Africa Business Weekly - Issue 118

Africa Business

Weekly

7th Mar, 2021- 12th Mar., 2021 | Issue #118

Branch International

appoints new MD

A product of African Business Communication

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LEAD STORY

Nigeria: Branch International appoints

new MD

Leading digital finance app, Branch

International has announced the appointment

of Dayo Ademola as its new managing

director.

A statement by the firm stated that the

appointment takes immediate effect.

Ademola brings with her over 15 years of

experience at global, consumer-centric

companies such as MainOne and Rosetta

Stone (USA) as well as with foremost local

brands like Union Bank amongst others.

With her experience as a financial services and

technology leader, she has established

operational excellence in innovation, business

strategy, customer segmentation, strategic

marketing, product positioning, product

development and business performance

management.

Before joining Branch International, Ademola

served as the Head of Innovation at EFInA, a

financial sector development organisation

focused on promoting financial inclusion in

Nigeria.

During her tenure, she was responsible for the

administration of EFInA's multi-million-dollar

innovation fund, funding licenced financial

services providers as well as start-up and

growth-stage fintechs, to boost financial

inclusion in Nigeria.

Ademola earned a bachelor's degree in

International Business and Economics from

Temple University, USA and a Global Executive

MBA from INSEAD.

As Managing Director for Branch International

in Nigeria, Ademola will lead the team striving

to provide Nigerians great value and modern

financial services.

| Africa Business Weekly |

Following the announcement of her new role,

Ademola said, “I am excited to join Branch

because I love how the Branch app offers

Nigerians a great deal. No other finance app

offers a 20 per cent investment yield (highest

in Nigeria), zero-fee unlimited money

transfers and instant loans with no

paperwork, collateral or late fees. Branch's allin-one

finance app can help everyday

Nigerians simplify their financial life and get

ahead. I am excited to do my all to help

everyone in the country become aware that

there's a better deal when it comes to your

money.”

The statement added “With over 20 million

active users and offices across Nigeria, Kenya,

Tanzania and India, Branch continues to

redefine digital finance as the platform with

product features such as instant loans, free

m o n ey t ransfe r s, b i l l p ayment a n d

investment. In Nigeria, Branch has processed

over N40bn in over three million loan

transactions in the past three years of

operations and is one of the most downloaded

financial apps in Africa.”

Source: The Guardian

Read more:

https://guardian.ng/appointments/branchinternational-appoints-new-md/


Egypt: AfDB approves a loan of over

US$27 million to establish Kom Ombo

solar power plant

The African Development Bank's Board of

Directors approved $27.2 million in loan

financing for the design, construction and

operation of a 200 MW photovoltaic solar

power plant at Kom Ombo, in Upper Egypt on

the river Nile.

The project is expected to lower electricity

costs for businesses and residences, as well

as reducing greenhouse gas emissions and

creating construction and other jobs.

The project's total cost is estimated at $156.4

million. In addition to the Bank's financing,

structured as a senior loan, the European

Bank for Reconstruction and Development,

the Green Climate Fund (GCF), Arab Bank and

t h e O P E C F u n d f o r I n t e r n a t i o n a l

Development will contribute funding. The

plant, 800 km south of Cairo, is owned by

ACWA Power, a leading Saudi Arabian

developer, investor and operator of power

generation and desalinated-water plants

worldwide.

“We are delighted to support this project that

will deliver one of the lowest generation

tariffs on the continent,” said Kevin Kariuki,

the Bank's Vice President for, Power, Energy,

Climate and Green Growth. He added that

“the project supports Egypt's energy

transition and contributes towards the

country's achievement of its targeted 20%

share of renewables by 2022.”


Egypt's economy has continued to grow

during the COVID-19 pandemic, and its

electricity demands are increasing at an

average annual rate of 7%. By increasing

Egypt's installed power generation capacity

from renewable sources, the plant is forecast

to reduce greenhouse gas emissions more

than 7 million tCO2e equivalent over a 25-

year period. During the construction phase,

800 jobs will be created.

Egypt's electricity grid is linked to those of

neighbors Libya and Sudan, and the plant has

the potential to greatly contribute to energy

trading and electricity access in the region.

