The firm said on  April 11 that it was assessing the future demand for Covid-19 vaccines. Moderna’s decision comes after questions over delays in acquiring land for the project in a special economic zone on the outskirts of Nairobi, the country’s capital. 

The company said it has not received vaccine orders from Africa since 2022 and has seen orders worth over $1 billion cancelled as risks associated with the virus wane. 

“Given this, and in alignment with our strategic planning, Moderna believes it is prudent to pause its efforts to build an mRNA manufacturing facility in Kenya. This approach will allow Moderna to better align its infrastructure investments with the evolving healthcare needs and vaccine demand in Africa,” the company said in a statement on Thursday.

Moderna has been working on several other vaccines based on mRNA technology, including cancer, shingles, and HIV. It recently announced a breakthrough in the development of a vaccine for cancer.

The company’s move is a blow to President William Ruto, who, since coming to power, has been courting foreign firms to drive his manufacturing agenda. In 2023, the Moderna deal accounted for the largest portion of Kenya’s $861 million in foreign direct investments (FDI).  

The facility, which was to be Moderna’s first manufacturing plant in Africa, was expected to position Kenya as a pharmaceutical and vaccines hub in the region with a capacity to produce 500 million doses annually.

WeBuyCars allows customers to buy and sell used cars, acting as a middleman in the transactions. In 2023, the company sold a total of 142,337 vehicles and bought a total of 141,851. According to its parent company Transaction Capital, also JSE-listed, the unbundling and listing allows WeBuyCars shareholders to have direct access to a market-leading asset. 

The listing of WeBuyCars presents a signal of the renaissance of South Africa’s IPO activity which saw only 13 listings in the last 3 years. When the JSE trade opening bell rings on Thursday, whether the market will agree with or brush off  WeBuyCars’ R18.75 per share ask remains to be seen.

According to Jimmy Moyaha, founder of investment firm Lebowa Capital, WeBuyCars’ R18.75 per share price is reasonable considering the company’s strong business case. “R18,75 may be a little undervalued based on the book-build value they had identified. However, playing it safe only means more upside if you’ve got it right,” Moyaha told TechCabal.

Furthermore, Moyaha stated that the share price has the potential to reach highs of as much as R25 per share in the future. WeBuyCars, on the other hand, stated that it is investing in its proprietary AI, data, and analytics to boost its e-commerce sales. Currently, e-commerce sales represent 22% of total sales, down from the 27% recorded in 2022, showing that a lot of work is yet to be done to attract e-commerce customers to the platform.

However, other analysts are a bit sceptical about the company’s fortunes on the public markets, pointing to the company’s financial performance as a put-off factor. Transaction Capital’s latest financial results show that although the volume of cars bought and sold by WeBuyCars increased by 9% and 13% respectively, its earnings were down by as much as 14% from the previous year. The company’s cost-to-income ratio also increased from 57% in 2022 to 66% in 2023.

Co-founded by Fara Ashiru and David Peterside in 2019, Okra initially began as an API provider that allows the real-time exchange of financial information between customers, fintech applications, and banks. However, as is the current trend among open banking startups, Okra has also begun providing payment APIs to businesses in diverse sectors such as finance, e-commerce, and insurance, among others. Okra is also a payment checkout option on GooglePay.

The company has focused on the Nigerian market for four years, but it is currently working to expand to South Africa and Kenya.

Okra is governed by a board of directors and executively led by Ashiru, who was previously a software developer before the startup was founded, and wears two hats—chief executive officer and chief technical officer. She explained to TechCabal that she currently holds both roles because as an infrastructure provider, “Okra’s business vision and the technology are closely intertwined, and often blurred into each other.” However, she looks forward to having someone else join the team and take on the CEO reins in the near future. 

Ashiru’s co-founder, Peterside left his office as chief operating officer in 2022. Now every executive team lead directly reports to Ashiru. The leads include Bodunrin Akinola (head of people), Gbenga Oyedele (senior financial analyst),  Abiodun Oni (business development lead), Dayo Fasan (customer success lead), and Habib Akinpelu (senior legal counsel).

This TechCabal org chart details the leadership at the startup.

The country’s inflation dropped to 3.3% in March from 3.4% in February, driven by a reduction in food inflation which dropped to -0.4% from 0.5%. Still, the policymakers maintained that elevated inflation risks persist due to global factors and exchange rate woes.

Michael Atingi-Ego, BoU deputy governor, said in a virtual briefing on Monday that the country’s core inflation is projected to rise between 5.5% to 6% in the next 12 months, and will return to the 5% target in the second half of 2025.

