Jacob Maroga, Former CEO, Eskom
Eskom’s claim that Maroga “lacked the necessary capacity to fulfil” his obligations as CEO is unfounded, according to an application he filed with the South Gauteng High Court. Maroga was “summarily dismissed” on Nov. 2 on grounds of “incapacity in light of poor performance,” a reason he denies, according to the application. Maroga is seeking reinstatement or R85.7 million ($11.3 million) in compensation.
Eskom, Africa’s largest power company, is without permanent replacements for its two most senior executives. Chairman Bobby Godsell resigned in November, saying the government didn’t support a plan to oust Maroga. The CEO left amid conflicting reports over whether or not he resigned. It had been reported in November that Jacob Maroga had resigned his post as CEO of Eskom. The Eskom dispute has set off charges of racism. The upheaval came as state-controlled Eskom sought funding for an expansion designed to ensure there’s no repeat of 2008 blackouts that shut mines. Read the rest of this entry »
Old Mutual Plc said its South African private equity unit is considering increasing its 1.7% stake in Oceanic Bank Plc, one of 10 Nigerian banks bailed out by the Central Bank of Nigeria (CBN) last year.
Oceanic’s CEO, Cecilia Ibru, was among eight CEOs fired by the CBN in August last year after it had to inject N620 billion ($4.1 billion) of capital into 10 of its 24 banks to cover bad debts. Nigeria is now wooing buyers to take stakes in the 10 troubled lenders.
FirstRand Ltd. and Standard Bank Group Ltd., South Africa’s two biggest banking groups, have both registered with the Central Bank of Nigeria (CBN) to investigate buying distressed lenders in the West African country.
The timetable for buying any of the 10 Nigerian institutions that failed an audit last year will be determined by the CBN, FirstRand CEO Sizwe Nxasana said today. The Johannesburg-based bank said it may prefer to buy one of Nigeria’s “healthier” banks.
FirstRand first mooted its African expansion plans last June while 
Standard Bank already operates in Nigeria through its controlling stake in Stanbic IBTC.
For most English speakers, computer terms such as “instant messenger,” “download” and “cut and paste” seem quite ordinary. However, for millions of African indigenous language speakers, the absence of technology in their own language simply increases the digital divide.
South Africa’s decision to block a $23 billion merger between MTN Group Ltd. and India’s Bharti Airtel Ltd. may indicate President Jacob Zuma favors more state involvement in the economy to protect jobs and local industries. 
