Author: Editor

COFINA, Africa’s leading institution for mesofinance, raised more than 16 billion CFA francs, an oversubscription of 60%, which reflects strong investor interest. The money raised will be reinvested in the financing of small and medium-sized businesses in the region. Initiated on April 11, 2018, the securitization of Compagnie Financière Africaine (COFINA), Africa’s leading institution for mesofinance, was closed on the Regional Stock Exchange, the Common Stock Exchange of the eight countries of the Union zone. Economic and Monetary Union of West Africa (UEMOA). This operation, the first for the region, involved a bond issue for an amount of 10 billion…

Almost two years to the day after announcing that he would sell his shares in the Britam insurer “within two years”, the businessman on Monday completed the sale of his stake in the Swiss reinsurance giant Swiss Re. In a statement released yesterday, Britam’s management states “that [it] has been informed by one of its major shareholders, Plum LLP (the investment vehicle controlled by Peter Munga), that Plum has, on June 11 , has entered into a Share Purchase Agreement with Swiss Re Asset Management Geneva SA, whereby Swiss Re will acquire the 348,504,000 ordinary shares of Britam held by…

Ecobank Transnational Incorporated, (ETI) (www.Ecobank.com), the Lomé, Togo -based parent company of the Ecobank Group, announces the departure of Ms Dolika Banda from its Board of directors. Ms. Dolika Banda, who served as a non-executive director on the Board of ETI from October 2014 retired from the Board at the last Annual General Meeting of ETI held on April 24, 2018 following the expiration of her mandate. The Board, Management and staff of ETI express their gratitude to Ms. Dolika Banda for her significant contributions to the Ecobank Group and her renewed commitment to continue to assist and support the…

Moody’s Investors Service has  downgraded the Government of Gabon’s issuer and senior unsecured debt ratings to Caa1 from B3 and changed the outlook to stable from negative. The rating downgrade is underpinned by continuing government arrears to creditors and suppliers which point to heightened government liquidity pressures and denote institutional weaknesses. Persistant arrears also risk delaying critical financial support from the official sector, in turn exacerbating existing liquidity pressures. The stable rating outlook at Caa1 reflects Moody’s assessment that the government’s challenging fiscal and liquidity positions with arrears likely to persist are balanced by likely continued IMF financial support as…

EFG Hermes continues its leading position globally, with exceptional performance across all geographies in which it operates and covers, consistently leading some of the world’s most prestigious research surveys JOHANNESBURG, South Africa, 11 June 2018 -/African Media Agency (AMA)/- EFG Hermes, a leading financial services corporation serving institutional and individual investors in frontier emerging markets, has for the first time been ranked as the number one frontier market brokerage firm in the Extel Survey 2018, advancing from the 9th place last year. The nod from the high-profile industry survey comes just two years into EFG Hermes’ drive to expand…

By Fabrice Kom Chuze And to say that many of us today say that it is difficult to capture the savings of African households. Every year, many Conferences are organized with the Bretton Woods Institutions to discuss the strategies to be put in place to improve Financial Inclusion, to reinforce the financial education of African populations. For 2 years, the Central Bank of West African States (BCEAO) has initiated a Program for the extension of Financial Education and has even recently created a Central Directorate dedicated mainly to Financial Inclusion. On the other hand, several countries like Cameroon, Senegal, Togo…

United Nations Secretary-General António Guterres has appointed Ms. Ahunna Eziakonwa of Nigeria as Assistant Administrator of the United Nations Development Program (UNDP), responsible for the Regional Office for Africa. Ms. Eziakonwa succeeds Mr. Abdoulaye Mar Dieye of Senegal, to whom the Secretary-General expresses his gratitude for the dedication and commitment he has shown to the Organization. Ms. Eziakonwa has several years of experience at the United Nations. Since 2015, she has been Resident Coordinator and Resident Representative of UNDP in Ethiopia (…). In New York, she also worked in the Department of Peacekeeping Operations and the Department of Public Information.…

