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About one month ago, on May 15, 2016, between the hours of 5 and 8am Japan time, using compromised card details of customers from a Tier 1 bank in Africa, well over 100 people made physical cash withdrawals to the tune of almost 13Million USD at specific ATM cash points (7-Eleven cash machines; +/-1400 transactions).

This incident is no far different from the numerous cyber breach making the rounds on the corridors of cyber reportage e.g. Bangladesh bank.

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The Nigerian and Angolan governments’ decision to approach the World Bank and the African Development Bank (AfDB) for concessionary loans could lead to a devaluation of the countries’ currencies.

Both countries, Africa’s biggest oil producers, desperately require support to help survive the regime of low crude oil prices and strained public finances.

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The Capital Markets Authority (CMA) has limited individual shareholding in the listed Nairobi Securities Exchange Ltd (NSE) to five per cent in a move that may force sell-offs by some investors.

Investors whose shareholding is currently above the set limits have a six-month period to comply with the regulation.

A shareholder can seek exception from CMA to hold more than the prescribed levels. The authority will determine if the applicant meets the requirement, which entails integrity, financial standing and absence of criminal record before granting an exception.

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Following the euphoria of December and consequent heightened consumer activity during the festive period, January has brought many an elated individual back to mother earth with a thud.

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As the high-powered presidential delegation returned from China and the post-summit euphoria dissipated. Nigerians are coming to terms with the reality or otherwise of the mega swap transaction.

As they say, Exchange is No Robbery. The big question, therefore is that do people really understand what this means? Or is this exercise that will end-up in a crisis of false expectations?

Let’s try and keep this simple.

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Investment in new hotels in Africa is booming and is expected to total $2.1 billion (R28.9bn) this year and increase to $2.4bn next year and in 2017, according to a forecast by services and investment management firm Jones Lang LaSalle (JLL). 

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