“The evolution of inflation remains challenging, influenced by factors such as the shilling exchange rate, supply-side shocks, global inflation, and domestic food supply. Forecasts have been adjusted downwards to the previous round, largely due to [the] relative stability of the shilling exchange rate,” Atingi-Ego said.

The BoU’s raise is expected to continue shoring up the Ugandan shilling, which has been in a free fall since February. Atingi-Ego said that the shilling’s drop was caused by foreign investors withdrawing funds from Uganda to look for higher yields in other markets.

The local currency, one of the best performing in Africa at the start of the year, has dropped by 4% despite the central bank’s interventions. 

“The recent CBR increase has had a spillover effect of stabilising the shilling exchange rate. However, the shilling remains vulnerable due to outflows of short-term foreign investor funds from the domestic market in search of attractive yield in other markets and strong domestic demand by corporates,” Atingi-Ego said.

The BoU’s growth forecast for the country’s economy for the current fiscal year that ends in June remained at 6% despite the challenging macroeconomic environment.

Nigeria’s anti-corruption watchdog, the Economic and Financial Crimes Commission (EFCC) accused Binance and Gambrayan of money laundering and foreign exchange manipulation. The crypto exchange also faces four-count tax evasion charges filed by the Federal Internal Revenue Service (FIRS). Last week, the court adjourned both cases, citing the failure of the two agencies to inform the company before arraignment.

Gambaryan, who appeared before Justice Emeka Nwite of the Abuja Division of the Federal High Court on Monday, pleaded not guilty to all four counts of money laundering, the News Agency of Nigeria reported.

Nwite dismissed Gambaryan’s appeal to be served without the charges of his escaped colleague, Nadeem Anjarwalla, Binance’s regional manager for Africa, who fled the country on March 22. 

Gambaryan will be remanded in Kuje Correctional Centre, pending the determination of his bail application on April 18.

The judge adjourned the case to May 5 for commencement of trial. 

Gambaryan and Anjarwalla were arrested and detained in February after flying into the country to resolve the company’s restricted website access—which the government blocked on suspicion of manipulating FX prices in unofficial markets. Binance’s regulatory woes in Nigeria are in connection with a push by the government to halt speculation on forex trading, following volatility in the price of the naira.

In a statement last week, Binance asked Nigerian authorities to release its detained official, saying he “has no decision-making power in the company and should not be held responsible while discussions are ongoing between Binance and the Nigerian government.” Both executives filed a human rights violation case in the Federal High Court, demanding their release, the return of their passports, and a public apology.

According to a statement by First Bank Holdings on Monday, the capital raise can be issued via a public offering, private placement or rights issue in the Nigerian or international capital markets or a combination of the listed methods. 

The move to shore up additional capital can be attributed to a directive by the banking regulator to all banks— commercial, merchant and non-interest banks—to increase their minimum capital requirements within 24 months, to enhance the stability of the financial system. 

Commercial banks with international spread will increase their capital by as much ₦500 billion to be licensed to operate in the country. While national and regional banks will raise ₦200 billion and ₦50 billion respectively. 

Many banks have recently had to consider raising additional capital to meet the CBN requirements, especially with a deadline at the end of April 2024 looming on their backs. Access Holdings, the parent company of Nigeria’s biggest bank by assets, previously planned to raise as much as ₦365 billion ($257 million) by selling shares to existing investors. Investors believe their capital raise is in response to this directed by the apex bank.

“[After April 12], the Reserve Bank expects that all the online payment platforms will be operating smoothly for all transactions,” the bank said in a statement.

Following the introduction of the ZiG on April 5, online payment platforms in the country could not transact with the Zimbabwean dollar, the predecessor to the ZiG. This led to consumers being unable to pay for goods and services online. Banks and payment providers stated that they could not support payments because they had to recalibrate their systems to the new currency. 

Some Zimbabweans expressed concern about the lack of organisation regarding the new currency. “Bank balances have been converted to ZiG but its circulation starts on 30 April and I can’t use it for online payments, so how will I make any payments between now and April 12?” said a consumer who preferred anonymity.

Online transactions have been slow to garner widespread usage as Zimbabweans have developed a culture of cash-based transactions in more stable currencies including the South African rand, Botswana pula, and US dollar. This stems from a fear of having money kept in bank accounts abruptly converted by the government to unstable currencies, as has happened in the past.

However, a sprouting of online payment solutions over the last few years has seen adoption gradually increase in Zimbabwe. Technologies which has gained prominence include Innbucks, which allows customers to receive loose change at restaurants; Ecocash, a digital wallet; and O’Mari, a superapp which includes mobile money, insurtech, and investech products.

Many of these investors have shown interest in Open Market Operations (OMO) and treasury bills auctions.