After having starred in America by aligning four of its banks in the top 5 of the world’s most powerful banking institutions (S & P ranking), China has just broken a new record through one of its companies. Thus, Ant Financial (“the ant of the finance”, in English), which exploits Alipay’s online payment system and Alipay mobile launched in 2004, announced this Friday a fundraising of about 14 billion dollars, the largest ever by an unlisted company. This round of C series, in dollar and partly in yuan, brought together existing shareholders and new investors, sovereign and public funds, such…

Coris Bank International Benin proceeded on Tuesday 05 June 2018 to launch its Islamic window, CBI Baraka at the Azalaï hotel, in the presence of the Minister of State in charge of Planning and Development, Mr. Abdoulaye Bio Tchané, CEO of the Group Coris, Mr. Idrissa Nassa, Iman of the Central Mosque of Cotonou Cadjèhoun, Mr. Mohamed Ligali and several other guests. This opening, which comes after Senegal two weeks ago, is part of the bank’s innovation and diversification strategy. The CBI Baraka window is headed by Ms. Kahady Boye Hanne and offers a plethora of products compliant with…

The 18th General Assembly of the Agency for Insurance of Trade in Africa (ACA) is being held on June 27 and 28, 2018 in Abidjan, Côte d’Ivoire. The event will begin on Wednesday 27 June with the annual Round Table that will bring together representatives of African governments, investors, insurers and financial institutions to discuss possible solutions to increase access to finance by African industries. In the 2017 edition, the roundtable was attended by five finance ministers and a head of state from ACA member countries. The African Trade Insurance Agency (ACA) is a multilateral organization that provides insurance products…

The President of the Federal Republic of Nigeria, Muhammadu Buhari, conducts, on Sunday and Monday, June 10 and 11, 2018, a visit of friendship and official work to Morocco at the invitation of King Mohammed VI, announces a communiqué of the Ministry of the Royal House, Protocol and Chancery, published Saturday. . As part of this visit, King Mohammed VI will hold official talks with his host and will preside with him the ceremony of signing bilateral conventions between the two countries. In the middle of Ramadan (Muslim fasting), the visit will be marked by official Iftar (breaking fast)…

From November 8 to 10, 2018, Abidjan will be the world capital of processing raw cashew nuts. Côte d’Ivoire plans to repeat the success of the last two editions of the International Cashew Processing Equipment and Technology Exhibition (SIETTA). The thorny issue of youth employment in Africa invites itself to this economic and commercial meeting. As a matter of fact, “the cashew industry has enormous potential for creating jobs and even opportunities for wealth. If the 711,236 tons of raw nuts produced in 2017 in Côte d’Ivoire were transformed, at least 100,000 jobs would be generated “. Statement made on…

President Teodoro Obiang Nguema Mbasogo of Equatorial Guinea (left) in handshake with Afreximbank President Dr. Benedict Oramah during the signing ceremony in Malabo   The African Export-Import Bank (Afreximbank) has welcomed Equatorial Guinea as its 50th member state with the country’s signing of the Instrument of Accession to the Bank’s Establishment Agreement in Malabo on Wednesday. Lucas Abaga Nchama, Minister of Finance, Economy and Planning of Equatorial Guinea, signed the Instrument on behalf of the Government during a ceremony witnessed by President Teodoro Obiang Nguema Mbasogo of Equatorial Guinea and an Afreximbank delegation led by Bank President Dr. Benedict Oramah. Addressing the ceremony, Dr.…

Gabon, a small oil eldorado in Central Africa with a population of 1.8 million, has struggled to establish its democracy since 1990, the year of the introduction of multiparty politics. Thus, the national political life has been punctuated for several decades by the Democratic Party of Gabon (CEO-in power), created by the late Omar Bongo Ondimba, in 1968. The presidential election of August 2016 took place in a climate tense. The lack of inclusive national dialogue between the majority, the opposition and civil society puts the social process in harm’s way. The previous government of Prime Minister Issozet Ngondet had…

In 2017, Africa attracted only $ 42 billion, a decline of 21% compared to 2016. A stronger contraction in Southern Africa and Angola, but which does not spare Africa either Central and West Africa. According to the report of the United Nations Conference on Trade and Development (UNCTAD) on investment in the world in 2018, this drastic decline is linked to the lingering effects of the recession of the commodities sector. The document published Wednesday in Geneva also does not close the door to hope: “The beginnings of a restoration of commodity prices, as well as the progress in inter-regional…

