Features

LAGOS (Capital Markets in Africa) – Nigeria’s Finance Act 2021 (FA 2021) has ushered in notable modifications to several provisions of the country’s tax statutes. One of the most significant is the reintroduction of capital gains tax on transfers of shares in Nigerian companies, a move by the Federal Government of Nigeria, which has been battling revenue shortfalls since 2014, to increase income. Capital Gains Tax on Share Transfers Immediately prior to the amendment of…

ALGIER (Capital Markets in Africa) – Algeria became one of the first countries in Africa to start a permanent unemployment-benefits program for its young population, as surging energy prices give the OPEC member more firepower to tackle social unrest. About 580,000 job-seekers between 19 and 40 years of age are eligible to collect monthly payments of 13,000 dinars ($91) from the state starting Monday, according to the National Employment Agency.  While a tiny fraction of…

LAGOS (Capital Markets in Africa) – Oil edged higher ahead of a flurry of high-level diplomatic activity over the month-old war in Ukraine that may see fresh curbs on Russia. West Texas Intermediate neared $110 a barrel after giving up early gains on Tuesday to end slightly lower. European Union and NATO leaders are set to gather in Brussels on Thursday to beef up their response to the crisis. Ahead of the meetings, White House National…

HARARE (Capital Markets in Africa) – Zimbabwe’s biggest miner of rough diamonds sees Russia’s invasion of Ukraine triggering far-reaching consequences for the global gem industry and possibly lifting demand for its own stones. Russia’s Alrosa is the world’s biggest diamond producer by volume at 30% and the slightest disruption to its ability to supply distorts the market, according to Zimbabwe Consolidated Diamond Co. Chief Executive Officer Mark Mabhudhu. “It may end up creating the supply gap…

LONDON (Capital Markets in Africa) – Centricus Asset Management Ltd. partnered with Cheyne Capital’s Jonathan Lourie and Talis Capital’s Bob Finch to join the bidding for Chelsea Football Club, one of European sport’s most prized assets. The offer from Centricus values Chelsea at more than 3 billion pounds ($3.9 billion), including commitments for further investment, a person familiar with the matter said, asking not to be identified discussing confidential information. Centricus co-founder Nizar Al-Bassam and…

LAGOS (Capital Markets in Africa) – China’s top envoy to Washington pledged his country “will do everything” to de-escalate the war in Ukraine, but refused to condemn Russia’s attack and branded such requests “naive.”  “There’s disinformation about China providing military assistance to Russia,” Ambassador Qin Gang said on CBS’s “Face the Nation” on Sunday. China isn’t sending “weapons and ammunitions to any party,” he said, calling Beijing’s “common interests” with Russia an “asset” that could help peace…

LAGOS (Capital Markets in Africa) – The world’s poorest nations will pay China and its lenders almost $14 billion this year in debt servicing costs, according to new research that urges Beijing to do more to support restructuring for those who need it.In total, 68 such countries will pay $52.8 billion this year in debt costs, according to a report by the Green Finance & Development Center at Fudan University in Shanghai. More than a quarter of that will…