The Editorial Team

StanChart Hit With $61 Million Fine After Spreadsheet Error

LONDON (Capital Markets in Africa) – Standard Chartered Plc has been handed a record fine by the U.K.’s top banking regulator after a spreadsheet error resulted in the emerging markets-focused lender overestimating its access to U.S. dollar funding.The Bank of England’s Prudential Regulatory Authority imposed a 46.6 million pound ($61 million) penalty on the lender for five reporting errors between March 2018 and May 2019, according to a statement Monday. That was compounded in one case by…

Lockdowns Delay London’s Brexit Banker Departures, EY Says

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LONDON (Capital Markets in Africa) – The difficulties of relocating staff during a pandemic has postponed some finance jobs from moving out of London and into the European Union, according to EY. “Travel restrictions over the last two years have challenged the practicalities of relocation,” said Omar Ali, head of financial services for Europe, the Middle East, India and Africa at EY. “Depending on the trajectory of the omicron variant and its impact on international…

Elon Musk Says He’ll Pay Over $11 Billion in Taxes This Year

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NEW YORK (Capital Markets in Africa) – Elon Musk, the world’s richest person and chief executive officer of Tesla Inc., said on Twitter that he’ll pay more than $11 billion in taxes this year, an amount that could constitute a record payment to the U.S. Internal Revenue Service. For those wondering, I will pay over $11 billion in taxes this year The billionaire may face a tax bill of more than $10 billion for 2021 if he…

Nigerian Startup Raises $31 Million to Deploy Electric Vehicles

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LAGOS (Capital Markets in Africa) – Metro Africa Xpress Inc., a Nigerian transport startup, has raised $31 million to expand its operations and deploy electric vehicles and charging infrastructure across Africa. The capital raise was led by Lightrock and Global Ventures, a UAE-based international venture capital firm. Max, as the startup is known, plans to expand to Egypt and Ghana in early 2022 before moving to other parts of the continent. “It is another…

South Africa Covid-19 Hospitalizations Fall for First Time in Weeks

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JOHANNESBURGH (Capital Markets in Africa) – South African hospitals reported having slightly fewer Covid-19 patients than yesterday, the first decline in weeks. Still, the National Institute of Communicable Diseases, does caution that figures can be skewed by late reporting of admissions. Even so the number could be taken as more evidence that the wave of infections caused by the omicron variant may be slowing. On Friday the South African Medical Research Council said that wastewater…

Kenya Approved for $258 Million IMF Disbursement After Review

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NAIROBI (Capital Markets in Africa) The International Monetary Fund approved a disbursement of $258.1 million for Kenya after completing a second review under a 38-month program to address debt vulnerabilities, the Covid-19 response and enhancing governance. The delivery of IMF funds brings total disbursements to $972.6 million out of a total $2.34 billion available under the country’s program approved in April, the IMF said in a statement late Friday. Kenyan authorities have kept up a…

Ownership Tussle Sees Chairman of Nigeria’s FBN Holdings Ousted

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LAGOS (Capital Markets in Africa) – Nigeria’s third-largest lender by market value named a new chairman after investors wrestled for control of the 127-year institution. FBN Holdings Plc, owner of First Bank of Nigeria, on Friday received approval from the Central Bank of Nigeria to appoint Ahmad Abdullahi to the role, after Remi Babalola resigned, pressured by a “contest by some significant shareholders for control,” the regulator’s spokesman Osita Nwanisobi said by phone from the capital, Abuja. An FBN spokeswoman…

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