Features | - Part 174

Kenya’s Largest Retailer Nakumatt to Enter Administration

NAIROBI (Capital Markets in Africa) – Nakumatt Holdings Ltd., East Africa’s largest retailer, is seeking a court order to enter administration as part of a plan to revive its debt-laden business. The Kenyan company will go to court on Nov. 8 for a hearing on the application, which proposes that “business-turnaround professional” Peter Kahi of PKF Consulting Limited be appointed as administrator, according to a statement emailed Monday from the capital, Nairobi. Nakumatt is “optimistic” that…

Deadly Somalia Bombings Highlight Failed Bid to Quash Al-Shabaab

Posted on by The Editorial Team

MOGADISHU (Capital Markets in Africa) – Three deadly bomb attacks in Somalia’s capital this month have highlighted the failings of a decade-long international effort to quash an al-Qaeda-linked insurgency in one of the world’s poorest countries. While African Union troops helped the federal government drive the Islamist group known as al-Shabaab out of Mogadishu in 2011, the group has continued to stage assaults in the city. The U.S. blamed it for the country’s deadliest-ever attack — an Oct….

Tanzanian Opposition Leader Arrested for Inflammatory Speech

Posted on by The Editorial Team

DAR ES SALAAM (Capital Markets in Africa) – Tanzanian police arrested the leader of the opposition Alliance for Change and Transparency after he gave a speech about the current state of the country’s economy. The authorities detained Zitto Kabwe on Tuesday and he’s currently being questioned about the speech he made on Oct. 29 in Dar es Salaam, the commercial capital, Abdallah Khamis, the ACT’s spokesman, said by phone. The party’s lawyers are trying to…

Russia Signs Agreement With Nigeria for Nuclear Power Plant

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Russia has signed agreements with Nigeria to build and operate a nuclear power plant in the oil-rich West African nation that has a deficit of reliable power and faces security challenges by Islamist militants in the far northeast. Feasibility studies for the plant and a research center construction will include site screening, capacity, financing, and time frames of the projects, state-owned Russian nuclear company Rosatom said in an emailed…

Zimbabwe Ruling Party Moves to Include a Woman in Top Body

Posted on by The Editorial Team

HARARE (Capital Markets in Africa) – Zimbabwe’s ruling party will probably amend its constitution to ensure that a woman is appointed to its top body, which currently has three men, according to a draft document sent to senior members of the party by its secretary for administration, Ignatius Chombo. The move may pave the way for President Robert Mugabe’s wife Grace to join the Presidium at a party congress in December, according to University of Zimbabwe professor Eldred…

Kenyatta Named Winner of Kenyan Vote Rerun as Odinga Cries Foul

Posted on by The Editorial Team

NAIROBI (Capital Markets in Africa) – Kenyan President Uhuru Kenyatta was announced as the landslide winner of a chaotic election rerun that his main rival Raila Odinga rejected as a sham. Kenyatta, 56, won 7.48 million votes, or 98.3 percent of the total cast on Oct. 26, Wafula Chebukati, the chairman of the Independent Electoral & Boundaries Commission, said Monday in Nairobi, the capital. The turnout was 38.8 percent, down from 79 percent in an Aug. 8 contest that…

Nigerian President Fires Officials Facing Corruption Allegations

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Nigerian President Muhammadu Buhari fired two top aides facing graft allegations after receiving the report of an investigation he ordered. David Lawal was replaced as the secretary to the government by Boss Mustapha with “immediate effect,” while Ayo Oke was fired as the director general of the National Intelligence Agency without replacement, according to an emailed statement from the presidency. Buhari directed Vice President Yemi Osinbajo in April to lead an investigation into allegations of…

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