Author: Editor

The bankruptcy of Samir, the first Moroccan refiner, extends to the property of some directors and, in particular, those of the CEO, Jamal Bâ Amer, right arm of the majority shareholder, the Saudi billionaire Hussein Al Amoudi, himself concerned by the procedure. The Casablanca Commercial Court found the management fault against the former CEO and...

African Media Agency (AMA)/- Africa Finance Corporation (“AFC” or “the Corporation”), the leading infrastructure development finance institution in Africa, is pleased to announce it is to invest in the Nachtigal Hydro Power Company (“NHPC”), located 65KM north of Yaounde in Cameroon. The EUR 1.2 billion power generation project will consist of a 420MW hydro-electric power station as well as a 50KM transmission line. The financing structure will take a 76:24 debt to equity ratio, with AFC providing EUR 50 million in debt and an additional 18-year interest rate swaps of up to EUR 75 million. Construction is expected to commence…

By François Lamontagne. Received with great pomp by Emmanuel Macron in Paris, Djibouti President Ismaïl Omar Guelleh continues to persecute his people and turns his back on his former Western allies. Ismaïl Omar Guelleh at a “Forum for Peace”: the image would have something to smile about, if it was not so sadly ironic. The autocrat of Djibouti, nicknamed “IOG”, was indeed invited as number of heads of state and government to attend the official ceremonies commemorating the centenary of the armistice, as well as the Forum for Peace organized in Paris by Emmanuel Macron, at the beginning of November.…

The International Bank for Trade and Industry of Côte d’Ivoire (BICICI) announced that it has entered into “promising” contacts with French businessmen on a prospection mission to Côte d’Ivoire from 07 to 09 November 2018. the FICIA framework “, the International Trade and Industry Forum in Abidjan. According to a press release issued for this purpose, the bank “participated fully” in the activities of a delegation of 30 French business leaders, led by the Chairman of the Lorrain Committee of Foreign Trade Advisers of France, presenting its local and international financing solutions “both for the Corporate and for the offer…

Gabonese Minister of Agriculture Biendi Maganga Moussavou has signed a technical assistance agreement with the Food and Agriculture Organization of the United Nations (FAO) on behalf of Gabon for just over US $ 1 billion. CFA francs, reported Sunday the national radio. For the resident representative of FAO, Helder Muteia, “this agreement will allow Gabon to obtain reliable statistical data of the agricultural sector” continued the radio. The FAO thus provides Gabon with its expertise to enable the latter to have statistical data for an evolutionary mapping of its agricultural environment.

Gabon has just adopted a series of measures in line with the recommendations of the Task Force on the Restoration of Public Finances. This is one of the important decisions made at the cabinet meeting on November 16, 2018. Chaired by Vice-President Pierre-Claver Maganga Moussavou, the Council of Ministers set in motion the recommendations of the Task Force. This working group, which met for one month, throughout May 2018, had released a roadmap on the reforms needed to restore the balance of public finances by 2020. The note released since June 2018 starts from a rather alarming diagnosis of a…

At the market forum organized by the Federation of African National Insurance Companies (FANAF), on 8 and 9 November 2018 in Cotonou, the CIMA presented a state of play of the implementation of the decision taken by the Council. insurance ministers of the Franc zone, to increase the share capital of insurance companies and the social fund of mutual insurance companies to comply with international standards and for the financial soundness of insurance companies (the full document is available on fanaf.org). FinancialAfrik went to meet Abdou Cissé, a recognized expert in the market of the CIMA zone, who participated in…

By Kouao Brice, The School of the Abidjan Stock Exchange At December 31, 2017, the leading bank in Cote d’Ivoire in terms of outstanding loans and deposits is SGBCI. With a 15% share of the market, it is ahead of the Atlantic Bank of Cote d’Ivoire, the Ivorian subsidiary of the Moroccan group BCP in terms of resources. In terms of jobs, its 19% share of the market, the place far ahead ECOBANK CI. The Ivorian subsidiary of the French group SOCIETE GENERALE has demonstrated a responsiveness in a sector where competition has increased in recent years. Indeed, ten years…

The African Export-Import Bank (Afreximbank) has released its unaudited financial statements for the nine months ended 30 September 2018, showing strong financial and operational performance, with gross income of $546.6 million (a 14.3 per cent increase from the same period last year) and net income of $172.4 million (a growth of 11.9 per cent from the same period last year). The financial statements, released in Cairo today, showed that the Bank’s total assets stood at $12 billion; Loans and advances at $9.5 billion (+14.2% from FY17); return on average assets at 1.9 per cent; return on average equity at 10.3…

Decryption. The controversy comes from the architect Pierre Atepa Goudiaby, candidate for the candidacy for the next presidential elections of Senegal. In an interview with the press, the now full-fledged politician makes a tasty comparison: “Do you also know that the Regional Express Train (Ter) of 30 km costs about 1 billion euros and that...

