Author: Albert Savana

The limited company Filatures, tissages, sacs, Cote d’Ivoire (Filtisac) will pay its shareholders on July 30, 2021, for the 2020 financial year, an overall net dividend of FCFA 3.314 billion ($ 4.971 million), have announced the leaders of this company based in Abidjan. Compared to the 14,103,740 shares that make up the capital of Filtisac,...

Former South African President Jacob Zuma (79) was sentenced, Tuesday, June 29, 2021, to 15 months in prison by the Constitutional Court “by a majority of its members” for contempt of justice after his refusal to appear before an anti-corruption commission ordering him to surrender within “5 days”. “The Constitutional Court has no choice but to find that Mr. Zuma is guilty of contempt of justice,” said Judge Sisi Khampepe. After explaining that “this kind of reluctance and defiance is illegal and will be punished”, she stressed that she has “no choice but to imprison Mr. Zuma, in the hope…

The International Monetary Fund (IMF) has announced approval of a loan of approximately $ 1 billion to Uganda. Objective, support the post-Covid-19 recovery and increase household income for inclusive growth. According to the international organization, the Ugandan economy has been severely affected by the health crisis. The results obtained in ten years of struggle for poverty reduction have been canceled, indeed indicates the IMF, which also notes that the budgetary balances deteriorated, then the pressures on the external reserves intensified. However, notes the institution, a slight recovery is underway in some sectors, and economic growth is expected at 4.3% in…

The airline Air Belgium, in operation since 2018, announced the operationalization of its new link between Brussels and Mauritius from October 15, 2021. This link, according to the carrier, will be operated by Airbus A330neo. Two rotations per week are planned between Brussels-Zaventem and Port-Louis-Sir Seewoosagur Ramgoolam airport. The young Belgian company will be without competition on this mentioned route. And so does Mauritius, its very first African destination. “Mauritius is a very popular tourist destination in the Indian Ocean, and attracts many Belgian tourists every year, many of whom have a second residence on the island,” explains Air Belgium.…

The State of Cameroon has signed a memorandum of understanding with the company Bestway Finance Ltd and the company Austsino resources Group Ltd for the construction of a 540 km long railway line to link the locality of Mbalam, site of the ore exploitation. to link the port of Kribi where the construction of a multimodal mineral port with a capacity of over 100 million tonnes per year is planned. At an overall cost of CFAF 5,500 billion, around $ 10 billion, the project is expected to generate more than 20,000 direct and related jobs. The start-up phase planned for…

The annual meetings of the African Development Bank (AfDB) ended on June 25, 2021 on a note of hope. As part of the application of the African Continental Free Trade Area (Zlecaf), President Akinwumi Adesina announced that his institution and its partners are planning 230 projects valued at $ 208 billion in order to promote prospects operationalization. “We remain very committed to the success of the African Continental Free Trade Area. This is why the bank has granted 4.8 million dollars to support the establishment of the secretariat of the African Continental Free Trade Area, ”he said. Addressing the revival…

The shareholders of the Company for West Africa Studies and Works (SETAO), a subsidiary of the Bouygues group and specializing in consulting and engineering services in the field of Building and Public Works (BTP) , will receive on July 16, 2021, for fiscal year 2020, an overall net dividend of 889.056 million FCFA (1.333 million euros), announced the managers of this Abidjan-based company. Compared to the 13,440,000 shares that make up the company’s share capital, the net dividend per share is 66.15 FCFA. It should be noted that for several years, SETAO had not distributed dividends. This dividend to be…

This is the biggest “Exit Scam” in cryptocurrency history. Two young South African brothers, Ameer Cajee (20) and Raees Cajee (17), creators of the Africrypt platform, a cryptocurrency investment platform launched in 2019, are unreachable and untraceable. Their platform had not been functional since April when they hosted 69,000 bitcoins, or the equivalent of 3.6 billion USD in investment, Bloomberg reported on June 23, 2021. According to the Financial Sector Conduct Authority (FSCA), the South African regulator, the platform offered exceptionally high and unrealistic returns similar to those offered by illegal investment programs commonly known as Ponzi. Indeed, Africrypt promised…

The Moroccan Capital Market Authority (AMMC) announced on June 25, 2021, that it had approved the prospectus relating to the increase in the share capital of Attijariwafa bank (AWB) by total or partial operational conversion into shares of a party dividends for the 2020 financial year. According to the regulator, the maximum amount of the operation is 891,903,291 Moroccan dirhams (approximately 100 million USD) for a maximum of shares to be issued of 2,170,081 shares. The issue price is set at 411 dirhams, with a unit face value of 10 dirhams and an issue premium of 401 dirhams. Authorized by…

