AGP Executive Report

Dangote Refinery IPO Push: Dangote Petroleum Refinery & Petrochemicals has completed a US$1bn underwriting programme ahead of its planned IPO, including a funded US$600m private placement plus a further US$400m underwriting commitment, with advisers Marob Strategies and Lilium Capital coordinating participation from sovereign wealth funds, governments and institutions. Fintech & Banking Dealmaking: Standard Bank is in early talks to buy a stake in Nigeria’s OPay ahead of a potential US listing later in 2026, as OPay works with major banks on the share sale and targets a valuation around US$4bn. Energy Pricing Transparency: South Africa’s electricity minister unveiled a revised electricity pricing policy for public comment, aiming for transparent, cost-reflective tariffs and reducing hidden costs tied to municipal debt from non-payment. AI in Payments: Fireblocks launched Flow Analytics for real-time stablecoin payment tracking, giving payment providers and fintechs visibility across 800+ wallets and settlement in chosen stablecoins. Insurance Performance: Nigeria’s Heirs Insurance Group reported N19.4bn claims paid in 2025 (up 87% y/y) alongside strong premium growth, despite FX headwinds. Investment Climate Reform: Ghana abolished minimum capital requirements for most foreign investors under the 2026 GIPA Act, removing barriers for smaller firms and knowledge-based businesses. Health Economy Focus: Ethiopia hosts the East Africa Health Federations Conference (Aug 21-23) to boost local production, private investment and regional trade in medicines and medical supplies.

BRICS & Payments: Iran’s central bank governor says Tehran will soon join the BRICS New Development Bank, alongside talks on linking payment systems and digital currencies to speed up cross-border transfers. SADC Industrial Push: At the 46th SADC summit in Durban, leaders backed a regional tourism visa and put critical minerals, infrastructure and agriculture at the centre of a renewed industrialisation drive, with Ramaphosa taking the chair. Ghana Investment Reset: Ghana’s GIPA Act 2026 (Act 1173) is set to modernise the country’s investment framework, aiming to boost confidence with provisions on sustainable investment, technology transfer and social inclusion. Banking Performance: UBA Ghana reports strong H1 2026 results, with assets up to GH¢13.27bn, customer loans more than doubling, and a sharp fall in gross NPLs to 1.7%. FX Risk Training: WAIFEM urges WAMZ reserve managers to strengthen institutions and risk systems as shocks from geopolitics and climate intensify. Zambia Election & Growth: Hakainde Hichilema wins a second term, with investors watching continuity as Zambia leans into copper-led, IMF-aligned growth. South Africa Compliance & Care: Reports highlight strain in South Africa’s education “care system” as teachers and support services exit under pressure, while fraud warnings target fake SARS messages.

SADC Summit: South Africa’s President Cyril Ramaphosa urged “peace and development” to move together, calling for more preventative diplomacy and dialogue to secure lasting stability across the region. AfCFTA Customs Alarm: Nigeria’s Bergmans won a $3.1bn, 20-year AfCFTA concession to digitize and harmonize customs across 50 countries, but analysts are raising red flags over the firm’s opaque credentials and limited public track record. Debt Pressure: Botswana’s domestic debt doubled to P56.06bn while external debt rose to P27.88bn, with borrowing expected to stay necessary as growth remains subdued. Central Bank Watch: Namibia’s business community pressed the central bank on the long-run cost of the peg to the rand, as households feel policy impacts mainly through monthly instalments. Payments Leadership: Airtel Payments Bank named Shabnam Sinha as chairperson (pending approvals), as it prepares for a board transition. Courtroom Finance: South Africa’s Constitutional Court permanently blocked Shell’s Wild Coast offshore exploration right, citing failures on consultation, climate and coastal protection. Cross-border Finance: EFCC facilitated recovery of $60m from Nigeria’s Nestoil to lenders as part of a structured debt repayment plan. Digital Trade & Inclusion: Sybrin announced a push to modernize Ethiopia’s digital payments, partnering with Moti Engineering to scale onboarding, fraud resilience and workflow automation. Reserves Snapshot: Morocco’s foreign exchange reserves hit a record $48.6bn in 2025, ranking fifth in Africa and boosting import-financing buffers.

