Author: Editor

Despite unfavorable economic conditions, the Rwandan brewer Bralirwa almost quadrupled its net profit in 2017. Unveiled Monday, the company’s 2017 annual accounts show a profit after tax of 5 billion Rwandan francs (7 million dollars), against 1.4 billion francs (1.8 million dollars) in 2016, an increase of 263.3% from one year to the next. Welcoming this performance, Victor Madelia, the company’s General Manager, nevertheless reminded us that “these results were achieved despite a difficult business environment”. Quoted on Wednesday by the New Times, the leader explains that “the monetary depreciation (of the Rwandan franc, Ed) has resulted in an increase…

The Wärtsilä Group strengthens its presence in Senegal with the signing of an engineering, manufacturing and delivery contract for a 130 megawatt (MW) Flexicycle plant that will be an integral part of Senegal’s energy future. The project of Malicounda power station in Mbour is located 85 km from Dakar, the capital of the country. The order, registered in March, was made by Matelec, a provider of the independent energy producer MPG (Melec Power Gen) and entity of the Matelec group, based in Lebanon. The project is part of Senegal’s strategy to increase energy production while reducing the cost of electricity…

At its meeting today, the Board of Directors appointed Yasser Shaker as CEO of Orange Egypt effective May 1, 2018. Yasser Shaker is a recognized engineer who has played an important role in the technology sector for over 20 years. He graduated from the Faculty of Engineering of Cairo University and holds an MBA from the Ecole Supérieure de Commerce in Rennes (France). Previously, Mr. Yasser was Senior VP CTIO Orange Middle East and Africa (OMEA) where he contributed to the successful execution of the Orange Group’s strategy for the development of digitization in 19 countries. Previously, Yasser was the…

The President of the Republic of Cameroon, Paul Biya, ratified the agreement establishing the African Legal Support Facility (ALSF) on April 13, 2018 in the presence of his cabinet. Cameroon is the 25th member state to ratify the treaty. The bill authorizing President Biya to ratify the agreement was introduced in the Senate, under the chairmanship of Senate Speaker Marcel Niat Njifenji, after the country’s National Assembly adopted the proposed statute. After the 100 members of the Upper House voted in favor of the bill on March 15, 2018, it was forwarded to the President for ratification. Cameroon has a…

Following the announcement of the custody of Vincent Bolloré, the group reacted through a statement which here is the substance. A subsidiary of the Bolloré Group is the subject of a survey concerning invoices for communication services in Guinea and Togo for the years 2009 and 2010, following a complaint by a former collaborator sentenced for misappropriation of ‘assets at 3 years and 9 months imprisonment firm and about 10 million euros in damages. The Bolloré Group formally denies that its subsidiary company SDV Africa has committed irregularities. The services relating to these invoicing were carried out in full transparency.…

In his terrible race against time since February 2017 against the company Millicom for the purchase of Tigo Senegal, Kabirou Mbodj faced two enemies: time and money. On the first duel, the CEO of the Wari group has thought he won when he succeeded, helped by Afreximbank, to mobilize the amount requested, 80 billion CFA francs. Alas, it was too late. The deadline had expired, releasing the Millicom group from the sales agreement linking it with the Wari. The case should not stop there, Kabirou Mbodj having sued the owners of Tigo Senegal before the commercial court and, at the…

The 15th Annual African Private Equity and Venture Capital Association (AVCA) Conference kicked off today with speakers, panellists and renowned investors. The conference welcomes the 600 leading private equity leaders, representing more than $ 13 trillion in assets, to discuss key trends that impact investment on the African continent in 2018 and beyond. of the. The fourth annual GP-LP Summit on Sunday, co-chaired by Hurley Doddy, Managing Director and Founding Partner at Emerging Capital Partners and Murray Grant, Managing Director, Head of CDC Group’s Intermediate Equity, served as a platform for managers funds and investors to discuss relevant issues facing…

