Tom Minney
London
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Articles by Tom Minney
Mozambique exchange signs InfoTech for new system
Bolsa de Valores de Moçambique (BVM), the official stock exchange of Mozambique, has signed an agreement with Pakistan’s InfoTech Group to supply, implement and support the Integrated Trading and Central Depository Support System in a significant upgrade to the bourse’s trading and other IT systems. The agreement was recently signed by the two CEOs, Pedro Frederico Cossa for the BVM and Naseer Akhtar of InfoTech.
New CEO for Stock Exchange of Mauritius
The Stock Exchange of Mauritius has appointed an executive with global exchange experience to lead the exchange into the next stage of its growth. The Board of SEM has appointed Tim Hogben as CEO, effective 2 December 2026 and subject to regulatory approval. Tim Hogben was with the Australian Stock Exchange for nearly 24 years until 2024, most recently as Group Executive, Securities & Payments for four years and previously Chief Operating Officer for four years.
Quickmart shares on sale on the Nairobi Securities Exchange
NOTE: This news story is for information purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities. Prospective investors should read the full Prospectus carefully and may consult a professional advisor. Kenyan convenience shop chain Quickmart is open for sale through an initial public offering (IPO) on the Nairobi Securities Exchange.
Standard Bank Angola to list on BODIVA 30 Sept after very successful IPO
The share sale of 34% of the shares in Standard Bank de Angola was wrapped up on 25 September. According to news reports of the press release issued by the Angolan stock exchange Bolsa de Dívida e Valores de Angola (BODIVA) on 28 September, the public offer – for 10% of the total shares – was heavily oversubscribed. The share allocations are due to be settled today 29 September and the shares to be listed for trading on BODIVA from 30 September. It will be the seventh company on the equity market.
African markets news roundup 28 September
The African exchanges are keeping busy, and a dynamic African firm is also boosting the mood on the London Stock Exchange The share sale of 10% of the shares in Standard Bank de Angola concluded successfully on 25 September. According to a news report, demand far exceeded the number of shares on offer. All seems to be on track for the bank to list on the Angola’s securities exchange, Bolsa de Dívida e Valores de Angola (BODIVA), on 30 September.
London welcomes Airtel Money’s $800m IPO
Airtel Money has announced its plans to list via initial public offering (IPO) on the London Stock Exchange that could raise at least $800 million. It is a strategic boost to the London market, where regulators and policymakers have introduced reforms to make listings more attractive but the LSE had been struggling to gain momentum.
Conference season - September, October listings updated
It’s conference season again – from now until Christmas. The Events page of African Capital Markets News features a strong line-up of conferences on Africa’s capital markets and securities exchanges. Highlights include the top-ranked Africa Financial Services Investment Conference AFSIC 2026 in London and the 29th annual African Securities Exchanges Association conference to be held in Mozambique.
Pan-African reinsurer IPO to close on 16 September
NOTE: This news story is for information purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities. Prospective investors should read the full Prospectus carefully and may consult a professional advisor. The initial public offering (IPO) of shares in pan-African reinsurer Continental Reinsurance Holdings Limited is set to close on 16 September.
New leader, equities momentum at Ethiopian Securities Exchange
There were 518 equity trades on the Ethiopian Securities Exchange in the week to 21 August for a total value traded of ETB 50.7m ($311,000) as momentum builds. The total value of shares bought and sold since secondary trading began passed ETB 1 bn ($6m) by the end of June 2026. The new ESX Chief Executive Officer of the is Yodit Kassa, formerly the Chief Operating Officer.
What’s driving performance at Africa’s top 10 exchanges?
Africa’s securities exchanges have been climbing sharply in 2025 and still in 2026. Although this article is delayed, it’s interesting to delve into what is driving this outperformance. Share prices on most African exchanges have soared for local investors, while the strong performance of many currencies against the US dollar have made investors who count gains in USD are also happy.
$1bn pledged for Dangote Refinery IPO
Note, this story is for news information purposes only and is not part of any offer, invitation, inducement, recommendation or solicitation to purchase, subscribe for, sell or otherwise dispose of any securities in any jurisdiction. No public offering of shares in Dangote Refinery has been launched.
