Author: Albert Savana

Dutch entrepreneurial bank FMO announced on Thursday (June 24th) the appointment of Michael Jongeneel as the bank’s chief executive officer (CEO). The new CEO will officially take office on September 1, replacing Linda Broekhuizen. Prior to this role, Michael Jongeneel was Global Head of Sustainable Finance at international consultancy Bain & Company. As such, the newly promoted has helped transform banks and insurers towards the inclusion of sustainability in their core businesses. He has also developed impact investing strategies and innovative solutions in sustainable finance. “FMO is a leader in impact investing, and I feel privileged and thrilled to take…

The State of Burkina Faso, through its General Directorate of the Treasury and Public Accounts, raised on June 24, 2021 on the financial market of the West African Monetary Union (UMOA) an amount of 76.229 billion FCFA (114.344 million euros) at the end of its issuance of treasury stimulus bonds (ORD) with maturities of 3, 5 and 7 years organized in partnership with the UMOA-Titres Agency based in Dakar. Launched by the UMOA-Titres agency in collaboration with the Central Bank of West African States (BCEAO), the issuance of ODRs aims to allow the issuer to mobilize the savings of natural…

The net banking income (NBI) of Société Générale Côte d’Ivoire (SGCI), a subsidiary of the French banking group of the same name, increased by 3.733 billion FCFA (5.599 million euros) in the first quarter of 2021 compared to the same period of 2020, announced the leaders of this banking establishment based in Abidjan. This GNP rose from 39.884 billion FCFA as of March 31, 2020 to 43.617 billion FCFA a year later, an increase of 9.4%. Profit before tax stood at 17.842 billion FCFA during the period under review compared to an achievement of 17.029 billion FCFA as of March…

Aktif Bank, Turkey’s largest private investment bank, is preparing for the opening of a representative office in Kigali, according to an announcement made by the Turkish diplomat stationed in Rwanda. “Aktif Bank of Turkey is opening a representative office in Kigali to cover East Africa, pending final authorization from the National Bank of Rwanda,” said Burcu Cevik, quoted by Anadolu, the agency. Turkish National Press. According to the ambassador, Turkey is exploring new opportunities for cooperation with Rwanda in the financial sector as the country strives to become a financial hub for Africa, with the Kigali International Financial Center (KIFC).…

South African insurer Old Mutual in a statement released on June 23, 2021, announced plans to distribute $ 734 million in Nedbank shares (around R10.4 billion) to its shareholders, reducing its stake in the bank. This amount represents 62.13 million shares based on the bank’s closing price (167.67 rand). According to Old Mutual, shareholders will get just under 1.32 Nedbank shares for every 100 Old Mutual shares they own. For his part, Nedbank said his partner’s decision would increase its proportion of freely traded shares on the stock exchange. “All existing business relationships with Old Mutual will continue to be…

The Secretary General of La Francophonie, who recently took part in Accra at the ECOWAS summit, landed in Libreville where she met this Wednesday, June 23 with President Ali Bongo, who had just returned from London. Louise Mushikiwabo comes to clear the land so that Gabon does not completely stray from the purse of La Francophonie. Gabon, according to a message posted on President Ali Bongo’s Facebook account, intends to combine its full and complete membership in the great Francophonie family and openness to the English-speaking world, united within the Commonwealth. These two initiatives, according to the Gabonese presidency, are…

Togo and Exim Bank of India signed on June 23, 2021 in Lomé, an agreement of 40 million USD for an electrification project of 350 localities by solar photovoltaic systems in the country. An amount that the Indian institution is making available to Lomé through the International Solar Alliance. “This project is in line with Togo’s Electrification Strategy and fits perfectly with the National Development Plan (PND) and the objectives of the Togo 2025 roadmap, particularly in its axis 1 which is to strengthen the ‘social inclusion and harmony and guaranteeing peace,’ commented Sani Yaya, Minister of Economy and Finance…

