Features | - Part 114

Senegal Raises Stake of State Oil Company Under New Code

DAKAR (Capital Markets in Africa) – Senegal’s National Assembly approved a new oil code as a string of major discoveries off its coast are expected to make the West African nation an oil exporter in coming years. The code increases the stake of state-run oil company Petrosen to as much 30 percent in new projects, Oil Ministry spokesman Barthelemy Sene said by text message in response to questions Monday. It will apply fixed percentages for…

Nigeria Opposition Leader Calls Top Judge Suspension Illegal

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Nigeria’s main opposition figure, Atiku Abubakar, said President Muhammadu Buhari breached the constitution by suspending the nation’s top judge just weeks before a general election in Africa’s biggest oil producer. The president’s move on Jan. 25 to temporarily replace Chief Justice Walter Onnoghen, citing allegations of a false asset declaration, has triggered a political crisis because the Supreme Court would probably have to rule on any challenges to the fairness of the vote….

Is South African Clothing Retailer Edcon Too Big to Fail?

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – South Africa’s national power utility’s woes have threatened to shut down industries, while the flagship airline has received repeated bailouts to keep it afloat. Now, a scramble to help a retailer that sells school shoes and fast fashion suggests it, too, may to be seen as too big to fail. Edcon Holdings Ltd. has 30,000 employees, a supply chain that includes 750 companies and floor space that accounts for a…

How Parliament Is Trying to Control Brexit and What It Means

Posted on by The Editorial Team

LONDON (Capital Markets in Africa) – U.K. Prime Minister Theresa May faces a series of votes on Tuesday that could change the direction of Brexit. Two rival factions in Parliament are trying to take control. If one wins, Brexit will probably be put on hold. If the other wins, May would claim a strong mandate to return to Brussels to renegotiate the most controversial part of the divorce deal — the Irish border backstop. The chances of…

One of the Mideast’s Richest Men Is Among Freed Saudi Detainees

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Saudi-Ethiopian billionaire Mohammed Al Amoudi was released more than a year after his arrest in what authorities said was a crackdown on corruption, becoming the latest detainee to be freed under mysterious circumstances. Al Amoudi was let go after Ethiopian Prime Minister Abiy Ahmed raised his case during a visit to Saudi Arabia last year, the premier’s office said. A Saudi official said in December that Al Amoudi was charged with corruption and…

Ex-South Africa President Zuma Linked to New Bribes Scandal

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – Jacob Zuma, who quit as South African president last year after being implicated in a string of scandals, is facing fresh allegations that he took bribes from services company Bosasa to shield it from prosecution and advance its business interests. Angelo Agrizzi, Bosasa’s chief operating officer from 1999 to 2016, told a judicial inquiry that’s probing graft during Zuma’s rule how the company agreed to pay 300,000 rand ($22,000)…

Macron: Egypt’s Human Rights Abuses Threaten Country’s Stability

Posted on by The Editorial Team

CAIRO (Capital Markets in Africa) – French President Emmanuel Macron said on Sunday that Egypt’s stability is threatened by President Abdel-Fattah El-Sisi’s crackdown against political opponents, and that he’ll seek a “balance” by denouncing abuses while not cutting off dialogue. On the first day of a three-day visit to Egypt, Macron said El-Sisi’s regime has become more repressive than under the government of Hosni Mubarak that was overthrown in 2011. “I believe in both stability and respect for sovereignty, but…

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