Finance

DRC
Gécamines racks up hefty mission expenses bills

The DR Congo state-owned mining company has since April 2023 been using the services of a travel agency called Malabar Business Travel, which has billed it for several million dollars.

The New Guard
Africa, Morocco, Kenya

Every Wednesday, Africa Intelligence spotlights a new generation of movers and shakers in business and politics.

AfricaQatar's new head of African affairs make a splash

MoroccoNizar Abdallaoui Maane, from second-hand cars to Mohammed VI Fund

KenyaDebra Aroko, an award-winning documentary maker

Morocco
Bank al-Maghrib turns to Crane Currency again in fight against counterfeit money

Crane Currency, entreprise nord-américaine spécialisée dans la conception et la sécurisation des billets de banque, a été à la manœuvre du récent renouvellement des coupures de dirhams par la banque centrale marocaine.

Cameroon
Natixis cancels Paris meeting with Cameroonian delegation at last minute

French banks Natixis and Bpifrance cancelled a late September meeting in Paris with a delegation from Cameroon. The meeting had been scheduled to discuss a €590m motorway construction funding package for Yaoundé.

Senegal
Government weighs up €260m takeover of Société Générale subsidiary

Société Générale is trying to pull out of Senegal and the government is interested in taking over the local subsidiary of the French banking group.

Morocco
Guarantor doubts hold back $300m EBRD loan

Talks over a much-needed European Bank for Reconstruction and Development loan to Morocco's national electricity and water utility have hit a wall over the guarantee provider, a situation the finance ministry is actively trying to resolve.

Libya
Central bank makes progress in management crisis

Libya's various political players are expected to appoint a new interim governor to head the institution on 26 September. For UN representative Stephanie Koury, this represents a breakthrough in the highly complex negotiations.

The New Guard
Nigeria, Rwanda, Morocco

Every Wednesday, Africa Intelligence spotlights a new generation of movers and shakers in business and politics.

NigeriaFolawiyo Olajoku's rapid rise through homeland security

RwandaJuliana Kangeli Muganza steps into senior development role

MoroccoZineb Khayatei champions venture capital start-ups

West Africa
Tycoon Simon Tiemtoré hoping to buy stake in Novamed healthcare group

Simon Tiemtoré, a US businessman from Burkina Faso and founder of Lilium Capital, pan-African banking conglomerate Vista Bank's holding company, has entered into negotiations to buy the Novamed healthcare group.

Spotlight | DRC
Incendiary Banque Centrale du Congo audit gathers dust

Three years on from an audit report on the bank, the investigation into alleged embezzlement within the institution has stalled. Africa Intelligence has been able to access the document that gave rise to the affair.

The New Guard
Botswana, Somalia, Benin

Every Wednesday, Africa Intelligence spotlights a new generation of movers and shakers in business and politics.

BotswanaFund manager Bame Pule, a discreet adviser to president Masisi

SomaliaBarkhad Kaariye, speaking on behalf of Somaliland

BeninLéonce Hamza Houngbadji, founder of Africa Solutions Week

West Africa
Two Vista Bank mainstays exit group

The pan-African banking group has just lost two of its mainstays: Stéphane Ouédraogo and Thierry Hott. Ouédraogo and Hott are both well-connected in the sub-region, and had shared their contacts with Vista Bank.

Ethiopia
At the heart of IMF programme, Commercial Bank of Ethiopia under pressure

Ethiopia's largest bank is to receive almost $700m for a recapitalisation operation that comes with a complete overhaul of its risk management system. The introduction of environmental, social and governance standards into the country's banking sector as a whole is still in its infancy.

Algeria, Mauritania
Algerian Union Bank's rocky start in Nouakchott

The Algerian Union Bank's Mauritanian branch is struggling to achieve its targets a year after its arrival. Despite President Abdelmadjid Tebboune's support, business with Algerian firms wanting to move into the country has been slow.