Author: Nephthali Messanh Ledy

For the second consecutive year, Ecobank will not distribute dividends to its shareholders present in Lomé this Thursday for the 31st general meeting of the group. According to the Chairman of the Board, Emmanuel Ikazoboh, this decision is made necessary by “factors such as the new regulatory capital requirements to which the group is subject, and the need to establish a liquidity buffer for the holding company” . As a reminder, the group recorded a profit of 322 million US in 2018, against 182 million in 2017. The benefit attributable to shareholders is 262 million, up 47% over the previous…

In 2018, the cumulative turnover of insurance companies operating in Algeria reached 142.6 billion Algerian dinars (more than one billion USD) against 139.5 billion the previous year. This reflects a slight increase in activity (2.2%). According to data provided by the National Insurance Council (CNA), the turnover achieved by property and casualty insurance was the largest: it amounts to more than 126 billion DA against 122.11 billion at the same period of time. 2017, an increase of 3.2%. We also note that the public insurance companies confirm their dominance in the sector in Algeria with 73% of the global turnover…

Officials of Credit Bank Ltd officially inaugurated this Friday, April 5, a new agency in Eldoret, a city located in the North Rift and Western Kenya. It is exclusively dedicated to SMEs and the agricultural sector. “Business growth in and around the city of Eldoret has resulted in the need to expand opportunities for entrepreneurs in the region,” said Betty Korir, chief executive of the Kenyan bank, which is expanding its network to 17 branches. . It also states that the institution aims to position itself as an SME bank in the country. “As a bank, we remain committed to…

The London Court of International Arbitration has ordered the State of Djibouti to pay USD 385 million in compensation to Dubai Port World Port Operator after unilaterally terminating their contract. The announcement was made Thursday, April 4 by the Dubai government. At the time of the facts, the emirate, which is the owner of the operator, has seized the decision and has rendered its decision after more than a year of arbitration. Expelled manu militari on February 22, 2018 from the port of Doraleh, the company DP World, which had been operating Djiboutian installations since 2006, had a fifty-year concession…

The Banking Union for Trade and Industry (UBCI) completed the year 2018 on a note of satisfaction. The bank said it had achieved a 31% increase in consolidated profit, which stands at 51.2 MD (about 17 million USD), and other indicators in green. According to the financial statements at December 31, the operating result rose to 82.4 MD (30 million USD), against 68.1 MD a year ago. That’s an increase of 20.84%. Net income grew by 17.85% compared to 2017, and stands at 47.7 MD (15.6 million USD). In addition, operating income grew at a rate of 9.54% year-on-year to…

Togo’s economic growth accelerated to reach a rate of 4.9% in 2018, according to a statement made Tuesday, April 2 by a mission of the International Monetary Fund (IMF). At the end of the year, the institution had forecast a rise of 4.7% in GDP. This acceleration came after “a sharp deceleration in 2017 due to socio-political tensions in the country,” she adds. Inflation was 0.9% at the end of 2018. “The major fiscal effort initiated in 2017 continued until September 2018. Results fell towards the end of the year, as revenues were below target and some lines of spending…

The shareholders of Banque de l’Habitat (BH) are called to a Shareholders’ Meeting on April 30, 2019. They will have to approve the consolidated financial statements for the 2018 financial year, including a profit of TND 136.3 million (around 45 million euros). million USD) against 115.5 MD in 2017, an increase of 18%. Accordingly, inform the notice of meeting, the Meeting will set the unit amount of the dividend to be distributed to shareholders at 600 millimes per share. This is the same dividend paid for 2017. In addition, the actuators will have to approve the name of “BH BANK”…

By Nephthali Messanh Ledy, Special Envoy to Addis Ababa The African Union’s Commissioner for Rural Economy and Agriculture, Josefa Sacko, on Monday, April 1, invited member states to sign and ratify the African Risk Treaty. capacity (ARC), a mechanism she describes as “innovative pan-African disaster risk financing”. She was speaking during the 7th edition of the Mutual’s Conference of the Parties. In its view, this is an instrument “that enables us to react quickly to natural disasters and protect the livelihoods of our most vulnerable populations”. In addition, call for “pan-African solidarity” in the management of climate risks. Established in…

The Government of Djibouti and the Pan African Risk Management Mutual (African risk capacity, ARC) signed this Monday in Addis Ababa, a memorandum of understanding on relations between the country and the organization set up since 2012 by the African Union. “The signing of this Memorandum of Understanding with the ARC demonstrates our commitment to developing a comprehensive risk management strategy that addresses climate and other natural disasters,” said Sirad Oumar Abdou Kader, Secretary General of the Ministry of the Interior of Djibouti and president of the technical committee of management of the risks and catastrophes of the country, signatory…

The financial performance of the Pan African Mutual Risk Management Company (ARC Ltd), a subsidiary of the pan-African umbrella organization, has been bearish over the last 5 years with a sharp decline in net income from $ 22.4 million in 2014, at a negative amount of $ 6.2 million as at December 31, 2018. The...

