Author: Amadjiguéne Ndoye

The world steel giant Arcelor Mittal is facing a tax recovery of more than one billion CFA francs in Senegal. The case revealed by the local press indicates that the group has seen its bank accounts blocked by the Administration, including the office of Ngor-Almadies which triggered a process of seizure assignments. The group based in Luxembourg, however, has eight days from notification of the procedure to comply with its obligations, under penalty of seeing the banks directly pay the tax debt in question. In 2007, Arcelor Mittal was granted a concession for the exploitation of the minerals of Falémé…

MTN Telecoms operator and pan-African banking group Ecobank announce a partnership to increase financial inclusion in Africa and provide banking services to the unbanked. To do this, both institutions intend to offer mobile money transfer and digital banking services to their respective users by “leveraging each other’s strengths to deliver more value to their respective customers on the continent,” he said. they declared in a statement. For new partners, “MTN’s large subscriber base, comprehensive distribution, innovative digital products and mobile financial services are linked to Ecobank’s innovative digital banking products to instantly provide bank accounts and remittances.” through the largest…

Until then Deputy Director General of Economic Policy of the National Treasury, South African Monale Ratsoma, has been appointed Director General of the Africa Regional Center of Brazil, Russia, India, China and Africa South, Brics, New Development Bank (NDB). His appointment will be effective from April 16th. Ratsoma will lead NDB’s African regional operations and support the bank in project preparation and implementation, as well as regional portfolio management. It will also collaborate with established infrastructure and sustainable development entities and representative offices of multilateral and regional development banks. NDB Brics is a key player in the South African government’s…

Nigeria’s foreign exchange reserves continued to grow significantly to $ 47.37 billion as of April 5, according to the latest figures from the Central Bank of Nigeria (CBN). The last time the country recorded foreign exchange reserves at this level was in July 2013. CBN governor Godwin Emefiele on Monday announced the new balance on reserves at the opening of the 25th seminar of commercial writers and financial correspondents at Uyo. According to him the CBN hopes to reach the target of 50 billion dollars before the end of the year. Growth stimulated by the success of its Eurobonds offers,…

Orange Egypt, a subsidiary of the French telecom giant eponymous, has reached an agreement with a consortium of eight major Egyptian banks. An agreement that provides him with a new $ 395.9 million syndicated facility, for a term of seven years. The agreement comes after Orange increased its paid up capital to $ 865 million and raised its authorized capital to $ 1.13 billion. The new syndicated facility will be used to refinance existing loans for a total of $ 243 million while the remaining $ 152 million will cover new investments required to complete the next generation network’s implementation…

The Ghanaian authorities have announced their intention to test the Japanese market for the first time by raising their first “samurai bonds” (bonds in Japanese yen), offered to major Japanese financial investors. A meeting with Japanese investors is expected to be held this week. Ghana intends to diversify its range of sovereign bond holders, Finance Minister Ken Ofori-Atta announced Sunday (April 8th). A Ghanaian delegation composed of the Minister of Finance, his Deputy Governor and other officials is announced in Japan from 9 to 14 April. Also in its strategy of diversification, in addition to selling securities in dollars, the…

The International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank Group (IDB), has signed a € 68 million syndicated Murabaha agreement with Cameroon. Agreement that will primarily support the energy sector. The financing will allow the import of crude oil that will be refined and sold both locally and internationally at 70% and 30% through the national refinery (SONARA). The agreement was signed by Eng. Hani Salem Sonbol, CEO of ITFC and Minister of Economy Planning and Regional Development, Alamine Ousmane Mey, in Tunisia on the sidelines of the 43rd meeting of the IDB Board of…

The African Development Bank (AfDB) has approved a $ 50 million unfunded risk-sharing agreement for Commerzbank AG (Commerzbank) to support African banks in their trade finance operations. Commerzbank AG is a German banking and financial services company based in Frankfurt, Germany with a presence in more than 50 countries worldwide. The risk participation, which was approved by the ADB Board of Directors on Tuesday, March 27, 2018, is expected to benefit from Commerzbank’s support to African issuing banks seeking to expand their trade finance operations. For Stefan Nalletamby, the Bank’s director of financial sector development: “Commerzbank is a strategic partner…

