Tullow Oil has postponed the payment of dividends to its stakeholders, reduced finance for new exploration and has restricted capital expenses to key projects, Kenyan Wallstreet reports. According to the company’s annual report for 2015, Tullow has also laid-off some of its staff in an effort to survive during this tough time for the oil industry. “There has been a relentless focus on cost...

In Nigeria, the activities of the militant group, Niger Delta Avengers on oil facilities in Bayelsa State have prohibited Agip, Aiteo and Shell’s operations in the state. Production by Agip and Aiteo from May 2016 is at 140,000 bpd, as a daily estimated $6.72 million has been lost by the two operators as a result of the attacks on oil export pipelines being operated by the...

The South African banking group Investec has raised £138.8 million ($200 million) on the London stock exchange, through the placement of 31 million shares, which represents 4.8% of its capital. According to the statement providing the information, proceeds from the fundraising will be used to redeem preferred shares previously issued by South African banks under Black Economic Empowerment (BEE)...

In 2016, the member-countries of WAEMU (West African Economic and Monetary Union) should record an economic growth of 7.2% against 7% in 2015. This is what revealed forecasts published on June 1, 2016 by the Central Bank of West African States (BCEAO). Expected growth should result from the “consolidation of activity in secondary sector and good performance of tertiary sector”, the same...

It would have lasted 20 years but it finally ended. That is the love story between American fast-food Kentucky Fried Chicken (KFC) and Botswana. Truly, the fast-food will cease all activities in the country on June 5, 2016. The news came through a statement from VBP Propco (KFC’s local franchise) and comes amid economic turmoil in Botswana. This turmoil emerges from a fall in commodities’...

Econet Wireless, Zimbabwe’s leading mobile operator, has injected $55 million in alternative power sources last year. “The firm has invested more than $55 million into alternative power sources, of this amount, $7 million were used to run diesel-powered generators,” said James Myers, Econet’s director. The difficulty to get power was one of the main reasons behind the...

In Morocco, WB Africa is a group of communication agencies and media space development. It regroups three firms including Crystal Creative, a communication strategy consultancy agency, WB Media, which deals with the purchase media spaces, and Timberwolf Digital which offers an expertise in terms of development and advert creation. By establishing itself in Africa, WB Africa supports...

Miner Sundance Resources raised $AU80 million (about US$57.8 million) to advance its Mbalam-Nabela iron project, at the border separating Cameroon and DR Congo, and purchase new assets. The fundraising happened through a two-tranche placement of 615.4 million shares, at AU$0.13 per share. Moreover, the firm revealed eligible shareholders in Australia and New Zealand, a share purchase plan...

MTN Rwanda just introduced a new platform for youth, 16 to 24 years old, named Yolo.  Yolo offers customized voice and data bundles that aim to improve the telecom experience of the youth on this segment. A marketing campaign entitled “YOLO, Go Be Great” was in fact launched by the firm. Explaining the need for this new service, Gunter Engling, CEO MTN Rwanda said: “Yolo is our way of...

American firm Archer Daniels Midland (ADM) just announced that it has purchased, in Morocco, a wet-milling unit that produces glucose and native starch. Located in Casablanca, the unit belonged to Tate & Lyle. Chris Cuddy, president of the maize-processing unit at ADM said: “We keep anticipating a growing demand from our customers in the food, animal feed, paper and corrugated cardboard...