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The 6 Bank Of Africa subsidiaries in the UEMOA Zone posted rather mixed results in 2017. This emerges from the brief presentations of the activity presented to the press on 20 April. BOA Benin accuses foreign exchange losses BOA Benin is getting closer to a total balance sheet of 1,000 billion FCFA. At December 31, 2018, BOA’s largest subsidiary by size had assets of 974.5 billion, up 7%. The bank’s net banking income rose 0.7% to 39.6 billion FCFA. As for the net result, it shows a decline of 8.2% to 14.8 billion FCFA. The decrease in net income is…

The African continent will have to mobilize no less than $ 34 billion annually to deal with exogenous shocks including climate change and significantly reduce the poor. This is the opinion of Mohamed Ibn Chambaz, Special Representative of the United Nations Secretary General in West Africa and the Sahel. He was attending the opening of the fourth African Regional Forum for Sustainable Development, held since May 3, 2018 in Dakar. Mohamed Ibn Chambaz estimates that Africa will have to annually seek $ 34 billion to invest in activities related to food security, resilience to climate change, green energy and…

At the end of the deliberations, the selection committee of the Africa Road Builders trophy has proceeded, this May 3, 2018 in Dakar, to the choice of the winner of the Grand Prix Grand Builder – Babacar NDIAYE Trophy. It is Kenya’s President Uhuru Kenyatta, who is nominated for his personal leadership and for the transformation of the road network. “The Selection Committee warmly congratulates the laureate and has the honor to inform him that the presentation of his trophy will take place on 23 May 2018 in Busan, Republic of Korea, on the occasion of the ADB Annual Meetings.…

Seynabou Dia, CEO of Global Mind Consulting, received the “Entrepreneur of the Year” award at Hub Africa awards 2018 in Casablanca, Morocco. The distinction was handed over by the Secretary General of ECOWAS and former Prime Minister of Guinea Conakry. Institutional communication specialist, Seynabou Dia, had to structure a series of projects first at the European Parliament’s office then at Science Po Paris. A supporter of institutional communication in all its dimensions, including through an anthropological approach, the founder of Global Mind Consulting has a series of large companies in her portfolio, making her one of the most influential of…

The Regional Exchange for Securities (BRVM) has completed the second stage of its Road Show “BRVM Investment Days 2018” in London, Wednesday, May 2, 2018 in partnership with Thomson Reuters with the effective presence of Mr. Pierre Atépa GOUDIABY, Chairman of the Boards Board of Directors of BRVM and DC / BR, David CRAIG, President Finance and Risks THOMSON REUTERS and Dr Edoh Kossi AMENOUNVE, Managing Director of BRVM and DC / BR. Setting the objectives of the London meeting, Mr. Pierre Atépa GOUDIABY indicated that this edition of the BRVM Investment Days should favor among other things (i) the…

Engaged in a regional coverage program, Maroc Leasing, a subsidiary of the group BCP, opened during April its first agency in the city of Tangier. This operation is part of a policy of customer proximity which ensures, in addition, better responsiveness in terms of file processing and decision making. Through the opening of its first branch in Tangiers, Morocco Leasing is starting its regional coverage plan, which supports its strategy focused on the decentralization of its services and customer proximity. Morocco Leasing capitalizes, moreover, on the modern and friendly aspects of its agency as well as on the commitment of…

Nigeria’s Central Bank (CBN) and the People’s Bank of China signed a $ 2.5 billion foreign exchange agreement on Thursday (May 3rd) to facilitate bilateral trade and investment and promote the financial stability of both parties. The currency swap agreement allows both institutions to exchange payments in one currency for equivalent amounts in the other to facilitate bilateral trade settlements and provide liquidity support to the financial markets. Already in 2014, former CBN vice-governor Kingsley Moghalu said the bank was seeking to increase the percentage of foreign reserves in Yuan from 2 percent to 7 percent. According to him, 85%…

