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The 2018 vintage will not remain exceptional in Saham Assurance’s accounts. The company recorded a net profit down 8.5% to 402 million dirhams (42 million dollars). (1 dollar = 9.53 dirhams). The amplification of automobile claims and the impact of a tax audit explain this poor performance, reads the communiqué which sanctioned the board of directors held on February 25 under the presidency of Said Alj. The insurer recorded a turnover of 5.22 billion dirhams, an increase of 7.8%, driven by the non-life branch, with a turnover of 4.17 billion dirhams, a growth of 9.3%. This dynamism contrasts with the…

A project of $ 812 million. Long awaited, the dam Koukoutamba is in the process of realization. The signing of the commercial contract on February 26, 2019 between the Senegal River Development Organization (OMVS) and the Chinese Sinohydro took place in the presence of Guinea’s President Alpha Condé. Also present was Cheik Taliby Sylla, Minister of Energy and Hydraulics of the Republic of Guinea, President-in-Office of the Council of Ministers of OMVS. The hydroelectric development of Koukoutamba is planned in Guinean territory on the Bafing, main tributary of the Senegal River, about 570 km north-east of the capital Conakry. It…

By Eric Maniable * We propose a little soap opera on the theme of the redemption rate curve. This first article shows the need for the actuary to provide the right answers to the right questions. A first trap, very common and yet rarely raised. The purchase of a life insurance policy is an option widely used by policyholders. This faculty contributes to the attractiveness of life insurance by offering flexibility and liquidity to contracts. Its counterpart is the liquidity risk for the insurer, as well as the change in the profitability profile of the contracts. The Chief Financial Officer…

The African Export-Import Bank (Afreximbank) has upgraded its compliance function to a full-fledged department, appointing its long-time banker, Maureen Mba, as a director. Until her appointment, Ms. Mba was Associate Director responsible for the Compliance Unit, as she was then, after holding that position in 2017. Previously, she was Director of Compliance since 2005. Ms. Mba was joined Afreximbank after working at the Central Bank of Nigeria where she worked in the governor’s office from 1986 to 1994. Ms. Mba received an MBA (General Management Orientation) from City University of Bellevue, Washington, DC, and a bachelor’s degree in science at…

The flagship value of the Regional Stock Exchange, Sonatel presented its results for fiscal year 2018. Thus, the consolidated turnover reached 1022 billion CFA francs up 5% thanks to Orange Money. EBITDA (earnings before interest, taxes, depreciation and amortization) stood at 462 billion FCFA, ie + 2.2% compared to 2017. As for net profit, it...

The High Commissioner of the Organization for the Development of Senegal, Mr. Hamed Diane Ségéga, and the Chinese company Sinohydro corporated, signed this February 26, 2019 in Conakry the commercial contract for the realization of the project of hydroelectric development of Koukoutamba. The ceremony was attended by Mr. Cheik TalibySylla, Minister of Energy and Hydraulics of the Republic of Guinea, President-in-Office of the OMVS Council of Ministers. The hydroelectric development of Koukoutamba is planned in Guinean territory on the Bafing, main tributary of the Senegal River, about 570 km north-east of the capital Conakry. It consists mainly of the dam,…

Mr. Tewolde GebreMariam, Managing Director of the largest aviation group in Africa and four-star certified by SKYTRAX, has been inducted into the “Hall of Fame of African Leaders” at the African Leadership Magazine’s Personalities of the Year Ceremony. , which took place on February 22, 2019 in Johannesburg. The annual Leadership of the Year Award from African Leadership magazine celebrates the best people in Africa’s business, politics and diplomacy who contribute to the growth and development of the continent. Mr. Tewolde GebreMariam, CEO of Ethiopian Airlines, said of the recognition, “I am honored to have been inducted into the African…

Experts from the Economic Commission for Africa’s (ECA), African Trade Policy Centre (ATPC) are meeting in Libreville, Gabon today to review the guidelines for preparing national AfCFTA implementation strategies. Experts will review current production and trade within a national and regional context; the identification and prioritization of opportunities for value chain development; a thorough analysis of constraints, including non-tariffs barriers and competitiveness issues faced by businesses and means to address them; strategic actions to boost identified priority sectors; a monitoring and evaluation framework; and financial resources mobilization plans. Taking also the macroeconomic context into account, all these factors will feed…

Recently introduced on the Casablanca Stock Exchange, Mutandis closed the year 2018 with a 40% increase in its net profit to 78 million dirhams (7.8 million euros). The performance was offset by a stagnation of dividends at the same level as the previous year, or 7.5 dirhams per share. The group specializing in consumer goods...

