Features

DAR ES SALAAM (Capital Markets in Africa) – Tanzania intends to cancel permits for mineral sites belonging to large-scale miners that remain undeveloped and will allocate the licences to smallholders, President John Magufuli said. The announcement comes amid a tax dispute between the state and Acacia Mining Plc, in which the government is demanding $190 billion in penalties, after claiming the company had under-declared export revenue since 2000. The East African nation surpassed its mining-revenue targets for the…

LAGOS (Capital Markets in Africa) – A Nigerian Federal High Court declined a government request to order the nation’s chief justice to step down before next month’s elections while he faces allegations of failing to properly declaring his assets. Justice Danladi Umar told the Code of Conduct Tribunal that only the Senate could force Chief Justice Walter Onnoghen to step aside pending the conclusion of the case, as requested by the prosecutor. The proceedings were postponed until…

The Real estate sector today is burgeoning at a pace where the iconic structures, innovation and the ever-changing market dynamics, keeps project owners and solution providers across the world on hooks. Prospective buyers and suppliers are eager to understand what it takes for them to be at a place where they can make the most of real estate trends and build a strong network for collaborations. After the tremendous success at the East African, West…

JOHANNESBURG (Capital Markets in Africa) – South African President Cyril Ramaphosa moved to quell investor fears ahead of his trip to the World Economic Forum in Davos, saying the African National Congress won’t tamper with the central bank’s independence and that the government won’t allow land grabs. Comments in the party’s election manifesto unveiled at the weekend that the central bank must pursue a flexible policy regime shouldn’t alarm anyone, Ramaphosa told reporters Wednesday in Johannesburg. While…

LAGOS (Capital Markets in Africa) – WorldRemit Ltd., a U.K. company that specializes in money transfers into Africa, plans a new funding round in the next six months ahead of a potential initial public offering or buyout. The fast-growing financial technology firm is seeking more cash as it continues to expand, Andrew Stewart, managing director of operations in the Middle East and Africa, said in an interview in Johannesburg on Wednesday. Founded in 2010 by…

NAIROBI (Capital Markets in Africa) – Kenyan forces ended an Islamist militant siege at a hotel and office complex in the capital that left at least 14 people dead and highlighted the threat still posed by al-Qaeda-linked fighters to East Africa’s largest economy. Using hand grenades, automatic rifles and a suicide-bomber, the militants stormed 14 Riverside in Nairobi on Tuesday afternoon, a venue popular with business travelers and Kenya’s elites and home to offices of…