Author: Amadjiguéne Ndoye

Foreign direct investment (FDI) flows to Africa grew 16% to $ 23 billion. Sub-Saharan Africa’s share is estimated at $ 18 billion, and North Africa has a total of $ 5 billion in inflows. According to the United Nations Conference on Trade and Development (UNCTAD) investment trend monitoring report, global FDI flows reached about $ 852 billion in the first half of 2021. Figures that indicate a rebound momentum stronger than expected by 78%. “The rapid recovery in FDI and the optimistic outlook mask the growing divergence in FDI flows between developed and developing economies, as well as the delay…

Members of the Africa Investment Forum team announced two projects with a joint value of around $ 140 million. The announcement was made at a virtual investor roundtable, held on October 21, which is part of a series of events hosted by the Africa Investment Forum. The first project, costing $ 96 million, involves the development of a 250-bed specialized hospital providing world-class health services in West Africa. The country to host the infrastructure, however, has not been disclosed. The second concerns the construction of a $ 45 million WHO prequalified vaccine production plant in East Africa that will be…

US technology services giant Google plans to invest $ 1 billion in Africa to support “digital transformation” on the continent. The investment will be made under the “Google for Africa” ​​program, according to Sundar Pichai, CEO of Google. The program will include landing an undersea cable on the continent to accelerate internet speeds for small businesses, providing low interest loans to small businesses, investing in African start-ups , the provision of vocational training, etc. “We have made tremendous progress together over the past decade – but there is still work to be done to make the internet accessible, affordable and…

Senegalese Abdoulaye Elimane Dia, CEO of Holding Fortunes Capital, died on Thursday August 5th of an illness at Aristide le Dantec hospital in Dakar. Very involved in development issues, the mayor of Demette was political leader of the Alliance for the Republic (APR) and led a movement called Alliance for the Development and Emergence of Podor (ADEP). A successful political actor and businessman, Kaladio, as his relatives affectionately called him, began his schooling in Ndembat Kane in the Matam department. Abdoulaye Elimane Dia is a Master in Business Law and also holds a PHD in Portfolio Management, an MBA in…

Trade between Egypt and Nigeria experienced remarkable growth during the year 2020. This significant growth translated into a total of $ 181 million, including 1 million imports from Nigeria to Egypt, an increase of 45%. According to the head of Nigeria’s trade office, Amr Tantawy, in a statement made Tuesday at a seminar on “Opportunities for Developing Egyptian Furniture Exports to Nigeria”, there is a boom in most items of goods. Egyptian exports to Nigeria, to save about $ 180 million. “Nigeria has a local furniture industry which covers between 50-60% of the market needs, but there is still an…

The Asset Management Corporation of Nigerian (AMCON) announced on Tuesday July 27 that it had acquired Nicon Insurance Limited and the Nigeria Reinsurance Corporation (Nigeria Re). The two insurance companies were owned by businessman and politician Jimoh Ibrahim and seized for a debt of 69.4 billion naira ($ 168 million). The buyout was approved by the National Insurance Commission (NAICOM), as well as the new board of directors and new management of both companies. “The reconstitution of the board of directors and management team of the two insurance institutions in Nigeria aims to ensure that companies continue their quest for…

The Communal Equipment Fund (FEC) and the French Development Agency (AFD) signed two financing agreements for a credit line of 200 million euros (237 million dollars), accompanied by a technical assistance grant of € 3.5 million ($ 4.15 million). These agreements relate to support for the convergence and resilience of the Kingdom’s territories and to support the current imperative of economic recovery. According to a joint press release published to this effect, the dedicated subsidy allows the establishment of incentive mechanisms (equipment subsidies, technical assistance offer) offered by the FEC in support of the investments that most significantly contribute to…

