BY NGUYEN ANH THU IN VIETNAM, DARCY CROWE IN VENEZUELA, AND WILL CONNORS IN NIGERIA

The U.S. dollar, once universally accepted as the world’s strongest currency, has been trounced in recent months by everything from the euro to the Brazilian real to the South Korean won. But in the back-alley markets where business is done in many of the world’s developing economies, the dollar still reigns.

In jewelry stores in Vietnam, taxicabs in Venezuela and outdoor markets in Nigeria, black-market money-changers say the dollar is still the currency of choice, even though its value has fallen in some cases.

“The U.S. dollar is losing value, but not here in Vietnam,” said Vu Manh Quynh, a…

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By WILL CONNORS

LAGOS, Nigeria—China Petroleum & Chemical Corp. has made an offer to the Ghanaian government to jointly bid for a stake in a major oil discovery off the coast of the West Africa country, according to a person familiar with the matter.

Sinopec, represented by Neil Bush, the younger brother of former U.S. President George W. Bush, recently made an offer to the Ghana National Petroleum Corp. to form a joint bid for a stake in the Jubilee field, the person said.

GNPC officials rejected the initial offer, according to the person, and are waiting to hear from all potential partners before making a decision.

Mr. Bush couldn’t be reached for comment.

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By WILL CONNORS

LAGOS, Nigeria — The Vatican’s invitation to Anglicans could have far-reaching repercussions across Africa, where about half of the world’s 80 million Anglicans now live.

African clergymen have been some of the harshest critics of their Anglican colleagues in the West, whom they accuse of liberally interpreting the Bible. But it’s far from clear whether churches here, many of which have already distanced themselves from Anglican churches in the U.S., Canada and England, would see the need to embrace the Vatican’s offer.

Unlike the more tightly controlled Catholic Church, Anglican churches in Africa are largely autonomous, operating with a level of freedom that they wouldn’t likely enjoy under Rome’s fold.

Archbishop Peter Akinola, head of the Church of Nigeria, and the spiritual leader of Africa’s 40 million Anglicans, is “still weighing the implications of the Vatican’s offer” and is consulting with colleagues, according to an aide reached by telephone Wednesday.

Still, the Vatican’s offer may appeal to many who follow Africa’s conservative strain of Anglicanism. African church leaders have adopted an especially tough line on homosexuality, a cultural taboo across the continent. In many countries, homosexuality is illegal and associated with Satanism. Nigeria, home to 18 million Anglicans, recently beefed up its anti-sodomy law to include prison sentences for men who live together and for those who “aid and abet” gays.

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By WILL CONNORS

ABUJA, Nigeria – A number of foreign banks, including four South African institutions and a British firm, have expressed interest in buying into Nigeria’s troubled banks, said central bank chief Lamido Sanusi.

In August, Mr. Sanusi orchestrated a $2.6 billion bailout of five Nigerian banks, which the central bank said were teetering because of mismanagement and underperforming loans. Four additional banks were bailed out this month, with an additional cash injection of $1.3 billion.

Mr. Sanusi has suggested he’d try to find domestic and foreign investors for the troubled banks. In an interview Thursday, Mr. Sanusi said he expected a number of healthier Nigerian banks to express interest in stakes, probably with foreign partners.

He said, however, that the central bank wasn’t inclined to have any one bank attain more than a 20% market share in Nigeria’s domestic banking sector. He said the central bank would likely step in to prevent a deal that would create a combined bank with a greater market share.

“I would probably stop it,” he said.

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By Will Connors
Of THE WALL STREET JOURNAL

LAGOS, Nigeria — Kosmos Energy said Monday it signed an exclusive deal with Exxon Mobil Corp. (XOM) to sell its stake in a significant oil discovery off the coast of Ghana, the first confirmation from either company of the deal, said to be worth $4 billion.

“I can confirm that Kosmos has entered into an exclusive binding agreement with a third party (an affiliate of Exxon Mobil) in relation to the sale of its Ghana assets,” Kosmos Senior Vice President and Chief Financial Officer Greg Dunlevy said in an email to The Wall Street Journal.

The announcement comes a day after it emerged that China National Offshore Oil Corp. (CEO, 0883.HK), or Cnooc, is in advanced talks with Ghana National Petroleum Corp. to make a rival bid for Kosmos’ stake in the field, known as Jubilee.

Dunlevy did not disclose the deals’ price tag, but sources told the Journal over the weekend that the deal was worth an estimated $4 billion.

(This story and related background material will be available on The Wall Street Journal Web site, WSJ.com.)

By JEFFREY MCCRACKEN, RUSSELL GOLD And WILL CONNORS

China National Offshore Oil Corp. is in advanced talks with the Ghana National Petroleum Corp. to make a rival bid challenging Exxon Mobil Corp.’s $4 billion offer for a stake in a giant oil discovery off of West Africa, said people familiar with the matter.

A GNPC-Cnooc bid, which one person said “will be competitive to what Exxon has offered,” reflects both the Chinese government’s desire to secure access to more of the world’s oil and the Ghanaian government’s to be a larger participant in the discovery, known as Jubilee.

The emergence of Chinese companies as eager bidders for global energy assets, in Ghana and elsewhere, is a significant challenge to Western oil companies’ traditional dominance. Companies such as Cnooc are backed by a government flush with foreign currency and with a growing desire to secure long-term access to commodities. Their global ambitions are strengthening the hand of oil-rich nations in their negotiations with foreign oil companies.

Exxon and Cnooc would both be vying for Kosmos Energy’s stake in Jubilee, a discovery that is estimated to hold 1.8 billion barrels of oil. With nearby discoveries in Sierra Leone, the region is emerging as a major new oil region and Ghana is expected to be an oil exporter by the end of next year. Jubilee is one of the largest oil discoveries in recent years and holds the type of light, sweet crude oil that is most sought after by global markets.

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One of the most-wanted suspects accused of instigating genocide in Rwanda was arrested by police in Uganda, officials there told reporters Tuesday, marking a significant victory in efforts to bring alleged perpetrators of the violence to justice.

Idelphonse Nizeyimana was arrested in Kampala, the capital, this week and will be transported to the International Criminal Tribunal for Rwanda in neighboring Tanzania, the Associated Press reported, citing government officials.

Mr. Nizeyimana was indicted by the United Nations-backed tribunal in 2000, charged with genocide and crimes against humanity.

Mr. Nizeyimana was the head of ethnic Hutu intelligence and military operations during the 1994 genocide in which 800,000 ethnic Tutsis and moderate Hutus were killed. He is accused of organizing hit squads against Tutsis, including the traditional Tutsi queen, and of participating in at least one killing.

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