Kenya | - Part 36

Kenya to Jail Bankers Guilty of Wrongdoing After Failures

NAIROBI, Kenya, Capital Markets in Africa: Kenya’s central bank wants bankers found guilty of any wrongdoing jailed, after three lenders in East Africa’s biggest economy collapsed in the past nine months. “If people did the wrong things they should be held accountable,” Governor Patrick Njoroge said Thursday in an interview at the World Economic Forum in Kigali, the Rwandan capital. “We are going to take them to a court of law. Put them behind bars.” Kenyan…

Private Equity | Abraaj Readies Nigerian Fertilizer, East African Insurance Deals

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LAGOS, Nigeria, Capital Markets in Africa: Abraaj Group, a Dubai-based private equity firm, is in the final stages of approval for three transactions in sub-Saharan Africa and will probably make further investments in the region before the end of the year, partner Sev Vettivetpillai said on Thursday. Abraaj is seeking final internal approval for three transactions, including one in Nigeria’s fertilizer industry, an insurance investment in East Africa and an industrial business in South Africa, he said in an…

Kenyan Central Bank Has `Room to Adjust’ Tight Monetary Policy

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NAIROBI, Kenya, Capital Markets in Africa: Kenya’s central bank has room to adjust interest rates in East Africa’s biggest economy as inflation falls back within the government’s target range, Governor Patrick Njoroge said. “One can say comfortably that there is room to adjust from the tight monetary stance that was there,” Njoroge said in an interview Thursday at the World Economic Forum on Africa in the Rwandan capital, Kigali. “I think that it is a decision that the…

Kenya | Kenya Central Bank Sees Current-Account Gap Narrowing on Inflows

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NAIROBI, Kenya, Capital Markets in Africa: Dollar inflows into Kenya will result in a narrower current account gap this year and are among reasons the shilling has a “bias toward strengthening,” Central Bank of Kenya Governor Patrick Njoroge said. The deficit, the broadest measure of trade in goods and services, is expected to shrink to 6.3 percent of gross domestic product this year, Njoroge said in an interview Thursday at the World Economic Forum in Kigali, the…

Kenya | Barclays Leaves Kenya Feeling Like `Flowergirls’ in Africa Exit

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Nairobi, Kenya, Capital Markets in Africa: Central Bank of Kenya Governor Patrick Njoroge urged Barclays Plc and its Johannesburg-based unit to engage with regulators in the countries in which it operates as the British bank plans to exit the continent. “It feels like we are being treated like flowergirls” who have no real role to play in the transaction, he said in an interview at the World Economic Forum’s annual Africa conference in Kigali, Rwanda on Thursday, declining to say…

Kenya | Equity Group Pauses Africa Expansion Plans as Economies Slow

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Nairobi, Kenya, Capital Markets in Africa: Equity Group Holdings Ltd., Kenya’s biggest bank by market value, put plans to expand into five other African countries on hold after sliding prices for commodities from oil to copper caused currencies to tumble. The lender, which had prioritized entries into Nigeria, Angola, Ghana, Mozambique and Zambia, will instead focus on deepening its presence in markets in which it already operates by growing branch networks, Chief Executive Officer James Mwangi said. “We…

Private Equity | CDC Group invests US$140m in East Africa’s ARM Cement

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NAIROBI, Kenya, Capital Market in Africa: A new US$140 million investment designed to boost the local supply of cement in East Africa and promote infrastructure development has been announced today by CDC, the UK’s development finance institution. CDC is investing in ARM Cement Limited (“ARM”), a producer of cement, lime and fertilizer, with operations in Kenya, Tanzania and Rwanda. CDC’s capital will help the company develop its existing business and to potentially expand its operations…

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