Africa Finance Corporation (AFC) has announced the appointment of Kirstine Damkjaer, former CEO of Danish export credit agency EKF, to its board of directors as an independent non-executive director. Formerly of the International Finance Corporation (IFC) and the World Bank where she was notably Global Head of Industry Equity, Manager in the Global Infrastructure and Natural Resources Department, Director of the Asset Management Company of IFC and Senior Portfolio Manager at the World Bank Treasury, Pension Scheme and Endowment Fund, the qualified Chartered Financial Analyst (CFA) with a Masters Degree from Aarhus University (Denmark) will sit on the committee audit…

The South African short-term insurance (STI) industry has made record profits during the pandemic and has no reason to further delay the settlement of all outstanding business interruption claims due to the Covid-19. This is the result of a study conducted by Dr Roelof Botha, economic advisor of Optimum Investment Group, and Keith Lockwood of the Gordon Institute of Business Science, published on July 6, 2021 on the great disparity between the substantial financial gains made in the over the past year by short-term insurers and their clients. Despite the closure of several businesses linked to the economic and financial…

Through an agreement signed on Wednesday July 8 with Janssen Pharmaceutica NV, the United Nations Children’s Fund (UNICEF) will provide up to 220 million doses of the single-dose J&J vaccine to member countries of the African Union (UA) by the end of 2022. The Union is expected to receive some 35 million doses by the end of this year. The deal comes as the African continent faces the largest increase in COVID-19 cases to date, and vaccine supply challenges have left many countries with large unvaccinated populations. It will allow, among other things, the implementation of the Advance Purchase Commitment…

In Haiti, the outgoing Prime Minister, Claude Joseph, announced the assassination of President Jovenel Moïse, killed in an armed commando attack on the night of Tuesday to Wednesday July 7 in his private residence. The first lady is injured. “Around one in the morning, a group of unidentified individuals, some of whom spoke in Spanish, attacked the private residence of the President of the Republic and thus fatally injured the Head of State”, announced the head of government in a press release quoted by France 24. “Condemning this odious, inhuman and barbaric act”, the Prime Minister calls “the population to…

Former vice-president – responsible for compliance at State Street Bank in Paris, Senegalese Mouhamed Ba has been appointed interim auditor general of the African Development Bank (AfDB) group. The appointment took effect on June 1. In a statement from the institution dated July 6, AfDB President Akinwumi Adesina hailed the decision. “Mr. Mouhamed Ba has extensive experience of Bank processes and systems, as well as a good understanding of the priorities and strategic challenges of our institution. The combination of these strengths will allow him to effectively manage the internal audit function until an Auditor General is appointed as the…

Ghana will issue up to $ 2 billion in green and social bonds by November. The proceeds from these durable bonds will be used to refinance debt used for social and environmental projects, Ghana Finance Minister Ken Ofori-Atta said in an interview with Bloomberg. This operation will make Ghana the first African country to sell debt to finance development programs. The country plans to borrow up to $ 5 billion in international markets this year. “The bonds are expected to be issued in the fall and the maximum could be $ 2 billion”, after Ghana already sold $ 3.03 billion…

Nigerian authorities are calling on the international maritime community to urgently end the war risk insurance premium currently charged on ships bound for their coast. According to the Director General of the Nigerian Maritime Administration and Security Agency (NIMASA), Dr Bashir Jamoh, the country has put in place a security infrastructure aimed at eradicating various risks encountered in Nigerian territorial waters. “Nigeria is not at war. Whether they decide to classify Nigeria as a war risk area due to piracy or try to collect the war insurance premium after accepting that we have invested a lot, and having appreciated the…

The Africa Finance Corporation (AFC) has announced that it has embarked on a new international strategy to attract new shareholders. This strategy mainly concerns the Gulf regions and Europe and will expand the possibilities of financing an infrastructure gap estimated at 170 billion dollars each year in Africa. In a joint interview with Bloomberg and published Thursday, June 25, Sameh Shenouda, AFC’s chief investment officer and Sanjeev Gupta, its chief financial officer, said the financial institution is “in talks with a large sovereign wealth fund. European and with one of the largest sovereign wealth funds in the Gulf ”. Both…

