Author: Mustapha Juma

Angola, one of the top oil-producing countries in Africa is now betting on reviving its oil industry and jumpstarting its oil-dependent economy, which has been in recession for five consecutive years.

According to multiple reports, the government plans to sell as much as 30% of Sonangol, the economic engine of Angola’s oil-dependent economy.

According to Baltazar Miguel, a member of Sonangol’s board, the stake is worth about $6.4 billion, which will be sold after restructuring the company to create more transparency and root out corruption.

Angola was Africa’s top oil producer six years ago when oil prices crashed in 2015-2016, slashing oil-producing countries’ revenues and forcing international oil companies to reconsider their exorbitant spending plans made at $100 oil.

After the price crash that began in 2014, Angola is now the third-biggest oil producer in Africa, behind Nigeria and even behind conflict-ridden Libya.

Nunes Junior, who’s in charge of reviving …

Just a month after investing around $60 million to acquire a stake in South Africa’s Grobank, Nigeria’s biggest lender Access Bank has agreed to buy a majority stake in African Banking Corporation of Botswana for cash.

Last month, Access Bank invested both equity and debt in the South African bank, part of a regional expansion to tap into correspondent and trade banking deals on the continent.

The Bank is expanding across the African continent to counter stagflation and dollar shortages in Nigeria that have frustrated businesses, shrinking the lending market.

BancABC Botswana deal

According to completed agreements, Access Bank will acquire just over 78% of BancABC Botswana for an undisclosed cash sum of around 1.13 times book value as well as a two-year deferred payment.

ABC Holdings is a subsidiary of London Stock Exchange-listed group – Atlas Mara Limited.

Also Read: Kenya-based manufacturing giant sees dramatic increase in profits

The …

The leading African Challenger Fintech, Zeepay, has acquired Mangwee Mobile Money in Zambia.

In a deal that was completed on Friday, April 16, 2021, Zeepay acquired a 51 per cent stake in Mangwee Mobile Money.

Zeepay is the fastest growing fintech focusing on digital rails to connect digital assets such as mobile money Wallets, Cards, ATMs, Bank Account and Digital Tokens to International Money Transfer Operators, Payments, Subscriptions, International Airtime and Refugee payments.

It is a Mobile Financial Services Company with Offices around the World including the United Kingdom and regulated by the Financial Conduct Authority and other Regulators across Africa.

In a private placement, Zeepay and Mangwee agreed to a sale of 51 per cent of Mangwee shares to Zeepay.

The deal makes Zeepay Ghana the majority shareholder of the entity.

According to Zeepay, the move to invest in Mangwee is part of their global strategy to expand their …

Flame Tree Group (FTG) Holdings has announced a 64% increase in pre-tax profit up to KES148.4 million ($1.4 million)  for the 2020 Financial year, from KES90.5 million ($900,000 USD) posted the previous year.

FTG Holdings is the diversified manufacturer and distributor of plastic tanks, cosmetics, snacks, spices and playground equipment.

According to the Nairobi Securities Exchange (NSE) listed firm, all profit ratios showed major improvements.

In a press statement issued on Thursday, April 15, the firm noted that sales increased by 20% and the gross margin grew by 39% from 34 p.p. to 39 p.p.

The company was able to cut down costs and achieve savings in all areas, following the implementation of a cost-saving plan.

However, there was an increase in depreciation costs (due to new equipment and asset revaluation from previous year), debt impairment, and finance costs (impacted by the devaluation of the Kenyan Shilling) in FY2020.

All …

The trade war that has been witnessed between Kenya and Uganda is finally coming to an end following a pact that has been signed by the two countries.

Last month, Kenya set the stage for a war with its main trading partners in the East African Community (EAC) after it banned the importation of maize from Uganda and Tanzania.

The Agriculture and Food Authority (AFA) said that surveillance and tests they had done on maize from the two countries had shown that most of it was infected with aflatoxin.

East African Community (EAC) Director-General for Customs and Trade ‎Kenneth Bagamuhunda described Nairobi’s move as “unilateral.” He said that there are established procedures to ban trade of goods among partner states. EAC also includes Rwanda, Burundi and South Sudan.

Also Read: The revival of East Africa’s energy arena

However, the recent activities by the EAC member states have proved that there …

Tanzania President Samia Suluhu Hassana’s first state visit to Uganda has signaled the revival of East Africa’s energy arena.

President Samia made her first trip outside Tanzania as head of State on Sunday, April 11, since she took oath of office on March 19 following the death of her predecessor John Pombe Magufuli, who succumbed to heart disease last month.

Samia met her Ugandan counterpart Yoweri Kaguta Museveni and agreed to support and show their commitment to the realisation and implementation of the strategic East African Crude Oil Pipeline (EACOP) project.

The agreement was made on Sunday at the State House in Entebbe during the bilateral talks.

Accelerating the Uganda-Tanzania Energy Relationship

In May 2017, both countries signed the Intergovernmental Agreement (IGA) on the implementation of the project.

The last meeting regarding the project was held in September 2020 between Museveni and the late Tanzania president John Magufuli at Chato, …

Tanzania’s president Samia Suluhu Hassan on Sunday, April 11 arrived in Uganda for talks that should culminate into the signing of deals between the two East African countries.

Uganda’s Ministry of Foreign Affairs on Sunday through social media said that President Samia arrived in Uganda Sunday morning for a one-day official visit.

H.E. Samia Suluhu Hassan, President of the United Republic of Tanzania arrived in Uganda this morning for a one (1) day Official visit. President Suluhu was received by Hon. Sam Kutesa, the Minister of Foreign Affairs and Senior Government Officials. #UGTZBilateriarelations pic.twitter.com/QduYlJfq1m

— Ministry of Foreign Affairs – Uganda 🇺🇬 (@UgandaMFA) April 11, 2021

President Samia Suluhu was received by Sam Kutesa, Uganda’s Minister of Foreign Affairs, who was in the company of other senior government officials.

State visit

This is the first official visit to Uganda by President Samia Suluhu since she assumed the Office of President …

Tanzanian President Samia Suluhu Hassan is set to redefine the Tanzania-Kenya relations.

Bilateral ties between Kenya and Tanzania have been blowing hot and cold for decades now, with the row playing out publicly during the era of the late President John Pombe Magufuli.

Disputes seem to be always never far from the surface and only a slight spark is enough to ignite a diplomatic tiff such as the one that was playing out during Magufuli’s era.

However, President Samia is seeking to bring a solution, and maintain a good relationship between the two neighbouring countries.

President Samia on Saturday, April 10, 2021, said that her administration is determined to solve some of the issues existing between Tanzania and Kenya.

The Tanzanian head of state said this in a statement to the media after meeting a special envoy from President Uhuru Kenyatta of Kenya. She said that she will pick from …

Nigeria’s leading integrated sugar company Dangote Sugar Refinery Plc, has issued their position on the alleged involvement in price-fixing, a move that had been claimed to a strategy to keep the price of sugar high.

The claims were made by one of Dangote Sugar’s competitors in the sugar market, BUA Sugar Refinery.

BUA Sugar had accused Dangote Sugar of involvement in price-fixing and arbitrary collusion to create sugar scarcity in Nigeria so that the prices can be kept high.

This forced Dangote Sugar to issue a response in an effort to vehemently refute the allegations and assertions made by BUA Sugar Refinery.

BUA Sugar Refinery’s claims

Just recently, the management of BUA Sugar Refinery came out to point fingers at the Dangote Group for taking actions and conniving with Flour Mills of Nigeria to push out the competition in the Sugar industry and create a situation of perfect monopoly for …