BRICS & Payments: Iran’s central bank chief says Tehran will soon join the BRICS New Development Bank, with BRICS officials also discussing payment-system links and digital currencies to speed and cut cross-border transaction costs. South Africa Derivatives Reform: SA regulators plan mandatory central clearing for over-the-counter derivatives, starting with rand interest-rate swaps and forwards, with final rules targeted for 2028. Higher Education Funding: South Africa’s NSFAS faces an estimated R15bn shortfall as demand for free higher education outpaces government funding, threatening support for hundreds of thousands of students. Border Control Pressure: South Africa intercepted 4,229 undocumented foreign nationals at land and air entry points between April and July, while repatriations hit 89,936 by early August. Crypto Tax Risk (Nigeria): Nigeria’s new crypto tax rules (including a 1.5% stamp duty on virtual asset transfers) could push users to foreign unregulated platforms, industry groups warn. Emerging Markets Flows: Reuters reports investors are still pouring money into emerging-market debt as reforms, stronger reserves and diversification cushion shocks. Energy & Courts: South Africa’s top court permanently blocks Shell’s Wild Coast offshore exploration, dealing another blow to the project. Education & Infrastructure (Liberia): A call for urgent repairs at the University of Liberia highlights delays in releasing renovation funds and the need for routine maintenance.

BRICS & Payments: Iran’s central bank governor says Tehran will soon join the BRICS New Development Bank, with BRICS talks also focusing on linking payment systems and digital currencies to speed up cross-border transfers. Trade & Industrial Policy: Nigeria’s House committee chair Jafaru Yakubu says China’s zero-tariff access for African countries can accelerate industrial transformation—if countries build productive capacity to use the new market access. Capital Markets: Nigeria’s stock market slid, with the NGX All-Share Index down 1.14% week-on-week and market value losing about N1.89tn as 59 equities declined. Banking & Sports Sponsorship: Malawi’s NBM CEO Harold Jiya pledged full payment of Scorchers’ bonuses ahead of the WAFCON final, reinforcing the bank’s local brand support. Elections & Accountability: SERAP urged Nigeria’s INEC, EFCC and ICPC to investigate alleged vote-buying and violence in Osun, including tracing funds and preserving mobile-money and banking records. Water & Public Services: South Africa’s water deputy minister David Mahlobo claims 91.3% household water access under the ANC, while residents dispute the figures amid reports of leaking pipes and unreliable supply. Infrastructure Finance: South Africa’s Sanral scholarship programme backs Grade 8–12 learners for 2027, covering fees, transport and support to reduce education cost barriers.

BRICS Expansion: Iran’s central bank chief says Tehran will soon join the BRICS New Development Bank, alongside talks on linking payment systems and digital currencies to speed up cross-border transfers. Regional Integration Push: Zimbabwe urges SADC to turn integration promises into real benefits for citizens as South Africa prepares to chair the bloc’s summit in Durban, with focus on industrialisation, infrastructure, agriculture and critical minerals. South Africa Jobs Reality Check: After South Africa drove out thousands of foreign workers, unemployment still climbed to 33.6% in the second quarter, underlining how migration crackdowns aren’t fixing labour markets. Crypto Compliance Crackdown: Nigeria’s SEC orders capital market operators to freeze assets tied to six alleged terrorist financiers, while Nigeria also sees SEC directives to cut correspondent banking links with high-risk jurisdictions like Iran and North Korea. Telecom Connectivity Leap: Airtel Africa commercially launches Starlink mobile satellite service in DRC, extending coverage for remote users and emergency response. Automotive Shift to Local Production: Chery’s purchase of Nissan’s Rosslyn plant signals a growing move by Chinese automakers to build in Africa as EV and hybrid demand rises. Energy Transition Bottleneck: South Africa’s renewables buildout faces “gridlock” risks as transmission lines lag behind new generation capacity. SADC Integration Meets Elections: Zambia’s Hichilema holds an early lead in the presidential race, with investors watching continued pro-business reforms. Eskom Restructuring Tension: Unions warn Eskom restructuring or partial privatisation could raise costs and threaten service delivery in power-dependent Eswatini. Finance & Growth Theme: Commentary argues Africa’s next deal cycle hinges on stronger financing and financial architecture, not just policy ambition.

