• AMSONS Group granted regulatory go ahead to acquire Bamburi cement.
• The family-owned business has partnered with KCB Investment Bank as its transaction adviser.
• Amson made its initial offer when Bamburi Cement’s shares were trading at Sh45, but the stock has since risen, trading at Sh66 on Thursday afternoon.

Tanzanian business conglomerate AMSONS Group has received regulatory approval from the COMESA Competition Commission for its proposed acquisition of up to 100 per cent of Bamburi Cement.

The move coming at a time that Kenya’s Savannah Clinker Limited has already raised its bid for the acquisition of Bamburi Cement, even though its offer already exceeds Tanzania Amsoms’ competing offer.

In a statement, the COMESA Competition Commission confirmed that the proposed acquisition falls within its ambit and does not pose a competition risk within the common market.

“It is unlikely that the proposed merger will lead to the creation of a dominant position …

• Meg Whitman, the US envoy to Kenya, has resigned with one year left in her term.
• Whitman became the second female American ambassador to Kenya.
• Despite her accomplishments in economic diplomacy, Ambassador Whitman faced sustained criticism of her stance on sensitive issues such as corruption, police brutality, and extrajudicial killings.

Meg Whitman, the US envoy to Kenya, has tendered her resignation with one year left in her term amid criticisms over her handling of human rights issues in the country. This resignation comes a week after Donald Trump returned to the White House and also comes on the back of sustained calls from angry Kenyans for her ouster. In a statement to newsrooms, Whitman indicated that she had already submitted her resignation to President Joe Biden.

“Today, I announced to my team at the US embassy that I submitted my resignation to President Biden,” the statement read in part. “It …

• Lekki Deep Sea Port can now accommodate vessels with up to 7,000 TEUs (Twenty-foot Equivalent Units).
• Port’s ability to handle larger cargo volumes makes Nigeria a key gateway for goods entering and leaving West Africa.
• Lekki Port taps into global best practices in maritime logistics and safety standards.

Nigeria’s maritime industry has received a timely boost with the launch of the COSCO, Singapore headquarted ONE (Ocean Network Express), and ZIM alliance services at Nigeria’s Lekki Deep Sea Port last week.

This initiative not only enhances Africa’s biggest economy’s connectivity to global trade routes but also promises to stimulate economic growth by attracting foreign investment, increasing trade capacity, and fostering efficiency in logistics.

Expanding capacity of Nigeria’s maritime trade

The arrival of the E A Centaurus, the largest COSCO vessel to dock in Nigeria, is a pointer to the heightened capacity of Lekki Deep Sea Port, which now accommodates vessels with …

• DeFi market is experiencing a surge in Total Value Locked (TVL), and hit nearly $97 billion in Q1 this year.
• Built on blockchain, DeFi bypasses traditional financial systems, allowing peer-to-peer transactions via “smart contracts.”
• At the AIM Congress 2025 in Abu Dhabi—DeFi will be a key topic for global policymakers, regulators, and investors keen on the “Future of Finance”.

The rapid growth of Decentralized Finance (DeFi) is signaling a shift in the global finance ecosystem. Expected to grow at an annual rate of 46 per cent from 2023 to 2030, the DeFi market is experiencing a surge in Total Value Locked (TVL), which has already reached nearly $97 billion in the first quarter of 2024.

It’s worth noting that on Monday, the world’s largest cryptocurrency topped $87,000 for the first time. As of around 3:45p.m. ET, bitcoin‘s price stood at $87,083, per CoinDesk, up over 28 per cent …

• South Africa’s budget update has revealed that public finances face a mounting strain. 
• The tax revenue for the current fiscal year is projected to be $1.27 billion.
• President Cyril Ramaphosa has vowed to transform the country into a giant construction site.

South Africa’s Budget Reveals Strain to Public Finances

South Africa’s latest budget update has revealed that public finances are facing mounting strain, emphasizing the urgency for the newly formed coalition government to attract additional investment into the region’s largest economy.

The medium-term budget policy statement presented by Finance Minister Enoch Godongwana on Wednesday indicates that the fiscal deficit is anticipated to expand to 5 per cent of the gross domestic product in the fiscal year ending in March. This figure is an increase from the 4.5 per cent predicted in February and exceeds the predictions of most economists.

The rand weakened with rising bond yields. The nation’s currency fell …

• Authorities need to rework Senegal’s program with the IMF after an audit revealed a higher budget and debt deficit than previously reported.
• During former President Macky Sall’s rule, a review of Senegal’s finances showed that the country’s public and budget deficit was more than 10 percent of the gross domestic product, almost double the 5.5 percent reported under Sall.
• Shortly after taking office, President Faye initiated a review of Senegal’s natural resources sector.

Reworking Senegal’s program with the IMF

Senegal needs to rework its program with the International Monetary Fund after an audit revealed a higher budget and debt deficit than previously reported.

Senegalese authorities hope to meet all the prerequisite conditions to reach a new agreement with the IMF by Q1 2025. This is according to Senegal’s Finance Minister Cheikh Diba, who attended the IMF’s annual meeting in Washington.

“The current program must be updated,” Diba said. “We’re in …