Global reinsurer Swiss Re has acquired a 25% stake in Leadway Assurance, one of Nigeria’s leading insurers. This was revealed via an alert published on Africaglobalfunds website. Swiss Re’s move was driven by that of the International Finance Corporation to exit Leadway’s capital. The institution acquired in 2007 a stake in the Nigerian insurer for $14 million. A few days ago,...

The drop in prices of coal and gas will not derail the transformation and decarbonisation of the world’s power systems, revealed the New Energy Outlook 2016, published by Bloomberg New Energy Finance. According to the report, renewable energy sources should provide 60% of power consumed in the world, by 2040. Solar and wind will represent 64% of these sources, with an installed capacity of...

France’s top sports retailer, Decathlon, will open 26 new stores in Morocco. The announcement was made on July 4, 2016, by the firm’s president, Sanchez de Borja, on the sidelines of the presentation of the new plan for investment reform in the Cherifian kingdom. In respect to the investment contract it signed with Moroccan authorities, Decathlon will implement a major development plan for...

Onose Deep Oil and Gas Limited on Friday, announced that after much agitations by investors it has finally reached an agreement with foreign and local financial and technical partners to build a modular crude oil refinery at Ellu community in Delta State, Nigeria. The company in a statement issued by its Executive Secretary, Jim Elueni, the foreign partners include United States of America-based...

Libya has revealed plans to recommence crude oil exports from two of its biggest oil ports within one week.This is coming after rival leaders of Libya’s National Oil Corp., agreed last week to merge the state company, a move meant to assist in ending the struggle over who can control the divided country’s crude exports and revenue. According to a regional commander of Libya’s Petroleum...

Royal Dutch Shell has announced that its subsidiary, Shell Petroleum Development Company of Nigeria (SPDC), has lifted the force majeure on Bonny Light crude oil exports after production was reestablished at the Bonny Terminal.SPDC declared this force majeure in early May due to a damage on the Nembe Creek trunkline, although the supply of natural gas from the terminal were not...

The new Chief Executive of Angolan state oil firm Sonangol, Isabel dos Santos (photo), has postponed all discussion concerning the sale of assets owned by the company.According to the Chief Executive in a statement, the company’s board has also removed the legal department's obligation to handle anything other than disciplinary matters. Isabel dos Santos was appointed to Sonangol in June with...

Savannah Petroleum PLC has announced plans to raise about $40mln through the issuing of new shares to fund its next step in developing oil assets in Niger.The company plans to issue the shares at 38 pence each with current and new shareholders to conduct seismic studies of an area shielded by the R3 production sharing agreement (PSC) in the Agadem Rift Basin, south-east of Niger. Savannah...

German car maker BMW announced on July 6, that it would use its South African unit as a base to expand across the sub-Saharan African region. “BMW South Africa will take over the car and bikes distribution and marketing duties from the group in sub-Saharan Africa,” said BMW South Africa’s CEO, Tim Abbott. “We will first concentrate on Nigeria, Senegal, Cote d’Ivoire, Togo, Ghana,...

According to the United Nations (UN), close to $4 billion is needed to fight food shortage in countries which were affected by the El Nino weather phenomenon. The Food and Agriculture Organization (FAO) added that out of the 60 million people in need of food support in the world, 40 million are in the Eastern and Southern parts of Africa. The organization further indicated that...