AfricInvest Acquires Stake in IM Bank Rwanda
Private Equity firm, AfricInvest, has acquired a minority shareholding stake in IM Bank Rwanda for an undisclosed amount. The shares were paid through Africinvest Evergreen Investments, a special purpose vehicle [...]
BMW Temporarily Closes Plants in Europe and South Africa
German automaker, BMW, has announced plans to close its plants in Europe and South Africa for one month, until 19th April 2020. The move seeks to curb spread of the [...]Naira Under Pressure on Weaker Oil Prices
West Texas Index Crude Oil has dropped to the lowest levels since 2003, below $25 per barrel. The COVID-19 is weighing on prospects for demand as people refrain from flying [...]
Tunisia Begins Trading under COMESA FTA
Tunisia has begun trading under the COMESA Free Trade Area (FTA) after it completed the process of developing and issuing the legal instruments for trading. COMESA is a trade block [...]Jambojet Suspends Flights to Rwanda and Uganda
Budget airline, Jambojet, has suspended all its scheduled flights to and from Kigali, Rwanda and Entebbe, Uganda, following a decline in the number of international travellers, caused by the worldwide [...]MTN Granted Long Term Uganda License
MTN's three-year quest for a long term license in Uganda has borne fruit. The Ugandan government has asked the giant telco to list at least 20% of its shares on [...]Kenya’s Economy Has Highest COVID-19 Risk Exposure in Africa ~ RMB
Kenya’s economy tops African Countries with the highest risk exposure to the deadly Corona Virus ahead of other destinations where this illness has been diagnosed. According to a report by [...]
AfDB Gives $200 Million for Nigeria's Off-Grid Electricity
The African Development Bank (AfDB) has provided $200 million (KSh20.5 billion) to Nigeria's Rural Electrification Authority (REA), to aid in providing 500,000 Nigerians in 105,000 rural households with off-grid electricity. [...]Absa Group's Revenue Increase by 6%
Absa Group, which is going through a turnaround process, posted a 6 percent growth in revenue to 80 billion rands (KSh500.5 billion) in a normalized basis, in the financial year [...]
MTN Group CEO to Step Down in March 2021
Africa's largest mobile network by subscribers, MTN Group, has announced that Rob Shuter will step down as CEO on March 2021. Rob will be completing his four year term at [...]High-Speed Train to Connect Zambia, Zimbabwe, Mozambique
US- based infrastructure and development company, Railnet International, has signed an agreement with Zambia, Zimbabwe and Mozambique, to invest roughly $11 billion (KSh 1.1 trillion) in building a modern railway [...]Nigeria Ghana Follow Kenya in Launching Derivatives Markets
The two leading West African economies Nigeria and Ghana are preparing to launch their derivatives markets, eight months after Kenya opened its derivatives exchange. The countries aim to increase liquidity [...]
