market in 2025.The project adds to private investment in power generation as companies seek alternatives to the national grid. Sahara Power operates electricity assets across Nigeria and is part of Sahara Group, whose businesses span energy production, distribution and infrastructure.

Daba Finance/Nigeria's Sahara Power Starts $12M Lagos Gas Plant

Nigeria's Sahara Power Starts $12M Lagos Gas Plant

Zimbabwe’s Victoria Falls Stock Exchange has changed how it calculates the market capitalisation of companies listed on both VFEX and another recognised exchange. From August 13, the exchange will multiply the VFEX share price by a company’s total issued shares rather than only the shares represented on the local market.The change means reported market values can rise without any increase in the number of shares available for trading on VFEX. If a company has 1 billion shares globally but only 100 million are represented on VFEX, a VFEX price of $1 will now produce a market capitalisation of $1 billion instead of $100 million.The impact was seen after Old Mutual resumed trading on VFEX. The new methodology helped lift the exchange’s reported market capitalisation from about $4.17 billion to $7.74 billion. Old Mutual accounted for about $3.61 billion, or 46.6%, of the total under the new calculation.Kavango Resources is another cross-listed company affected by the rule. The company has its main listing in London and a secondary listing on VFEX. The change allows VFEX to value the entire issued share base using its local price even though only part of those shares may be available on the Zimbabwean market.VFEX said the method brings its calculations closer to market conventions used elsewhere and improves comparisons between cross-listed companies. The change does not make additional shares tradable on VFEX, and the exchange can use another method where it believes the standard calculation does not provide a fair measure of market value.

Daba Finance/VFEX Changes Market Cap Rules for Cross-Listed Companies

African Markets

VFEX Changes Market Cap Rules for Cross-Listed Companies

Old Mutual shares resumed trading in Zimbabwe on August 12 after a 6-year suspension, with the insurer moving its secondary listing from the Zimbabwe Stock Exchange to the US dollar-based Victoria Falls Stock Exchange. The shares opened at $0.76 and rose 2.9% to close at $0.7817 in their first session.Zimbabwe suspended Old Mutual and several other dual-listed shares in 2020 as authorities sought to stop investors using differences between local and foreign share prices to determine an implied exchange rate. The action came as the Zimbabwean dollar lost value and foreign-currency shortages disrupted markets.Old Mutual announced the VFEX migration in July and received regulatory approval in August. The first trading price was determined through buy and sell orders without the exchange’s normal limits. From the second session, the shares became subject to the VFEX’s standard daily price-movement limit of 20%.The VFEX settles transactions in US dollars, reducing the currency risk faced by investors trading shares on Zimbabwe’s main exchange. Old Mutual said dollar trading could support price discovery and attract local and international investors. The company retains listings in South Africa, London, Malawi and Namibia.The return also adds another large company to the VFEX, which was launched in 2020 as Zimbabwe sought to attract foreign capital. The exchange passed the ZSE in market value earlier in 2026 after companies including Econet InfraCo moved their listings to the dollar-based market. The shift comes as some companies are also leaving the VFEX because of listing costs and changes in Zimbabwe’s economy.

Daba Finance/Old Mutual Returns to Zimbabwe Trading on Dollar-Based VFEX

Old Mutual Returns to Zimbabwe Trading on Dollar-Based VFEX

Tanzania has opened its government securities market to foreign investors from all countries, removing restrictions that limited access to investors from parts of Africa and Tanzanians living abroad. The Bank of Tanzania announced the change on August 6 as part of amendments to the country’s foreign-exchange regulations.Previously, direct access to Treasury bills and government bonds was limited to residents of the East African Community and Southern African Development Community, as well as Tanzanians in the diaspora. Non-resident investors from other countries can now participate through registered market intermediaries.The central bank said the reform is intended to expand the investor base for government debt, increase market liquidity and attract more international capital. It comes as Tanzania seeks to broaden its financing sources and develop its domestic capital markets. The country also introduced a sovereign yield curve in August to give investors a benchmark for pricing government securities.The change could allow Tanzania to draw more portfolio capital into its local-currency debt market at a time when African governments face higher costs for borrowing in dollars. Kenya, Nigeria, Ghana and Egypt already allow foreign investors to participate in their domestic government debt markets, though rules and levels of participation differ.The move is part of Tanzania’s wider effort to liberalize its financial system while increasing the role of domestic markets in government financing. Its impact will depend on investor demand, available yields, currency expectations and the ability of foreign investors to move funds into and out of the country.

Daba Finance/Tanzania Opens Government Bond Market to All Foreign Investors

Tanzania Opens Government Bond Market to All Foreign Investors

<h2>BRVM Benchmark Index Holds Above 530 Points as Rally Eases</h2>The BRVM Composite Index concluded the week of August 24-30, 2026, with a constructive performance, registering a gain of 0.17%. The index managed to hold firmly above the 530-point mark, indicating a stable yet easing rally.<h3>Top Performers: NEI-CEDA Leads the Charge</h3>Among the market's top gainers, NEI-CEDA Côte d'Ivoire (NEIC) stood out with an impressive surge of +25%. Other notable gainers included Bank of Africa - Burkina Faso (BOABF) rising by 17.11%, and Bernabe Côte d'Ivoire (BNBC) increasing by 15.58%. This shift in market leadership points to specific sector and company-driven momentum within the BRVM.<h3>Key Market Stories and Macro Highlights</h3><ul><li>Moody’s Keeps Cameroon at Caa1: Rating agency Moody’s maintained Cameroon’s credit rating at Caa1, citing persistent liquidity risks. This highlights ongoing economic challenges for the central African nation.</li><li>Ghana's Power Sector Expansion: Ghana announced plans for a new 1,200 MW gas plant, a move aimed at addressing mounting costs and expanding the nation's power sector.</li><li>WHO Launches Africa Health Data Hub: The World Health Organization launched an Africa Health Data Hub, covering 47 countries, to improve health data collection and analysis across the continent.</li><li>Cell C Earnings Jump: South African mobile operator Cell C reported a significant 57% jump in earnings following a successful debt restructuring, signaling a turnaround for the company.</li></ul><h3>Daba Finance Insights</h3>Our analysis shows that 5 high-traffic stories significantly drove investor interest and engagement this week. The editorial focus for next week will be to watch NEI-CEDA Côte d'Ivoire closely as potential market leadership shifts continue to unfold. Stay tuned to Daba Finance for deeper insights into these and other emerging market opportunities.

An infographic showing the BRVM Composite Index chart for the week, highlighting NEI-CEDA Côte d'Ivoire as a top gainer.

BRVM Holds Strong: NEI-CEDA Jumps 25% Amidst Constructive Week

South Africa’s Eskom more than doubled annual profit as power cuts fell and spending on diesel-fired generation dropped. Profit after tax rose to R30.3 billion in the year ended March from a restated R14 billion a year earlier. The utility implemented rolling blackouts on only 4 days during the year, compared with 13 days in 2025 and 329 days in 2024.Revenue increased 4.1%, supported by an average electricity tariff increase of 12.7%. Sales volumes, however, fell 6.2%, including a 23% decline in industrial demand. Eskom has experienced a long-term decline in electricity sales as businesses and households install their own generation and some industrial users reduce operations.Lower use of diesel-fired turbines helped the result, with spending on the plants falling by R10.6 billion. Eskom plans to reinvest profit into a R343 billion capital programme over the next 5 years. It is also seeking new demand from industrial customers, data centres, electric vehicles and crypto miners while expanding into renewable generation through its Eskom Green unit.Debt remains a concern. Eskom reported R356 billion of debt securities and borrowings at the end of March, while unpaid municipal bills reached R119 billion by June. The utility warned that municipal arrears could rise to R358 billion by 2031 without action.Chief Executive Officer Dan Marokane said Eskom is working to rebuild industrial electricity demand after reaching a supply agreement with ferrochrome producers including Glencore and Samancor Chrome. Chief Financial Officer Calib Cassim will also retire, with the board targeting a replacement by the end of 2026.

Daba Finance/Eskom Profit More Than Doubles as Power Cuts Ease

Eskom Profit More Than Doubles as Power Cuts Ease

Nigeria’s economy grew 4.43% from a year earlier in the second quarter, the fastest pace in 5 years, as higher oil production and growth in services and agriculture lifted output. The expansion accelerated from 3.89% in the first quarter and exceeded the 4.2% median estimate in a Bloomberg survey.Oil-sector output grew 7.31% from a year earlier, up from 2.57% in the first quarter. Average crude production increased to 1.72 million barrels a day from 1.55 million. Higher oil prices linked to the US-Iran war also increased export earnings and foreign-currency inflows. Oil contributed 4.16% of real GDP, up from 3.92% in the previous quarter.The non-oil economy, which accounts for most of Nigeria’s output, expanded 4.31%, compared with 3.94% in the first quarter. Agriculture grew 4.39% and services expanded 4.60%. Growth came from telecommunications, real estate, trade, financial services, cement production and construction. Services accounted for 56.62% of GDP.The figures extend a recovery that saw the economy grow 3.87% in 2025, compared with 3.38% in 2024. Inflation has also slowed, reaching 15.43% in July, though food inflation remains above 20%. The combination of higher oil receipts and lower headline inflation has improved the economic backdrop after years of currency and price pressures.Growth, however, remains below President Bola Tinubu’s target of 7% a year by 2027. Tinubu is expected to seek another term in the 2027 election, putting growth, living costs and the results of his economic reforms at the center of the campaign.

