Lekki Port secures US$60m first tranche of loan facility from CDB

NIGERIA – Lekki Port LFTZ Enterprise Limited (LPLEL), has received the sum of US$60 million, which is the first instalment of the US$629 million loan facility from China Development Bank (CDB) for the construction of the Lekki Deep Sea Port. The US$629 million loan facility agreement with China Development Bank was signed in Lagos, Nigeria in 2019 to provide the funding for the deepest seaport in the sub-Saharan African region. The Managing Director, Lekki Port LFTZ Enterprise Limited, Du Ruogang stated that the first instalment of the loan facility was…

Read More

Uber set to launch Uber Connect and Uber Hourly for Nigerian market

NIGERIA – Ride-hailing giant Uber has announced that it will be launching two services; Uber Connect and Uber Hourly for the Nigerian market. According to the company, Uber Connect and Uber Hourly will be available in Nigeria in the “next few months”. “We want to bring innovations designed to help people get anywhere and get anything as cities start to move again,” Tope Akinwumi, Uber’s country manager, said in an emailed statement. “As we want to show our commitment to improving the lives of Nigerians, and more importantly, unlocking access…

Read More

Energy company SDX Energy commences drilling of the first of its five wells in Morocco

MOROCCO – SDX Energy, the MENA-focused energy company, has announced the commencement of the first, three well, phase of its 2021 drilling campaign in Morocco, which will comprise up to five wells over the year. This first phase of the Morocco drilling campaign will consist of three appraisal/development wells, which management estimates will target a total of 1.3 bcf of P90/1.8 bcf of P50, gross unrisked prospective recoverable resources, in its operated Gharb Basin acreage in Morocco (SDX: 75% working interest). ”I am pleased to announce that the Company has…

Read More

Centamin awards contracts of Sukari Gold Mine to juwi AG and Giza Systems

EGYPT – Centamin, a gold mining company, has announced it has awarded the engineering, procurement and construction contracts for the 36 MW solar farm and 7.5 MW battery–energy storage system at the Sukari Gold Mine to juwi AG and Giza Systems. juwi AG has been contracted to design, supply and integrate the Sukari solar and battery plant into the current diesel power plant. juwi are renewable energy specialists, with an established track record of developing and integrating renewable energy solutionsfor mines. Giza Systems have been contracted to install the Sukari…

Read More

Kenyan real estate company Stellar secures US$25m funding from IFC

KENYA – The International Finance Corporation (IFC), the private-sector development arm of the World Bank, has announced that it plans to lend US$25 million to Stellar Warehousing and Logistics Limited, a real estate development company based in Kenya. The funds will go toward the purchase of an industrial facility with vacant land in Mlolongo area, in the outskirts of Nairobi from its current owner Orbit Products Africa Limited (OPAL). In addition to acquiring the property, Stellar Warehousing and Logistics Limited will renovate the industrial facility, construct a new facility on…

Read More

Insurance company Sanlam acquires an additional 22.8% interest in Morocco’s Saham Assurance

MOROCCO – Sanlam, a South African insurance giant, has added a 22.8% interest in Morocco’s Saham Assurance Maroc in a deal worth US$137.1 million (MAD1.2bn). The deal sees Sanlam subsidiary SAN JV (RF) Proprietary (SAN JV) raise its direct and indirect stake in the Moroccan property and casualty insurer. SAN JV will buy the shares from Moroccan business tycoon Said Alj and two of his associated entities – Sanam Holdings and First Commercial Estate Company. The transaction will raise SAN JV raise its holding in Saham to 84.5%. The deal,…

Read More

Verizon Communications to dispose of Yahoo, AOL in US$5b mega-deal

WORLD – US-based telecoms company Verizon Communications is disposing of its media businesses, which include Yahoo and AOL, for US$5 billion. In a press statement, Verizon and Apollo Global Management announced that funds managed by affiliates of Apollo entered into an agreement to acquire Verizon Media for US$5 billion. Verizon will retain a 10% stake in the company, which will be known as Yahoo at close of the transaction and continue to be led by Chief Executive Officer Guru Gowrappan. One of the world’s premier global technology and media companies, Verizon Media…

Read More

Shelter Afrique to hold its 40th AGM in Yaoundé, Cameroon

CAMEROON – Yaoundé, the capital city of Cameroon will host Shelter Afrique’s 40th Annual General Meeting (AGM) and annual housing symposium. The event is scheduled to take place between 20th – 26th June 2021 under the theme: Four Decades of Affordable Housing Policies in Africa: Mapping the Next Forty Years. Shelter Afrique Group Managing Director & Chief Executive Officer Andrew Chimphondah and Cameroon’s Minister of Housing and Urban Development Hon. Celestine Ketcha Courtes (who is also the 1st Vice Chairperson of the AGM Bureau) signed the hosting country agreement in…

Read More

GE Healthcare supports Marcelle Ruth Cancer Centre with new equipments

NIGERIA – GE Healthcare has completed the delivery and installation of advanced radiology and radio pharmacy equipment to support the Marcelle Ruth Cancer Centre & Specialist Hospital, Nigeria’s first fully equipped private oncology centre, which will accelerate diagnostic care for cancer. Founded by renowned physician Dr. Modupe Elebute-Odunsi and her financier husband, Bolaji Odunsi, MRCC combines the highest standard of care with the latest treatments and technology in comfortable surroundings designed to promote healing.  The clinically trained members of the founding team all qualified from medical colleges in Nigeria and…

Read More

Kenyan start-ups lead their peers in Africa with record funding – Disrupt Africa

KENYA – The entrepreneurial spirit amongst the Kenyan start-ups has manifested itself  going by the large funding rounds from international investors and institutions they have attracted. Between 2015 and 2020, for example, investments in the country increased to US$241 millionSh26 billion from US$193 million, representing a 27.3 percent of the continent’s total investment. Nigeria came second with US$151 million followed by South Africa US$144 million, Egypt US$143 million, Ghana US$20.4 million and Morocco at US$10.2 million. “This is the largest amount of funding ever achieved by a single country. The…

Read More