Shell on Wednesday said the Escravos flow station operated by its joint-venture partner SPDC in the Niger Delta has been shut down due to a protest by locals in the southern region. Shyne Edema, a youth leader in the oil region, had said earlier that his group was staging a protest at the facility, shutting down power and water supplies as well as crude production. “We are hopeful that the...

As a result of a partnership between Orange Madagascar and Google, Madagascar now has a YouTube community. The new community aims to regroup all YouTube users on the island. Two ambassadors have in fact already been appointed in this framework. These are NirinA and Aaron who are among the most influent individuals on the platform in Madagascar. The YouTube community aims to provide a better...

AIM-listed Sovereign Mines of Africa (SMA) signed an agreement with Volcanic Metals Corporation to sell its 75% stake in the Mandiana gold mine, in Guinea. The news comes as the company, subsequent to a strategic examination, decided to stop financing the development of its assets in the country. In exchange for its interest in the mine, SMA will receive ordinary shares representing 9.9% of...

Egypt is about to seal with the International Monetary Fund (IMF) a deal to secure a $12 billion loan. Ahead to the meeting where the facility will be discussed next Nov. 11, Christine Lagarde, IMF Managing Director, welcomed the reforms implemented by the Egyptian government. She put an emphasis mainly on Egypt’s decision to liberalize the exchange rate of pound, and launch second phase...

Dana Gas has announced plans to review its 2017 investment plans for Egypt if the country does not pay its debt by the end of 2016, its chief executive revealed on Wednesday. According to Patrick Allman-Ward (photo), the payments issue is overriding several exploration developments in Egypt, for the company. United Arab Emirates-based energy firm said its North El Arish Concession/Block 6 in...

Ségolène Royal, French Minister for the Environment, airing on RTL today said that Donald Trump did not have the power to write off the Paris climate-change agreement. “Even if he is elected, Donald Trump cannot prevent the implementation of the agreement,” she said some time before results of elections in the US declared Trump president. During his campaign, US’ new president said he...

On November 8, 2016, Kenya Commercial Bank has announced a pre-tax profit of Sh22.94 billion (US$226 million) for the first three quarters of 2016, up 18% compared to the same period in 2015. The lender which also operates in Uganda, Tanzania, Rwanda, Burundi and South Sudan, also said in a financial statement that net interest income from its Kenyan assets rose at a faster pace than in other...

In Togo, a conflict has emerged between government’s representatives and the people of Masouhoin, Atchanté, Klévé and Kélégouvi over 352 hectares of lands. The communities whose properties (totaling more than 900 ha) are declared for public use under the decree N°77-83 of March 29, 1977, claim their right to use the 352 hectares given them under the decree n°042/MUL/DGUH of April 5,...

Tanzania Telecommunications Company Limited (TTCL) signed a 10-year partnership agreement with Huawei. Under the agreement, the Chinese telecom equipment supplier will help the Tanzanian operator launch the 4.5G network in the country to innovate and grab the greater portion of the local telecom market and thus get ahead of its rivals. Commenting the strategic partnership which will help TTCL...

The formal sale process for the Lace diamond mine in South Africa announced last October was terminated. DiamondCorp which owns the mine said it will no more sell the mine adding that it would examine alternative means of enhancing shareholder value in the normal course of business. After encountering a number of setbacks last month which affected, negatively, its share price, and having...