International Atomic Energy Agency (IAEA) approved Kenyan government’s application to integrate nuclear power in its energy mix. Last week, the agency submitted minister of mines, Dan Kazungu, a review of the request, issued after four years of work. According to IAEA’s deputy director general, Mikhail Chudakov, “Kenya should utilize nuclear power for it to become a middle-income country...

According to the son of King Salman of Saudi Arabia, the country should, in 2020, be no more dependent on oil and build itself a new future. “I believe we will be able to live without oil in 2020,” he said on TV, announcing an ambitious plan to transform and diversify the economy. The project consists in selling on the bourse, less than 5% of Saudi Aramco as well as its 261 billion barrels...

Acquisition of True Gold by Endeavour Mining for $143 million, announced in March 2016, has been approved by 95% of the firm’s shareholders. At Endeavour, 99.82% of shareholders approved the transaction. They also approved the issuing of 18.9 million new shares to True Gold’s shareholders as previously stated under acquisition agreement. The closing of transaction, planned for April...

MTN announced it has spent R6.9 billion ($484.4 million) since the beginning of 2016, twice what it did in 2015 over the same period, to improve its mobile data service. “Revenues from data remain a top priority. We registered a significant growth during the first semester,” said Phuthuma Nhleko, MTN’s managing director. At March 31, 2016, the global number of MTN users fell by 1.4% or...

A new investor just joined Asoko Insight, a firm that provides data and analysis on African financial markets. The company just received $1.35 million from Singularity Investments which funds firms with high-potential. With the $1.35 million funding, Asoko Insight will be able to further build its data collection capacity across its main markets, namely Nigeria, Kenya and Ghana. The...

Bidco has started construction of a Sh4 billion beverage factory in Thika, Kenya. This plant could compromise the domination of Coca Cola and Del Monte in the non-alcoholic drinks market. With the plant, Bidco will have two processing lines, with a combined capacity of 48,000 bottles per hour, and another factory which will produce up to 100 million plastic bottles per year. Overall, annual...

According to a news first reported by Skye One, Robert Diamond Junior (Bob Diamond) teamed up with Carlyle Group, the American private equity firm with $180 billion assets, to acquire 62.3% stake of Barclays Africa. Since March 1, 2016, Barclay’s current chief executive, Jes Staley, announced that his group intends to let go of its African arm and speculations show that Atlas Mara plans...

African Development Bank (AfDB) plans to grant Nigeria $300 million to push youth into agriculture. The announcement was made by AfDB’s director for Nigeria, Ousmane Dore, during a seminary on the self-employment of youth in agriculture launched by the bank and International Institution for Tropical Agriculture (IITA). According to Mr Dore, the funding aims to help bring up the next...

The Minister of Minister of State for Petroleum Resources, Emmanuel Kachikwu has announced tjat the Escravos-Warri-Kaduna pipeline has been recommenced the, feeding of crude to both the Kaduna and Warri refineries. According to him, the Port Harcourt and Warri refineries have begun production while the Kaduna refinery will come on stream before the end of April. Both refineries are currently...

According to thisdaylive.com citing Minister of communication, Adebayo Shittu, the Federal Government of Nigeria will suspend all negotiations with MTN over reduction of $3.9 billion fine. The government has decided to wait for the outcome of the investigation on MTN carried out by Chamber of representatives. On March 23, 2016, the representatives demanded that parliamentary commission in...