Managers of Wealth Africa

Single account nightmare for banks as State starts audit

According to the Treasury, public entities held more than 33,000 bank accounts locally as at January 2023.

Steady dollar supply pushes naira to 1,262/$

This means the local currency hasSteady dollar supply pushes naira to 1,262/$ continued its positive streak against the green with expectations of further appreciation.

Central Bank of Nigeria’s aggressive monetary policy tightening will boost foreign investment

Inflation is mainly as a result of excess liquidity in the system

Win for NSE as index provider lifts restrictions

In a statement issued on Tuesday, the NSE said the reclassification from a restricted market will boost inflows from foreign investors, who typically account for nearly 60 percent of daily turnover at the market.

Listed commercial banks may require combined investment to meet capital requirements in Nigeria

Among the tier-one banks listed, the United Bank of Africa is set to raise the largest sum

A further tightening stance by the MPC

The committee’s decision was also influenced by the need to stabilise the Naira.

South Africa requires comprehensive AI legislation – experts

“Regulating AI is… crucial in ensuring that AI achieves outcomes that are in the interests of society,” said the experts.

Kenya has tightened its laws to stop money laundering: why banks are the focus

Money gained illegally can be laundered by placing it into the financial system, through banks.

Yield-hungry investors to blame for Africa debt crisis

In cases of debt distress, preference has been how to save creditors.

African Development Bank approves $50 million loan to support climate change resilience, improve livelihoods and boost food security in Nigeria’s Yobe State

“This is a very practical and granular project that tackles issues of security, vulnerability, food security, and restoration of the degraded environment.” Dr Akinwumi A. Adesina

Parliament passes 8 new bills – including changes for pensions and a new SOE in South Africa

The government published the bill back in November 2023, which, among amending 12 other security laws, is aimed at countering the erosion of the country’s State Security Agency (SSA) by overhauling it.

24.5% interest rate: Private sector foresees higher inflation, massive job cuts

The CBN again increased the MPR to 24.75 per cent from 22.75 per cent despite concerns about economic hardship.

Information regulator launches investigation into CIPC

The hackers added that the security vulnerability that was exploited has existed since at least 2021.

Unpaid pension and PAYE by State entities hit Sh73bn

Revelations by the Parliamentary Budget Office (PBO) show that unremitted pension dues stood at Sh47.6 billion while PAYE was Sh25.3 billion as at the end of last month.

FG deducts N415bn state allocations for debt servicing

The PUNCH observed that the most hit state by the deductions was Lagos, with about N131.1bn deducted for external debt servicing.

Ndindi Nyoro, The Chair Of Budget Committee In Parliament, Faults KRA For Heavy Taxation

Public participation has been a long-neglected element while the government makes taxation increments.

CMA allows electronic IPOs in drive to cut costs and end listing drought

IPO process is quite cumbersome, that is the reconciliation and refunds and all those kinds of things.

KRA in tough race to collect Sh1.1 trillion in four months

Based on its annual target to collect Sh2.49 trillion during the financial year, this means that the collections recorded shortfalls averaging Sh36.2 billion monthly.

Dark clouds gather for South Africa as reality sinks in

The rand started the new week on the back foot, pushing towards the psychological R19.00 to the dollar mark as markets brace for tighter monetary policy in the coming weeks.

MPs want foreigners to get permits before investing

Since Section 3(1) provides that a foreign investor who intends to invest in Kenya may apply to the authority for an investment certificate,” the committee chaired by Embakasi North MP James Gakuya said.

Regulation,Tax & Compliance