Features | - Part 126

Ex-Finance Minister Named in $1.2 Billion Ghana Bank Lawsuit

ACCRA (Capital Markets in Africa) – Ghana’s former Finance Minister Kwabena Duffuor and 12 other parties are facing a 5.7 billion cedi ($1.2 billion) suit over funds that went missing during their tenure as shareholders and directors of the now defunct Unibank Ghana Ltd. KPMG LLP, which is the receiver for Unibank after the lender’s license was revoked in August, is asking the High Court in Accra to declare loans, advances and asset purchases made by certain shareholders…

Investing Into Private Equity for African Institutions

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Institutional investment is a key driver of the development of capital markets. But, in many parts of Africa, institutional investment has been slow to develop and development finance institutions (DFIs) have long filled this gap. In recent years, pension reform in many countries has driven the creation of more reliable forms of savings for individuals. While the assets in African pension funds are still relatively small, most are fast-growing, creating…

African Pension Funds: A New Capital Source For Private Equity

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – African pension funds are primed to play a valuable role in the future of the African private equity industry. They are likely to become an increasingly significant capital source for medium and long – term investment and are primed to play a critical role in catalysing African development. With many pension funds accumulating substantial AUM, there is pressure on these pension funds to diversify from traditional investments such as…

Ethiopian Airlines Flight in Near Collision, Flightradar 24 Says

Posted on by The Editorial Team

ADDIS ABABA (Capital Markets in Africa) – An Ethiopian Airlines Group flight almost had a mid-air collision with a Neos SpA plane in Kenyan airspace last week, according to tracking website Flightradar 24. ET858 “narrowly avoided” NO252 at 37,000 feet, the flight tracker said on Twitter. NO252 is the flight between Zanzibar in Tanzania, Kenya’s resort city of Mombasa and Verona, while ET858 is Ethiopian Airline’s route from Johannesburg, South Africa, to Addis Ababa, the Horn of…

Four Seats Enough, Rwanda’s Opposition Declares Vote Victory

Posted on by The Editorial Team

KIGALI (Capital Markets in Africa) – Rwandan opposition parties won just four seats in parliamentary elections — but that’s enough for one of their leaders to hail a victory for democracy in the tightly controlled East African nation. The outcome of the Sept. 3 vote marks the first time a party not in the Rwandan Patriotic Front coalition has secured lawmakers since the country was torn apart by a 1994 genocide. Provisional results show the…

Ramaphosa’s South African Recession Heightens Election Risk

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – President Cyril Ramaphosa’s job of getting South Africa back on track just got a lot more perilous with the surprising news that the economy has slipped into recession. He must walk a fine line between restoring investor confidence battered by almost nine years of misrule by his predecessor, Jacob Zuma, while reducing widespread poverty. And next year’s general elections are looming. The “Ramaphoria” that buoyed the markets and the public at large after…

Steinhoff Ex-CEO Says He Didn’t Know of Financial Irregularities

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – Steinhoff International Holdings NV ex-Chief Executive Officer Markus Jooste said he wasn’t aware of any financial irregularities and quit as head of the global retailer after disagreeing with the board on how to deal with a dispute with auditors Deloitte LLP. In his first public appearance since the accounting crisis that wiped billions of euros of the company’s market value in December, Jooste challenged the widespread view that he is responsible for…

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