The Editorial Team |

McKinsey Offers to Repay Fee Billed to South Africa’s Eskom

JOHANNESBURG (Capital Markets in Africa) – McKinsey & Co. said it is willing to repay consulting fees for work done for Eskom Holdings SOC Ltd. if a court finds that the state-owned South African power utility acted illegally when making the payments. Eskom last week said it will ask McKinsey to return 1 billion rand ($73 million) in unlawful payments and that Trillian Capital Partners refund it 564 million rand. Trillian was the so-called supply development…

Liberians Elect New President As Johnson Sirleaf Steps Down

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MONROVIA (Capital Markets in Africa) – Liberians vote Tuesday to choose a new legislature as well as a president to replace Nobel Peace Prize laureate Ellen Johnson Sirleaf from among 20 candidates who include a retired soccer star, a former warlord and a wealthy chicken farmer. Johnson Sirleaf, Africa’s first elected female president who’s governed the impoverished nation for 12 years, has thrown her support behind Vice President Joseph Boakai, 72. He’s the leader of the ruling Unity…

Mugabe Dents Deputy’s Leadership Bid in Zimbabwe Cabinet Change

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HARARE (Capital Markets in Africa) – Zimbabwean President Robert Mugabe replaced his finance minister in a cabinet reshuffle that weakened his vice president, who’s considered one of the main contenders to succeed him as leader of the southern African nation. Mugabe, 93, removed Patrick Chinamasa as finance minister, giving him a new cyber-security portfolio and stripped Vice President Emmerson Mnangagwa of his position as justice minister. Chinamasa was replaced by former Home Affairs Minister Ignatius Chombo, while the justice portfolio was given…

KPMG Revamps S. African Top Management as Clients Dump Firm

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JOHANNESBURG (Capital Markets in Africa) – KPMG LLP’s South African unit appointed nine new executives in an attempt to restore trust in the auditing firm as clients continued to distance themselves over its involvement with the politically connected Gupta family. Andrew Cranston, a partner and former chief operating officer of parent KPMG International, will be the local firm’s interim COO, while 36-year company veteran Brian Stephens will take the new position of head of risk,…

ANC Must Decide on Zuma’s Future, South Africa’s Mkhize Says

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JOHANNESBURG (Capital Markets in Africa) – South Africa’s ruling African National Congress must decide whether Jacob Zuma should see out the remaining two years of his term as the nation’s president, said party Treasurer-General Zweli Mkhize, a top contender to succeed Zuma as ANC leader in December. “The ANC will have to take the decision on what happens to the president,” Mkhize said in an interview with Bloomberg TV in Johannesburg on Tuesday. “There’s been discussions in the…

Kenya Airways CEO Shrinks Board in Bid to Return to Profit

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NAIROBI (Capital Markets in Africa) – Kenya Airways Limited is thinning out its board as part of an effort to return sub-Saharan Africa’s third-biggest airline to profit, Chief Executive Officer Sebastian Mikosz said. The carrier is implementing changes to its management structure that will “significantly” reduce the number of managers and direct reports to the CEO, Mikosz said Tuesday in an emailed response to questions. The adjustments are also aimed at making staff more accountable and some employees…

Flour Mills of Nigeria Seeks $306 Million to Cut Funding Costs

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LAGOS (Capital Markets in Africa) – Flour Mills of Nigeria Plc, the country’s biggest miller by market value, plans to raise 110 billion naira ($306 million) in equity and debt as it seeks to reduce costs and boost operations in the West African nation. The company plans to raise as much as 40 billion naira by rights issue and 70 billion naira through “medium-term notes,’’ according to a statement Monday on the website of the Nigerian…

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