The project aligns with Egypt's national

Integrated Sustainable Energy Strategy and

the Bank's New Deal of Energy for Africa,

which aims to increase the share of

renewable energy through innovative

financing in Africa's energy sector. The

project also advances the institution's Light

Up and Power Africa High-5 strategic priority.

The Bank's Deputy Director General for

North Africa, Malinne Blomberg said that

“the newly approved transaction is a

continuation of the Bank's long-standing

partnership with the Government of Egypt

and its strong support for the country's

reform agenda.” In addition to advancing the

country's green development, “the Kom

Ombo project is also contributing to the

sustainability of a sector that is essential for

Egypt's competitiveness and industrial

development. More immediately, the

recovery from COVID-19 will benefit from an

efficient and sustainable energy sector,” she

added.

Egypt is one of the founding members of the

African Development Bank Group. Since

starting lending operations in 1974, the Bank

Group has financed over 100 operations in

Egypt across several sectors.

Source: African Development Bank (AfDB)


PEOPLE IN THE NEWS

Nigeria: Greenwich Merchant Bank appoints Bayo Rotimi as MD/CEO

Greenwich Merchant Bank Limited has said

it has appointed Mr Bayo Rotimi as its new

managing director/chief executive officer.

A statement on Monday, March 1, said the

financial services provider had focus on

high-end financial products and services to

select clientele in targeted sectors of the

economy.

banking, asset and wealth management,

treasury and global markets and securities

dealing.

Source: Punch Business News

Read more:

h t t p s : //p u n c h n g . c o m /g r e e n w i c h -

merchant-bank-appoints-md-ceo/

It also has operations covering corporate

banking, private banking, investment

| Ghana Business & Finance Weekly Digest |

PEOPLE IN THE NEWS

Ghana: Invest in Africa appoints Carol Annang as

Country Director

Invest in Africa (IIA), a private sector-led

initiative focused on growing local

businesses in sub-Saharan Africa to deliver

positive economic impacts and create jobs,

has appointed Carol Annang as its Country

Director in Ghana.

Based in Accra, Carol will be working closely

with strategic partners and the local IIA

team to continue the company's focus on

supporting local businesses, strengthening

brand equity, and attracting other strategic

partners in priority sectors, including

agriculture, manufacturing, extractives and

ICT.

She will also focus on delivering more youth

and female-led business interventions and

building expertise in renewable energies

and agriculture-based projects.

Source: Business and Financial Times

Read more:

https://thebftonline.com/03/03/2021/inve

st-in-africa-appoints-carol-annang-ascountry-director/


PEOPLE IN THE NEWS

Nigeria: Africa Prudential appoints new director

Africa Prudential Plc has appointed Mrs

Zubaida Rasheed as an independent nonexecutive

director.

The firm in a regulatory filing with the

Nigerian Stock Exchange s aid the

appointment was to strengthen the

company in its digital transformation drive

as it pivots from its core registrar business to

providing digital solutions and technology

services.

Although her appointment was effective

February 24, it is subject to the approval of

the Securities and Exchange Commission.

Chairman, Africa Prudential Plc, Eniola

Fadayomi, said, “On behalf of the board and

management of Africa Prudential Plc, I am

pleased to welcome Zubaida to the board.


Read more:

https://punchng.com/africa-prudentialappoints-new-director/


PEOPLE IN THE NEWS

Siemens Energy Nigeria gets new managing director

Siemens Energy Nigeria has announced the

appointment of Mr Seun Suleiman as

managing director.

Suleiman will be responsible for the entire

management of operations and decisions

on business policies and corporate strategy,

according to a statement titled 'Siemens

Energy Nigeria appoints Seun Suleiman as

managing director.’

Commenting on his appointment, Suleiman

said, “It is an absolute honor to lead the

business for Siemens Energy Nigeria and I

look forward to delivering on the brand's

promise of excellence.”

According to the statement, Suleiman

joined Siemens Energy in 2014, bringing

over 15 years' experience and deep

expertise in the private sector across Europe

and West Africa.


Read more:

https://punchng.com/siemens-energynigeria-gets-new-managing-director/


PEOPLE IN THE NEWS

Nigeria: Continental Reinsurance Appoints New Group MD

The Board of Continental Reinsurance Plc

has appointed Lawrence Mutsunge Nazare

as the Group Managing Director, effective

April 1, 2021.

