Adiwale Partners raises US$69m, reaches final close of its first fund

WEST AFRICA – Adiwale Partners, an SME fund primarily targeting investments, has announced completed the final closing of its very first West African investment fund, Adiwale Fund I of around 60 million euros. The company, co-founded in 2016 by two former partners of Cauris Investment Management, raised a total of 60 million euros (US$69.6 million). This amount is below the target size of 75 million euros (US$87 million) expected by the private equity fund manager. Its two co-founders, Jean-Marc Savi de Tové and Vissého Gnassounou also regret that this final…

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Energy Services Company AktivCo SAS secures US$70.89m multi-country facility

WEST AFRICA – The Facility for Energy Inclusion (FEI) has acted as lead arranger for a €60million (US$70.89m) multi-country facility for AktivCo SAS’ subsidiaries in Chad, Niger, Cameroon, Ivory Coast, and Burkina Faso. FEI will provide €27 million (US$31.90m) of the total amount and is being joined by Proparco which will provide €16 million (US$18.90m), Norfund €9 million (US$10.63m) and AfricaGoGreen which will provide €8 million (US$9.45m). AktivCo SAS is an Energy Services Company (ESCO) and fully owned subsidiary of Camusat Group, a global player for the roll-out of telecom…

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West Africa’s homebuilder Jobomax launches its first model for middle and lower-income buyers

WEST AFRICA – Jobomax, West Africa’s homebuilder, has announced its first model in the US$10,000 – US$20,000 price range, to expand options for middle and lower-income buyers. Given the company’s existing housing finance solutions, the new product delivers the possibility of homeownership to African communities unserved by the current market. The company has a strong track record of success in the Guinea and Sierra Leone markets, delivering houses ranging between US$25,000-US$150,000 focused on the local middle class and diaspora customers. “The new US$10,000 starting price means we expand our ability…

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Releaf startup set to expand into more crops and additional West African markets

NIGERIA – Releaf, a raw material procurement & logistics startup, which develops proprietary hardware and software solutions to drive the industrialisation of food processing in Africa, is planning to expand into more crops and additional West African markets after closing its seed round earlier this year. Releaf was founded in 2017 and took part in the Y Combinator accelerator programme in Silicon Valley the same year, but only started operations in the oil palm space in 2019 and deployed its proprietary technology in January of this year. “Our hardware increases…

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World Bank appoints Clara Ana De Sousa as Country Director for the Sahel countries

WEST AFRICA – The World Bank has appointed Clara Ana De Sousa, a Mozambican national, as the new Country Director for the Sahel countries including Mali, Burkina Faso, Chad and Niger. She will be based in Bamako, Mali. Clara De Sousa was previously Manager for the IDA Strategy and Operations unit where she was responsible for the replenishment and stewardship of IDA. She joined the Bank in June 2005 as a Senior Economist in the Economic Policy Sector in the Latin America and Caribbean region and has since held various…

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Dr. George Uduku appointed as General Manager for General Electric in West Africa

WEST AFRICA – General Electric, a multinational conglomerate, has announced the appointment of Dr. George Uduku, a Nigerian national, as the General Manager for West Africa covering Nigeria, Ghana Sierra Leone and Liberia. George will lead the geographic teams and help enable rigorous growth through a focus on execution, team culture and customer experience as a key differentiator. He is a highly regarded leader and expert with more than 10 years of executive healthcare experience in the United States and Africa. “George’s appointment is testament to our localization efforts and…

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IFC invests in two trade finance facilities to support imports of crucial energy products

WEST AFRICA – IFC has invested in two trade finance facilities arranged by Société Générale for Addax Energy S.A to support imports of crucial energy products into several West African countries. IFC’s US$20 million investment in a US$230 million facility will help Addax finance imports of refined petroleum products into Benin, Côte d’Ivoire, Senegal, and Sierra Leone and distribute the products in Burkina Faso, the Gambia, Guinea, Mali, and Niger. An IFC investment of US$40 million in a second facility also arranged by Société Générale for Addax, will finance the…

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Radar Payments to drive payment activities of Vista Bank Group in West Africa

WEST AFRICA – Vista Bank Group (Vista), financial services holding company, has selected its paytech provider Radar Payments to drive its global payment processing activities in West Africa. Radar Payments will centralise payment operations at Vista’s tech hub located in Senegal, supervising Vista Bank’s activities in Guinea, Gambia, Burkina Faso and Sierra Leone while leaving room for further banks to join its network. It is part of the bank’s growth agenda to expand to Burkina-Faso, Togo, Cote d’Ivoire, Senegal and Mali.  The agreement will see Vista Bank running on BPC’s…

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Independent ATM deployer Outsource Monetic launches in West and Central Africa

WEST AFRICA – The Atlanta based United States independent ATM deployer, Outsource Monetic has officially started its commercial and technical operations in the West and Central Africa region. Outsource Monetic is the first Independent ATM Deployer (IAD) to operate in the 8 countries of the West African Economic and Monetary Union (Benin, Burkina Faso, Côte d’Ivoire, Guinea Bissau, Mali, Niger, Senegal and Togo) and the 6 countries of the Economic and Monetary Community of Central Africa (Cameroon, Central African Republic, Chad, Congo, Equatorial Guinea and Gabon). “We are thrilled and…

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Perseus Mining Ltd releases its CY20 Sustainable Development Report and future plans

WEST AFRICA – Perseus Mining Limited, a gold producer, developer and explorer, has released its CY20 Sustainable Development Report that details the company’s progress over the past 12 months. The company has recorded great progress in its 2020 sustainability report as it moves forward in delivering sustainable gold production of 500,000 ounces per annum by financial year 2022. It reports its delivery on its commitment to responsible mining operations in Côte d’Ivoire and Ghana, including an overall economic benefit to host countries totalling about USD$385 million. The report confirms the…

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