The Nigerian National Petroleum Corporation (NNPC)’s joint venture with Chevron Nigeria Limited has entered into a $1.2 billion oil financing deal with United Bank for Africa (UBA) to finance the development of 36 new oil wells. This deal is aimed at expanding the country’s oil production capacity, which is currently at 1.87 million bpd. According to UBA Group Chairman, Tony Elumelu,...

World’s top soft-drinks leader Coca-Cola and SabMiller, Africa’s top brewer and second worldwide since its merger with AbInbev, got approval for the merger of their bottling units, against some concessions, a release from both firms revealed. However, the two partners, in order to support small and medium South African businesses agreed to invest up to R800 million ($54 million) and freeze...

Abraaj Group announced on Wednesday 4, 2016, it successfully exited its investment in leading Tunisian pharmaceutical laboratory Unité de fabrication de médicaments (Unimed), by listing on the Tunis stock market. The group invested in the firm via one of its funds in 2011. On its first day in the Tunis stock, Unimed’s share was quite discrete. No volume or value was traded hours after the...

On May 3, 2016, Nigeria’s Vice President revealed that following recent investigations, it was found that instead of $5.5 billion previously announced, it is $15 billion that has been embezzled under government of Goodluck Jonathan, as false security expenses. In November 2015, on order of President Muhamady Buhary the court arrested Samba Dasuki, former National Security Advisor as...

Mining firm Kogi Iron completed tests to determine the smelting characteristics of its Agbaja iron project and is about to finalize definitive feasibility study by the end of June. Also, the firm planned to build an initial mining operation alongside a 250 000 t/yr steel product processing plant at Agbaja. It had in plan to process 5 million tons a year in the long term. The plant should...

Board’s president of United Bank of Africa (UBA), Tony Elumelu revealed that the group was getting ready to launch a new expansion phase in Africa, Nigeria excluded, which should bring to 25 its number of offices which is currently at 18. “We wish to become the leader in terms of financial services in Africa,” Mr Elumelu told journalists in Lagos. Despite Nigeria being UBA’s main...

Senegal and USA signed cooperation agreements allowing American military troops to rapidly dispatch across the West African nation in the event of a terrorist attack or an epidemic outbreak, such as in the case of Ebola in 2014. These agreements are inked in a context where Senegal’s forces are in alert after terrorists attacked Mali, Burkina Faso and most recently Cote d’Ivoire. American...

To deal with the pressure that Mobile Money services put on their market share, banks in Kenya decided to launch in April 2016 the “Real Time Interbank Switch” project. This system should allow money transfers from one account to another across banks, from mobile. However, deadline for launching was missed, not for the first time. Truly, this system was to be launched in November 2015 without...

Tullow Oil on Wednesday announced that production has recommenced at its offshore Jubilee field in Ghana, pumping 30,000 bpd. Production from the field was delayed at the start of this year as a result of a technical problem involving a damaged turret bearing. According to the Managing Director of Tullow Oil in Ghana, Charles Darku (photo), the company is making plans for three possible fixes...

Spectrum on Wednesday announced that it has concluded its 2D seismic program offshore south Somalia after it acquired 20,582.75 line km of data. The company had signed a Multi-client master co-operation contract with the Federal Government of Somalia in September last year to secure about 28,000 km of long offset 2D seismic data offshore Somalia. According to the Multi-Client seismic data...