Features | - Part 216

Gambia’s Jammeh Rebukes Regional Leaders for Opposition Support

BANJUL (Capital Markets in Africa) – Gambian President Yahya Jammeh said he will refuse a request from regional leaders to step down after losing this month’s election to opposition leader Adama Barrow, describing the intervention from neighboring heads of states as unacceptable interference. Leaders of the Economic Community of West African States pledged last weekend to take all the necessary measures to ensure that Barrow’s victory will stand and undertook to attend his inauguration in January when the incumbent’s term…

AfDB signs US$ 500 million, 2nd tranche of budget support loan for Egypt

Posted on by The Editorial Team

CAIRO (Capital Markets in Africa) – The African Development Bank, on 19th December 2016, signed a loan of US$ 500 million to finance the Egypt Economic Governance and Energy Support Program Phase II. The loan, which was approved by the Bank’s Board of Executive Directors on 13th December 2016, is the second tranche of a three-year, US$ 1.5 billion programmatic series, covering the fiscal years 2015/16 to 2017/18 (July-June). It builds on the first phase of the…

U.S. charges Nigerian with role in cyber scam targeting thousands

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – A Nigerian man is facing U.S. charges that he participated in scams targeting thousands of victims globally in which company executives or vendors were impersonated in emails directing employees to make large wire transfers. David Chukwuneke Adindu, 29, pleaded not guilty in Manhattan federal court on Wednesday to charges including wire fraud, prosecutors said, more than three weeks after the FBI said he was arrested at a Houston airport….

World Bank Commits $75 Billion for Globe’s Poorest Countries

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – The World Bank pledged $75 billion over three years to the world’s poorest countries as part of a refinancing plan that will see it issue about $25 billion of debt in capital markets. Donor countries will contribute about another third of the funding, while the rest will come through money provided by the private sector, World Bank Vice President Axel van Trotsenburg told reporters Thursday on a conference call. The $75…

Nigeria flags oil output rise ahead of debt deal with majors

Posted on by The Editorial Team

ABUJA (Capital Markets in Africa) – Nigeria’s oil production has risen to close to 1.8 million barrels per day (bpd), oil minister Emmanuel Ibe Kachikwu said ahead of the expected signing of a deal over repayments of $5.1 billion in debt from joint venture projects. Kachikwu is due to sign the deal later on Thursday with oil majors ExxonMobil, Royal Dutch Shell, Eni and Chevron. Nigeria has struggled with debt to oil majors amid the…

Bowmans opens new office in Dar es Salaam, Tanzania

Posted on by The Editorial Team

Pan-African law firm Bowmans has announced the opening of a new office in Dar es Salaam, Tanzania, with effect from January 2017. It will bring the number of Bowmans’ offices in East Africa to three and will be its seventh office on the African continent – the firm already has offices in Kenya and Uganda as well as in Madagascar and South Africa. “The launch of our office in Tanzania is another step in the…

Navigating the Business Environment in Africa under the “New Normal”

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Macro-economic instability fuelled by low oil prices and global economic sentiment will continue to be the main driver of business risks across West Africa in 2017. Governance improvements and the embedding of certain democratic practices and norms will limit the scope of potential for deterioration, but challenges will still persist. Cyber-attacks are advancing in nature. Businesses will become increasingly vulnerable until the impact of cyber risks on their operations…

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