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MTN says it complied with funds transfer rules in Nigeria

By: Reuters     21st October 2016 MTN Nigeria complied with fund transfer rules in Nigeria and did not pay dividends until it obtained regulatory approvals to send money out of the country, denying allegations that it transferred $14-billion illegally, it said on Friday. The telecom firm said "certificates of capital importation"... 

African airlines body believes air traffic liberalisation inevitable

By: Keith Campbell     21st October 2016 The liberalisation of the African air transport market seems certain to happen, and will benefit those of the continent’s airlines able to take advantage of it. Thus affirmed African Airlines Association (AFRAA) CEO and Secretary-General Dr Elijah Chingoso at the recent Aviation Industry Growth... 

African value chains key to building economic resilience, Davies avers

By: David Oliveira     21st October 2016 Intercontinental trade in Africa was key to provide impetus for industrialisation and more resilient economic growth, Trade and Industry Minister Dr Rob Davies noted during the the South African Chamber of Commerce and Industry’s (SACCI’s) presidential consultative group meeting in Johannesburg... 

MTN illegally transferred 'mind boggling' sum out of Nigeria – lawmaker

By: Reuters     20th October 2016 The amount of money which South Africa's MTN Group is alleged to have illegally moved out of Nigeria is "mind boggling", a Nigerian lawmaker said on Thursday. "It is not what we can sweep under the carpet. We intend to get to the bottom of the fact, all of the fact, nothing but the fact," said... 

Nigeria needs more time to negotiate rail project with GE

By: Reuters     20th October 2016 Nigeria needs more time to negotiate a railway concession project with US company General Electric (GE), the country's transport minister said on Wednesday. Both sides have confirmed talks on GE being granted a railway concession in Nigeria worth around $2-billion but no details have emerged yet. 

AECOM appoints new Civil Infrastructure Managing Director for Africa

     19th October 2016 AECOM has appointed Darrin Green as its new Managing Director for Civil Infrastructure in Africa, starting in January 2017. Green is a professional engineer with 26 years’ experience in civil engineering and management. He joins from WSP|Parsons Brinckerhoff, where he is an Executive Director and... 

MSA Africa invests R1.5 million in aftermarket service centre network

     19th October 2016 MSA Africa, a global leader in the development, manufacture and supply of safety products, supplements its total solutions approach with a comprehensive aftersales and technical support service. Based at its Johannesburg premises, MSA Africa’s main aftersales service centre offers in-house... 

Africa sliding? 

By: Terence Creamer     14th October 2016 Over the past number of years, the Africa Rising narrative has asserted itself. It has been a story of improving economic growth, rising investment and greater democracy. Between 2003 and 2008, sub-Saharan Africa (SSA) enjoyed average yearly growth of 6.8% and was home to many of the... 

Growing demand in Africa for knowledge & education

By: Simone Liedtke     14th October 2016 SUSE Enterprise Linux is in the process of training and educating its African region partners, such as South Africa, Nigeria, Kenya and Botswana, to apply new open-source technologies efficiently in Africa. 

Power & Electricity World Africa 2017

     13th October 2016 Africa’s largest power and electricity show - Power & Electricity World Africa 2017 celebrates its 20th anniversary. The show welcomes over 7000 attendees and hosts a mecca of solution providers spanning 3 halls and thousands of square meters. Taking place in Johannesburg South Africa, this is a... 

Nigerian lawmakers call MTN, trade minister to hearing over alleged illegal transfer of $14bn

By: Reuters     13th October 2016 Nigerian lawmakers invited South Africa's MTN, Nigeria's trade minister and four lenders to appear at an "investigate hearing" on Oct. 20 over the alleged illegal transfer of $14-billion out of the country. The four lenders invited to appear before a senate committee on banking, insurance and... 

Nigeria mining ministry in talks over $500m fund and corporate bonds

By: Reuters     13th October 2016 Nigeria's government is in advanced talks with its sovereign wealth fund and stock exchange to create a $500-million exploration fund and corporate mining bonds to attract investment, its mining minister said. Kayode Fayemi also told Reuters Nigeria had made a "promising" nickel discovery and was... 

Macmahon withdraws from Nigeria

By: Esmarie Swanepoel     12th October 2016 Project house Macmahon Holdings has terminated its contract at the Calabar operations, in Nigeria. Macmahon told shareholders on Wednesday that operations at Calabar would cease on October 28, with demobilisation scheduled to start immediately after. 

