The Editorial Team |

Kenya President Keeps Treasury Chief as He Builds Government

NAIROBI (Capital Markets in Africa) – Kenyan President Uhuru Kenyatta retained his Treasury and energy chiefs as he begins building a government with the task of reuniting East Africa’s biggest economy after months of electoral uncertainty. Treasury Secretary Henry Rotich and Energy Secretary Charles Keter will remain in their posts, as will the head of the Tourism Ministry, Najib Balala, and Information and Communications Secretary Joseph Mucheru. Kenyatta also named Fred Matiang’i as interior minister in a televised address on Friday,…

Kenyan Central Bank Agrees to SBM’s Offer for Chase Bank

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NAIROBI (Capital Markets in Africa) – Kenya’s central bank said it agreed to a deal in which SBM Holdings Ltd., the second-biggest lender in Mauritius, will purchase some assets of distressed Chase Bank Ltd. The offer will ensure the transfer of 75 percent of the value of deposits that had been locked in receivership and the retention of staff and branches of Chase Bank, which went under in April 2016. The lender has been under the…

Chad Plans Salary Cuts as It Battles to Service Glencore Loan

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CHAD (Capital Markets in Africa~) – Chad plans to reduce the salaries of some civil servants by almost half as the country battles to meet debt commitments. The proposed cuts of 5 percent to 45 percent for some public-sector workers will enable the landlocked nation to comply with a wage ceiling agreed under a bailout with the International Monetary Fund, Finance Minister Abdoulaye Sabre Fadoul told reporters Thursday in the capital, N’Djamena. The Washington-based lender approved…

Fitch: T-Bill Supply Slowdown May Hurt Nigerian Bank Profits

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LAGOS(Capital Markets in Africa) – Nigerian banks may find it more difficult to sustain profitability given the decline in net treasury bill (T-bill) issuance in Nigeria’s 1Q18 issuance programme, Fitch Ratings says. The slowdown in T-bill issuance marks a change of strategy as the government looks to increase its financing from external sources and longer-dated domestic issuances. Record T-bill issuance in 2017 helped support the Central Bank of Nigeria’s strategy to maintain naira exchange-rate stability….

A Tool for Making Sense of Cryptocurrency Markets: Aaron Brown

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LAGOS (Capital Markets in Africa) – Bitcoin rose 88 percent from Dec. 1 to 19, then fell 23 percent by Dec. 30, a net 44 percent increase for the month. Attention naturally focused on those events, but the important longer-term story is what’s happening within the entire cryptocurrency sector. The market value of all non-bitcoin crypto assets rose 153 percent during bitcoin’s upswing, and 4 percent more while bitcoin declined, for a return of 162…

South Sudan Rebel Attacks Kill 34 People Since Beginning of Year

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South Sudan (Capital Markets in Africa) – Attacks by rebel groups in South Sudan killed 34 people in the first three days of this year even as warring parties agreed in December to cease hostilities, according to a military official. Three attacks in the south of the country by rebels loyal to former Vice President Riek Machar and the army’s ex-deputy chief of staff, Thomas Cirillo Swaka, left six assailants dead Wednesday while an ambush on traveling…

Nigeria Loses Almost Half Its Power Output After Pipeline Fire

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LAGOS (Capital Markets in Africa) – A fire at a Nigerian pipeline interrupted gas supplies to companies generating more than 3,000 megawatts in Africa’s most populous nation, the government said. The fire at the Escravos-Lagos pipeline owned by the Nigerian National Petroleum Corp. in the southern Edo state required a shutdown of the pipeline supplying gas to the 1,320-megawatt Egbin power plant, the nation’s biggest, and five others, according to an emailed statement by the Power,…

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