Gabon has revealed plans to return to the Organization of Petroleum Exporting Countries (OPEC) after twenty years, two OPEC sources revealed on Friday. The country, if it should comeback will be the smallest producer in the group thereby bring the total number of countries to 14 after the comeback of Indonesia last year. Gabon became a member of OPEC in 1975 and left in 1995 due to the group's...

World Bank’s president, Jim Yong Kim, on April 14, 2016, told the opening press conference of the Spring Meetings taking place in Washington DC, USA, that African nations should focus on reducing trade barriers and opening their markets to their neighbors. “One of the things we’ve learned over the years is that it’s often more difficult for countries that share border in Africa to trade...

Mining firm Sarama Resources completed the first stage of exploration campaign at its South Houndé gold mine, in Burkina Faso. Cost of the campaign was estimated at $3.5 million funded by Acacia Mining. This funding was provided in accordance with an ear-in agreement giving Acacia the right to hold up to 70% of the South Houndé project in exchange for an investment of $15 million....

In 2015, money transfers by African migrants to their region or country of origin surged by 3.4% to $35.2 billion, a report by World Bank and other development partners revealed. This sum, which includes intra-African transfers, represents 6% of total transfers by migrants worldwide to their region or country of origin. Total migrant transfers worldwide, even though down as compared to the...

President of Norwegian firm Sithe Global that recently acquired the Bujagali hydropower dam in Uganda, Brian Kubeck, affirmed that cost of power will not drop as a result of the takeover. The Norwegian firm purchased the infrastructure from Bujagali Energy LDT. “This is just a change in ownership and may not impact on the cost of Bujagali power…Government has where it wants power costs to...

Nowadays, most big European and American firms use big data to boost their efficiency. The significant volume of information collected and analyzed online allows them to develop targeted strategies focused on their respective markets. In Morocco, the idea of proceeding this way to improve efficiency is spreading within local firms. The technology was at the center of the meeting entitled “Big...

In 2015, money transfers by African migrants to their region or country of origin surged by 3.4% to $35.2 billion, a report by World Bank and other development partners revealed. This sum, which includes intra-African transfers, represents 6% of total transfers by migrants worldwide to their region or country of origin. Total migrant transfers worldwide, even though down as compared to the...

There is a possibility that the Senegalese-Mauritanian maritime area will break all records as regards petro-gas finds as Conoco Philips announced in Houston this week, the discovery of another gas off the coast of Sangomar in Senegal, Finance Afrik reports. Sources have said that such a find was not expected by the company as the miracle occurred through carrying sand reserves in good quality...

UBA during the week held a Board Learning Session at The UBA house in Lagos, where all the subsidiary board chairs and CEOs were invited by the group chairman Mr Tony O. Elumelu, to participate in the sessions. Members of the group Board together with the CEOs and Chairpersons of their 18 African subsidiaries converged to discuss ways to best serve customers, as well as the many landmark projects...

On December 31, 2016, UN’s president Ban ki Moon will end his second term at the head of the institution and will not seek a third one. Among the candidates to replace him are Bulgarian Irina Bokova, UNESCO’s director, Helen Clark, UNDP’s director and former President of New-Zealand, and Portuguese Antonio Guterres who headed HCR. Others are also announced for the position. These...