Africa

1. Liberia takes US deportees
2. Hichilema wins election
3. Dangote’s $1B underwriting
4. Namibia’s oil boom
5. Ethiopian airport fight
6. AFC raises digital bond

A Cameroonian painter reimagines religious paintings.

Liberia to take US deportees

Liberia agreed to accept 1,200 deportees from the US over the next year, one of the largest such deals agreed by Washington. Though the US has reportedly offered to lift tariffs or ease visa restrictions for host countries in return for accepting deportees, Monrovia said the deal was “not a transaction with a quid pro quo.” Instead, Washington will help manage the program and support the strengthening of Liberia’s own immigration system.

Liberia’s Justice Minister Natu Oswald Tweh said most of the deportees had “immigration violations and offenses” and the list had been screened by Monrovia. It is not clear whether any of the deportees hold US immigration court protection orders that bar their return to home countries over safety concerns. The orders have been a recurring flashpoint in these deals, with legal complaints alleging officials in Equatorial Guinea and Ghana forcibly sent third-country deportees to their home nations in violation of the orders.

— Adrian Elimian

Zambia’s president wins second term

Hakainde Hichilema was reelected as president of copper-rich Zambia, a result that was welcomed by investors despite accusations of a crackdown on political opponents.

Hichilema, who will now have a second five-year term, has overseen a massive influx in foreign direct investment since taking office in 2021, helping to lift copper output to record levels in Africa’s second-largest producer. Soaring prices for the metal — driven largely by surging global demand for AI data centers and renewable energy infrastructure — have improved the fortunes of producers globally.

The kwacha, already Africa’s best-performing currency this year, firmed after the results, reflecting investor relief that political risk has eased. But the election, in a country generally regarded as being a stable democracy, has been mired in controversy: Main opposition candidate Brian Mundubile rejected the outcome, alleging the vote was neither free nor fair, and said security forces raided his Lusaka home days before the vote. The EU Electoral Observation Mission noted a “constrained democratic space,” while the UN rights chief urged authorities to “stop arresting people arbitrarily.”

— Tiisetso Motsoeneng

Dangote Refinery secures $1B deal

The Dangote Refinery secured $1 billion in an underwriting program from two firms, forming part of the company’s push towards an initial public offering this year. The amount consists of a $600 million participation in the refinery’s $2.5 billion private placement and a new $400 million commitment that will go into effect when the IPO launches, the firms said.

Dangote’s pursuit of an IPO comes amid the expansion of its 650,000-barrel per day plant, which has become the main domestic supplier of refined fuels to the Nigerian market, as well as exporting jet fuel to Europe. The company’s fortunes have been boosted by the global oil-supply shock tied to the Iran war.

— Alexander Onukwue

Namibia’s oil boom draws Equinor

Norway’s Equinor bought into Chevron’s deepwater block off the coast of Namibia, the latest global energy giant to bet on the country’s vast offshore oil boom. Equinor took a 17% stake in the license, joining Chevron, QatarEnergy, and Namibian firms such as Trago Energy in transforming the southwest African nation’s coast from an unproven frontier into sub-Saharan Africa’s hottest oil play.

State oil company NAMCOR holds a guaranteed 10% stake in all exploration licenses, giving Windhoek a direct cut of any future production without upfront drilling costs. The oil deals are unfolding alongside Namibia’s push to build a multibillion dollar green industry. The dual strategy is partly underpinned by Washington’s renewed embrace of fossil fuels, which includes the unfreezing of development finance for oil and gas projects.

— Tiisetso Motsoeneng

US, China battle over Ethiopian airport

Ethiopia’s planned $12.5 billion airport is rapidly emerging as a key battleground in the power struggle between the US and China for influence in Africa. The Bishoftu International Airport, which is slated to be the continent’s biggest, has sparked an international bidding war as American and Chinese firms vie for control over a project that could reshape logistics across the Horn of Africa. Though US contractors have missed out on the civil works, the White House is reportedly positioning companies, including Boeing and GE, to compete for technology and equipment contracts. The moves come as Beijing and Washington accelerate their push for leverage across Africa, with both seeking to control access to the continent’s vast mineral reserves.

AFC raises $430M digital bond

Africa Finance Corporation raised 350 million Swiss francs ($430 million) through a five-year digital bond, giving investors another way to back infrastructure across the continent. The deal is the first by an African institution to be listed, traded, and settled on a regulated digital exchange. The bond will be deposited with a blockchain-based settlement system run by Switzerland’s main stock exchange operator. The proceeds will support AFC’s broader funding needs and infrastructure financing. AFC’s deal comes at a time when African institutions are looking to expand capital solutions to fill the continent’s infrastructure gap. Interest in digital bonds is accelerating elsewhere too: Last month the UK said it aims to issue its first digital sovereign ‌bond by early next year.

Business & Macro