Dangote Refinery's $5bn IPO draws closer
Dangote Petroleum Refinery & Petrochemicals FZE has submitted its application for an initial public offering (IPO) of shares to Nigeria’s Securities and Exchange Commission. It is expected to be Africa’s biggest IPO and to raise up to $5 billion with the launch of the IPO possible in September. The final figure will depend on the SECN because the primary listing will be on the Nigerian Exchange (NGX).
Unitel lists in Angola after $328m IPO
Shares in Angola’s leading telecom firm Unitel listed for trading on the BODIVA stock exchange today 29 July, after the largest initial public offering (IPO) in Angola raised AOA 300 billion ($328 million). See below for link to the video. All 50m shares in Unitel are listed, adding about $2.14bn in market capitalization. Unitel has more than 21m customers and 76% market share.
Big thirst for drinks maker’s shares as prices soar Ghana Stock Exchange
Investors who quaffed Kasapreko shares in its initial public offering (IPO) have been rewarded with a fizzing share price since last month’s listing on the Ghana Stock Exchange. Ghanaian beverages manufacturer Kasapreko PLC had offered 583.3 million shares at GHS 1.20 each to raise GHS 700m ($60.3m), and it received bids for nearly two and a half times that amount. The IPO closed on 1 June, and the share offer attracted 18,781 bidders.
Bridge Bank targets $117m IPO in Abidjan
NOTE: This is for news information only. We are not inviting you to invest. If you are interested, consult your professional advisor. The initial public offering (IPO) of 20% of the shares in Bridge Bank Group Côte d’Ivoire opened on 20 July and will continue until 6 August, although it may close early if it is fully subscribed.
Moroccan medtech IPO closes 17 July
Leading Moroccan medical technology company T2S Group Holding aims to raise MAD 1.1 billion ($118m) through a initial public offering (IPO) of shares which opened on 13 July and closes at 15:30 Moroccan time (UTC+1) on 17 July. If all goes well, it will list on the Bourse de Casablanca on 27 July. It will be the first listing on the exchange in 2026, after overwhelming demand for IPOs in 2025. The Moroccan regulator Autorité Marocaine du Marché des Capitaux (AMMC) gave its approval on 6 July.
Abay Bank lists on Ethiopian Securities Exchange
The shares of Abay Bank S.C. were listed on the Main Board of the Ethiopian Securities Exchange (ESX) on 25 June and started trading at ETB 1,800 ($11.16) a share. It is the fifth company – and fourth bank – on the bourse, which opened in January 2025. It listed 9.66 million ordinary shares of par value ETB 1,000 each by introduction, meaning it listed its existing shares and did not offer new shares to raise capital.
Family Bank shares soar after Nairobi Securities Exchange listing
The Nairobi Securities Exchange achieved its largest private sector listing in 17 years, when Family Bank PLC listed by introduction on 23 June. The bank listed some 1.66 billion shares – owned by 6,345 shareholders – on the Main Investment Market Segment (MIMS) of the NSE under ticker FMLY. The share price closed on 25 June at KES 22.40, after soaring 44% on the first day of trading to reach KES 26.00. The shares had previously traded on the over-the-counter market since 2006.
Africa's giant infrastructure finance dominates banking awards
Finance that unleashes giant infrastructure projects was highlighted at the 2026 African Banker Awards, showing the size and scale of current projects as Africa builds out its future. Infrastructure deals dominated several key categories. The Deal of the Year Equity was the Africa Finance Corporation’s partial exit from ARISE Integrated Industrial Platforms (IIP) as part of a $700 million capital raise.
Ethio Telecom lists on Ethiopian Securities Exchange
The giant Ethio Telecom S.C. has listed its shares for trading on the Ethiopian Securities Exchange (ESX) on 26 May, bringing 45,000 shareholders who paid some paid ETB 3bn ($18.8m) at ETB 300 a share in a high-profile initial public offering (IPO) from October 2024 to February 2025. Ethio Telecom is the first state-owned enterprise to list and the fourth ESX listing, joining three banks: Wegagen, Gadaa and Awash.
