Category: Africa
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Kenya:Transmara Sugar owner reports 88pc jump in profit
Mauritius sugar producer Alteo’s pretax profit rose 116 per cent to Sh3.97 billion (1.36 billion rupees) ($38.42 million) in the six months to December 31 helped by higher sales and favourable prices, the firm said on Tuesday. Alteo is the largest sugar miller on the Indian Ocean island. It also has interests in property development…
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Dangote to launch rice outgrower scheme in Sokoto
Dangote Rice, a subsidiary of Dangote Group is set to launch a multi-million naira rice outgrower scheme in Sokoto state with the prospect of hiring hundreds of thousands of people from its rural communities. President of the Group, Aliko Dangote disclosed at the weekend that the Company will on Wednesday, flag off with a pilot project…
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Kenya:Blow to accountants as bid to fix professional fees flops
The Competition Authority of Kenya (CAK) has rejected accountants’ proposal to fix prices, arguing that such a move would kill competition and innovation in the sector. The Institute of Certified Public Accountants of Kenya (ICPAK) had in 2015 requested to be exempted from competition rules – a move that would allow it to set minimum…
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Nairobi:Big slums cut valuation of real estate wealth
Cash-hungry slumlords and politicians have blocked modernisation of Nairobi’s Kibera slum, robbing the economy of Sh103 billion, the World Bank says in a report that unmasks Kenya’s lords of poverty. The data, which is contained in a real estate report that was made public last week, is the clearest revelation of how a clique of…
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Kenya Re’s outlook drops to negative over tight capital
Ratings agency A.M. Best has revised Kenya Re’s outlook to negative from stable citing requirement for more capital and dependence on investment earnings. However, the New Jersey-based credit rating firm affirmed Kenya Re’s financial strength at B+ which means the reinsurer can meet ongoing obligations. It was also accorded a long-term issuer credit rating of…
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Nigeria: ‘CBN Defended Naira With $26.6 Billion in 2013’ – True or False?
It seems strange but true that the more dollars we earn, the more are the challenges of Excess Naira liquidity, inflation, higher cost of funds and a weaker naira exchange rate. The above title was first published in Punch and Vanguard newspapers in January 2014. Please read on. “The Punch Newspaper recently carried a report…
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S.A: Automakers seen investing $615 mn this year
South Africa’s automotive sector capital expenditure is projected to rise to 8.2 billion rand ($615 million) this year from 6.4 billion rand in 2016, the auto industry body said in a document seen by Reuters. The National Association of Automobile Manufacturers of South Africa said in a memo dated Feb. 7 that the sector’s estimated…
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Nigeria: Arik Air Was ‘Huge Mess’, Very Poorly Managed – Amcon
The Asset Management Corporation of Nigeria, AMCON, on Sunday said it had discovered deep-rooted rot at embattled airline, Arik Air. AMCON said it would require over N10 billion to fix the rot before the largest local carrier could resume full and uninterrupted flight operations to its regular routes across the country and beyond. The asset…
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Nigeria: N’Delta Stakeholders Warn Against Open Destruction of Illegal Refineries
Niger Delta stakeholders, including oil-producing communities, regulators, and civil society groups, yesterday warned against the open destruction of illegal refineries by the security forces operating in the region. In a communique released at the end of the quarterly meeting of the Multi-stakeholder Platform (MSP) on Oil Spill in the Niger Delta, the concerned groups said…
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Nigeria: Senate to Hold Public Hearing On 2017 Budget, Despite Maintaining Secret Finances
The Nigerian Senate will on Monday hold a public hearing to enable citizen-participation in the approval of the N7.28 trillion proposed 2017 budget – presented by President Muhammadu Buhari last year. Described as “a first-of-its-kind”, the convocation of the public hearing on the budget proposal was disclosed by the spokesperson for the Senate, Aliyu Abdullahi,…