The Editorial Team |

Julius Baer to Lure Wealthy South Africans With New Office

JOHANNESBURG (Capital Markets in Africa) – Julius Baer Group Ltd. opened an office in Johannesburg as Switzerland’s third-largest wealth manager seeks to profit from a growing pool of high-net worth individuals in the country. Having a presence in South Africa is part of a long-term strategy to expand in the region, the Zurich-based company said in a statement Thursday. It will employ seven people in South Africa, five of which have been lured from local lenders…

MTN Nigeria $10 Billion Feud Puts South Africa at Risk

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) MTN Group Ltd.’s battles with Nigerian authorities over $10 billion in repatriated funds and back taxes could increase risk in South Africa’s financial system, the Reserve Bank said. Africa’s largest wireless carrier by subscribers is facing mounting pressure to return $8.1 billion to Nigeria after its central bank argued that the Johannesburg-based company had repatriated funds illegally. Separately, the West African nation’s attorney general’s office alleges the company owes $2…

Mozambique May Agree Deals on ProIndicus, MAM Loans This Year

Posted on by The Editorial Team

MAPUTO (Capital Markets in Africa) – The Mozambican government said it may reach an agreement with investors on restructuring about $1.2 billion of loans for state-owned companies ProIndicus and Mozambique Asset Management this year. “We expect that we can get that, but we are still in negotiations,” Finance Minister Adriano Maleiane told reporters in the capital, Maputo, on Thursday. He declined to comment on possible terms as that could jeopardize talks. Maleiane said he was “sure” that…

Carlyle-Backed Diamond Gets Cash Offer From Unnamed Investor

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Diamond Bank Plc has received an offer from a major investor to inject cash by increasing its stake, a move that would help the Nigerian lender keep its capital adequacy ratio above the required threshold, according to the outgoing chairman. The proposal was on condition that Chief Executive Officer Uzoma Dozieresigns, Seyi Bickersteth said in an interview in Lagos, the commercial capital, without naming the shareholder. Diamond’s biggest investor is U.S. private equity…

Ex-Finance Chief Fingers Zuma in South African Looting Spree

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – Former South African Finance Minister Pravin Gordhan directly implicated Jacob Zuma in being part of an orchestrated campaign to loot billions of rand in taxpayer funds and decimate state institutions during his almost nine-year tenure as president. Gordhan, who now oversees state companies, made the allegations in a statement to a judicial panel that’s investigating claims that members of the Gupta family exploited their close relationship with Zuma to influence cabinet appointments and…

Dangote Is Said to Express Interest in Kenyan Cement Firm ARM

Posted on by The Editorial Team

MAPUTO (Capital Markets in Africa) – Dangote Cement Plc, Africa’s biggest producer of the building material, expressed an interest in acquiring Kenyan rival ARM Cement Ltd., according to three people familiar with the matter. ARM has been exploring a sale since at least October 2017. The company, part-owned by CDC Group Plc, was placed in administration in August after failing to find a strategic investor to help it manage debts of 14.4 billion shillings ($141 million). Aliko Dangote,…

Senegal Targets Higher Royalties, Bigger Stakes in New Oil Code

Posted on by The Editorial Team

DAKAR (Capital Markets in Africa) – Senegal is considering raising royalties and taking a bigger stake in oil and natural gas projects as part of the West African nation’s overhaul of its oil code, according to a document obtained by Bloomberg. Senegal is revising its code as a string of major discoveries off its coast is expected to make the country an oil exporter in coming years, with explorers including BP Plc and FAR Ltd. due…

« 1 … 425 426 427 428 429 … 1,077 »