Societe Generale

Congo
SocGen extends Brazzaville's right of pre-emption over SG Congo sale to 17 July

The Société Générale is eager to ease tensions over the sale of its Congolese subsidiary SG Congo to Vista Bank, owned by the Burkinabe banker Simon Tiemtore, and has given Brazzaville until 17 July to exercise its right of pre-emption over its 93.

Congo
Congo and Equatorial Guinea oppose Vista takeover of Société Générale subsidiaries

Société Générale announced on 8 June that it was selling its Congolese and Equatorial Guinean subsidies to the Burkina Faso company Vista Group. But Brazzaville has already said it will preempt the sale and Malabo may follow suit.

The New Guard
Ivory Coast, Tanzania, Egypt, Nigeria

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

Ivory Coast Régis Bamba, the e-banking whizzkid with big plans

Tanzania Bravious Kahyoza, outspoken rising economist star

Egypt Ahmed Tantawi's bold but implausible presidential bid

Nigeria Rabiu Olowo, finance guru

Ivory Coast
Société Générale exonerated in money laundering probe

Targeted by a wide-ranging Ivorian criminal investigation into the alleged laundering of some 52 billion CFA francs, the French bank has been given a clean bill of health, even though one of its former executives remains a key suspect.

Morocco
Cash-strapped power & water utility renews vehicle fleet

The Office national de l'électricité et de l'eau potable (ONEE) has just selected the offers of Chaabi LLD and Wafa LLD for its long-term vehicle leasing contract, the subject of a call for tenders that was awarded on 4 April 2023.

Southern Africa
TotalEnergies, Maurel & Prom and Perenco to attend African Energy Chamber forum

Africa's main oil lobby, run by lawyer NJ Ayuk, will organise its next Invest in African Energy Forum in Paris. The event is scheduled for 1 June.

Libya
Paris court rejects Al Kharafi's motions in LIA case

The appeals court dismissed the Kuwaiti construction firm's latest legal moves in its battle with the Libyan Investment Authority and upheld a ruling that cancelled the freezing of some of the LIA's bank accounts.

Morocco
Ithmar Capital lobbies European Union

Moroccan investment fund Ithmar Capital joined the EU's transparency register in December 2022 with its sights set on climate policy.

Algeria
Algiers continues to curb access to new foreign banks

As has been the case for the past fifteen years, the annual list of banks approved of by Algiers does not feature any foreign newcomers. The situation, which is down to lack of political will and an uncompetitive business environment, does not look likely to change.

France, Libya
Société Générale caught up in legal storm over sovereign wealth fund

The legal battle between a Kuwaiti construction group and the Libyan Investment Authority continues to have an impact on Société Générale as a third party involved in the case. Hundreds of millions of euros worth of the French bank's derivatives are at the centre of the battle amid a seizure request.

Ivory Coast
Société Générale tends to its image amid financial woes

Shaken by a "money laundering" case set up by one of its executives, Société Générale Côte d'Ivoire (SGCI) has enlisted the services of ratings agency Bloomfield Investment Corporation to help restore its image.

The New Guard
Senegal, DR Congo, Ethiopia and Egypt

Every Wednesday, Africa Intelligence reveals the next generation of movers and shakers in business and politics.

SenegalFatou Sagna Sow, the "Macronist" prepping "Mimi" Toure for 2024

DR CongoAlda Kule Dale, Nicolas Kazadi's financial adviser

EthiopiaAmrote Abdella, Africa's contact for Amazon Web Services

EgyptAhmed Zahran, a PPA pioneer

Ghana
French firm Ocea inches ever closer to clinching patrol boats deal with Accra

The consultations launched by the Ghana Navy for the acquisition of several patrol boats could shortly reach a conclusion, with French shipyard Ocea a likely winner.

Gabon
Defence ministry faces arbitration over unpaid MINUSCA bill

A seven-year unpaid bill could see the Gabonese state dragged before a court in London. Sovereign Global Solutions has sought conciliation, one step away from arbitration.

Guinea
Monaco Resources tries to postpone final €70m repayment due to ECOWAS sanctions on Guinea

Conglomerate group subsidiary Metalcorp is notably blaming the West African sanctions on Conakry for its failure to make a repayment on a bonded debt. But in reality, its affiliate Societe des Bauxites de Guinee's financial and commercial problems have little to do with it.

Ivory Coast
Corruption probe engulfs more banks

An investigation into money laundering involving the Société Générale Côte d'Ivoire, has spread to three other banks in Ivory Coast which are all thought to have been the victim of similar fraudulent schemes.

Ivory Coast
Money laundering investigation rocks Ivorian banking sector

The Ivorian economic and financial criminal division has for several months been investigating suspected money laundering, amounting to nearly 52 billion CFA francs. The case is as spectacular as it is far-reaching, with Société Générale being the most threatened.