Group Managing Director since 2011 and

leaves a strong legacy of significant

contributions that will live on in the

company for many years to come”.

He takes over from Dr Femi Oyetunji who

retires on March 31, 2021.

Commenting on the appointment, the

Chairman of the Board of Directors

Continental Re, Chief Ajibola Ogunshola,

said: “Dr. Oyetunji has remarkably served as

Source: African Eye Report

Read more:

https://africaneyereport.com/nigeriacontinental-reinsurance-appoints-newgroup-md/


PEOPLE IN THE NEWS

Ex-Credit Suisse CEO Thiam Raises US$300 Million for

Upsized SPAC

Former Credit Suisse Group AG Chief

Executive Officer Tidjane Thiam raised $300

million for his blank-check company after

boosting the size of the deal.

Thiam's Freedom Acquisition I Corp. sold 30

million units at $10 apiece in its U.S. initial

public offering, it said in a statement Friday,

February 26. The special purpose acquisition

company, which is targeting deals in the

financial services industry, was earlier

targeting to raise $250 million.

The strong demand shows how industry

veterans can trade on their strong name

recognition to raise cash at a time when

SPACs are booming like never before.

Freedom Acquisition's units, which

represent one Class A ordinary share and

one-fourth of a redeemable warrant, will

start trading Friday on the New York Stock

Exchange under the “FACT.U” ticker.

Source: African Business Central

Read more:

https://www.africanbusinesscentral.com/2

021/03/02/ex-credit-suisse-ceo-thiamraises-300-million-for-upsized-spac/


FINANCE

Ghana: NIMED Capital Ltd launches IPO for

NIMED Lifetime Unit Trust

NIMED Capital Limited, a fund management

company licensed by the Securities and

Exchange Commission (SEC) and the

National Pensions Regulatory Authority

with specialty in investment banking and

fund management, has announced the

launch of its new unit trust – The NIMED

Lifetime Unit Trust.

The scheme, which was launched virtually

on Wednesday, March 3, will focus on

investing in the fixed income market.

On a regional level, 100 percent of the fund

will be invested in securities within Ghana.

Source: 3 News

Read more:

https://3news.com/nimed-capital-ltdlaunches-ipo-for-nimed-lifetime-unittrust/


FINANCE

Listed banks given up to April 30th to file

audited financial statements

Listed banks on the Ghana Stock Exchange

have been granted one month extension to

file their 2020 audited financial statements.

They therefore have up till 30th April 2021 to

do so.

that the date for filing of 2020 audited

financial statements be extended by one

month to April 30, 2021 to enable them work

effectively with their external auditors to

achieve the audit objectives.

In a statement by the GSE, it however said

“the banks that are able to conclude their

audit in time, in spite of the negative impact

of the COVID-19 pandemic, are encouraged

to publish within the existing statutory

timeline.”

Source: Joy Business News

Read more:

https://www.myjoyonline.com/listedbanks-given-up-to-april-30th-to-fileaudited-financial-statements/

The Banks listed on the GSE through the

Ghana Association of Bankers requested


FINANCE

City Hall seeks new terms for Sh4.5 billion

KCB loan

City Hall has revealed plans to restructure a

Sh4.45 billion KCB Group loan in a bid to end

a legal showdown with the lender and avoid

property auction.

The county said that it will approach the

lender and re-negotiate the terms of the

loan to pay Sh55 million monthly over eight

years.

percent that KCB Group charged after it

inherited the loan from Equity Bank .

Source: Business Daily

Read more:

https://www.businessdailyafrica.com/bd/c

orporate/companies/city-hall-seeks-forsh4-5-billion-kcb-loan-3311014

City Hall did not disclose if it will seek a

review of the interest rate from the 13


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BANKING

Kenya: Equity sets aside Sh75bn for SMEs

Equity Bank has said it plans to lend Sh75

billion to small businesses at concessionary

terms, noting that it will not participate in

the State-led credit guarantee scheme.

Chief executive James Mwangi said Equity

Bank has secured a mix of guarantees and

cheap long-term loans from several

development finance institutions that will

unlock the funds for lending at 13 percent

interest for five years.

bid to cushion them from the economic

fallout arising from the coronavirus

pandemic.