The African Banker Trophy Jury announces the list of nominees for 2018. It reflects another solid year in the African banking sector, driven by innovation and the resilience of the markets. The nominees for the African Banker 2018 Trophies have been selected Jury members of the Panafrican Financial Magazine jury. This year’s finalists list includes banks from Morocco, Nigeria and Kenya that have a large footprint across the continent, Ecobank, Standard Bank and Standard Chartered are present in several categories. The awards ceremony, organized by African Banker Magazine, will be held at the African Development Bank (AfDB) Annual Meetings from…

Nominees for the 2018 African Banker Awards (http://AfricanBankerAwards.com) have been announced. This year’s shortlist sees another strong year for banks from Morocco, Nigeria and Kenya. Ecobank, Standard Bank and Standard Chartered, which have a large footprint across the continent also feature across several categories. The Awards, which are hosted by African Banker magazine, will be held during the Annual Meetings of the African Development Bank (AfDB) at the end of May in Busan, South Korea. The finalists, selected by an expert judging panel of bankers and business leaders will be announced at the African Banker Awards ceremony which will take…

The Sustainable Development Goals will only be achieved if countries and international organizations work to ensure that the poorest and most marginalized people are not left behind, says Mubarack Lo, Chief Economist at the Office of the Senegalese Prime Minister. Speaking at a pre-event meeting at the beginning of the fourth session of the African Regional Forum on Sustainable Development on the state of affairs of the “Leave no one in Africa” ​​issue, Mr. Lo said that nations must to be more ambitious and aim for a quality of life and not seek to eradicate extreme poverty, as they seek…

The National Commission for Petroleum Product Prices, an agency of the Ministry of Petroleum and Hydrocarbons, set Thursday the selling prices of petroleum products to consumers for the month of May 2018 through a letter from its president Bernardin Mve Assoumou, addressed Directors General of Total Marketing Gabon, Libya Oil Gabon, Engen Gabon and Petro Gabon, of which Financial Afrik obtained a copy. This increase in the price of petroleum products results, in particular, from the provisions of Decree No. 274 PR / MPH of 21 May 2015 regulating the National Commission of Petroleum Product Prices in the Republic of…

Under the Agreement: GTL transfers full ownership of the plant to GÉCAMINES GTL commits to repair the oven of the factory FORREST GROUP entities transfer to GÉCAMINES their shares in the CONGOLESE SOCIETY FOR THE TREATMENT OF LUBUMBASHI SAS TERRIL GÉCAMINES transfers to the FORREST GROUP its shares in GTL GÉCAMINES pays compensation to GTL GÉCAMINES and the FORREST GROUP welcome the conclusion of this Agreement. Read our analysis Albert Yuma, the irremovable patron of the General Careers and Mines (Gécamines) and Georges Fourrest, boss of the group of the same name, have buried the hatchet. Already confirmed by the…

By Antoine Lawson The Prime Minister of Gabon, Prime Minister Emmanuel Issozet Ngondet presented late Tuesday afternoon his letter of resignation to the President of the Republic following a decision of the Constitutional Court to put an end to the powers of the current legislature which resulted in the resignation of the current government. The tenant to the Primature until May 1 had been appointed prime ministers in October 2016 following a disputed residential election, it is recalled. Gabon has been living since April 30, an exceptional situation with the dissolution of the National Assembly and a Senate whose prerogatives…

After fruitful meetings in Abidjan, Accra, Addis Ababa, Cairo, Cape Town and Lagos, the African Private Equity and Venture Capital Association (AVCA) held its annual meeting in Marrakech on April 23 and 24, 2018, in the wake of the return of Morocco in the African Union.

Dr Masra resigns as Chief Economist of the African Development Bank for, he says, “to be part of the political solution for a futuristic Chad”. The economist, a specialist in economic diversification and renewable energies, engages in a Chad under the influence of the amendment of the constitution, on April 30, 2018, which modification establishes the 4th Republic and an “integral presidential regime concentrating the powers between the the hands of the President of the Republic and excluding new generations from the country’s decision-making bodies “. The expert who supported in September 2016, an economics thesis on Africa facing the…

