Nigeria’s Buhari Suspends Top Aides Over Graft Allegations

Nigeria’s Buhari Suspends Top Aides Over Graft Allegations

LAGOS (Capital Markets in Africa) – Nigerian President Muhammadu Buhari suspended two senior administration officials linked to graft allegations and ordered an investigation, the presidency said. David Lawal, secretary to the government, is being probed for alleged violations of “law and due process” in the award of contracts, presidential spokesman Femi Adesina said Wednesday in an emailed statement. Ayo Oke, head of the National Intelligence Agency, is facing investigation over the discovery of $38 million and other currencies in…

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The Role of Commercial Debt In Infrastrcuture Funding

The Role of Commercial Debt In Infrastrcuture Funding

LAGOS (Capital Markets in Africa) – It is without a doubt that innovative, consistent, funding sources are needed to fill the estimated circa USD93 billion annual African public infrastructure shortfall over the next decade in rail, road, port, water, and power infrastructure across the continent. A lot has been written about the state of existing infrastructure and the lack of new investment and maintenance which has led to the slow and meagre generation of GDP…

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Managing Political Risk When Investing in Africa

Managing Political Risk When Investing in Africa

LAGOS (Capital Markets in Africa) – Africa is rarely shy of reminders of the critical role that political risk can play in impacting on investments. From the headline-grabbing Arab Spring uprisings that rocked North Africa in 2011 to the sweeping changes in government witnessed in Nigeria and Tanzania following elections in 2015, politics can play a big role in determining business fortunes. And against a global backdrop of rising political uncertainty and nationalism, and a…

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The Fintech Revolution: Driving Innovation in Payment Services

The Fintech Revolution: Driving Innovation in Payment Services

LAGOS (Capital Markets in Africa) – In the current tech-savvy age, it’s refreshing to find that a new revolution is taking place within banking which will mean consumers no longer have to rely on the “old” ways of paying for services. The underlying driver for consumers today is having quick access to their funds, being able to make payments between accounts or simply trying to ensure security and continuity of payment services when paying for…

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Gambia Chooses Lawmakers as Leader Seeks Backing for Reforms

Gambia Chooses Lawmakers as Leader Seeks Backing for Reforms

BANJUL (Capital Markets in Africa) – Gambians are going to the polls on Thursday in a parliamentary vote that will be crucial for the new government’s ability to implement reforms after two decades of rule by Yahya Jammeh, the former dictator ousted by West African neighbors in January. President Adama Barrow defeated Jammeh in presidential elections in December with the support of seven political parties that had rallied behind him amid growing discontent with the former leader’s repressive regime. While…

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Kenyan Opposition Choice of Odinga May Weaken Presidency Bid

Kenyan Opposition Choice of Odinga May Weaken Presidency Bid

NAIROBI (Capital Markets in Africa) – The emergence of former Kenyan Prime Minister Raila Odinga, who’s lost three presidential votes, as the opposition’s favored candidate may diminish its chances of unseating Uhuru Kenyatta in elections in August. Odinga, 72, is backed by most members of a technical committee appointed by the opposition National Super Alliance to pick a presidential candidate, a spokesman for the party said by mobile-phone text message on Thursday. The Nairobi-based Standard newspaper reported earlier that Odinga’s…

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President Zuma Survives Calls to Quit With Backing From South Africa’s ANC

President Zuma Survives Calls to Quit With Backing From South Africa’s ANC

JOHANNESBURG (Capital Markets in Africa) – South African President Jacob Zuma survived calls to resign by winning the support of the ruling party following his decision to fire the finance minister and stack the cabinet with loyalists. The rand weakened. The African National Congress won’t vote against Zuma in a no-confidence motion in parliament that the main opposition parties have requested, Secretary-General Gwede Mantashe told a briefing Wednesday in Johannesburg after a meeting of the ANC’s National Working Committee….

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