Author: Albert Savana

By Rodrigue Fenelon Massala, senior reporter. Congolese-Malian businessman Oumar Diawara won an unprecedented legal battle against the State of Côte d’Ivoire on October 22 in the case between him and BNI Gestion. The highest judicial body in the ECOWAS zone agreed with him. The Abuja-based court condemns Côte d’Ivoire to pay damages set at one billion two hundred and fifty million CFA Francs (1,250 million FCFA) in addition to restitution of land whose value is set at twenty billion of CFA francs. Genesis of an imbroglio: when BNI Gestion sold Perl Invest To understand the case, a brief look back…

Rwandan Prime Minister Edouard Ngirente announced on Tuesday that his country is in the final stages of manufacturing vaccines. A news that delighted the hall of the Durban International Convention Center, in KwaZulu-Natal, South Africa, where the second edition of the Intra-African Trade Fair (IATF) is being held. At the end of October, the German laboratory BioNTech announced that it will begin in mid-2022, the construction of production sites for messenger RNA vaccines in Senegal and Rwanda. This, after a commitment made at the end of August between the stakeholders during a meeting in Berlin. The Rwandan site is designed…

Cameroon, whose objective is to become an emerging economy by 2035, launched a few months ago, the National Development Strategy (SND 30) for the period 2020 and 2030. The achievement of this vast program generally requires a financing of more than 37,500 billion FCFA ($ 66 billion) according to the Ministry of the Economy, Planning and Regional Development, which does not rule out the possibility of making adjustments. Before the implementation of this development plan, one of the most difficult equations to resolve is the mobilization of financing in a difficult economic context since the revival of activity remains timid,…

Verdant Capital announced, in a press release on November 15, that it has closed 4 private equity transactions in South Africa, with significant fundraising for Bridge Taxi Finance and Retail Capital, the sale of Nedan Oil and the sale of Baxi at MFS Africa. According to the document, the investor has raised $ 20 million in debt financing on behalf of Bridge Taxi Finance from a small group of leading international investors. These funds, it is said, will be used to accelerate the growth of the facility’s finance lease portfolio. Verdant Capital also says it has raised $ 10 million…

On a trip to Moscow (Russia) last week, Abdoulaye Diop, Malian Minister of Foreign Affairs, discussed on November 11, 2021 with his Russian counterpart Sergei Lavrov on several subjects including economic and commercial development between their two countries. According to the Malian diplomat, Russia was “one of the first to assist Mali in various fields, and not just military”. His country has several types of “untapped” potential, he said, adding that trade can follow several axes. For example, Russian companies may wish to work with Malian cotton since Mali is “the leading African producer” in this area. “Mali is also…

A masterstroke for the CEO of Fidelity Bank PLC, Ms. Nneka Onyeali-Ikpe, one of the few African women to run a bank. With more than three decades of experience and a background in several institutions including Standard Chartered Bank and Zenith Bank, the head of one of Kenya’s top-rated banks managed to raise USD 400 million between October 21 and 28. The African Export-Import Bank (Afreximbank) through its investment banking arm Advisory & Capital Markets (ACMA) acted as Joint Lead Manager (JLM) and Bookrunner for this Eurobond Fidelity Bank Plc denominated on 5 years. The other members of the placement…

On the morning of Sunday, November 14, armed men stormed a gendarmerie detachment in Soum province, located in northern Burkina Faso. The provisional report announced the evening by the government shows 20 people killed including 19 gendarmes and a civilian. “We suffered a cowardly and barbaric attack, but the men bravely resisted the enemy,” said Maxime Koné, the Minister of Security. Adding that “22 survivors were found”. “A sincere official assessment will be made,” he said. The attack was carried out by “a large number of armed individuals” circulating “in several pick-ups and motorcycles,” the government said. Operations are still…

