The Editorial Team |

Nigeria Sets Up Task Force to Recoup $15 Billion of Amcon Debt

LAGOS (Capital Markets in Africa) – Nigeria has set up a task force to recover about 5.5 trillion naira ($15 billion) of bad loans taken over during a banking crisis more than a decade ago. The loans are owed to the Asset Management Corp. of Nigeria, known as Amcon, which bought them over during the 2009 banking crisis, the Abuja-based presidency said on its Twitter account Tuesday. The group includes the Economic and Financial Crimes…

Old Mutual and Its Fired, Not-Fired CEO in New Spat Over Job

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JOHANNESBURG (Capital Markets in Africa) – Old Mutual Ltd., fresh from an embarrassing court ruling that reinstated its fired chief executive officer, is facing another battle over whether Peter Moyo can start working again. The insurer said late Tuesday it will appeal the Johannesburg High Court judgment and that Moyo is therefore not “required or permitted to resume his duties.” Moyo arrived at the company’s headquarters on Wednesday, and will meet with Old Mutual and his legal team later…

Atlas Mara’s Nigerian Bank Books $119m Loans to Meet Credit Rule

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LAGOS (Capital Markets in Africa) – Union Bank of Nigeria Plc increased its pace of lending in the first half of this year to meet central bank’s minimum loan to deposit ratio ahead of September deadline. The lender, held by former Barclay‘s Bank Plc Chief Executive Officer Bob Diamond’s Atlas Mara Ltd., increased loan book by 8% to 563 billion naira as at June from 519.7 billion naira in December, raising loan to deposit ratio to 63%,…

Lloyds Banking Hit by Spike in Missold Insurance Claims

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LONDON (Capital Markets in Africa) – Lloyds Banking Group Plc shares sank as the lender took an extra charge for a last-minute rush of calls from British customers over missold insurance. The country’s biggest mortgage lender posted a 550 million-pound provision in the second quarter for customers who were missold payment protection insurance, as a long-running compensation program draws to a close in August. It’s the biggest provision the bank has taken since the fourth quarter…

U.K.’s Johnson Won’t Back Down on Brexit Despite Plunging Pound

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LONDON (Capital Markets in Africa) – Prime Minister Boris Johnson refused to back down over his threat to take the U.K. out of the European Union without a deal, despite a growing backlash over the impact his strategy is having on the pound. Johnson’s office hinted on Tuesday that another round of Brexit talks might not happen at all, and has warned he won’t meet EU leaders for negotiations unless they agree to tear open the current…

Quant Funds Lift Man Group Despite $1.1 Billion of Withdrawals

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LONDON (Capital Markets in Africa) – Man Group Plc’s computer-driven funds are boosting earnings prospects for the world’s biggest publicly traded hedge fund even as the firm reported its first outflows for a six-month period since 2015. About 90% of Man AHL strategies, which use complex algorithms to trade, were at the “high water mark,” a level that allows funds to charge performance fee, according to a company statement on Wednesday. Man Group shares rose as much as…

MTN Nigeria Interim Profit Jumps 35% on Broadband, 4G Rollout

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LAGOS (Capital Markets in Africa) – MTN Nigeria Communications Plc, the largest unit within MTN Group Ltd., grew interim profit by 35% as its newly acquired spectrum enabled it to increase broadband and 4G offerings in the West African country. Chief Financial Officer Adekunle Awobodu will be leaving the business later this year “for family reasons,” and the process to find his replacement is well underway, the company said. Earnings before interest, tax, depreciation and amortization for…

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