In Djibouti, a ceremony to commence the construction of a liquefied natural gas (LNG) export terminal was held on Thursday in Damerjog. The LNG facility is to be developed by POLY-GCL Petroleum Group, (a joint venture between China POLY Group and GCL Group). The project is estimated to cost $4 billion with initial LNG export anticipated by mid-to-late 2018. According to POLY-GCL, the...

South African bank Standard Bank reported in a statement published on March 3, its net profit in 2015 soared 34% to R21.37 billion ($1.37 billion) from 2014. The increase is due to better net interest revenues but also to the sales of its loss-making subsidiaries in U.K. and Brazil. Earnings per share excluding non-recurring items of Africa’s leading bank in terms of assets recorded a 27%...

In Egypt, Orascom Telecom Media and Technology (OTMT) Holding said it is currently studying alternatives to fund acquisition of CI Capital, the investment branch of Commercial International Bank (CIB). The alternatives include funding from external banks. On February 28, 2016, CIB, Egypt’s leading listed bank, signed an agreement with OTMT, for the sale of CI Capital, for EGP924 million...

After raising last month €75 million from Axa, Africa Internet Group just mobilized from Goldman Sachs, MTN and Rocket Internet, €225 million. Africa’s leading e-commerce operator now has €300 million to fund its development, namely that of its leading brand Jumia which is active in 11 countries: “This investment is proof of Jumia’s success and it gives us more...

SacOil Holdings Limited, has announce that it has successfully concluded the Lagia Phase 2 development programme, onshore Egypt. Upon completion the company achieved a production target of 1,000 bpd on the oil field. The phase 2 of the development program included the installation and commissioning of steam facilities for a thermal recovery process on current production wells, the drilling of...

United Bank for Africa just appointed a new Managing Director at the close of board meeting held yesterday, March 1, 2016, a statement published on the Nigeria Stock Exchange revealed. Truly, starting from August 1, 2016, Kennedy Uzoka is to succeed Phillips Oduoza who led the group for two years. “Kennedy brings an extremely strong skill set and is ideally positioned to lead UBA in its...

In France, phone operator Free is launching a new African pack named Bouquet Africain Platinum including 24 channels of which Antenne 3, DRC’s leading private channel. Subscription is on a monthly basis and costs €14.99. Other channels include various national TVs (Sen TV, RTS 1, TFM, ORTB, RTB, Canal 2 International, CRTV, RT1, RTG, TVT, etc.) as well as musical, pan-African or...

The Bensalah family just increased their presence in Morocco. Indeed, Holmarcom, the Holding owned by the family just announced it has acquired five companies which until now were owned by PGS Invest. The companies whose range of activities go from snack production to cashew processing, and valorization of aromatic plants, have been grouped into a new holding named Denia, Telquel.ma said....

Senegal plans to develop its energy sector by emulating Morocco’s solar power strategy, said Amadou Hott, Director General of Sovereign Fund for Strategic Investment during Africa Development Forum. Meeting with executives from the Moroccan Solar Energy Agency (MASEN), Amadou Hott said Senegal, partnering with World Bank, planned on replicating Morocco’s solar model. Senegal thus wishes to...

23 Africans have been listed in the 2016 edition of the world billionaire ranking published by Forbes on March 1, 2016. The top two of this list are Nigerians. 6 of the African listed in the ranking in 2015 exited it this year. These are Stephen Saad (South Africa); Onsi Sawiris (Egypt), Miloud Chaabi (Moroocco) Samih Sawiris (Egypt), Sudhir Ruparelia (Uganda) and Rostam Aziz (Tanzania) whose...