The Moroccan Ministry of Economy, Finance and Administrative Reform and the International Finance Corporation (IFC) signed a memorandum of understanding on Wednesday, June 23 in Rabat, with the aim of consolidating their partnership and stimulating recovery economic. The agreement includes a commitment by the IFC to support the New Development Model (NMD), as well as its reform program to boost post-pandemic economic recovery. IFC will also support the implementation of the Mohammed VI Investment Fund and the scaling up of high impact projects and potential investors. “The IFC will also support the implementation of the reform of public enterprises by…

The Hollard Group, South Africa’s largest private insurer, will acquire the Australian general insurance activities of Commonwealth Bank of Australia (CBA) in its subsidiary CommInsure General Insurance. The two groups have also entered into an exclusive 15-year product distribution agreement. The transaction is announced for an initial cash consideration of $ 468.06 million, as well as deferred payments. Hollard won the case through a competitive bidding process. The deal includes an additional investment by Hollard throughout the 15-year alliance, which will see Hollard distribute home and auto insurance products to CBA’s retail customers in Australia. CBA will continue to earn…

With the launch of a retail bank in South Africa through the acquisition of the agricultural bank Grobank in March and which officially marks its entry into the South African market, the Nigerian bank Access Bank aims to weigh heavily on a market already very competitive. With the start of operations on Monday, June 14, the bank plans to open four branches before the end of the year and operate a digital bank. For Access Bank Managing Director Bennie van Rooy, “The launch, digital integration and digital transactional capabilities would also be slated for later this year. It will mainly…

South African billionaire Patrice Motsepe’s private equity firm, African Rainbow Capital (ARC) Investments, announced on Friday June 12 the performance of its investments in the ARC Fund for the first quarter of 2021, thanks to its stakes in the mobile operator Rain and in TymeBank. As part of this performance, the mobile network operator, Rain has recorded strong demand for its products and services in the 4G field since national containment in March 2020 and remains ahead of its initial targets, and also the expansion of its network footprint under the Vodacom agreement. Meanwhile, digital bank TymeBank significantly reduced the…

Former Nigerien President Mahamadou Issoufou received the 2020 Ibrahim Prize for Excellence in Leadership in Africa, during a Special Prize ceremony held during the Ibrahim Governance Weekend 2021 which opened on Thursday, June 3. The event will run until June 5. The awarding of the prestigious award to the ex-strongman from Niamey was announced last March. “President Issoufou has marked the history of Niger. He paved the way for the very first democratic transition of power in Niger. His example shows that those who lead, no matter what the challenges, can do so with the utmost respect both for the…

The director general of the National Electricity Company of Senegal (Sénélec), Pape Demba Bitèye, announced Thursday, May 20, the upcoming commissioning of a new power plant with a capacity of 120 megawatts from September, in the commune of Malicounda, in Mbour, a city located in the west of the country. Senelec owns 15% of this plant and will sit on the board of directors as a shareholder. This project, with funding estimated at 350 million euros, was developed by national investors and entrusted to the Lebanese group Matelec, its largest project to date on the African continent. Funding is 70%…

Access Bank Plc has completed the acquisition of Mozambican bank, African Banking Corporation, nine months after negotiations began. The amount of the transaction was not disclosed. The group plans to merge the acquired bank with its subsidiary Access Bank Mozambique SA, which is expected to become the seventh largest bank in the country. By the end of 2021, the bank also plans to expand to other African countries such as Angola, Cameroon and Guinea-Conakry. “Access Bank wants its operations outside Nigeria to provide 30% of the group’s profits this year and earning in the southern end of the continent seems…

AngloGold Ashanti Ltd reported net profit of $ 203 million in the first quarter of 2021, up from $ 134 million a year earlier, an increase of 51%. This performance was driven by the rise in the price of gold, as the company continued its reinvestment program aimed at completing the redevelopment of the Obuasi gold mine and adding new gold reserves to its portfolio. The results published on Monday, May 10 indicate that adjusted net debt fell 43% in one year to stand at $ 908 million in the first quarter of 2021, against 1,606 million in the first…

