Wim Vanhelleputte (photo), CEO of MTN Uganda, is now authorized to return to the country. On May 30, 2019, MTN Group announced that Ugandan president Yoweri Museveni has stepped in to request the CEO’s immediate return. Wim Vanhelleputte was deported from Uganda on February 14, 2019. MTN Uganda was then accused of various offences including harm to the state security and false tax returns. It...

On May 31, 2019, MTN Nigeria paid the whole $1.6 billion fine it received in 2015 for not deactivating 5.1 million unregistered sim cards. The operator has indeed paid the NGN55 billion, which is the sixth and last tranche of these payments started in 2016. According to chief corporate relations officer of MTN Nigeria Tobechukwu Okigbo, the “successful resolution of the fine was the...

Mining projects developer MOD Resources is negotiating a $182 million loan with banks for its project in Botswana.   According to the Australian firm, potential lenders have sent encouraging offers after completion of the feasibility studies. It added that there were ongoing negotiations with potential partners.   MOD Resources became the sole stakeholder in this project on...

The African Development Bank Group on 3 June 2019, announces the debarment of Qualitrends Global Solutions Nigeria Limited, a construction company registered in Nigeria, for a period of 36 months. An investigation conducted by the Bank’s Office of Integrity and Anti-Corruption established that Qualitrends Global Solutions Nigeria Limited engaged in numerous acts of fraud in bidding for a...

The Central Bank of Kenya (CBK) will introduce new banknotes, Patrick Njoroge (photo), the governor, announced last weekend. According to the official, this is to tackle illicit financial flows that affect the country’s economy.  By October 1, 2019, old Ksh1000 notes should also be removed. “We have assessed the grave concern about our large banknotes particularly the older Sh1000...

The European Union (EU) will raise €99.5 million to support the most vulnerable communities in the Horn of Africa. This was announced by the European Commission in a release published on May 29, 2019. “The nearly €100 million we have approved will support vulnerable communities, contributing therefore directly to that peace and stability," said Neven Mimica (photo), Commissioner...

“When you put your forces together, you can achieve the critical mass to be solid player on the global scene,” African Development Bank's Chief Economist and Vice President of Economic Governance & Knowledge Management Celestin Monga told journalists at a press conference ahead of the Bank's Annual Meetings. Equatorial Guinea will host the Bank's 54th Annual Meeting, from 11-14 June 2019,...

Last week, PT Ventures, subsidiary of Brazilian group Oi, agreed to sell the 40% stake it had in Cabo Verde Telecom. These stakes were jointly acquired by Institut national de sécurité sociale (INPS) and Agence de sécurité aérienne et aéroportuaire (ASA). Following PT Ventures’ withdrawal, Cabo Verde Telecom’s shareholding is now as follows; Institut national de sécurité sociale...

Turkish real estate group Onsan Group has been awarded a $520 million contract to build 10,000 social housing in Angola. This was reported on May 30, 2019, by Turkish media Anadolu Agency, which cited the group’s CEO Fikri Coşkun. The executive indicated that his group was planning to invite president Recep Tayyip Erdoğan for the social housing project’s foundation stone laying...

The ECOWAS Bank for Investment and Development (EBID) has just launched a bond issuance operation. The aim of this operation, approved by the regional council for public savings and capital markets, is to raise XOF25 billion in order to fund seven (7) projects in the energy, industry, hospitality and financial sector. These projects will be implemented in Benin, Côte d’Ivoire, Burkina Faso,...