Nigeria T+1 settlement from 1 June
The Nigerian capital market is working to get ready to move to T+1 settlement (clearing and settlement on the day after trade), starting 1 June 2026. Transfer of ownership, cash, and securities one business day after a trade is executed aims to reduce settlement risk significantly and give investors faster access to their funds. The Securities and Exchange Commission has issued a notice on 14 May.
Zimbabwe – a tale of two African stock exchanges - African Capital Markets News
The Victoria Falls Stock Exchange (VFEX) is positioning itself as a gateway to international capital entering Zimbabwe and other southern African markets. Will it take liquidity away from parent company the Zimbabwe Stock Exchange (ZSE), or are the two bourses complementary? The VFEX was launched in 2020 as an “offshore” exchange where trading takes place in US dollars and other convertible currencies (the US dollar is legal tender in Zimbabwe and is used extensively).
Morocco launched futures market and derivatives clearing
Morocco has officially launched its futures market and clearing house on 6 April 2026, after more than 10 years of preparation.
ZEN Petroleum crowns successful first week on Ghana Stock Exchange
Leading local energy company ZEN Petroleum Holdings PLC has listed and started trading on the Ghana Stock Exchange (GSE) after raising GHS 640 million ($57.2m) in an oversubscribed initial public offering (IPO) of shares. The successful IPO and listing shows the promise of the exchange for other local companies aiming to expand and raise long-term risk capital. The IPO was for 20% of the equity made up of 128m shares at GHS 5.00 each.
Ethiopia’s biggest private bank lists on exchange
Ethiopia’s largest private bank Awash Bank S.C. has listed on the Ethiopian Securities Exchange (ESX) Main Board, offering its 12,143 shareholders the chance to trade shares in a regulated exchange environment and to benefit from transparent information about bids, offers and closing prices. The shares have been trading under ticker symbol AWAB since the ESX bell-ringing ceremony on 23 April.
Ethiopia's short-term Hormuz pain, long-term gas, oil and urea hopes
How badly does the US-Israeli war on Iran affect Ethiopia’s economy, which still depends heavily on imported fuel coming through the closed Strait of Hormuz and which will be hammered if fertilizer prices soar? Here is an interesting interview between Jim Stenman of LinkedIn newsletter Horn Horizons and the very knowledgeable Mered Fikireyohannes, founder and CEO of Pragma Investment Advisory.
Presenting African stock exchanges and investment opportunities
There is an amazing line-up of speakers at the African Capital Markets Investment Conference (ACMIC) 2026 next week in London from 15 – 17 April. It brings together African stock exchanges, regulators, listed companies, market intermediaries, development finance institutions (DFIs), global institutional investors, UK and European capital market leaders and the African diaspora investors. The theme is “Driving Africa’s Growth Through Capital Markets”.
ZAWYA: Safaricom’s Ziidi smashes records on Nairobi exchange
The volume of daily equity trades on the Nairobi Securities Ex- change (NSE) soared two or three times compared to previous levels after Safaricom launched its retail-focused Ziidi Trader platform in early February. The new platform opens buying and selling shares to nearly 38m active subscribers of the M-Pesa mobile money platform and strips away lay- ers of form-filling and mini- mum transaction amounts. The daily volume of deals started to climb when Zi- idi began pilot trading on 5 February.
Safaricom's Ziidi smashes records on Nairobi exchange
Trades settle within the M-Pesa app and settlement after a trade is reportedly faster than the standard for equity trades on the NSE. Ziidi has indicated that it will charge fees of approximately 1.5% per trade, lower than the usual broker commissions and other charges, which total 1.8%-2.5% for each trade for both buyer and seller. Previously Safaricom offered payments, savings and borrowing.
Egypt's EGX: Gourmet Foods lists, 7 more listings expected
Premium grocer Gourmet Egypt.com Foods S.A.E. (EGX:GOUR) listed on the Egyptian Exchange (EGX) on 10 February, following an initial public offering (IPO) of shares combined with a private placement to qualified investors. Gourmet produces and distributes high-quality food products in Egypt.
Retail revolution on Nairobi Exchange
The number of equity trades every day has been doubling or tripling on the Nairobi Securities Exchange after Safaricom launched its retail-focused Ziidi trading platform. The platform opens buying and selling shares to nearly 38 million active subscribers of Safaricom’s M-PESA mobile money platform and strips layers of form-filling and investment minimums. The daily number of deals has soared since pilot trading started on Ziidi on 5 February.
