Author: Loni Prinsloo

Nigeria’s central bank governor will meet with MTN Group and four banks to negotiate a dispute over $8.1-billion the bank says was transferred illegally out of the country, sources said.

Stephen Van Coller, EOH Holdings’ new CEO, said he will use a R1-billion cash injection from a stake sale to black investors to pay for acquisitions and decrease the group’s bank debt.

MTN Group, facing a combined $10-billion in claims from Nigerian authorities, has said it may no longer seek to raise capital through an initial public offering on the country’s stock exchange.

MTN Group is considering a replacement for long-time chairman Phuthuma Nhleko, with former deputy finance minister Mcebisi Jonas lined up as his possible successor.

South African-based private equity firm Harith General Partners is buying into a fibre-optic cable network in Malawi as it invests more than $1-billion (R15.3-billion) in infrastructure on the continent.

MTN Group CEO Rob Shuter said the company is committed to Nigeria even as it considers how to respond to an order to return $8.1-billion in repatriated funds.

Vodacom is negotiating a wireless network sharing deal with Telkom as a replacement for former partner Cell C, according to people familiar with the matter.

Naspers is working to reduce its exposure to Johannesburg’s stock exchange as Africa’s largest company seeks to narrow its valuation gap with flagship asset Tencent Holdings.

Cell C is planning a share sale in Johannesburg by the first quarter of 2020 as South Africa’s third largest wireless company seeks funds for acquisitions.

MTN Group is exploring a sale of shares in African online retailer Jumia and values the company at as much as US$1-billion, according to people familiar with the matter.