The new Director General of Crédit Suissse, Ivorian Tidjane Thiam received over his first six months in position, $4.67 million, to which was added exceptional sum of $14.6 million, paid in shares to compensate what he would have received if he stayed at the head of insurer Prudential.  According to Swiss daily Le Temps, who compared annual reports of major Swiss companies,...

East-Africa focused gold producer, Shanta Gold Ltd, received from Bank M Tanzania $9.1 million to build a power station at its New Luika gold mine. The project is part of an investment program of the company, outlined in the base case mine plan which it announced on September 29, 2015. “This power station project is a cornerstone capital item for the successful realisation of our mine...

During annual forum on cashew commercialization, Senegal’s authorities announced they intend to increase cashew output to 100,000 tons, from 40,000 tons now. Organized by Cadre de concertation des opérateurs de la filière anacarde de la Casamance (COFAC) and market regulation agency (ARM), the forum, which took place in Dakar on March 22 and 23, gathered actors from the cashew industry from...

The FCFA46 billion (about $78 million) needed for the construction of Zagtouli solar power station were mobilized. This was possible with the support of European Investment Bank (EIB) who provided FCFA15 billion, French Development Agency (AFP) who granted FCFA14.7 billion and European Union, FCFA16.3 billion. With a capacity of 33 MW, the plant which will be built in Zagtouli, near the...

The United States’ importation of Nigerian crude increased to 559,000 bpd a week ago, as refining companies divert to the importation of West African crude. According to the Energy Information Administration (EIA), Nigeria was the 4th biggest supplier of foreign crude to the U.S., displacing Mexico and also rivaling Iraq and Colombia. Out of the 11 cargoes of Nigerian crude sent to the United...

On March 23, 2016, Nigeria’s House of Representatives requested that government, before reducing $3.9 billion fine imposed MTN, amends NCC telecommunication regulation. Deputies, who are very strict regarding the law, said it would be unconstitutional to review the fine in any other way, newspapers This Day reported. Minority leader, Leo Ogor, said the only way to review the N200,000...

MicroCred and pan African private equity fund manager AfricInvest announced in a statement published on March 23, the acquisition of 100% of Zimbabwean microfinance institution MicroKing Finance Ltd. “We are very excited to support MicroKing and the work carried out by its team those last few years. We wish to make a useful contribution to the development of financial inclusion in Zimbabwe...

The Oil Ministry in South Sudan has said that oil production in the country is rapidly declining and long-term output will not attain half of the 2010 peak levels even though all the oil fields are operational. The Oil Ministry noted that although the country has advanced oil reserves in Upper Nile and Unity states, only the fields in the Upper Nile are on stream as a result of the insecurity in...

The Federal Government of Nigeria has revealed plans to take up independent ownership of oil and gas pipelines so as to achieve the smooth maintenance and operation of the pipelines transport system, the Department of Petroleum Resources (DPR) revealed. According to the Deputy Director, Engineering and Standards Division, DPR, Olumide Adeleke the drafting of the modalities of operation in the...

Kenya has revealed plans to take possession of a suspended refinery in Mombasa and transform it into a storage plant, in order to improve the country's energy goals. The refinery has been redundant since 2013, after plans for a $1.2-billion renovation were neglected on talks by consultants that it was not economically viable. According to Energy and Petroleum Cabinet Secretary Charles...