Mutandis obtained a visa from the Moroccan Capital Markets Authority (AMMC) on November 16, 2018, for an introduction to the Casablanca Stock Exchange. A birthday present for the president of the company Adil Douiri, who has been waiting for the famous sesame since February 2018. Péripéties et stakes. The operation will be in the form...

The Best Innovative Project in the field of renewable energies was awarded on the sidelines of the celebration of the 45th anniversary of the West African Development Bank (BOAD). Thus, the Togolese Yao Azoumah was the recipient of the price of 30 million CFA francs for his project “KYA-SoP electro-solar groups”. This startup created in 2015 proposes to move from a centralized system of electricity supply very expensive with electrical networks to a decentralized system (individual or community), much more affordable financially using standard hybrid mobile cabinets through the KYA-SoP electrosolar groups. Holder of a PhD in Renewable Energies, the…

The electrification rate in Togo has doubled from 23 to 38% over the last ten years. This was declared by Prime Minister Komi Selom Klassou on November 15 in Lome, on the sidelines of the celebration of the 45th anniversary of the West African Development Bank (BOAD). Strengthened in its good momentum, Togo has adopted a new national electrification strategy to increase from 38% to 50% in 2020. An integral part of Togo’s National Development Plan (PND), this objective aims at 100% electrification of electricity. 2030, “said the Prime Minister. By the set horizon, 600,000 households will be connected thanks…

After two days of strategic and technical exchanges on “solar energy, its challenges and prospects”, on 14 and 15 November in Lome, in the presence of President Alassane Ouattara of Côte d’Ivoire, the Prime Minister of Togo, the president of the Commission of the West African Economic and Monetary Union (UEMOA) and various institutional actors, the way forward seems clear for the BOAD *. The West African Development Bank, which celebrated its 45th anniversary in Lomé, capital of Togo, relies on solar energy as an acceleration factor for inclusion and development. “This is not a change of course,” said Christian…

The privatization of the Togolese Bank for Trade and Industry (BTCI) and the Togolese Union of Bank (UTB) as well as the Togocom Group are included in the presentation of a bill on their privatization, presented on November 15 2018 to deputies by the Minister of Economy and Finance, Sani Yaya. Regarding the two public...

A two-day Ad-Hoc Expert Group Meeting opened in Kigali Wednesday with participants exploring avenues through which financing for tourism development in the Eastern Africa region could be sustained in line with the African Union’s Agenda 2063 and the global Agenda 2030 for Sustainable Development. Meeting under the theme; Promoting services trade within the AfCFTA: The Sustainable Financing of Tourism, participants are trying to find innovative ways through which to increase the region’s share in global tourism investment and come up with models for tourism investment and financing that would be relevant to facilitate faster tourism growth and development and suggest policy…

The Ministry of Equipment, Infrastructure and Mines launched Thursday a census operation operators in the gold sector throughout the country, recalling that “since September 17, 2018, the government had suspended all gold activities in order to put an end to the lawless and illegal exploitation of gold for a better reorganization of this sector “. According to the statement, “this decision, based on risks of public disorder, remains enforceable until the government notifies the legally compliant operators of the terms of resumption of their activities (…)”. If the current known gold reserves are estimated between 30 and 50 tons in…

As part of the Economic Recovery Program (ERP) for the first 10 months of the current year, the Minister of Budget and Public Accounts, Jean Fidèle Otandault, had a working session Thursday with a delegation of the International Monetary Fund (IMF) in Libreville led by Boileau Yeyinou Loko, Head of Mission for Gabon in the Africa Department. The monetary institution welcomed Gabon’s efforts to mobilize revenue and, in particular, progress in financial governance. The minister said that “there are still things to be done in the direction of better resource mobilization”. “We have welcomed the efforts undertaken by Gabon. It…

ECP Africa Fund IV has just completed its fundraising and is thus the largest African investment fund raised since September 2016. ECP has brought together many public and private investors, based in Africa, Europe and North America. Pan-African venture capital investor Emerging Capital Partners (ECP) announces the closing of its fourth pan-African fund, ECP Africa Fund IV (AFIV). Headquartered in Mauritius, AFIV and its associated co-investment vehicles earned over $ 640 million in commitments, attracting many investors based in Africa, Europe and North America. ECP is particularly pleased to gather through AFIV the largest proportion of African investors in its…

The Gabonese Prime Minister has appealed to the Constitutional Court to rule on Articles 13 and 16 of the Constitution concerning the vacancy of power. In his approach, the Prime Minister wanted the Court to designate an authority that chairs the Council of Ministers to evacuate urgent files. In its response, the Constitutional Court admits a temporary unavailability of the Head of State. Thus, the Vice-President of the Republic, Pierre-Claver Maganga Moussavou, was authorized to preside over a Council of Ministers. The Court explains that it took this decision “in order to ensure the continuity of the State and the…