Read more:


orporate/companies/equity-sets-asidesh75bn-for-smes-3311016

In September last year the Kenyan

government said it will provide Sh10 billion

to guarantee commercial loans for SMEs in a


BANKING

Nigeria: Sterling Bank introduces savings

scheme on digital platform

Sterling Bank Plc says it has added rotation

savings and peer-to-peer lending feature to

the available options on its digital banking

platform, called OneBank.

It said this in a statement on Sunday,

February 28, titled 'Onebank introduces Ajo

scheme for big-ticket savings through

peers'.

According to the statement, the new

feature, known as Ajo Scheme, is the digital

construct of ajo, esusu and adashe, the

oldest informal means of collecting and

saving money through a savings club or

partnership for big-ticket transactions such

as a down-payment on a house, car,

gadgets, school fees, overseas trips.


Read more:

https://punchng.com/sterling-bankintroduces-savings-scheme-on-digitalplatform/


BANKING

Nigeria: Access Bank assists customers

to own cars

Access Bank has launched a service called

'Auto-club by Access' as a one-stop shop

designed to cater to automobile needs of

Nigerians by providing auto services.

sedans, buses, and vans and for preowned

cars (popularly called tokunbo cars) from

specific approved dealers that have been

certified to be in excellent condition.

In a statement titled 'AUTOCLUB by Access

helps customers drive the cars of their

dreams', it stated that the services ranged

from vehicle purchase, maintenance, usage

to disposal and so much more at affordable

pricing.


Read more:

https://punchng.com/access-bank-assistscustomers-to-own-cars/

The bank stated, “The service offers vehicle

finance for brand new cars such as SUVs,


BANKING

FCMB launches paperless, cardless services

Customers of First City Monument Bank

(FCMB) can now seamlessly carry out an

array of transactions using fingerprints and

Bank Verification Numbers (BVNs) with the

newly introduced paperless transaction

process.

With a customer base in excess of 6 million,

over 200 branches spread across Nigeria

and upward growth in overall performance,

FCMB said it consistently up-scales its

operations, product and service offerings to

empower and delight Nigerians.

The bank in a statement said customers no

longer require deposit slips, withdrawal

booklets, or cheque books to carry out overthe-counter

transactions.

Source: Daily Trust

Read more:

https://dailytrust.com/fcmb-launchespaperless-cardless-services


BANKING

Nigeria: Wema Bank profit dips by 2.65%

Wema Bank Plc has witnessed a drop in its

earnings for the full-year ended December

2020.

This is according to the unaudited group

accounts forwarded by the firm to the

Nigerian Stock Exchange.

The bank recorded a 14.79 per cent

reduction in its gross earnings of N80.85bn

for the 2020 financial period from N94.89bn

in the corresponding period of 2019.

It also recorded N31.03bn as net interest

income in 2020 as against N25.98bn

recorded in 2019, representing an increase

of 19.44 per cent.


Read more:

https://punchng.com/wema-bank-profitdips-by-2-65/


BANKING

Ghana: UMB, NARMG signs new controller

loan product

Universal Merchant Bank (UMB) has signed

an agreement with the National Association

of Registered Midwives, Ghana (NARMG) to

offer its members on the controller payroll,

a special UMB Controller Loan product of up

to GHS 150, 000, which will be spread over

48 months at a competitively low interest

rate, with a turnaround time of 48 hours.

The newly introduced UMB Controller Loan

for the National Association of Registered

Midwives Ghana, forms part of the many

financial interventions UMB has rolled out

to government workers and customers to

offer them the needed financial cushion to

finance their personal needs, especially

during these turbulent times.

that, “UMB understands the financial

burdens occasioned by the current times

and as a truly indigenous bank, we are

committed to ensuring that all our

customers and Ghanaians enjoy financial

freedom. In light of this, we have designed

this special financial product to help relieve

government workers of the financial stress

so they attend to their personal needs in a

timely manner.


Read more:

https://www.myjoyonline.com/umbnarmg-signs-new-

controller-loanproduct/

Speaking at the signing ceremony, CEO of

the Bank, Nana Dwemoh Benneh stated


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ECONOMY

Kenya: Britam cuts up to 138 jobs after exit of CEO

Insurance group Britam Holdings is set to

retrench up to 130 employees, mostly in its

Kenyan operations in a process that could

cost it up to Sh700 million.