In London, the UEMOA Regional Stock Exchange holds its BRVM Investment day in London, in the auditorium of Thomson Reuters. This stage of the international road show started March 14 at the Johannesburg Stock Exchange (JSE) will take place in the form of a series of exchanges between the stock market authorities based in Abidjan, the representatives of listed companies (Sonatel, BOA, ETI , etc.), SGIs, investors and financial players. The opportunity to present the potential of the 8 WAEMU countries to investors. With an average growth projection of 6.6% by 2021, the West African Economic and Monetary Union is…

The first ministerial spheres at the Diamniadio urban cluster will be inaugurated today, May 2, 2018, by President Macky Sall. The head of state will preside over the weekly meeting of the Council of Ministers. Delivered with 3 months in advance, the four intelligent R + 8 office buildings fully furnished and equipped on nearly 43,000 m2 are developed by Envol Immobilier. The complex which includes “a central area with a water jet, a multifunctional center and a hectare of parking spaces” is built on a plot of 3.5 ha and consists of 4 buildings The 56 billion FCFA project…

The growth of the urban population and its transformation of social habits that leads to seclusion and sedentarization deprives artisans of their age-old marketing approach based on recommendation and proximity. The consequence is that artisans are less accessible in town, because little known and not having means of promotion and visibility. It has therefore been conceived as an independent, collaborative platform that connects individuals and artisans in a framework of trust that takes into account geographical proximity. This platform pursues the major objectives: • Provide visibility and digital identity to artisans, • Create a free directory (identify, sort by location…

By Nassrallah Belkhayate, Marrakech The department in charge of tourism has not yet unveiled the new roadmap of the sector. The announcement was scheduled for April 2 in Agadir. Professionals are asking questions. Should be reviewed according to a committee of experts the overhaul of the Vision 2020 on governance, the Plan Azur, the repositioning of the destination Morocco, the place of digital, the improvement of the quality of the offer or air connectivity and especially the coordination of private-public partnership? The 2020 vision aimed to make the kingdom one of the top 20 destinations of world tourism with…

AccorHotels announced Monday the acquisition of the hotel group Mövenpick Hotels & Resorts for 560 million Swiss francs (482 million euros) in cash, accelerating its development in the high-end segment in Europe, the Middle East and Africa. The transaction, which involves 100% of the capital, will be Mövenpick Holding, which owns 66.7% and belongs to the German billionaire August von Finck. The remaining 33.3% will be acquired from Kingdom Holding, owned by Saudi Prince Al-Walid Ben Talal, a 5.7% shareholder in AccorHotels and owner of the Georges V hotel in Paris. In February, AccorHotels announced the sale of a majority…

Starting Friday, April 20, 2018 social networks under the # Khalih_Yrib and # Mouqatiâoune hastag, the boycott targeting three major Moroccan brands has grown. According to the Arabic-language “Akhbar Al Yaoum”, Afriqia, would lead the losers, with 145 million cents of losses per day. The fuel distribution company of billionaire Aziz Akhannouch, Minister of Agriculture and Fisheries and President of the party RNI (National Rally of Independents), is particularly targeted. The boycott also targets the brand “Sidi Ali” of the company “Mineral Waters of Oulmès” group Holmarcom which is member Miriam Bensalah, outgoing president of the Moroccan employers (CGEM). Another…

Ecobank Nigeria has published, as of April 30, 2018, its financial statements as at December 31, 2017. The recovery of Ecobank Nigeria is confirmed by the profound restructuring undertaken for a little over 2 years in the bank by the CEO, Charles Kié, and his teams. The net result (in local currency) is 3.5 times higher than the previous year due to a drastic reduction in operating expenses and a better control of risks related to customers. The cost / income ratio has been reduced by more than 10 points in one year (to 51%) thanks, among other things, to…

By NJ Ayuk (CEO), CEO of Centurion Law Group The Republic of the Congo has suffered dearly during the oil collapse; and Congolese President Denis Nguesso has pledged that the country would no longer be sitting on the side lines — suffering the effects of global decision-making in the oil industry without a voice. In an official communiqué announcing the bid for OPEC membership, he stated that he wished to “place our country in the rank of the world’s leaders.” In January, officials from the Republic of Congo announced the country’s application for membership of the Organization of Petroleum Exporting…