Daba Finance/Nigeria Economy Grows at Fastest Pace in Five Years on Oil Boom

Nigeria Economy Grows at Fastest Pace in Five Years on Oil Boom

West Africa’s BRVM held near record levels in the week ended August 28 as stocks consolidated after the previous week’s rally. The BRVM Composite gained 0.17% to 530.06 points, while the BRVM 30 rose 0.23% to 256.35. The BRVM Principal added 0.49% to 384.70, while the BRVM Prestige fell 0.25% to 196.18.Trading slowed during a 4-session week. Volume fell 29.31% to 6.6 million shares, while traded value dropped 32.92% to XOF 10.26 billion. Equity market capitalization increased 0.17% to XOF 20.44 trillion, keeping the exchange above the XOF 20 trillion level crossed a week earlier.<a href="https://dabafinance.com/en/capitalmarkets/SNTS" rel="noopener noreferrer" target="_blank">Sonatel Senegal</a> was the most traded stock, with XOF 1.62 billion of transactions, followed by <a href="https://dabafinance.com/en/capitalmarkets/SGBC" rel="noopener noreferrer" target="_blank">Société Générale Côte d’Ivoire</a> at XOF 1.19 billion. The market was split, with 21 stocks rising, 22 falling and 4 unchanged.<a href="https://dabafinance.com/en/capitalmarkets/NEIC" rel="noopener noreferrer" target="_blank">NEI-CEDA Côte d’Ivoire</a> led gains, rising 25% to XOF 3,000 ahead of a planned XOF 159.54 per-share dividend payment. <a href="https://dabafinance.com/en/capitalmarkets/BOABF" rel="noopener noreferrer" target="_blank">BOA Burkina Faso</a> gained 17.11% and <a href="https://dabafinance.com/en/capitalmarkets/BNBC" rel="noopener noreferrer" target="_blank">Bernabé Côte d’Ivoire</a> rose 15.58%. <a href="https://dabafinance.com/en/capitalmarkets/SICC" rel="noopener noreferrer" target="_blank">SICOR</a> fell 7.57% after gains in prior weeks, while <a href="https://dabafinance.com/en/capitalmarkets/NTLC" rel="noopener noreferrer" target="_blank">Nestlé Côte d’Ivoire</a> lost 6.47% and <a href="https://dabafinance.com/en/capitalmarkets/BOAC" rel="noopener noreferrer" target="_blank">BOA Côte d’Ivoire</a> declined 4.51%.Bond market capitalization rose 0.61% to XOF 12.92 trillion. Trading reached XOF 4.77 billion, with Senegal’s 6.60% 2025-2030 bond accounting for about 40% of turnover.

Daba Finance/BRVM Benchmark Index Holds Above 530 Points as Rally Eases

BRVM Benchmark Index Holds Above 530 Points as Rally Eases

Ghana is moving ahead with a 1,200-megawatt gas-fired power plant as the government seeks to improve electricity supply and reduce costs that continue to weigh on public finances. The state-owned project will be built at Kafodzidzi-Abrobeano in the Central Region and would become the country’s largest power plant, exceeding the 1,020-megawatt Akosombo hydroelectric facility.Finance Minister Cassiel Ato Forson said feasibility studies have confirmed the project’s viability, while environmental, engineering and permitting work is under way. The first 600-megawatt phase is expected to begin operating in 2028. Ghana has secured gas turbines from GE Vernova, with the government estimating savings of 35% to 45% compared with buying the equipment through third parties.The investment comes as Ghana tries to reduce financial losses in its electricity industry. The World Bank estimates that delays in energy-sector recovery programmes cost the country about $1 billion each year. The International Monetary Fund expects the sector’s financing shortfall to reach about $1.1 billion in 2026, reflecting collection losses, distribution problems and power-generation contracts.The government says the new plant could reduce generation costs and support a 10% to 20% decline in electricity tariffs. It is also developing a gas-processing facility capable of handling 100 million standard cubic feet a day. Ghana has shifted more thermal generation from liquid fuels to natural gas, a move the government says saved about $500 million over the past year.Financing remains a challenge. Forson has called for guarantees, blended finance, local-currency funding, capital markets and public-private partnerships to support energy investment. Ghana is trying to expand generation while continuing fiscal reforms following its debt crisis, limiting how much new infrastructure can be funded from the government budget.

Daba Finance/Ghana Plans 1,200 MW Gas Plant as Power Sector Costs Mount

Sika Finance

Ghana Plans 1,200 MW Gas Plant as Power Sector Costs Mount

The World Health Organization has launched a regional health data platform designed to give African governments a single system for tracking health trends, planning services and responding to disease outbreaks. The Regional Health Data Hub was unveiled on August 27 in Addis Ababa during the WHO Regional Committee for Africa meeting.The platform will bring together data that has been stored across separate national and regional systems. It covers areas including maternal health, infectious diseases, medicines, health workers and service delivery. Governments will be able to use dashboards, maps and analytical tools to compare trends and identify gaps in health services while retaining control over their national data.WHO said the system uses artificial intelligence and data analytics to support forecasting and turn health information into evidence for policymakers. It is intended to help countries identify areas with shortages of health workers, equipment or services and direct budgets toward those needs. The hub will serve the 47 countries in WHO’s African Region.The system also aims to improve responses to health emergencies. Fragmented data can slow the detection of outbreaks and make it harder for governments to understand where health resources are needed. A shared platform could allow officials to combine information from different sources and monitor changes as they occur.The launch comes as African health ministers seek to strengthen health systems while dealing with funding gaps, workforce shortages and disease outbreaks. At the same WHO meeting, member states backed plans covering health financing, medical regulation and the recruitment and retention of 3 million additional health workers by 2035. WHO said the data hub will support those efforts by giving governments information to measure needs and track results.

Daba Finance/WHO Launches Africa Health Data Hub For 47 Countries

WHO Launches Africa Health Data Hub For 47 Countries

Outstanding Treasury securities in the 6-nation CEMAC region rose to XOF 10.56 trillion at the end of July, up 3.34% from XOF 10.22 trillion in June, according to the Bank of Central African States. The increase lifted the market debt ratio to 13.3% of regional GDP from 12.9% a month earlier and 12% at the end of 2025.Gabon became the region’s largest issuer, with XOF 3.42 trillion of securities outstanding, followed by Congo at XOF 3.04 trillion and Cameroon at XOF 2.06 trillion. Gabon recorded the largest increase in nominal terms during July. Central African Republic and Chad also increased their outstanding debt, while Equatorial Guinea recorded a 1.55% decline.Borrowing costs rose as governments sought more funding. The average rate on new securities increased to 8.53% in July from 8.29% in June. The average rate on Gabonese Treasury bonds climbed to 10.13% from 9%, while Cameroon’s fell to 7.36%, showing a wider gap in the rates investors require from different governments.Demand improved but remained below levels seen earlier in the market’s development. The average subscription rate for new issues rose to 76.23% from 72.44% in June. Treasury securities specialists increased their participation rate to 22.05% from 20.13%. In 2018, average subscription rates exceeded 200%, showing how investor demand has changed as the market expanded.The investor base is also shifting. Primary dealers held XOF 6.80 trillion, or 64.4% of outstanding securities, down from 80.8% in 2018. Institutional investors held XOF 2.15 trillion, equal to 20.4%, while individuals held XOF 379.9 billion. The change gives governments access to more types of investors as issuance grows, but higher rates show that those buyers are demanding more compensation to lend.

Daba Finance/CEMAC Treasury Debt Hits XOF 10.56 Trillion as Yields Rise

CEMAC Treasury Debt Hits XOF 10.56 Trillion as Yields Rise

Senegalese President Bassirou Diomaye Faye and incoming ECOWAS Commission President Birame Diop have set out priorities for the West African bloc as it works on a common currency, security cooperation and trade after the departure of 3 member states. Faye, who became ECOWAS chairman in July, met Diop in Dakar on August 27 ahead of the former Senegalese defense minister taking office on September 1.Their discussions covered the planned ECO single currency, collection of ECOWAS community levies, movement of people and goods and the creation of a regional counterterrorism force. ECOWAS leaders reaffirmed in July that they want to start introducing the ECO in 2027, with countries that meet economic convergence requirements expected to join first.Faye took over the rotating chairmanship as ECOWAS adjusts to the withdrawal of Mali, Burkina Faso and Niger. The 3 military-led countries formally left the bloc in January 2025 and formed the Alliance of Sahel States. They remain part of the West African Economic and Monetary Union and continue to use the CFA franc, leaving economic links with ECOWAS members in place despite the political split.Security remains another focus. ECOWAS is working toward making its counterterrorism force operational as member states face jihadist violence, cross-border crime and other armed threats. The bloc has targeted July 2027 for full operational capacity.Diop previously served as Senegal’s armed forces minister, military chief and an adviser to the United Nations secretary-general. He will replace Omar Alieu Touray as Commission president. Faye has called for an ECOWAS that focuses on security, economic integration and results for citizens as the organization seeks to maintain regional cooperation after the Sahel states’ exit.