The average weekly volume of West African Monetary Union (UEMOA) interbank operations, all maturities combined, increased by 54.5% at the end of April 2021 compared to the previous month, according to Bank data. Central of West African States (BCEAO) based in Dakar. These operations amounted to CFAF 496.9 billion during the period under review against 321.7 billion in March 2021. The weighted average rate of said operations stood at 2.57% against 2.70% the previous month. On the regional money market, the issuing institute notes that the average amount of bids on the weekly auction window stood at CFAF 3,152.1 billion…

The texts and documents of the African Continental Free Trade Area (Zlecaf), in particular the certificate of origin, the declaration of the supplier or the producer, the declaration of origin and trade are still unavailable, according to the executive director of the General Confederation of Businesses of Côte d’Ivoire (Cgeci), Stéphane Aka Anghui, who spoke on Wednesday, June 23 during a day of explanation of the content of the Zlecaf agreements to economic operators. Theoretically entered into force on January 1, 2021, the Zlecaf created to strengthen intra-African trade and economic integration represents a market of 1.3 billion people with…

The Dangote group will broaden its range of investments in Cameroon. Six years after the construction of a cement plant in Douala with a capacity of 1.5 million tonnes for an investment of around 80 billion FCFA ($ 145 million), and while the project for a cement plant in Yaoundé is progressing to big steps, the Nigerian industrialist Aliko Dangote announced in the short term, other investments in Cameroon. Received in audience on June 23, 2021 by the Head of State Paul Biya who elevated him to the dignity of Commander of the Order of Value for his “successes in…

The former Ivorian Prime Minister Guillaume Soro was sentenced to the maximum penalty by the Ivorian courts for “attempted coup d’etat” against the regime of President Alassane Ouattara. The verdict in the lawsuit brought by the state of Ivory Coast against former Prime Minister Guillaume Soro and his relatives has fallen. Ivorian justice on Wednesday 23 June sentenced the former president of the National Assembly to life imprisonment for endangering state security. Seventeen other of his relatives were also prosecuted for conspiracy against the security of the State, participation in an armed band without exercising any command, possession without authorization…

The State of Côte d’Ivoire, through its Public Treasury, raised on June 22, 2021, an amount of CFAF 38.500 billion (€ 57.750million) following its simultaneous issuance of stimulus bonds ( ORD) of the Treasury with a maturity of 5 years and 12 years, organized in partnership with the UMOA-Titres Agency based in Dakar. Launched by the UMOA-Titres agency in collaboration with the Central Bank of West African States (BCEAO), the issuance of ODRs aims to allow the issuer to mobilize the savings of individuals and moral standards in order to ensure the financing needs of the Ivorian state budget are…

In Accra on June 19, 2021 on the occasion of the summit of heads of state of ECOWAS, Akinwunmi Adesina, the president of the African Development Bank (AfDB), spoke about the works of the Abidjan-Lagos corridor supposed to link the economic capitals of five countries in the region. “We expect the construction of this corridor to begin within the next 24 months,” he said. Stating that the feasibility studies were being finalized. The AfDB Board of Directors approved, in April 2020, additional funding of 12.33 million euros for the ECOWAS Commission to cover part of the costs related to the…

In the Democratic Republic of Congo (DRC), commercial banks granted CDF 5,465.84 billion (USD 2.7 billion) in loans to economic operators between January and May 2021, according to the Central Bank of Congo (BCDC). According to the available data, a higher volume of short-term loans was recorded in May with 1570.94 billion CDF (785.470 million USD), or 28.74% of the total volume of loans granted by Standard Bank, Equity-BCDC, Rawbank, Bank of Africa (BOA) and Ecobank. These five banks are among the ten best in the sector which, after a period of relative economic dynamism, suffered a severe depression between…

Congo is taking a deep breath with China’s decision to restructure its debt. This is an overall slate of 1300 billion FCFA ($ 2.2 billion) representing public debt, private and commercial debts. This is the main decision that emerges from the telephone interview that Congolese President Denis Sassou Nguesso and his Chinese counterpart Xi Jinping had earlier this week. A real breath of fresh air for the Congo, which is going through a difficult economic situation following the failure by the Congo to obtain concessional loans from multilateral partners, in this case, the World Bank (WB) and the International Monetary…

