Author: Editor

In order to defend its reputation and that of all its employees, the BGFIBank Group appealed at the beginning of the year to the assistance of the law firm AUGUST DEBOUZY. The firm AUGUST DEBOUZY thus defends the interests of the BGFIBank Group in the dispute between BGFIBank DRC to his former employee Jean-Jacques LUMUMBA and facing allegations of illegal activities denounced by the American NGO The Sentry. The BGFIBank Group is an international financial institution whose functioning is based on a comprehensive system for the prevention and detection of money laundering, terrorist financing, non-compliance with embargoes and financial…

An investigation by the Integrity and Anti-Corruption Bureau of the African Development Bank revealed that the consulting firm engaged in numerous fraudulent practices. The fraud took place in the context of a call for tenders for consulting services to the Agroforestry Development Support Project in the Democratic Republic of Congo. The consulting firm responded to a call for tenders for technical studies, biophysical and cartographic services. In its bid, the said company made false statements concerning its experiences in conducting similar studies and the remuneration of its experts. In addition, GEO SCIENCES failed to disclose a potential conflict of…

The first Moroccan banking group announces a consolidated net profit of 3.44 billion dirhams (344 million euros). This is a record absolute value resulting from the integration of former Barclays Egypt into the scope of consolidation. In terms of performance, net banking income rose by 5% to 11.28 billion dollars. The net result of the bank is 5.52% higher than in the first half of 2017. The NPRI is slightly better, up 6.5% between the two periods. The African subsidiaries (Egypt, Tunisia and Sub-Saharan Africa make a profit of 1.27 billion dirhams, almost at the same level as the contribution…

The African Risk Capacity (ARC) today announced that it has joined the World Economic Forum (The Forum) towards sharing ideas with other global, independent, impartial and future-oriented leaders keen on improving the state of the world, especially in natural disaster risk reduction and resilience. Over the past four decades, Sub-Saharan Africa has experienced more than 1,000 disasters often with devastating humanitarian crises. The escalating frequency of these extreme hydro-meteorological events and the challenges posed to Africa’s effort to achieve food security and development goals warranted that the development of a homegrown solution. In November 2012, African Union (AU) established the…

Barely three days after inaugurating its Casablanca headquarters, Africa 50 made another powerful move indicating her resolve to be Africa’s platform of choice for investments in infrastructures. Along with the African Development Bank (AfDB), the European Commission, Mariner Investment Group, LLC (Mariner), and Mizuho International plc Africa 50 is involved in the announcement of the pricing of Room2Run, a US $1 billion synthetic securitization corresponding to a portfolio of seasoned pan-African credit risk. Room2Run is the first-ever portfolio synthetic securitization between a Multi-Lateral Development Bank (MDB) and private sector investors, pioneering the use of securitization and credit risk transfer technology to…

Afreximbank Executive Vice President Denys Denya (2nd right) in handshake with Alisher Mirsoatov, Chairman of NBU, following the signing ceremony in Tashkent. The African Export-Import Bank (Afreximbank) and the National Bank for Foreign Economic Activity (NBU) of Uzbekistan have entered into a cooperation agreement aimed at strengthening economic relations between African countries and Uzbekistan. The agreement, which was signed on 5 September on the sidelines of the Egyptian-Uzbek Business in Tashkent, will see the two banks financing Africa-Uzbek trade valued at up to $50 million, on a non-committal basis, under the economic development initiatives of the Government of Uzbekistan. The agreement will also…

Former Nigerian President Olusegun Obasanjo and leading development economist Prof. Jeffrey Sachs will headline the second Babacar Ndiaye Lecture, to be held in Bali, Indonesia, on 13 October 2018, the African Export-Import Bank (Afreximbank) has announced. They will speak on the theme “Global Power Disequilibrium, Trade Wars and Implications for Africa” during the international lecture series instituted by Afreximbank to honour Dr. Babacar Ndiaye, the former President of the African Development Bank who died on 13 July 2017. Former CNN Anchor Isha Sesay will serve as moderator and master of ceremony of the lecture scheduled to take place on the sidelines of…

