After several failed attempts to achieve first oil, the Aje field situated within Block OML 113, offshore Lagos, Nigeria has finally achieved its first oil. This is coming after Panoro Energy announced last month that the last assembling procedures were ongoing with the aim of starting production soon. Subsea installation operations had been ongoing at the Aje field since January 2016 and was...

“Television Summit”. That is the title of the conference which will take place in Abidjan, Cote d’Ivoire, on May 31, 2016, and marked by the launching of Discop Africa, Africa’s largest audiovisual content market. This summit was initiated by the Ivorian government. Opening the event is Ivorian Minister of Communication, Affoussiata Bamba-Lamine through a debate on the role of...

Lenders of Aureus Mining agreed to postpone, once more, the deadline for payment of first installment, valued at $3.1 million, of loans the firm took to finance operation at its New Liberty gold mine, in Liberia. Initially, the company was to pay on January 31 but on a request, the date was postponed to 4th of April, then to April 29 and now to May 31. In order to postpone the deadline,...

Kenya is the African nation with the highest level of new projects funded with foreign direct investment (FDI) in 2015, a report published by Financial Times shows. 84 new projects were announced over the year, thus 47% more than in 2014. East Africa’s top economy is followed by Ghana who recorded a 21% growth or 40 new projects. Nigeria comes third with a 19% growth or 51 new projects...

Mali just revealed it has scaled down by at least 100,000 tons its forecast for cotton output this season. Previously expecting 750-800 thousand tons, the West African nation now estimates it will produce 650,000 tons. Textile Development Company of Mali (CMDT in French) who previously made the announcement did not give reasons to back its decision to revise the forecast. In the case where...

Ethiopia is all-set to implement its national program to transform its economy to one which is green and resilient to the effects of global warming. Costing about $150 billion, the project will be implemented over the next 20 years. Out of this budget, $50 billion will allow to develop green infrastructures. The country will also need $7.5 billion each year for the transformation...

On May 2, 2016, the BGFIBank held a general assembly at the Radisson Blu hotel in Libreville. At the meeting, the group’s CEO, Henri-Claude OYIMA, showed shareholders, 2015’s results which were marked by: Launching of activities of its Senegalese subsidiary The implementation of new regulation in France and the COBAC Zone The integration of BGFIBank Holding Corporation to the COBAC...

In its global economy outlook published on May 3, 2016, the International Monetary Fund noticed a slowdown in growth of bank loans to private sector in most sub Saharan African nations since the beginning of the year. “The recent phenomenon is analyzed using the 2010-13 rapid credit growth as a reference, as at the time, commodities were up and financing conditions more favorable,” the...

Anadarko Petroleum Corporation, on tuesday, revealed that its losses reduced in Q1 of 2016 as it had slashed expenses due to low oil and gas prices. The company said its net loss in Q1 reduced to $1.03 billion, from $3.27 billion in Q1 of 2015. At the start of this year, Anadarko announced that it will cut its 2016 expenses by nearly 50% and had anticipated a minimum amount of...

The Nigerian Petroleum Products Pricing Regulatory Agency (PPPRA) in its new pricing template revealed that the Federal Government will restart the payment of subsidy on petrol as the product is now being sold below the expected open market price. Under the new template which is to cover Q2 of 2016, the expected open market price of petrol has increased to N99.38 per litre for independent and...