Crypto News: Next Africa: Revolving doors

Welcome to Next Africa, a daily newsletter on where the continent stands now — and where it’s headed. Sign up here to have it delivered to your email. In today’s edition, we look at the deepening crisis at Africa’s biggest money manager. And:

Angola is in talks about taking a sizable stake in De Beers
Senegal picks an adviser as debt speculation grows
Johannesburg residents face more water woes

Big Stakes

Africa’s largest fund manager is in crisis. Again.

The bosses at South Africa’s Public Investment Corporation are embroiled in an unseemly public spat over governance, with the CEO and chief investment officer falling prey to a bust-up between the two top finance ministry officials.

That’s raised concerns not only about control over almost $220 billion in mostly civil-servant pensions, but also the state of affairs within the Treasury of the continent’s biggest economy.

The company falls under the ambit of the finance minister, currently Enoch Godongwana, but the chair of its board is his deputy, David Masondo.

The government-owned firm, with assets under its control equating to about 10% of the total market value of all the companies that trade on Johannesburg’s stock exchange, is seemingly prone to scandal.

Edward Kieswetter, commissioner of the South African Revenue Service (SARS), left, Enoch Godongwana, South Africa's finance minister, center, and David Masondo, South Africa's deputy finance minister, ahead of the budget presentation in Cape Town, South Africa, on Wednesday, Feb. 22, 2023. Investors in South Africa’s cash-strapped power utility are on high alert for Finance Minister Enoch Godongwana’s plan to reorganize its mountain of debt. Photographer: Dwayne Senior/Bloomberg — Godongwana (center) and Masondo (right) in Cape Town in February 2023.

Some investments, especially in unlisted assets, have raised eyebrows, with many performing poorly and others collapsing completely. Its executive suite has been a revolving door over the past decade.

The latest drama appears to center around a 2013 investment into Lanseria, an airport on the northern outskirts of Johannesburg. Patrick Dlamini, the CEO since last year, asked the PwC to probe the deal. Sources say the resulting report was critical of the actions of people within the PIC.

Then a whistleblower alleged that Dlamini had overstepped his mandate. Late on Monday night, Masondo suspended him and an interim boss has been appointed.

That decision took both Godongwana and Dlamini himself by surprise, adding to speculation that the minister and his deputy have long been at odds over the running of the money manager. Insiders say there’s increasing disquiet within the PIC about the number of people in acting roles, and two non-executive directors resigned this week in protest.

There is also concern that at a key recommendation of the 2018 commission of inquiry that looked into claims of misconduct at the PIC hasn’t been enacted — removing the cabinet’s ability to appoint the fund’s chairperson.

As the PIC reels, more than a million South African state workers may be asking the same question. — Alexander Parker

The Ponte tower residential building, centre, in Johannesburg, South Africa, on Wednesday, Feb. 18, 2026. South Africa’s unemployment rate dropped to the lowest level in more than five years in the fourth quarter, as the community and social services and construction sectors added workers. Photographer: Leon Sadiki/Bloomberg — The Johannesburg skyline.

What Everyone’s Reading

Angola remains in talks about a potential investment in De Beers and wants a stake large enough to help shape the company’s strategy. The government is seeking a shareholding in the diamonds giant that would allow it “to sit at the table,” help shape strategy and participate in executive-level discussions, says Diamantino Azevedo, the minerals minister.

A diamond ring at a De Beers jewelry store. Photographer: Lam Yik/Bloomberg — A diamond ring at a De Beers jewelry store.

Senegal picked Lazard as a financial adviser, sources say, a sign the government may be preparing for a debt overhaul. The West African nation has grappled with ballooning debt since the 2024 discovery of $7 billion in previously unreported loans, left by the previous administration.

Nigerian inflation unexpectedly held steady in June although an expectation that the latest increase in oil prices will filter through into transport and food costs may prompt the central bank to leave its key interest rate unchanged next week.

Oil steadied after a three-day rally as the US carried out another round of airstrikes on Iran following a series of shipping attacks by the Islamic Republic this week. Crude had soared to its highest in about a month as the escalation in the conflict revives concerns about flows from the energy-rich region.

Uber has agreed to buy Delivery Hero, partly owned by Prosus, in a deal that values the German food-delivery company at $14.8 billion and dramatically expands the US firm’s global operations. The market, which boomed during the Covid-19 pandemic and spawned dozens of players, has been rapidly consolidating in recent years.

Acumen Attracts $90 Million for African Agribusiness Fund

The Acumen Resilient Agriculture Fund said it has secured an additional $90 million for investment in climate-resilient agriculture businesses in Africa.

Quote of the Week

“You have to imagine that this is a fire.”

Chikwe Ihekweazu

Executive director of the WHO’s health emergencies program

Ihekweazu was commenting on the rapid spread of Ebola in eastern Democratic Republic of Congo, which he says is the fastest-growing outbreak of the deadly virus that the World Health Organization has managed.

Last Word

Johannesburg residents just can’t seem to get much relief.

An electrical explosion on power lines that feed a key water-pumping hub risks cutting supply to parts of South Africa’s commercial hub and key platinum- and gold-mining towns to the city’s west. The blast happened a day before utility Rand Water is due to impose a maintenance shutdown that will affect most parts of Johannesburg and surrounding towns.