The Editorial Team

Pandemic Offers Africa a Chance to Boost Sukuk Sales

LAGOS (Capital Markets in Africa) — The financing required to rebuild economies in African nations following the coronavirus pandemic gives the continent an opportunity to boost its share of Islamic financing. Sub-Saharan Africa Islamic finance assets are forecast to grow as much as 25% this year to return to the pre-pandemic level as governments reopen their economies, said Faizal Bhana, the director for the Middle East, Africa and India at Jersey Finance. Sharia-compliant assets in…

Climate Crisis Can’t Be Solved Without Africa: Mark Buchanan

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LAGOS (Capital Markets in Africa) — The Biden administration’s plan to pursue a 50% reduction in U.S. greenhouse gas emissions by 2030 is hugely encouraging. It’s already spurred other nations, including Canada and Japan, to adopt more aggressive plans of their own. But global progress in the coming decades will hinge on what happens in developing nations, especially India and China, now the biggest emitters of greenhouse gases. There’s another looming problem, too. In a…

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

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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…

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