Category: Africa
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Nigeria: NNPC, Customs, Others Shun U.S.$17 Billion Missing Oil Probe
The House of Representatives Ad-hoc Committee on the $17 billion missing from undeclared crude oil and liquefied natural gas exports to global destinations on Tuesday commenced its public hearing into the matter. Declaring the hearing open, the Speaker of the House, Hon. Yakubu Dogara, said incidence of missing oil money had become a recurring decimal…
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Kenya:Two Rivers selling land for Sh5.6bn to pay debt
Two Rivers Development Limited (TRDL), a company partly owned by investment firm Centum, plans to sell several pieces of land for Sh5.6 billion to repay a short-term debt it is seeking to fund its real estate projects. The company, whose other shareholders are Aviation Industry Corp of China (Avic), and the Industrial and Commercial Development…
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Kenya:Chase Bank now sues former bosses for stealing Sh14 billion
Troubled Chase Bank has sued its former chairman and former senior managers seeking to recover billions of shillings they are accused of illegally siphoning from the lender during their more than a decade at the helm. The bank, in a suit filed through its lawyer Philip Murgor, says former chairman Zafrullah Khan, former managing director…
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Uganda: Egypt Extends Shs95 Billion to Control Kasese Floods
The Egyptian government has invested Shs95b in a project aimed at mitigating floods in Kasese District. The five-month project of protection works for flood mitigation in the district is funded by the Egyptian government under the Ministry of Water Resources and Irrigation. Construction works will commence with River Nyamwamba and spread to other rivers in…
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S.A:Africa’s biggest grocery retailer Shoprite looks beyond the continent
Africa’s biggest grocery retailer Shoprite is considering a push into Eastern Europe, where it hopes to use knowledge gleaned from former suitor Steinhoff International, its new CEO told Reuters. The move signals a change in strategy for Shoprite under Chief Executive Pieter Engelbrecht, 47, as sovereign rating downgrades and a weak economy cloud prospects at…
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Kenya’s housing problem still persists
Kenya needs to build two million affordable city homes to meet its housing deficit and stem the growth of its sprawling slums, already home to six out of 10 urban households, the World Bank said on Wednesday. Investment in housing would also create jobs, improve economic growth and strengthen the east African country’s financial sector,…
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South Africa:Financial Inclusion Remains a Work in Progress
On the surface, South Africa appears to be financially inclusive compared with other emerging markets: 70% of adults, for example, have a transaction account. However, it’s not nearly as inclusive as most mature markets, and serious and stubborn gaps remain, according to a new report by The Boston Consulting Group. Improving Financial Inclusion in South…
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East Africa:Review of super earners’ pay starts
The Salaries and Remuneration Commission (SRC) has started the review of salaries for State officers that could see top earners like MPs, governors and Cabinet secretaries take a pay cut. The commission yesterday said it was reviewing the pay and allowances structure for the State officers to cover the next five years after the August…
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South African tumult hinders Barclays’ exit from continent
Barclays’ plan to sell its African business and pull out of the continent are being hindered by South Africa’s political upheaval and credit-rating downgrades, according to banking sources and fund managers. The British bank gave itself 2-3 years to sell its controlling stake in Johannesburg-based Barclays Africa when it announced the plan in early 2016,…
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Kenya:Regulator stopped from fixing prices of car insurance
Insurance industry regulator, the IRA, has been barred from setting minimum premium prices for motor vehicle insurance, leaving market forces to determine costs and promising consumers some pricing relief. In a decision delivered after months of hearing a petition filed by the Ombudsman, the High Court found that the Insurance Regulatory Authority (IRA) does not…