This is the second wave of layoffs at the

company, which spent Sh664 million to let

go of 110 employees in 2018.

The new retrenchment kicked off on

February 26 and will run until the end of

May, featuring a voluntary early retirement

(VER) programme and the elimination of

some roles, including 10 top executive

positions.


Read more:

https://www.businessdailyafrica.com/bd/

corporate/companies/britam-cuts-up-to-

138-jobs-after-exit-of-ceo-3308958


ECONOMY

Nigeria: Dangote Sugar Refinery's profit rises

to N29.78bn

Dangote Sugar Refinery Plc posted a profit

after tax of N29.78bn in 2020, compared to

N22.36bn in 2019, according to its audited

financial statements.

The company said in a statement on

Monday, March 1, that despite the

disruptions to the economy, owning

majorly to coronavirus pandemic, it

recorded an increase of 13.7 per cent in

production volume to 743,858 tonnes in

the financial year ended December 31,

2020 from 654,071 tonnes in 2019.

It also posted an increase in sales volume,

which rose by 6.9 per cent from 684,487

tonnes to 731,701 tonnes.


Read more:

https://punchng.com/dangote-sugarrefinerys-profit-rises-to-n29-78bn/


ECONOMY

Unilever Nigeria to separate tea business

Unilever Nigeria Plc has informed

shareholders and the investing public of its

plan to organise its tea business into a

separate legal entity.

The consumer goods company, in a

statement obtained from the Nigerian

Stock Exchange, said the notification was

further to the announcement made on

August 5, 2020 about Unilever's global

declaration on the strategic review and

planned separation of its tea business.

The firm said the planned separation

would go through the normal approval

process and was expected to be concluded

by the end of 2021.


Read more:

https://punchng.com/unilever-nigeriato-separate-tea-business/


ECONOMY

Kenya: Safaricom the preferred brand by

women clients

Safaricom has been ranked the most

preferred brands by women in Kenya,

topping M-Pesa and Equity Bank.

Research firm Ipsos Kenya ranks

Safaricom among 100 brands women are

most likely to spend money on across the

country.

'Always' sanitary pads come in fourth on

the list followed by Naivas supermarket,

Menengai bar soap, Arimis, Airtel, Aerial

and Coca-Cola.


Read more:

https://www.businessdailyafrica.com/bd

/corporate /companies/s afaricom-

preferred-brand-by-women-clients-

3311036


ECONOMY

Orkin LLC establishes branch in Ghana

An American pest control management

company, Orkin LLC, has officially

launched its branch in the country, Orkin

Ghana.

Speaking at the ceremony, an official of

Orkin LLC, Dr Ron Harrison assured

prospective customers that the new

subsidiary in the country will provide the

same high standards as it is practiced

across the world.

He further highlighted the importance of

fumigating public areas, particularly,

workplaces.


Read more:

https://www.myjoyonline.com/orkin-llcestablishes-branch-in-ghana/


ECONOMY

Hapag-Lloyd opens new office in Kenya

Hapag Lloyd Growth in Africa continues

with the opening of a new office in Kenya.

While the major business will be managed

from the port city of Mombasa, the

company will also have an office in

Nairobi, the nation's capital.

The shipping company indicated that it

mainly transports agricultural products

outside Kenya, especially tea, coffee,

fruits and textiles. The imports consist

mainly of chemicals, food, and a wide

range of plastic or rubber products.

The new office will preside over him

National Director, Prashant Sandwani.

While 19 of the employees will work in

Mombasa, six of them will work in Nairobi

and one in Uganda.

Source: Sunday Vision

Read more:

https://www.sundayvision.co.ug/hapaglloyd-opens-new-office-in-kenya-2/


ECONOMY

South Africa: Brimstone Repays More than R1bn

Debt in Tough Reporting Period

Brimstone has released its Group results

for the year ended 30 December 2020

reporting a reduction of over R1 billion in

debt during the year.

