The Editorial Team |

South Africa | Old Mutual’s Breakup Adds to South Africa Financial Market Woes

Johannesburg, South Africa, Capital Markets in Africa: Old Mutual Plc’s plan to separate its four businesses adds further uncertainty to South Africa’s financial-services industry, which is already under pressure after Barclays Plc’s decision to reduce its ownership in the country’s third-largest lender. While Old Mutual said it will spin off its 54 percent controlling stake in Johannesburg-based Nedbank Group to shareholders, it was short on details about plans for its emerging-market business, which is run from South Africa, as well as its U.S.-based OM Asset Management business and…

Nigerian Central Bank Governor and Investment Minister Talk on FX Supply

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LAGOS, Nigeria, Capital Markets in Africa — Nigerian central bank Governor Godwin Emefiele and Trade and Investment Minister Okechukwu Enelamah are discussing ways to ensure supplies of foreign exchange to manufacturers in the Africa’s largest economy as the slump in oil prices constraint dollar inflows. “My minister is engaging with the central bank governor and other key stakeholders to ensure that the interests of manufacturers are taken care of” in the provision of foreign exchange, Omotara Awobokun, director…

Moody’s place South Africa’s Banks, Old Mutual, Eskom on review for downgrade

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Johannesburg, South Africa, Capital Markets in Africa — Moody’s Investors Service placed on review for downgrade the Baa2 long-term deposit and senior debt ratings of the five largest South African banks: Standard Bank of South Africa, FirstRand Bank Limited, ABSA Bank Limited, Nedbank Limited, and Invective Bank Ltd. The rating agency has also placed on review for downgrade Standard Bank Group’s Baa3 issuer rating. It also placed the Baa3 senior debt rating of Old Mutual…

Foreign and Local Investors abandon Nigerian Stocks ….

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LAGOS, Nigeria, Capital Markets in Africa — Total equity transactions at the Nigerian Stock Exchange decreased by 23.93% from N110.56 billion recorded in December 2015 to N84.1 billion (about US$0.43 billion) in January 2016. In comparison to the same period in 2015, total transactions decreased by 55.67% from the N189.72 recorded in January 2015, the figure released by the bourse. In addition, domestic investors conceded about 3.14% of trading to foreign investors as domestic transactions…

Bank of Ghana to end collection of gold and cocoa proceeds

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ACCRA, Ghana, Capital Markets in Africa — The Bank of Ghana will this year end its policy of forcing cocoa and gold-producers to remit export proceeds to the central bank. The bank will phase out the policy in four steps to prevent disruptions to the foreign-exchange market, the bank stated. Those will include establishing a strong monitoring system to ensure export revenues are released into the market via commercial banks, and sold on a “need…

MTN Group proposes to pay US$1.5 billion to settle Nigerian penalty

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LAGOS, Nigeria, Capital Markets in Africa — MTN Group Limited has proposed to pay 300 billion naira ($1.5 billion) to settle a record $3.9 billion fine in Nigeria for missing a deadline to disconnect unregistered subscribers, according to a document handed to reporters in the Nigerian Senate. Africa’s biggest mobile-phone company made the offer in order to settle a dispute that has been running since the fine was first imposed by Nigerian regulators in October. The country’s…

Lagos regulator points way to market success in Africa

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LAGOS, Nigeria, Capital Markets in Africa — A strong regulatory system that helps the industry to thrive is the key to success for gambling in Africa, according to the head of one of the continent’s leading gaming authorities. Lanre Gbajabiamila, the chief executive of the Lagos State Lottery Board (LSLB), will discuss the achievements of his organisation when he delivers one of the keynote speeches at World Regulatory Briefing Africa (WrB Africa), which will take place in…

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