The second edition of the Intra-African Trade Fair (IATF 2021) starts this Monday, November 15 with personalities from the world of commerce, entrepreneurs, financiers, governments and regulators. All these social strata will debate the acceleration of trade and investment across the African continent. Organized by the African Import-Export Bank (Afreximbank) in collaboration with the African Union (AU) and the Secretariat of the African Continental Free Trade Area (Zlecaf), IATF 2021 takes place at the Durban International Convention Center , in South Africa, until November 21, 2021. A coastal city in the province of KwaZulu-Natal in eastern South Africa, Durban is…

The son and political heir of the former Libyan leader the late Muammar Gaddafi officially applied for the presidential election on Sunday November 14th scheduled for December 24th. The false suspense that could still be observed has just been lifted. the Muammar Gaddafi’s son had already announced his presidential intentions. The “sword of Islam”, that’s the meaning of his first name, is officially back on the Libyan political scene as Financial revealed in February 2021. Aged 49, Saif al-Islam, second son of Muammar Gaddafi, has long harbored ambitions to succeed his father. He was long presented as the potential successor…

Following the sudden death of its outgoing president, the irremovable Djibril Bopaka, the National Union of Congolese Economic Operators (UNOC) elected on November 11, 2021 in Brazzaville, during an extraordinary general assembly, Dr Jean Daniel Ovaga, head of the Sécurex Clinic at the head of the employers’ organization. The election of Jean Daniel Ovaga to the presidency of the Congolese employers constitutes, in the eyes of several observers of the business world, a renewal on the Congolese employers’ chessboard. He will be responsible for settling the issue of domestic debt which penalizes many Congolese economic operators and expressing the entrepreneurs’…

The State of Niger, through its General Directorate of Treasury and Public Accounts, raised on November 11, 2021 on the financial market of the West African Monetary Union (UMOA) an amount of 27.500 billion FCFA (41.250 million d ‘euros) at the end of its issue of assimilable Treasury bonds (BAT) called “support and resilience bonds” with a maturity of 364 days, organized in partnership with the UMOA-Titres Agency based in Dakar. Launched by UMOA-Titres in collaboration with the Central Bank of West African States (BCEAO), the issue of support and resilience bonds aims to allow the issuer to mobilize the…

The net profit of Tractafric Motors Côte d’Ivoire (TMC), which specializes in the sale of new motor vehicles, increased by 158% at the end of the third quarter of 2021 compared to the same period of 2020. This result stood at CFAF 2.791 billion against CFAF 1.082 billion as of September 30, 2020. According to TMC managers, it is the maintenance of margin rates and the rigorous control of operating expenses that have led to this result. results. As for the turnover, it amounted to 48 billion FCFA against 37.009 billion FCFA as of September 30, 2020, an increase of…

The International Finance Corporation (IFC) has arranged a financial package of 161.25 million euros for the CIMAF group (Ciments d’Afrique) in order to stimulate its cement production and finance its sub-regional ambitions. Proparco and Emerging Africa Infrastructure Fund (EAIF) also participated in the financing. The facility comprises a loan of EUR 92.5 million for own account from IFC, a parallel loan of EUR 33.75 million from Proparco and a B loan of EUR 35 million from EAIF. It should enable CIMAF to expand its existing cement grinding plants in Ghana and Mali and to build a new integrated state-of-the-art cement…

The Council of Ministers of Mali proceeded, Wednesday, November 10, to the adoption of the draft texts relating to the ratification of a financing agreement signed on September 21 in Bamako with the International Development Association (IDA) relating to phase II of the regional project to support pastoralism in the Sahel. Through this agreement, IDA is providing funding of 24.8 million euros to the country. “This funding is intended to support the efforts of the government of the Republic of Mali to promote the pastoral sector, improve the resilience of pastoralists and agro-pastoralists in the targeted areas and promote the…

The coming months will be decisive for the Cameroonian economy, whose throes of the difficult economic situation on an international scale cast serious doubts on the competitiveness, even the survival of the production tool. The Groupement inter patronal du Cameroun (GICAM) in an alert on November 9, 2021 integrating the negative impact of the health crisis linked to the coronavirus, is particularly worried about the exponential increase in the costs of supplying raw materials and the explosion of sea ​​freight with increases varying between 20 and 400%. In view of this situation, which could explode if the authorities fail to…