WITH “ROOM2RUN,” AfDB LAUNCHES SECURITIZATION MARKET FOR MULTILATERAL DEVELOPMENT BANK SECTOR TRANSACTION IS IN DIRECT RESPONSE TO G20 ACTION PLAN FOR MDB BALANCE SHEET OPTIMIZATION AfDB COMMITS TO REINVEST FREED UP CAPITAL INTO NEW AFRICAN INFRASTRUCTURE LENDING, MAKING ROOM2RUN ONE OF THE LARGEST IMPACT INVESTMENTS EVER TRANSACTION IS SUPPORTED BY NEW EUROPEAN UNION GUARANTEE TOOL (EUROPEAN FUND FOR SUSTAINABLE DEVELOPMENT) OTTAWA, Canada, 18 September 2018 — The African Development Bank (AfDB), the European Commission, Mariner Investment Group, LLC (Mariner), Africa50, and Mizuho International plc today announce the pricing of Room2Run, a US $1 billion synthetic securitization corresponding to a portfolio…

The 24th Session of the Inter-Governmental Committee of Experts (ICE) of Southern Africa opened in Mauritius Tuesday with an impassioned plea from Foreign Affairs, Regional Integration and International Trade Minister of Mauritius, Mr. Seetanah Lutchmeenaraido, for Africa to unite and work together as one if it is to bring inclusive development to its people. Mr. Lutchmeenaraido said Africa must first believe in itself with political leaders giving the right message that; “We can do it. We can stand on our own feet; that South- South cooperation is a reality; that we can work together in a win-win situation with mutual respect…

The African Export-Import Bank (Afreximbank) has closed a Korea-focused $150 million club facility which has Shinhan Bank as coordinator and lender. Other banks participating as lenders in the facility, which has a three-year tenor, are KEB Hana Bank, Woori Bank and NongHyup Bank. Speaking at the signing ceremony held in London on 14 September, Denys Denya, Afreximbank’s Executive Vice President in charge of Finance, Administration and Banking Services, said that the facility would greatly enhance Afreximbank’s capacity to achieve its core mandate, in particular, expanding intra-African trade, supporting export manufacturing, and significantly filling the trade finance gap the continent was currently experiencing,…

Chad’s minister of economic planning and development, Issa Doubragne, has pledged his government’s commitment to finalizing work on the country’s Master Plan for Industrialization and Economic Diversification within the next six months. “Chad has no more time to waste,” said Mr. Doubragne, adding “I assure you that we will, in partnership with all stakeholders, accelerate a proper formulation and implementation of this Master Plan so that Chad can emerge – in the next four or five years – amongst the most resilient and diversified Central African nations.” The minister was speaking in N’Djamena on 17 September during an event to…

The Economic Commission for Africa, the African Development Bank (AfDB) and the National Institute for Statistics and Applied Economics (INSEA) of Morocco launched today a joint training on agricultural statistics. Agriculture currently contributes more than 40% of Africa’s GDP and employs more than 70% of its population while current priorities include the Sustainable Development Goals and regional integration through Agenda 2063. “Statistics will [therefore] play a key role as a measurement and control tool to observe countries’ progress towards these goals”, said Lilia Hachem Naas, director of the ECA Office for North Africa in her opening speech. For a week,…

An investigation by the Office of Integrity and Anti-Corruption revealed that the consulting firm and its executive director engaged in an obstructive maneuver. The African Development Bank Group announced on September 10, 2018, the exclusion of the African Center for Applied Forest Research and Development (CARFAD), a consultancy based in Yaoundé, Cameroon, and Mr. Benjamin Tchoffo, its executive director, for a minimum period of 36 months. An investigation by the AfDB Integrity and Anti-Corruption Bureau revealed that CARFAD and Tchoffo engaged in an obstructive maneuver by significantly impeding the exercise by the African Development Bank. its right to conduct inspections…

The National Real Estate Company (SNI), Gabon’s first public landlord, has just announced the opening of its expertise to the general public through the creation of an assistance counter to help individuals build their homes from funds. own. According to the general direction of the SNI, the counter offers to “participate, in particular, from the conception to the realization” of the habitats of the individuals and by evaluating the overall cost of the construction. This initiative is part of the goal set by the Gabonese government to guarantee decent housing, to the greatest number of nationals and to provide them…

