Kenya’s struggling Spire Bank appoints Fredrick Omondi as the new head of finance

KENYA – Struggling Spire Bank, a subsidiary of the giant Mwalimu National Sacco has picked Fredrick Omondi Nyasaka as its new head of finance and administration. Nyasaka joins the lender from Bank of Africa (BOA) where he headed the bank’s finance and internal audit departments. The new finance chief holds over 18 years of experience in the banking sector having held various roles within audit and finance in KCB, Equity, NCBA and Sidian banks, all in Kenya. The new finance chief will be tasked with firming up the bank’s operations…

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Mining giant Anglo American spins off coal assets to reduce greenhouse gas emissions

SOUTH AFRICA – British multinational mining company Anglo American has spun off its South African thermal coal assets into Thungela Resources which will have a primary listing on the Johannesburg Stock Exchange and a standard listing on the London Stock Exchange. As part of setting up Thungela into a standalone business, Anglo said it would provide a US$171 million initial cash injection and a further contingent capital support until the end of 2022 in the event of thermal coal prices in the dollar falling below a certain threshold. The demerger comes…

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South African government gets US$1b Covid-19 emergency program loan from New Development Bank

SOUTH AFRICA – The New Development Bank (NDB) has approved a US$1 billion Covid-19 Emergency Program Loan to the Government of the Republic of South Africa for supporting the country’s economic recovery from the Covid-19 pandemic. The loan will support the Government of South Africa in its efforts to contain the economic fallout of the pandemic and start economic recovery. The loan will be used to finance creation of employment opportunities in South Africa, in particular the first phase of the Presidential Employment Stimulus (PES) aimed to create and support…

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Global renewable energy capacity highlights for 2020

WORLD – According to International Renewable Energy Agency (IRENA) report, at the close of the year 2020, global renewable generation capacity amounted to 2,799 GW with hydropower accounting for the largest share of the global total, with a capacity of 1,211 GW. Wind and solar energy accounted for equal shares of the remainder, with capacities of 733 GW and 714 GW respectively while other renewables included 127 GW of bioenergy and 14 GW of geothermal, plus 500 MW of marine energy. In the same year, renewable generation capacity increased by…

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Afrinvest West Africa appoints Onoise Onaghinon as its Chief Operating Officer

WEST AFRICA – Afrinvest West Africa Limited, a leading wealth advisory firm, has announced the appointment of Mrs Onoise Onaghinon as its Chief Operating Officer. Mrs Onaghinon joined Afrinvest (then SecTrust) in 2003 as an Analyst in the Firm’s investment banking division.  With diligence, commitment and professionalism, she rose through the ranks to become an Associate, then Vice President and eventually Executive Director & Head of Investment Banking.  She is a seasoned veteran in the Nigerian capital markets and investment landscape with over 18 years of experience in capital raising,…

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Applications open for Jack Ma Foundation’s Africa’s Business Heroes competition 2021

AFRICA – Applications are now open for this year’s Africa’s Business Heroes competition, the Jack Ma Foundation’s flagship philanthropic programme in Africa which annually awards 10 outstanding finalists with a share of a US$1.5 million grant. In its third year, the Africa’s Business Heroes competition gives African entrepreneurs a platform to showcase their talent and grow their businesses. The central theme of this year’s competition, “It’s African Time”, is a call to action for all talented African entrepreneurs who are challenging stereotypes associated with “African time” through their businesses, to leverage the…

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Investment bank DLM Capital acquires Links Microfinance Bank

NIGERIA – DLM Capital Group, a developmental investment bank, has announced its plans to expand into Nigeria’s million-dollar fintech sector following its acquisition of Links Microfinance Bank. The license will give DLM Capital Group the mandate to operate small scale banking services in Nigeria. This will also allow the successive launch of its star digital lending brand, Sofri, in the second quarter of this year. The acquisition, combined with the bank’s many fintech efforts already underway, will position them to deliver even more value for corporates and consumers. DLM Capital…

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Car part manufacturer Clayens NP expands its plant in Mohammedia by approximately 70%

MOROCCO – Clayens NP Morocco, Car parts manufacturer, expanded the surface area of its manufacturing plant in Mohammedia by approximately 70%. The Moroccan manufacturing plant, with a reported US$8.1 million (MAD 73 million) investment, expanded its surface area by additional 5,300 square meters, nearly doubling the original size of the plant. The investment will create 100 new jobs, as well as generate an additional turnover of US$14.2 million (MAD 128.4 million) for the company. Specialized in the production of precision metal parts for the automotive, electrical and electronic sectors, Clayens…

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Electric motorbike company Ampersand Rwanda secures US$3.5m investment from VC fund Ecosystem Integrity Fund

RWANDA – Electric motorbike company Ampersand Rwanda Ltd has secured a US$3.5 million investment from Ecosystem Integrity Fund (EIF), its largest-ever venture capital fund investment in sub-Saharan Africa. According Ampersand founder/CEO Josh Whale, the deal marks a turning point in global electric transport. “EIF’s support further dispells the myth that electric transport will happen in rich nations first and trickle down to developing countries later, second-hand,” he added. The San Francisco-based Ecosystem Integrity Fund is a sustainability-focused venture capital company, which invests in companies that reduce or ameliorate threats to…

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Renault group appoints Mohamed Bennani as managing director in Morocco

MOROCCO – The Renault group, a multinational automobile manufacturer, has appointed Mohamed Bennani as the managing director in Morocco as part of the reorganization of the brand. The mission of Bennani is to implement the Renault brand’s latest “Renaulution” policy in Morocco, and to expand its commercial operations. “We welcome Mohamed Bennani as the new General Manager of the Renault brand in Morocco,” the group said on a Facebook post. Bennani has had several roles in his career within the Renault group due to his engineering background and knowledge of…

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