BRICS Finance Move: Iran’s central bank chief says Tehran will soon join the BRICS New Development Bank, with BRICS talks also focusing on linking payment systems and digital currencies to speed up cross-border transfers. South Africa Power Crunch: Eskom says it’s pushing for reliability, but outages still hit homes and businesses as the utility works through its turnaround. Tanzania Energy Trade: Tanzania says the Julius Nyerere Hydropower Project will add 2,115MW, widening surplus power to 2,636MW and boosting regional electricity exports. Kenya Digital Trade Push: Nairobi will host the Digital Trade Congress 2026 to scale AfCFTA e-commerce, with policymakers and investors backing trusted digital markets. Nigeria Crypto Oversight: Nigeria’s SEC admits three more crypto firms into its ARIP sandbox, bringing participants to 14. Terror Finance Crackdown (Nigeria): The SEC orders freezes on assets tied to nine suspected terrorism financiers. Education Funding Pressure (South Africa): NSFAS faces a R15bn shortfall, putting free higher education plans at risk. Trade & Industry (Egypt-Libya): Egypt and Libya sign up for an industrial integration exhibition aimed at joint ventures and value-chain investment. Capital Markets (Nigeria): Nigeria’s NGX shares end a volatile week lower after heavy profit-taking.

BRICS & Payments: Iran’s central bank chief says Tehran will soon join the BRICS New Development Bank, with BRICS officials also discussing payment-system links and digital currencies to speed up cross-border transfers. Capital Markets & Compliance: Nigeria’s SEC orders capital market operators to freeze assets tied to designated terrorism financiers, while also admitting “Blockchain” into its Accelerated Regulatory Incubation Programme. Banking Performance: Standard Bank reports strong South Africa-led profit growth, with reforms boosting lending and earnings. Regulation & Payments: South Africa’s Reserve Bank moves to end Pasa’s self-regulation role in the payment system management model. Energy & Courts: South Africa’s Constitutional Court permanently halts Shell’s Wild Coast exploration over flawed public participation. Housing Finance: Kenya’s affordable housing push faces financing and tax-policy uncertainty, with private-sector calls for more predictable rules. Diaspora Investing: Nigeria’s president urges diaspora Nigerians to invest in productive sectors, not just property, using governed investment clubs and sector funds.

BRICS & Payments: Iran’s central bank chief says Tehran will soon join the BRICS New Development Bank, alongside talks on linking payment systems and digital currencies to speed cross-border transfers. Insurance Expansion: Kenya Reinsurance plans a $20m entry into Tanzania, targeting a Sept 1, 2026 launch to boost local insurers’ capacity for bigger risks. Capital Markets Compliance: Nigeria’s SEC orders immediate asset freezes tied to six alleged terrorism financiers and three entities, warning of sanctions for non-compliance. Housing Finance: Kenya’s KMRC will host an Aug 20–21 Affordable Housing Conference focused on unlocking homeownership through financing models, not just new builds. Banking Tech Upgrade: Stanbic IBTC improves transaction banking via Nucleus Software’s FinnAxia 9.0, aiming for more real-time payments and cash management. Crypto & Remittances: South Africa’s draft crypto rules could let authorised providers use crypto in the background for some cross-border remittances, with caps of ZAR 5,000 per day. Telecom Connectivity: Airtel Africa and Starlink launch satellite-to-mobile service commercially in DR Congo, enabling SMS and light-data without special equipment. Energy Market Push: West African regulators move to create a regional refined-fuel pricing benchmark and trading hub, driven by Dangote’s refinery. Terror & Sanctions: Binance says it will restrict processing with 16 crypto platforms as sanctions-related regulatory pressure grows.

Banking & Capital Markets: Standard Bank posted record R26.1bn interim headline earnings, with Africa Regions contributing N$10.4bn (40% of group earnings), and announced a major dividend after strong ROE. Energy & Industry: NUMSA warned Eskom’s planned unbundling could weaken the utility and open the door to private capture, as Ramaphosa stressed affordability is now the key test for electricity reforms. FX & Monetary Policy: Nigeria’s naira strengthened after the CBN eased FX and securities restrictions and reopened access to its discount window. Trade & Development Finance: Africa Finance Corporation led a $2.5bn Dangote refinery equity raise, oversubscribed 3.7x, as capacity targets move toward 1.4m bpd. Fintech & Payments: XTransfer says it served over 1m enterprise clients globally in 2025, processing $60.5bn in cross-border payments. Climate Finance: Access Bank Ghana secured certification as a carbon credit broker, positioning it to intermediate ITMOs and other carbon assets. Governance & Social Protection: South Africa’s ETA flagged 6,126 fraudulent travel applications, while Malawi admitted its social protection system still suffers coverage gaps and donor reliance. Water & Accountability: Tougher water laws could expose municipal managers to personal criminal liability, but SALGA says systemic funding and infrastructure backlogs are being ignored.