The Day of Integration and Sharing of the Senegalese Investors Club (CIS) ended Saturday at the King Fahd Palace on the announcement made by the President of the Club, Babacar Ngom, of the next up an investment company of at least 20 billion CFA francs of capital. Thus, three months after its establishment on June 2, 2018, the Senegalese Investors Club (CIS) has allowed its 50 members to exchange, to get to know each other better, and to validate the activities carried out by the Board of Directors. on the quarter of existence. Before the end of the meeting, the…

Japanese NEC XON and Senegalese La Colombe Group launch one of the first cyber-security centers south of the Sahara. The event will take place on September 11, 2018 in Dakar, writes Confidential Africa. NEC XON is the third largest industrial conglomerate in Japan. The Colombe Group is a leader in the outsourcing of banking operations in the UEMOA region. Founded by Djiby Chimère GUEYE, the company opens its first subsidiary in Cyber-security in Senegal, the first of its kind south of the Sahara. For Nec Xon however, it is the second sub-Saharan subsidiary after the one opened in South Africa.…

By François Conradie, NKC African Economics. During the two decades following the end of apartheid in 1994, South African banks, like other South African firms, sought to expand north of the Limpopo River, thinking they could take advantage of the advantage. that would give them on the African markets the know-how acquired on the South African market, more competitive and sophisticated. Thus Standard Bank has established the Stanbic network on the continent, ABSA (as Barclays Africa since its takeover by the old British bank in 2005) has started to be part of an extensive network in English-speaking Africa,…

The marketing offering Ringier Digital Marketing (RDM) Afrique has been established with a careful build-up over the past year – gaining experience with clients in the markets Senegal and Côte d’Ivoire and beyond DAKAR, Senegal, September 14, 2018/ — With headquarters in Dakar, Senegal, Ringier Africa Digital Publishing (RADP)’s (www.RADP.africa) Ringier Digital Marketing (RDM) Afrique & Pulse Live Afrique have now been established to serve users and clients in Senegal, Côte d’Ivoire and further countries in French-speaking Africa. Over the past years, Ringier Africa Digital Publishing (RADP – www.RADP.africa), Ringier AG’s African integrated media group has grown rapidly to develop quality…

Once is not custom. In this ranking of the top 25 banks in Africa, we leave the dictates of the total balance sheet. If only because overweight is not always a sign of good health, we thought that the size of a bank expressed by the aggregation of assets should be supplemented by turnover ( GNP), the net result and, on the other hand, the country network in Africa. It is this last element that is important in our ranking because it is the only one that carries the regional development project. On arrival, most banking institutions in the first…

Despite the rise in the price of a barrel of oil which is around 78 US dollars against 40 US dollars a year ago, oil activities stagnate on average in the area of ​​the Economic and Monetary Community of Central Africa (CEMAC) which includes Gabon, Cameroon, Equatorial Guinea, Congo, Chad, the Central African Republic (the only country in the zone that does not produce oil). The economies of member states are supported by activities outside the oil sector, reports the Bank of Central African States (BEAC) which indicates that this sector will contribute to the growth of Member States by…

BHS, CHAMPION OF BANKS OF HABITAT To understand the economic model of housing banks, we approached one of the actors in the field. General Director of the Housing Bank of Senegal (BHS), Mamadou Bocar Sy is a graduate of the renowned Center for Economic and Banking Financial Studies (CEFEB), a DES in Banking Management of Paris 1. Working for 30 years the emergence of a strong institutional and technical framework to encourage the participation of financial institutions in support of this sector, Mr Sy is part of the cohort of banking managers who have made Senegal a pole of reference…

DUBAI, A NEW DOOR FOR TRADE IN AND TO AFRICA Undoubtedly, Dubai has become over the years a strategic economic hub for many international players. Recently, this city has also managed to establish itself as a springboard for trade from and to Africa. How have these evolved and how important is the relationship between the continent and the city of Emirati today? Elements of answers in this exclusive interview with the President of the Dubai Chamber of Commerce, His Excellency Hamad Buamim. Interview by Szymon Jagiello, Financial Afrik’s European Affairs Correspondent Over the last two decades, Dubai has become a…

