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The suspension by President Goodluck Jonathan of Central Bank of Nigeria (CBN) governor Sanusi Lamido Sanusi led the naira to fall sharply and investors to rue the volatility of Nigerian politics. But it was hardly a surprise, following years of controversy surrounding the highly talented and combative governor, and months of Sanusi’s increasingly public criticism of the management of the oil sector and government finances by Jonathan and his close ally petroleum minister Diezani Allison-Madueke. By naming names in the Senate, Sanusi was more or less directly implicating the ruling clique on Aso Rock in gross malfeasance.

Lootah Group has joined the quiet flow of Gulf investors who are buying into fractured Somalia and its constituent parts. Despite the piracy and civil war now making global headlines, some areas are still seen by some as ‘virgin territories’ ripe for exploration and investment.

The Cairo-based African Export-Import Bank (Afreximbank) said on 8 July that it had closed general syndication of its largest-ever term loan facility, raising around $900m from the two-year, dual-tranche facility. The loan attracted total commitments in excess of $1bn; the final facility was set at $458m and E406.5m ($441m), after a scale-back by the initial mandated lead arrangers and book-runners: Arab Banking Corporation, Bank of Tokyo-Mitsubishi, Commerzbank Luxemburg (sole co-ordinating bank and documentation agent), Credit Europe Bank, Emirates NBD Capital, Rand Merchant Bank, HSBC Bank, ICBC (London), Investec Bank, Korea Development Bank, Mizuho Bank, National Bank of Abu Dhabi, Standard Bank (Isle of Man branch) and Standard Chartered Bank (facility agent) as initial mandated lead arrangers.

Gabon still presents great opportunities for small- to medium-sized oil companies in the offshore, but rising resource nationalism and changes in the political environment are causing concerns over the sanctity of contracts, according to US independent Vaalco Energy.

Tensions between the Ministry of Petroleum and Ministry of Defence continue, mainly over the military’s demand for a greater share of oil revenues, but recent events suggest that a more personal power struggle has emerged.

US power developer ContourGlobal plans to raise $400m through a listing on the main market of the London Stock Exchange. Chief executive Joseph Brandt said the group planned to double its earnings before interest, tax, depreciation and amortisation (ebitda) to more than $1bn within five years, compared to $475m in 2016. “A listing on the London market will support the company in the next phase of growth as we seek to double our adjusted ebitda to more than $1bn within five years.

Genser Energy Ghana Limited on 6 December announced financial close for a $366m funding package including a new syndicated senior loan facility of $230m, a mezzanine loan and preference shares, described as one of the largest financings for a Ghanaian private company in international markets. Genser provides distributed power generation to industrial and mining companies including Gold Fields Ghana Limited, Kinross Gold Corporation and, more recently, Perseus Mining Limited and Golden Star Resources.

Parliament has passed a bill that aims to make the management of oil revenues more transparent, more than two years after the first oil sales from the newly independent country in July 2011. The Oil Revenue Management Bill, which was approved by parliament in July, must now be approved by the president in order to become law. The bill establishes a framework for how the government can use its oil revenues, which in H2 2011 accounted for 98% of government spending. Under the bill, a single Petroleum Revenue Account will be created to receive all oil sector revenues.

The World Bank has launched a new initiative to develop and expand the principles of the Extractive Industries Transparency Initiative (EITI). The Bank says its EITI++ initiative seeks to develop national capability to handle the boom in commodity prices and channel growing revenue streams into fighting poverty, hunger, malnutrition, illiteracy and disease.

The World Bank Group board of directors on 20 June approved $300m in grants and $120m in guarantees for the Temane Regional Electricity Project (TREP). The project involves the construction of a 563km high-voltage transmission line between Maputo and Vilanculos/Temane and private sector financing of a 400MW combined cycle gas-to-power generation plant at Temane. The project will also receive co-financing in the form of a $24m grant from a Norwegian Trust Fund.

The International Monetary Fund (IMF) on 4 June announced approval of a staff-monitored programme (SMP) for Equatorial Guinea as the country struggles to reduce its dependence on oil. The IMF said the SMP, which does not include funding, will help to build a track record of performance as the basis for a potential funded programme in H2 this year.The SMP, covering the period January-July 2018, aims to reduce the fiscal deficit, increase non-oil revenue and address public financial management weaknesses while protecting social spending.

Italian export credit agency Sace has signed a new co-operation agreement with the Ministry of Finance and finalised a E200m ($217m) credit line with national oil company Sonangol. The co-operation accord was signed by Sace head Alessandro Castellano and finance minister Armando Manuel. The agreement was witnessed by Italian Prime Minister Matteo Renzi and President José Eduardo Dos Santos, during the Angolan leader’s early July visit to Italy.

A World Bank delegation visited the unrecognised Somali breakaway Republic of Puntland in mid-May to sign a $1.5m grant with President Abdirahman Mohamed Farole. The Puntland government’s Planning Minister

Italian export credit agency Sace’s growing focus on Africa saw it reach E1bn ($1.26bn) in insured transactions in sub-Saharan Africa in 2009.

The Export-Import Bank of India signed a line of credit agreement worth up to $144m with the government of Liberia on 11 September for a power transmission and distribution project. The line of credit is the first that the bank has provided to Liberia and will reimburse the entire value of contracts awarded to Indian exporters.