Gecamines has sued Kamoto Copper Company SA (KCC) and its majority shareholder group controlled by Glencore, in the Kolwezi Commercial Court, for the purpose of seeking the dissolution of KCC for the non-replenishment of its own funds within the legal period. KCC is a 25/25 joint venture owned by the Gécamines Group and 75% by the Glencore Group. On April 22, 2018, Katanga Mining, a subsidiary of Glencore, took the initiative to make public and comment on the procedure thus initiated by Gécamines. Gécamines wishes, as far as it is concerned, to make the following clarifications: Gécamines was obliged to…

The Breton industrial Vincent Bolloré was placed in custody in the premises of the judicial police of Nanterre this Tuesday morning, within the framework of an open judicial investigation notably for corruption and concerning the conditions of acquisition of two port terminals in Africa. The billionaire, also first shareholder of Vivendi, is implicated in the context of a judicial investigation, opened notably for corruption and concerning the conditions of acquisition, in 2010, of two container terminals operated by the Bolloré group in Lomé, Togo, and in Conakry, Guinea. According to the newspaper Le Monde, which revealed the information, magistrates suspect…

On the occasion of the opening of the 3rd Annual Conference of the International Network of Francophone Investment Promotion Agencies (RIAFPI), April 19, 2018 in Libreville, the Director of the National Agency for the Promotion of Investments (ANPI) Gabon, Nina Alida Abouna, Executive Director of Junior Achievement (JA Gabon), Radia Garrigues and Bpifrance International Expertise Manager, Vincent di Betta, have signed a technical services contract as part of the reinforcement the capacity of Gabonese support structures to serve innovative entrepreneurs. This signature, in the presence of the Minister for the Promotion of Private Investment, responsible for national entrepreneurship, Madeleine Berre,…

The Moroccan Capital Market Authority (AMMC) has issued a visa for a perpetual bond of the phosphate group OCP S.A on the debt market. The operation is capped at 5 billion dirhams (500 million euros) with five compartments, one of which is listed on the Casablanca Stock Exchange. The subscription period runs from May 2nd to 4th, 2018. The OCP group has launched a major investment program for an amount of about 200 billion dirhams over the period 2008-2030. This investment program is partially financed by equity and debt. In order to satisfy part of these financing needs, the Company…

Mazagan Beach & Golf Resort is the craftsman of unforgettable holidays under the sun. In an exceptional place, the holidays are spent relaxing, leisure and sport. The whole family will be able to be lulled by the sweetness of summer, and share tasty moments around delicious meals offered by the restaurants feet in the water; choice of Spanish cuisine, barbecue grill and pizza. And, at Tutti Frutti at the edge of the pool, place to greediness. Around the beach, place to action with a multitude of activities for all ages: adrenaline rush in jet-ski, quad, or on the track karting,…

Total’s acquisition of Marathon Oil last March for a $ 450 million block in the Waha deposits has not yet received the green light from the Libyan authorities. The sale is disputed because of a price deemed low according to some. A counteroffensive by the National Oil Corporation (NOC), the Libyan state oil company, is not to be ruled out, say several sources. Tripoli is looking at the value of the 16.33% stake to eventually raise funds for a counter-offer with funding from Libya’s Libyan Investment Authority (LIA), a source quoted by Reuters as saying. The acquisition by Total must…

Launched with fanfare in July 2012 in Brazzaville, the Forbes Africa franchise is stopped due to apparent financial difficulties. The last issue was published in October 2017. Faced with this blockage, journalists and staff who, for some have not been paid for 14 months, decided to form a collective. In a joint missive, addressed last week to Mr. Ebata, and that Financial Afrik has procured exclusively, the injured employees speak of “a serious situation”, while also evoking a series “of possible options for to be recognized in their rights “. Already, several bailiff letters have reached the Paris headquarters…

INNOVATION RIME WITH FUTURE, BOTH MAY BE AFRICAN No week passes without some important news about the impact of technology in our lives. Such an impact is obviously not new. Many times, the pace of change has accelerated thanks major discoveries such as printing, electricity or combustion engines. Some would say that our contemporary experience of technological innovation does not significantly alter the dynamics of similar changes experienced in the past. Many, however, agree that something much bigger is going on. We grew up with negative perceptions about Africa’s development prospects. We engaged in discussions about aid effectiveness, poverty reduction,…

