The Editorial Team |

Banker at African Lender’s U.K. Unit Said to Be Arrested in 2017

LAGOS (Capital Markets in Africa) – The former head of the London unit of Union Bank of Nigeria Plc was arrested last year as part of a bribery probe, according to four people with knowledge of the case, solving a mystery hinted at by U.K. prosecutors this week. Maurice Phido was detained by police in May 2017, the people said, who asked not to be identified because his name isn’t public. Phido was released on bail after…

ANC Labor Ally Sees No Need to Amend South Africa Land Rules

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JOHANNESBURG (Capital Markets in Africa) – The South African ruling party’s labour partner sees no need to amend the country’s constitution to make it easier to expropriate land without compensation. The Congress of South African Trade Unions, which is the country’s biggest labor federation and is part of the African National Congress-led ruling alliance, said the constitution already enables the state to tackle land reform, restitution and redistribution, and changes were unnecessary. The clause that…

Tokio Buys Stake in South African Insurer Hollard to Expand

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LAGOS (Capital Markets in Africa) – Japanese insurer Tokio Marine Holdings Inc. agreed to buy a minority stake in South Africa’s Hollard Insurance Co Ltd. to help both companies expand through Africa. Tokio Marine will pay 5 billion rand ($327 million) for a 22.5 percent shareholding in Johannesburg-base Hollard, one of sub-Saharan Africa’s largest providers of property and casualty insurance. The deal will enable Tokio to gain a foothold in markets such as South Africa and…

The Latest Hip African Coffee? Nespresso Says It’s Zimbabwe Brew

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HARARE (Capital Markets in Africa) – As single-origin beans from nations like Ethiopia and Kenya gain in popularity, Nespresso is poised to add Zimbabwe to the list of trendy African coffees. The unit of Nestle SA plans to start selling limited-edition Zimbabwe capsules in May in 15 countries including the U.S. and the U.K., according to Chief Executive Officer Jean-Marc Duvoisin. Nespresso has been working with non-profit partner TechnoServe since 2017 to revive the southern African nation’s struggling…

Sanlam Urges South Africa to Tone Down Policy Noise to Lift Economy

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JOHANNESBURG (Capital Markets in Africa) – The South African government must provide policy certainty and tackle its problems one at a time if it is to pull the country out of its economic malaise, according to Sanlam Ltd. Chief Executive Officer Ian Kirk. Africa’s most industrialized economy tipped into its first recession in nine years in the second quarter as President Cyril Ramaphosa tries to restore confidence battered by almost nine years of misrule by his predecessor. It also comes…

Guptas Willing to Give Testimony to South Africa Graft Probe

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JOHANNESBURG (Capital Markets in Africa) – Members of the Gupta family, who’ve been implicated in looting billions of rand from state companies in South Africa, are willing to give testimony before a judicial panel investigating the alleged graft but only from outside the country, one of their lawyers said. The three Gupta brothers have a “reasonable apprehension” that they could be arrested and prosecuted by authorities that are reckless, incompetent and wield unbridled power, Mike…

Ex-Finance Minister Named in $1.2 Billion Ghana Bank Lawsuit

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ACCRA (Capital Markets in Africa) – Ghana’s former Finance Minister Kwabena Duffuor and 12 other parties are facing a 5.7 billion cedi ($1.2 billion) suit over funds that went missing during their tenure as shareholders and directors of the now defunct Unibank Ghana Ltd. KPMG LLP, which is the receiver for Unibank after the lender’s license was revoked in August, is asking the High Court in Accra to declare loans, advances and asset purchases made by certain shareholders…

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