Banking | - Part 115

FBN Says Director Questioned as Nigeria Probes Bank Transactions

LAGOS, Nigeria, Capital Markets in Africa: FBN Holdings Plc, Nigeria’s biggest lender by assets, said one of its directors was invited and questioned by the Economic and Financial Crimes Commission as part of a wider probe into alleged illegal transactions by the country’s banks. Executive Director Dauda Lawal was questioned about sums allegedly distributed by a former minister of petroleum, and is cooperating fully with the agency, the Lagos-based lender said in a statement Friday on the Nigerian…

Kenya to Jail Bankers Guilty of Wrongdoing After Failures

Posted on by The Editorial Team

NAIROBI, Kenya, Capital Markets in Africa: Kenya’s central bank wants bankers found guilty of any wrongdoing jailed, after three lenders in East Africa’s biggest economy collapsed in the past nine months. “If people did the wrong things they should be held accountable,” Governor Patrick Njoroge said Thursday in an interview at the World Economic Forum in Kigali, the Rwandan capital. “We are going to take them to a court of law. Put them behind bars.” Kenyan…

Angola’s Central Bank Maintains Rates on stable inflation in April 2016

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Luanda, Angola, Capital Markets in Africa — National Bank of Angola (BNA, Banco Nacional de Angola) Monetary Policy Committee (CPM) held a meeting on 29 April 2016, decided to maintained the Basic Interest Rate at 14.oo%, BNA said in a statement on its website on Thursday. In addition, the central bank left the standing lending facility rate at 16% and kept the overnight standing liquidity absorption facility rate at 2.25%. In March 2016, the monthly inflation…

Tanzania Plans Foreign Loans in Next Fiscal Year, Ndulu Says

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Dar es Salaam, Tanzania, Capital Markets in Africa: Tanzania plans to borrow offshore in the next fiscal year, central bank Governor Benno Ndulu said. “We will be guided by what’s needed and what is reasonable in the market to do,” Ndulu said in an interview Wednesday at the World Economic Forum on Africa in the Rwandan capital, Kigali. The “firm numbers will still come out. If it’s a Eurobond, typically you cannot issue less than $500 million.” The…

Kenyan Central Bank Has `Room to Adjust’ Tight Monetary Policy

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NAIROBI, Kenya, Capital Markets in Africa: Kenya’s central bank has room to adjust interest rates in East Africa’s biggest economy as inflation falls back within the government’s target range, Governor Patrick Njoroge said. “One can say comfortably that there is room to adjust from the tight monetary stance that was there,” Njoroge said in an interview Thursday at the World Economic Forum on Africa in the Rwandan capital, Kigali. “I think that it is a decision that the…

Kenya | Kenya Central Bank Sees Current-Account Gap Narrowing on Inflows

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NAIROBI, Kenya, Capital Markets in Africa: Dollar inflows into Kenya will result in a narrower current account gap this year and are among reasons the shilling has a “bias toward strengthening,” Central Bank of Kenya Governor Patrick Njoroge said. The deficit, the broadest measure of trade in goods and services, is expected to shrink to 6.3 percent of gross domestic product this year, Njoroge said in an interview Thursday at the World Economic Forum in Kigali, the…

Kenya | Barclays Leaves Kenya Feeling Like `Flowergirls’ in Africa Exit

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Nairobi, Kenya, Capital Markets in Africa: Central Bank of Kenya Governor Patrick Njoroge urged Barclays Plc and its Johannesburg-based unit to engage with regulators in the countries in which it operates as the British bank plans to exit the continent. “It feels like we are being treated like flowergirls” who have no real role to play in the transaction, he said in an interview at the World Economic Forum’s annual Africa conference in Kigali, Rwanda on Thursday, declining to say…

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