Features | - Part 184

Nigerian Minister Is Said to Query $24 Billion Oil Contracts

LAGOS (Capital Markets in Africa) – Nigeria’s oil minister sent a letter to President Muhammadu Buhari listing at least $24 billion of contracts involving the state oil company that he said were never discussed with him or the firm’s board, a copy of the document seen by Bloomberg shows. Emmanuel Kachikwu, the state minister for petroleum resources, complained in the seven-page, August 30 letter to Buhari that during the more than one-year tenure of Nigerian National Petroleum…

McKinsey Told Eskom of Transparency Risk at Trillian Capital

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – Eskom Holdings SOC Ltd. continued to pay Trillian Capital Partners Ltd. even after McKinsey & Co. warned the South African state power company that it had concerns over transparency at the project development partner. Letters written in March 2016 by McKinsey to Eric Wood, the chief executive officer of Trillian, and Eskom’s recently suspended chief financial officer, Anoj Singh, show the U.S. consulting firm was concerned about the reputation risk of working…

KPMG Hasn’t Fully Cooperated in South African Probe, Regulator Says

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JOHANNESBURG (Capital Markets in Africa) – South Africa’s auditing regulator said KPMG LLP’s local unit hasn’t fully cooperated with the body’s investigations into work done for the Gupta family, who are alleged to have used political connections to win state contracts. It took a meeting with KPMG’s leadership team to prompt them to engage with the probe and, even after that, the auditing firm hasn’t released certain documents, Bernard Agulhas, head of the Independent Regulatory Board for…

Northeast Nigeria Recovering From Islamist Violence, Unicef Says

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Northeastern Nigeria is beginning to recover from the devastation caused by an almost decade-long Islamist insurgency as famine is averted, more people access aid and children return to school, although huge challenges remain, the United Nations Children’s Fund said. The Boko Haram militant group has claimed more than 20,000 lives in a violent campaign to impose its version of Islamic law on Africa’s biggest oil producer. At least 5.2…

Goldman Sachs Sees South Africa Jobs Program Starting in January

Posted on by The Editorial Team

JOHANNESBURG(Capital Markets in Africa) – A South African program to put 1 million young people into paid internships is due to start in January as the country grapples with unemployment at a 14-year high, according to Goldman Sachs Group Inc. The initiative, led by the New York-based lender and Investec, will run for three years and offers participating companies tax incentives and other benefits for employing black people, said Colin Coleman, Johannesburg-based partner and head of Goldman…

South Africa’s DA Puts Cape Town Mayor on Leave From Party Activity

Posted on by The Editorial Team

JOHANNESBURG(Capital Markets in Africa) – South Africa’s main opposition party, the Democratic Alliance, placed City of Cape Town Mayor Patricia de Lille and councillor J.P. Smith on special leave from the organization’s activities. Smith and members of the city’s Internal Investigations Unit allegedly made malicious and defamatory remarks about De Lille, Business Day reported Tuesday, citing a statement from the mayor. Some local newspapers reported that De Lille had “irregular” upgrades done at her home,…

Mozambique’s Nyusi Tightens Grip on Ruling Party After Congress

Posted on by The Editorial Team

MAPUTO (Capital Markets in Africa) – Mozambican President Filipe Nyusi cemented his grip on the ruling party at its leadership congress that ended Monday, and new leadership elected to Frente de Libertacao Mocambique’s most powerful organ may signal a cabinet reshuffle. Nyusi, who has ruled the country since the start of 2015, won nearly 100 percent of the vote to secure another five-year term as party president, as well as an endorsement to stand as its candidate in…

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