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African Debt Issuance Raised $15.5Bn Proceeds for 2015

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Thomson Reuters, the world’s leading source of intelligent information for businesses and professionals, has released the annual investment banking analysis for Sub-Saharan Africa.

According to estimates from Thomson Reuters / Freeman Consulting, Sub-Saharan African investment banking fees reached $476.4 million in 2015, 24% more than the value recorded during the same period of last year. Fees from completed M&A transactions totalled $174.5 million, a 96% increase from last year and the highest annual period since 2011.

Sneha Shah, managing director, Africa, Thomson Reuters, said: “The value of announced M&A transactions with any Sub-Saharan African involvement reached US$66.7 billion for 2015, 73% more than the value registered during 2014.”

“Sub-Saharan African equity and equity-related issuance totaled $3.9 billion during the fourth quarter of 2015, a 93% sequential increase in value from the third quarter of 2015. Sub-Saharan African debt issuance raised a total of $15.5 billion in proceeds for 2015, a 22% decline compared to last year, and the lowest annual period since 2012,” she added. 

In respect to investment banking fees, fees from debt capital markets underwriting also increased 41% year-on-year to reach $63.0 million.  Syndicated lending fees fell 21% from over a year ago to US$108.1 million.

Equity capital markets underwriting fees grew 14% to US$130.8 million, and accounted for 27% of the overall Sub-Saharan African investment banking fee pool.

Rand Merchant Bank earned the most investment banking fees in Sub-Saharan Africa for 2015, a total of $48.5 million for a 10.2% share of the total fee pool. 

Rand Merchant Bank also topped the completed M&A fee rankings during 2015. Java Capital (Proprietary) Ltd took the lead for ECM underwriting with 14.4% share of the ECM fee pool. 

Deutsche Bank took first place for DCM underwriting with 13.2% share of the total DCM fees. Standard Chartered ranked first place for syndicated loans fees and captured 11.1% of the loans fee share.
 
As for M&A deals, outbound activity increased 13% compared to 2014 and reached US$6.7 billion in deal value.

South Africa’s overseas acquisitions accounted for 74% of Sub-Saharan African outbound M&A activity, while acquisitions from Mauritius and Seychelles companies accounted for 19% and 4%, respectively.

Inbound M&A significantly grew by 283% year-on-year to US$41.1 billion, the highest annual period in any given year. Domestic and inter-Sub-Saharan African M&A reached US$11.9 billion, down 32% from last year.

The Consumer Products & Services industry was the most active sector with $24.0 billion worth of deals, and accounted for 36.0% of Sub-Saharan African involvement M&A.

The largest deal with Sub-Saharan African involvement in 2015 was the $22.6 billion reverse takeover transaction of Steinhoff International Holdings NV facilitated by an offer from Genesis International Holdings NV. Goldman Sachs topped the 2015 announced Any Sub-Saharan African Involvement M&A League Table with US$15.9 billion and captured 23.8% market share.
 
In respect to Equity Capital Markets, Sub-Saharan African ECM activity was up by 37% year-on-year to reach US$9.3 billion in 2015. This is the highest annual period for the region’s ECM activity since 2007. 

Ten initial public offerings raised $544.5 million and accounted for 6% of the ECM activity in the region, while follow-on offerings and convertibles accounted for 81% and 13% market share, respectively. 

Naspers Ltd raised US$2.5 billion from a follow-on offering in December, the largest equity offering in the region so far this year. Citi took first place in the 2015 Sub-Saharan African ECM ranking with a 21% market share.

As for Debt Capital Markets, South Africa was the most active issuer nation with $5.5 billion in bond proceeds which accounted for 35% of market activity, followed by Ivory Coast with 28% market share worth US$4.3 billion in proceeds. The Republic of Angola offered the largest bond issuance for the region this year with its $1.5 billion sovereign debt in the form of Eurobonds.  Deutsche Bank took the top spot in the Sub-Saharan African bond ranking for 2015 with a 19% share of the market.


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Nigeria, Others Lag Behind as Egypt Tops Africa in AI Readiness

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Nigeria and other Sub-Saharan Africa countries rank ninth out of nine global regions as Egypt has emerged as Africa’s leading country in artificial intelligence readiness, ranking first on the continent and 51st globally in the 2025 Government AI Readiness Index published by Oxford Insights.

The impressive ranking has been lauded as underscoring North Africa’s growing influence in the global AI race.

According to Egypt’s Ministry of Communications and Information Technology (MCIT), the country scored 57.5 points out of 100, climbing 14 places from 65th in 2024.

The Nile nation also ranked fourth in the Middle East and North Africa (MENA) region, behind Saudi Arabia, Israel and the United Arab Emirates.

The Oxford Insights index assesses 195 governments using 69 indicators across six pillars, including policy capacity, governance, AI infrastructure, public sector adoption, development and diffusion, and resilience.

Egypt topped the Policy Capacity pillar globally with a perfect score of 100, tying with the UK, Serbia and Australia, an indicator of strong national AI policymaking and institutional readiness.

Oxford Insights noted that countries such as Egypt are “expanding the use of AI across national priorities while shaping policies to strengthen domestic AI ecosystems,” although gaps in infrastructure and talent development remain in some contexts.

MCIT minister Amr Talaat attributed Egypt’s strong performance to deliberate government action.

“This achievement reflects our efforts to integrate artificial intelligence into public services and accelerate digital transformation through Egypt’s second National AI Strategy. We are positioning Egypt as a regional AI hub while ensuring AI delivers real economic and social value,” he said.

Launched for 2025–2030, Egypt’s National AI Strategy targets sectors such as healthcare, justice and public administration, while aiming to train 30 000 AI specialists by 2030 and raise AI’s contribution to GDP to 7.7%.

