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Nigeria’s anti-corruption arrests senior bankers over ‘mega scam’

Nigeria’s anti-corruption arrests senior bankers over ‘mega scam’

Nigeria’s anti-corruption agency has arrested six senior central bank officials over an alleged $33m (£21m) currency fraud. The Economic and Financial Crimes Commission (EFCC) also held 16 private bank workers for the “mega scam”. The suspects stole “tonnes of defaced naira notes”, which were meant to be destroyed, it said on its website. Newly-installed Nigerian […]

Bank of China Expresses Interest to Set Up Branch in Mauritius

Bank of China Expresses Interest to Set Up Branch in Mauritius

The Bank of China has expressed interest to set up a branch in Mauritius. This was announced by the Minister of Finance and Economic Development, Mr Vishnu Lutchmeenaraidoo, yesterday at Opium Restaurant, Audi Zentrum, Réduit, during the signing of a Memorandum of Understanding (MoU) pertaining to the Jinfei Zone at Riche Terre. Minister Lutchmeenaraidoo lauded […]

Zimbabwe Economy Has Potential to Grow

Zimbabwe Economy Has Potential to Grow

A WORLD Bank executive has said Zimbabwe’s economy has great potential due to its infrastructure, much of it now idle due to an economic crisis. Louis Larose, an executive director of Africa Group 1, a unit of the World Bank, was in the country leading a delegation of World Bank officers on a familiarisation tour. […]

World Bank Approves Zambia U.S $130 Million Loan

World Bank Approves Zambia U.S $130 Million Loan

THE World Bank Group has approved a loan worth US$130 million for the implementation of the Girls’ Education, Women’s Empowerment and Lusaka sanitation projects. World Bank Country Director for Zambia Kundhavi Kadiresan said the Board of executive directors approved a loan of $65 million for the implementation of the Girls’ Education and Women’s Empowerment and […]

Algeria’s Annual Inflation Rate Continues to Climb to 4.5% in April 2015

Algeria’s Annual Inflation Rate Continues to Climb to 4.5% in April 2015

Algeria’s annual inflation rate continued to climb to 4.5% in April 2015 against 4.1% in March, the National Statistics Office (ONS) told APS Monday. In April 2014, the annual rate of inflation hit 1.8%. The consumer price index, used to calculate the change in the annual inflation rate, has grown by 5.76% in April against […]

Kenya shuts down money transfer firms to prevent financing of militant Islamists

Kenya shuts down money transfer firms to prevent financing of militant Islamists

Kenya’s government has ordered the closure of 13 money transfer firms to prevent militant Islamists from using them to finance attacks, the interior minister has told the press. The bank accounts of 85 individuals and “entities” had also been frozen, Joseph Nkaissery added.Those targeted include a Somali-linked bus company and hotel. An assault by the […]

South Africa has lost R700 billion to corruption

South Africa has lost R700 billion to corruption

South Africa has lost R700 billion to corruption over the last 20 years, the Institute of Internal Auditors said on Wednesday. “The cost of corruption in the last 20 years… we have lost R700bn,” CEO Claudelle von Eck said at the launch of the Anti-Intimidation and Ethical Practices Forum in Johannesburg. Von Eck, who is […]

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