 The African Export-Import Bank (Afreximbank) has upgraded its compliance function to a full department, naming long-serving banker Maureen Mba as Director. Until her appointment, Ms. Mba was Associate Director in charge of the Compliance Unit, as it then was, having assumed that position in 2017. Prior to that, she served as Manager, Compliance, from 2005. Ms. Mba joined Afreximbank from the Central Bank of Nigeria where she worked in the Office of the Governor from 1986 to 1994. Ms. Mba earned her MBA (General Management Emphasis) from City University, Bellevue, Washington, D.C., and a Bachelor of Science from the New York Institute…

IoT network will help provide insights on fish health to 30,000 fish-pond farmers in Kenya through new app Liquid Telecom Kenya, part of the leading pan-African telecoms group Liquid Telecom, has deployed an Internet of Things (IoT) network in Western Kenya and Nyanza to monitor and protect freshwater fish populations. The company has connected ten pilot-phase sensors that monitor water temperature and pH values in ponds. The sensors send information and feeding instructions to farmers through an Android and iOS app called AquaRech, which has been developed by the Kisumu innovation technology hub LakeHub and developers Pinovate. The partnership plans…

The African Export-Import Bank (Afreximbank) has appointed Humphrey Nwugo as Regional Chief Operating Officer for its Harare-based Southern Africa Regional Office. Mr. Nwugo had been serving in an acting capacity in that position since February 2018, following the departure of the previous Regional Chief Operating Officer. Prior to that, he was Senior Manager, Syndications, at the Bank’s Cairo Headquarters from 2011. He joined the Bank in January 2010 as Manager, Banking Operations. Mr. Nwugo’s previous experience includes stints at Intercontinental Bank Plc; Lagos, as Deputy Manager/Head, Financial Advisory, Corporate Finance Department, from 2007 to 2009, and at Zenith Bank Plc;…

Financial Afrik met with Citi’s CEO for the Middle East and Africa. In this role since 2015, Atiq Rehman outlines his vision for Citi on the continent. As a reminder, Citi is physically present in 16 African markets, many serving as hubs for surrounding markets, and acts as the main dollar-clearing foreign bank in the continent.   

Congo Business Network has created a strategic committee to assist it in achieving its mission, which is to connect professionals and entrepreneurs in the diaspora in order to take action and contribute to the economic development of Congo. In the diaspora, the committee is made up of these professionals and entrepreneurs: Noel K. Tshiani, President at Agere Global and Founder of Congo Business Network based in New York; Hervé Kozikila, Director of Operations at BNP Paribas based in Hong Kong; Marc Luanghy, President at Intellectual Property Management Service and Expert in Intellectual Property Law based in Geneva; Sylvain Tshibwabwa, Co-Founder…

Noel K. Tshiani, a native of the Democratic Republic of Congo, has lived in the United States since 1996. He holds three university degrees in finance, marketing and political science, and has also participated in the executive education in finance program at the Wharton School of Business in Philadelphia, and another in entrepreneurship through the Kauffman Foundation in New York. Currently President of Agere Global, a New York-based investment advisory and business strategy firm, he is also the founder of Congo Business Network, an international network of Congolese professionals and entrepreneurs. Its mission is to connect the diaspora to the…

In the presence of Messrs. Wang Haimin and Cyrille Bolloré, COSCO SHIPPING Lines and Bolloré Transport & Logistics and signed a strategic memorandum of understanding on January 29, 2019 in Shanghai. Partners for more than 20 years, the two companies want to densify their commercial relations while exploring new opportunities for cooperation in transport, logistics and joint investments. Through this agreement, the two companies agreed in particular to explore the possibilities of commercial and operational collaboration to develop their respective activities and meet the needs of their customers, particularly in terms of digitalization. Bolloré Transport & Logistics and COSCO SHIPPING…

By Gérard Lafont The meeting between the Egyptian Abdel Fattah Al-Sissi and the African Union enjoys a favorable alignment of the planets. The first is the natural candidate to lead the second towards its transformation into a supranational organization able to meet the challenges of the continent. Last Sunday, Rwandan President Paul Kagame passed the torch of the presidency of the African Union to his Egyptian counterpart – Abdel Fattah Al-Sissi – during the 32nd ordinary session of the Assembly of the African Union. is held in Addis Ababa. A passage of witness which is in the continuity and which…

At the end of the 1990s, the Senegalese realized the unsavory situation of their country and the imperious need to observe an alternation that finally sounded the death knell of a party-state (Socialist Party, 39 years power) which will finally have been there only for itself, more than for the people. For fear that the first alternation – despite its immense wind of hope – will be transformed into a monarchy (passage of power from father to son among the Wade, Senegalese Democratic Party), the people took their responsibilities to elect the man of rupture , President Macky Sall. A…

The online conference organized by Congo Business Network, Legal Tech Africa and Tribune Justice took place via Cisco WebEx on February 16, 2019, from 18:00 to 20:00 Paris time on the theme: “Legal Tech: its advantages for success in business in Africa.” Confirmation of participation took place on LinkedIn Events, where 590 people overwhelmingly confirmed their willingness to participate in this international event whose objective was to bring together entrepreneurs who have experience in business in the diaspora and in Africa. According to the program, each speaker spoke on a topic based on his expertise by analyzing the current environment…

By Abdoulaye Sow Nissan Motor Co Ltd. moved to Algeria with the opening in 2020 of a plant in Oran. The group was approved by the government on December 6, 2018. It’s $ 160 million in investment for a capacity of 63,500 light-duty and touring vehicles a year that Nissan plans to carry out in partnership with the Hasnaoui group. It is planned to create 1,800 direct jobs for the needs of the factory. The creation of a joint venture in charge of the project is also underway and will be launched in the coming weeks.

