05/22/2023
Nigeria records forex supply of $15.2 billion via official window
One of the factors that contributed to the depreciation of the naira in 2022 was the lack of forex supply from the BDC market.
Regulation,Tax & Compliance
05/19/2023
SARS is stepping in to keep food prices lower in South Africa
In South Africa, the cost of petrol and diesel includes various levies and taxes that make up 31% of the total cost
05/18/2023
South Africa could slip into a dangerous ‘feedback loop’
Tighter monetary policy risks “creating a feedback loop for the rand,” Andrew Matheny and Bojosi Morule wrote in a note to clients.
05/18/2023
All resolutions approved at Ecobank Transnational Incorporated’s 35th Annual General Meeting (AGM) and Extra Ordinary General Meeting (EGM)
At the meeting, shareholders approved the accounts and the appropriation of profits for 2022.
05/17/2023
IGAD central banks revive push to cut remittance fees
The cost of intra-regional remittances transfer among the IGAD member states stands at 10.6 percent
05/17/2023
‘Difficult trade-offs’ coming to keep South Africa afloat
Godongwana said that key among these is the outcome of the public sector wage negotiations, which the budget did not pre-empt.
05/16/2023
Banking licenses unjustly cancelled to be restored, laid-off staff to regain jobs – Mahama
Aside from reviving the collapsed indigenous banks and other businesses, he said allowing for local participation and ownership in them will be a priority to revamp the country’s ailing economy and create more employment for the citizenry.
05/12/2023
Shareholders reject scheme of arrangement proposed for Union Bank and Oando acquisitions
The transaction will be implemented by way of a Scheme of Arrangement between the bank and the bank’s shareholders (the Minority Shareholders).
05/12/2023
South African rand sinks to new 3-year low as power concerns flare
Struggling power utility Eskom is implementing the worst power cuts on record lasting more than 10 hours a day for some households and businesses
05/12/2023
SARS changes VAT registration rules after flood of suspicious activity
All new applications for VAT registration will be subjected to a more stringent registration process
05/11/2023
Reserve Bank sharpens its tools for interest rates in South Africa
The monetary policy broadly refers to the process by which central banks such as SARB manage the supply and demand of money to achieve economic objectives such as price stability and economic growth.
05/11/2023
Titan Trust offers N7 per share to buy out Union Bank minority shareholders
At the close of the trading session on Wednesday, Union Bank’s share price moved up by 0.71 percent to N7.05kobo.
05/11/2023
Absa states ‘categorically’ its full compliance with employment equity laws
Bank strongly denies being issued any notice of non-compliance by the labour department.
05/11/2023
CBN bans unapproved foreign bank representatives from banking operations in Nigeria
This Guidelines, issued in exercise of the powers conferred on the CBN under the Central Bank of Nigeria Act,
05/10/2023
CBN bans foreign banks’ rep office from banking business
An approved representative office is barred from carrying out banking business or any other regulated activity in Nigeria.
05/10/2023
Kenya to secure another $1 billion loan from World Bank
The Bretton Woods lender will be expected to wire the billions to the exchequer in a month given that the financing has been budgeted for the financial year 2022/23 ending on June 30.
05/10/2023
ENSafrica joins forces with the South African Chamber of Commerce in Mauritius
The partnership paves the way for increased knowledge sharing, cooperation, and collaboration between the legal and business communities of both countries.
05/10/2023
African Development Bank debars Goldsun Investments Company Limited for 24 months for Fraudulent Practices
At the expiration of the debarment period, Goldsun Investments Company Ltd. will only be eligible to resume
05/09/2023
Rand stays weak as markets wait for direction
The Federal Open Market Committee (FOMC) has not been explicit or clear on this, however.
05/09/2023
Property agents to remit taxes within 24 hours
It is a far-reaching proposal that is likely to increase the compliance cost for agents, according to a tax alert by audit firm PWC.