In an interview with News Agency of Nigeria (NAN) on December 14, president of African Development Bank (AfDB) said Africa was losing up to $148 billion annually due to corruption. “Africa loses about $148 billion a year because of corruption; Africa also loses 60 billion US dollars a year because of illegal capital flow,” he affirmed. “These are money that should be going into...

Italian Enel Green Power is the lowest bidder in the 850 MW wind project in Morocco. This was revealed to Bloomberg by an anonymous source. The group was preselected with five others preselected by ONEE for the construction of five wind farms generating a total of 850 MW. It submitted under a consortium including Moroccan Nareva Holding and Siemens Wind Power. The various farms are to be...

South African Tiger Brand reached an agreement with Dangote group concerning cession of Tiger Branded Consumer Goods (TBCG), former Dangote Flour Mills. Truly, the company announced it was selling 65.7% stake in TBCG to Dangote Industries for one dollar. Under this agreement, Dangote is to inject R700 million whilst Tiger Brands will settle debt of R400 million. With this deal, the South...

In a release published on December 8, French Industrial group Thales announced it was going to implant in Casablanca a plant specialized in additive manufacturing also known as 3D printing. The factory which is to be built on 1,000 m2 will in its initial stage produce satellites parts, said the electronic firm active in the aerospace, defense, security and land transportation sectors. The...

In less than a week, three ministers have succeeded each other at the head of SA’s ministry of Finance. On December 13, President Jacob Zuma has replaced minister of Finance David van Rooyen, four days only after his appointment with a well-respected minister who had already held this important position. Pravin Gordhan (photo), who held this portfolio for five years till 2014, replaces the...

The Northern Nigeria Development Company (NNDC) has revealed plans to begin oil and gas exploration in the north- east in Q1 of 2016.The Chairman of the company, Alhaji Bashir Dalhatu, declared this at the NNDC’s 47th Annual General Meeting (AGM) in Kaduna on Friday. Dalhatu added that the company is in collaboration with its technical partners as well as the Nigerian National Petroleum...

VAALCO Energy on Monday revealed that the North Tchibala 2-H well, the second development well in the North Tchibala field, offshore Gabon, has been brought on stream. Subsequent to the drilling of the first well, the North Tchibala 1-H, which was drilled with the Transocean Constellation II jack-up rig and brought online in September 2015, the North Tchibala 2-H well was spud in...

PetroVietnam Exploration Production Corporation (PVEP) has announced that the Bir Sheba oilfield in Algeria has seen its first flow of commercial oil. The Bir Seba oilfield lies in the Hassi Messaoud province in the Sahara Desert, over 600km from the country’s capital to the South. This project, is a joint venture between PVEP, Thailand’s PTT Exploration and Production Company (PTTEP) and...

Bulk Oil Storage and Transportation Co. Ltd. (BOST) has awarded Penspen a contract to perform a Front End Engineering Design (FEED) analysis for the development of the Ghana Natural Gas Interconnected Transmission System. BOST, is the owner of Ghana’s natural gas transmission utility license. As part of the country’s national agenda to exploit gas as a resourceful and profitable means of...

In South Africa, Sasol Limited has announced that it has appointed a new President and CEO subsequent to the announcement on June 8, 2015, that David Constable had decided not to extend his contract with Sasol beyond June 30, 2016. According to the company’s board of directors, Bongani Nqwababa (photo) and Stephen Russell Cornell have been appointed as the new joint President and CEO. They are...