The International Monetary Fund’s (IMF) plan to increase Special Drawing Rights (SDRs) by $ 650 billion this year would boost reserve adequacy, and hence credit quality, of low-income sovereign countries in markets emerging markets, says S&P Global Ratings in a report released on June 22, 2021. “Our analysis of the reserve adequacy of sovereigns that we rate at ‘B +’ or less, with an average GDP per capita of $ 4,714, revealed that the creation of these new SDRs would fully restore reserve adequacy for five of the 44 emerging market sovereigns in this category – Zambia, Jordan, El Salvador,…

The net turnover excluding tax of the company Filatures, tissages, sacs, Cote d’Ivoire (Filtisac) SA increased by 4% at the end of the first quarter of 2021 compared to the first quarter of 2020, announced the leaders of this company. company based in Abidjan. This turnover stood at 9.921 billion FCFA against 9.531 billion FCFA as of March 31, 2020, a decrease of 390 million FCFA in absolute value. For its part, Filtisac’s operating income fell by 32%, from CFAF 475 million as of March 31, 2020 to CFAF 322 million a year later. According to company officials, this situation…

The number of complaints received by banking mediators in Tunisia for the year 2019 amounted to 217, keeping the same level recorded during the year 2018, according to the Annual Report on Banking Mediation established by the Bank. Central Tunisia (BCT). However, the analysis of complaints received by bank mediators shows a clear decrease compared to 2017 when they amounted to 271. Bank mediation is a method of amicable settlement of disputes that may arise between the bank or financial institution and its client. In Tunisia, monitoring the reforms initiated, particularly since 2006, with the aim of improving the quality…

At the head of the initiative until 2025, Alex Assanvo, the executive secretary of the Ivory Coast Ghana cocoa initiative, is already unrolling his machine with the idea that cocoa cannot be a product that does not evolve only under the theme of poverty. This Monday, June 21, on the occasion of the first meeting of the steering committee held in Abidjan, the former director for Côte d’Ivoire of the Mondelez chocolate group (formerly Kraft Foods) reaffirmed that the Decent Income Differential (Drd ) is a hope… and will not die. For Alex Assanvo, cocoa produced by Côte d’Ivoire and…

A delegation from the Commonwealth is staying in the Togolese capital where it exchanged with Prime Minister Victoire Tomegah-Dogbé and members of the government. The country has, since 2014, expressed its wish to join the organization. After the first officials, it is said, the Commonwealth delegation will interact with civil society organizations, the media and political parties as part of Togo’s process of joining the organization. This is “an assessment mission which will have to submit its conclusions to the heads of state and government of the organization who will then give their response to Togo’s request”, explains Franck Missité,…

This Thursday, June 10, 2021 in Abidjan, the BGFIBank Foundation was awarded the Grand Prix for CSR Communication, during the 8th edition of AS de la communication et du marketing (ASCOM). This distinction rewards the Foundation’s commitment to responsible communication in the implementation of its activities in the field of education and training in Africa. Placed under the patronage of the Minister of Communication, Media and La Francophonie, Spokesperson for the Government of Côte d’Ivoire, Mr. Amadou Coulibaly, this unmissable event in the world of communication in Africa and more particularly in Côte d ‘Ivoire, brought together several public figures…

Protection of eclectic investments in DR Congo will now be ensured under a memorandum of understanding for a partnership signed by the Congolese Minister of Finance, Nicolas Kazadi, and the director general of the Arab Bank for the economic development of Africa (BADEA), Sidi Ould Tah, last weekend in Kinshasa. This signature comes after the approval of the memorandum of understanding in the Congolese parliament by a ratification law. A memorandum of understanding that should help strengthen the bilateral partnership between the two parties and pave the way for increased mobilization of public revenue in the DRC. This partnership, which…

