Bua Group, Virgin Mobile and Vodacom are among companies who have expressed interest in acquiring Etisalat Nigeria (now officially 9mobile), according to a recent report by This Day. According to the report, the three companies were already making plans to submit their memoranda of interest and technical presentations to a consortium of banks. 9Mobile has been a victim of the dollar shortages...

On July 20, Othman Benjelloun, President of the Groupe BMCE Bank of Africa, signed a contract for the construction of Africa’s tallest tower, with Chinese group China Railway Construction Corporation International (CRCCI). The Rabat Bouregreg tower will indeed be built in Salé, boasting of an astounding height of 250m and 55 floors. It will, among others, include a mall, a business centre,...

Africa’s biggest military base can hold up to 20,000 soldiers. The infrastructure was inaugurated last Saturday by Egypt’s President Abdel Fattah al-Sissi at El-Hammam, near Alexandria. The base which has numerous tanks, helicopters, anti-aerial defense systems and other war equipment, is named after the country’s first President, Mohamed Neguib. The leader was at the top of Egypt from...

The Guinean government will compensate the residents of the Demoudoula classified forest whose homes were destroyed during the land recovering operation of last July 13th. However, only those holding a valid title to prove their ownership will receive the payment. “The minister of Urbanism and Land Development calls all citizens holding a land title and whose homes have been affected during...

Last year, the government of Zimbabwe has paid $134 million as compensation to white farmers affected by its Fast Track Land Reform Programme. This was told Reuters by Patrick Chinamasa (photo), the country’s minister of finance who added that the payment widened the State’s budget deficit. According to the same source, the government complied with one of the conditions imposed by the...

In the framework of its great achievements programme, the Ugandan government wishes to easily access lands held by individuals by simplifying expropriation for public use. A constitutional reform which seems not to rejoice the civic society much. “We believe it is unfair. Rich people can defend their rights at the court; they can afford a lawyer. But we the poor we cannot. A poor man cannot...

For the 2016-17 fiscal year, World Bank committed a total of $58.8 billion (loans, grants, acquisition of stakes and guarantees) to developing nations. This is 4% less than last year. The slump is explained mainly by the sluggish growth of the global economy in the first semester of 2017. Despite overall financial support provided by the International Bank for Reconstruction and...

In Nigeria, the Government of Katsina State on Friday said it has signed a pact with Mahindra Group to purchase 225 tractors worth N2bn ($5.8million). This aims to boost food production in the state. According to the Deputy Governor of the state, Mannir Yakubu, the tractors would be distributed to farmers on a loan basis. He said under the agreement, the state government in collaboration...

Daily gas supply to power plants has risen by 64%, Nigerian National Petroleum Corporation (NNPC)’s Financial and Operations Report for May 2017 has shown. According to the report, average gas supply to power plants rose to 729 million standard cubic feet of gas per day (Mmscfd) in May 2017, a 63.74% increase compared to the 446mmscfd, recorded the same month in 2016. Meanwhile, average...

In Nigeria, Wema Bank is looking to raising equity next year to increase its capital and reduce operating costs. “We would be looking at going on an equity raise at the end of 2018. Economic headwinds are still here, though we see it improving. We believe that H2 will be much better,” said Tunde Mabawonku, the Chief Finance Officer of the bank, He said the mid-tier lender cut loan...