The Nigerian Stock Exchange (NSE) on Tuesday, announced that a foreign investor has increased its stakes in Dangote Cement with the acquisition of an additional 2.3% interest for N86.1 billion ($236 million). Although the Lagos bourse did not disclose the name of the foreign investor, sources with knowledge of the transaction said the stake was bought by one of the existing investors in the...

A consortium of Nigerian banks has agreed to extend 9mobile’s $1.2 billion loan, till the telecoms operator find new investors, according to FCMB bank. FCMB on Tuesday, said the lenders have postponed taking provisions on the debt. “In terms of provisioning, there is hold on that. What we have agreed is an extension and we have agreed to extend pending the sale to new investors,” the...

In Burkina Faso, the ministry of Power announced that the Zagtouli photovoltaic power plant is 90% complete and that it will start operating “very soon”, Xinhua reports. Situated in Zagtouli, in the suburb of Ouagadougou, the plant will comprise 129,600 panels of 260W, generating a total of 33.7MW to meet 10% of the current demand of the country’s distribution network. It will also be one...

Last Monday, the Mauritian government unveiled an ambitious railway project named "Metro Express" valued at more than $537 million. The project should help connect the nation’s five main cities. Works for the first phase of the project which will be carried out by Indian firm Larsen & Toubro, are set to begin next September. During this phase, Port-Louis, the capital, will be linked to...

In Nigeria, the Lagos State Government has signed an agreement with Bühler AG, for the acquisition of a 32 tonnes per hour rice mill. The agreement was signed on Friday in Zurich, Switzerland. According to Lagos State Governor, Akinwunmi Ambode (photo), the move is in continuance of his vision of enhancing food security and creating employment in the state. He said the partnership would...

The United Africa Company of Nigeria Plc. (UAC), on Monday said it is seeking regulatory approval to raise N15.4 billion ($42.3 million) from existing shareholders. According to the outgoing Chief Executive of UAC, Larry Ettah, the Nigerian conglomerate had the support of shareholder for the share sale, which might be launched in September or October, once approval from the Securities and...

Bühler’s durable solutions in animal feed has seen a rise of key market producers to invest in the trustworthy Swiss Multinational. In a world where competition is getting fierce, and where topics such as feed security, animal health, efficiency and durability are on the rise, Bühler finds a valuable fit among market producers. Leading international companies are using Bühler complete and...

Total Nigeria Plc., has signed a Solar Home Solution distribution agreement with Blackbit Limited to facilitate a nationwide access to solar energy products. This aims to bridge the energy gap in homes and ensure customer satisfaction. Under the partnership, Blackbit will distribute Solar Home Solutions from the TOTAL Energy Solutions brand outlets in Abuja and Lagos. The TOTAL Solar Home...

The government of Ethiopia has recently allocated 3,000 hectares of land for investors interested in flower production, Xinhua reported. “Investors from various countries, via their respective embassies and also in person, have shown interest to invest in Ethiopia's floriculture sector,” said Adugna Debele, Deputy CEO of the Ethiopian Horticulture and Agricultural Investment Authority. She...

Fall armyworms have ravaged in Burkina Faso more than 30,000 hectares of lands dedicated to maize, sorghum and rice farming, Bloomberg reports citing the country’s minister of agriculture. “The damage may be more widespread as the government is still assessing the affected areas,” said Moussa Ouattara, crop protection director at the Agriculture ministry. “The government has spent 1.3...