Daba Finance/Faye, Diop Set ECOWAS Agenda as Bloc Faces Sahel Split

Faye, Diop Set ECOWAS Agenda as Bloc Faces Sahel Split

Moody’s kept Cameroon’s Caa1 credit rating and stable outlook unchanged after a periodic review, while warning that weak liquidity, payment arrears and tighter regional financing conditions remain key risks. The review followed an August 13 committee meeting and was completed on August 21.Cameroon has continued to refinance maturing debt, but access to funding has become more difficult as the regional market reaches capacity. Moody’s estimates financing needs at about 10% of GDP in 2026, with roughly half secured by the end of June. The agency expects public debt to rise to 45% of GDP after the government assumes obligations linked to the national electricity company.The rating is also constrained by weak revenue collection and exposure to state-owned companies. Moody’s said persistent liquidity pressure and gaps in public financial management have contributed to new payment arrears. It lowered Cameroon’s institutional strength and governance score to Caa1 from B3, citing weak performance on governance indicators, domestic arrears and delays in external debt payments.Moody’s cut its 2026 growth forecast to 3.4% and expects the budget deficit to reach 2.5% of GDP, in part because higher oil prices have increased fuel subsidy costs. The economy remains dependent on hydrocarbons, while security spending and the financial position of some state-owned companies add pressure. Moody’s said agriculture, hydropower and mineral resources provide support, but many remain underdeveloped.Political risk also weighs on the credit profile. Moody’s cited uncertainty around presidential succession, unrest in the Anglophone regions and insecurity in the Far North. The agency said better access to long-term financing, stronger growth and lower domestic arrears could support the rating, while weaker liquidity, higher debt or a disorderly political transition could lead to a downgrade.

Daba Finance/Moody’s Keeps Cameroon at Caa1 as Liquidity Risks Persist

Moody’s Keeps Cameroon at Caa1 as Liquidity Risks Persist

South African mobile operator Cell C reported a 57.4% increase in full-year headline earnings as prepaid and wholesale revenue grew and a balance-sheet restructuring cut its debt. Headline earnings per share rose to R23.37 for the year ended May 31 from R14.85 a year earlier.Group revenue increased 14% to R12.64 billion, while service revenue rose 6% to R11.64 billion. Prepaid revenue gained 9.7% as Cell C rebuilt its customer base, while wholesale service revenue increased 20% on growth in its mobile virtual network operator business. The company added about 1.3 million subscribers during the year, taking its customer base to 8.9 million, excluding MVNO users.Reported earnings before interest, tax, depreciation and amortisation rose 162% to R5.5 billion. Much of that increase came from one-off gains related to restructuring before Cell C’s stock-market listing. Excluding those items, adjusted EBITDA increased 16.9% to R2.4 billion.The restructuring also reduced Cell C’s debt burden. Net debt fell 64% to R2.02 billion from R5.69 billion a year earlier, while the ratio of net debt to EBITDA improved to 1.56 times from 4.29 times. The changes give the company more room to invest while reducing the amount of cash needed to service debt.Cell C expects adjusted EBITDA of about R3 billion in fiscal 2027, compared with a restated R2.7 billion for 2026. The forecast includes a full-year contribution from Comm Equipment Company following its integration. Chief Executive Officer Jorge Mendes said the company has rebuilt its customer base, improved network performance and expanded its position in South Africa’s wholesale mobile market.

Daba Finance/Cell C Earnings Jump 57% as Debt Falls After Restructuring

Cell C Earnings Jump 57% as Debt Falls After Restructuring

The BRVM Composite Index recorded a truly historic week, climbing an impressive +6.33% to close above the 500-point mark for the first time. This significant milestone saw the market capitalization of the regional exchange soar past an unprecedented XOF 20 trillion, signaling robust investor confidence and strong regional economic momentum.

Top Stories Driving the Week:
<ul><li>Standard Bank's OPay Interest: Daba Intelligence reported on Standard Bank's potential stake acquisition in OPay, a move that precedes OPay's anticipated $4 billion IPO and highlights growing interest in Africa's fintech sector.</li>
<li>BRVM Index Milestone: The BRVM Main Index's breakthrough past 500 points and the XOF 20 trillion market cap illustrate a pivotal moment for West African financial markets.</li>
<li>Dangote's East Africa Offer: Dangote's proposal to offer a 30% stake in its Kenyan refinery to East African partners signals strategic regional integration in the industrial sector.</li>
<li>AgDevCo Funding: AgDevCo Ventures successfully raised $49 million to bolster agribusinesses in East Africa, indicating sustained investment in vital economic sectors.</li>
<li>Egypt's Short Selling Rules: New regulations in Egypt, setting a 50% cash collateral limit for short selling, demonstrate evolving market controls in emerging economies.</li></ul>

Market Movers:
The week saw significant action among individual stocks. CIE Côte d'Ivoire (CIEC) emerged as the top gainer, surging by +25.11%. Other strong performers included Uniwax Côte d'Ivoire (+23.25%), Saph Côte d'Ivoire (+17.93%), Orange Côte d'Ivoire (+16.75%), and Sonatel Senegal (+15.92%).

Conversely, some stocks experienced declines. Sicor Côte d'Ivoire (SICC) was among the top losers, falling by -14.19%. Unilever Côte d'Ivoire (UNLC) saw a -10% drop, followed by Sucrivoire Côte d'Ivoire (SCRC) at -7.65%, Banque Internationale pour l'Industrie et le Commerce (BICB) at -3.53%, and Ecobank Transnational Inc (ETIT) at -2.94%.

Macro Highlights:
The BRVM's strong performance was underpinned by a generally constructive macro tone, reflecting positive sentiment across the region. This impressive rally indicates a period of dynamic growth and potential opportunities for investors looking towards African markets. Daba Finance's analysis shows that this week's digest was driven by 5 high-traffic stories, reflecting keen investor interest.

What This Means for Investors:
The BRVM’s robust growth highlights the increasing attractiveness of West African equities. Investors should observe market leaders like CIE Côte d'Ivoire for potential shifts in market leadership and consider the broader implications of regional economic developments. Daba Finance is committed to providing high-quality, compliance-safe investment insights to help you navigate these opportunities.

Daba Finance delivers high-quality, compliance-safe investment insights for Africa and emerging markets.

Chart showing the BRVM Composite Index rising dramatically, with a background of an African skyline, symbolizing market growth.

BRVM Composite Index Surges +6.33%, Market Cap Tops XOF 20 Trillion in Historic Week

The BRVM Composite crossed 500 points for the first time in its history, ending the week at 529.15 after gaining 6.33%. The value of listed shares also passed XOF 20 trillion for the first time ever, reaching XOF 20.41 trillion. The 2 milestones came in the week ended August 21 as buying spread across several of the exchange’s largest stocks.Other indices also advanced. The BRVM Prestige rose 7.82% to 196.68 points and the BRVM 30 gained 7.63% to 255.75. The BRVM Principal increased 1.70% to 382.84. Trading value climbed 36.15% to XOF 15.29 billion from XOF 11.23 billion a week earlier.Utilities led sectors with a 19.93% gain, driven by <a href="https://dabafinance.com/en/capitalmarkets/CIEC" rel="noopener noreferrer" target="_blank">CIE Côte d’Ivoire</a>, while telecommunications rose 15.89% as <a href="https://dabafinance.com/en/capitalmarkets/ORAC" rel="noopener noreferrer" target="_blank">Orange Côte d’Ivoire</a> and <a href="https://dabafinance.com/en/capitalmarkets/SNTS" rel="noopener noreferrer" target="_blank">Sonatel Senegal</a> reached record prices. Consumer discretionary stocks gained 5%, energy rose 7.65% and financial services added 1.42%. Consumer staples fell 1.28%.CIE led weekly gains, rising 25.11% to XOF 6,900 after reaching XOF 7,190 during the week. <a href="https://dabafinance.com/en/capitalmarkets/UNXC" rel="noopener noreferrer" target="_blank">Uniwax</a> climbed 23.25% to XOF 2,465, <a href="https://dabafinance.com/en/capitalmarkets/SPHC" rel="noopener noreferrer" target="_blank">SAPH</a> gained 17.93% to XOF 9,440, Orange Côte d’Ivoire rose 16.75% to XOF 21,015 and Sonatel increased 15.92% to XOF 36,980. Orange and Sonatel both reached record prices.Some stocks moved in the other direction after earlier gains. SICOR fell 14.19% to XOF 8,650 after 5 weeks of increases. Unilever dropped 10% to XOF 52,200 and Sucrivoire lost 7.65% to XOF 3,380. BICICI Benin declined 3.53% to XOF 8,200, while Ecobank Transnational fell 2.94% to XOF 66.