The first interactive workshop for journalists on media coverage of climate risk and natural disaster risk financing was held on 30 March 2019 in Addis Ababa, Ethiopia. Organized by the Pan-African Risk Management Mutual (ARC), the Department of Rural Economy and Agriculture of the African Union and the Directorate of Information and Communication of the AU, the meeting aims to Increased awareness and understanding of the CRA’s program structure and the positioning of this program in relation to natural disaster risk financing systems in Africa. “Climate change poses a significant risk for African countries, with the continent being the most…

As a prelude to the seventh edition of the Conference of the Parties to the ARC (CoP7) that opens this Sunday at the African Union headquarters in Adis Abeba, the Pan African Risk Management Mutual (ARC) organized a workshop to journalists on the media treatment of financing climate risks and the risks of natural disasters. In this interview, Mohamed Beavogui, Director General of the AU Specialized Institution, talks about the objectives of this initiative and the future challenges of the ARC. Exclusive! Financial Afrik: You organized this Saturday, a workshop for journalists on the media treatment of financing climate risks…

The Financial Market Council (CMF) on Thursday (March 14th) ordered the suspension of the listing of the shares of Attijari Bank, a local subsidiary of the Moroccan giant Attijariwafa Bank on the Tunis Stock Exchange … Then, today, it is authorized to resume trading from meeting of Friday, March 15, 2019. No official reason justifies this decision which put the Tunisian financial landernau in all its states. Neither the flip-flop. However, some sources mention the ongoing customs investigation. It concerns “possible infringements of the regulations governing foreign trade”. On the other hand, others indicate that the National Economic and Financial…

Morocco’s Central Bank signed a Memorandum of Understanding with the Financial Services Authority of Dubai on Wednesday (March 13th) for cooperation in the licensing and supervision of banks based in Morocco and Dubai . Bank Al-Maghrib is continuing its series of international collaboration with sister institutions. On 14 November 2018, it signed a cooperation agreement with the Central Bank of Portugal (BoP) with the aim of strengthening their partnership and establishing a formal framework for bilateral relations between them. On 16 November, the Moroccan and Tunisian central banks signed two cooperation agreements on the formalization of cooperation between the two…

In Morocco, the National Office of Hydrocarbons and Mines (ONHYM) has announced a farm-out agreement between the Italian oil company ENI and Qatar Petroleum on the twelve permits in the Tarfaya Offshore Shallow area. According to the terms of the agreement, the Italian major is proceeding, pending regulatory approvals, to the transfer of 30% of its share of interest to Qatari society. It currently holds 75% of the permits, the remaining 25% being the property of ONHYM. According to the Office’s press release, the signing of this agreement between ENI and Quatat Petrolum is part of the latter’s exploration strategy…

The Cabinet of Ministers of Niger announced, on March 8, 2019, to have examined and adopted the draft decree granting the benefit of the special provisions of the Investment Code to the company “Chain Hotel Niamey” for construction / finishing and the equipment of a hotel in the capital. “As part of the program of extension, modernization and diversification of its activities, this company has applied for approval under the provisions of the Investment Code, for the construction-finishing and equipment of a four-star hotel. , a total capacity of 140 rooms in all categories, Plateau Plateau Niamey, “says the government.…

Saham Assurances acquired 24% of the capital of Khalladi Wind Farm. The announcement was made Monday, March 11 via a statement from ACWA Power that develops the project in partnership with the ARIF Investment Fund. This stake, it is said, will allow the insurer to sit on the Board of Directors of Khalladi Park located in Jbel Sendouq 30 km from Tangier, and required an investment of 1.7 billion dirhams. Inaugurated in June 2018, the Khalladi wind farm project is a completely private investment project, financed by equity from ACWA Power and Arif and by long-term debt from the European…

On 7 March 2019, Wifak Bank General Manager Mohamed Mellousse announced that he had obtained authorization from the bank’s board of directors to launch Islamic bonds totaling 150 million Tunisian dinars (around 50 million dinars). USD). The operation is the first of its kind in the country. The first tranche of the loan will concern 40 MD, indicates the bank which awaits the authorization of the CMF, the Financial Market Council. Launched since 2002 under the name of Wifak Leasing, the company began its activities with an initial capital of 5 MD. It will be listed on the Tunis Stock…

Faced with the press on March 6, 2019 in Nairobi, Joshua Oigara, the president of the Kenyan Bankers Association (KBA) said the banks support the strict regulation proposed by the Central Bank on money laundering. “We are behind these rules. We need to protect our financial sector, “said Oigara, who is also managing director of KCB (Kenya commercial bank). Pointing out that these laws were necessary to protect the integrity of the banking system. By a majority, MEPs wanted to relax the sanctions provided by the text they consider too “strict” in the fight against money laundering in the country.…

