South Africa’s MTN Group Limited might have finally resolved the illegal transfer sanction dispute it had with the Nigerian government. According to a Twitter post by MTN Group, the company said it has made a down payment of $53 million which is approximately N19.3 billion using real-time exchange rate. The […]
Grand Parade Investments Limited said its chief executive officer, Ms Prabashinee Moodley, has resigned as chief executive officer. She is also stepping down as an executive director of GPI, with effect from Friday, 7 December 2018. The company said in a statement that Given Ms. Moodley?s passion and expertise in […]
Transnet SOC Ltd., South Africa’s public utility company said it has appointed Mr. Tau Morwe as the acting chief executive officer of the company. The company said his appointment is for a period from 1st November 2018 to 30th April 2019. He will also serve as a member of the […]
South Africa’s Ellies Holding Limited said Ian Russell has been appointed as an independent non-executive director of the company, with effect from 1 October 2018. He was also appointed as a member of the audit and risk committee as well as a member and chairman of the remuneration committee and […]
Despite the latest directive for MTN to return $8.1 billion back to Nigeria, MTN Nigeria has been entangled in yet another regulatory confrontation. NIgeria has now ordered MTN’s local unit in the company to pay $2 billion as unpaid tax arrears. MTN said in a short statement that its Nigeria’s […]
Mobile Telephone Networks Holdings Limited, MTN said it will not comply with the Central Bank of Nigeria’s directive to return $8.1 billion to Nigeria. MTN said in a statement earlier today that: Central Bank of Nigeria (CBN) Correspondence regarding Certificates of Capital Importation (CCI’s) in Nigeria and cautionary announcement MTN […]
Nigeria’s Central Bank said it has placed various fines and sanctions on four banks for illegally repatriation funds to South Africa on behalf of MTN Nigeria, the home country of MTN Group Limited. MTN Nigeria is a wholly-owned subsidiary of South Africa’s MTN Group which has been mulling a public […]
Africa’s largest modern retailer, Shoprite Group said its profit fell for the first time in 19 years. “This is a testimony to Shoprite’s commitment for almost 40 years to put customers first by keeping prices low,” CEO Pieter Engelbrecht said. “The Group is able to provide some relief to customers […]
South African fashion retailer Truworths International said it has appointed David Pfaff to a newly-created position of chief operating officer. Truworths said its aim is to increase sales in the United Kingdom where sales have declined due to shrinking consumer spending. David Pfaff is currently the chief financial officer, the […]
The chairman of South Africa’s state-owned logistics utility company, Transnet, Popo Molefe, said its board has served CEO Siyabonga Gama notice of suspension. He said in a statement to a local radio station that Siyabonga Gama alongside chief procurement officer Thamsanqa Jiyane and supply chain manager Lindiwe Mdletshe will be […]