BRICS & Payments: Iran’s central bank governor says Tehran will soon join the BRICS New Development Bank, as BRICS finance chiefs also discuss linking payment systems and digital currencies to speed up cross-border transfers. Cyber Risk: Check Point reports African organisations faced 3,237 cyber attacks per week in July, with ransomware up 87% and GenAI exposure rising—financial services, government and energy hit hardest. Water Finance: Water Security Africa Johannesburg launches a 2026 programme focused on making water projects “bankable,” pushing blended finance, public-private partnerships and practical resilience solutions. Digital Trade & Money: A push to integrate BEAC into PAPSS highlights efforts to settle intra-African trade in local currencies, cutting costs and delays. Fintech Turnaround: OPay swings to profit in FY2025, with revenue up 161% to $536.3m, driven by transaction growth and lending expansion ahead of an IPO. Ghana Integrity: CIPA Holdings Group wins Ghana Business Integrity Awards for clean energy financing and sustainable infrastructure. Ghana–SA Evacuation Row: Ghana says it fully funded evacuation of nationals from South Africa and won’t reimburse Pretoria’s reported $18m bill. Youth & Money Skills: International Youth Day coverage stresses financial literacy as Africa’s digital economy grows, arguing access must be matched with readiness.

BRICS & Cross-Border Finance: Iran’s central bank governor says Tehran will soon join the BRICS New Development Bank, as BRICS finance chiefs discuss linking payment systems and digital currencies to cut the cost of cross-border transfers. Digital Commerce Boost: The World Bank Group’s IFC backs Jumia with a $25m equity investment to expand Africa’s e-commerce infrastructure, targeting tens of thousands of sellers and jobs. Banking Results: Kenya’s KCB posts a 20.8% jump in profit before tax to KSh 49.3bn for H1 2026 and raises its interim dividend. SME Funding & Receivables: South Africa’s receivables finance market is growing fast, but experts argue SMEs still face a big funding gap and need a more SME-friendly factoring ecosystem. Monetary Policy Watch: Namibia keeps its repo rate unchanged at 6.75% as inflation pressures remain concentrated in fuel and transport. Trade & Logistics: Kuehne+Nagel expands its Phnom Penh container freight station capacity in Cambodia to support rising regional cargo flows. Energy Market Integration: West Africa pushes for a regional refined fuel settlement facility and harmonised rules to unlock a much larger energy market.

E-commerce Finance: Jumia shares jumped about 8% after Q2 results beat expectations and the company secured a fresh $50m financing round led by the IFC, signaling renewed momentum toward profitability. Digital Jobs & Inclusion: MTN launched an AI-powered Job Board on its Skills Academy to match learners to roles and guide course choices, aiming to close Africa’s digital skills-to-employment gap. Banking & Markets: Access Bank Cameroon rolled out “Access Invest” to digitise CEMAC government securities trading, while Standard Bank said it has launched direct payments for trade with China. Crypto & Policy: Africa’s crypto ecosystem pushed for early access to frontier AI models to help open-source defenders keep up with criminals using advanced AI. Regional Climate Finance: ECOWAS is working to unlock a West Africa carbon market and close a $294bn climate-finance gap. IMF Support: The IMF agreed a new $439m program for Guinea to help turn resource wealth into broader growth. Women & Finance: Women in mining were urged to strengthen digital records and transparency to improve access to finance and cross-border trade. Governance & Media Rights: MFWA called for an end to arbitrary arrests and prolonged detention of journalists in Mali, Burkina Faso, Niger and Guinea. Energy Infrastructure: Global South Utilities inaugurated a 50MW solar plant in the Central African Republic, boosting generation capacity and grid stability.