Amen Bank and the Islamic Insurance and Export Credit Corporation (ICIEC) have signed an agreement for an insurance policy to cover US $ 50 million confirmed bank letters of credit . This agreement was signed on April 5, 2018, by Ahmed El Karm, Chairman of the Executive Board of Amen Bank, and Osama Kaissi, Executive Director of ICIEC, on the sidelines of the annual meetings of the Islamic Development Bank Group (IDB) which were held from 1 to 5 April 2018 in Tunis. Under the terms of the agreement, ICIEC will cover up to 90% of the value of Amen…

By OSSENE OUATTARA, Yamoussoukro. After their meeting on Saturday, April 7 during which they expressed their will to take their “destiny in hand” in the face of the “problems” of their sector, the members of the National Federation of Cashew Producers of Ivory Coast ( FENAPACI) have given the cover this Saturday, April 21st. This time, they were joined in the sumptuous cinema hall of the Yamoussoukro Hotel President by buyers, exporters and industrialists (processors). These four colleges have affirmed their union through the National Association of actors of the cashew sector. Who is a permanent framework for consultation and…

The new Agricultural Bank of Burkina Faso (Faso BADF) has obtained its approval from the UEMOA Banking Commission. The institution with a capital of 14.27 billion FCFA has a tour de table rather broke with 13 organizations of the peasant world, 3 State companies, 8 private companies and 70 natural persons. Fifteenth bank in Burkina Faso, the BADF’s main missions are to mobilize popular savings in rural areas, to finance inputs in quantity and quality, as well as agro-business. Agriculture, which accounts for 35% of the country’s Gross Domestic Product (GDP) and employs 82% of the labor force, receives barely…

The President of the African Export-Import Bank (Afreximbank), Dr. Benedict Oramah, received yesterday the New York University Africa House (NYU) Africa House Leadership Award, as the Institute celebrated its gala biennial. Presenting the award, Professor Yaw Nyarko, Director of Africa House, said Dr. Oramah had been chosen for his outstanding contributions to promoting intra-African trade, industrialization in Africa and helping the continent to the growth. Professor Nyarko noted that under the leadership of President Oramah, Afreximbank has witnessed exceptional financial performance, with a significant increase in the asset base and a doubling of the balance sheet to $ 12 billion.…

The Republic of Congo welcomes the agreement reached with the International Monetary Fund (IMF) to support its program of economic and financial reforms under CEMAC. This agreement is supported by other multilateral donors, such as the World Bank and the African Development Bank (AfDB). Through this agreement, subject to the approval of a forthcoming IMF Board of Directors, the institution and its partners will provide the Republic of Congo with funding to support the three-year economic and fiscal measures. The Republic of Congo is pleased to have met all the criteria to be eligible for financing of its economic and…

BMCE Bank of Africa participated in the 3rd edition of the ” Morocco Capital Market Days ” organized in London on Monday, April 16th and Tuesday, April 17th by the Casablanca Stock Exchange and the London Stock Exchange and at the 1st edition of the Conference ” Morocco, a gateway to Africa “, organized on Wednesday April 18 by the Moroccan Embassy in Washington and the Casablanca Stock Exchange in the Citi Executive Conference Center in New York, in partnership with Citibank. These two events of international scope and scope aim to promote the Moroccan financial center as well as…

The 3rd edition of the annual conference of the International Network of Francophone Investment Promotion Agencies (RIAFPI) opened in Libreville under the High Patronage of HE Ali BONGO ONDIMBA, President of the Republic, Head of State. The meeting which evokes the urgency of the industrialization of the continent, takes place at the Counter of Investment, headquarters of the National Agency for the Promotion of Investments (ANPI-Gabon). The event welcomes the representatives of the 18 investment promotion agencies members of RIAFPI, as well as several experts and business leaders who work on the theme of industrialization in the French-speaking world. The…

Maroc Telecom acquired 10% of the capital of its Burkinabe subsidiary Onatel S.A. The transaction took place on the Regional Stock Exchange (BRVM) for a value of 41 million euros. The transaction was settled at a price of 8,000 FCFA per share. The Moroccan group now holds 61% of the capital of the Burkinabe company. As a reminder, Maroc Telecom took over 51% of Onatel in December 2006 through a privatization operation in which several regional groups participated.

