Features

LAGOS (Capital Markets in Africa) – Aliko Dangote’s $17 billion net worth makes the Nigerian the richest person in Africa and the only member of the Bloomberg Billionaires Index from one of the 60 poorest countries. About half of Nigeria’s 190.9 million citizens subside on less than $1.90 a day, giving it a Gini coefficient (a measure of wealth distribution) of 48.8, compared with 41.5 for the U.S. and 29.2 for Sweden. Dangote, 61, is among just a few…

NAIROBI (Capital Markets in AfricaA) – At least two Kenyan cabinet secretaries are facing arrest for their alleged role in two dam projects through which public funds were misappropriated, the Star reported, citing people it didn’t identify. The cabinet secretaries in the East African nation could face charges of negligence or conspiracy to steal public funds meant for construction of the dams in the Rift Valley, the Nairobi-based newspaper said Thursday. The two dam projects…

JOHANNESBURG (Capital Markets in Africa)- South African state companies have been brought to their knees by graft, according to Public Enterprises Minister Pravin Gordhan. At least seven state companies are “either on their knees or touching carpet” as institutions were damaged due to so-called state capture, Gordhan said Thursday at a conference in Johannesburg. As much as 500 billion rand ($36 billion) probably left South Africa due to state capture, he said, using a local term…

LONDON (Capital Markets in AfricaA) – Net migration to Britain from other European Union countries is at its lowest level in a decade as Brexit uncertainty escalates. EU citizens arriving in the U.K. outnumbered those leaving by just 57,000 in the 12 months through September, the least since 2009 and half the number recorded a year earlier, the Office for National Statistics said Thursday. Overall net migration, including from non-EU countries, was little changed at 283,000. EU…

DAKAR (Capital Markets in Africa) – Senegalese President Macky Sall is leading Sunday’s election with the necessary majority for an outright win, according to unofficial results from most of the country’s 45 departments. Sall secured 57 percent of the 3.8 million votes counted in 39 departments that were compiled by a group of citizen observers known as Senegal Vote and tallied by Bloomberg. The results from 32 departments that were reported by state-run Agence de Presse Senegalaise…

LONDON (Capital Markets in Africa) – Theresa May promised members of Parliament a vote to delay Brexit and block the potential economic disaster of a no-deal split with the European Union if they reject her divorce agreement next month. May said she will carry on trying to reach a deal in Brussels so the U.K. can leave as planned on March 29. But if that isn’t possible, Britain will not lurch out of the club of…