By Abdoulaye Sow Investors & Partners (I & P) completed the intermediate closing of I & P Afrique Entrepreneurs 2 (IPAE 2), thus reaching a total financing amount of 75 million euros. The impact group intends to support more than 30 small and medium-sized companies in sub-Saharan Africa by 2022. This closing allows IPAE 2 to be part of the same dynamic as IPAE 1, which has invested in 29 companies African. The fund headed by Jean Michel Severino plans to reach the target size of the IPAE 2 program (80 to 90 million euros) by the end of 2019…

“We are looking forward to working with the Government of Ghana to deepen the relationship not only with the Agency and our sister company ARC Ltd, but also to build solidarity with its neighbours and the African continent at large.”- Mohamed Beavogui The Government of Ghana has signed a Programme of Work (Programme) with the African Risk Capacity (ARC) on the margins of the Joint Board Meeting of the African Risk Capacity Agency, and its financial affiliate, African Risk Capacity Limited which commenced today in Accra. The Programme will help the Government of Ghana to improve responses to extreme weather…

In the presence of Messrs Wang Haimin and Cyrille Bolloré, COSCO SHIPPING Lines and Bolloré Transport & Logistics have signed on January 29, 2019 a strategic Memorandum of Understanding in Shanghai. The two companies, partners for over 20 years, want to densify their commercial relations while exploring new opportunities for cooperation in transport, logistics and port infrastructure. Through this agreement, the two companies have agreed to explore the possibilities of commercial collaboration in order to develop their respective activities and satisfy the needs of their customers, particularly in terms of digitalization. Bolloré Transport & Logistics and COSCO SHIPPING Lines share…

Wendel has agreed to sell its 40% holding in PlaYce (formerly SGI Africa) to CFAO for net proceeds of €32.2 million, following an initial investment of €25.3 million at the end of July 2016. PlaYce was created in 2015 by CFAO, primarily to support the development of the Carrefour brand, which CFAO operates through a joint venture with the Group, across several West African countries. Since inception, PlaYce has opened three shopping centers (two in Abidjan and one in Douala), representing a total selling area of around 21,400 sq. m. (with over 15,000 additional sq. m. currently being developed) and…

This online event is organized by Congo Business Network, Legal Tech Africa and Tribune Justice. The event will take place on Cisco WebEx on February 16, 2019 from 6pm to 8pm Paris time on the theme: “Legal Tech: its advantages for success in business in Africa”. Congo Digital went to meet these key people involved in organizing the event. Interview: Noel K. Tshiani and Gibran Freitas tell us about the event “Legal Tech: its benefits for success in business in Africa.” Hello, can you introduce yourself to our readers please? Noel K. Tshiani: I came from the Democratic Republic of…

By Amath Ndiaye, Senior Lecturer, University Cheikh Anta Diop of Dakar. The debate on the CFA arouses a lot of passions, because it sends us back to our colonial past. This coinage of colonial origin is part of this multidimensional heritage that binds us to France. We can not and must not reject everything from the colonial legacy because what matters is to be free to take what is good for us by choosing the reason and not the heart. Our dignity is certainly abused on continents and seas because of our economic suffering and the violence that devour us…

The volume of premiums issued in life and non-life is down slightly for Africa (1.3%) over the period 2013 to 2017 (US $ 70.3 billion in 2013, US $ 66.7 billion in 2017 ): probably due to the fact that a lot of data were not available for some markets when compiling the figures in...

The election campaign started off in Senegal. Five candidates selected according to a system of sponsorship introduced for the first time will solicit the suffrage of Senegalese during a first round scheduled on February 24, 2019. Financial Afrik has spent their economic programs comb through. In a Sahelian country where 44 per cent of the population is under the age of 15, the quality of any vision should be based on its ability to create employment and cope with the challenges of climate change. We believe that the currency issue is no more important than the deepening of West African…

OCP Group and Cummins Africa Middle East have announced the signing of a strategic partnership related to the implementation of a Master Rebuild Center (MRC) for Cummins High Horsepower engines in Khouribga, Morocco. The new facility will serve both North and West Africa and the scope of the agreement includes the on-site maintenance of the Cummins engines. The MRC will be based at the heart of OCP Group’s industrial ecosystem, within the Fertiparc of the Oued Zem Complex, located in Khouribga. This partnership is the first investment in this new industrial area, which offers an attractive environment for investors (connectivity,…

Kinshasa – Citi is pleased to announce the appointment of Willy Mulamba as Citi Country Officer (CCO) for the Democratic Republic of Congo (DRC). Willy will report to Akin Dawodu, Citi Country Officer for Nigeria and Cluster Head for West and Central Africa. He retains his responsibilities as Markets Head for DRC, and continues to report to Nabil Khemiri, Regional Markets Head for North & West Africa. Willy joined Citi in 2007 in his current role as Deputy CCO, Executive Board Director, Markets Head and Country Treasurer for DRC. Prior to joining Citi, Willy was a Senior Analyst with Pilgrim’s…