Managers of Wealth Africa

South Africa is walking a tightrope: Moody’s

Moody’s rates South Africa’s long-term foreign debt with a stable outlook at a sub-investment grade Ba2, which it defines as carrying substantial credit risk with speculative characteristics.

Naira gains as CBN pays banks $6.7bn forex backlog

The naira in Lagos recorded an average of 1,120/$ on Thursday, appreciating to 1,040/$ and 1,125/$ in different locations on Thursday.

Equity market’s ASI reaches record high

Investors this week had brushed aside projections of mixed sentiments

APA parent sells 20pc stake to South African insurer

The acquiring company sees the transaction as a means to expand presence in Africa.

SA's funds exhausted, finance minister warns

The government might find itself facing a critical shortage of funds if decisive action is not outlined in the medium-term budget policy statement

Former Eskom CEO Andre de Ruyter scores R7 million payday

Despite the ailing SOE’s financial woes, Eskom revealed De Ruyter received R6.9 million in the 2023 financial year – slightly less than the R7.1 million he received the year before.

Somalia Welcomes First Foreign Bank Branch in Over Half-Century

The bank’s operations will focus on corporate financing and trade financing, officials said on X, formerly known as Twitter.

Absa Bank Kenya Unveils Initiative to Enhance Financial Wellness

Innovative solutions and toolkits to empower and enhance their capacity to access necessary funds to achieve their goals

IFC gives $2.9bln to East African green economy businesses

IFC provided a $150 million loan to KCB Kenya to support businesses tackle the effects of climate change

KRA misses first quarter revenue target by Sh79 billion

The revenue shortfall was also attributed to government tax waivers and exemptions of Sh39 billion and the shrinking of non-oil revenue imports by Sh20 billion.

Nigeria, South Africa, Egypt lead Africa’s growing investment migration sector

Applications from Algeria, Ghana, Kenya, Morocco also on the increase

Kenya banks’ $10bn bond investments at risk over shaky interest rate regime

The CBK estimates that if the average bond yields increase to 18.85 percent and 19.89 percent, under moderate and severe scenarios, banks will record unrealised bond valuation losses

Nigerian banks’ investment securities grow 76% on naira devaluation

Based on year-on-year growth, United Bank for Africa topped the chart

Chartered Institute of Bankers Nigeria confers Oliver Alawuba with Institute’s highest honour

Alawuba was conferred with the highest honour for bankers during the Institute’s 2023 investiture ceremony held in Lagos at the weekend.

Tanzania overtakes Kenya on best investment destinations in region

The survey findings show they expect the oil and gas, consumer goods, mining, fintech and industrial sectors to attract the bulk of inward investment.

Sub-Saharan Africa M&A to rise over the next two years

A total of 297 deals were announced in the region last year, valued at $19.2bln, according to a KPMG survey

Apex closes South African deal

Peter Hughes, founder and chief executive officer of the Apex Group, said: “We are pleased to welcome the BCI and BIP businesses and clients to Apex Group in South Africa.

Trouble for South Africans earning under R25,000 a month

Many households with limited disposable income struggle to stay afloat in this tumultuous period.

Egypt issues Africa’s first Sustainable Panda Bond worth 3.5 billion RMB

Egypt’s Sovereign Sustainable Financing Framework aligns with the African Development Bank Group’s country strategy for Egypt as well as its High-5 operational priorities.

NGX rebounds with N158bn gain for investors

Market breadth which measures investors’ sentiments, was positive at 1.23x

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