Talaat also highlighted Egypt’s cybersecurity credentials when he highlighted that the country ranked among the top 12 globally in the ITU’s Global Cyber security Index.

Regionally, the results expose sharp contrasts across Africa. Sub-Saharan Africa ranks ninth out of nine global regions, with an average score of 28.04, reflecting persistent gaps in AI infrastructure and public sector adoption.

However, countries such as Kenya, South Africa, Mauritius and Nigeria lead the sub-region, while Rwanda and Ethiopia are gaining momentum through innovation hubs and policy reforms.

In contrast, the MENA region ranks fifth globally, buoyed by significant investment in AI infrastructure and policy capacity, particularly in Gulf states.


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SERAP Sues INEC Over Alleged ₦55.9Bn Election Funds Diversion

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Socio-Economic Rights and Accountability Project (SERAP) has dragged the Independent National Electoral Commission (INEC) to court over the alleged failure to account for ₦55.9 billion reportedly meant for the procurement of election materials for the 2019 general elections.

SERAP Sues INEC Over Alleged ₦55.9Bn Election Funds Diversion

The grave allegations are documented in the latest annual report published by the Auditor-General on 9 September 2025.

In the suit number FHC/ABJ/CS/38/2026 filed last Friday at the Federal High Court in Abuja, SERAP is seeking: “an order of mandamus to direct and compel INEC to account for the missing or diverted N55.9 billion meant to buy smart card readers, ballot papers, and other election materials for the 2019 general elections.”

SERAP is also seeking: “an order of mandamus to direct and compel INEC to disclose the names of all contractors paid the N55.9 billion for the procurement of smart card readers, ballot papers, result sheets, and other election materials for the 2019 general elections, including the names of their directors and shareholders.”

In the suit, SERAP is arguing that: “INEC must operate without corruption if the commission is to ensure free and fair elections in the country and uphold Nigerians’ right to participation.”

SERAP is also arguing that, “INEC cannot ensure impartial administration of future elections if these allegations are not satisfactorily addressed, perpetrators including the contractors involved are not prosecuted and the proceeds of corruption are not fully recovered.”

According to SERAP, “INEC cannot properly carry out its constitutional and statutory responsibilities to conduct free and fair elections in the country if it continues to fail to uphold the basic principles of transparency, accountability and the rule of law.”

SERAP is also arguing that, “These allegations also constitute abuse of public office and show the urgent need by INEC to commit to transparency, accountability, clean governance and the rule of law.”

SERAP also said, “Allegations of corruption in the supply of smart card readers, ballot papers, result sheets and other election materials directly undermine Nigerians’ right to participate in elections that are free, fair, transparent, and credible.”

The lawsuit filed on behalf of SERAP by its lawyers, Kolawole Oluwadare, Kehinde Oyewumi, and Andrew Nwankwo, read in part: “These grim allegations by the Auditor-General suggest a grave violation of the public trust, the Nigerian Constitution 1999 [as amended] and international anticorruption standards.”

“According to the recently published 2022 audited report by the Auditor General of the Federation (AGF), the Independent National Electoral Commission (INEC) ‘irregularly paid’ over N5.3 billion [N5,312,238,499.39] ‘to a contractor for the supply of Smart Card Readers for the 2019 general elections’.

“The contract was awarded without prior approval from the Bureau of Public Procurement (BPP) and the Federal Executive Council. The payment was also ‘made without any document. There was no evidence of supplies to the commission.’”


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FG Inaugurates N40Bn CCTV Control Centre for Third Mainland Bridge

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Federal government has inaugurated a ₦40 billion closed-circuit television (CCTV) control centre for the Third Mainland Bridge in Lagos.

FG Inaugurates N40Bn CCTV Control Centre for Third Mainland Bridge

Speaking at the inauguration on Sunday, David Umahi, minister of Works, said the project followed extensive rehabilitation works carried out on the bridge after the current administration took office in 2023.

“When we came on board in 2023, we met a very terrible Third Mainland Bridge,” Umahi said, adding that the structure, along with Carter and Iddo bridges, required comprehensive re-evaluation and repairs both above and below water level.

He said President Bola Tinubu approved the total rehabilitation of the bridge, including replacement of expansion joints, noting that the completed work had improved driving conditions and extended the bridge’s lifespan.

Umahi said the CCTV system, first announced in 2025, was designed to curb dangerous driving, prevent suicide attempts and strengthen security.

He added that security personnel would monitor live footage from the control centre and enforce speed limits on the bridge.

The minister commended the China Civil Engineering Construction Corporation (CCECC), which executed the project, for what he described as high-quality delivery. He said the contract also included a surveillance boat and two Hilux vans, which would be handed over to the police to support monitoring and rapid response.

“The idea is that we can see everything that is happening on the bridge,” Umahi said, expressing concern over excessive speeding and urging motorists to comply with traffic regulations.

Earlier, Olufemi Dare, federal controller of works in Lagos, said the facility was the first of its kind on any bridge in Nigeria.

He said the system allows real-time monitoring of activities on the bridge and surrounding waters.

Dare said the project includes 240 solar panels, 10 inverters, a 300 KVA transformer, a standby generator, multiple monitoring screens and full air-conditioning for the control centre.

He added that the contract also covers 1,268 solar-powered street lights and a borehole facility.

According to Dare, the project was awarded at a cost of ₦40.17 billion, with about ₦36 billion paid so far to the contractor. He said the current inauguration marked the first phase, with additional commissioning planned once work on the bridge’s extension is completed.

He thanked the president for approving the project and praised Umahi for ensuring due process during its execution.


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