In South Africa, the public company Eskom has announced that it could raise between USD 750 million and one billion through the issuance of an international bond. According to Anoj Singh, the Financial Operations Manager of the company who talked to Reuters, the amount raised will depend on market conditions. The manager added: “Every time we will have the opportunity to resort to the...

In Benin, the 2015-2016 cotton season has just been launched. Among the novelties for this season is the increase of FCfa 10 per kilogram in the buying price which is now of FCfa 260. It is however worth noting that the country will sell less cotton after a harvest estimated at 324,000 tons, a decrease of 69,000 tons compared to the previous year. “The fundamental reason for this drop in the...

South African investors are now wondering on the opportunity of investing in Nigeria, when the telecommunication group MTN, headquartered in Johannesburg, is under a USD 5.2 billion sanction imposed on its Nigerian subsidiary since mid-October. Attracted by a very large market and the growth potential offered by the first economy of Africa, most South African managing directors have always...

In Nigeria, Eland Oil and Gas Plc. in its operation update on Tuesday, announced that it has significantly boosted its existing output rate by 50%. After the completion of rehabilitation works on the Opuama-1 well, the Opuma field situated 92km northwest of Warri is currently producing oil from 4 strings within two wells, therefore increasing the average gross production output to 4,400 bo/d....

Tullow Oil in its drilling update on Tuesday announced that the Emesek-1 exploration well in Block 13T situated in the North Lokichar basin, North of Kenya, came across no commercial hydrocarbon. The well which was drilled to a total depth of 3,000 metres by the PR Marriott 46 rig is to be plugged and abandoned. The rig is to then sail to the South Lokichar basin to drill the Etom-2 well. The...

Rosneft has signed an agreement with the Egyptian General Petroleum Corporation (EGCP) for the supply of petroleum products. The document which represents the extension of the agreement reached by the two companies in July of this year foresees the delivery of 6 combined cargoes of Fuel Oil and Light Circle Oil (LCO) by Rosneft to the Egyptian company between November and December 2015. The...

In Nigeria, tycoon Aliko Dangote just announced his resignation from the board of directors of Dangote Flour Mills (DFM). The resignation follows the decision of South Afican Tiger Brands, DFM’s majority shareholder, to cease its funding in its subsidiary. The leader of Africa’s agrofood industry said it was “currently exploring various options in relation to its investment in DFM”....

According to a source in Amsterdam cited by the newspaper Zimbabwe Independant, Zimbabwe’s government has now taken over Telecel, the mobile operator. The State bought from VimpelCom, its 60% shares in the company for $40 million. This operation was conducted by the state-owned firm ZARNET, the Internet Service Provider who benefited from financial support of the National Social Security...

Car manufacturer Nissan plans on doubling output at its South African plant in Rosslyn (about 20 km north of Pretoria) by building a new pick-up model starting from 2018, Bloomberg reports citing an executive from the company. “Nissan will see its output rise to as many as 80,000 vehicles a year as the new model comes online, against 40,000 at present,” Nissan South Africa Managing Director...

In Kenya, the Tuskys supermarket chain will open 75 convenience stores in shell filling stations. The partnership between Tuskys and Vivo Energy Kenya who is exploiting the Shell brand should allow for the creation of 900 jobs. « These convenience stores will offer sweets, day-to-day food products such as milk, bread, and pre-packaged meals,” Tuskys executive director Dan Githua said....