Tanzanian President Samia Suluhu Hassan announced on June 26, 2021, her government’s decision to restart talks on the implementation of several projects aimed at accelerating the country’s economic growth. Among them, that of the port of Bagamoyo, a seaside resort located 75 km north of Dar-es-Salaam, the economic capital. This is, in fact, a project to build a port and a special economic zone for which contracts have been signed since October 2015 with China Merchants Holdings International. But it was canceled by the administration of former President John Magufuli, in 2016, with the aim of renegotiating the contractual terms,…

The Ghanaian cocoa council (Cocoaboard) wants to anticipate the purchase of beans from planters by raising on the local and international capital market, USD 2 billion for the next cocoa campaign, revealed its boss, Ray Ankrah, who was at Abidjan on June 22, 2021 for the first meeting of the national committee of the Côte d’Ivoire Ghana Cocoa Initiative. This fundraising, which responds to the pre-financing of the 2021-2022 campaign, will allow producers to return directly to their fund after the direct sale of their beans to this Ghanaian institution. The operation is also a boon for subscribers who get…

The business climate indicator, which summarizes the opinions of business leaders on the economic situation in the countries of the West African Economic and Monetary Union (UEMOA), rose by 0.6 points during the month of April 2021 compared to the previous month, according to data from the Central Bank of West African States (BCEAO). This indicator stood at 102.2 against 101.6 in March 2021. According to the issuing body, “this change reflects the increase in order books and the improvement in the cash position of companies. >>. He adds that the index has risen in almost all WAEMU countries and…

The restrictions imposed by governments in the context of the fight against the spread of the coronavirus (Covid-19) which led to a drop in traffic, caused losses of 7.7 billion USD in the aviation sector in 2020 in Africa, d ‘after the International Air Transport Association (IATA). According to the organization’s regional vice president for Africa and the Middle East, Kamil Alawadi, 7 million employees have suffered as a result. In the process, 8 airlines went bankrupt in Africa, he said during a virtual press conference on Covid-19 and civil aviation organized by the Regional Office of the World Health…

Societe Generale Maroc has announced the signing of the Principles for Responsible Investment (PRI) by its subsidiary Sogécapital Gestion. The institution thus adheres to the PRI initiative which cooperates with an international network in order to apply the six Principles for Responsible Investment, supported by the United Nations. “The Sogecapital Gestion team is very proud to join the network of signatories of the Principles for Responsible Investment supported by the United Nations and to engage, like Societe Generale Maroc, resolutely in 21st century finance. A finance which measures the environmental and societal impact of our investment decisions, and which works…

The trade balance of the Democratic Republic of the Congo was in surplus of around 4.661 billion USD at the end of May 2021. This, following exports of nearly 8.430 billion USD and imports valued at more than 4.423 billion USD, according to the report. data from the Central Bank (BCC). Analyzes by the issuing body also note that during the same period in 2020, the DRC’s trade balance was in surplus of around 1.794 billion USD resulting from exports valued at 4.815 billion USD against imports of 3.20 billion USD. USD. At the end of April 2021, the country’s…

Set up for the rapid collection of insurance premiums and the payment of claims by mobile money and bank cards, the Cinetpay technological platform exchanges monthly nearly 6.5 billion FCFA (approximately 12 million USD) with more than 600,000 transactions secure, according to company officials. Given the slowness of the repayment of insurance premiums to companies paid by an insured to the Ivorian Mutual Insurance Company (Sidam), which sometimes went beyond a week, Idriss Marcial Monthe, director general of the firm Cinetpay, created this solution. Who also carries out the collection process with the operators to satisfy the end customer. “We…

The ECOWAS court of justice rejected Cape Verde’s petition to quash the judgment ordering the country to release Alex Nain Saab. The court indicates, in a judgment confirming a fortiori, that the detention of the Venezuelan diplomat is illegal and contrary to international law. In its ruling on March 15, 2021, the ECOWAS Court of Justice declared the arrest and detention of Venezuelan diplomat Alex Nain Saab Moran to be illegal. And had, therefore, ordered his release, quashed the extradition procedure to the United States against him and awarded him $ 200,000 in compensation for the violations of his human…

On the second day of the annual meetings of the African Development Bank (AfDB) group in virtual mode, the president of the institution Akinwumi Adesina, who spoke on the theme of climate change and green growth, insisted on climate resilience of Africa, which has suffered disasters in recent years. To set the tone, he said, the AfDB has injected $ 12.3 billion into climate resilience along with support for climate adaptation. From 9%, AfDB climate funds increased to 12% in pursuit of successful climate resilience. For Adesina, “Africa must not be harmed in global climate finance” given the global climate…

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...

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…