United Bank for Africa presents audited financial results for the first half of 2018, with strong growth, with a significant contribution from its African subsidiaries. The bank of Nigerian origin recorded a 16% increase in gross revenues to 749 million US dollars. This, despite a low-yield environment in two key markets, Nigeria and Ghana. Operating income also grew by 4.1% to $ 489 million. Pre-tax earnings were $ 169 million, which was resistant to inflation. Profit after tax also increased to US $ 127 million, up 3.4%. The first half result translates into a return on average equity before and…

African companies listed on the London Stock Exchange (LSE) have a total market capitalization of more than $ 200 billion and over the last 10 years have raised more than $ 16 billion in the London markets. According to an LSE press release, the 108 African companies listed in London have a market capitalization superior to any other place outside the continent. Apart from the equity market, there are 9 African sovereign bonds listed in London: Gabon, Ghana, Namibia, Nigeria and Zambia. London is a leading partner for African companies seeking to attract international investment. In May 2018, Angola launched…

By: Antonio Pedro and Julian Slotman, ECA Sub-regional Office of Central Africa Four years after the oil boom ended and Central African countries faced a sudden reverse in their fortunes from the strong growth of the early 2000’s, the subsequent oil glut and nose-dive of commodity prices have left a bitter taste of over-dependence on oil and other extractive industries in the mouths of many people in Central Africa. The challenges are real because unfortunately, countries in Central Africa, as producers of unprocessed raw materials, are perennially exposed to external shocks and locked in the lower end of global value…

MTN is facing increasing pressure from the Ugandan regulator to list its local subsidiary on the Kampala Stock Exchange. This is the question that is agitating the landerneau of Ugandan financial operators: will MTN Uganda be, yes or no, soon to be listed on the Kampala Stock Exchange? The speculation that surrounds the Ugandan subsidiary of the South African operator MTN follows a recent article in the Bloomberg financial news site, published at the end of August, which claims that the company was put under pressure to join the rating. from Kampala. MTN Uganda, which is due to renew…

Egyptian Exchange (EGX) President Mohamed Farid Saleh announced at the Euromoney conference that about five companies will be listed on the Egyptian market by the end of the year. The head of the Cairo Stock Exchange added that initial public offering (IPO) yields reached LE 2 billion in 2016 and increased in 2017 to LE 4 billion. This volume is 56% generated by foreign investors. Egypt has undertaken a series of reforms to make its financial market more attractive. The country would like to float all major state-owned companies within three to five years. In March 2018, former Finance…

Cairo, 12 Sept. 2018: – The $850 million in financing facilities being made available to the African Export-Import Bank (Afreximbank) by two Chinese financial institutions will allow the African trade finance bank to greatly expand its support to African businesses seeking to diversify and expand their trade activities, Bank President Prof. Benedict Oramah has said in Cairo.

Since the start of its activities in 2014, the National Bank for Economic Development (BNDE) has been able to adapt its strategy to the needs of its core SME / SMI target and market developments. BNDE is currently in a growth dynamic characterized by actions to consolidate its strategy of supporting emerging SMEs and SMIs, in line with its “Business Plan” 2017-2021, characterized by its new vision for 2021 : “To be an innovative, efficient, accessible bank, privileged partner of SME-SMI for the economic development of Senegal”. BNDE has also led important internal projects to align with the new regulations…

Allianz Congo Insurance announces the appointment of Joseph EYOK as Chief Executive Officer. He replaces Cédric Viallet. This appointment is effective from September 4, 2018, subject to validation by the Interafrican Conference of Insurance Markets (CIMA). A member of the Allianz group since 2014, Joseph Eyok was previously Deputy General Manager of Allianz Cameroun Assurances. From PwC to Paris to Allianz in Africa. The new Chief Executive Officer has international experience in the insurance sector. Aged 42, Joseph Eyok began his career in Paris in 2000, in the audit and insurance consulting at PwC. In 2004, he joined the…