The Egyptian subsidiary of Attijariwafa bank has signed a memorandum of cooperation with Global Lease to finance and support SMEs in the country. According to a statement from Attijariwafa Bank Egypt, this cooperation protocol is part of the bank’s strategy to support financial inclusion and the so-called sustainable vision of Attijariwafa bank and Global Lease which aims to achieve expansion into the Egyptian market and provide services for a wider segment of customers. It also aims to support SMEs through the financing of capital increases and the provision of leasing services. In addition, the press release states that the bank…

Following nine months of negotiations, the Kenyan bank Sidian Bank has signed a capital injection of 1.2 billion Shillings (about 12 million USD) with the Danish private equity fund IFU (Investment Fund for Developing Countries). This signature, it is said, is part of an agreement providing for the gradual transfer of a 20% stake. The Danish fund is about to become Sidian’s second largest shareholder if it converted the entire investment into equities. He will have to follow the Centum Investment Company, the majority shareholder of the bank. “Under the financing agreement, the fund will have the option, in the…

Announced in recent months by the government, the privatization process of the Togolese Banking Union (UTB) and the Togolese Bank of Commerce and Industry (BTCI) has not yet come to an end. Met Monday, March 4 by our editorial office in Lome on the sidelines of the launch of the National Development Plan (PND), the...

Ecobank Transnational Incorporated is preparing to sign today in Lomé, a partnership agreement with the Togolese government on the National Development Plan (NDP) launched this Monday in the Togolese capital. For now, nothing is filtering the content of the document. Present at the launching ceremony, the director general of the pan-African bank will hold, before this signing, a conference-debate with experts including the French-Beninese Lionel Zinsou and former Togolese Prime Minister Gilbert Houngbo, current President of the International Fund for Agricultural Development (IFAD). Based in Lome, ETI is a bank founded in Togo in 1985 and present in 36 countries…

By Nephthali Messanh Ledy, Special Envoy to Kigali The third edition of the African Business and Social Responsibility Forum kicked off Wednesday in Kigali, the Rwandan capital. It is placed under the theme “Education, Employment and Social Commitment: What Models for Sustainable and Inclusive Growth? And ends Thursday. This is the first edition that takes place outside the Mauritian borders. “The digital revolution is leading to the disappearance of certain professions and to the emergence of new ones,” said Stéphane Moudouté-Bell, the general commissioner of the event in introductory words. In this context, he wondered, “how can companies contribute to…

Meeting on 14 February 2019, the Monetary Policy Committee (MPC) of the Central Bank of Egypt (CBE) decided to reduce by 100 basis points its rates which now stand at 15.75% as the rate of interest. interest on deposits, 16.7% on borrowings and 16.25% as the main rate. “MPC has decided to reduce the key rates by 100 basis points. This remains consistent with stringent real monetary conditions and with the achievement of the inflation target of 9% (± 3%) in the fourth quarter of 2020 and price stability in the medium term, “the body said in a statement. .…

According to the Evolution of the Togolese Financial System presented in the National Development Plan (NDP), the analysis of the performance indicators of the banking system shows that some banks still seem to face serious problems of solvency because “the financial situation of these has been weakened since 2012-2013 “. Without mentioning the institutions concerned, the paper points to a deterioration in solvency indicators, asset quality, profitability and liquidity. As a result, he continues, “the average capital adequacy ratios are lower and the ratio of non-performing loans higher than the WAEMU average”, which “indicates that repayment risks are high and…

According to its results not yet audited, the Tunisian insurance company Salim recorded, in 2018, a 13% increase in its turnover which goes from 90.2 million TND (36.4 million USD) in 2017 to 101 , 5 million TND (33.7 million USD). While non-life premiums jumped 20.49% to 61 million TND (20.3 million USD), life sector figures rose by only 2.5%. In addition, claims expense increased from TND 51.7 million (US $ 20.8 million) to TND 54 million (US $ 17.9), a slight increase of 4%. Subsidiary of the Housing Bank (BH), the insurer Salim is a company whose portfolio remains…

In Nigeria, Guinea Insurance Plc’s activities were suspended by the National Insurance Commission (NAICOM) in a decision issued on January 29, 2019 by the regulator. Reasons, the delay in the appointment of a new Director General and the non-compliance with certain measures, including the renewal of certain reinsurance treaties, among others. According to NAICOM, the company will no longer be able to take out new business. However, it is authorized to continue the management of its risk portfolio. Listed on the Lagos Stock Exchange, Guinea Insurance Plc is a non-life insurance group organized around 4 business lines: accident insurance which…

In Togo, less than 1% of bank loans go to the agricultural sector, which accounts for 60% of the active population and whose relative share in GDP is around 40%, according to the National Development Plan (NDP). Indeed, although Lomé is the third financial center of UEMOA with 13 banks established, “the financing of the Togolese economy, although at a favorable level compared to other WAEMU countries, remains far from the contribution brought by this system in emerging economies, “notes the document. The problem, he explains, is not only at the level of access to finance but also at the…

Since becoming the leading container port in the region since 2017, Lagos has been ranked first. Lomé owes its rank to some investments made in recent years by the Bolloré Group and Lomé Container Terminal (LCT). And in the medium term, Togo does not intend to stop there. In a competitive climate between West African...