The Editorial Team

Nigeria’s Central Bank Removes Board of Third-Largest Lender

LAGOS (Capital Markets in Africa) – Nigeria’s central bank removed the boards of FBN Holdings Plc and its main subsidiary First Bank Nigeria Ltd. for appointing a new chief executive officer without regulatory approval. The Central Bank of Nigeria ousted Gbenga Shobo as CEO of First Bank Nigeria and reinstated former head, Adesola Adeduntan, a day after it queried the appointment, Governor Godwin Emefiele said at a media briefing on Thursday. First Bank, Nigeria’s oldest lender…

U.K.’s ‘Sleaze’ Scandal: How Bad Can It Get for Boris Johnson?

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LONDON (Capital Markets in Africa) — U.K. Prime Minister Boris Johnson has been forced to deny he broke the law, as a series of rows from lobbying to what the opposition has dubbed “sleaze” threaten to engulf his government. The Electoral Commission opened a probe into whether funding arrangements for the refurbishment of his apartment breached election legislation last year. The inquiry could last months. With more claims likely to emerge from disillusioned former aide Dominic Cummings…

U.K. to Ask About Cryptocurrency Activity in Updated Tax Forms

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LONDON (Capital Markets in Africa) — The U.K. tax office will begin demanding information on cryptocurrency holdings from individuals suspected of tax avoidance or evasion. Her Majesty’s Revenue and Customs is set to update its “Statement of Assets” form, which all individuals being investigated must fill out, a spokeswoman for HMRC said Wednesday. “We take robust action to make sure that everyone pays the tax due—from individuals operating in the hidden economy through to action…

Biden Dares Democrats to Shift Tax Burden to Wealthy Americans

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NEW YORK (Capital Markets in Africa) — Joe Biden took the riskiest step of his presidency with a call for higher taxes on the wealthy to fund a massive investment in the nation’s social safety net, betting he could sell the American public on sweeping change following a pandemic that exacerbated economic and social divides. Biden devoted his first address to a joint session of Congress to a call for “a once-in-a-generation investment in our…

Buffett Confronts New SPAC Rivals, Old Cash Woes Before Meeting

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LAGOS (Capital Markets in Africa) — A year after Warren Buffett revealed he was unloading airline stocks as the pandemic took hold, Berkshire Hathaway Inc.shareholders are eager for his sense of what’s next for the conglomerate with more Americans emerging from lockdown. On Saturday, Berkshire’s chief executive officer will address shareholders via video-conference to conform with health guidelines, scrapping for a second year an arena event in Omaha, Nebraska, that typically attracted thousands of adoring…

Nigerian Central Bank Warns Staff of Increasing Risk of Kidnap

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LAGOS (Capital Markets in Africa) — Nigeria’s central bank warned its employees to take extra precautions against kidnappings because of deteriorating security in the West African nation. Staff should “take note of the elevated security alert condition around the country,” the Central Bank of Nigeria said in a memorandum to employees seen by Bloomberg and verified by one of its officials. Intelligence gathered by the organization’s Security Service Department shows criminals plan to “infiltrate” the…

India-Like Covid Virus Crisis May Yet Unfold in Africa, CDC Says

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LAGOS (Capital Markets in Africa) — A deadly wave of the coronavirus pandemic such as that ravaging India could yet happen in Africa and with even worse consequences, according to the director of the Africa Centres for Disease Control and Prevention. “The situation in India shows we as a continent can’t put our guard down,” John Nkengasong told an online webinar on Thursday. “If what is going on in India unfolds in Africa it will overwhelm our…

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