Chariot Oil & Gas to acquire Africa Energy Management Platform for US$2m

AFRICA – Chariot Oil & Gas Ltd, the Africa-focused transitional energy company, has signed a deal to buy Africa Energy Management Platform (AEMP), a developer of renewable and hybrid energy projects with a focus on African mining sites. Chariot has agreed to pay up to US$2 million in cash and stock for the ownership of AEMP, including a milestone payment of up to US$0.75 million. Completion of the transaction is expected to take place in the second quarter of 2021. Once this happens, the buyer will change its name to…

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AfDB, Canada launch CAFC fund for climate change related projects

AFRICA – African Development Bank (AfDB) has signed an agreement with the Government of Canada to formalize the Canada–African Development Bank Climate Fund (CACF), a transformative special fund aimed at providing concessional loans to climate change-related projects with a strong gender-responsive component. The fund will be capitalized through a combination of a CAD 122.9 million (US$104.8 million) repayable contribution, aimed at providing concessional loans for both sovereign and non-sovereign operations plus a CAD 10 million (US$7.95m) grant contribution for complementary technical assistance. The African Development Bank will administer the fund.…

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Investing company ADM Energy invests in Nigeria’s Barracuda oil field in OML 141

NIGERIA – ADM Energy PLC, a natural resource investing company, has agreed to invest in the development of the Barracuda oil field in OML 141, an existing discovery and near-term production asset in swamp/shallow waters offshore Nigeria. The investment will be made by way of an acquisition of a 51% interest in K.O.N.H. UK Limited, which holds an indirect interest in a Risk Sharing Agreement for the Field. “This is a compelling investment opportunity that provides ADM with the potential to access near-term production upside at minimal risk,” Osamede Okhomina,…

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Zimbabwe’s Gweru Airport, PLM Middle East sign US$176m development deal

ZIMBABWE – Zimbabwe’s Gweru Airport and PLM Middle East, a retail specialist agency, have announced a strategic partnership for airport development with a US$176 million investment plan at the 2021 Arab Aviation Summit (AAS), the region’s leading aviation and tourism industry event held at Al Hamra International Exhibition & Conference Centre in Ras Al Khaimah. The eighth edition of the summit bought together experts to discuss the impact of the pandemic on the industry, the aftermath, and the road to recovery for a stronger future, under the theme, ‘Arab Aviation…

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Ghana to have new national airline by Egypt Air in couple of months’ time

GHANA – Ghana is set to get a new national airline, Air Ghana, which will be operated by Egypt Air with an expected commencement in a couple of months’ time.  According to Roshdy Zakaria, chief executive officer of EgyptAir Holding Co., EgyptAir will provide four Boeing Co. 737-800 aircraft to the Accra-based airline in which it will have a 75 percent share, Zakaria told reporters in Ras Al Khaimah, one of the emirates of the UAE. The airline will be based in the capital of Ghana, Accra, and 75 percent…

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Carbacid takeover of BOC Kenya hits legal hurdles

KENYA – BOC Kenya’s proposed takeover by Carbacid in collaboration with Aksaya Investments has been put on hold pending the hearing of an appeal at the Capital Markets Tribunal of Kenya. In a cautionary announcement in the Kenyan local dailies, the Nairobi Securities Exchange listed gas manufacturer BOC Kenya Plc has informed its shareholders and the investing public that an appeal was filed by a shareholder at the Capital Markets Tribunal(CMT) on March 2nd, 2021, in respect of the takeover offer by Carbacid Investments Plc and Aksaya Investments LLP. Section 35A (17)…

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Equity Bank signs yet another US$100m long-term credit from AfDB for its SME kitty

KENYA – Equity Group Plc has signed its sixth long-term credit facility, a US$100 million loan deal with the Africa Development Bank (AfDB), the latest in a series of long-term credit to allow the Kenyan lender to offer concessional medium-term loans to small and medium enterprises (SMEs). In September 2020, the bank signed a US$50 million loan facility with the International Finance Corporation (IFC), a US$100 million with French financier Proparco in October, and a US$148.5 million loan facility with the European Investment Bank in March 2021. The Nairobi Securities…

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Kenya Airways sinks into worst ever loss of US$329.5m

KENYA – National carrier Kenya Airways (KQ) has reported a net loss of US$329.5 million for 2020, the worst ever in the history of the airline, on account of Covid-19 disruptions that led to a sharp decline in passenger numbers. The loss, for the financial year ended December 2020, is almost triple more the US$118.2 million net loss it had posted a year earlier, and now deals a major blow to the recovery efforts of the national carrier. KQ chairman Michael Joseph says the outlook still looks bleak and the…

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Fintech startup Blueloop set to join Y Combinators Winter 2021 batch

NIGERIA – Blueloop, a fintech startup, has announced that it has been accepted into the Y Combinators Winter 2021 batch. The startup will be joining 10 other African startups in the batch and will get access to a US$125k seed fund from the US-based accelerator. With its YC entry, Blueloop joins an increasingly reputable rank of startups like Paystack, Flutterwave, Buycoins, Kobo360, 54gene, to mention a few, that have passed through the accelerator. The startup was founded inn 2020 by two students from Obafemi Awolowo University, Ben Eluan co-founder and…

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Liquid Intelligent Technologies deploys fiber rollout in DRC

DRC – Liquid Intelligent Technologies has deployed its fibre network in the Democratic Republic of Congo (DRC). According to the tech company, this expansion “connects millions of DRC citizens and thousands of businesses to the ‘One Africa’ broadband network” totalling more than 73,000kms across the continent. The company added that most major cities in the DRC, including Kinshasa, are now connected directly to economic hubs like London, San Francisco, and Singapore. “Our terrestrial fibre network connects Muanda, a town lying on the west Atlantic coast of the country, to cities…

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