The Editorial Team |

Nigeria Projects Smaller Budget Shortfall Even as Spending Rises

LAGOS (Capital Markets in Africa) – Nigeria said its budget deficit will narrow this year even as the government ramps up spending to spur a stuttering economy. The fiscal shortfall will close to 1.74 percent of gross domestic product from 2.18 percent in 2017, according to a presentation delivered Thursday by Budget Minister Udo Udoma in Abuja, the capital, a copy of which was emailed to reporters by his ministry. Of the 2 trillion naira ($5.5 billion)…

Tiger Brands Considers North Africa for Continental Expansion

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JOHANNESBURG (Capital Markets in Africa) – Tiger Brands Ltd. is considering North African nations among expansion targets as the continent’s biggest listed packaged-food maker looks for growth outside its home market of South Africa. The company is still developing its ‘rest-of-Africa’ strategy, which has been delayed by about six months as management dealt with one of its plants having been linked to South Africa’s listeriosis infection crisis, said Chief Executive Officer Lawrence Mac Dougall. Tiger Brands,…

KCB, Equity Bank Seen as Biggest Winners If Kenyan Rate Caps Go

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NAIROBI (Capital Markets in Africa) – KCB Group Ltd. and Equity Group Holdings Ltd., Kenya’s largest lenders, will be the biggest beneficiaries from the scrapping of laws limiting the amount of interest banks can charge, according to Exotix Capital Ltd. analyst Faith Mwangi. Treasury Secretary Henry Rotich has started steps to revoke legislation that the International Monetary Fund has said is damaging the economy and banks have blamed for stalling loan growth. The government is racing to meet an…

World Bank, IMF Raise Rwanda’s 2018 Growth Estimate to 7.2%

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KIGALI (Capital Markets in Africa) – The World Bank and International Monetary Fund revised their projection for Rwanda’s economic growth this year to 7.2 percent as rains improved food supply. The revision comes after Rwanda’s government posted 10.6 percent growth in gross domestic product in the first quarter of 2018 after services, which make up almost half of national output, accelerated. Rwanda is one of Africa’s top performers and has expanded an average of more than…

Barclays Africa Retail Banking CEO Moganwa Leaves Amid Shake-Up

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JOHANNESBURG (Capital Markets in Africa) – Barclays Africa Group Ltd. Chief Executive Officer of Consumer Banking Jan Moganwa is leaving as the South African lender’s retail and business banking division embarks on a reorganization of its top management. The announcement was made in a notice to staff seen by Bloomberg News and confirmed by Johannesburg-based Barclays Africa spokesman Songezo Zibi. Moganwa will pursue other interests after five years at the unit, which he joined as head of products and…

Jooste Profited From Steinhoff Land Deal in 2007, Filings Show

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JOHANNESBURG (Capital Markets in Africa) – Markus Jooste, who quit as head of Steinhoff International Holdings NV in December amid an accounting scandal, oversaw a complex series of transactions where decisions made by the South African retailer benefited him personally, company filings show. In a set of property deals reviewed by Bloomberg, companies linked to Jooste and Steinhoff associates profited by hundreds of millions of rand between 2002 and 2007. Steinhoff said it has handed information about…

Tiger Brands May Not Find How Deadly Bacteria Entered Plant

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JOHANNESBURG (Capital Markets in Africa) – Tiger Brands Ltd. may never know how a strain of bacteria linked by the government to the world’s deadliest outbreak of listeriosis entered its South African factory. Africa’s largest listed packaged-food maker has spent the past three months testing and cleaning the Enterprise processed-meat plant in the northeast of the country that was identified by Health Minister Aaron Motsoaledi as the source of the deadly crisis. More than 200 people in…

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