The Editorial Team

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

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…

Mandela’s Arrest-Warrant NFT Raises $130,000 in Auction

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JOHANNESBURG (Capital Markets in Africa) – A non-fungible token created from Nelson Mandela’s original arrest warrant raised 1.9 million rand ($130,000) in an auction to help fund a heritage site that documents South Africa’s struggle for democracy. Mandela, the anti-apartheid activist who emerged from 27 years in prison to become South Africa’s first Black president, was arrested in 1962 for conspiring to overthrow the White-minority government. Proceeds from the sale will go toward the Liliesleaf Museum…

Ethereum Founder Is Backing Zambia’s Bid to Be Africa’s Tech Hub

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LUSAKA (Capital Markets in Africa) – Zambia may be better known for mining copper than crypto, but a group of young entrepreneurs are looking to reinvent the country as an African technology hub — with support from Ethereum co-creator Vitalik Buterin. Startup founders from the southern African country and abroad are talking to the government about creating the regulatory and business environment that would attract more tech firms and capital. The group is in the…

IFC, FMO-Backed Fund Seeks $200 Million for East Africa Ventures

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NAIROBI (Capital Markets in Africa) – Zoscales Partners AG, a private equity fund that invests in small and medium enterprises in East Africa, has begun a $200 million fundraising round whose first close is scheduled in the second half of this year and final one in 2023. The International Finance Corp. and the Dutch development bank, FMO, invested in the first round that raised $75 million and may participate in the new one, whose proceeds will target…

Algeria One of Africa’s First to Pay Jobless as Oil Income Soars

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ALGIER (Capital Markets in Africa) – Algeria became one of the first countries in Africa to start a permanent unemployment-benefits program for its young population, as surging energy prices give the OPEC member more firepower to tackle social unrest. About 580,000 job-seekers between 19 and 40 years of age are eligible to collect monthly payments of 13,000 dinars ($91) from the state starting Monday, according to the National Employment Agency. While a tiny fraction of…

Ghana Eyes Economic Rebound as It Opens Land and Sea Borders

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ACCRA (Capital Markets in Africa) – Ghana expects an economic rebound as it moves to open land and sea borders to mark the end of Covid-19 restrictions imposed at the beginning of the pandemic. “It has been a difficult two years for all of us, and we are seeing light at the end of a very long tunnel,” President Nana Akufo-Addo said in a televised broadcast Sunday. “I assure you that, sooner rather than later, our economy…

Bitcoin Stealth Rally Camouflaged by a Renewal of Risk Appetite

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LAGOS (Capital Markets in Africa) – A stealth rally in cryptocurrencies is currently underway. Investors can’t be faulted for having missed an 8% breakout in Bitcoin over the past week — a string of listless daily moves by the digital coin camouflaged a big upward swing that’s happened just as U.S. stocks are also attempting to emerge from a recent downturn. “There is a positive correlation between stocks and Bitcoin since last year and that never…

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