Author: Editor

As part of its digital transformation program, BMCE Bank of Africa is continuing innovation momentum to adapt to the context of a digitized society and a hyper connected generation facing internal and external changes relating to the digital revolution of the bank. So, to make the employee a lever major change, BMCE Bank of Africa launches a Think Tank Digital. This innovative approach in the Moroccan banking sector was conceived as a major project of the bank’s digital transformation program aimed at proposing new initiatives, new modes of operation, new tools, products and services … It also aims to introduce…

Ecobank Transnational Incorporated, the parent company of the Ecobank Group, the first pan-African bank in 36 countries on the continent, held its 30th Ordinary General Meeting in Lome, Togo, on April 24, 2018. The shareholders expressed their satisfaction that Ecobank returned to profit for the year ended December 31, 2017 and approved all the resolutions of the AGM, including the ratification of the co-optation as director of Monish Dutt of International Finance Corporation, Brian Kennedy of Nedbank Group and David O’Sullivan of Qatar National Bank. The term of office of the external auditors assigned to Deloitte and Touche, Nigeria, and…

Vincent Bolloré, the CEO of the Bolloré group and Vivendi’s largest shareholder, was indicted on Wednesday, April 25 in the evening. The CEO of the group that bears his name has been indicted for bribery of foreign public official, complicity of breach of trust and complicity of false but was not placed under judicial control, it adds. The businessman had been held in police custody since Tuesday as part of a judicial investigation open including “bribery of foreign public officials”, about the conditions for obtaining port concessions to his group in Africa, in 2010. His custody was extended on Wednesday…

The World Bank estimates that officially registered remittances to low- and middle-income countries reached $ 466 billion in 2017, up 8.5% from $ 429 billion in 2016. If shipments to high-income countries are also counted, worldwide transfers grew by 7% to $ 613 billion in 2017, up from $ 573 billion in 2016. Transfers have increased in all regions, and the main beneficiaries are India with 69 billion dollars, followed by China (64 billion dollars), the Philippines (33 billion dollars), Mexico (31 billion dollars), Nigeria (22 billion dollars), and Egypt (20 billion dollars). Remittances are expected to continue to grow…

In closing the Spring Meetings, World Bank Group shareholders approved a $ 13 billion capital increase and further reforms to strengthen the capacity of IBRD and IFC to meet global challenges. today and tomorrow. The financial envelope includes general and selective increases in subscribed capital of $ 13 billion, of which $ 7.5 billion is for IBRD and $ 5.5 billion for IFC. It also provides for an increase in the callable capital of IBRD. The fundamental reforms proposed at the institutional and financial levels bring about profound transformations. These include measures to improve the internal efficiency and increase the…

In the assessment of the incredible case of the acquisition of the port of Conakry, we do not smoke the same pipe in the Guinean executive in response to allegations of corruption Vincent Bolloré for “subordination of foreign public officials.” If Albert Damantang Camara, the spokesman for the Guinean government, believes that “the concession port of Conakry was granted in strict compliance with the laws in force and states unequivocally that” Guinea is not concerned by these allegations, which do not make sense “according to statements relayed by Reuters on Tuesday, April 24 in Conakry, elsewhere the tone is for…

The African Guarantee Fund (AGF) is providing a partial guarantee amounting to CFAF 6 billion (USD 11 million) to Société Commerciale de Banque (SCB Cameroon), a subsidiary of Panafrican Group Attijariwafa bank. This line is intended to facilitate the financing by SCB Cameroon, up to 13 billion CFA francs, of the project to set up a cocoa bean processing plant in the town of Kekem, in the region of West Cameroon. . This project, supported by Cameroonian SME NEO Industry, will not only provide Cameroon with an annual processing capacity of 34,000 tons of cocoa beans, but also create many…