By Adama Gaye AFRICA IS NOT ABANDONED, Mr VINCENT BOLLORÉ. IT IS A CERTAIN AFRICA, WITH ITS DIRTY AND COACHOTERIES, WHICH DIES, REVEALING THEM, AS PURULENT EFFLUENTS, TO THE HAPPINESS OF ITS PEOPLE AND ALL WHO KNOW THAT THE 21ST CENTURY WILL BE JUST OR WILL NOT BE. Suddenly, the Breton, accustomed to the sea, aboard a resplendent yacht, feels a sea sickness from a … earth chiselled by harmattan and desert sand, glowing sun and dry winds, while it is, him, in the distance, in his sweet France. In a nascent summer. Brutal shock. Which triggers in him a strong…

The Sonatrach group has made an oil discovery in northern Niger, announced the group’s CEO, Abdelmoumen Ould Kaddour, on April 25 in Tamanrasset. The drilling was carried out by the Chinese group GWDC by the Chinese group GWDC on behalf of SIPEX (Sonatrach International Petroleum Exploration and Production Corporation), the international subsidiary of Sonatrach. Since 2005, SIPEX has held a prospection permit for research in the Kafra zone in Niger, about 100 kilometers from the Algerian border. In 2015, this contract was replaced by a production sharing agreement.

The Onomo hotel group launched on April 25, 2018, the construction of its first hotel in Cameroon, with the laying of its first stone in the administrative district of Bonanjo (Douala). It is indeed an institution that represents an investment of 15.5 billion CFA francs (half of which comes from the Commercial Bank Corporation of Cameroon), and announced to be operational for the 2019 edition. of the Africa Cup of Nations. The project has 153 rooms and suites, three conference rooms, a swimming pool and a fitness room, as well as an underground car park. It will eventually generate some…

Two entrepreneurs compete for the presidency of the National Council of Employers of Burkina Faso. On one side Apollinaire Compaoré, 64, boss of the Planor group and leader of several companies including a bank in the making, Wendkuni Bank International. Focus. Elie Justin Ouedraogo, 65, former Minister under Blaise Compaore and current Chairman of the Board of the Canadian group Mining Company of West Africa (Semafo). The two candidates, known figures of the local private sector, covet the chair occupied since 2011 by Birahima Nacoulma, 83 years old, and accused of a certain immobility. The election will take place next…

United Bank for Africa (UBA) Plc has announced the appointment of Martin CHE as the new Regional Director in charge of four subsidiaries in the CEMAC zone. The position covers the bank’s activities in Cameroon, Congo Brazzaville, Gabon and Chad. The appointment, which took effect on March 1, 2018, confirms the bank’s desire to structure its development policy around regional centers. Previously based in the Congo, Martin Che has increased the return on equity of the local subsidiary by 100%, bringing this ratio from 8% in 2013 to 36% in 2015. More importantly, the cost / income ratio 85% has…

The Ecobank group’s ETIT share took the elevator in the three financial markets where it is listed (Abidjan, Accra and Lagos) following the publication of the results of the pan-African bank. On the session of Friday, April 27, the ETI course garnered 4.5% to 23 CFA francs at the BRVM, incorporating the top 5 largest increases. At the Ghana Stock Exchange, the ETI share rose 5% to 0.21 Cedis (GHc) on April 26, ahead of the flagships of the banking sector. In Nigeria, the ETI value, which rose by 18% in the first half, stabilizes around the 20 naira line…

Former Senior Legal Officer of the Agency for the Safety of Air Navigation in Africa and Madagascar (ASECNA), Djibril Birasse Bâ disputes the conclusions of the investigation conducted by the Office of Investigation and Analysis for the safety of civil aviation (BEA) in the collision in September 2015 between a small plane from Senegalair and a Boeing from the Equatorial Guinean company CEIBA. The accident had killed seven people. Focus An Equatorial Guinean airline banned from flying throughout Europe and the United States for more than ten (10) years; • The same company, ranking high on the blacklist of “the…