Features | - Part 223

Och-Ziff Unit Said to Plan to Plead Guilty Over Bribes

LAGOS (Capital Markets in Africa) – Och-Ziff Capital Management LP, the largest publicly traded hedge fund firm in the U.S., has agreed to enter into a deferred-prosecution agreement and have a subsidiary plead guilty in a federal probe into millions of dollars of bribes funneled to African officials, according to a person familiar with the matter. The admission of guilt is part of a settlement with the Justice Department and the Securities and Exchange Commission after a complex five-year…

Infrastructure | Kenya Says Railway Through Wildlife Park Is Least-Worst Route

Posted on by The Editorial Team

NAIROBI (Capital Markets in Africa) – Routing a new Kenyan railway line through the capital’s national wildlife reserve is the least-worst option for a congested city and compromises in its design will leave animals enough space to roam, a government official said. The government said earlier this month that its new $3.2 billion Standard Gauge Railway linking East Africa’s biggest port at Mombasa to the capital, Nairobi, would be routed through Nairobi National Park. The decision sparked…

Ivory Coast Raises Cocoa Price for Farmers 10% From 2015

Posted on by The Editorial Team

ABIDJAN (Capital Markets in Africa) – Ivory Coast, the world’s biggest cocoa producer, will boost the minimum price paid to farmers for their beans 10 percent from last year. Growers will get a minimum 1,100 CFA francs ($1.86) a kilogram (2.2 pounds) for beans for the main crop starting in October, according to Abdourahmane Cisse, the country’s budget minister. That’s up from 1,000 CFA francs last season. The main crop runs from October to March. “My own view…

Kenya car industry urges more incentives to attract investment

Posted on by The Editorial Team

NAIROBI (Capital Markets in Africa) – Kenya’s removal of excise duty on locally assembled cars will boost the industry, but the government must make power supplies cheaper and address other concerns to draw more investment, the automobile industry association chief said on Thursday. With little growth in mature markets, automakers are looking to tap into emerging African markets, but there is plenty of competition on the continent for where they might invest. Kenya’s East African…

MTN Denies Illegally Transferring $14 Billion Out of Nigeria

Posted on by The Editorial Team

LAGOS, Capital Markets in Africa: MTN Group Ltd. said it “strongly refutes” an accusation by Nigerian lawmakers that the wireless carrier illegally moved almost $14 billion out of the country, as the company tries to quell the latest controversy in its largest market. “The allegations made against MTN are completely unfounded and without any merit,” MTN Nigeria Chief Executive Officer Ferdi Moolman said in a statement on Wednesday. MTN, Africa’s biggest mobile-phone company by sales, is accused of repatriating the funds…

MTN Drops as Phone Carrier Confronts New Allegations in Nigeria

Posted on by The Editorial Team

LAGOS, Capital Markets in Africa: MTN Group Ltd. shares slumped the most in three months after Nigerian lawmakers raised new allegations about the wireless carrier, this time accusing the company of illegally moving almost $14 billion out of its largest market. Nigeria’s Senate will thoroughly investigate the claim, it said on its Twitteraccount on Tuesday. The Johannesburg-based company, Africa’s biggest wireless carrier by sales, is accused of repatriating the funds over 10 years starting in 2006, according…

Nigeria Plans 2023 Sugar Self-Sufficiency Even as Woes Mount

Posted on by The Editorial Team

LAGOS, Capital Markets in Africa: Nigeria, sub-Saharan Africa’s biggest sugar importer, remains on target to become self-sufficient in the sweetener in seven years even as foreign-exchange shortages and insurgents pose a risk to the goal, an industry body said. Refiners Dangote Sugar Refinery Ltd., BUA Refinery Ltd. and Golden Sugar Co., which rely on raw-sugar imports from Brazil, joined a government program in 2013 seeking to meet annual demand of about 1.5 million metric tons within a decade. While…

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