The central Bank of Nigeria (CBN) announced that it was planning to invest NGN 75 billion (about €182.5 million) in the refinery project initiated by Aliko Dangote. The announcement was made by the governor Godwin Emefiele (photo), who also indicated that Dangote provided half of the $9 billion necessary for this refinery on its own equity and that the remaining half would be raised...

The Central Bank of Angola has withdrawn the license of Banco Mais and Banco Postal, two small credit institutions that were unable to meet the new capital requirement by the stated deadline. These two banks will thus “stop their operations”, the central bank indicated in a release. Banco Mais and Banco Postal should be declared bankrupt and their respective liquidators would take care of...

Global Credit Ratings (GCR), a South Africa based rating agency acquired by Carlyle Group, assures that it is not planning to leave the Kenyan market as some local media announced. “Kenya and the Comesa region as a whole is a crucial strategic base for GCR to maintain and in fact enhance its presence, and one that we are exploring additional investment to further penetrate our leading market...

In a report published on January 21, 2019, the International Monetary Fund (IMF) announced that the economy of Sub Saharan countries should rise from 2.9% in 2018 to 3.5% and 3.6% in 2019 and 2020 respectively.   These two figures are 0.3 points below the forecast published in October 2018 due to the drop in oil prices that prompted a downward revision for Angola and Nigeria. In its report...

The new network, spearheaded by the African Development Bank and the President Delivery Unit of Senegal (Bureau Operational de Suivi du Plan Senegal Emergent), was launched 19 January at a ceremony held on the sidelines of the International Conference on the Emergence of Africa.  Its purpose is to provide a unique platform for peer learning and sharing of best practices and expertise in the...

The African Development Bank Group on January 23, 2019, announces the debarment of ALG Global Concept Nigeria Ltd, a construction company registered in Nigeria and its Managing Director, Mr. Abuharaira Labaran Gero, for a period of 36 months. An investigation conducted by the Bank’s Office of Integrity and Anti-Corruption established that ALG Global Concept and its Managing Director, engaged...

Tanzania is officially in charge of the Telecommunications Traffic Monitoring System (TTMS). Developed by a consortium of Société Générale de sécurité (SGS) and Global Voice Group (GVG) in the framework of a Build–operate–transfer (BOT) agreement, the system that has been operational since 2013 was transferred to the Tanzania Communications Regulatory Authority (TCRA) on January...

Liberty Latin America Ltd will not buy Tigo Chad and Tigo Tanzania, the last two exclusive properties of  Millicom International Cellular (MIC) in Africa. Liberty Latin America Ltd, which sent a preliminary offer to acquire all of MIC’s shares, wanted to replace the latter in the two African countries but also in all the nine Latin American countries it operates. On January 22, 2019,...

Chinese phone manufacturer Xiaomi has decided to increase its investments to grow in the African market. In that regard, it has decided to create an Africa department to counter the rise of Transsion Holdings, another Chinese phone manufacturer, in Africa. The information was revealed by Jun Lei, Xiaomi’s CEO, in a memo sent to its staff. This department is to be managed by Wang Lingming, the...

In a release published on January 21, 2019, BMCE Bank of Africa announced the launch of its new subsidiary specialized in bank processing services. Baptized Operations Global Services (OGS), this subsidiary covers all the sectors and businesses of bank processing services notably, credit and guarantees, electronic payments, transactions with foreign countries, savings accounts and bank...