Sources in the Nigerian Exchange Limited (NGX) said there was an uptick of foreign portfolio investors in the market which domestic investors dominated for the past seven years. Foreign Portfolio Investments on the NGX in February 2024 rose by 23% from ₦53.11billion ($39.13 million) to ₦65.81 billion ($42.61 million) compared to January 2024.

This uptick reflects investor confidence in the market, according to analysts. 

“High-interest rates attract foreign investor participation, which could stabilise the currency woes,” Ayodeji Ebo, Chief Business Officer, Optimus by Afrinvest told TechCabal over the telephone. 

The Central Bank has consecutively raised interest rates sharply to a 10-year high of 24.75%, in an aggressive move to contain stubborn inflation. At the last rate hike meeting, Cardoso hinted that the MPC would keep raising the rates in hopes that inflation moderates below 30%. The continuous rate hike has attracted more investors while hurting lending to smaller businesses.

Analysts told TechCabal that they want the trend to continue. Last week, the CBN directed all banks on a recapitalisation drive, to increase their minimum capital requirements within 24 months, to ensure stability of the financial system. Ebo believes that the entrant of foreign investors will provide the needed capital for the banks’ recapitalisation. He explained that even if the entry of foreign investors is for a short while, their inflow is important for stabilising the economy.

Foreign investors provide the liquidity needed in the market, said Ayooluwade Ogunwale, a portfolio manager. Therefore, making carry trade opportunities in Nigeria attractive again. 

The Ethiopian Securities Exchange (ESX) last year set to raise $11.07 million to start operations as part of a larger push by Prime Minister Abiy Ahmed to liberalise and modernise the economy.

“We are thrilled to have exceeded all our expectations in terms of the capital raise and are excited by the overwhelming confidence shown by investors in the long-term prospects of both ESX,” said Tilahun Kassahun, ESX chief executive.

The Ethiopian government will hold a 25% stake in the ESX through the Ethiopian Investment Holdings (EIH) and its subsidiaries including Ethiotelecom and Commercial Bank of Ethiopia, while private and institutional investors will be allocated a 75% stake.

NGX Group is among the top institutional investors that have injected capital into the operationalisation of the bourse alongside FSD Africa, a UK-backed non-profit financial institution, and Trade and Development Bank Group (TDB), the financial arm of the Common Market for Eastern and Southern Africa (COMESA) trade block.

“Strategic foreign investments by TDB, FSD Africa, and [the] NGX Group are particularly important in allowing the transfer of technical know-how and best practices as well as other areas of long-term strategic value that we will explore,” Kassahun added.

The NGX is one of the largest securities exchanges in Africa with a market capitalisation of ₦58.66 trillion ($41.8 billion) and will support ESX with technical experience in developing the bourse structure, trading rules and marketing segments.

The collaboration with the NGX has already helped the ESX develop a rule book to guide its operations. 

The ESX also closed the fundraising with commitments from domestic investors including 16 local banks, 12 insurance firms, and 17 private entities. The exchange is expected to launch sometime this year, further attracting foreign investors into the populous Horn of Africa nation.

While PM Ahmed has moved to liberalise Ethiopia’s economy since coming to power, it is still largely controlled by the state with little private sector involvement. For instance, Ethiopia has no investment banks–suggesting that businesses can only raise capital from commercial banks.

Gambaryan who made his first appearance in court on Thursday, was charged with tax evasion by Nigerian authorities, alongside Nadeem Anjarwalla, Binance’s Kenya-based regional manager for Africa, who fled the country on March 22. 

Both executives were arrested and detained after flying into the country to resolve the company’s restricted website access—which the government blocked on suspicion of manipulating FX prices in unofficial markets. 

TechCabal reported that the Nigerian government also charged Binance on a four-count charge, including nonpayment of corporate income tax and value-added tax, failure to file tax returns, and cooperation in helping users of its website avoid paying taxes. The government also accused Binance of failing to register with its tax collection agency, the Federal Inland Revenue Service (FIRS), for tax purposes, an offence punishable under Section 8 of Nigeria’s Value Added Tax Act of 1993.

Justice Emeka Nwite, presiding over the case, also adjourned the suit against Binance until April 8, when a hearing will commence. 

In a separate lawsuit, last week, both executives filed a human rights violation case in Nigeria’s Federal High Court, asking the office of the National Security Adviser (NSA) and Nigeria’s anti-graft agency, the Economic and Financial Crimes Commission (EFCC) to release them, return their passports, and issue a public apology.

This is Gambaryan’s fifth week in detention. On Wednesday, Binance asked Nigerian authorities to release its detained official, saying he “has no decision-making power in the company and should not be held responsible while discussions are ongoing between Binance and the Nigerian government.” 

The Nigerian government also has issued an international arrest warrant for Anjarwalla.