Daba Finance/BRVM Main Index Crosses 500P, Market Cap Tops XOF 20T in Historic Week

BRVM Main Index Crosses 500P, Market Cap Tops XOF 20T in Historic Week

Egypt has issued new rules for short selling on the Egyptian Exchange, requiring investors to provide cash collateral equal to at least 50% of the market value of borrowed securities. The Financial Regulatory Authority approved the framework under Resolution No. 155 of 2026 as part of efforts to increase trading and add more investment tools to the market.Short selling allows an investor to borrow shares, sell them and buy them back later. The investor makes money if the price falls but faces losses if it rises. Under Egypt’s system, Misr for Central Clearing, Depository and Registry will retain the proceeds from the share sale, while brokers must collect the additional 50% cash collateral before a trade. This means the system starts with coverage equal to 150% of the borrowed shares’ value.MCDR will run a central lending platform connecting the exchange, brokers and custodians. It will record transactions, monitor limits and revalue borrowed shares and collateral each day. Sale proceeds will be invested in fixed-income instruments or other products approved by the FRA until the position closes. Lenders will receive lending fees and keep rights to dividends and other financial benefits.The rules also limit the amount of stock that can be borrowed. Short positions may not exceed 40% of a company’s free-float shares. A single lending arrangement is capped at 5%, while one investor and related parties may borrow no more than 2%. Only securities that meet criteria set by the EGX and approved by the FRA will qualify.Brokers need at least EGP 5 million of shareholders’ equity to offer short selling and EGP 10 million if they also provide margin trading. They must maintain a net liquid capital ratio of at least 15%. Existing approved firms have 1 month after publication of the rules to install the required systems before the framework takes effect.

Daba Finance/Egypt Sets 50% Cash Collateral Limit in New Rules For Short Selling

Egypt Sets 50% Cash Collateral Limit in New Rules For Short Selling

Aliko Dangote is offering East African governments a combined 30% stake in a planned refinery in Kenya as he seeks regional backing for a project designed to cut dependence on imported fuel. Kenya, Ethiopia and Rwanda have shown interest, according to David Ndii, an economic adviser to Kenyan President William Ruto.Kenya is considering taking a 10% stake for about $500 million, while total investment from regional governments could reach about $1.5 billion. The refinery will be built in Lamu on Kenya’s coast and is planned to process 700,000 barrels of crude a day. The plant itself is expected to cost about $16 billion, with petrochemical and port infrastructure potentially taking total investment toward $20 billion.Dangote plans to finance about 70% of the refinery cost with debt and 30% with equity. Construction is expected to begin later in 2026 and could take about 4 years. Work on surveys, engineering and design has started. Lamu was chosen after Dangote considered sites in Kenya and Tanzania.The refinery is intended to supply Kenya and markets including Ethiopia, Uganda, Rwanda, Tanzania, South Sudan, Burundi and the Democratic Republic of Congo. Most countries in the region import much of their petrol, diesel and jet fuel, leaving them exposed to shipping costs, currency moves and disruptions in global supply.The project would be Dangote’s second refinery after his plant near Lagos, which has capacity of about 650,000 barrels a day. Dangote Industries is also preparing an IPO of the Nigerian refinery and has said cash, debt and capital-market funding will support its expansion plans across Africa.

Daba Finance/Dangote Offers East Africa 30% Stake in Kenya Refinery

Dangote Offers East Africa 30% Stake in Kenya Refinery

The Bourse Régionale des Valeurs Mobilières (BRVM), the regional stock exchange for eight West African countries, is currently experiencing significant activity, with nine listed stocks demonstrating notable upward price movements over the past 7 and 30 days.This positive momentum highlights growing investor confidence and dynamic opportunities within key sectors across the region. Investors are keenly watching these trends as African markets continue to mature and attract attention.<h3>Key Market Movers on the BRVM:</h3><ul><li>Coris Bank International (CBIBF): Saw a robust increase of +10.48% over the past 30 days, leading the charge among notable movers.</li><li>Air Liquide Côte d'Ivoire (SIVC): Recorded an impressive gain of +10.19% over the past 30 days, reflecting strong performance in the industrial sector.</li><li>Sonatel Senegal (SNTS): Climbed by +7.52% in just 7 days, indicating strong short-term investor interest.</li><li>NEI-CEDA Côte d'Ivoire (NEIC): Posted a gain of +6.82% over the last 7 days.</li><li>Servair Abidjan Côte d'Ivoire (ABJC): Increased by +6.58% over 7 days, showing positive sentiment in the services sector.</li><li>Bank of Africa - Côte d'Ivoire (BOAC): Demonstrated a solid rise of +6.4% in 7 days.</li><li>Bank of Africa - Burkina Faso (BOABF): Gained +5.63% over 7 days.</li><li>CFAO Motors Côte d'Ivoire (CFAC): Rose by +5% in 7 days, highlighting activity in the automotive and distribution sector.</li><li>Onatel Burkina Faso (ONTBF): Also saw a +5% increase over 7 days, reflecting positive movement in the telecommunications sector.</li></ul>These figures underscore the vibrant landscape of West African equity markets. Such movements can signal underlying economic strength, positive company-specific news, or broader market trends that informed investors should monitor closely.Daba Finance is committed to providing high-quality, compliance-safe investment insights to help you navigate these dynamic markets. Stay informed and explore opportunities with confidence.This is not financial advice. Past performance is not indicative of future results.

Chart showing upward trending stock prices on the BRVM, with the Daba Finance logo.

BRVM Rally: 9 Stocks Show Notable Upward Moves

Nigeria’s inflation slowed more than expected in July, raising the prospect that the central bank could resume interest-rate cuts after holding borrowing costs steady for 2 meetings. Consumer prices rose 15.43% from a year earlier, down from 15.91% in June and below the 15.7% median estimate in a Bloomberg survey of economists.Prices increased 1.57% from the previous month, compared with 1.66% in June. Urban inflation slowed to 16.12%, while rural inflation was 13.77%. Core inflation, which excludes some food and energy items, fell to 14.97%, providing another sign that some price pressures are easing.Food costs moved in the opposite direction. Annual food inflation climbed to 20.31% from 17.52% in June, while prices rose 5.56% month on month. The statistics agency linked the increase to higher prices for products including rice, tomatoes, onions, pepper, garri, beef and eggs. Food inflation remains a risk because it accounts for a large share of household spending.The Central Bank of Nigeria kept its benchmark rate at 26.5% in July after also holding in May. It had cut the rate by 50 basis points in February, its first reduction after a period of tight policy. Officials then paused further easing as higher fuel costs linked to the Iran conflict raised inflation risks.The July reading could reopen the debate over another cut when policymakers next meet. The gap between the 26.5% policy rate and 15.43% headline inflation gives the central bank room to ease if price growth continues to slow. But the increase in food inflation and uncertainty over energy prices could keep policymakers cautious.

Daba Finance/Nigeria Inflation Slows to 15.4% in July as Rate-Cut Bets Build

Nigeria Inflation Slows to 15.4% in July as Rate-Cut Bets Build

Zambian President Hakainde Hichilema won a second 5-year term, giving investors policy continuity as the government seeks to build on its debt restructuring and increase copper production. Hichilema won about 61% of votes in the August 13 election, while his main challenger, Brian Mundubile, received 38%, according to the electoral commission.The result gave Hichilema more than the 50% required to avoid a runoff. The 64-year-old leader, an economist and businessman, took office in 2021 after 5 previous defeats. His United Party for National Development has focused on restoring Zambia’s finances after the country became Africa’s first pandemic-era sovereign defaulter in 2020.The election was followed by claims of fraud from Mundubile, who said he plans to challenge the result in court. Vote counting was halted for several hours after attacks on election officials and reports of stolen ballot papers. Authorities also arrested 11 people, including opposition figures, on election night. The government said they were linked to plans for violence, a claim the opposition rejected.European Union observers said voting was peaceful in most areas but raised concerns about limits on political freedoms, legal changes and unequal campaign conditions. Mundubile said result forms may have been altered and called for an investigation. Hichilema’s party rejected the accusations.Investors are now focused on the economy. Zambia completed a debt restructuring under a $1.7 billion International Monetary Fund programme and is seeking another agreement. The government also wants copper production to reach 3 million metric tons a year, from less than 1 million now. Mining investment has increased since 2021, but power shortages, government spending and the cost of living remain risks during Hichilema’s second term.

Daba Finance/Zambia's Hichilema Wins Second Term as Investors Eye Growth

Zambia's Hichilema Wins Second Term as Investors Eye Growth

Campaigning has started for Nigeria’s January 16 presidential election, setting up another contest between President Bola Tinubu, Peter Obi and former Vice President Atiku Abubakar. Tinubu is seeking a second term for the All Progressives Congress and will face 18 opposition candidates, with the economy and security set to shape the race.Tinubu won the 2023 election with 36.6% of the vote, compared with 29% for Atiku and 25% for Obi. The opposition remains divided. Obi is running under the Nigeria Democratic Congress, while Atiku represents the African Democratic Congress after efforts to build a joint opposition coalition failed.The president enters the campaign with public concern over living costs. His government removed Nigeria’s fuel subsidy and changed the foreign-exchange system after taking office in 2023. The measures were aimed at improving public finances and removing market distortions but pushed up transport, food and other household costs.Security is another issue. Nigeria continues to face attacks and kidnappings by armed groups in the northwest and jihadist violence in the northeast. A survey by SBM Intelligence found that close to 80% of respondents believed the country was heading in the wrong direction, with economic hardship and insecurity among their main concerns.Tinubu will campaign on the economic changes made during his first term and signs of stronger growth, while Obi and Atiku are expected to focus on household finances, security and the government’s record. The presidential and parliamentary elections will take place on January 16, followed by governorship and state assembly elections on February 6.

