Over the first half of 2016, Gabon’s telecom industry generated a turnover of CFA138.1 billion, up 2.3% compared to the first six months of 2015. The figures which are published in the half-year sectoral report of quarterly release from the directorate general of economy and public policy attest that the telecom sector is faring better than last year. In regards to the number of mobile phone...

Crédit du Maroc (CDM) expects a net profit of 256 million dirham ($25.3 million) for the 2016 financial year. This was revealed in a note released by the Casablanca stock exchange, regarding a loan of 500 million dirham which the group is taking on the Moroccan capital market. The increase would be attributable to a 2.6% increase of the group’s net banking product to 2.15 billion dirham. The...

Senegal’s minister of Mining awarded an exploration permit to Bassari Resources for the Makabingui project. The permit, which is renewable, is valid for 5 years. An exploitation firm will be formed, with the Senegal government to get a 10% noncontributory interest in its capital. Bassari said it has been exempted from a number of taxes, for three years. These include export, value added,...

CGG on Thursday announced that the final processed depth volumes from its recent 3D BroadSeis multi-client survey in Gabon’s South Basin are now open for licence. The company which is the technical consultant to the Gabonese Republic’s Ministry of Petroleum and Hydrocarbons, acquired the broadband seismic survey of more than 25,000 km² to support Gabon’s 11th Licencing Round. This survey...

In Kenya, household debt reached Sh907 billion ($88 billion) at the end of 2015, a survey conducted by local firm HTM Capital shows. From 2010, this debt soared by 254%.  “According to our estimates, this increase in debt has been largely driven by the increase in the accessibility of funds via mobile banking services,” the firm said based on data it collected. The figure indicates that...

Commercial International Bank of Egypt is in talks, to sell a 70% interest in its investment unit, CI Capital, Reuters reported citing anonymous sources. The stake could be acquired by local investors who would take a minority stake in CI Capital. The stake offered is valued at a billion Egyptian Pounds, about $54 million at the actual exchange rate. Last February, negotiations with...

Cote d’Ivoire will implement from 2016 to 2020 a program to improve access to drinking water. The project, which falls under the country’s National Development Programme, will cost, according to Prime Minister Danial Kablan Duncan, “CFA260 billion ($420 million) of which CFA68 billion ($109 million) for rural hydraulics”.   During the 7th edition of the International Forum on Access...

Dangote Group intends to embark on a $3 billion project to construct a 540 km pipeline that will link the Niger Delta and the Lekki Free Trade Zone in Lagos. This was declared by the Chief Strategy Officer, Dangote Group, Abdul Muktar, during an annual roundtable session of the Lagos Chamber of Commerce and Industry’s (LCCI) Power Sector Group. According to him, the project is expected to...

Britain is willing to invest $30 million in East Africa to help exploit its crude oil and natural gas finds by developing industry legislation and regulation with much importance on local content. “We have committed $30 million towards development of local content, technical advice on legislation and regulation, research, and engagement with the industry and civil society. With new...

Hyperdynamics has announced the signing of a definitive drilling services contract with Pacific Drilling to employ the Pacific Bora drillship. The offshore oil exploration company intends to use the drillship for a drilling campaign offshore the Republic of Guinea, starting in Q2 of 2017. This definitive drilling services deal comes after a letter of award signed by Hyperdynamics in October...