Niger plans to raise FCFA40 billion on the WAEMU’s financial market, by issuing fungible treasury bonds next June 28. This was reported by the WAMU-securities agency which is based in Dakar, Senegal. Each security has a nominal value of FCFA10000 and a single interest rate of 6%. The operation will be carried out over five years, closing on June 29, 2022. Under its terms, the bonds will be...

There is no risk of devaluation, declared on Monday the governor of the Central Bank of Morocco, Abdellatif Jouahri, while expressing himself regarding the liberalization of the local currency, dirham. The head of the Apex bank, also ex-minister of finance in the 80s when the currency weakened impacting the economy, dismissed on that occasion the rumors fueled by commercial banks in the...

Atlas Mara Ltd on Wednesday revealed plans to acquire Clermont Group’s 13.4% indirect shareholding in Union Bank of Nigeria for $55million. This will increase the company’s effective interest in the bank to 44.5%. The company intends to fund this acquisition by offering a 35% stake of its own capital to Fairfax Africa, a Toronto-based investment holding company. According to...

The World Bank has approved $611 million credit facility to support Nigeria in reducing the rate of out-of-school children, especially in the north. Speaking in Abuja on Wednesday, the Head of Communications, World Bank, Nigeria, Funke Olufon, explained that the bank also approved a $350 million credit for the Kaduna State Economic Transformation Programme, which aims to enhance...

PT Intim Perkasa Nigeria Ltd, a subsidiary of Indonesia-based engineering company, PT Intim Perkasa, has said it is interested in constructing a modular refinery in Akwa Ibom state, the Nigerian National Petroleum Corporation (NNPC) revealed. According to NNPC spokesman, Ndu Ughamadu, the planned refinery would have a refining capacity of 10,000 barrels per day. Nigeria has a refining capacity...

On June 20, a conflict broke out between the police and the people of Diokoul in Senegal. The latter, mainly farmers, was trying to prevent the agents of Senegindia to delineate a 1,000ha area which will be taken from them. The conflict arose as a crowd got out to stop the agents to lay razor wire around the land given to Sengindia at the end of 2016, and this caused the police to come and calm...

In Namibia, the spokesperson of minister of land reform, Chrispin Matongela, publicly dismissed rumors spread in the country stating that the upcoming second edition of Land Conference, which was to take place in November 2016, has been cancelled. Matongela on June 16 confirmed that the conference will be held next September. The spokesman added that the 14 necessary regional consultations...

Nipco Plc has said that it is offering $16 million for the shares it needs to increase its stake in Mobil Oil to 70% (against the current 66.7%). The company on Wednesday stated that it wishes to buy a 3.23% stake in Mobil from minority shareholders at a price of N417.12 per share and a 75% premium to Wednesday’s market price of N238.36.The offer expires on June 29, 2017. Let’s...

Sahel Capital on Wednesday announced the closure of a $66million debut funding process aimed at driving agricultural growth in Nigeria. Sahel is the manager of the Fund for Agricultural Finance in Nigeria (FAFIN). According to the company, the funding process saw the African Development Bank (AfDB), CDC Group and the Dutch Good Growth Fund, collectively committing $31million to...

Malaysia-based FPSO provider, Bumi Armada says it has suspended the operations and maintenance contracts signed with Erin Petroleum Nigeria Limited for the Armada Perdana FPSO operating at the Oyo oil field in Nigeria. According to the company, the decision was due to Erin’s failure to pay for the bareboat charter and other irregular payments on the contract. Bumi explained that its...