Tiger Brands has decided it has given enough in Nigeria. Indeed, Africa’s best consumer foods maker announced it has written off all of its remaining investment in Dangote Flour Mills (DFM). Nearly $120 million lost. “We spent a bucket load of cash learning the lessons of this failure and now shareholders are upset” said Peter Matlare, Tiger Brands’ CEO till the end of the...

Egypt’s government just expressed three concerns in relation to the construction of the Grand Renaissance Dam (GERD). Indeed, Egypt’s minister for irrigation Hossam El-Moghazy said “Egypt had nothing against the development of any country, but the fact remains that they have important concerns about the project”. These include keeping its shares in Nile’s waters, insuring that the dam...

Another subsidiary of the South African telecom group MTN was just penalized for violating the regulation of a country where it operates. After Nigeria where it received a $5.2 billion fine, MTN received a new slap in Uganda at the beginning of November 2015. The Ugandan subsidiary of the telecom company is accused of unfair business practice, anti-competitive behavior, and has been asked to...

For the first time in history, Senegal is going to host a “Black Friday”. Just like in the United States, this day represents the day of the biggest sales’ discounts. The concept was imported in Senegal by Jumia, one of Africa’s main e-commerce platforms. In fact, Jumia will hold a press conference on November 19, 2015, to provide more details concerning the event. In the United States,...

Inhabitants of Sao Tome and Principe, the small country located in the gulf of Guinea, offshore Gabon and Equatorial Guinea, are about to have access to high-speed internet. The African Coast to Europe consortium which is represented by French telecom group Orange, its subsidiaries and other investors, just announced the starting of construction for a landing station for fiber optic which is to...

Lucara Diamond Corp, triply listed Canadian diamond producer, has recovered from its Karowe mine (100% interests) in Botswana, a 1,111 carat gem quality, Type IIa diamond classified as the “second largest diamond ever recovered”. The magnificent stone was found in the Southern lobe of the Karowe mine and is the first diamond to be recovered through a modern processing facility, the Large...

Egypt’s government has decided to reinforce its cooperation with Jordan and Iraq in the oil and gas industry, towards finding a sustainable solution to the current power crisis Egypt is going through. On November 15, in Amman, Jordan, a Memorandum of Understanding was signed to this end between Egypt’s minister of oil and mining resources Tareq El Mulla, Jordanian minister of energy Ibrahim...

Guinea Bissau just benefited from a 19 billion FCFA grant from the African Development Bank (ADB). This funding is to be used to improve power supply in the country, Xinhua agency reports citing an official source. This grant is to be injected into projects related to the transportation of electricity from the Sambangalou and Kaleta dams, respectively in Senegal and Guinea, to Bissau, the...

South Africa and USA just signed an agreement involving a yearly import of 65,000 tonnes of American chicken. This agreement which was reached a few months ago was under review because Pretoria had concerns about health regarding the avian flu which is currently hitting the US. This last trick of South Africa to evade the US irritated the world giant who, through its president Barack Obama,...

Mainly as a result of the worldwide drop in oil prices, Nigeria’s economic growth dropped to 2.84% in Q3 2015 against 6.23% for the same period last year, Nigeria’s Statistics Office announced on November 17. Between July 1st and September 30, crude production in the country has reached 2.17 million barrels per day against 2.05 million barrels for the same period the previous year, the...