| Welcome to Next Africa, a twice-weekly newsletter on where the continent stands now — and where it's headed. Sign up here to have it delivered to your email. Tigran Gambaryan flew back to the US this week, ending a needless ordeal. But the name of the Binance executive who spent eight months in custody will ring alarm bells among prospective investors in the West African nation for some time to come. Nigerian authorities dropped money laundering and currency manipulation charges against him after his health deteriorated and top US government officials intervened. It's persisting with a case against the firm.  Gambaryan, center, in an Abuja court on April 4. Photographer: David Exodus/Bloomberg Gambaryan, an American citizen and former US Internal Revenue Service agent, heads financial-crime compliance at Binance. He and colleague Nadeem Anjarwalla were detained in February while visiting Nigeria at the invitation of officials to discuss concerns that the world's largest cryptocurrency exchange was being used by speculators to attack the naira. Anjarwalla subsequently escaped. American lawmakers subsequently accused Nigeria of taking Gambaryan hostage as a coercion tactic to extort money from his employer and urged President Joe Biden to help secure his release. Binance made a similar argument and warned that others may now think twice before doing business in the country. "To invite a company's mid-level employees for collaborative policy meetings, only to detain them, has set a dangerous new precedent for all companies worldwide," Chief Executive Officer Richard Teng wrote in a blog. The two men, who were given repeated assurances of safe passage, had good reason to be on their guard. A month earlier, Binance staff were in Nigeria to meet authorities amid escalating tensions and were approached by unknown people who suggested that they settle the allegations against the company, according to Teng. He didn't specify if the Nigerian authorities had sought payment, and the government strongly disputed his account. While Gambaryan's nightmare may be over, the damage his incarceration has done to Nigeria's reputation is ongoing. — Alister Bull and Nduka Orjinmo Key stories and opinion:
Binance Executive Jailed in Nigeria Is Free and Heading Home
Nigeria Court Releases Binance Executive Detained for Months
Ex-IRS Agent Jailed in Nigeria as Part of Anti-Crypto Crusade
US Lawmakers Accuse Nigeria of Taking Binance Executive Hostage
Nigeria Announces Charges Against Binance as Executive Flees  Bloomberg is looking for the most innovative startups in Africa. Applications are open until Nov. 8. Click on the image for details. Illustration: Diana Ejaita Mozambique's ruling-party candidate was declared the runaway winner of presidential elections as tensions over fraud claims put the southeast African nation on edge and sent its bonds plunging. Independent candidate Venâncio Mondlane, who placed second, rejected the outcome after earlier this week warning of a revolution in the southeast African nation. Protesters poured into the streets of the capital, Maputo, and blocked main routes with burning tires after the announcement. Broadcaster TV Sucesso reported an unspecified number of deaths.  Mozambican anti-riot police among burning barricades in Maputo on Oct. 21. Photographer: Alfredo Zuniga/AFP/Getty Images The worst political upheaval in years hasn't taken the shine off Kenya's top-performing currency and rallying bond and stock markets as investors focus on an improving economy and healthy capital inflows. Separately, central bank Governor Kamau Thugge said the shilling is at appropriate levels after its world-beating gains this year, and that policymakers are prepared to use record foreign reserves to defend the currency. Also, President William Ruto backed a decision to accept private capital from India's Adani Group, which sparked protests and irked the public because of the opacity of some of the deals. The court halted an Adani project to roll out power-transmission lines. India's Prime Minister Narendra Modi said BRICS shouldn't project itself as an alternative to global organizations, even as founding members like Russia and China try to expand the group to challenge the US-led global order. Later, Moscow set out proposals for a unified depository and clearance system for BRICS countries, as it seeks to persuade member nations to deepen financial cooperation without the involvement of the West. Three African countries — South Africa, Ethiopia and Egypt — are full members of the expanded nine-member group that met in the Russian city of Kazan this week.  Bloomberg's Henry Meyer and S'thembile Cele join Jennifer Zabasajja to discuss the summit and Russia's relationship with Africa. Somalia's government asked the African Union and United Nations to exclude Ethiopian soldiers from a revamped peacekeeping force fighting al-Qaeda-linked insurgents. The request will strain already fraught relations between the two Horn of Africa nations. Ties deteriorated in January, when Ethiopia suggested it may recognize Somaliland — a breakaway region in the north — as a sovereign state in return for access to a port and a military base in a region that Somalia regards as part of its territory. Read about how Ethiopia's push for Red Sea access is angering its neighbors. Elon Musk's Starlink terminals sold out in Zimbabwe's capital less than two months after receiving permission from authorities to operate in the southern African nation. Harare now joins five cities in Nigeria where the high-speed internet service has sold out, according to a map on Starlink's website. Local internet service providers in Zimbabwe are cutting prices to retain customers and fend off the US firm's entry into the domestic market.  A starlink terminal in Ukraine in January. Photographer: Andre Alves/Anadolu/Getty Images South Africa's business-friendly ruling coalition risks being disrupted by political infighting in the country's economic heartland, Leon Schreiber, a cabinet minister from the second-biggest party, said in an interview. Since the so-called government of national unity was formed in June, the Democratic Alliance has accused the African National Congress, the largest group, of sidelining it from the Gauteng provincial administration and helping to oust the DA mayor in Pretoria, the capital. The national government tie-up has spurred a rally in South African assets, which BlackRock sees as a tactical opportunity. Next Africa Quiz — Which country is in a dispute with Taiwan after it requested Taipei to move its representative from the capital city? Send your answers to gbell16@bloomberg.net. Data Watch - South Africa's inflation rate fell below 4% for the first time in more than three years, bolstering the case for more interest-rate cuts. Central bank Governor Lesetja Kganyago said the 3% to 6% inflation target is overdue for review and it should be adjusted lower.
- Africa's financial markets are expanding at the fastest pace in seven years, as the continent benefits from a recovery in economic growth and slowing inflation, Absa Group's latest Africa Financial Markets Index shows. Out of the 29 countries covered, 23 improved their scores relative to last year.
- The International Monetary Fund raised its economic growth forecast for sub-Saharan Africa next year to 4.2%, the highest since 2021, while warning that factors including social unrest create uncertainty.
 WATCH: IMF Deputy Director, African Department Cathy Pattillo spoke to Jennifer Zabasajja. Coming Up - Oct. 29 South Africa money supply & credit data for September, Namibia money supply for September
- Oct. 30 South Africa mid-term budget speech & monthly budget data for September, Botswana national elections
- Oct. 31 Kenya and Uganda inflation data for October, South Africa monthly trade & producer inflation data for September, Zambia inflation for October & trade data for September, Seychelles budget
- Nov. 1 PMI report for Nigeria, Angola reserves, South Africa manufacturing PMI & new-vehicle sales for October
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