The Editorial Team |

Boko Haram Defies Buhari With More Attacks in Northeast Nigeria

LAGOS (Capital Markets in Africa) – Ten months after Nigerian President Muhammadu Buhari declared a victory over Boko Haram, the Islamist militant group is stepping up attacks in the far northeast of the country. Boko Haram militants deployed at least 80 children as “human bombs” this year, Mark Lowcock, the United Nations under-secretary-general for humanitarian affairs, said on Tuesday in the north-eastern city of Maiduguri, the group’s birthplace. The most spectacular attack occurred in July when the…

Zuma’s Fight to Avoid Trial Goes to South Africa’s Appeals Court

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JOHANNESBURG (Capital Markets in Africa) – South Africa’s Supreme Court of Appeal will consider a case Thursday that may determine whether President Jacob Zuma should stand trial on graft charges that were dropped by the prosecutors eight years ago. Prosecutors probed allegations that Zuma took 4.07 million rand ($310,000) in bribes from arms dealers and brought 783 charges of fraud, corruption and racketeering against him. They scrapped the case a month before he became president in May…

UK New immigration check requirements on banks and building societies: are you prepared?

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LONDON (Capital Markets in Africa) – From 1 January 2018, banks and building societies will be required to undertake quarterly immigration status checks on all existing customer current accounts. Following this, the Home Office may then require the bank (or building society) to close any accounts or products operated by or for a person who does not have leave to remain in the UK. Those subject to the requirements should act now to ensure that…

Kenyan Opposition Says Rerun Delay May Resolve Vote Concerns

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NAIROBI (Capital Markets in Africa) – Kenya’s opposition presidential candidate said the electoral authority should consider delaying the rerun of last month’s annulled presidential vote until the end of October to ensure it’s organized in a credible manner. The date for the election could be adjusted within the 60-day period stipulated by the law to give the electoral body enough time to prepare a fair vote, Raila Odinga, leader of the opposition National Super Alliance, said in…

Matt Levine’s Money Stuff: Bitcoin Doubts and Buffett Criticisms

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LAGOS (Capital Markets in Africa) – JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon doesn’t like bitcoin, which he says is “a fraud” and a bubble that “won’t end well”: Do we have traders who trade it? If we had a trader who traded Bitcoin I’d fire them in a second. For two reasons: It’s against our rules, and they’re stupid. And both are dangerous. I’m going to be really clear in this one. Forget the blockchain,…

As Petrodollars Dry Up, Weary Angolans Ship BMWs to Portugal

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LUANDA (Capital Markets in Africa) – Desperate for hard currency, Angolans are coming up with new ways to convert their kwanzas into dollars and euros. Filipe Afonso got tired of waiting in line at a bank to exchange his kwanzas for greenbacks. So he bought two second-hand BMW motorcycles, shipped them to Portugal and sold them for euros to pay for his family’s expenses back home. “You do what you need to do to get…

Ethiopia Mulls Potash Partner as Failed Deal Is Arbitrated

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ADDIS ABABA ( Capital Markets in Africa) – Ethiopia is considering finding a new partner to develop a potash mine abandoned last year by Israel Chemicals Ltd., which has sought compensation at an arbitration court after accusing the government of failing to support the project. Several companies are interested in developing potash deposits in the country’s north-eastern Afar region, Mines Minister Motuma Mekassa said in an interview Wednesday in the capital, Addis Ababa. The government is eager…

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