Author: citibusinessnews
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MTN scraps early Nigeria debt payment amid currency shortage
MTN Group Ltd. has abandoned plans to repay early about $500 million of debt held in Nigeria, saying it can’t get hold of dollars in the African wireless carrier’s biggest market. [contextly_sidebar id=”tpSLcFCfBjyolsgHR1jWQDpEWdPZjcYQ”]“We had looked to do the early resettlement but currently we are not able to,” Nik Kershaw, head of investor relations, said by…
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World’s richest people lose $182bn in market rout
The world’s 400 richest people lost $182bn this past week from their collective fortunes as weak manufacturing data from China and a rout in commodities sent global markets plunging. The weekly drop for the Bloomberg Billionaires Index, a group that includes Warren Buffett and Glencore’s Ivan Glasenberg, was the biggest since tracking of the expanded…
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BOG to arrest and prosecute unlicensed microfinance operators
The Bank of Ghana (BoG) is set to commence arrest and prosecution of directors of unlicensed microfinance institutions operating in the country. [contextly_sidebar id=”SgTkQ7yUeqABLNwiirve1AJcBvEwR35o”]This is part of moves by the central bank to ensure sanity in the microfinance sector which in recent times has seen an upsurge in customer complaints. According to the Bank of…
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SEC awaits communication from ADB on way forward for IPO
The Securities and Exchange Commission (SEC) has told Citi Business News it is awaiting official communication from Agricultural Development Bank (ADB) over moves to resume their Initial Public Offering (IPO). [contextly_sidebar id=”z92fCVrQWqAVaf1dllPZLLFyq0Jo85e7″]According to SEC, the offer documents by ADB are still valid unless the bank makes additional changes to allow for the resumption of the…
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Investing with your head, not with your ears
Investment is a good venture, especially when one has fully prepared for the associated risks with the move. With the rising cost of living, it’s imperative that we prioritize investment and, preferably invest with the lowest risk possible, to generate the highest yielding returns we can. [contextly_sidebar id=”0jHYfRGAS0UIo8GWimFGC4GRnl3W5jKC”]High rates of return on your investments are…
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Ghana investigates massive tax evasion by multinationals
The Ghana Revenue Authority (GRA) is investigating a number of multinational companies in the country suspected of massive evasion of tax through profit shifting. [contextly_sidebar id=”hKnnB20Gymk9Sa7nHXyYyXopyPo5GQEe”]Citi Business News has learnt the investigations can take close to two years to be completed. In an exclusive interview with Citi Business News, a tax policy advisor at the…
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Cedi’s woes will worsen-Dalex boss
The Chief Executive Officer of Dalex Financial Services, Ken Thompson insists that the cedi will continue to fall against major trading currencies and close at 6 cedis to a dollar by close of year. [contextly_sidebar id=”oQmYFTAttSH4iBQfMcE7tklHJ3aruwee”]According to him the demand for dollars is still higher than supply. Ken Thompson early this year predicted that the…
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ADB to resume IPO
The Agricultural Development Bank (ADB) has told Citi Business News it will immediately initiate moves to re-launch its Initial Public Offer (IPO). [contextly_sidebar id=”Q5klReV6cuD3mgLVpMJ0KuE83MhSWGBx”]The move follows the ditching of a law suit filed against it by the of Union of Commerce, Industry and Finance workers (UNICOF) seeking to place an injunction on the IPO following…