The National Society of Transport and Logistics (SNTL) has a general manager in the person of Aziz Alami Gourefti, who succeeds Mohamed Ben Ouda. The appointment was validated by the Council of Government held Thursday, June 7, 2018 in Rabat. As a reminder, Alami is the former Director General of the Office of Fairs and Exhibitions of Casablanca (OFEC). The National Society of Transport and Logistics (SNTL) is a public limited company charged with providing, in the context of competition, freight forwarder services in the field of national and international freight transport.

Africa’s agribusiness and food sector registered strong private equity deal activity during May 2018, according to industry information service Africa Private Equity News. EXEO Capital announced a $6.4-million investment, through its Agri-Vie Fund II, into Capital Fisheries – a Zambian food company specialising in the cold-chain distribution of fish and other animal proteins. Capital Fisheries has an innovative business model of wholesaling frozen products from reconfigured shipping containers placed permanently at markets, small shopping centres and other areas where people congregate. Further north, the Yield Uganda Investment Fund, managed by Pearl Capital Partners, made its maiden investment in the East African country by committing about $421,000 to soy-processor…

The Sierra Leonean government will proceed with the upcoming review of its mining code adopted in 2009, as well as a review of all contracts signed with companies present in the country, according to official sources. “We need to review the conditions under which these licenses were granted,” Yusuf Keketoma Sandi, the presidential media secretary, told Reuters. Among the leading mining companies in Sierra Leone, Shandong Iron and Steel (China), owner of the Tonkolili iron ore project, or Koidu Holdings Ltd, a diamond producer controlled by BSG Resources, Sierra Minerals, owned by the Dutch industrial group Vimetco NV, which operates…

Patrons of mining companies working in the DRC and in disagreement with the DRC government on the new mining code have sent a note to President Joseph Kabila in which they threaten to bring the DRC to justice to claim damages following the losses it new mining code their cause. They warn that the Congolese government could lose in such a soap opera up to 3 billion US dollars in 10 years reveals the agency Bloomberg. The new mining code cancels the ten-year stability clause promised to companies in the event of a change in legislation, and that is what…

Placed the aegis of Ivorian Prime Minister Amadou Gon Coulibaly, a regional seminar on competitiveness in West Africa was held Thursday, May 31. Organized by the Chamber of Commerce and Industry of Côte d’Ivoire (CCI-CI) with the World Economic Forum (WEF), financial experts and business leaders from the public and private sectors have drawn up an inventory of fixtures. the business environment in the sub-region. Prospects were then identified. For the president of ICC-CI, “competitiveness can not be conceived independently of the broader sets that are the sub-region and, more generally, the African continent, continent of all hopes”. However, regrets…

Morose since April, the Kenyan financial market is pulled down by the massive disengagement of foreign institutional investors. A “frontier” market, the Nairobi Stock Exchange has two main characteristics attached to these financial centers in the making: significant growth potential and … a strong downward volatility. An erratic performance that investors positioned on Kenyan listed stocks rediscover, despite themselves: main index of Nairobi, the Nairobi All Share Index (NASI) begins its third consecutive month of decline since its highs in April. In May alone, it sold nearly 4%. A counter-performance that is nevertheless incommensurable with the defeat observed (-11%) over…

Societe Generale announced Monday it has agreed to pay fines totaling $ 1.34 billion to put an end to two lawsuits in the United States and France on charges of manipulation of the Libor interbank rate and corruption in Libya. Of this total, the French bank will pay respectively $ 275 million to the Department of Justice (DoJ) and $ 475 million to the US regulator of derivatives markets (CFTC) to close the dispute related to the manipulation of the interbank rate Libor. Societe Generale was one of the many banks mentioned in this vast deal on the interbank market…

The Agricultural Caravan, launched by the OCP Foundation, will be crisscrossing four regions of the country during the next agricultural season to complete the Ethiopian soils fertility map. This Caravan will strengthen the technical and scientific capacities of small farmers and agronomists of the Ministry of Agriculture and Livestock in Ethiopia, in terms of good agricultural practices focused on the reasoned fertilization of crops. More than 100,000 hectares will be mapped during the pilot phase of the project with more than 1,000 composite soil samples taken and analyzed. Addis Ababa, 1 June 2018. The Agricultural Caravan, launched by the OCP…