The African Private Equity and Venture Capital Association (AVCA), which brings together private equity players in Africa, has announced the appointment of Kofo Sanusi as Chief Operating Officer (COO). Prior to joining AVCA, she was COO and Director of Accelerators at Founders Factory Africa (FFA), a venture capital development firm investing in start-ups in sub-Saharan Africa. “Kofo Sanusi brings exceptional strategic, operational and financial management experience to various companies across Africa. His in-depth knowledge and experience in the emerging ecosystem in Africa will be an asset as we seek to broaden the Association’s reach in the private investment sector in…

Kenyan start-up Lami raises $ 1.8 million to boost digital insurance Kenyan insurtech startup Lami Technologies has successfully raised $ 1.8 million in seed funding, as part of a round led by Accion Venture Lab with participation from AAIC, Consonance, P1 Ventures, Acuity Ventures, The Continent Venture Partners and Future Africa. The capital will be used to improve the capabilities of its offering and finance the expansion of its API insurance platform across Africa. A platform that provides users with quotes for auto, medical and other insurance products in seconds, and allows you to customize benefits, adjust premiums as needed,…

After President Macky Sall’s announcement of an investment of 60 billion CFA francs ($ 110 million) in the 2021/2022 agricultural campaign, the Senegalese Minister of Agriculture and Rural Equipment, Pr Moussa Baldé, announced Thursday, April 29 in Dakar, the country’s ambition to achieve a production of 4 million tonnes of cereals and 2 million tonnes of industrial crops. At a press conference in Dakar, the minister indicated that Senegal achieved a production of 3,640,445 tonnes of cereals this year. “Our goal is to reach 4 million tonnes. Regarding industrial crops (cotton, peanuts, sesame), we are at around 1.9 million tonnes.…

The sanction of the Central Bank of Nigeria (CBN) was not long in coming. The authority on Thursday (April 29) dismissed the entire board of directors of the First Bank of Nigeria for appointing a new managing director without regulatory approval. It all started with the appointment of Gbenga Shobo to the post of general manager / chief executive officer (CEO) of the group on Wednesday April 28, which the CBN was opposed to. The regulator has therefore reinstated the former director, Adesola Adeduntan. A decision that aims to protect minority shareholders and customers, according to the central bank. During…

Saham Angola Seguros insurance company has completed its transformation to operate under the South African group Sanlam brand. The transaction comes nearly two years after the acquisition of Moroccan Saham Finances, until then a majority shareholder in Angola, by Sanlam. The insurer is now renamed Sanlam Angola Seguros. “SAHAM Angola Seguros changes its brand to SANLAM Angola Seguros. This name change follows the acquisition of the SANLAM Group in the entire capital of SAHAM Finances, completed in October 2018, “the Angolan insurance company said in a statement. The new name of the Angolan insurance company is part of this unification…

Bharti Airtel Ltd announced this Thursday, April 29, the appointment of Olusegun Ogunsanya as Managing Director and CEO of its African subsidiary, effective October 1. The Nigerian is replacing Raghunath Mandava, who will assert his retirement rights on September 30. Electronics engineer and also Chartered Accountant, Olusegun Ogunsanya joined Airtel in 2012 as Managing Director and CEO of the Nigeria branch, its largest market in Africa. The newly promoted have held senior positions at beverage maker Coca-Cola in Ghana, Nigeria and Kenya. He was also the Managing Director of Nigerian Bottling Company Ltd owned by Coca-Cola Hellenic, and was the…

Moroccan banking group Bank of Africa has signed a partnership contract with financial software developer Finastra to digitize business processes. Conpend’s TRADE AI application will help the bank reduce risk and speed up trade finance transactions. According to the bank’s statement on Wednesday, April 28, the solution will reduce processing time by 30% and trade finance risk levels by 80%. “The solution will improve our trade finance operations by accelerating the approval of trade finance documents. Access to third-party applications was a clear differentiator for trade finance solutions, “said Leila Bahoum, board member in charge of trade finance operations at…