After contracting by -0.6% in 2019 and -8.2% in 2020, Congo’s real GDP will once again fall into negative territory (-0.2%) in 2021, according to revised data from the International Monetary Fund (IMF), which expects growth of 2.4% in 2022. “This recovery should be stimulated by the rise in oil prices, the rebound in Congo’s oil production, the deployment of vaccines, social spending, the repayment of domestic arrears and the expansion of agriculture, mining and services. However, the outlook is surrounded by significant uncertainty with risks of new waves of pandemic and volatility in oil prices, ”said the institution in…

Oragroup is preparing an issue of new bonds for a maximum amount of CFAF 20 billion by private placement with a limited number of qualified investors. The project will be submitted to shareholders on November 22 in Lomé (Togo), during an ordinary general meeting of the bank based in the Togolese capital. According to the announcement viewed by Financial Afrik, the operation is for a period of 7 years, with an interest rate of 7.15% gross per year. The bank opts for half-yearly amortization with a 2-year franchise with regard to the repayment profile. Present in 12 countries of West…

Officials from the Turkish company NZP, which specializes in refining gold and other metals, have expressed a desire to set up a refinery plant in the Democratic Republic of the Congo, saying “start first in Kinshasa”. “We have come to respond to the call of the President of the Republic, Félix Tshisekedi Tshilombo, to create a refinery company that can allow the refining of Congolese minerals”, unveiled to the press the delegate of the Turkish company, Murat Niziplioglu, in leave a working session with the Minister of Industry, Julien Paluku Kahongya, on November 8, 2021 in Kinshasa. A country with…

Alstom’s board of directors announced on November 8, 2021, the signing of an agreement worth 876 million euros for the modernization of the Cairo metro in Egypt. Under the terms of the contract, the Metropolis metro will be designed and manufactured in France, at the Alstom site in Valenciennes Petite-Forêt. In addition, the other French sites concerned are Le Creusot, for bogies and engine integration, Villeurbanne, for passenger information systems, and Toulouse, for electrical engineering. According to Bruno Le Maire, the French Minister of Economy and Finance, the contract provides for the supply by Alstom of 55 trains of 9…

By Daniel Djagoué, Special Envoy in Dubai Comoros was in the spotlight on November 8, 2021 at the Dubai World Expo launched on October 1. An opportunity for the country to present its strengths in terms of investment. A little over a month after the opening of the Universal Exhibition held in Dubai, the Union of the Comoros, an archipelago located off the east coast of Africa, was in the spotlight on Monday with a delegation led by its president, Assoumani Azali. “The Comorian pavilion registers a weekly entry of more than 12,000 visitors, which is quite an achievement for…

A summit of heads of state and government of the Economic Community of Central African States (ECCAS) could be held by next December, we learn from this regional institution in order to rule on the political situation, economic and security situation in the region, with the socio-political crisis in the Central African Republic at the center of the debate. Beyond bombastic diplomatic language, relations between the Central African Republic and Chad are far from being in good shape. Reports have been strained for several years, but revived in recent weeks since the former Central African head of state François Bozizé…

The net income of NSIA Banque Côte d’Ivoire, a member of the financial group of the same name, increased by 203.23% in the third quarter of 2021 compared to the same period of 2020, announced the leaders of this banking establishment based in Abidjan. This result rose from 4.855 billion FCFA as of September 30, 2020 to 14.722 billion FCFA as of September 30, 2021, i.e. an increase of 9.868 billion FCFA in absolute value. During the period under review, the total balance sheet of NSIA Banque Côte d’Ivoire changed by 14%, standing at 1524.253 billion FCFA against 1333.358 billion…