Corporate Leadership Shock: Godrej Consumer Products (GCPL) shares plunged ~10% to a 52-week low after CEO Sudhir Sitapati resigned days after shareholders approved his reappointment; CFO Aasif Malbari was elevated as MD & CEO, and the board said the prior reappointment resolution will not be acted on. Market Integrity & Risk: Trustco Group urged investors to stay cautious as it advances planned delisting from the JSE/NSX (with a future Nasdaq listing in view), warning shareholders until a full delisting announcement. Capital Markets & Growth: Kenya’s KCB Investment Bank is shaping a proposed ~$3bn vehicle to help domestic institutional capital absorb large corporate stakes and improve exit routes, amid valuation gaps between private deals and the NSE. Trade & Payments: BRICS finance chiefs are discussing linking CBDCs and fast payment systems to cut cross-border transfer costs and speed up trade/remittances. Energy & Industry: Namibia’s mining debate is sharpening around balancing growth with ESG and community impacts as global demand for critical minerals rises. Elections & Macroeconomics: Zambia goes to polls testing Hakainde Hichilema’s economic record as voters weigh debt restructuring gains against living-cost pressure. Digital Divide: South Africa’s energy minerals boom is widening gaps as limited internet access leaves mining communities disconnected from the digital economy. Regional Business: Nigeria and Botswana are partnering to build a trade gateway into SADC under AfCFTA, targeting manufacturing, agribusiness, pharma and logistics. Youth & Jobs: Liberia’s youth unemployment picture is misleading, with most young workers stuck in informal, insecure work without a clear route to better jobs.

Payments & Regulation: South Africa’s SARB is dismantling PASA’s role in payment-system management and moving to a modernised framework under its Payments Ecosystem Modernisation programme, with everyday payments expected to continue uninterrupted. Crypto & Exchange Controls: The SARB also published a draft crypto asset manual for offshore transactions, proposing bans on using crypto for offshore receipts/payments and tighter reporting/limits for individuals and licensed providers. Banking Standards: Ghana’s BoG and CIB Ghana reaffirmed commitments to ethics, professionalism, customer protection, cybersecurity and fraud prevention. Monetary Policy: Kenya’s central bank held its benchmark rate at 8.75% for a third straight meeting, citing stable shilling and growth while watching fuel-driven inflation risks. Energy Investment: Nigeria says its renewable programmes have unlocked over $1.3bn in investment commitments via solar and electrification schemes. Tourism & Development Finance: Uganda Development Bank sponsored the Tusker Lite Rwenzori Marathon, backing tourism as a foreign-exchange driver. Corporate/Market Moves: MTN reported a strong first-half earnings jump on improved Nigeria, Ghana and Uganda performance. Oil & Gas Services: Sahara Upstream strengthened its integrated oilfield services platform with a new director appointment. Mining: Lake Victoria Gold published a maiden NI 43-101 resource estimate for its Tembo Gold Project in Tanzania. Tech for Local Industry: Chinese AI firms are partnering with emerging markets to build local large language models, including multilingual support for underserved languages.

Women’s Financial Planning: A South African financial planner says women often earn less and take career breaks, so couples should plan together early—building shared portfolios, emergency funds (about six months), and clear money dialogue to protect against death or divorce. SME Jobs Boost: South Africa’s Business Partners (via its youth jobs fund) will put R150m into SMEs to hire young people, targeting about 1,000 jobs for ages 18–35. Health & Human Capital: UCT has opened a new neuroscience centre focused on protecting children’s developing brains, aiming to improve diagnosis and treatment and train local leaders. Fuel Cost Pressure: South Africa’s September fuel outlook has worsened on early Central Energy Fund data, pointing to higher petrol and a bigger diesel increase amid Middle East-driven oil volatility. Insurance & Inclusion: Heirs Life Assurance appoints Pastor Jerry Eze as Independent Non-Executive Director, citing trust-building to deepen insurance adoption in Nigeria. Energy & Cash Flow: South Africa’s transmission operator says it will pay full curtailment compensation claims (R1.5bn backlog) upfront before technical verification to ease renewable project cash squeezes. Trade & Payments: Nigeria Customs and Afreximbank are pushing customs modernisation to cut border delays and support AfCFTA trade growth. Security Cooperation: Uganda’s UPDF chief urges stronger regional security institutions as Eastern Africa Standby Force reforms progress. Climate Risk to Health: Kenya faces rising malaria risk as climate change shifts transmission into higher-altitude areas, according to a Nature study. Oil Investment Outlook: Nigeria’s upstream regulator expects up to $50bn in offshore projects over five years, citing improved investment confidence in fiscal and legislative stability.