On February 2, head of government of DRC Augustin Matata Ponyo said the fall in prices of commodities could compromise funding of upcoming elections, the presidential included. This implies that the fall could allow actual President Joseph Kabila to remain in power beyond December 2016 where elections are to take place. “If the price of copper falls to $2600 per ton and barrel of oil...

The Senegalese Customs Department celebrated the International Customs Day in its Dakar headquarters on January, 26, 2016 . On this occasion, Cotecna has been recognized and honored by the World Customs Organization (WCO ) who awarded a Certificate of Merit for rendering exceptional service to the international Customs community, signed by Mr. Kunio Mikuriya, Secretary General of the WCO. Mr....

Shell on Friday announced that it has suspended the Final Investment Decision (FID) on the $12bn Bonga South-West project in Nigeria due to the declining prices of crude oil in the global market. The company had reported that its profit dropped by 56 % in Q4 of 2015 compared to 2014, and its revenues decreased by 80 % to $3.84bn, from $19bn in 2014. According to the CEO...

Africa Oil Corporation has announced that it has finalized the initially announced farm-out with Maersk Oil and Gas for the 10BB, 13T and 10BA blocks in Kenya. On conclusion of the farm-out, Maersk Oil paid the company $427 million which includes $344 million of past costs incurred by Africa Oil prior to the agreed March 31, 2015, and $83 million, Maersk’s share of costs...

Equatorial Guinea has launched a new Compressed Natural Gas (CNG) plant which will power a number of public buses. This facility was officially unveiled by President Teodoro Obiang Nguema Mbasogo, the Minister of Mines, Industry and Energy Gabriel Mbaga Obiang Lima, and executives of the national gas company Sonagas on January 26, 2016. Situated close to the Punta Europa gas complex to the west...

Consortium including Turkish STFA Group, Société Générale des Travaux du Maroc (SGTM) and Luxembourg group Jan de Nul (JDN) is the winning bidder of call to offer for the construction of Nador West Med port complex, Moroccan newspaper L’Economiste reported on February 4. The consortium presented the most affordable bid, 7.61 billion dirham (1 dirham = $0.10), the newspaper added...

According to Financial Times, mobile operator MTN Nigeria has hired US ex-attorney-general Eric Holder to help solve its dispute with Nigerian authorities regarding $3.9 billion fine imposed by Nigeria Communications Commission ((NCC). Currently at the Washington-based corporate law firm Covington and Burling, Eric Holder US former attorney-general appointed by Barack Obama in 2009. He...

The International Fund for Agricultural Development (IFAD) just announced it has granted Benin a funding of $28.5 million to implement its market gardening development support project (PADMAR).The project will allow the development of market gardening in seven departments located in the Southern and Central parts of Benin. Total investment for the project is $49.2 million. It will...

Private equity firms have invested $21.6 billion in Africa through 823 transactions from 2010 to 2015. This was revealed by a report from the African Private Equity Venture Capital Association (AVCA) published on February 1, 2016. The report shows that West Africa was leading in terms of number of transactions conducted (25%) and the value of these transactions (25%) over the period...

MediaProd, a firm specialized in communication on agriculture and rural development, just launched a Tv project focused on agribusiness. Named Agribusiness T.V, this channel will focus on agricultural entrepreneurship and youth. Through interviews and stories, the channel will try to understand how these youth became successful, study their business models, unveil the challenges they had to...