Zambia Secures Deal with Private Creditors to Restructure $3 Billion of Debt, While Kenya Airways Turns Profit and Nigeria Takes Legal Action against Binance: African Business News

In sub-Saharan Africa, Zambia made a significant stride towards resolving their debt issues by announcing on Monday that they had reached an agreement with private creditors to restructure $3 billion of international bonds. This news comes after the country defaulted over three years ago.

Meanwhile, in Kenya Airways, the airline reported a remarkable turnaround as they swung to an operating profit of 10.53 billion shillings or over $80 million. This was driven by a 53% increase in revenue and a 35% increase in passenger numbers. The airline had faced insolvency in 2018 due to debts accumulated during an expansion drive.

Nigeria has taken legal action against Binance’s regional manager for Africa who fled custody last week and filed tax evasion charges against the cryptocurrency platform. Binance has confirmed that they are working with authorities to address the situation.

The Commercial Bank of Ethiopia announced that they have recovered more than three-quarters of the $14 million lost due to a software glitch that allowed customers to withdraw more funds than they had in their accounts. The bank’s president blamed university students for the “theft” and stated that names of over 500 people who have not returned the money have been published.

In Kenya, there is concern among second-hand clothes sellers about a proposal by France, Denmark, and Sweden to restrict imports of used clothing from the European Union. The EU argues that clothes that cannot be resold end up in dumps, but Teresia Wairimu Njenga, chair of the Mitumba Consortium Association of Kenya, emphasized that used clothes support livelihoods for two million Kenyans and generate tax revenues for the country.