Nigeria plans to develop 1,000 MW of electricity from coal by 2020. Minister of Solid Minerals, Kayode Fayemi made the announcement at an Economic Summit in Lagos. “Coal production started in Nigeria in 1902 and it was the main energy source for our country until 1960, and coal is in about 19 states of the federation. Coal exploration offers a significant opportunity for power,” he said....

On March 21, Alassane Ouattara, Cote d’Ivoire’s President, contradicted IMF’s (International Monetary Fund) forecast regarding economic growth saying the country’s rate grew by 10.3% in 2015. “Last week I received IMF’s delegation. I told them that for four years now, we have been recording figures different from theirs and each time, they would come back saying we were right,”...

Kenya Commercial Bank (KCB) will raise its capital to expand and boost its acquisition war chest as it eyes medium-sized banks, Reuters reported on March 18, citing one of the bank’s executives. “We will look for business where there can be synergy, where there can be ability for us to scale up, so medium-sized banks will be areas that we are focusing on today,” said KCB CEO Joshua Oigara....

Dodsal Hydrocarbons and Power Tanzania, the company prospecting for oil and natural gas at Ruvu Block has announced plans to a drill stem test at the exploration area in order to observe the feasibility of the discovery following the submission of a work plan to the government. The Minister for Energy and Minerals, Sospeter Muhongo (photo), recently announced that the company found 2.17 tcf of...

Nigeria plans to increase the amount of crude oil it switches for vital petrol imports as it battles with the worst economic crisis in years. An over 60% decline in oil prices in the global market since 2014 has hit the country’s economy and initiated a currency crisis, making the country witness a lack of funds to pay for the importation of oil products. In past weeks, the Nigeria National...

The Presidents of Kenya and Uganda as well as oil companies’ executives are meeting on Monday to further negotiate a route for a pipeline to transport the two countries'oil. According to the spokesman to President Uhuru Kenyatta, deciding the pipeline route is important in helping oil companies present in Uganda and Kenya to make final investment decisions on developing oil fields....

The Ghana Grid Company (GRIDCo) has announced that the Floating Production Storage and Offloading Vessel (FPSO), Kwame Nkrumah which delivers gas to the Atuabo Gas Processinng Plant, has been shutdown for necessary inspection and maintenance works. The company said that the short-term shutdown of the FPSO signifies that power production will be affected. According to a statement signed by the...

In Benin, initial vote counting suggests that Patrice Talon will be the Republic’s next President. Lionel Zinsou, Talon’s opponent from the first round and outgoing Prime Minister thus loses its gamble. Fair-play, he called his adversary to congratulate him. “I called Patrice Talon tonight to congratulate him, wish him the best and tell him I would offer the needed help with transition....

French household goods and electronics retailer, Darty, accepter cash offer that South African Johannesburg-based furniture retailer Steinhoff International made for its acquisition last March 18. AIM-listed Darty said in a statement, it has signed an agreement with Conforama, Steinhoff’s French subsidiary, regarding the deal. Frankfurt-listed company, Steinhoff International, submitted at...

Being the youngest continent in the world with nearly 70% of its population under 25 years old (OECD, 2011), Africa boasts an abundant labour force. These young people are a tremendous pool of talent and innovation. Thanks to their creativity, they are the lifeblood of tomorrow. “That’s why, through our challenge #KinPitch Special Youth, we want to promote creative and innovative projects...