Nigeria approves transfer of Visafone shares to MTN following takeover

By: Reuters     12th October 2016 Nigeria's telecommunications regulator NCC said on Tuesday it has approved a request by internet provider Visafone to transfer its shares to MTN following its takeover by the South African firm. MTN bought Visafone in January to improve its broadband services in its biggest market Nigeria. 

GE interested in Nigeria railway concession worth around $2bn

By: Reuters     11th October 2016 General Electric (GE) has a "keen interest" in acquiring a Nigeria railway concession worth around $2-billion, the US company said on Monday. Nigeria has been looking for partners to upgrade its ageing rail network but GE did not specify which concession it was referring to. 

Famous Brands sees earnings boost of up to 74%

By: African News Agency      11th October 2016 Famous Brands said on Tuesday that it expected an increase of between 67% and 74% in headline earnings per share for the six months to the end of August. The company said headline earnings per share were expected to come in at 403c to 419c a share, up from 241c a share in the corresponding period... 

MTN appoints new head of regulatory affairs after Nigeria fine

By: Reuters     11th October 2016 South Africa's MTN has appointed a new regulatory affairs chief, a spokesman said on Monday, after a large fine in Nigeria dragged Africa's biggest mobile operator by users to its first-ever half-yearly loss. The firm, which had been fined $1-billion by Nigeria for missing a deadline to... 

New Leadership announced at BASF West Africa Limited

     10th October 2016 The world’s leading chemical company, BASF recently announced that Dr. Jean-Marc Ricca has been appointed as its new Country Cluster Head for BASF in West Africa Limited. Dr. Jean-Marc Ricca joins BASF West Africa Ltd. after more than 26-years in the chemical industry and six years with BASF... 

Kogi raises funds from private investor

By: Esmarie Swanepoel     10th October 2016 Junior Kogi Iron will raise some $5.8-million through a private placement agreement with institutional investor Bergen Global Opportunity Fund. Under the agreement, Bergen will subscribe for some $50 000 of Kogi shares on a monthly basis, with the tranches having the capacity to increase to $250... 

The 8th Africa Public Private Partnership Conference and Showcase

     6th October 2016 Organised by AME Trade, the event will take place from the 24 – 26 October 2016 at the Radisson Blu Hotel, London, UK building on the success of the previous editions. 

The African Petroleum Producers Association (APPA) will work towards exceeding local content targets in Africa Petroleum States

     5th October 2016 With the recent oil and gas finds throughout Africa, local content development has been highlighted as an area that needs to be focused on to improve skills development across the supply chain and add benefit the local economies.  

South African vehicle exports to the rest of Africa plummet 54%

By: Irma Venter     5th October 2016 New-vehicle exports from South Africa into the rest of Africa fell dramatically in the first eight months of the year.   Exports reached 32 080 trucks, bakkies and cars from January to August 2015, dropping a whopping 54% in 2016, to 14 723 units.   The decline follows a drop in exports from 78... 

Bloodbath in African stock markets

By: News24Wire      4th October 2016 Most African stock markets suffered heavy losses for the nine months to end-September 2016, amid concerns that economic growth for rest of 2016 are going to decline further. According to the World Bank's latest Africa's Pulse report, economic growth in sub-Saharan Africa is expected to fall... 

General Electric to invest $150m in Nigeria

By: Reuters     4th October 2016 US industrial firm General Electric plans to invest around $150-million in Nigeria by 2017, a senior executive said on Monday. "There are development projects where we are investing," Jay Ireland, CE of General Electric in Africa told the FT Africa Summit in London. GE would also invest in oil... 

South Africa to name preferred bidders for gas projects in March

By: Reuters     3rd October 2016 South Africa will announce preferred bidders for multi-billion dollar gas-to-power projects by the end of March as part of efforts to diversify electricity production away from more environmentally damaging coal plants, a government document shows. Tender documents in May last year asked... 

Debt set to remain on the rise in sub-Saharan Africa – Fitch

By: African News Agency      30th September 2016 Sovereign debt levels and debt servicing costs would continue to rise steadily in sub-Saharan Africa (SSA) in 2016 and 2017, Fitch Ratings agency warned on Friday. It said the median general government debt-to-GDP ratio for the region rose from 30.2% in 2011 to 49.7% last year. 