Daba Finance/Nigeria Election Campaign Opens With President Facing Familiar Rivals

Nigeria Election Campaign Opens With President Facing Familiar Rivals

South Africa’s inflation rate fell more than expected in July, giving the central bank more room to keep interest rates unchanged as it weighs the impact of oil prices and the Iran war. Consumer prices rose 4.3% from a year earlier, down from 5% in June and below the 4.5% median forecast in a Bloomberg survey. Prices increased 0.2% from June.Lower fuel and food prices drove much of the slowdown. Petrol prices fell 7.1% during July and diesel dropped 11.7%, pushing annual transport inflation down to 8.9% from 12.7%. Food inflation slowed to 0.6%, its lowest level since 2010, as grain output reduced prices for products including maize meal and bread. Municipal tariff increases were also lower than a year earlier.Underlying price pressure was less clear. Core inflation, which excludes food and energy, rose to 4.2% from 4.1% in June. Services inflation eased to 5% from 5.2%, while goods inflation fell to 3.4% from 4.8%. The rand gained after the data, trading around 0.5% stronger at 16.18 per dollar.The South African Reserve Bank kept its policy rate at 7% in July after raising it by 25 basis points in May. Four policymakers backed the hold while 2 supported another increase. The bank is trying to bring inflation toward its 3% target while assessing risks from oil prices, inflation expectations and weak economic growth.Its next decision is due on September 23. Forward-rate markets are still pricing about a 70% probability of a 25 basis-point increase, though economists are split. Citigroup sees scope for 1 more increase, while Goldman Sachs expects rates to remain at 7% through the end of 2026 before cuts start in early 2027.

Daba Finance/South Africa Inflation Falls to 4.3% as Rate Hold Case Builds

South Africa Inflation Falls to 4.3% as Rate Hold Case Builds

Standard Bank Group is considering buying a stake in Nigerian payments company OPay as the fintech prepares for a possible US stock-market listing that could value it at about $4 billion. The talks are at an early stage and may not result in a deal. The size and structure of any investment have not been disclosed.OPay is working with Citigroup, Deutsche Bank and JPMorgan Chase on the proposed IPO, which could take place later in 2026. A $4 billion valuation would be twice the $2 billion value OPay secured when it raised $400 million in 2021 from investors led by SoftBank Vision Fund 2.Nigeria remains the main source of OPay’s business. Figures circulated ahead of the IPO showed the country accounted for 88.1% of revenue in 2025. Gross transaction value rose to $358 billion from $166.2 billion in 2024, while monthly active users increased to 39.3 million from 25.1 million. Revenue reached $536.3 million. The figures have not been published by OPay in audited financial statements.For Standard Bank, a stake would add exposure to a payments platform with millions of users and merchants. The Johannesburg-based lender had R3.6 trillion in assets at the end of 2025 and operates in Nigeria through Stanbic IBTC. Standard Bank processed more than R164 trillion of payments across its network in 2025, involving about 20 million clients and correspondent-banking relationships.An investment before the IPO could also give OPay an institutional shareholder before it approaches US investors. For Standard Bank, it would provide a route into payment volumes that have shifted from bank branches toward mobile apps, transfers and agency networks. OPay and Standard Bank have not confirmed that a transaction will take place.

Daba Finance/Standard Bank Weighs OPay Stake Ahead of $4B IPO

Standard Bank Weighs OPay Stake Ahead of $4B IPO

AgDevCo Ventures has reached a $49 million first close to provide financing to early-stage farming and food-processing companies in East Africa. The investment vehicle plans to make investments of $1 million to $3 million in agricultural small and medium-sized businesses that struggle to access long-term capital.The financing combines public, development and private capital. The International Fund for Agricultural Development is providing $10 million of subordinated debt, while a group of senior lenders led by the Isenberg Family Charitable Foundation is contributing $11.25 million. The group also includes Small Foundation, A to Z Impact, Rabo Foundation and Netri Fundación Privada.AgDevCo is providing another $28 million in equity using funding from the UK’s Foreign, Commonwealth &amp; Development Office. The structure uses this capital to attract other investors into businesses that may be too small or early for banks and larger development-finance funds.AgDevCo Ventures is based in Nairobi and led by Christine Mwangi. It expects to announce its first investments later in 2026. Over the next 10 years, the vehicle expects companies it finances to benefit more than 128,000 smallholder farmers and create about 2,900 full-time jobs.The vehicle complements AgDevCo’s main strategy, which provides larger investments to companies at later stages of growth. AgDevCo manages $400 million and has made more than 88 investments in African farming and agricultural processing businesses. Ventures will target a high share of Black African-owned and women-owned companies while providing capital and support to help businesses expand.

Daba Finance/AgDevCo Ventures Raises $49M to Back East African Agribusinesses

AgDevCo Ventures Raises $49M to Back East African Agribusinesses

Ninety One has closed its third Africa Credit Opportunities Fund with $404 million, including leverage, as the investment manager expands private lending to companies and infrastructure projects across Africa and other emerging markets. Investors include development finance institutions, pension funds and family offices from Africa, Europe, the UK, the US and Canada.The fund, known as ACO3, focuses on senior secured private credit, with low financial leverage and protections for lenders. It has made more than 30 investments across Africa, Latin America, Asia and Central and Eastern Europe, covering communications, consumer businesses, financial services, healthcare, industry and materials. Ninety One said the fund has also completed several exits.ACO3 reached a $260 million first close in November 2024. IFC, British International Investment and Swiss development finance institution SIFEM were anchor investors, while Standard Bank provided a $45 million debt facility linked to climate and social targets. The final close takes Ninety One’s Emerging Market Senior Credit strategy to $815 million raised across 3 funds.The strategy has deployed more than $1.4 billion, including recycled capital, through more than 100 counterparties in over 30 countries. Ninety One’s Africa Credit Opportunities strategy dates to 2014 and targets about 75% of its investments in Africa and 25% in other emerging markets. The firm managed $244 billion of assets as of June 30.Ninety One said demand for private credit is being supported by a gap between the amount of financing businesses and infrastructure projects need and what banks and public debt markets provide. ACO3 is led by Steven Loubser and Kobina Sam, whose team has managed private and alternative credit investments in emerging markets for 18 years. The fund will continue deploying capital while seeking returns from secured loans to borrowers that may have fewer financing options than companies in developed markets.

Daba Finance/Ninety One Reaches Final Close of $404M Africa Credit Fund

Ninety One Reaches Final Close of $404M Africa Credit Fund

Moody’s Ratings affirmed Africa Finance Corporation’s A3 long-term issuer and senior unsecured ratings, citing stronger capital, solid liquidity and stable asset quality as the infrastructure lender expands its balance sheet. The outlook remains stable. Moody’s also affirmed AFC’s Baa3 junior subordinated rating and P-2 short-term issuer rating.The rating agency said AFC’s capital position has improved as existing and new shareholders add equity. The corporation raised $782 million of new equity by June 2026 under a campaign targeting $1 billion between 2024 and 2028. New shareholders supplied 35% of the capital raised. Usable equity increased to $5 billion in 2025 from $3.9 billion a year earlier.AFC’s usable equity represented 24.5% of risk-adjusted assets in 2025, up from 22.5% in 2024, though Moody’s said the ratio remains below peers. Development-related assets and equity both grew at an annual rate of 23% between 2021 and 2025. The non-performing loan ratio remained below 1% for a second year, while provisions increased to $292 million.Liquidity also supported the rating. AFC’s availability of liquid resources ratio stood at 202% in 2025. The corporation raised a $1.5 billion syndicated loan in 2025 and a $2 billion syndicated loan in 2026. It has also returned to bond markets, including a CHF 350 million digital bond. Moody’s noted that 70% of AFC’s debt matures within 1 to 5 years.The main constraint is shareholder support. Nigeria still accounts for much of AFC’s ownership, with the Central Bank of Nigeria holding 38% of subscribed capital and Nigerian financial institutions another 35%. Callable capital stands at $51 million, equal to just 0.4% of outstanding debt. Moody’s said stronger capital, a broader shareholder base and lower refinancing risk could support an upgrade.