Standard Bank says ambition to action
Standard Bank Corporate and Investment Banking is organizing the 2nd African Markets Conference (AMC26) in Cape Town and available by livestreaming. The theme is “mobilising global capital at scale” and covers: 1. Financing Africa’s infrastructure and energy stability, 2. Deepening African capital markets and mobilising private capital. 3. Intra-African trade and flows of capital, 4. Africa’s sovereign debt levels. Attended by captains of industry, global investors, policymakers and business leaders.
Two IPOs transforming central Africa's BVMAC exchange
Two initial public offerings (IPOs) to raise capital could be about to transform the Bourse des Valeurs Mobilières de l’Afrique Centrale (BVMAC), based in Douala. The IPO and listing of BGFI Holding Corporation (BHC), Gabon-based parent company of the pan-African banking group BGFIBank, is set to be one of the biggest on the BVMAC.
President Tinubu hails Nigerian Exchange NGN 100 trillion market cap milestone
The Nigerian Exchange has continued its strong growth this year, and on 5 January passed a milestone market capitalization of NGN 100 trillion to close at NGN 101.8trn ($71.5 billion). Nigerian President Bola Ahmed Tinubu issued a statement praising the Nigerian Exchange Group (NGX), Nigeria’s businesses, the market operators and investors, saying it is a powerful signal of renewed investor confidence and economic rejuvenation.
Dashen Bank offers shares ahead of listing on Ethiopian Securities Exchange
Dashen Bank has launched an offer of rights to existing shareholders to raise some ETB 6.4 billion ($41.1 million) in new capital and is preparing for a listing on the Ethiopian Securities Exchange (ESX), planned for 23 February. On 24 December, the Ethiopian Capital Market Authority (ECMA) approved the registration of the bank’s securities in terms of the authority’s Public Offering and Trading of Securities Directive (1030/2024). The announcement can be found here (English below).
African exchanges lead in USD returns
How far can the record-breaking bull run continue for Africa’s stock exchanges? Many African exchange indices were up remarkably over 2025, encouraging participation by local investors and leading to renewed interest by domestic companies to come to the market for initial public offerings (IPOs) and other capital raising.
Africa Finance Corporation raises $1.5bln 3-year debt
Africa Finance Corporation (AFC) has raised $1.5bn through a syndi- cated loan, its larg- est raise in a single debt issue. There was strong demand for the three-year debt, which was originally in- tended to be $1.3bn. The funds will be used for the general business of the infrastructure finance company. New lenders into the latest bond include China’s Bank of Communications (BOCOM), Kuwait’s Burgan Bank, Export Development Bank of Egypt, and Hua Nan Bank of Taiwan.
Kenya's new infrastructure and sovereign wealth funds to be funded by share sales
Kenya is to launch a national infrastructure funds and a new sovereign wealth fund, after the Cabinet approved on 15 December. The funds are to be capitalized using proceeds from part sales of the Government’s shareholdings in giant Kenyan companies such as Safaricom, Kenya Pipeline Company and East Africa Portland Cement Company (EAPCC). According to a report on Reuters, they will finance projects such as roads and power plants, and ease pressure on public borrowing.
First Atlantic Bank listed in Ghana after oversubscribed IPO
Ghana’s First Atlantic Bank PLC (FAB) listed for trading on the Ghana Stock Exchange (GSE) on 19 December, after an oversubscribed initial public offering (IPO). The combined offer was for 101.7m ordinary shares at GHS 7.30 each to raise GHS 742 million ($64.6m). Trading in the shares began the first day of the listing. On thin volumes the FAB share price climbed from GHS 7.30 to GHS 7.70.
Ethiopia secures $4.8bn in pledges for mega-airport
Ethiopia’s Finance Minister Ahmed Shide has announced $4.8bn is pledged towards a giant $12.5bn Bishoftu International Airport to be built near Abusera, 40 km South of Addis Ababa. It will be Africa’s largest airport and reinforce Ethiopian Airlines leading position in opening access and cargo to the continent.
