Managers of Wealth Africa

Buhari: NDDC Audit Report Being Implemented in Phases

It is gladdening to note that the ministry has prioritised the repositioning of the NDDC to ensure they deliver on their objectives and mandate.

African Development Bank adopts new Country Strategy paper for Egypt covering 2022-2026

The new strategy sets out two priority areas: strengthening Egypt’s competitiveness to support strong private sector-led growth and job creation.

CBK sees inflation easing on State subsidies, retains base loans rate

“The recent waiver of import duties and levies on white maize, the subsidy on retail prices of sifted maize flour, and the recent reduction in VAT on LPG will further moderate domestic prices,”

SARB sends warning to South Africa’s biggest banks

The country’s biggest banks have the highest concentration of customers – holding 89% of total assets for the banking sector – and thus carry the highest risk.

Money laundering a high risk threat for South African banks

Large banks are “still targeted by criminals as clients use cash extensively and can use non-face-to-face methods such as automated teller machines to deposit cash, while the source of funds and details of depositors are largely unknown.”

Dealers in high-value goods may soon be accountable institutions under FICA

The FATF’s mutual evaluation of the country identified significant weaknesses in the country’s anti‐money‐laundering and counter financing of terrorism systems.

The right procedural response to a notice of bar

In response to this notice in terms of Rule 23(1), the plaintiffs delivered a notice of intention to amend.

Stanbic Bank risks Sh9.6bn pay for failed Juba plane deal

High Court judge David Majanja said the bank would not suffer any prejudice if the carrier were allowed to amend the compensation claim.

CBN disburses N68bn under 100-for-100 policy

“Loan amount shall be a maximum of N5bn per obligor. Any amount above N5bn shall require the special approval of CBN’s management,” it said.

African Development Bank grants Egypt $271mln for food security, private sector

Under the program, local farmers will have more access to subsidized fertilizers to be more incentivized to grow wheat

South Africa raises rates more than forecast; decision split

"The aim of policy is to stabilise inflation expectations more firmly"

Infrastructure Deficit: IoD Decry Paucity of Funds, Weak Fiscal Regime

The President, ECOWAS Bank for Investment and Development, Mr George Donkor, noted that Nigeria had in its priority for infrastructural growth and development, focused on policies that finance infrastructural development through Public – Private Par

COMESA: African bank sign agreement on establishing Africa Cloud Ecosystem

The agreement was signed by AfDB Country Manager, Raubil Durowojul and COMESA Assistant Secretary-General Kipyego Cheluget on Thursday, July 14, 2022, according to a release.

AMCON Levy Reduce Zenith Bank, 10 Others PBT to N3.15trn in 3 Years

The CBN, pursuant to Section 9(c) of the AMCON (Amended) Act 2015, informed the Bank of its shortfall in contributions to the banking sector resolution cost sinking fund for 2016 and 2017.

UBA Group expands to EMEA, launches banking operations in DIFC, Dubai

The UBA branch in the DIFC will service corporate & financial Institutions and customers across the Middle East with a core focus on correspondent banking, relationship management and advisory services.

South Africa: Competition Commission investigates Google’s advertising monopoly

This begs the question of whether US tech giants are monopolising the continent’s relaxed regulations surrounding technology.

SRC, governors fight over Sh2.3bn exit pay

The SRC says the government will require Sh2.3 billion in the first year to cater to the juicy perks sought by governors and their deputies.

Development Bank Agrees to Help Zimbabwe Clear $13.5 Billion Debt

AfDB and Zimbabwe are looking for ways Harare can get access to international financial money while the debt is being settled over a long period.

World Bank approves $300mln grant to Mozambique

The World Bank money will be used to support budgetary institutions, improve transparency and the business environment

Stakeholders Call for Flexible Regulation of IoT Ecosystem in Nigeria

The first book is titled ‘Datafication of Society to Foster an Internet Economy’ and the foreword was written by the Secretary General of the International Telecommunication Union (ITU), Mr. Houlin Zhao, who has had a long distinguished career

Regulation,Tax & Compliance