The Editorial Team |

Congo Approves Oil Deal That May Encroach on World Heritage Site

KINSHASA (Capital Markets in Africa) – Former Democratic Republic of Congo President Joseph Kabilaapproved an oil contract that encroaches on a world-famous national park during his final weeks in office. Kabila signed a decree Dec. 13 validating a production-sharing agreement between closely held South African company DIG Oil Ltd. and the state oil firm for three permits in central Congo. A large section of one licence — Block 8 — covers territory inside Salonga National Park,…

Senegal’s Sall Takes Strong Lead in Partial Vote Results

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DAKAR (Capital Markets in Africa) – Senegalese President Macky Sall took the lead in Sunday’s presidential vote, according to the preliminary results from more than half of the country’s 45 departments. Sall won 61.8 percent of the 2.7 million votes counted in 29 departments that were reported by state-owned Agence de Presse Senegalaise and tallied by Bloomberg. While there are 6.7 million registered voters in the West African nation, officials haven’t released the turnout rate, which historically…

AfDB starts electricity cooperative feasibility studies in Nigeria and Ethiopia

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LAGOS (Capital Markets in Africa) – The African Development Bank has kicked off a feasibility study to explore the potential of electricity cooperative business models in Nigeria and Ethiopia. The effort is part of the Bank’s goal of achieving universal electricity access across Africa by 2025. Currently, power shortages diminish the region’s GDP growth by 2-4% per year, holding back job creation and poverty reduction efforts. The study, funded by the South-South Cooperation Trust Fund,…

International Finance Corporation invests $15 million in Comoros telecom

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LAGOS (Capital Markets in Africa) – International Finance Corporation has made its first investment in Comoros to Telecom Comores S.A., known as Telco SA. The €13 million ($15 million) loan has the potential to transform the mobile market in one of the least developed telecom markets in Africa and globally. It will support the introduction of competition in a previously monopolized sector and help address the significant gap in connectivity and affordability. “IFC financing…

South Africa’s FNB raises alarm over new debit order fraud

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JOHANNESBURG (Capital Markets in Africa) – South Africa’s First National Bank. FNB has said that it has detected abnormally high volumes and disputes of suspicious debit orders with descriptors Procall and Mzansi in December 2018 and January 2019. In line with its standard practice, the Bank has informed customers of new debit orders loaded on their bank accounts. In addition, and based upon the monitoring of debit order disputes, FNB has detected that a large…

JAC Motors expands into 28 African countries

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LAGOS(Capital Markets in Africa) – Anhui Jianghuai Automobile Group Corp., Ltd., JAC Motors, China’s automobile and commercial vehicle manufacturer, has announced the results of its expansion program in Africa in 2018, declaring that it has established a presence in 28 countries across the continent. Spurred on by China’s Belt and Road initiative (BRI), the country’s program to fund and build infrastructure projects around the world along the ancient Silk Road trade routes, JAC Motors has…

Nominations for the 2019 EY World Entrepreneur Award Are Now Open

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JOHANNESBURG (Capital Markets in Africa) – The search is on again for the world’s greatest entrepreneurs. These are individuals who have the courage to build something truly remarkable; inspire innovation without limitations; cut through the noise of this transformative age; and fuel growth by being unstoppable. Driven by their desire to better the world around them, they stop at nothing to achieve their greatest ambitions. Marking its 22nd year, the EY World Entrepreneur Award™ (www.EY.com/za/wea)…

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