Daba Finance/Moody’s Affirms AFC At A3 With Stable Outlook

Moodys

Moody’s Affirms AFC At A3 With Stable Outlook

Africa Finance Corporation raised CHF 350 million, or about $431 million, through a 5-year digital bond as the infrastructure lender expands its funding sources. The August 12 issue is reportedly the first digital bond from an African institution to be listed, traded and settled through regulated digital market infrastructure. It carries a 1.4925% coupon and was issued under AFC’s $5 billion Global Medium-Term Note Program.The bond is a tokenized security that uses distributed ledger technology to record ownership. It is listed on the SIX Swiss Exchange and deposited with SIX Digital Exchange, with clearing and settlement handled through SIX SIS. AFC said it is the largest digital bond issued in the Swiss-franc market. Commerzbank acted as technical lead, while Deutsche Bank helped arrange the transaction.Swiss investors accounted for about 90% of demand, with international accounts making up 10%. Banks and other financial institutions took 57% of the order book, asset managers accounted for 37% and hedge funds took 6%. The deal is AFC’s fourth Swiss-franc issuance and follows its CHF 150 million green bond issued in 2020.The transaction adds to AFC’s debt raising in 2026. The corporation also issued a $500 million, 5-year senior unsecured bond earlier this year. AFC has an A rating with a positive outlook from S&amp;P Global Ratings, while Moody’s affirmed its A3 rating with a stable outlook on August 14. The institution had total assets of $19.23 billion and net profit of $444.8 million at the end of 2025.AFC will use the proceeds for general funding needs, giving it more capacity to finance infrastructure and industry across Africa. Founded in 2007, the institution has 48 member countries and has invested about $18.5 billion since inception. Its portfolio covers power, transport, telecommunications, natural resources and heavy industry.

Daba Finance/Africa Finance Corporation Raises $431M in Digital Bond Issuance

Africa Finance Corporation Raises $431M in Digital Bond Issuance

Dangote Petroleum Refinery has secured a $1 billion underwriting programme ahead of its planned Nigerian stock-market listing, adding another source of capital as the company prepares what could become Africa’s largest IPO. The programme includes a funded $600 million private placement and a $400 million underwriting commitment that will support the public offer when it launches.Marob Strategies and Consulting DIFC and Lilium Capital Group structured the programme and are acting as co-financial advisers. The $600 million placement was underwritten and funded by Pan-African Refinery Investment SPV, a Lilium subsidiary. The advisers are distributing participation to sovereign wealth funds, governments, institutions and other investors across Africa and the Caribbean.The new backing comes as Dangote moves toward an October listing in Nigeria. The refinery has filed an application with the Securities and Exchange Commission for an IPO of as much as $5 billion, although the final size has not been set. The $400 million commitment is expected to take effect when the offer launches, subject to regulatory approval and market conditions.The financing follows a $2.5 billion private placement announced in July and led by Africa Finance Corporation. That transaction was 3.7 times subscribed and valued the refinery at about $40 billion. Dangote has said it wants the public offer to broaden ownership among Nigerians while bringing more institutions into the shareholder base.Proceeds are expected to support plans to expand refining capacity to 1.4 million barrels a day within 3 years. The refinery near Lagos processes about 700,000 barrels a day and supplies fuel to Nigeria and export markets. Dangote also plans a refinery in Kenya. The plant began production in 2024 after construction costs of about $20 billion. Expansion is expected to be funded through equity, debt and operating cash.

Daba Finance/Nigeria's Dangote Refinery Secures $1B Backing Ahead of IPO

Nigeria's Dangote Refinery Secures $1B Backing Ahead of IPO

Dangote Petroleum Refinery plans to list shares in Nigeria in October in an offering that could raise about $5 billion and become Africa’s largest IPO. Chief Executive Officer David Bird said the company wants Nigerians to take part in its growth and described the planned sale as “the people’s IPO.” A foreign listing is not expected for at least three years.The refinery has submitted an IPO application to Nigeria’s Securities and Exchange Commission, though the final offer size has not been set. A $5 billion raise would be large for Nigeria’s equity market, whose total capitalization was about $116 billion in early August. The company is expected to use part of the proceeds to fund expansion at its Lagos site.Investor demand has already been tested. Dangote Refinery raised $2.5 billion in a July private placement led by Africa Finance Corporation. The transaction was 3.7 times subscribed and included African and international investors. The placement sold about 6% of the company and valued the refinery at around $40 billion.The refinery has also gained from shifts in global fuel markets. It became Europe’s largest supplier of jet fuel in June and July as buyers sought new sources during disruptions linked to the Iran war. The plant now supplies most of Nigeria’s gasoline and diesel demand and all of its jet fuel needs.Dangote plans to increase refining capacity from 650,000 barrels a day to 1.4 million within three years. Bird said the expansion would cost less than the roughly $20 billion spent to build the existing refinery and would be funded through a mix of IPO proceeds and debt. The company wants at least three years of operating and financial results before considering a foreign listing, with London among the venues mentioned.

Daba Finance/Dangote Refinery Rules Out Foreign Listing For Now in  Planned IPO

Dangote Refinery Rules Out Foreign Listing For Now in  Planned IPO

Nigeria’s Terra Industries has raised another $18 million, bringing its seed financing to $52 million as the defense technology startup expands manufacturing in Africa and opens offices abroad. Existing investors 8VC, Silent Ventures, Nova Global, Belief Capital and SV Angel joined the round, along with Norleo Space Investments.The funding follows an $11.75 million round led by 8VC in January and a $22 million extension led by Lux Capital in February. Terra was valued in the nine-figure range after that extension, Chief Executive Officer Nathan Nwachuku said at the time. The company has not disclosed a valuation for the latest financing. Terra was founded in 2024 by Nwachuku and Maxwell Maduka.Terra makes autonomous systems for governments, militaries and operators of infrastructure. Its products include the Archer VTOL drone, the Iroko quadcopter, the Kallon sentry tower and the Kama interceptor drone. The company says its systems protect about $11 billion of assets, including oil, mining and power infrastructure, and it expects more than $100 million of contract bookings by the end of 2026.Part of the funding will go to Pax-2, Terra’s 34,000-square-foot drone factory in Accra, Ghana. The site is designed to reach annual production capacity of 50,000 systems by 2028 and will complement Terra’s factory in Abuja. The company plans to use the facilities to meet demand for drones and counter-drone systems from African customers.Terra is also opening its first international office in London, with plans for an office in San Francisco and a presence in Washington. Nwachuku said the company wants to sell systems beyond Africa, including in the Gulf, South America and South Asia. The expansion marks a shift from Terra’s early focus on Africa toward a wider market for defense systems built and manufactured on the continent as demand grows across several customer markets.

Daba Finance/Nigeria’s Defence-Tech Terra Industries Closes $52M Seed Round

Nigeria’s Defence-Tech Terra Industries Closes $52M Seed Round

SICOR Côte d'Ivoire jumped 42.27% this week to close at XOF 10,080, its strongest weekly gain in months. The coconut products maker has now gained 205.45% since the start of the year, making it the top performer on the exchange. Thin trading in the stock continues to amplify price swings in both directions.The BRVM Composite Index gained 2.51% to close at 497.65 points, a fresh high for the year, with the BRVM 30 up 2.76% to 237.61 points. The BRVM Prestige rose 2.24% to 182.42 points, and the BRVM Principal gained 2.33% to 376.45 points. All major indices closed the week higher.Trading volume rose 66.15% to 10,172,743 shares, up from 6,122,706 the week before. Total value traded rose 39.58% to XOF 11,225.4 million. Market capitalization rose 2.61% to XOF 19,190.0 billion. Sonatel Senegal was the most active stock, with XOF 1,479.5 million in transactions, followed by SOGB and Société Générale Côte d'Ivoire.Breadth stayed positive, with 28 stocks up and 19 down. ERIUM Côte d'Ivoire rose 14.35% to XOF 2,430, and TotalEnergies Marketing gained 12.30% to XOF 3,150. SITAB Côte d'Ivoire fell 5.94% to XOF 23,495 after paying a XOF 1,707.2 dividend. ONATEL Burkina Faso fell 4.76%. Bond market capitalization fell 0.19% to XOF 12,908.6 billion, led by trading in a Togo government bond.

