The ambitious acquisitions of Oando Plc, the Nigerian energy company that once styled itself as the largest integrated energy solutions group in sub-Saharan Africa, has led to crippling debt and a potential delisting.
Oando Plc is struggling to stay afloat despite offloading several subsidiaries a few years ago. Since its shareholders’ equity turned negative in 2019, the gap between its liabilities and assets has almost tripled, according to its latest financials.Can an African ratings agency provide a fairer assessment of African credit?
The AU is pushing for an Africa-centric credit rating agency to address chronic low ratings from major agencies like S&P, Moody’s and Fitch. These low...MTN Nigeria is reviewing its tower lease contracts after it lost more money due to the naira’s devaluation than any other company in the country. The ...Banks, telecommunication firms and alcohol manufacturers operating in Kenya will be the hardest hit as the government proposes a return of higher exci...