Author: Nephthali Messanh Ledy

The shareholders of Assurances Salim approved, at an extraordinary general meeting held on August 8, 2019, the proposed change of name proposed by the Board of Directors. Thus, the company will now bear the name of BH Insurance. BH as the main shareholder, the Housing Bank became BH Bank since April 2019 with change of visual identity on 1 July 2019 as part of the group policy. Organized around 2 business lines (life and non-life insurance), Assurance Salim recorded, in 2018, a 13% increase in its turnover (33.7 million USD).

In Algeria, the economy has achieved an annual growth of 1.4% of its GDP in 2018 against 1.3% in 2017, according to the economic accounts in volume published by the National Office of Statistics (ONS) between 2015 and 2018. The country owes this slight increase mainly to the sectors of agriculture (5%), construction, public works and hydraulics (BTPH), services and public works oil (5.2%) and that of the Industry (4.1%). The growth rate of GDP, excluding hydrocarbons, reached 3.3% against 2.1% in 2017, which the NSO describes as “appreciable performance”. Moreover, the GDP, in current value, would have gone from…

The Tunisian-Kuwaiti Bank (BTK) raised 7 million dinars (about 2.45 million USD) in the market via a non-public bond bond issued between 11 April and 31 July 2019 , according to a note from the Society of Counseling and Financial Intermediation (SCIF), an intermediary on the stock market. Originally scheduled for June 11, the deadline for subscriptions was extended by the bank that wanted to raise previously, the amount of 5 million dinars may be increased to 15 million dinars. The loan named “BTK 2019-1 Subordinated Loan” was intended to provide the institution with a long-term resource for financing SME…

Equatorial Guinean President Teodoro Obiang Nguema Mbasogo spoke Friday on the CFA franc in Libreville, after meeting with his Gabonese counterpart Ali Bongo Ondimba. He particularly expressed his wish to see the countries of the sub-region of Central Africa discuss with France the CFA franc, this old subject that has been debated since. “There are problems for which decisions are difficult to make. This is the case with our currency, “he said. “We have learned that West Africa may be changing its currency, but here in Central Africa we have already exchanged views on the subject. My point of view…

Ivorian President Alassane Ouattara said Friday (July 12th) in Abidjan that the current exchange rate of the Euro against the CFA Franc will not change immediately if the single currency of the Economic Community of States of West Africa (ECOWAS), called Eco. Freshly mandated by his peers to continue the process leading the countries of the Union to the adoption of Eco, the Ivorian President, speaking at a press briefing at the end of the 21st session of Heads of State and Government of the West African Economic and Monetary Union (UEMOA), did not fail to mention the subject. “If…

The rating agency Moody’s followed suit with Standard & Poor’s, giving its first rating to Togo. This is a B3 with a stable outlook for the West African country that is preparing to raise 500 million euros in international financial markets. Togo’s economic strength is rated as “low (-)”; it is at least the first of the main factors mentioned by Moody’s. This situation is due to very low levels of income, but also competitiveness and diversification, which will continue, in the medium term, to limit the absorption capacity of the shocks of the Togolese economy despite sustained growth. The…

The Algerian insurance market has experienced a positive trend on several indicators, according to the business report of the first quarter of 2019 made public by the National Insurance Council. Indeed, the document reports an additional production of 2.8 billion Algerian dinars (about 23.5 million USD), an increase of 7.1% year-on-year. International acceptances increased by 14.5%, with an amount of 855.4 million DA. Between March 31, 2018 and March 31, 2019, the compensation paid by all insurance companies increased by 14.8% for a total amount of DA 21.5 billion. But the claims payable amounted to 75.8 billion DA at the…

In Tunisia, the National Agricultural Bank (BNA) announced on Wednesday (July 3rd) that it had finalized its capital increase process, which went from 176 million Tunisian dinars (DT) to 320 million TND (around 110 million USD). increase of 144 million DT. Approved on March 6, 2019 by the shareholders and recorded on March 29 by the Financial Market Council (CMF), the increase of the share capital of the bank was carried out, according to its subsidiary stock market intermediation (BNA Capital which makes the announcement), by the issue of 28,160,000 new shares at a price of 12 DT per share,…

In a statement issued Wednesday (July 3rd), Cameroon’s Telecommunications Regulatory Agency (ART) announced financial sanctions against local affiliates of the French groups Orange, South African MTN and Vietnamese Viettel for recurrent failures to comply with regulations. force in the identification of subscribers. Indeed, the three telecom operators are accused of “recurring deficiencies observed” in the implementation of a decree dated September 3, 2015 setting the terms of identification of subscribers and terminals including “the marketing of sim cards pre- activated, the marketing of SIM cards in the streets, the possession by individuals of more than three SIM cards and the…

In the new edition of its index of political and social fragility in Africa, Coface warns about recent trends in conflict, and the risks of instability that affect the economic development of the region. “Political risks in Africa: the temperature is rising”. This is the title of the document made public Thursday, July 4 in Paris by the expert in credit insurance. “Conflicts, terrorism, social and political tensions; the evils that shook Africa in recent months will continue to weaken and destabilize the continent, “he summarizes. Indeed, the continent has been regularly marked by conflicts of intensity and different natures…

In a press conference in Algiers, the chief executive officer of the National Insurance Company (SAA), Nacer Sais, said on May 19, 2019 that the company has achieved, for the year 2018, a turnover of 27.7 billion Algerian dinars (more than 230 million USD) up 4.4% compared to 2017. “This is an important performance, as our revenue growth represents twice the growth of market, estimated at 2% -2.5%. We have registered a qualitative and quantitative leap from 2017, “he said. The CEO also announced that the non-automotive industries boosted this growth with an 11% increase. For its part, the car…

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 information is contained in a general folder provided to delegates participating since Sunday in the seventh edition of the Conference of the Parties to the ARC (CoP7) in Addis Ababa. According to the data, the participation of the Member States in the company and 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.…