Despite unfavorable economic conditions, the Rwandan brewer Bralirwa almost quadrupled its net profit in 2017. Unveiled Monday, the company’s 2017 annual accounts show a profit after tax of 5 billion Rwandan francs (7 million dollars), against 1.4 billion francs (1.8 million dollars) in 2016, an increase of 263.3% from one year to the next. Welcoming this performance, Victor Madelia, the company’s General Manager, nevertheless reminded us that “these results were achieved despite a difficult business environment”. Quoted on Wednesday by the New Times, the leader explains that “the monetary depreciation (of the Rwandan franc, Ed) has resulted in an increase…

The Wärtsilä Group strengthens its presence in Senegal with the signing of an engineering, manufacturing and delivery contract for a 130 megawatt (MW) Flexicycle plant that will be an integral part of Senegal’s energy future. The project of Malicounda power station in Mbour is located 85 km from Dakar, the capital of the country. The order, registered in March, was made by Matelec, a provider of the independent energy producer MPG (Melec Power Gen) and entity of the Matelec group, based in Lebanon. The project is part of Senegal’s strategy to increase energy production while reducing the cost of electricity…

At its meeting today, the Board of Directors appointed Yasser Shaker as CEO of Orange Egypt effective May 1, 2018. Yasser Shaker is a recognized engineer who has played an important role in the technology sector for over 20 years. He graduated from the Faculty of Engineering of Cairo University and holds an MBA from the Ecole Supérieure de Commerce in Rennes (France). Previously, Mr. Yasser was Senior VP CTIO Orange Middle East and Africa (OMEA) where he contributed to the successful execution of the Orange Group’s strategy for the development of digitization in 19 countries. Previously, Yasser was the…

The President of the Republic of Cameroon, Paul Biya, ratified the agreement establishing the African Legal Support Facility (ALSF) on April 13, 2018 in the presence of his cabinet. Cameroon is the 25th member state to ratify the treaty. The bill authorizing President Biya to ratify the agreement was introduced in the Senate, under the chairmanship of Senate Speaker Marcel Niat Njifenji, after the country’s National Assembly adopted the proposed statute. After the 100 members of the Upper House voted in favor of the bill on March 15, 2018, it was forwarded to the President for ratification. Cameroon has a…

Following the announcement of the custody of Vincent Bolloré, the group reacted through a statement which here is the substance. A subsidiary of the Bolloré Group is the subject of a survey concerning invoices for communication services in Guinea and Togo for the years 2009 and 2010, following a complaint by a former collaborator sentenced for misappropriation of ‘assets at 3 years and 9 months imprisonment firm and about 10 million euros in damages. The Bolloré Group formally denies that its subsidiary company SDV Africa has committed irregularities. The services relating to these invoicing were carried out in full transparency.…

In his terrible race against time since February 2017 against the company Millicom for the purchase of Tigo Senegal, Kabirou Mbodj faced two enemies: time and money. On the first duel, the CEO of the Wari group has thought he won when he succeeded, helped by Afreximbank, to mobilize the amount requested, 80 billion CFA francs. Alas, it was too late. The deadline had expired, releasing the Millicom group from the sales agreement linking it with the Wari. The case should not stop there, Kabirou Mbodj having sued the owners of Tigo Senegal before the commercial court and, at the…

The 15th Annual African Private Equity and Venture Capital Association (AVCA) Conference kicked off today with speakers, panellists and renowned investors. The conference welcomes the 600 leading private equity leaders, representing more than $ 13 trillion in assets, to discuss key trends that impact investment on the African continent in 2018 and beyond. of the. The fourth annual GP-LP Summit on Sunday, co-chaired by Hurley Doddy, Managing Director and Founding Partner at Emerging Capital Partners and Murray Grant, Managing Director, Head of CDC Group’s Intermediate Equity, served as a platform for managers funds and investors to discuss relevant issues facing…

Gecamines has sued Kamoto Copper Company SA (KCC) and its majority shareholder group controlled by Glencore, in the Kolwezi Commercial Court, for the purpose of seeking the dissolution of KCC for the non-replenishment of its own funds within the legal period. KCC is a 25/25 joint venture owned by the Gécamines Group and 75% by the Glencore Group. On April 22, 2018, Katanga Mining, a subsidiary of Glencore, took the initiative to make public and comment on the procedure thus initiated by Gécamines. Gécamines wishes, as far as it is concerned, to make the following clarifications: Gécamines was obliged to…

