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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…

Nigeria recovers $177 million stolen state funds: ministry

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ABUJA (Capital Markets in Africa) – Nigeria has recovered some $151 million and eight billion naira ($26.32 million) in stolen state funds in less than two months as part of an anti-graft drive, the government said on Sunday. The West African nation launched late in December a whistleblower scheme entitling those who help find stolen assets to up to five percent of the recovered sums, part of a drive by President Muhammadu Buhari to root out…

Hate Speech in Social Media Targeted by Kenya Before August Vote

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NAIROBI (Capital Markets in Africa) – Kenya’s communication authority said it increased monitoring of social media in a bid to combat hate speech before the East African nation holds presidential elections in August. Authorities have spent 1.1 billion shillings ($10.6 million) since 2015 to monitor broadcasters and last year paid an additional 1 billion to examine social-media output, Chairman Ngene Gituku told reporters Thursday in the capital, Nairobi. “We are working with other government agencies…

Zimbabwe tax agency says local bank notes plan worsens liquidity

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HARARE (Capital Markets in Africa) – Zimbabwe’s tax agency on Friday said the planned introduction of local bank notes had brought uncertainty and worsened cash shortages as consumers hold onto their dollars. The Reserve Bank of Zimbabwe said last month “bond notes” would be introduced at the end of this month, raising fears of a return to a domestic currency abandoned in 2009 as hyperinflation soared out of control, leaving Zimbabweans using the U.S. dollar. Central…

South Africa Posts 8.6 Billion-Rand Trade Deficit in August

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JOHANNESBURG (Capital Markets in Africa) – South Africa’s trade balance swung to a deficit in August after three months of surpluses as shipments of precious metals and stones, which include gold and diamonds slumped. The 8.6 billion-rand ($619 million) deficit compares with a revised surplus of 5 billion rand in July, the Pretoria-based South African Revenue Service said in an e-mailed statement on Friday. The median of 10 economist estimates compiled by Bloomberg was for a surplus of 1.6…

Och-Ziff Unit Said to Plan to Plead Guilty Over Bribes

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LAGOS (Capital Markets in Africa) – Och-Ziff Capital Management LP, the largest publicly traded hedge fund firm in the U.S., has agreed to enter into a deferred-prosecution agreement and have a subsidiary plead guilty in a federal probe into millions of dollars of bribes funneled to African officials, according to a person familiar with the matter. The admission of guilt is part of a settlement with the Justice Department and the Securities and Exchange Commission after a complex five-year…

Nigerian Police Rescue Oil Workers Seized Near Southern Oil Hub

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LAGOS, Capital Markets in Africa: Nigerian police rescued 14 oil workers kidnapped near the southern oil hub of Port Harcourt following a gun fight with the abductors, an official said. “The oil workers were rescued unhurt” after the gunmen abandoned them and fled during the gun battle with the police, Nnamdi Omoni, a police spokesman, said by phone from Port Harcourt on Monday. The 14 employees of Nestoil Ltd., a Nigerian company, were seized on Sept….

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