Claude Ayo-Iguendha, Director and CEO of the International Bank for Trade and Industry (BICIG), a subsidiary of the National Bank of Paris (BNP / Parisbas) died in Libreville Thursday. Claude Ayo-Iguendha was undoubtedly one of the most experienced bosses in the Gabonese banking sector. Which probably earned him the end of 2011, the presidency of the sovereign fund of the Gabonese Republic (FSRG), the former Sovereign Fund for future generations. Mr. Ayo has led several state-owned companies, from the now defunct national airline Air Gabon to the Gabonese Development Bank, and the National Trucking and Transit Company. Director-General of the…

This is the number of farmers that OCP School Lab will reach in its next stage, which starts on May 31 in Bauchi State, northern Nigeria. After accompanying more than 50,000 farmers in 6 countries of the continent, the Caravan, signed OCP Africa, this time targets one of the largest agricultural regions of the country. The caravan whose ambition is to bring agricultural technological innovations closer to farmers, will provide farmers in the region with recommendations on the use of fertilizers, training in good agricultural practices and educational materials. In addition, 3000 farmers will also benefit from soil analysis services…

By pierre Delval Fishing remains for billions of people around the world a major resource in terms of food, nutrition and livelihoods. Nearly 170 million tonnes of aquatic products have been harvested each year since 2015. In other words, every second 5400 kg of seafood is extracted from the oceans or in wild fisheries by 4.6 million vessels, or in aquaculture. The annual turnover of the sector represents about 218 billion dollars and confirms, despite the overexploitation of species, an upward trend. Experts, international organizations, companies in the sector, civil society, all underline the essential contribution that the oceans make.…

“PHOTOGRAPHER IS TO SEIZE THE REAL, IT IS NOT INVENTER IT” By Maria Nadolu This year, she celebrates 10 years since the release of her first photo “Fashion Week”. Andreea is known as a “front row and backstage photographer”; She covers from New York to Paris and Milan and her photos have been published by the classics, Vogue Paris, UK Elle, Harper’s Bazar UK. But, indeed, she is a storyteller in pictures, who likes to leave the categories fixistes. In search of authenticity, through her lenses, she surprises the human in its perpetual transformation, with its beauty and its shadows,…

The President of the Republic of Cameroon, Paul Biya, signed on May 24, 2018, a decree ratifying the loan agreement for an amount of 30 million euros (19 billion FCFA) expandable to 48.80 million euros. (approximately 32 billion CFA francs) between the Republic of Cameroon and BMCE Bank International PLC, a subsidiary of the Moroccan bank Bank Africa. The loan will be used to finance the rehabilitation of Roumdé Adjia de Garoua stadium, the construction of its annex stadium, and a four-star hotel in the city. This loan is timely for a country engaged in a race against time to…

Ecobank has increased its customer base by 40% in 2017 and aims to reach 100 million customers by the end of 2020. Ecobank was awarded two trophies at the prestigious African Banker ceremony held at the Paradise Hotel in Busan, South Korea. Impressed by the way Ecobank has leveraged digital financial services and an improved service model to establish itself as the retail bank of choice, the jury has named it Africa’s best retail bank. Ecobank also received the Innovation Award for its revolutionary Ecobank Mobile app, which has already been downloaded by over 5 million users. This award was…

The African Export-Import Bank (Afreximbank), the Finance Center for South-South Cooperation (FCSSC) and the Made-in-Africa Initiative (MIAI) have announced a joint effort to mobilise $1 billion in equity fund to channel foreign direct investment from developing (South) economies towards Africa’s industrialization and integration into global value chains. The framework agreement executed by the three organisations in Beijing recently, mark the establishment of a strategic partnership among the institutions aimed at leveraging diversified financial instruments and resources to boost Africa’s industrialization and expand China-Africa economic and commercial cooperation The objective of the arrangement is to develop a common investment platform anchored…