Banque Populaire, also known as Banque Populaire Populaire (BCP), becomes the first bank listed on the Casablanca Stock Exchange to win the prestigious IIA (Institute of Internal Auditors) certification, an international distinction in the Internal Audit profession. Said certification is awarded by the French Institute of Audit and Internal Control (IFACI) and allows the General Inspection of the Banque Populaire to be part of a normative framework of universal scope which testifies its relevance and its maturity to the great satisfaction of its internal customers and all its stakeholders. The IFACI certification guarantees the respect and application of the 25…

In its financial results for the year 2017, the Chinese telecom giant Huawei announces a 15% increase in contribution of the African market in its annual turnover estimated at 92.5 billion dollars, up 15.7% by compared to 2016. Net earnings were $ 7.3 billion. With this percentage noted on its smartphone business in particular, Africa ranks among the top three markets of Huawei. Meanwhile, Huawei’s Carrier business group generated total revenue of $ 45.7 billion, up 2.5% year-over-year in 2017 and $ 8.4 billion in revenue. 12 months, up 35.1% from 2016. The Consumer business, which is home to the…

Banque Atlantique, a subsidiary of the Moroccan Central Bank Popular Group (BCP), launched on Wednesday (April 4th) in Abidjan, Côte d’Ivoire, the first banking market Chatbot of the West African Economic and Monetary Union (UEMOA) named “ARY”. An innovation that marks the entry of Banque Atlantique in the era of conversational and virtual assistance. What makes Habib Koné, CEO of the BCP Group holding company, Atlantic business international, say that “the exploitation of artificial intelligence is part of the BCP Group’s innovation strategy, which guarantees and constantly seeks new information. ways of improving the quality of service “. Note that…

The State of Senegal has signed two financing agreements with the International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank Group (IDB), on the sidelines of the 43rd Annual Meeting of the Group which is held from 1st to 5th April 2018 in Tunis. This is a global financing of nearly 100 billion FCFA (187 million dollars), according to the Senegalese Minister of Economy, Finance and Planning, Amadou Bâ. The agreement signed on Wednesday, the third day of the meetings, includes an initial financing of 26.7 billion FCFA, or 50 million dollars, for the National Company…

The verdict fell on Friday, March 30, in the case of the cash advance of the mayor of the Senegalese capital linking Mayor Khalifa Ababacar Sall to the State of Senegal. Khalifa Sall has just been sentenced to a firm 5 years, accompanied by a fine of 5 million FCFA. He shares his sentence with his administrative and financial director (Daf), Mbaye Touré. At the same time, other co-defendants Amadou Mokhtar Diop, Yatma Diao, and Fatou Traore were sentenced respectively to 2 years in prison, one suspended for the first two cities and six months for the only woman in…

Mali is expected to receive from the African Export and Import Bank (Afreximbank) $ 700 million (about 350 billion CFA francs) in multi-source funding to support commercial and related infrastructure projects in Mali, announced Dr. Benedict Oramah, President of the Bank. Received in audience on Wednesday (March 28th) in Bamako by Malian President Ibrahim Boubacar Keïta, Benedict Oramah said the support will target activities aimed at increasing the country’s industrial capacity in cotton processing and the development of transport and hotel infrastructures. It will be precisely the financing of an industrial park along the border with Burkina Faso and Côte…

Stanbic Bank Uganda, the country’s largest bank by assets, recorded a 5% rise in pre-tax net profit to a record high of 200 billion shillings ($ 54 million), up from 191 billion shillings (51.5 million in 2016, according to the financial results released Wednesday, March 28. A good result of earnings from controlling costs and credit risk offsetting lower operating income. “… helping to reduce operating expenses by about $ 4 million from one year to the next. This has ensured that, despite a decline in the bank’s overall income, our net income for the year has actually increased, “said…

