The British private equity fund Actis, has been selected to buy back Abraaj Group’s investment fund, that was put into receivership following disagreement over its "abusive" use of funds entrusted to it by investors like Bill & Melinda Gates Foundation and the International Finance Corporation, Reuters, citing sources close to the case, reported on September 24. The same source reveals that...

The United States of America will soon set a development finance institution, able to invest $60 billion in developing countries, to counter China’s growing influence over those countries, the Financial Times revealed on September 23. This institution baptized International Development Finance Corporation/ US IDFC is created in a context of toughening economic warfare between the two...

Last Monday, Teranga Gold announced that its estimate of Proven and Probable Mineral Reserves of Wahgnion gold mine in Burkina Faso has increased from 450,000 ounces to 1.61 million (+40%). The new estimates are based on four deposits namely, Nogbele, Fourkoura, Samavogo, and Stinger. It also includes the result of the 73,000 meters infill drilling realized in 2017.   According to the...

Last Monday, Eni Oil and Gas signed a memorandum of understanding with the United Nations Development Programme (UNDP) to improve sustainable energy access in Africa. Eni Oil and Gas, which is already developing natural gas projects on the continent, expects to impact the energy transition thanks to the memorandum. In the framework of that memorandum, solar wind and hybrid off-grid networks will...

Between January and September 2018, the Nigerian Stock Exchange’s banking index dropped by 26.4%. Indeed, from the peak of 619.14 reached on January 18, it fell to 466 during the last session (September 24).   Investors seem less confident in the listed banks’ capabilities in creating high growth. Yet, the performance of those banks during the first semester of this year was not that...

In Egypt, before the end of 2018, some local banks in association with international financial institutions will set a fund to finance Egyptian fintech.   According to local media sources, Banque du Caire will invest LE50 million in the fund. As far as Banque Misr, National Bank of Egypt and the European Bank for Reconstruction and Development are concerned, the amount each of them will...

Last Monday, Angola’s former president’s son José Filomeno dos Santos (photo) was arrested over a $500 million embezzlement case.   Suspected of having illegally transferred about $500 million of public funds to a bank account in the UK, José Filomeno who was managing Angolan Sovereign wealth fund was found guilty in March 2018 of fraud, embezzlement, traffic of influence,...

In a release published on September 21, 2018, L'Oréal S.A. informed that it has invested in Partech Africa, a venture capital fund created in 2018 and dedicated to innovative technology companies in Africa. Thanks to that investment whose volume was not revealed, L'Oréal S.A expects to “forge partnerships with start-ups and entrepreneurs active in the development of innovative products and...

In Benin, just three days after it entered into force, the social media tax has been rescinded by the government. The info was announced in a statement published by the government on September 22, 2018.   The tax abrogation was issued after a meeting between Benin’s president and his communication and finance ministers as well as telecommunication operators’ representatives. Let’s...

Two weeks after it stopped the TLP-103 oil well drilling due to bad geological conditions, Anglo African Oil & Gas (AAOG) has chosen a new drilling site baptized TLP-103C. According to the initial calendar, this new site located 100 meters from the former had been chosen beforehand. The drilling platform will be brought there next week and the drilling should start during the week of October 8,...