Airbus to assist with Rooivalk upgrade, as it reaffirms Africa commitment

By: Keith Campbell     30th September 2016 The Airbus Group (parent of Airbus, Airbus Defence and Space and Airbus Helicopters) is committed to help develop aeronautical industries in Africa, because it believes that this makes good business sense. For the Group, Africa is defined as sub-Saharan Africa plus Moroco (with Egypt, Libya,... 

Volkswagen gearing to assemble Polo Vivo in Kenya

By: Irma Venter     30th September 2016 Volkswagen aims to start assembly of the Polo Vivo in Kenya at the end of this year. Kenya will be the first global market outside South Africa to sell the Vivo. 

Gas shortages turn Nigeria's Dangote to coal to power cement

By: Reuters     29th September 2016 Nigeria's Dangote Cement has turned to locally-mined coal to power its plants in a bid to end disruptions caused by gas shortages and lower its production costs. "All our cement plants have been converted to coal," Aliko Dangote, the company's billionaire majority owner and chairman, told a... 

‘Slipping’ South Africa contributes to Africa’s big 2016 growth downgrade to 1.6%

By: Terence Creamer     29th September 2016 The World Bank has lowered its 2016 growth forecast for Africa to only 1.6%, a dramatic downward revision from the 3% figure projected in April. The new forecast represents the lowest level of growth for sub-Saharan Africa (SSA) in over two decades and is also below expected regional population... 

South Africa improves slightly in global competitiveness rankings

By: Natasha Odendaal     28th September 2016 South Africa has slightly improved its competitiveness score and ranking in the World Economic Forum’s (WEF’s) latest Global Competitiveness Index (GCI), registering marginal improvements in almost all aspects of competitiveness. The 2016/17 GCI shows the African powerhouse moving up two rankings... 

NETCO Complete Project On Worlds First Steel Hulled LPG FSO Vessel

     28th September 2016 NETCO, Nigeria’s biggest indigenous provider of design and Engineering services has announced that it has successfully completed a project for one of Nigeria’s leading international oil companies. The contract was awarded in 2015 to carry out a facility information management project on the... 

MTN Nigeria denies illegal transfer allegations

By: Creamer Media Reporter      28th September 2016 Telecommunications giant MTN has dismissed media reports of the alleged “improper” repatriation of $13.92-billion out of Nigeria. Recent reports have suggested that MTN Nigeria is under investigation for illegally repatriating the funds in collusion with a number of commercial banks out of... 

Nigerian lawmakers to probe alleged MTN illegal transfer of $13.9bn

By: Reuters     27th September 2016 Lawmakers in the upper house of Nigeria's parliament on Tuesday said they would investigate an allegation that South Africa's MTN, Africa's biggest telecoms company, illegally transferred $13.92-billion out of the West African country. It followed the passing of a motion by a parliamentarian in... 

AfDB aims to lend Nigeria $4.1bn for power and farming

By: Reuters     27th September 2016 The African Development Bank is looking to provide a total of $4.1-billion to Nigeria over 2016 and 2017, its president said on Monday, as Africa's biggest economy seeks to bridge its budget deficit and improve weak infrastructure. Akinwumi Adesina said the funds would be used to develop the... 

We were forced to work for Western-run mine, say migrants who fled Eritrea

By: Reuters     26th September 2016 Bemnet Negash never got to say a proper goodbye to his family. In February 2006, government officials arrived at his school in the highlands of Eritrea and put him and his classmates on a bus to a military training camp. He was 20 years old, and still at school because a childhood illness had... 

Cushman & Wakefield Excellerate Advisory appoints Gavin Klarmann to head its comprehensive property occupier and investor advisory services

     23rd September 2016 Cushman & Wakefield Excellerate Advisory has received a considerable boost with the appointment of real estate industry veteran Gavin Klarmann, who is committed to continue driving property advisory disciplines forward in South Africa, and delivering the best international standards in the local... 

Entrepreneurs form joint venture to boost renewable energy service

By: Dylan Slater     23rd September 2016 With over 600-million people in Africa living without electricity, four entrepreneurs have joined forces in an effort to reduce this volume of people without access to electricity with the formation of renewable energy company ePower Holdings.  

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