Africa briefs

Nigerian unions threaten to resume strikeNigerian trade unions may resume a nationwide strike if the government fails to publicly agree to a proposed increase in the minimum wage and to set about putting it into law, three union federations said on Sunday.Unions suspended a national strike on its fourth day last month, saying the government had agreed to hold talks to discuss raising the minimum wage.Three union umbrella groups said on Sunday they would resume the strike next month if the government did not meet certain demands.Unions had called for a rise in the monthly minimum wage to as much as 50 000 naira (US$164) from 18 000 naira.President Muhammadu Buhari has previously promised to review the minimum wage. His handling of the economy and the cost of living since he took office in 2015 has become a campaign issue used by his critics in the build-up to a presidential election scheduled for next February.-Nampa/ReutersKenya warns against unlicensed online forex trading Kenya’s Capital Markets Authority (CMA) warned Kenyans on Monday against online foreign exchange trading through unlicensed entities, saying they risked losing their investments.Paul Muthaura, CMA chief executive, said he observed several individuals and entities carrying on or purporting to carry on the business of an online foreign exchange broker or a money manager without the relevant licence by the Authority.“The Capital Markets Authority (CMA) has issued only one license to EGM Securities Limited (formerly Execution Point Limited) to operate as a Non – Dealing Online Foreign Exchange Broker,” Muthaura said in a statement.CMA said it planned to take appropriate action against any persons illegally conducting online foreign exchange trade. It asked anyone affected by the activity to report to the CMA.It said all online foreign exchange brokers or money managers not licensed by the Authority should cease trading immediately.-Nampa/ReutersSouth African state firm Transnet removes CEOThe board of directors of South African state-owned logistics firm Transnet said it had removed chief executive Siyabonga Gama, who has been accused of misconduct in a multi-million-dollar deal.Transnet, which operates nearly three-quarters of the African rail network, the bulk of which is in South Africa, has been investigating allegations of corruption in the procurement of diesel and electric locomotives.The board said late Sunday that it had lost confidence in Gama and that his last day as CEO would be Monday.Gama was not immediately available for comment.“We value and require transparency, accountability and expenditure that is cost-effective ... But we have found Gama’s conduct – particularly during the investigation into the tender for new locomotives, with an inexplicable increase in excess of 9 billion rand (US$627 million) in costs - to be incompatible with that culture,” Transnet’s board said.-Nampa/Reuters

Africa briefs

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