Zimbabwe’s Ousted Vice President Flees After Death Threats

Zimbabwe’s Ousted Vice President Flees After Death Threats

HARARE (Capital Markets in Africa) – Former Zimbabwean Vice President Emmerson Mnangagwa fled the southern African nation because of “incessant threats” against him and his family two days after he was fired by President Robert Mugabe. Mnangagwa, 75, said Wednesday in a statement that he never planned to harm Mugabe, who he’s been supporting for more than four decades, and pledged to work to establish a “new and progressive leadership” in the ruling Zimbabwe African National Union-Patriotic Front….

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Nigerian Anti-Corruption Agency Finds Billions In Cash Inside Lagos Home

Nigerian Anti-Corruption Agency Finds Billions In Cash Inside Lagos Home

LAGOS (Capital Markets in Africa) – The enormous value of whistleblowers has once again been demonstrated Wednesday with a tip-off by an anonymous whistleblower, leading to the discovery by the Economic and Financial Crimes Commission, EFCC, of yet another Huge Sums of Money in Lagos. At the end of counting, the sums stood at 43.4 million dollars, £27,800 and N23.2 million, the commission said in a statement on its Facebook page. The commission said the discovery…

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Shell says it knew some payments for Nigeria oilfield would go to Malabu

Shell says it knew some payments for Nigeria oilfield would go to Malabu

LAGOS (Capital Markets in Africa) – Royal Dutch Shell has said it knew that some of the payments it made to Nigeria for the rights to an oil field would go to Malabu Oil and Gas, a company associated with a former Nigerian oil minister and convicted money launderer. Shell spokesman Andy Norman said the group had known the Nigerian government “would compensate Malabu to settle its claim on the block”. Shell previously had said…

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Home Afrika of Kenya Seeking Up to $49 Million From Investors

Home Afrika of Kenya Seeking Up to $49 Million From Investors

NAIROBI (Capital Markets in Africa) – Home Afrika Limited, a Kenyan property developer, will return to debt markets to raise as much as 5 billion shillings ($48.6 million) and complete projects in the capital and on the East African nation’s coast. The company, based in Nairobi, has picked Genghis Capital Ltd. to offer between 2 billion and 5 billion shillings to international investors in the first phase of the funds drive that’s set to begin by April,…

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CIM Financial of Mauritius Sees Global Unit Sale Boosting Credit Business

CIM Financial of Mauritius Sees Global Unit Sale Boosting Credit Business

PORT LOUIS (Capital Markets in Africa) – CIM Financial Services Limited., which has operations spanning Mauritius and Singapore, plans to focus on developing its consumer-credit and real-estate businesses after selling off its Global Business unit. The company, based in Port Louis, announced earlier on Tuesday that it’s selling its Global Business unit — which offers corporate, trust and fiduciary services — to Luxembourg-based SGG SA for $90.3 million. The deal “will allow CIM to benefit from an important…

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Nigerian Breweries Profit Falls as FX Shortage Adds to Costs

Nigerian Breweries Profit Falls as FX Shortage Adds to Costs

LAGOS (Capital Markets in Africa) – Nigerian Breweries Plc, the local unit of Heineken NV, said full-year profit declined 26 percent as a shortage of foreign exchange hampered the import of raw materials and increased the cost of doing business. Net income declined to 28.4 billion naira ($90 million) fin 2016 from 38 billion naira the previous year, the Lagos-based company said in a statement published on the Nigerian Stock Exchange’s website on Monday. Cost of sales…

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South Africa’s ANC attacks banks over forex rigging charges

South Africa’s ANC attacks banks over forex rigging charges

JOHANNESBURG (Capital Markets in Africa) – South Africa’s ruling ANC party called on Thursday for the toughest possible sanctions against more than a dozen local and foreign banks accused of rigging the rand currency, piling political pressure on lenders that have become a target for public anger. The Competition Commission said on Wednesday it had found the banks, including U.S., European, Japanese and Australian lenders, had colluded to coordinate their trading activities when dealing in…

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