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In This List

SSA news through Jan. 16

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SSA news through Jan. 16

EAST AFRICA

* South African Deputy President David Mabuza said South Sudan's government and opposition agreed to establish a unified administration by Feb. 22, Bloomberg News reported.

* Kenyan President Uhuru Kenyatta confirmed the appointment of Ukur Yatani, currently acting finance minister, to keep the job permanently amid a wider cabinet reshuffle, according to a report by Reuters.

* The costs incurred by KCB Group PLC in acquiring National Bank of Kenya Ltd. rose to 13 billion shillings after its 5-billion-shilling capital injection in December 2019, Business Daily Africa reported.

* Kenya traded its first green bond on the Nairobi stock exchange on Jan. 13. The bond will then be traded on the London Stock Exchange, Financial Afrik reported.

WEST AFRICA

* Nigerian President Muhammadu Buhari nominated Kingsley Isitua Obiora, an alternative executive director at the IMF, to succeed Joseph Nnanna as deputy governor of the central bank, Premium Times reported.

* Nigeria's Securities and Exchange Commission teamed up with the Independent Corrupt Practices and Other Related Offences Commission to address fraud in the country's capital market, Punch reported.

* Access Bank saw some shareholders offload their stake following speculation that Nigeria's Economic and Financial Crimes Commission recently arrested Group Managing Director Herbert Wigwe. The bank has clarified that Wigwe was merely asked to clarify issues on some assets held by a client, Business Post reported.

* Michael Nyinaku and Prince Kofi Amoabeng, former CEOs of defunct Ghanaian lenders Beige Bank Ltd. and UT Bank Ltd., respectively, were charged by local prosecutors for alleged crimes that were part of a banking crisis that forced the country to spend 12.5 billion cedis in bank rescues, according to a Bloomberg News report.

* Côte d'Ivoire plans a 55 billion CFA franc bond issue on the West African financial market, according to Agence Ecofin.

SOUTHERN AFRICA

* The South African Reserve Bank unexpectedly cut its repurchase rate by 25 basis points to 6.25%, the first rate cut since July 2019, as it downgraded its inflation forecasts and warned of a "fragile" economic outlook. The central bank hinted at further policy action this year, saying that the expectations for two rate cuts of 25 basis points each in the first and fourth quarters, as suggested by quarterly economic projections, remain "a broad policy guide."

* Following its acquisition of Mercantile Bank Holdings Ltd. in 2019, South Africa-based Capitec Bank Holdings Ltd. decided to move the publication date of its consolidated financial results for the financial year ending Feb. 29 to April 14. Capitec previously published its results at or before the end of March.

* Thetele Emmarancia was appointed an independent nonexecutive director of the boards of Capitec Bank Holdings and unit Capitec Bank Ltd., effective March 6.

* South African insurance firm Santam Ltd. appointed Monwabisi Fandeso an independent nonexecutive director to its board, effective Jan. 15.

* South African consumer finance business RCS Cards (Pty) Ltd plans to buy a portion of non-food retailer Edcon Ltd.'s book debt and its cardholders' book debt owned by Absa Bank Ltd. South Africa's Competition Commission did not find any competition concerns regarding the deals and recommended that they be approved unconditionally.

* A South African High Court ruled that Old Mutual Ltd. is not required to reinstate its former CEO, Peter Moyo, noting that an interim order to get Moyo back in office should not have been ordered in the first place. Moyo has been in a dispute with the insurer after he was fired for alleged conflicts of interest. He said his team would likely appeal the High Court's decision.

* South Africa-based Coronation Asset Management Proprietary Ltd. increased its stake in local banking group Momentum Metropolitan Holdings Ltd. to 5.06%.

* Angolan billionaire and former first daughter Isabel dos Santos said she could run for president in 2022, despite being subjected to an asset freeze after allegations that she, along with her husband Sindika Dokolo and Banco de Fomento Angola SA Chairman Mário da Silva, diverted more than $1 billion of state funds to companies where they held stakes, according to dos Santos' interview with Portuguese TV channel RTP, cited by Reuters.

* Angolan central bank Governor José de Lima Massano said kwanza banknotes are expected to start circulating in Angola by the end of the first semester of 2020, Macauhub said.

* Botswanan microfinance company Letshego Holdings Ltd.'s board appointed former Standard Chartered Bank executive Andrew Okai as the company's new group CEO. Okai will replace interim Group CEO Dumisani Ndebele after his appointment receives regulatory approval.

* Mauritius-based investment firm EPE Capital Partners Ltd. secured all necessary approvals to carry out a renounceable rights offer of 100 million A ordinary shares at a price of 7.50 rand per share, through which it aims to raise up to 750 million rand that it will invest in the proposed equity capital raise of Maltese investment firm Brait SE.

* Brian Kennedy, the outgoing group managing executive of Nedbank Group Ltd. unit Nedbank CIB, said he could move to an executive or nonexecutive position at a struggling South African state-owned company in need of leadership, Bloomberg News reported. Kennedy, who will leave the bank after reaching the company's mandatory retirement age of 60, is due to step down from the post at the end of March.

* Land & Agricultural Development Bank of South Africa, or Land Bank, said Konehali Gugushe resigned as the lender's acting CEO. Gugushe will however continue in her role as chief risk officer until March. Meanwhile, Sydney Soundy will take over as acting CEO, and the process to appoint a permanent CEO is at an advanced stage.

CENTRAL AFRICA

* The African Development Bank agreed to provide €6.18 million in budgetary support for São Tomé and Príncipe.

* Nigeria's central bank approved Access Bank PLC's plan to establish a banking unit in Cameroon, which remains subject to approvals from the country's regulators.

* Cameroon said it would not apply VAT on life insurance from the 2020 financial year, Agence Ecofin reported.

* Alexandre Beziaud was named new managing director of Société Commerciale de Banque Cameroun, replacing Mohammed Mejbar, Cameroon Tribune said.

This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings. Descriptions in this news article were not prepared by S&P Global Ratings.