Managers of Wealth Africa

CBK regulation of digital lenders is long overdue

While there is no doubt this is a profitable sector with over 11 companies, there are still fears it could be exploited for financial crimes.

Mauritius a player in transparency – identifying Ultimate Beneficial Owners

The Financial Action Task Force, based on its fourth round of mutual evaluation

Connecting the Dragon, the Tiger and the Lion

With Chinese presence in Mauritius dating back to the 1800’s, the diplomatic relationships between the two countries have actually started strengthening since 1972, culminating into China’s first free trade agreement with any African nation.

FCMB Shareholders Approve N2.97bn Dividend

The AGM was held virtually due the prevailing COVID-19 pandemic and streamed live to shareholders of the financial institution.

CBK revokes Chase Bank licence, kick starts winding up

The regulator last Friday instructed the KDIC to start the liquidation of Chase Bank’s remaining assets to salvage some money for customers who had more than Sh100,000 each in the bank.

Constitutional Court opens door to alternative methods of compensation

This judgment opened the door for the development of the common law by interpreting the order in a manner which did not limit the manner of payment.

Forex reserves up Sh33bn after IMF loan injection

The Treasury normally sells the hard currency proceeds of external loans to the CBK in exchange for shillings

Nigeria SEC working with central bank to lift digital currency ban

Nigeria’s SEC has now revealed that it has been seeking to find a way around the ban, working with the banking watchdog.

ENSafrica’s Thierry Koenig nominated to sit on the Institute of Judicial and Legal Studies board

The IJLS plays a key role in the professional development of barristers, attorneys and notaries in Mauritius

CBK okays liquidation of Chase Bank

The report indicates that considering the weak status of Chase’s financial position, liquidation is the only feasible option,” said CBK.

Pension schemes lean on bonds in tough economy

In contrast, they saw a decline in the value of equities investments by Sh10 billion to Sh218.12 billion, largely due to a fall in share prices at the Nairobi Securities Exchange (NSE).

Kenya proposes 'investor friendly' PPP law reforms

The bill also envisages a more robust project management and institutional framework through the establishment of a PPP Directorate and project implementation teams.

Finance Ministry 'closely monitoring' BBS saga

Axed managing director, Pius Molefe and the board earlier today locked horns at the Lobatse High Court over an interim order won by the board that pushed out the veteran administrator.

Breaking down your offshore allowance

How much, how often and what to do if you breach the limits?

Mauritius updates to the Anti-Money Laundering and Combatting the Financing of Terrorism handbook

The Financial Services Commission (FSC) in Mauritius issued an Anti-Money Laundering and Combatting the Financing of Terrorism Handbook 2020 (AML/CFT Handbook) in January 2020

KRA targets Sh81bn on removal of tax reliefs for wealthy

The Treasury and the taxman have in recent years been looking to claw back some of the preferential rates of tax, investment deductions, tax reliefs, zero-rating for VAT purposes, remissions of taxes and exceptions.

Banks’ Impairment Charges Soar by 113% to N228bn

Besides, the World Bank has sustained pressure on the federal government on the need to remove all forms of subsidy on petrol and electricity supply and to harmonise the forex rate.

SEC clamps down on firms dealing in illegal foreign investments

The commission stated that these unregistered platforms also claim to be operating in partnership with capital market operators (CMOs) registered with the Commission, warning such CMOs to desist henceforth.

BRICS development bank approves $1bn COVID-19 loan for South Africa

The loan will support the Government of South Africa in its efforts to contain the economic fallout of the pandemic and start economic recovery," the bank said in a statement.

CBN gets order to freeze 194 accounts in 17 banks

In one of the suits against Nuru Abubakar and 24 others, the court granted the request by CBN to freeze the account of the defendants in the banks for 45 days.

Regulation,Tax & Compliance