Political Risks |

Shell Suspects Ex-Executive Committed Crime in Nigeria Deal

LAGOS (Capital Markets in Africa) – Royal Dutch Shell Plc referred a former vice president for sub-Saharan Africa Peter Robinson to the Dutch authorities, suspecting he may have committed crimes related to an asset sale in Nigeria. The allegations of criminal misconduct by one of its employees come at a difficult time for Shell. Europe’s largest energy company and several former executives, including Robinson, are already facing a criminal trial in Milan over an alleged bribery…

HSBC Said to Freeze Account Tied to $500 Million Angolan Fraud

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LUANDA (Capital Markets in Africa) – HSBC Holdings Plc froze an account linked to an alleged fraud that siphoned about $500 million from Angolan state coffers, according to a person briefed on the matter. A large transfer raised suspicions at the bank, prompting it to alert U.K. authorities at least weeks ago, the person said, asking not to be identified discussing confidential information. Britain’s National Crime Agency told Reuters last week it’s preparing to return funds…

Kenya Opposition Urges Probe of Cambridge Analytica Role in Vote

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NAIROBI (Capital Markets in Africa) – Kenya’s biggest opposition party called for an independent probe of Cambridge Analytica’s role in last year’s protracted presidential elections that were marred by violence. “We would be interested in the truth about the role of Cambridge Analytica in spreading divisive propaganda in our election cycle,” Orange Democratic Movement Secretary-General Edwin Sifuna said Tuesday by phone from Nairobi, the capital. “We support an inquiry into their involvement.” Channel 4, a…

SAP Paid $11 Million to Gupta-Linked Companies for Contracts

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JOHANNESBURG (Capital Markets in Africa) – SAP SE said it paid 128.6 million rand ($11 million) to companies linked to South Africa’s Gupta family, which is headed by three brothers accused of using their friendship with former President Jacob Zuma to defraud state-owned entities. The findings represent the first time that an international company has given details on specific payments made to Gupta entities. Other global businesses to become embroiled in the corruption allegations include U.S. consultancy McKinsey…

Buhari Grapples With Widening Crises as Nigerian Vote Looms

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LAGOS (Capital Markets in Africa) – Islamist militant attacks, gasoline shortages, worsening violence over grazing land, simmering unrest in the southeast — the crises keep mounting for Nigerian President Muhammadu Buhari less than a year before general elections. The most recent setback came on March 1 when suspected Boko Haram Islamist militants killed three United Nations aid workers and eight soldiers in an attack in the north-eastern town of Rann, about two weeks after they kidnapped more…

Zimbabwe Is Said to Be Ready to Quit Mugabe Policies Before Vote

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HARARE (Capital Markets in Africa) – Zimbabwe’s ruling party plans to bolster its campaign for this year’s general elections by jettisoning former President Robert Mugabe’s “look east” policy toward China and Russia and adopt some of the opposition’s key initiatives, according to three senior party officials. Since Emmerson Mnangagwa replaced Mugabe as president after a military intervention in November, the authorities in Harare, the capital, have shown a willingness to re-engage with western nations and institutions in an…

Strikes Spread in Restive Ethiopia Region Before Tillerson Visit

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ADDIS ABABA (Capital Markets in Africa) – Strikes protesting Ethiopia’s state of emergency spread across the restive Oromia region ahead of U.S. Secretary of State Rex Tillerson’sarrival for talks with the Horn of Africa nation’s embattled government. The closing of shops and roads by members of Ethiopia’s largest ethnic group is the latest sign of discontent in Oromia state, where unrest has prompted the country’s second state of emergency in two years. Tillerson is due in…

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