The insurance sector is currently living in a climate of uncertainty regarding the measures to be taken to equip itself with the necessary tools for the fight against money laundering, the financing of terrorism and the non-proliferation of weapons of mass destruction ( AML / CFT / ADM). Indeed, insurance companies are in a process of compliance with national and international regulatory requirements in the field, one of the necessary actions to get Tunisia out of the blacklist of third countries at risk BA / FT / ADM of the European Union and the FATF. In this general context,…

On April 20, 2018, the BANK OF AFRICA Group presents the results as of December 31, 2017 of its six subsidiaries listed on the Regional Stock Exchange (BRVM) of Abidjan. These are, in the order of their IPO: BOA-BENIN (2000), BOA-NIGER (2003), BOA-CÔTE D’IVOIRE and BOA-BURKINA FASO (2010), BOA-SENEGAL (2014) and BOA-MALI (2016) The event takes place Friday, April 20 in Abidjan, Azalai hotel at 17.00, in the presence of the financial community: stockbroking companies, investment funds, institutional and private investors, analysts and journalists. The aim is both to deliver quality financial communication, reliable and transparent, and to work with…

Of the two candidates in the running to succeed Miriam Bensalah at the head of the General Confederation of Enterprises of Morocco (CGEM), that of Salaheddine Mezouar is the most political, the most intriguing too. In turn industrial, Minister of Commerce, Minister of Economy and Finance, Minister of Foreign Affairs, Salaheddine Mezouar is one of the two candidates in the running for the presidency of the CGEM. With his running mate Fayçal Mekouar, vice-president of the employers, Mezouar share favorite against the duo formed by Hakim Marrakchi and Assia Aiouch Benhida. Only downside, the former chairman of the political…

Sékou Dramé, 45, succeeds Alioune Ndiaye as director of Sonatel. The Senegalese subsidiary of the Orange group held its board of directors on April 17 in DAKAR, marking the departure of Mr. Ndiaye, promoted as Executive Director of Orange Middle East and Africa (OMEA), serving on the Executive Committee of the Orange Group. However, Alioune Ndiaye does not permanently abandon Sonatel, since he will now chair the board of directors. The new Sonatel Director General, Sékou Dramé, is a telecommunication engineer with a degree from the Ecole Nationale Supérieure des Télécommunications Paristech. He has been with Sonatel for 15 years…

By Lilia Hachem Naas, Director, Office for North Africa, Economic Commission for Africa (ECA) In Africa, the train of regional integration is now under way. On 21 March 2018 in Kigali (Rwanda), the majority of the continent signed the agreement for the establishment of the African Free Trade Area (ZLECA), the largest free market of goods and services since the creation of the WTO. In North Africa, from Sudan to Mauritania, via Egypt, Libya, Tunisia, Algeria or Morocco, all the countries have responded: the ZLECA offers them an opening towards new markets in the world. time when trading partners such…

By Jacques Leroueil With a focus on profitability for the time being, the pan-African online sales platform is aligning a new negative exercise. Like its big brother and American model Amazon, long deficit, the pan-African company e-commerce Jumia multiplies the years in the red. Posted in a statement Friday, from the Lagos continental headquarters, the results of fiscal 2017, are no exception. Sales of the online sales platform may well have increased by 11% in 2017 (to 93.8 million euros), its losses have not diminished, the gross operating deficit reaching 120 million euros, compared to 91.3 million euros a year earlier.…

The Board of Governors of the Islamic Solidarity Fund for Development (ISFD) closed its 11th meeting on Thursday, April 6, 2018 in Tunis. During this meeting, the Council adopted the Fund’s annual report, which highlights the most important achievements of the ISFD in the fight against poverty in member countries. The total amount of projects and programs approved by the Fund since its establishment amounted to US $ 734 million for 117 concessional loans and grants to 33 countries. Of this amount, $ 175 million was allocated in 2017. This funding has been allocated to several sectors such as microfinance,…