The Cameroon International Bank for Savings and Credit (Bicec) subsidiary of French BPCE, announces for 2017 a total balance sheet of 765 billion CFA francs ($ 1.43 million), an increase of 11% , against 690 billion CFA francs in 2016 ($ 1.29 million). Also for Bicec, net banking income amounted to 59.6 billion FCFA during the period under review, up 17%. Gross operating income, also, rose by 39% compared to 2016, to reach 28 billion FCFA. The net result of the Bank is 9.5 billion FCFA. Gross operating income, also, increased by 39% compared to the previous year, to reach…

As a prelude to their planned days in Kigali on April 3 and 4, 2018, Ms. Minian BENGALY-BERTHE, Executive Secretary of the African Association of Banking and Financial Institutions Lawyers (AJBEF). Created to enable African banking lawyers to respond to the concerns of banks and financial institutions, the African Association of Lawyers Banks and Financial Institutions (AJBEF) is a real framework for exchanges between professionals in the sector. Today composed of 16 member countries, AJBEF intends to revitalize its troops. Executive Secretary of the association, Mrs Minian BENGALY-BERTHE, answers Financial Afrik’s questions. How was AJBEF created? I am a bank…

Pan-African bank United Bank for Africa (UBA Plc) announced on Tuesday (March 27th) that its London subsidiary has obtained regulatory approval to operate in the UK. Approval granted to the bank by the Prudential Regulation Authority (PRA), the UK’s financial services regulator An umpteenth authorization that makes UBA the only bank in sub-Saharan banking in New York and London, as well as in 20 other countries. “This authorization strengthens our ability to meet the growing cross-border financing needs of our customers. It improves customer coverage and product offerings while positioning our group as an optimal channel for trade and foreign…

South Africa’s insurer and financial services group, Sanlam, announces the completion on Wednesday (March 28th) of the company’s placement of 65.5 million new common shares with institutional investors. An investment that allowed him to raise 5.7 billion rand, or $ 490 million. The unit price of investment is fixed at 87 rand per share, a reduction of 5% compared to its closing price on Tuesday. It is also planned to list the placement of the group’s shares on the Namibian Stock Exchange (NSX), subject to the approval of the latter. “The net proceeds of the offering will be used in…

The French telecom giant, Orange, announces the upcoming expansion of its banking operations in Africa following the launch of its digital bank launched in France in 2017. Orange has also submitted a request for a banking license to the West African Economic and Monetary Union (WAEMU) and hopes to start operations in the 8 countries of the zone by the end of the year. Participating in the sixth edition of the Africa Business Leaders Forum, Africa CEO Forum currently being held in Abidjan, Côte d’Ivoire, the Deputy Director General for Africa and the Middle East, Bruno Mettling, has also stated…

After a year 2017 without growth (-0.1%), the Economic Community of Central African States (CEMAC) forecasts economic growth of 2.1% in 2018, said Wednesday, March 21 Abbas Mahamat Tolli, governor of the Bank of Central African States (BEAC). According to the BEAC Governor, this improvement can be explained by the rise in crude oil prices, as well as by the accelerated implementation of the economic, monetary and financial reforms prescribed by the bank. “This renewed vitality is the result of the stabilization of foreign exchange reserves thanks to an influx of foreign exchange favored by financial aid granted by the…

Nigerian bank First Bank Limited expects its foreign affiliates to make at least a 10% net contribution to its financial strength over the next five years. In Nigeria, the bank plans to connect 20 million customers as it accelerates its strategic repositioning. By the end of 2019, part of this strategic repositioning will allow the bank to grow its customer base by 35%. “Our international subsidiaries are achieving our cross-border synergies goals, leveraging global account management,” notes the bank. With respect to its objectives, First Bank aims to achieve a return on equity of 20% by 2019. The non-performing portfolio…

After an acceleration of 4% noted in 2017, the growth outlook for the Moroccan economy for 2018 should reach 3.3%, before accelerating to 3.5% in 2019, according to the new projections of the Bank Al-Maghrib (BAM). According to these estimates published by the Central Bank, “at the national level, growth would have accelerated to 4% in 2017, driven by a rebound of 14.8% of agricultural value added, while the growth of non-agricultural activities would have been limited to 2.7%. For this current year, the BAM is banking on an estimate of cereal production around 80 million quintals and an increase…

