Category: Africa
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Tanzania’s President Magufuli threatens to close mines if talks delayed
Tanzania’s President John Magufuli has threatened to close down all gold mines in the country if mining companies delay talks with his government aimed at resolving allegations of tax evasion. The announcement by Magufuli, nicknamed “the Bulldozer” for his forceful leadership style, marks a further escalation of a dispute with foreign companies like Acacia Mining…
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S.A: First Tito Mboweni quits cement producer PPC’s board then CEO
PPC’s CEO Darryll Castle has resigned less than a week after Tito Mboweni stepped down from the board. According to Business Day, Mboweni allegedly quit over irreconcilable differences about the strategic direction of the company and its proposed merger with Afrisam. Castle will be available to PPC to ensure a smooth handover for a period of…
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Vodacom Tanzania extends IPO deadline
Vodacom Tanzania has extended the offer period for its initial public offering for a second time to allow foreign investors to take part, the telecom operator said on Wednesday. The company, a subsidiary of South Africa’s Vodacom Group, said it had received approval from Tanzania’s capital markets regulator to extend the offer period until July…
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CNBC Africa: Eskom to take action against former acting CEO
The board of South Africa’s state-run power utility Eskom will pursue disciplinary action against former acting chief executive, Matshela Koko, who allegedly violated procurement rules, the company said on Wednesday. Eskom’s moves come against the backdrop of growing graft, governance and financial concerns regarding South Africa’s public companies, whose woes are pressuring the Treasury at…
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Banks snub small firms for lack of proper books
Less than 25 per cent of small and medium enterprises (SMEs) in the country have adopted International Financial Reporting Standards (IFRS), forcing majority of commercial banks to shun them. The Institute of Certified Public Accountants of Kenya (ICPAK), says majority of the SMEs lack proper books making it hard for banks to ascertain their financial…
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Treasury plans to sell Uchumi shares after retailer stabilises
The government is set to let go its shareholding in Uchumi Supermarkets once the troubled retailer stabilises under the ongoing bailout and restructuring plan. Trade Principal Secretary Chris Kiptoo on Wednesday said the shareholding exit will come after the government recoups taxpayers’ funds invested in the company over the years. Uchumi is in talks with…
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South African Reserve Bank to hold repo rates
South Africa’s Reserve Bank is expected to leave interest rates unchanged at its July 20 meeting, according to a Reuters poll released on Monday, but economists expect a dovish statement as the Bank gets closer to its easing cycle. Twenty-four of 27 economists said the Reserve Bank will hold rates at 7.00 percent on Thursday.…
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Nigeria: Telecoms regulator approves Etisalat name change
Nigeria’s telecoms regulator has approved Etisalat Nigeria’s name change after its Middle East parent pulled out following regulatory intervention to save the local company from collapse due to debt, the company said. The Nigerian Communications Commission (NCC) has been notified of the new name, 9mobile, the company said, adding that Etisalat Nigeria had started the…
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South Africa: Mazda recalls additional 19,000 vehicles in South Africa
Mazda Motor Corp. is recalling 19,000 cars in South Africa due to airbag safety concerns as the Japanese carmaker extends a global recall to cover a wider manufacturing period, its local unit said on Monday. The recall was prompted by investigations in Japan and North America for three different types of Takata Corp manufactured airbags…
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U.S. seeks to recover $144M in bribes to former Nigerian oil minister
The U.S. Justice Department on Friday filed a lawsuit seeking to recover assets that include a $50 million Manhattan apartment and an $80 million yacht that it said were bought using money generated from a scheme to pay millions of dollars in bribes to a former Nigerian oil minister. The civil lawsuit, filed in federal…