Cash Plus soars 61% after IPO oversubscribed 65x
The share price of Moroccan fintech firm Cash Plus has soared in five days of trading after it listed on the Bourse de Casablanca last Monday 8 December. Its recent initial public offering (IPO) offered 3.8m shares for sale at MAD 200 each. The shares (ticker CAP) started trading at MAD219.95 each and they closed on 12 December at MAD 321.90 each, according to the Bourse Bulletin, up 61% compared to the offer price.
Nigerian waste management company hybrid offer closes 12 Dec
Listed waste management company The Initiates Plc in Nigeria aims to raise NGN 10.1 billion ($7 million) capital through a hybrid share offer, combining a rights offer to its existing shareholders and a public offer. Both offers opened on 5 November and are set to close this Friday, 12 December. The Initiates Plc (TIP) was founded in 1995 and listed on the NGX in 2016.
Ethiopia roundup - 4 listings in coming weeks, market index coming
Last week’s sold out 2nd Capital Market Summit hosted by Ethiopian Capital Market Authority (ECMA) has spurred a host of stories and announcements. Four financial institutions are getting ready to list on the Ethiopian Securities Exchange (ESX) in the coming weeks, part of a pipeline of more than 70 companies, according to Tilahun Kassahun, CEO of the ESX.
Nigerian agri-business $162m share offer closes 5 Dec
Nigerian integrated agricultural business Ellah Lakes Plc is due to close its NGN 235 billion ($162 million) share offer tomorrow, 5 December, after opening it on 10 November. Ellah Lakes is issuing 18.8bn ordinary shares of 50 kobo each at N12.50 per share.
BRVM's eight countries move to T+2 settlement on 4 Dec
The West African regional securities market is switching to T+2 settlement (second day after trading) with effect from the trading session this Friday, 4 December. The move has been prepared by the Dépositaire Central / Banque de Règlement (DC/BR, central depository and settlement bank) and will take effect from Friday’s trading on the Bourse Régionale des Valeurs Mobilières (BRVM).
Ethiopia roundup – Awash 4th investment bank, Kenyans taking interest, ECMA social warnings - African Capital Markets News
Awash Capital S.C. is the latest Ethiopian investment bank to be licensed by the Ethiopian Capital Market Authority (ECMA). It received the licence on 19 November, and is the 4th investment bank licensed for Ethiopia’s fast-growing capital market. This brings the total of licensed Capital Market Service Providers to 13, according to a press release from ECMA (see list below). Awash Capital is authorized to operate in the category Investment Bank (within a banking group, Awash Bank S.C.).
Dot Com Zambia launches IPO from 27 Nov
(NOTE: This post is for news information only and does not constitute investment advice in any form) Technology firm Dot Com Zambia Plc opens its initial public offering (IPO) of shares tomorrow 27 November, closing 12 December. It will be the first listing on the Lusaka Securities Exchange since 2020 and the first listing in the LuSE Alternative Market (Alt-M) segment which was launched in 2015 to support high-growth small and medium-enterprises.
National Bank of Ethiopia officially launches CSD
Ethiopia’s central bank, the National Bank of Ethiopia, has officially launched the full-fledged version of its Central Securities Depository (CSD) system and unveiled a national investor portal called Ts’ega, effective 22 November 2025. According to the NBE press release: “This milestone marks a major advancement in Ethiopia’s efforts to build a transparent, efficient, and fully digital capital market ecosystem.
T+2 to transform Nigerian securities trading 28 November
The Nigerian capital market will be transformed this Friday, 28 November, as it moves to the settlement on the second business day after trading, T+2. The market is currently on T+3 (settlement on the third day after trade), apart from fixed income securities and commodities which already settle on T+2.
Structural reforms boost Morocco’s capital market in run up to World Cup
New listings highlight the success of a 10-year programme with the partners such as the World Bank, which has supported Morocco through the World Bank Group’s Joint Capital Market Program Sustainable Finance Facility (J-CAP SFF), funded by the Swiss State Secretariat for Economic Affairs (SECO). Samia Mouline and Sébastien Boitreaud, writing for the World Bank blog, report: “Morocco has implemented structural reforms to modernize its financial system.
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