The Editorial Team

Bitcoin Tests $50,000 Threshold With Market Technicals in Focus

LONDON (Capital Markets in Africa) — Bitcoin headed for its worst week in almost two months as a proposed capital-gains tax increase for wealthy Americans intensified the volatility whiplashing the world’s largest cryptocurrency. A fresh bout of selling on Friday drove Bitcoin down as much as 7.9% to $47,525 — below its 100-day moving average — as it continued to take out key technical levels. Wall Street analysts warn of further losses for the notoriously…

What’s Next for Chad After Long-Serving President Deby’s Death

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LAGOS (Capital Markets in Africa) — Chad has only had one ruler since Idriss Deby came to power in an uprising 30 years ago. His death at the age of 68 from injuries the army says were sustained in a rebel attack has cast the West Africa nation into political limbo, with a military junta planning to hold power until well into next year. These are the key issues at play: 1. How will the…

Zero Fossil-Fuel Lending Ahead in Nedbank’s $3.5 Billion Plan

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JOHANNESBURG (Capital Markets in Africa) — Nedbank Group Ltd. has committed 50 billion rand ($3.5 billion) to renewable energy projects as the South African lender forges ahead with plans to retreat from fossil-fuel financing. The nation’s fifth-largest lender by value has already approved over 37 billion rand for clean-energy developments. It also secured deals in South Africa’s latest bidding round for participation in renewable projects to extend a further 12 billion rand, Nedbank Chief Financial…

Nigerians Shun Naira for Foreign Currencies to Store Wealth

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LAGOS (Capital Markets in Africa) — Nigerians have been accumulating foreign currencies to protect their wealth from naira volatility and surging inflation, according to a research paper in a journal published by the Central Bank of Nigeria. “Higher real-exchange rate volatility is associated with an increased level of currency substitution,” central bank economists including Isaiah Ajibola, Sylvanus Udoette, Rabia Muhammad and John Anigwe said in the paper available on the central bank’s website. There is…

Angola Made Her Africa’s Richest Woman, But the Tide Has Turned

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LUANDA (Capital Markets in Africa) — A year after Angolan authorities cracked down on her multibillion-dollar business empire, Africa’s once-richest woman is watching it crumble. From self-imposed exile in Dubai, Isabel dos Santos has been fighting a legal battle against Angola’s government as court orders roil her companies. In Luanda, shelves at the Candando supermarket stores are more than half-empty. A beer factory south of the capital is running at 30% of its production capacity. Operations at…

Breakaway Soccer League Sparks European War Over Richest Sport

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LONDON(Capital Markets in Africa) — European soccer is embroiled in an escalating multi-billion-euro battle for control of the continent’s most prestigious club competition after a dozen teams declared themselves founding members of a breakaway league. The announcement of the 4 billion-euro ($4.8 billion) defection financed by JPMorgan Chase & Co. prompted an outcry from fans, governments and UEFA, European soccer’s governing body. In response, UEFA is now exploring a 6 billion-euro financing proposal from U.K.-based asset manager Centricus to fund a revamped Champions League,…

Late to Fintech Boom, Nigerian Banks Turn to Regulators for Help

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LAGOS (Capital Markets in Africa) — Nigerian banks’ dominance of their home turf is virtually unparalleled. Largely protected by regulators from foreign competition, Nigerian lenders control 94% of their domestic market, by assets, the world’s largest share of local ownership after Israel, according to a report published before Covid-19 hit in 2020 by Chris Ogbechie and Lilac Nachum, scholars at Lagos Business School. But the threat is now homegrown. Nigerian banks are only now starting to counter…

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