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Standard Bank to extend its ownership in Nigeria, Angola

Published

4 months ago

August 15, 2024

According to a statement by its CEO on Thursday, Standard Bank, which is the largest lender in Africa in terms of assets, intends to augment its ownership of companies in Angola and Nigeria.

Following a recent presidential order, the Angolan government plans to sell up to 34% of Standard Bank de Angola SA through an initial public offering. This comes after seizing 49% of the company, owned by a former insurance mogul currently serving a nine-year prison sentence.

The remaining 51% is owned by the South African Standard Bank Group, which also has the option to purchase a further 24% of the Angolan company.

“We are going through a process where we are putting our best foot forward and therefore would increase our shareholding if all goes well,” CEO Sim Tshabalala told Reuters in an interview.

“In Nigeria, we again want to increase our shareholding in the business. It’s a great business,” he added, without saying by how much.
LSEG data shows that Standard Bank holds 67.55% of Stanbic IBTC.

With operations in 20 African nations, Standard Bank hopes to lead the charge in seizing development prospects presented by energy transition initiatives in the continent’s strategic areas, particularly East Africa.

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Moroccan annual inflation rises to 0.8% in November

Published

1 hour ago

December 21, 2024

Ifeoluwa Dada

Morocco’s statistics office has confirmed that the country’s annual inflation rate, as determined by the consumer price index, increased from 0.7% in October to 0.8% in November.

Monthly, consumer prices decreased by 0.2% from October.

The primary driver of inflation, food costs, grew by 0.8% compared to the previous year, while non-food inflation climbed by 0.7%. Core inflation, which does not include more erratic items like food, increased 2.6% annually and 0.2% monthly.

According to the central bank, inflation is expected to average 1% this year, down from 6.1% last year.

Despite the Al-Haouz earthquake, a spike in inflation, and worldwide economic challenges, Morocco’s GDP grew by 3.4% in 2023.

A recovery in tourism, robust industrial exports, and rising private consumption—all bolstered by prudent macroeconomic policies—were the main drivers of growth.

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Nigeria’s $42bn foreign reserves enough for 9 months’ imports— Central Bank

Published

1 day ago

December 20, 2024

Ifeoluwa Dada

According to Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), the nation’s $42.01 billion in foreign reserves can cover imports of goods and services for almost nine months.

Cardoso promised Nigerians improved economic fortunes in 2025 while addressing the Senate Committee on Banking, Insurance, and Other Financial Institutions yesterday in Abuja at the presentation of the performance index report.

Cardoso stated: “External Reserves rose from $ 38.35 billion it was on September 30, 2024, to $ 42.01 billion as of December 12, 2024”.

He clarified that third-party receipts in Q3 2024 and revenues from taxes connected to crude oil were the main drivers of the rise in foreign reserves during the specified time.

“We saw remarkable improvements in our trade balance and maintained a current account surplus,” he added.

“Our external reserves level can finance over 9.09 months of import of goods and services or 13.91 months only, higher than the international benchmark of 3.0 months and a robust buffer against shocks”.

On cash shortage, the CBN boss reiterated the N150 million fine against any branch of banks caught illegally distributing new Naira notes to currency hawkers and unscrupulous elements and said the Nigerian economy will improve in 2025 through policies and measures.

He predicted a stronger economic future: “Despite our economy’s challenges, there are clear reasons for optimism.

“The gradual stabilization of the forex market, ongoing banking sector recapitalization, and positive growth trends in key sectors, especially the services sector, indicate a path toward recovery and stability.”