This Sunday, November 7, in Accra (Ghana), an extraordinary ECOWAS summit was held on the evolution of political situations in Guinea and Mali. At the end of the work, the conference of heads of state decided to tighten individual sanctions against the Malian transitional authorities and subsequently set resolutions. There were long discussions on Mali in Accra, according to Jean-Claude Kassi Brou, the president of the ECOWAS Commission. Two observations were made. First, the security situation has deteriorated. And we must help Mali on this point, he said. Second, regarding the electoral process, the Malian government formally informed the regional…

Meeting this Sunday, November 7 in Accra (Ghana) in an extraordinary session on the political situations in Mali and Guinea, the conference of heads of state of ECOWAS, concerning Guinea, maintained the sanctions against the country and called the immediate release of the deposed president, Alpha Condé. The current president of the conference of heads of state, Nana Akufo Addo and his peers want more clarity in the conduct of the Guinean transition. Despite the adoption of a transition charter and the establishment of a government headed by the Prime Minister, Mohamed Béavogui, by quickly submitting a detailed timetable of…

The result of ordinary activities of the company TotalEnergies Marketing Senegal, a subsidiary of the multinational of the same name, experienced a contraction of 618 million FCFA (927,000 euros) at the end of the third quarter of 2021 compared to the same period of 2020. This result amounted to 6.330 billion FCFA against 6.948 billion FCFA as of September 30, 2020, i.e. a drop of 8.9%. As for the turnover excluding taxes, it recorded a slight decrease of 1.4%, standing at 286 billion FCFA against 290 billion FCFA in the third quarter of 2020. The officials of this hydrocarbon distribution…

The State of Burkina Faso, through its General Directorate of the Treasury and Public Accounts, raised on November 3, 2021 on the financial market of the West African Monetary Union (UMOA) an amount of 32.719 billion FCFA (49.078 million euros) at the end of its issuance of 3-year and 5-year Treasury stimulus bonds (ORD) organized in partnership with UMOA-Titres based in Dakar. Launched by UMOA-Titres 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 legal entities in order to ” ensure the…

Opportunity International and Oikocredit announced on November 2, 2021, a $ 100 million impact investment agreement to advance education in low-income countries. In a joint statement, the two organizations explain that these funds will be spread over the next three years with an initial short-term focus on Senegal, Ghana, Nigeria, Kenya and Uganda. Under the terms of the agreement, Opportunity International and Oikocredit will target financial institutions serving the needs of the most vulnerable populations, providing financial capital and training to support education sector development in target markets. In addition, this collaboration should make it possible to obtain essential resources,…

Gold exports generated 5,649.3 billion FCFA to the countries of the West African Economic and Monetary Union (WAEMU) in 2020, an increase of 31.1% compared to 2019. Figures contained in the Report annual report of the Central Bank of West African States on the region’s foreign trade. This change, which began in 2013, is mainly due to the increase in international prices for this product of 24.5%, combined with an increase in volumes shipped, due to the dynamism of gold activities, particularly in Burkina Faso, Côte d’Ivoire and in Mali, informs the central bank. Apart from these three countries, gold…

One year after the start of operations to restore security in Tigray and when a UN report evoking “large-scale massacres” but hesitating on the use of the qualifier “genocide”, the war in Ethiopia is experiencing a kind of acceleration. The rebels of the Tigray People’s Liberation Front (TPLF) supported by the Oromo Liberation Army (OLA) blew up the strategic lock of Dessie and Kombolcha, opening the road to Addis Ababa to them 400 km from the hostilities. This is a second important victory after the recapture of Tigray’s capital, Mekele, last June. Improbable a few weeks ago, the capture of…

Approved on December 16, 2019 by the Central Bank of West African States (BCEAO), the Togolese branch of the Development Bank of Mali (BDM-SA) opens its counters this Thursday, November 4 in Lomé, according to a management press release. Togo is the bank’s sixth market after Mali, Guinea Bissau, Cote d’Ivoire, Burkina Faso and Senegal (where it obtained approval in December 2019 for the opening of a branch). BDM-Togo also becomes the 14th bank operating in Lomé. Beyond Senegal and Togo, BDM intends, in the short term, to complete coverage of the entire UEMOA economic zone with establishments in Benin…