The Editorial Team |

Eritrea May Alter Army Draft That Forced Thousands to Europe

ERITREA (Capital Markets in Africa) – Eritrea says it will cut the size of its army as part of changes to a system of mandatory national service that the United Nations blames for propelling tens of thousands of people to flee to Europe and neighbouring countries. The official end to a two-decade war with neighbouring Ethiopia means the country that sits on a key shipping route to the Suez Canal may be able to place some working-age…

Unity Bank Sells $1.1 Billion of Bad Loans to Lure Investors

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LAGOS (Capital Markets in Africa) – Unity Bank Plc sold 400 billion naira ($1.1 billion) of bad loans to clean up its balance sheet as it seeks to conclude talks for a cash injection aimed at stabilizing the Nigerian lender. The disposal to Frontier Capital Alternative Asset Ltd. of the toxic assets cut the ratio of non-performing loans to near zero from almost 50 percent and helped to shore up Unity Bank’s liquidity, Chief Financial Officer Ebenezer…

Ramaphosa Scores in Game Auction as He Mulls Farm Seizures

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JOHANNESBURG (Capital Markets in Africa) – Even as South African President Cyril Ramaphosa’s July announcement that the ruling party will push ahead with plans to expropriate land without compensation pushes down the rand and damages investor sentiment, he sold $1.3 million worth of animals from his expansive game and cattle operations. An auction near the northern South African town of Bela Bela on Saturday by a group of six farms known collectively as Stud Game Breeders raised about…

China Doesn’t Want `Vanity Projects,’ Xi Tells Africa Executives

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LAGOS (Capital Markets in Africa) – President Xi Jinping is using a gathering of dozens of African leaders in Beijing to push back against criticism that China’s vast development initiatives risk saddling emerging economies with debt. The Forum on China-Africa Cooperation, which begins Monday, provides a high-profile chance for Xi to defend his signature Belt and Road Initiative to develop roads, railways, ports, pipelines and other trade links. At a business event ahead of the summit, Xi said China had…

MTN May Get Naira Refund for $8 Billion Demanded by Nigeria

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LAGOS (Capital Markets in Africa) – MTN Group Ltd. may receive a naira-denominated refund if Africa’s biggest wireless carrier returns the $8 billion that Nigeria says was illegally taken out of the country. The South African phone company must bring back the cash after it and three banks “flagrantly violated foreign-exchange violations,” Nigeria Central Bank Deputy Governor Joseph Nnanna said by text message Sunday, reiterating a Wednesday order. The lenders have been hit with a combined $16 million…

A $50 Billion Fight Over Who Owns South African Central Bank

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JOHANNESBURG (Capital Markets in Africa) – South Africa’s Lesetja Kganyago has a fight on his hands to protect the central bank’s $50 billion of reserves. More than eight months after the ruling African National Congress decided that the South African Reserve Bank should be state-owned, like most other central banks, the governor said his main concern remains to protect the regulator’s independence and mandate. But also at risk may be billions of dollars in reserves and a…

Ghana Signs Accords With China Ahead of Summit in Beijing

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ACCRA (Capital Markets in Africa) – Ghana signed eight cooperation agreements with China following talks between the two nations’ leaders in Beijing ahead of the Forum on China-Africa Cooperation that starts Monday. The package of agreements included the $2 billion infrastructure deal Ghana reached in July with Sinohydro Corp. to improve its roads and develop railways in exchange for bauxite, according to a statement from the office of President Nana Akufo-Addo. “We are looking seriously at how…

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