The third edition of the Economic Community of West African States (ECOWAS) Mines and Petroleum Forum will be held in Niamey (Niger), from September 14 to 16, 2021. Called Ecomof in English, the event will take place around the theme “Integrating the mining and oil industries in the development of regional value chains”. And will bring together the main decision-makers of the public and private sectors of the mining and oil industries of West Africa with the same objective set since the first edition: to promote and develop the mining and oil potentials of the Member States, to ensure socio-economic…

ECOWAS, a community of 15 West African states including Nigeria, Ivory Coast and Ghana, projects an economic recovery in 2021 with a projected GDP increase of 3.5%. Announcement made this weekend by the heads of state of the region who gathered in Accra (Ghana). “After negative growth of 0.8% in 2020 linked to the negative effects of Covid-19, the Conference of Heads of State welcomes the recovery announced in 2021 with a projected GDP increase of 3.5% in 2021. It urges member states to speed up the implementation of economic recovery programs and projects to support the ongoing recovery, ”said…

Casablanca, June 21, 2021. Africa50, the pan-African infrastructure investment institution, announces the appointment of Ms. Tshepidi Moremong as Chief Operating Officer. Her appointment is effective July 1, 2021. The new COO will lead a multidisciplinary team responsible for fundraising, investor relations, strategy, human resources and administration, communications and governance environmental and social. Ms. Moremong has over twenty-two years of strategic leadership experience in private equity, corporate finance and business development. She joined Africa50 from Rand Merchant Bank (RMB) in South Africa where she was responsible for customer coverage for the rest of Africa outside South Africa, a position she had…

The Central African Financial Market Surveillance Commission (COSUMAF) reviewed market developments during the first six months of the year and decided to issue licenses to seven new market intermediaries whose activities cover all the countries of the Central African Economic and Monetary Community (CEMAC). This is the company Horus Investment Capital SA approved as a brokerage firm; David Clay Azambou Dongmo, Patrick Fomethe Momo, Issongo La-Ngatsesse Kiba and Sondia Gwet marries Nkembe, all four approved as Financial Investment Advisers; the company Okalla Ahanda & Associés as Statutory Auditors with an issuing entity making a public offering and the company LCB…

Adenia Partners, a private equity fund management company in Africa, announced on Monday, June 21, that it has acquired a majority stake in Herholdt’s, one of South Africa’s leading distributors of low-voltage electrical and solar products. . The amount of the transaction was not disclosed. This initiative aims primarily to strengthen the presence of the fund management company in the South African solar market. “We are delighted to begin our trip to South Africa by investing in Herholdt’s, a growing company with an impressive corporate culture. As a responsible investor, we have been particularly attracted by the potential for a…

The net banking income (NBI) of Bank Of Africa (BOA) Niger, a subsidiary of BMCE Bank group, recorded an increase of 7.55% at the end of the first quarter of 2021 compared to the first quarter of 2020, announced the leaders of this banking establishment based in Niamey. This NBI stood at FCFA 5.781 billion against FCFA 5.375 billion as of March 31, 2020. This change is caused by the 29.14% increase in the margin on commission which stood at FCFA 2.056 billion against 1.592 billion. FCFA a year ago. During the period under review, the bank kept its overheads…

Meeting on June 19, 2021 in Accra, the Heads of State and Government of the Economic Community of West African States (ECOWAS) officially announced the reappointment of Ghanaian Nana Akufo-Addo as head of the organization for a one-year term. Elected for the first time in September 2020 for one year in succession to the Nigerien Mahamadou Issifou, Nana Akufo-Addo inherits a new mandate in exchange for the withdrawal of her candidacy for the presidency of the African Union for the benefit of the Senegalese Macky Sall – position which returns to a country of the West African region from February…

In the Council of Ministers on June 18, 2021, President Félix Tshisekedi of DR Congo indicated that his country and the International Monetary Fund (IMF) have agreed on the content of a three-year program, which will be financed. by the Washington-based institution. According to the Congolese authorities, the validation of this three-year program by the management and the board of directors of the institution “would give access to other funding from other bilateral and multilateral donors”. At the end of May, IMF staff announced that they had reached an “agreement” with the Congolese party on “a financing plan of 1.5…