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Africa Business

Ethiopian Airlines says it is in talks for stake in Eritrean Airlines

19/07 Ethiopian Airlines is in talks to take a stake in Eritrean Airlines and a study will be conducted to determine the size of the acquisition, the Ethiopian carrier's chief executive said in an interview. . .  Full story

Nigeria's Senate to investigate "anomalies" in renewal of oil leases

18/07 Nigeria's upper house of parliament will investigate anomalies in the renewal of oil leases by the ministry of petroleum, it said on Wednesday.. . .  Full story

Kenya to launch Nairobi financial centre later this year-finmin

18/07 Kenya will launch its international financial centre in the capital Nairobi later this year to attract large foreign financial firms and boost capital flows, its finance minister said on Wednesday.. . .  Full story

Kenya Power CEO under arrest over allegations of economic crimes - police

15/07 Kenya Power's Chief Executive Officer gave himself up to police on Sunday and was in their custody, police said, a day after the east African country said it wanted to charge him over alleged. . .  Full story

Police arrest ex-CEO of Kenya Power company

14/07 Kenyan authorities said on Saturday they had arrested a former chief executive officer of the state-run distributor Kenya Power on suspicion of economic crimes and wanted to charge the current chief executive.. . .  Full story

Kenyan bank KCB could seek partner in Ethiopia as country opens up

13/07 KCB Group, Kenya's biggest bank by assets, will look at partnering with a local bank in Ethiopia, where a potential liberalisation of foreign investment rules could open up a market of 100 million people.. . .  Full story

Libya 1st-half 2018 oil revenue $11.4 bln - central bank

11/07 Libya's central bank (CBL) said on Tuesday the country had earned 15.6 billion Libyan dinars ($11.4 billion) in oil revenue in the first six months of the year, accounting for more than 93 percent. . .  Full story

Nigerian lawmakers to investigate state oil firm over remittances

10/07 Nigerian lawmakers voted on Tuesday to investigate the state oil firm over a shortfall in revenue remittances to government coffers, in a motion passed by the lower house of parliament.. . .  Full story

Kenya's ARM Cement's shares plunge on bond payment report

10/07 Shares of Kenya's ARM Cement dropped by the maximum daily limit of 10 percent on Tuesday after a newspaper reported that it had missed a bond interest payment.. . .  Full story

Nigeria to offer 12.7 bln naira mining contract to eight firms

04/07 Nigeria will offer a 12.7 billion naira ($41.6 million) mining contract to eight companies in exploration and consultancy, its junior mining minister said on Wednesday, adding both foreign and local firms were encouraged to participate.. . .  Full story

Tunisia raises fuel prices, third hike this year 

22/06 Tunisia raised fuel prices on Friday by 4 percent, the third hike this year as the government seeks to a cut budget deficit, a key requirement of international lenders.. . .  Full story

World Bank approves $455 million loan for Tanzania power projects

21/06 The World Bank has approved a $455 million loan to Tanzania under its International Development Assistance (IDA) programme to support financing of power projects in the East African nation.. . .  Full story

Zambia aiming for power prices that reflect costs by end 2018

21/06 Zambia plans to introduce electricity tariffs that reflect the cost of production by the end of this year, a senior government official said on Thursday, a move that could increase costs for economically vital. . .  Full story

Ethiopia appoints new central bank governor

18/06 Ethiopia appointed a new central bank governor on Monday, state-affiliated media said, in a move that follows major economic reforms.. . .  Full story

Kenya's Safaricom opposes planned tax increase on mobile cash transfers

18/06 Kenya's biggest mobile phone operator Safaricom is opposed to a proposed tax rise on mobile phone based cash transfers that its chief finance officer said on Monday would discourage the drive towards modern payments systems.. . .  Full story

Nigeria's Buhari will sign off 2018 budget on Tuesday, minister says

15/06 Nigerian President Muhammadu Buhari will sign the government's long-delayed budget into law on Tuesday, Information Minister Lai Mohammed said on Friday.. . .  Full story

Zambia delays borrowing plans indefinitely - finance minister

14/06 Zambia has decided to delay all planned borrowing indefinitely, its finance minister said on Thursday, slowing down the accumulation of new debt amid worries about the risk of distress.. . .  Full story

Kenya to repeal rate cap, introduce 'Robin Hood' tax

14/06 Kenya's Finance Minister Henry Rotich on Thursday said he would propose repealing a cap on commercial lending rates, a move cheered by bankers who had said the ceiling had hurt credit growth and access.. . .  Full story

Rwanda's overall spending to rise 16 pct in 2018/19, sees higher GDP growth

14/06 Rwanda plans to raise spending by 16 percent in the 2018/19 (July-June) fiscal year to 2.44 trillion francs ($2.87 billion), its finance minister said on Thursday.. . .  Full story

Kenya proposes amending banking act in a move that will repeal rate cap

14/06 Kenya's Finance Minister Henry Rotich on Thursday said he would propose to repeal a cap on commercial lending rates, as he presented a budget including a new tax on financial transactions.. . .  Full story

Malawian telecoms company TNM's 2017 profit up 60 percent

14/06 Telkom Networks Malawi reported a 60 percent jump in annual after tax profit on Thursday, thanks to a strong showing from its voice call services.. . .  Full story

Kenya's Finance Minister proposes reforms to boost bank lending

14/06 Kenya's government will introduce a set of reforms for the financial sector aimed at boosting private sector credit growth after it was hit by a cap on commercial interest rates introduced in 2016, the. . .  Full story

Sierra Leone in fourth bid to launch oil sector with licensing round

14/06 Seeking to capitalise on higher oil prices, Sierra Leone has extended the deadline of a fourth oil licensing round for five deep water offshore blocks until September 27, officials told Reuters.. . .  Full story

Kenya small business payments boost from CBA-fintech tie-up

13/06 Kenya's biggest privately owned bank, CBA, has teamed up with a local financial technology company to speed up payments for goods or services delivered by suppliers, its chief executive said on Wednesday.. . .  Full story

UK issues travel warning after Mozambique attacks

13/06 Britain advised citizens on Tuesday against travelling to an area in northeastern Mozambique after a series of attacks by groups with links to Islamic militants.. . .  Full story

War-torn South Sudan issues higher denomination banknotes amid soaring inflation

11/06 South Sudan's central bank said on Monday it will issue higher denomination banknotes, enabling citizens to carry fewer notes as rampant inflation continues to devalue the local currency.. . .  Full story

Kenya to sell 25-year Treasury bond this month - central bank

08/06 Kenya will sell a 25-year Treasury bond worth 40 billion shillings ($396 million)this month, the central bank said on Friday.. . .  Full story

Cupric Canyon to start construction of Botswana copper mine in October

07/06 Private equity firm Cupric Canyon will begin construction of its Khoemacau copper project in Botswana in October, with first sales of the metal expected in 2021, a company executive said on Thursday.. . .  Full story

Nigeria recovers $98 mln with tax evasion amnesty -finance ministry

06/06 Nigeria's government has recovered around 30 billion naira ($98 million) from individuals and companies through a tax amnesty scheme, the finance ministry said on Wednesday.. . .  Full story

Tanzania sees GDP growth at 7.2 pct this year -finance minister

04/06 Tanzania's economy is expected to grow by 7.2 percent in 2018, up from around 7.1 percent last year, and the fiscal deficit will increase on the back of higher infrastructure spending, the finance minister said. . .  Full story