Tanzania's President Magufuli Sacks 9,932 Civil Servants Over Forged Certificates
According to various media outlets in Tanzania, the country's President John Pombe Magufuli has ordered the immediate sacking of 9,932 civil servants who were found to have been employed using forged certificates. Magufuli also [...]
PE Firm Catalyst Principal Partners Acquires Minority Stake in Kensta Group
Catalyst Principal Partners LLC has announced that it has acquired a minority interest in Kensta Group, a 52-year-old family run business in the printing and packaging industry. Kensta is headquartered in Kenya and [...]East African Venture Capital Association expands its Board of Directors
The East African Venture Capital Association has announced the appointment of three new board members; David Owino Managing Partner, Ascent Capital , Yida Kemoli Senior Partner, Phatisa and Nonnie [...]Mauritius, Ethiopia Rwanda Ranked Africa's fastest growing wealth markets
According to the ‘AfrAsia Bank Africa 2017 Wealth Report’ published by New World Wealth in association with AfrAsia Bank, Mauritius, Ethiopia and Rwanda are the fastest growing wealth markets in Africa. [...]African Development Bank announces expansion of its African Bond Index
The African Development Bank (AfDB) through the African Financial Markets Initiative (AFMI) launched its AfDB/AFMISM Bloomberg® African Bond Index (ABABI) in February 2015. Calculated by Bloomberg Indices, the composite index [...]African Underground Mining Services awarded $280M Underground Project
African Underground Mining Services (AUMS), a 50:50 joint venture between Ausdrill Limited (ASX: ASL) and Barminco Holdings Limited (“Barminco”) announced on 25 April 2017 that it has been awarded the [...]10 Pizza Hut Restaurants to Open in Ethiopia
Reuters U.S. fast-food giant Yum Brands Inc. has signed a deal with Ethiopia's Belayab Foods and Franchise PLC to open 10 Pizza Hut restaurants in the Horn of Africa country [...]Jumia's Parent Company Reports $807 Million EBITDA Loss in 2016
Rocket Internet, the parent company of Africa's leading E-commerce business Jumia says it has reduced its full year 2016 EBITDA losses by USD 254.6 Million. (EUR234M) The company reported Earnings Before Interest, Tax, Depreciation [...]World Bank Unveils Program to Support Africa’s Top Digital Startups
The World Bank Group has launched XL Africa, a five-month business acceleration program designed to support the 20 most promising digital start-ups from Sub-Saharan Africa. The selected start-ups will receive mentoring [...]Nigeria Loses Africa's Top Oil Producer Position to Angola
Nigeria's crude oil production fell by 156,900 barrels per day (bpd) to 1.269 million bpd in March, from 1.426mbpd recorded in February. Consequently, the country lost its status as Africa's [...]Ethiopia receives $150 Million credit from World Bank to reduce trade logistics costs
The World Bank’s Executive Board has approved a new $150 million project to increase the efficiency of trade logistics in Ethiopia. The project will focus on improving the Modjo Dry [...]East Africa's Economic Growth Remains Strong Despite Drought ICAEW
According to a recent report by the Institute of Chartered Accountants in England and Wales ( ICAEW), East Africa's economy has continued to grow despite the adverse effects of drought [...]