The Gambian subsidiary of pan-African bank Ecobank launched a new banking service since March 16 to offer deposit and withdrawal services through accredited retailers to reach the most remote areas of the country. “With Ecobank’s banking services, we bring the bank closer to your door. This service expands Ecobank’s network and will allow our clients to deposit or withdraw funds from our accredited agents in their communities, “said Josephine Anan-Ankomah, Executive Director of Ecobank Gambia. For the CEO, this new offering is “the key element that complements the ecosystem of digital financial services that Ecobank creates in order to contribute…

The Kenya-based Commercial Bank of Africa (CBA) officially started banking operations in Rwanda on Monday (March 19th) following the successful acquisition of Crane Bank Rwanda Ltd, now re-launched as CBA Rwanda Limited. With this acquisition, CBA Rwanda Ltd becomes the 16th commercial bank to enter the banking industry in Rwanda and increases the coverage of CBA already present in Côte d’Ivoire, Tanzania, Uganda and Kenya. The bank started operating in Rwanda in February 2017, when it partnered with MTN Rwanda to launch “MoKash”, a mobile banking and credit product similar to MoKash in Uganda and M-Shwari in Kenya. The product…

The Board of Directors of the African Development Bank Group has approved a US $ 30 million loan to support the creation of the Rwanda Innovation Fund (RIF). The Fund’s mission is to promote the innovation economy in Rwanda and the East African Community (EAC) region. The resource will be used to create an investment vehicle focused on financing technology-driven small and medium-sized enterprises (SMEs) and develop the capacity of the country’s entrepreneurial / innovation ecosystem. It aims to mobilize $ 100 million in direct commitments from the Rwandan government and private investors, while targeting a leverage effect of up…

The Central Bank of Nigeria (CBN) has again injected $ 210 million into the interbank foreign exchange market. Objective, maintain liquidity in the foreign exchange market, ensure availability and save a weakened national currency. In detail, the CBN made $ 100 million available to authorized distributors in the wholesale segment, while the small and medium-sized enterprise (SME) segment received $ 55 million and also $ 55 million. dollars for individuals. The central bank ensures that it will continue to intervene in the interbank foreign exchange market in accordance with its desire to maintain liquidity in the market and maintain stability.…

Egypt announced Sunday, March 18 the upcoming sale of its shares in 23 public companies. The objective is to raise $ 4.6 billion (£ 80 billion) through minority offers on the Cairo stock exchange. Egypt announced Sunday, March 18 the upcoming sale of its shares in 23 public companies. The objective is to raise $ 4.6 billion (£ 80 billion) through minority offers on the Cairo stock exchange. An action supposed to boost public finances and attract more investors to the Cairo Stock Exchange. The sale will involve interests ranging from 15 to 30% in the next two years, notes…

The US private equity firm Milost Global Inc., plans to inject up to $ 1 billion to recapitalize the Nigerian bank Unity Bank Plc., Weakened by the economic slowdown of the country. Based in New York, Milost has proposed to invest $ 700 million in shares and $ 300 million in five-year bonds that can be converted into shares of the Nigerian bank, notes the Bloomberg website. The firm will get an initial stake of about 30% in Unity Bank in exchange for its first $ 250 million capital investment. The first part of the agreement is expected to be…

Insurance Assurance Plc., A member of the SUNU Group, has announced a name change for SUNU Insurance Nigeria Plc. Established on 3 October 1991, the insurance company provides non-life insurance to businesses and individuals in Nigeria and Ghana. It operates through three segments: non-life, asset management and health management. The Non-Life segment covers the protection of client assets and the compensation of other parties who have suffered damages as a result of customer accidents. The Asset Management segment provides finance leases to individuals and businesses. The Health Management segment provides health management to corporate and individual clients. Equity Assurance Plc…