Around 2 billion FCFA. That is the amount reported to have been embezzled by the former Managing Director of Aéroports du Cameroon (ADC), Roger Ntongo Onguéné, and his co-defendants between 2003 and 2007. Charged with “participation in public funds misappropriation, falsification of banking and business documents, evidence fabrication and direct conflict of interest”, the former head of...

The North-West area of Côte d’Ivoire will soon welcome two cashew processing units. According to AIP which cites Konaté Vassiliki, CEO of UTEXI-COTIVO, this infrastructure which will be located in Karabiri and Seguelon will help in addressing unemployment problems in this part of the country. According to the manager, the establishment of these units in the Kabadougou region will work in...

At the end of the government council held on 22 October 2015 under the chairmanship of the Chief of government, Abdelilah Benkirane, it appears that three types of telecoms licence via satellite, including the call for tenders launched on 16 March 2015 by the National Telecommunications Regulatory Authority (ANRT) of Morocco, have been awarded. For the VSAT licence (Very Small Aperture Terminal)...

French group Bolloré has retained banks to work on an initial public offering for its West African railroad loop project, Reuters agency reported on 27 October, citing sources close to the project. At least four banks, Goldman Sachs, BNP Paribas, Société Générale and Crédit Agricole have been recruited to work on a possible IPO, the same source added. The IPO should take place in Paris...

The Pan African banking group Ecobank Transnational Incorporated end the first nine months of the year 2015 with positive net income of $305.66 million, a figure which however registers a decrease of 5% compared to the performance of this indicator, achieved during the same period in 2014 ($324.45 million) "The operating environment in sub-Saharan Africa has been difficult during the...

The Congolese opposition called, on 27 October, for “civil disobedience until the withdrawal” of the new constitution adopted during a referendum organised on Sunday 25 October, considering the results of this vote has “null and void”. The Republican Front for the Respect of the Constitutional Order and Democratic Change (FROCAD - Front républicain pour le respect de l'ordre...

The Indian conglomerate Tata Group announced, on 26 October, having started negotiations with the Ivorian government for the construction of a 5-star hotel in Abidjan and the delivery of 500 buses to Société de Transport Abidjanais (SOTRA). The CEO of the Indian group, Cyrus Mistry, made this announcement in Abidjan, following a meeting with the Ivorian Prime Minister, Daniel Kablan...

Sasol has announced that a planned shutdown at its Synfuels operation affected production in the last quarter towards the end of September. The company’s Synfuels business produced 8million bbls of refined product in Q1 2015 while on  30th of June 2015, it produced 32.9-million bbls. According to Sasol, a planned shutdown at its Natref refinery will affect full year volumes. In Q1...

Circle Oil has discovered gas at the Caid El Gaddari-13 (CGD-13) exploration well on the Sebou Permit, onshore Morocco. The CGD-13 well which was spud on 8th of October, reached a TD of 871m on 17th of October ahead of schedule. The discovery consisted of gas-bearing Miocene sandstones in a structurally elevated position east of the CGD-1 well and west of the CGD-9 well. The...

The list of companies vying to secure term contracts for the sale and purchase of the Nigerian crude oil grades have now increased to 278 including companies like Italian Oil giant Eni, India’s national oil company, Indian Oil Corporation Limited, Forte oil, Eterna Plc., Niger Delta Petroleum Resources Ltd and MRS. The Nigerian National Petroleum Corporation (NNPC) had in August published...