12th January 2024
Dangote raid sparks fears
Nigeria's anti-graft raid on Aliko Dangote's offices sparks corporate concern and economic impact fears. The move by the Economic and Financial Crimes Commission (EFCC) amid its broader forex investigation raises anxieties among manufacturers, signaling potential government actions against any perceived dollar market influencers. Observers view it as a message of authority from President Tinubu's administration. Nigerian bonds slump, and business leaders express apprehension about global investor confidence. Critics question the EFCC's approach, emphasizing its impact on Nigeria's commitment to corporate governance. Dangote Group denies wrongdoing, but the incident prompts a review of corporate dealings with the central bank.
Debt relief for Ghana
Ghana is a step closer to debt relief as it receives a draft term sheet from official creditors, prompting a potential $600 million disbursement from the International Monetary Fund. The draft, part of ongoing debt restructuring efforts, is seen as a positive development, with Ghana working toward IMF board approval later this month. The country aims to restructure around $5.4 billion in bilateral debt. Successful debt reorganization could also unlock an additional $550 million from the World Bank by February. The IMF expresses confidence in reaching an agreement soon as discussions continue between Ghana and the official creditor committee.
South Africa Isarael hearing begins
South Africa has accused Israel of genocide against Palestinians at the International Court of Justice, citing a pattern of conduct over the past 13 weeks. Adila Hassim, representing South Africa, argued that evidence supports a plausible claim of genocidal acts. Israel, usually avoiding international tribunals, is engaging with the court to defend against the accusations. The two-day hearing seeks a preliminary order to compel Israel to halt its military campaign in Gaza.
Multichoice AFCON reversal
Multichoice, the parent company of DStv, has reversed its decision and will now broadcast all 52 matches of the African Cup of Nations (AFCON) tournament in Ivory Coast. Earlier, the company had announced it would not broadcast AFCON 2023 on its SuperSport channels due to the inability to secure broadcasting rights. However, it has now changed course and will show the games on Supersports. This decision aligns with the Nigerian Television Authority's announcement that it will transmit all 52 AFCON matches after signing an MoU with Afro Sports.