Daba Finance/Sicor Stock Gains 42% as BRVM Composite Hits Year-High

Sicor Stock Gains 42% as BRVM Composite Hits Year-High

Orange Côte d’Ivoire shares rose 4.32% to 18,000 FCFA on Thursday, returning to the highest closing level reached since Jan. 29, 2025, when the stock also finished at 18,000 FCFA. The move lifted the telecom operator’s market value to about 2.71 trillion FCFA and brought its gain since the start of 2026 to 26.32%. Orange CI (<a href="https://dabafinance.com/en/capitalmarkets/ORAC" rel="noopener noreferrer" target="_blank">BRVM: ORAC</a>) was among the five best performers of the session and helped push the broader BRVM market higher.The share move comes as the business continues to post growth across Côte d’Ivoire, Burkina Faso and Liberia. Orange CI reported 2025 revenue of 1.197 trillion FCFA, up 10.4%, while operating profit rose 9.1% to 287.2 billion FCFA and consolidated net income increased 6.1% to 167.8 billion FCFA. The trend continued in the first quarter of 2026, when revenue reached 325.6 billion FCFA, up 14.8%, and net income rose 25.2% to 48.3 billion FCFA. Mobile services, fiber and Orange Money remain the main parts of the group’s business.Income has also remained part of the Orange CI investment case. Shareholders received a gross dividend of 800 FCFA per share for the 2025 financial year, with payment made on June 8. The total gross distribution was 120.52 billion FCFA. After withholding tax, the payment was 720 FCFA per share for companies and 704 FCFA for individuals. The company generated 335.5 billion FCFA of operating cash flow in 2025 while capital spending reached 184.2 billion FCFA.Orange CI’s advance came during a BRVM session that ended higher. The BRVM Composite rose 0.82% to 496.22 points, the BRVM-30 gained 1.00% to 236.58 and the BRVM Prestige added 1.04% to 182.23. Safca and Sicor led gains with increases of 7.45%, while BIIC rose 4.69%. SOGB fell 6.93%, LNB lost 5.77% and CFAO Motors Côte d’Ivoire dropped 5.60%. SOGB still led trading activity, with about 1.17 billion FCFA exchanged, or about one-third of equity turnover.Orange CI joined the BRVM in December 2022 after the Ivorian state sold 9.95% of the company through an IPO priced at 9,500 FCFA per share for most investors. At 18,000 FCFA, the stock is about 89% above that offer price before dividends. The company remains exposed to competition in telecoms and mobile money, as well as taxes, licence costs and network investment needs, but its scale, cash generation and dividend payments continue to keep the stock at the center of the BRVM market.

Daba Finance/BRVM-Listed Orange Côte d’Ivoire Hits Record High in Market Rally

BRVM-Listed Orange Côte d’Ivoire Hits Record High in Market Rally

Jumia has priced a $50 million equity raise led by the International Finance Corporation as the e-commerce company adds cash while working toward break-even. IFC will invest $25 million, with Axian and other investors providing the rest. The investors will buy about 9.1 million American depositary shares at $5.52 each.The funding comes as Jumia’s cash position has fallen. Its liquidity stood at $48.3 million at the end of June, including $47.4 million in cash and cash equivalents, compared with $77.8 million at the end of 2025. Total equity fell to $367,000 from $25.7 million over the same period.Operating results have moved in the other direction. Second-quarter revenue rose 14% from a year earlier to $52 million, while gross merchandise value increased 20% to $216.3 million. Gross profit climbed 28% to $30.7 million and adjusted EBITDA loss narrowed 36% to $8.7 million. Orders and customer numbers also rose.Jumia plans to use the proceeds to support growth, improve efficiency and strengthen its marketplace and logistics network across its 8 African markets. The company has pushed further into cities outside major urban centers, which accounted for 61% of orders in the quarter. It has also cut staff and exited markets, including Algeria in early 2026, as management focuses spending on businesses that can support profit.Jumia is targeting adjusted EBITDA break-even and positive cash flow in the fourth quarter of 2026, followed by full-year adjusted EBITDA profit and positive cash flow in 2027. IFC said its investment could support about 60,000 sellers, around 1,800 jobs and income opportunities for more than 100,000 sales agents. The deal also adds to Axian’s relationship with Jumia after the telecom group bought an 8% stake in 2025.

Daba Finance/Jumia Raises $50M From IFC, Axian in Profitability Push

Jumia Raises $50M From IFC, Axian in Profitability Push

Foreign investors are returning to South African government bonds as a stronger rand and high local yields lift returns from the carry trade.Global investors bought a net R23.1 billion ($1.43 billion) of government debt in the first week of August, the biggest weekly inflow since January, according to JSE data. The purchases helped the dollar-funded rand carry trade return 2.5% so far this month, the best performance among 22 emerging-market currencies tracked by Bloomberg.The move follows a reversal in South African bond markets since March, when the war in Iran pushed oil prices higher and raised inflation concerns. The 10-year government bond yield has since fallen more than 80 basis points to about 8.57% as crude prices eased and the rand strengthened. The currency has gained about 5% against the dollar since the end of March, reducing the risk that foreign investors lose bond returns through exchange-rate weakness.The South African Reserve Bank kept its policy rate at 7% in July after raising it in May. Inflation reached 5% in June, above the bank’s 3% target, with fuel prices driving much of the increase. The bank expects inflation to remain above 4% until early 2027. The gap between South African and US interest rates remains a key support for the rand and the carry trade.South Africa’s fiscal position is also helping demand. The government recorded a primary surplus of 1.1% of GDP in the 2025/26 financial year, above its budget estimate, while the main budget deficit narrowed to 4.3% of GDP. Lower borrowing needs and stronger revenue have supported bonds after 2 years of gains. Foreign demand has also recovered since March’s selloff. Still, oil prices, inflation and shifts in US interest-rate expectations remain risks for investors. Currency stability will determine whether those returns can last.

Daba Finance/Rand Rally Pulls $1.4B into South African Bonds

Rand Rally Pulls $1.4B into South African Bonds

Nigeria’s central bank opened applications for a regulatory sandbox that will let stablecoin companies, virtual asset providers, fintechs and financial institutions test products under supervision. Applications for the second cohort run from Aug. 12 through Aug. 31. The programme has separate tracks for virtual asset services and data-based financial products.The virtual asset track covers stablecoins, custody, digital wallets, exchanges, payment and settlement systems and fiat-to-crypto services. Applicants must have a working product and controls for anti-money laundering, cybersecurity, customer protection and risk management. Stablecoin projects may also need to show how reserves, redemptions and liquidity will be managed. Admission does not amount to a licence.The sandbox follows President Bola Tinubu’s July order setting up a Virtual Asset Council to coordinate crypto oversight. The CBN chairs the council, with the Nigeria Revenue Service and Securities and Exchange Commission serving as vice-chairs. Under the framework, the CBN handles payment, settlement, custody and other non-security virtual asset services, while the SEC oversees assets and activities that fall under securities rules.The SEC already operates its Accelerated Regulatory Incubation Programme for digital asset and investment companies. It admitted 9 firms in July, including Luno Fintech Nigeria, Wrapped CBDC, KuCoin Nigeria and Blockvault Custodian. The CBN sandbox creates a separate route for companies whose products are tied to payments and financial infrastructure.The framework comes as crypto use remains high in Nigeria. The country received more than $92.1 billion in cryptocurrency value between July 2024 and June 2025, according to Chainalysis. Stablecoins are used in cross-border payments, trade and access to dollar-linked assets. The sandbox gives regulators a way to test those uses before deciding how they should operate at scale.

Daba Finance/Nigeria Opens Stablecoin Sandbox as Crypto Rules Take Shape

TechCabal

Nigeria Opens Stablecoin Sandbox as Crypto Rules Take Shape

MTN Group expects underlying earnings to rise as much as 23% in the first half of 2026, even as a writedown on its Iranian business and currency losses cut reported profit. Africa’s largest mobile operator forecast adjusted headline earnings per share of 775 cents to 808 cents, up 18% to 23% from 657 cents a year earlier.Reported earnings moved the other way. Earnings per share are expected at 377 cents to 431 cents, down 20% to 30% from 539 cents in the first half of 2025. Headline earnings per share are expected between 580 cents and 645 cents, compared with 645 cents a year earlier.The gap reflects MTN’s 49% stake in Irancell. The group recorded impairment losses equal to 213 cents per share because of the war in Iran and economic conditions in the country, compared with 104 cents a year earlier. MTN also recorded 178 cents per share of non-operational charges, including 126 cents from foreign exchange losses and 52 cents from hyperinflation.The telecom business continued to grow. MTN said service revenue increased within its medium-term target, while EBITDA margins and free cash flow improved. Nigeria, Ghana and Uganda reported growth during the period. Fintech revenue in Nigeria faced pressure after regulators suspended airtime lending, while MTN South Africa continued to see weakness in prepaid voice revenue.MTN is also moving toward its takeover of IHS Towers. IHS shareholders approved the transaction on Aug. 4, clearing one of the main conditions for MTN to acquire the 75.3% it does not own. Regulatory approvals remain outstanding. MTN expects to publish its full interim results around Aug. 24.

Daba Finance/Iran Writedown Masks MTN Group’s Underlying Earnings Growth

Iran Writedown Masks MTN Group’s Underlying Earnings Growth

IHS Towers increased first-half revenue as a stronger naira and higher sales supported results, but rising energy costs and expenses tied to its proposed sale to MTN Group weighed on profit. Revenue from continuing operations rose 8.2% to $844 million in the 6 months through June from $780.3 million a year earlier. Second-quarter revenue gained 10.4% to $428.6 million.Power costs were the main pressure. IHS spent $205.4 million on power generation, mainly diesel, in the first half, up 24% from $165.4 million a year earlier. Diesel prices rose across Nigeria following increases in global energy prices. Operating income fell 38.4%, while the company reported a $7.5 million net loss in the second quarter compared with a $32.3 million profit a year earlier.Costs linked to MTN’s planned acquisition also affected earnings. IHS recorded $83.1 million in accelerated share-based payments and employee incentives related to the transaction and asset sales. Adjusted EBITDA still rose 2.6% to $514 million in the first half. A stronger naira added $40.7 million to second-quarter revenue and $22.6 million to adjusted EBITDA.Underlying growth was weaker. Organic revenue declined 0.6% in the first half as new tenants, sites and lease changes were offset by lower foreign-exchange-linked revenue and site exits. About 1,050 sites were vacated under IHS’s renewed agreement with MTN Nigeria. IHS operated 37,672 towers at the end of June, down 1,512 from a year earlier, with the sale of its Rwanda business accounting for most of the reduction.IHS is also exiting Latin America ahead of MTN’s $8.50-a-share takeover. Shareholders approved the deal in August, with regulatory clearances still pending. IHS sold its stake in Brazilian fiber company I-Systems for $183 million and completed the sale of its Brazil and Colombia tower operations. It ended June with $1.5 billion of liquidity and $3.11 billion of borrowings.