Emerging market debt rose by $ 1 trillion in the second quarter to $ 71 trillion, and China alone accounted for more than 80 per cent of this increase, a study by the Institute of International Finance (IIF) shows on Wednesday. . Driving this acceleration, China saw its total debt exceed 300% of its GDP, boosted by the appetite of global investors on the bonds of the world’s largest economy. Emerging economies will also face record debt maturities over the next two years, totaling more than $ 4 trillion in bond and syndicated loans by the end of 2020, including…

The US group lost 1.07 billion dollars (946 million euros) over the period July-September, 20% more than in the second quarter but 27% less than in the corresponding period last year ; the third quarter of 2017 was marked by the worst result in its history after the departure of its co-founder and former managing director Travis Kalanick. Adjusted quarterly loss before financial charges, taxes, depreciation and amortization amounted to $ 592 million, compared to $ 614 million in April-June and $ 1.02 billion in the third quarter of 2017. Chief Financial Officer Nelson Chai, who has been in the…

The investment firm Wendel announced Wednesday evening that all the accounts of IHS, a telecom infrastructure company that represents one of Wendel’s main holdings in the unlisted, were now released. “As of 14 November 2018, all IHS banks in Nigeria have cleared blocked accounts as a result of the ‘post-debit’ measures sent by the EFCC (Economic and Financial Crime Commission). IHS, no formal allegation or investigation has been notified to it in the context of EFCC requests, “adds Wendel. IHS had seen its accounts frozen at the end of 2017 on order of the EFCC. Wendel had nonetheless indicated in…

The management of RFI deplores the cancellation of the accreditation of its correspondent in Conakry, Mouctar Bah, sanction taken after an approach initiated by the Guinean Ministry of Defense. Mouctar Bah did only his work, reporting evidence collected on the night of November 7, 2018 on the circumstances of the death of two young people. He also tried, the next morning, to join the civil and military authorities to obtain their comment on these testimonies. The authorities concerned did not respond to his repeated calls and messages. Radio France Internationale is surprised by the notice issued by the High Authority…

The 22nd Meeting of the Intergovernmental Committee of Experts of the Sub-regional Office for Eastern Africa (ICE 2018) opened in Kigali Tuesday with Rwanda’s Finance and Economic Planning Minister, Uzziel Ndagijimana, urging African countries to speedily ratify the African Continental Free Trade Area (AfCFTA). Mr. Ndajimana said the AfCFTA was crucial to Africa’s inclusive growth and prosperity hence the need for more countries to urgently ratify the agreement so it can go into force. Forty-nine of Africa’s 54 countries have so far signed the agreement establishing a free trade area that is seen as vital to the continent’s economic development.…

The 14th subregional edition of the BRVM Days was held in Ouagadougou on 12 and 13 November under the theme of “innovation and development of financial markets”. The event was held first in the form of a university conference on November 12 at the 2IE institute, in front of 250 students and researchers, and then in the form of a workshop of four thematic workshops held the second day, at the Laico hotel, in the presence of the BRVM’s local partners, business leaders and the business community in general. The activities were chaired by Prime Minister Paul Kaba Thiéba, who…

For this discerning reader, the decline experienced by the BRVM goes beyond the law of supply and demand. Behind daily quotations and buying and selling pressures, there would be an invisible hand. For the small investors of the BRVM There is one and only one explanation for the continuous decline in prices at the BRVM: the heavyweights of the stock market who sold us the shares two to three times more expensive when the stock market was at the top have their cases still full of billions and are, quietly, buying us the same actions at low prices to replenish…

This Capital Opening Operation, Targeted and Strategic to the tune of 30% has just allowed the arrival of about sixty Shareholders who, according to the Executive Director Fabrice Kom Tchuenté, “have in common to be with a strong commitment to resolving African financial, banking and insurance issues and recognized international expertise, acquired for more than a decade “. FinAfrique is positioned today as the first panafrican consulting firm bringing together in its shareholding sixty experts committed men and women, from fifteen countries in Africa and Europe, and cumulating a double experience ( African and international). This new intervention…

After the Interafrican Coffee Organization (IACO), which has its headquarters in Abidjan, it is the turn of the International Cashew Advisory Council (CICC). In his opening remarks at the 3rd Cashew Processing Equipment and Technology Show (SIETTA), on Thursday, November 8th, Daniel Kablan Duncan (Ivorian Vice President) had wished the signing in a short time. It’s done Monday, November 12th. The documents relating to the Agreement making the Ivorian economic capital the seat of the CICC were initialed by Souleymane Diarrassouba (Minister of Commerce, Industry and SME Promotion of Côte d’Ivoire) and his counterpart in Benin, Ahissou Serge. Benin’s Minister…

The West African Development Bank (BOAD) is celebrating its 45th anniversary. The festivities that began on November 14, 2018 in Lome in the presence of President Alassane Ouattara of Côte d’Ivoire and the Prime Minister of Togo, representing President Faure Gnassingbe, include a forum on “Solar Energy in WAEMU, State of play, issues and prospects “. The choice of this theme expresses the growing strength of the financing of renewable energy projects in the portfolio of the development bank, one of the first African institutions approved by the Green Climate Fund. In 45 years, the activities of the West African…