The Editorial Team |

Nigeria Holds Key Rate at Record High to Stem Inflation Risk

LAGOS (Capital Markets in Africa)- Nigeria’s central bank held its main lending rate at a record high to curb inflationary pressures anticipated with election spending, and proposed ways to increase credit in the economy. The Monetary Policy Committee voted to leave the benchmark rate at 14 percent, Governor Godwin Emefiele told reporters on Tuesday in the capital, Abuja. That was in line with the forecasts from all but one of 10 economists surveyed by Bloomberg. Three MPC members voted…

Nigeria’s President Buhari Suffers Blow as He Loses Senate

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa)- Nigeria’s ruling party lost its majority in the Senate after over a dozen lawmakers defected to the main opposition group, dealing a blow to President Muhammadu Buhari who is seeking re-election early next year. A group of 15 senators, including Rabiu Kwankwaso, a former governor of the northern state of Kano, quit the All Progressives Congress to join the People’s Democratic Party, Senate President Bukola Saraki said Tuesday during proceedings in the capital, Abuja. The…

Steinhoff Wins Creditor Support for Debt Restructuring Plan

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – Steinhoff International Holdings NV won support from a majority of creditors to restructure its 9.4 billion euros ($11 billion) of debt, seen by the embattled retailer as a vital step toward its recovery from an accounting scandal. The owner of Conforama in France and Mattress Firm in the U.S. sought a three-year extension to payments due to lenders and bondholders as the South African company repairs its balance sheet. About…

Wiese Named in $279 Million South African Tax Case, FM Says

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – South Africa’s tax agency is investigating local billionaire Christo Wiese and former executives at law firm ENSafrica for their role in obstructing the collection of 3.7 billion rand ($279 million) in taxes, according to a report in the Financial Mail. ENSafrica created a tax structure to help pan-African crude-oil explorer Tullow Oil Plc shift assets valued at 3.9 billion rand out of the country, dodging taxes in the process, the Johannesburg-based…

Ghana Raises Income Taxes to Maintain Budget-Deficit Target

Posted on by The Editorial Team

ACCRA (Capital Markets in Africa) – Ghana plans to increase taxes for the highest earners as the West African nation seeks to boost weak collections which are putting its budget-deficit target at risk. Presenting a review of the 2018 budget in parliament on Thursday, Finance Minister Ken Ofori-Atta said the tax band for individuals earning more than 10,000 cedis ($2,089) per month will be raised to 35 percent, from the current top rate of 25 percent. Ghana collected…

EFG-Hermes Buys Nigerian Brokerage in Frontier Markets Push

Posted on by The Editorial Team

CAIRO (Capital Markets in Africa) – EFG-Hermes Holding SAE bought Nigerian brokerage and research house Primera Africa Securities Ltd. as the investment bank seeks to expand in frontier markets across Africa and Asia. The acquisition marks Cairo-based EFG Hermes’s second foray into sub-Saharan Africa after receiving a Kenyan stockbroking license in July 2017, extending its reach to 12 countries including Kuwait, Saudi Arabia and Oman. The firm plans to use the Lagos-based operation as a hub to…

Nigerians Bury Cash in Backyards as Mobile Money Stumbles

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Every few days, Tasiu Abdurrahman takes the money he makes from selling spices in Nigeria’s biggest northern city and buries it in his yard. The 55-year-old closed his bank account eight years ago after growing disillusioned with standing in long lines for hours to deposit or withdraw cash. Abdurrahman is one of about 50 million of the unbanked in Nigeria, which despite having Africa’s largest mobile-phone market, is only just opening…

« 1 … 469 470 471 472 473 … 1,076 »