Daba Finance/IHS Towers Revenue Rises 8.2% as Power Costs Hit Profit

IHS Towers Revenue Rises 8.2% as Power Costs Hit Profit

Cloud9 acquired Kenyan social-commerce startup Chpter in an all-stock deal, adding about 4,500 businesses to its banking platform and completing its second acquisition in 3 months. The Nairobi-based company did not disclose the value of the transaction. It bought ticketing platform M-Tickets in May for about KES100 million, or $773,000.The deal brings Chpter back under founders Tesh Mbaabu and Mesongo Sibuti, who left the company in September 2025 and launched Cloud9 weeks later. Chpter’s standalone app has been shut, while members of its product, engineering, customer success and commercial teams have joined Cloud9. Operational leads Mark Kiarie and Kevin Kuria will not move to the buyer.Cloud9 will fold Chpter’s AI tools for selling through WhatsApp and Instagram into its business-banking platform. The company wants to acquire platforms where customers already transact, then add accounts, payments and other financial products. M-Tickets gives it access to event organisers, while Chpter adds merchants that sell through social media. Cloud9 also offers multi-currency accounts, cross-border payments and treasury services.Chpter raised $1.2 million in pre-seed funding in 2024 and built software that helps businesses manage customer conversations, orders and payments across messaging channels. Mbaabu said buying the company gives Cloud9 a product, customer base, commerce data and technical team that would have taken time to build internally. The deal took about 4 months to negotiate.Cloud9 expects the acquisition to lower customer acquisition costs by giving it a larger base to sell financial services into. The company has not provided a timetable for profitability or its next funding round. Its strategy now depends on whether customers brought in through Chpter and M-Tickets adopt enough banking and payment products to make the acquisitions pay off. The back-to-back deals also signal that Cloud9 plans to use acquisitions, rather than only direct sales, to build scale.

Daba Finance/Cloud9 Buys Kenya's Chpter, Adds 4,500 Merchants in Banking Push

Cloud9 Buys Kenya's Chpter, Adds 4,500 Merchants in Banking Push

South African travel payments startup TurnStay processed more than ZAR1 billion, about $61.5 million, in transactions in the first 6 months of 2026 as it prepares to raise a Series A round. The milestone comes 3 years after founders Alon Stern and James Hedley started the company to cut the cost of accepting payments from international travelers.TurnStay processes card payments in a traveler’s home market before settling funds to African merchants in local currency. It combines a merchant-of-record model with payment routing and stablecoins for cross-border transfers. The company says the system can reduce payment costs by as much as 70% while cutting settlement times.African hotels and tour operators can pay fees of as much as 8% when accepting foreign cards through local payment systems, according to TurnStay. The startup says its rates start at 1.6%. Its customers include safari lodges, tour operators and accommodation providers such as Singita, Safari.com, Londolozi and The Capital.TurnStay raised $300,000 in pre-seed funding in 2024 and another $2 million in seed capital in 2025. The company is now preparing a Series A to support expansion across Africa. South Africa remains its base, while activity is growing in Mauritius, Kenya, Tanzania and Botswana.The company is targeting a problem tied to Africa’s tourism sector: international customers pay in foreign currencies while local businesses need to receive funds at home without losing a large part of each booking to payment and foreign-exchange costs. TurnStay’s growth suggests demand for payment systems built around cross-border tourism. Its next test will be whether it can maintain transaction growth as it enters more markets and takes on the regulatory and banking requirements that come with moving money across borders.

Daba Finance/SA Startup TurnStay Tops  in $62M Payments Ahead of Series A

Disrupt Africa

SA Startup TurnStay Tops  in $62M Payments Ahead of Series A

Africa50 secured $50 million in commitments from two development finance institutions for a fund designed to prepare climate infrastructure projects for investment across Africa. Italy’s Cassa Depositi e Prestiti committed $40 million to the Alliance for Green Infrastructure in Africa Project Development Fund, while France’s Proparco committed $10 million.The AGIA-PD fund provides early-stage capital for projects before construction financing is secured. The money can support feasibility studies, technical work, project design and other steps needed to make infrastructure projects ready for debt and equity investors. Africa50 manages the fund and says project development remains a constraint on private infrastructure investment across the continent.AGIA-PD reached a first close of $118 million in August 2025. Investors included the African Development Bank, Germany’s KfW, the West African Development Bank, the UK Foreign, Commonwealth &amp; Development Office, the Soros Economic Development Fund and the African Climate Foundation. The fund is targeting $400 million in total commitments.Africa50 says the fund could help create as much as $10 billion of bankable green infrastructure investment opportunities. Projects can span sectors tied to climate resilience and the energy transition. The $50 million commitments were announced during Africa50’s Infra for Africa Forum in Dar es Salaam on Aug. 5.Africa50 is backed by African governments and financial institutions and invests in infrastructure development and financing. CDP’s commitment comes through the Italian Climate Fund and supports Italy’s Mattei Plan for Africa. Proparco said its investment is intended to increase the pipeline of green infrastructure projects and support the continent’s energy transition.

Daba Finance/Africa50 Secures $50M from European DFIs for Green Infrastructure Fund

Africa50 Secures $50M from European DFIs for Green Infrastructure Fund

Nigeria is offering tax credits of as much as $11.50 per barrel to attract up to $50 billion into deepwater oil and gas projects. President Bola Tinubu approved the Deep Offshore Oil and Gas Projects Incentives Order on Aug. 11, replacing project-by-project negotiations with rules that apply across qualifying developments. Gas projects can receive credits of as much as $8 per barrel of oil equivalent.The first project expected to use the framework is Shell’s Bonga South West development, which could require about $10 billion and reach a final investment decision in 2027. Shell has considered the project for almost 20 years. Nigeria wants the new terms to revive projects delayed by costs, policy changes and competition for capital from other oil-producing countries.For deepwater fields with reserves of no more than 400 million barrels, the standard credit is $3 per barrel or 20% of the fiscal oil price, whichever is lower. Larger projects can receive $4.50 per barrel under the same test. Extra credits can lift the total benefit to the $11.50 ceiling. The incentives run through Dec. 31, 2029.The framework also allows eligible projects to reset the profit-oil split to 70:30 between contractors and the government. Projects can be ring-fenced for cost recovery and tax purposes. NNPC can amend production-sharing contracts where required, while companies will be asked to use Nigerian engineering, fabrication, marine logistics and technical services where possible.Nigeria is seeking to reverse a decline in upstream investment and production after years of crude theft, pipeline damage and policy uncertainty. Output has fallen from more than 2 million barrels a day to about 1.6 million. The government is betting that fixed rules and tax relief will make stalled offshore fields compete for capital against projects in Angola, Namibia and Mozambique.

Daba Finance/Nigeria Offers Tax Breaks to Lure $50B in Offshore Oil Projects

Bloomberg

Nigeria Offers Tax Breaks to Lure $50B in Offshore Oil Projects

South African startup Tennsa has raised more than ZAR1 million, about $61,000, from Oakvale Invest, becoming the first company backed by the Africa-focused pre-seed fund. The Cape Town company is building artificial intelligence software for small and medium-sized businesses, with the investment aimed at product development and market expansion.Tennsa’s first product, Tennsa OS, connects software already used by a business and combines information from areas such as sales, stock, invoices and communications. The system monitors the data, flags issues that need attention and gives owners information to support operating decisions. Founder Rivar Maharaj says the goal is to use AI to reduce the amount of routine work handled by business owners.Oakvale Invest focuses on African AI companies at the pre-seed stage. The fund targets founders aged 18 to 25 and provides capital alongside support on product focus, go-to-market plans, governance and fundraising. Tennsa is its first disclosed portfolio investment.The deal comes as startups build AI products aimed at business operations rather than consumer chat tools. For small companies, accounting, inventory, customer and payment information can sit across separate systems. Tennsa is betting that a software layer connecting those tools can help owners identify problems before they affect cash flow or customers.The funding gives Tennsa capital to test that model with more businesses, but the company will need to show that SMEs will pay for another software product and allow it to connect to their business data. Oakvale will also need to show that its focus on young founders and pre-seed AI companies can produce a pipeline beyond its first deal. The next measure for Tennsa will be customer adoption, retention and whether its system can turn business data into decisions that save users time or money.

Daba Finance/SA's Tennsa Raises Funding in Oakvale’s First AI Investment

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