Features

JOHANNESBURG (Capital Markets in Africa) – Just when South Africa’s ruling party thought it was on the way to rebuilding its image before this year’s election, along came Angelo Agrizzi. A former executive at services company Bosasa, Agrizzi has captivated the nation with televised testimony at a judicial panel probing graft during Jacob Zuma’s presidency about how the firm won state contracts worth billions of rand by bribing top African National Congress officials. He also said the…

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…

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….

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…