For the first time in 10 years, Kenyan subsidiary of pan-African banking group, Bank of Africa, controlled by Moroccan group BMCE Bank of Africa, ended a year with a net loss, of Sh1.02 billion, or $10 million. “The growth in loans which went bad impacted our business,” bank’s managing director, Ronald Marambii told journalists in Kenya. In 2015 when the bank recorded the loss, it...

Kenya’s government launched on March, 2016, a call to offer to find a consulting firm which will select an operator for a new railway network which is to boost trade and cut cost of transportation of goods in Eastern Africa. According to the call to tender, the hired consulting will also be tasked with recommending an appropriate exploitation model for the railway network which will be used to...

Itissalat Al-Maghrib, or Maroc Telecom as it is generally known, plans to pick audit and counseling firm Deloitte, to audit of its accounts. In a meeting notice, published on March 25, 2016, calling its shareholders to the general assembly it is to hold on April 26, 2016, the company revealed that it will replace KPMG, formerly in charge of auditing accounts by Deloitte. Reasons for the change...

Founders of Agri-Vie, which distinguished itself through investment in Africa’s agricultural sector, and Stanlib, South Africa’s second biggest assets manager, jointly launched Exeo Capital, an investment firm which is to allow both groups to expand their alternative investment offerings in sub Saharan Africa. “Stanlib has built Pan-African investment expertise in direct property,...

Independent power producer, Kingline, said construction of 550 MW gas-powered power plant in Ondo State will start in June. The South Korean company which was just green-lit by Nigeria’s Commission for power regulation will establish the facility with government. “The project is in the final stage before achieving financial close,” said Akinnola Fola, Director and Head of Nigeria...

Will Cote d’Ivoire open its borders to Genetically Modified Organisms (GMOs)? This is the question lingering in the minds of many as the Ivorian government just drafted a Bill on bio-security, which, according to Bruno Nabagné Koné, government’s spokesperson, “establishes an environment that favors the exploitation, at peace, of anything related to biotechnology, so as to help populations...

Malian Company for Textile Development (CMDT) just announced that $42 million would be invested in its production chain. According to Commodafrica, this sum will be used to establish two new ginning units, totaling a capacity of 100,000 tons, and modernize three other similar units. The new plants, which will start operating by 15 months, will be built by the French firm Géocoton. The...

Banque Marocaine du Commerce Extérieur (BMCE Bank) announced in a statement published on March 28, it made a net profit of 1.9 billion dirham ($201.76 million) in 2015, up 1% from 2014. African subsidiaries of the group (Bank of Africa, La Congolaise de Banque and Development Bank of Mali) which is owned by Moroccan billionaire Othman Benjelloun (picture) contributed to 30% of its net profit...

The Chief Executive Officer of the Ghana Gas Company, has revealed plans to acquire extra compressor that will serve as backup so as to avoid a shutdown of the plant each and every time there is obligatory maintenance work. “By the end of this year, we would have procured the second compressor and that will enable us to work without stopping work every 4,000 hours operation of the plant. It...

The South African Petroleum Industry Association (SAPIA), has announced that the country will halt the importation of crude oil from Nigeria after Iran’s sanction has been lifted. “The re-emergence of Iranian crude oil provides options for those willing to buy from Iran. Iranian imports are likely to displace the Nigerian and Saudi Arabian crudes, since they seem to have filled the gap since...