The Editorial Team

Algeria Tells Spain Not to Re-Export Gas Amid Spat With Morocco

ALGIERS (Capital Markets in Africa) – Algeria threatened to cut natural gas flows to Spain if it re-exports Algerian supplies to other countries, amid rising diplomatic tensions over Morocco.The warning came after Spanish Energy Minister Teresa Ribera said Madrid would start sending gas, albeit of non-Algerian origin, to Morocco via the Maghreb-European pipeline.Spain has discussed the use of the pipeline, known as MEG, with Algeria in recent months and its decision was communicated on Wednesday, according to…

Botswana Central Bank Hikes Key Rate in Policy Overhaul

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GABORONE (Capital Markets in Africa) – Botswana increased its revamped interest rate to counter inflationary pressures stemming from Russia’s war with Ukraine. The central bank’s policy committee raised the yield on the main monetary operations instrument by 51 basis points to 1.65%, Governor Moses Pelaelo told reporters in the capital, Gaborone, on Thursday.The bank in February said it would shift to using the yield on the seven-day Bank of Botswana certificate, known as the monetary policy rate,…

Wealth Fund Seeks to Invest Some of Senegal Oil Windfall Abroad

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DAKAR (Capital Markets in Africa) – Senegal’s sovereign wealth fund is considering investing in neighboring countries after it starts receiving part of the oil and gas revenues from new fields in the nation. The $25 billion economy, set to start production next year, will allocate a minimum of 10% of the sector’s revenues to the fund, Babacar Gning, chief investment officer at the state-owned Sovereign Fund for Strategic Investments or Fonsis, said in an interview.“The law…

UPL Proposes Releasing Contaminated Water Into South African Sea

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JOHANNESBURG (Capital Markets in Africa) – UPL Ltd. has proposed releasing water contaminated by a pesticides spill in the eastern South African city of Durban into the sea or municipal sewers. While the Indian agro-chemical firm said experts it contracted have since late 2021 deemed the water fit for disposal using these methods, the city says that as recently as April 11 storm-water contained in a pollution control dam “remained highly toxic to the environment.”…

Bitcoin Declared Legal Currency in Central African Republic

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LAGOS (Capital Markets in Africa) – The Central African Republic declared Bitcoin an official currency, becoming the second nation after El Salvador to accept the cryptocurrency as legal tender. “Cryptomoney including Bitcoin is now considered an official currency in CAR,” Albert Mokpeme, spokesman for President Faustin-Archange Touadera, said Thursday by phone from the capital, Bangui. “By legalizing the use of Bitcoin, CAR hopes to attract investors,” he said, adding that its use will ease money…

Bitcoin Erasing 2022’s Losses Has Bulls Predicting More Gains

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LAGoS (Capital Markets in Africa) – Bitcoin broke out of a narrow trading range and wiped away this year’s losses amid a broad rally for cryptocurrencies, sparking speculation that the biggest digital asset could advance past the $50,000 mark soon. The token rose as high as $47,583 on Monday, well above the $35,000-to-$45,000 band where it’s been stuck since early January. With the fresh gains, Bitcoin is now up about 1.9% for the year, compared…

Nigeria Imposes Capital Gains Tax on Shares: Tax Insight – Stephen Chima Arubike and Athanasius Akor

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LAGOS (Capital Markets in Africa) – Nigeria’s Finance Act 2021 (FA 2021) has ushered in notable modifications to several provisions of the country’s tax statutes. One of the most significant is the reintroduction of capital gains tax on transfers of shares in Nigerian companies, a move by the Federal Government of Nigeria, which has been battling revenue shortfalls since 2014, to increase income. Capital Gains Tax on Share Transfers Immediately prior to the amendment of…

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