The Breton industrial Vincent Bolloré was placed in custody in the premises of the judicial police of Nanterre this Tuesday morning, within the framework of an open judicial investigation notably for corruption and concerning the conditions of acquisition of two port terminals in Africa. The billionaire, also first shareholder of Vivendi, is implicated in the context of a judicial investigation, opened notably for corruption and concerning the conditions of acquisition, in 2010, of two container terminals operated by the Bolloré group in Lomé, Togo, and in Conakry, Guinea. According to the newspaper Le Monde, which revealed the information, magistrates suspect…

On the occasion of the opening of the 3rd Annual Conference of the International Network of Francophone Investment Promotion Agencies (RIAFPI), April 19, 2018 in Libreville, the Director of the National Agency for the Promotion of Investments (ANPI) Gabon, Nina Alida Abouna, Executive Director of Junior Achievement (JA Gabon), Radia Garrigues and Bpifrance International Expertise Manager, Vincent di Betta, have signed a technical services contract as part of the reinforcement the capacity of Gabonese support structures to serve innovative entrepreneurs. This signature, in the presence of the Minister for the Promotion of Private Investment, responsible for national entrepreneurship, Madeleine Berre,…

The Moroccan Capital Market Authority (AMMC) has issued a visa for a perpetual bond of the phosphate group OCP S.A on the debt market. The operation is capped at 5 billion dirhams (500 million euros) with five compartments, one of which is listed on the Casablanca Stock Exchange. The subscription period runs from May 2nd to 4th, 2018. The OCP group has launched a major investment program for an amount of about 200 billion dirhams over the period 2008-2030. This investment program is partially financed by equity and debt. In order to satisfy part of these financing needs, the Company…

Mazagan Beach & Golf Resort is the craftsman of unforgettable holidays under the sun. In an exceptional place, the holidays are spent relaxing, leisure and sport. The whole family will be able to be lulled by the sweetness of summer, and share tasty moments around delicious meals offered by the restaurants feet in the water; choice of Spanish cuisine, barbecue grill and pizza. And, at Tutti Frutti at the edge of the pool, place to greediness. Around the beach, place to action with a multitude of activities for all ages: adrenaline rush in jet-ski, quad, or on the track karting,…

Total’s acquisition of Marathon Oil last March for a $ 450 million block in the Waha deposits has not yet received the green light from the Libyan authorities. The sale is disputed because of a price deemed low according to some. A counteroffensive by the National Oil Corporation (NOC), the Libyan state oil company, is not to be ruled out, say several sources. Tripoli is looking at the value of the 16.33% stake to eventually raise funds for a counter-offer with funding from Libya’s Libyan Investment Authority (LIA), a source quoted by Reuters as saying. The acquisition by Total must…

Launched with fanfare in July 2012 in Brazzaville, the Forbes Africa franchise is stopped due to apparent financial difficulties. The last issue was published in October 2017. Faced with this blockage, journalists and staff who, for some have not been paid for 14 months, decided to form a collective. In a joint missive, addressed last week to Mr. Ebata, and that Financial Afrik has procured exclusively, the injured employees speak of “a serious situation”, while also evoking a series “of possible options for to be recognized in their rights “. Already, several bailiff letters have reached the Paris headquarters…

INNOVATION RIME WITH FUTURE, BOTH MAY BE AFRICAN No week passes without some important news about the impact of technology in our lives. Such an impact is obviously not new. Many times, the pace of change has accelerated thanks major discoveries such as printing, electricity or combustion engines. Some would say that our contemporary experience of technological innovation does not significantly alter the dynamics of similar changes experienced in the past. Many, however, agree that something much bigger is going on. We grew up with negative perceptions about Africa’s development prospects. We engaged in discussions about aid effectiveness, poverty reduction,…

