The Editorial Team |

Dozens of Children Trapped in Building Collapse in Lagos, Nigeria

New York (Capital Markets inAfrica) – Emergency crews scrambled to rescue dozens of children Wednesday morning from the wreckage of a three-story building housing a nursery and primary school that collapsed in Lagos, Nigeria. Hundreds of people were gathered at the site, on Lagos Island, wailing as motionless children were removed from the rubble and spirited by ambulance to a nearby hospital. There were news reports that some people had been killed, but no official…

MTN Plans Nigeria IPO Once $2 Billion Tax Case Is Resolved

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LAGOS (Capital Markets in Africa) – MTN Group Ltd. plans to push ahead with an initial public offering of its Nigerian unit once Africa’s biggest wireless carrier resolves a $2 billion tax dispute in the country. When the tax matter has been settled, “the board can assign a value to the company and we do an IPO,” spokesman Tobechukwu Okigbo told reporters in Lagos on Wednesday. “It is difficult to put a value on it when…

Why South Africa’s ANC Is Taking On the Central Bank: QuickTake

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JOHANNESBURG (Capital Markets in Africa) – Since its founding almost a century ago, South Africa’s central bank has been owned by private shareholders. Now President Cyril Ramaphosais pushing ahead on a plan to nationalize the Reserve Bank in order to address its anomalous ownership structure and assert the nation’s sovereignty. Critics say the move could shake faith in an institution that’s been seen as being above politics and be the first step toward infringing on its…

Ratings, Election, Eskom Overshadow S. Africa’s Bond Plans

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JOHANNESBURG (Capital Markets in Africa) – South Africa may have to pay a premium if it taps international bond markets before a credit-rating review later this month and elections in May, according to investors who attended meetings with Treasury officials in London. The discussions started in the British capital on Monday and continue there today before moving to Boston and New York. Though they were billed as budget updates, the Treasury said last month it was…

Boeing Reels as Europe Joins Global Backlash Against 737 Max Jet

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NEW YORK (Capital Markets in Africa) – Boeing Co. staggered into a deepening global crisis as governments around the world grounded the company’s best-selling jet over safety concerns after a second deadly crash. The U.K. blocked flights Tuesday by the 737 Max plane until more information becomes available about why an Ethiopian Airlines aircraft plunged into a hillside near Addis Ababa, killing 157. Germany, France, the Netherlands and Ireland took similar steps. A blanket ban from…

Standard Bank Says Regiments Account Shut After Suspicious Deals

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JOHANNESBURG (Capital Markets in Africa) – Standard Bank Group Ltd. shut an account belonging to advisory firm Regiments Capital Pty Ltd. when it failed to adequately explain suspicious transactions totaling tens of millions of rand, according to one of the South African lender’s top lawyers. Regiments partnered with McKinsey & Co. to advise Transnet SOC Ltd., South Africa’s ports and freight rail operator, on the acquisition of new locomotives and took 30 percent of the consulting…

FirstRand Wants to Cut its Cost-to-Income Ratio More Than Peers

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JOHANNESBURG (Capital Markets in Africa) – FirstRand Ltd. wants to be the first large South African bank to bring its cost-to-income ratio below 50 percent as pressure mounts on local lenders to manage expenses amid weak revenue growth. South Africa’s largest lender by market value is focusing on its insurance, and wealth and investment management businesses to sell more products to its client base. It’s also spending funds on improving operations in its sub-Saharan Africa units…

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