The Markets

LAGOS (Capital Markets in Africa) – Nigeria’s market regulator is introducing a new rule that will expand the reach of authorities in monitoring financial links with suspected terrorist groups. A circular issued this month by the country’s Securities and Exchange Commission directs capital market players “to screen and verify every client” before onboarding them and when carrying out one-off transactions. Operators will need to ensure that clients aren’t associated with any group designated a terrorist…

JOHANNESBURG (Capital Markets in Africa) – A group of Bitcoin investors are pushing for criminal charges against individuals who run a cryptocurrency platform in South Africa suspected to have been fraudulent, in a case that might prove challenging to prosecute. The investors are seeking the arrest of brothers Raees and Ameer Cajee, age 21 and 18, who operated the company, but haven’t been seen publicly since the scandal broke. That’s even after a mystery benefactor…

NEW YORK (Capital Markets in Africa) – Elon Musk, the world’s richest person and chief executive officer of Tesla Inc., said on Twitter that he’ll pay more than $11 billion in taxes this year, an amount that could constitute a record payment to the U.S. Internal Revenue Service. For those wondering, I will pay over $11 billion in taxes this year The billionaire may face a tax bill of more than $10 billion for 2021 if he…

NEW YORK (Capital Markets in Africa) – The big week for monetary policy is underway and market color points to nothing more than position fine-tuning until the first Federal Reserve headlines hit the wire. Or maybe, until early Wednesday morning for those intraday punters looking to make a quick run on the market. It could all prove anti-climactic in the end, especially if the Bank of England and the European Central Bank ask for more…

LAGOS (Capital Markets in Africa) – Bitcoin is staging a comeback along with other riskier assets on Monday, bouncing back from its Black-Friday lows.  The largest digital asset rose as much as 3.4% during the session to trade around $58,266. Other coins also posted snap-backs, with the Bloomberg Galaxy Crypto Index adding 5.5% at one point. So-called alternative coins like Polkadot and Dogecoin gained too.  A brutal selloff Friday saw investors fleeing a number of…