Amen Bank and the Islamic Insurance and Export Credit Corporation (ICIEC) have signed an agreement for an insurance policy to cover US $ 50 million confirmed bank letters of credit . This agreement was signed on April 5, 2018, by Ahmed El Karm, Chairman of the Executive Board of Amen Bank, and Osama Kaissi, Executive Director of ICIEC, on the sidelines of the annual meetings of the Islamic Development Bank Group (IDB) which were held from 1 to 5 April 2018 in Tunis. Under the terms of the agreement, ICIEC will cover up to 90% of the value of Amen…

By OSSENE OUATTARA, Yamoussoukro. After their meeting on Saturday, April 7 during which they expressed their will to take their “destiny in hand” in the face of the “problems” of their sector, the members of the National Federation of Cashew Producers of Ivory Coast ( FENAPACI) have given the cover this Saturday, April 21st. This time, they were joined in the sumptuous cinema hall of the Yamoussoukro Hotel President by buyers, exporters and industrialists (processors). These four colleges have affirmed their union through the National Association of actors of the cashew sector. Who is a permanent framework for consultation and…

The new Agricultural Bank of Burkina Faso (Faso BADF) has obtained its approval from the UEMOA Banking Commission. The institution with a capital of 14.27 billion FCFA has a tour de table rather broke with 13 organizations of the peasant world, 3 State companies, 8 private companies and 70 natural persons. Fifteenth bank in Burkina Faso, the BADF’s main missions are to mobilize popular savings in rural areas, to finance inputs in quantity and quality, as well as agro-business. Agriculture, which accounts for 35% of the country’s Gross Domestic Product (GDP) and employs 82% of the labor force, receives barely…

The President of the African Export-Import Bank (Afreximbank), Dr. Benedict Oramah, received yesterday the New York University Africa House (NYU) Africa House Leadership Award, as the Institute celebrated its gala biennial. Presenting the award, Professor Yaw Nyarko, Director of Africa House, said Dr. Oramah had been chosen for his outstanding contributions to promoting intra-African trade, industrialization in Africa and helping the continent to the growth. Professor Nyarko noted that under the leadership of President Oramah, Afreximbank has witnessed exceptional financial performance, with a significant increase in the asset base and a doubling of the balance sheet to $ 12 billion.…

The Republic of Congo welcomes the agreement reached with the International Monetary Fund (IMF) to support its program of economic and financial reforms under CEMAC. This agreement is supported by other multilateral donors, such as the World Bank and the African Development Bank (AfDB). Through this agreement, subject to the approval of a forthcoming IMF Board of Directors, the institution and its partners will provide the Republic of Congo with funding to support the three-year economic and fiscal measures. The Republic of Congo is pleased to have met all the criteria to be eligible for financing of its economic and…

BMCE Bank of Africa participated in the 3rd edition of the ” Morocco Capital Market Days ” organized in London on Monday, April 16th and Tuesday, April 17th by the Casablanca Stock Exchange and the London Stock Exchange and at the 1st edition of the Conference ” Morocco, a gateway to Africa “, organized on Wednesday April 18 by the Moroccan Embassy in Washington and the Casablanca Stock Exchange in the Citi Executive Conference Center in New York, in partnership with Citibank. These two events of international scope and scope aim to promote the Moroccan financial center as well as…

The 3rd edition of the annual conference of the International Network of Francophone Investment Promotion Agencies (RIAFPI) opened in Libreville under the High Patronage of HE Ali BONGO ONDIMBA, President of the Republic, Head of State. The meeting which evokes the urgency of the industrialization of the continent, takes place at the Counter of Investment, headquarters of the National Agency for the Promotion of Investments (ANPI-Gabon). The event welcomes the representatives of the 18 investment promotion agencies members of RIAFPI, as well as several experts and business leaders who work on the theme of industrialization in the French-speaking world. The…

Maroc Telecom acquired 10% of the capital of its Burkinabe subsidiary Onatel S.A. The transaction took place on the Regional Stock Exchange (BRVM) for a value of 41 million euros. The transaction was settled at a price of 8,000 FCFA per share. The Moroccan group now holds 61% of the capital of the Burkinabe company. As a reminder, Maroc Telecom took over 51% of Onatel in December 2006 through a privatization operation in which several regional groups participated.