Brimstone's two largest investments, Sea

Harvest and Oceana Group, produced

strong results in an extremely difficult

operating and trading period exacerbated

by the COVID-19 pandemic.

adjustments in the fair value of listed

investments; increased trading losses and

asset impairments incurred by soon to be

sold subsidiary House of Monatic; and

a d d i t i o n a l p rov i s i o n s , re s e r v e s ,

impairments and underwriting losses

incurred by Lion of Africa Insurance

Company which is in run-off since 2018.

Source: Africa Business

Profit before net finance costs decreased

to R481.4 million compared to R658.9

million in the previous year. The decrease

in profit is mainly due to downward

Read more:

https://africabusiness.com/2021/03/03/b

rimstone-repays-more-than-r1-billiondebt-in-tough-reporting-period/


Nigeria: Paystack investors cash out big

It was indeed a big day for the African

startup ecosystem as it was distribution day

for individual and corporate investors who

invested in Paystack.

A lot of investors took to twitter to express

their joy in their return on investment. Jason

Njoku, Founder of IrokoTV who is also an

investor confirmed the distribution on social

media.

The Angels who invested in the seed round

o f P a y s t a c k b a c k i n 2 0 1 6 m a d e

approximately 1,440%ROI. That is 14.4

times their money in only 5 years, according

to Njoku.

Source: Nairametrics.

Read more:

https://nairametrics.com/2021/02/19/cashout-day-for-paystack-investors/


Ghana: Stanchart Women in Tech incubator

programme takes off

Standard Chartered Bank Ghana Plc and the

Ghana Climate Innovation Centre at Ashesi

University have held induction ceremony

for the first cohort of the Women in Tech

Business Incubator Programme (WIT) which

seeks to support women led business in the

technology sector.

The event which was held virtually

welcomed the 15 women entrepreneurs

from across several regions in Ghana into

the business incubator.

The ceremony was also used as a platform

to give more information about the details

and content of the program which would

run for nine.

Source: Graphic Business News

Read more:

https://www.graphic.com.gh/business/bu

siness-news/stanchart-women-in-techincubator-programme-takes-off.html


MTN Nigeria profit rises, revenue hits N1.35tn

MTN Nigeria Communications Plc has

reported a profit before tax of N298.87bn

for the 2020 financial year, up from

N291.28bn in the previous year.

operating profit grew to N426.71bn from

N393.23bn.


The telecommunications company, in its

audited financial statements filed with the

Nigerian Stock Exchange, said its profit after

tax rose to N205.21bn last year from

N203.28bn in 2019.

Read more:

https://punchng.com/mtn-nigeria-profitrises-revenue-hits-n1-35tn/

Its revenue increased by 15 per cent yearon-year

to N1.35tn from N1.16tn, while its


Ghana: MTN appoints new Independent

Non-Executive Directors

M T N G h a n a h a s a p p o i n t e d n e w

Independent Non-Executive Directors, a

statement has said.

The statement said “MTN wishes to

announce that Mr. Kwasi Abeasi and Mr.

Modupe Kadri will step down from the

Board of the Company effective March 1,

2021.

“Mr. Kwasi Abeasi joined the Board of MTN

Ghana in 2011, as an Independent Non-

Executive Director, bringing a wealth of

experience to the Board over his 10-year

period of service. Mr. Modupe Kadri joined

MTN Ghana as Chief Financial Officer in 2014

and was appointed Executive Director in

2016, a position he held until February 2020

when he became a Non-Executive Director

of the Company.

Source: 3 News

Read more:

https://3news.com/mtn-appoints-newindependent-non-executive-directors/


MARITIME

Ghana: New port tariffs takes effect

Effective Monday, March 1, the Ghana Ports

and Harbours Authority (GPHA) will begin

the implementation of new tariff for

services rendered to shipping lines at the

seaports.

T h e n ew t a r i f f re g i m e a p p l i e s to

containerised cargo for port dues,

stevedoring, cranage and terminal handling

(empty container).

They are to increase on an average of 15.74

per cent for 20-footer container and 16.81

per cent for 40-footer container.

Source: Graphic Business News

Read more:

https://www.graphic.com.gh/business/bu

siness-news/new-port-tariffs-take-effecttoday.html


MARITIME

Ghana to export banana, others to UK under a

tariff-free agreement

Ghana is to export banana, tinned tuna, and

cocoa to the United Kingdom (UK) under a

tariff-free agreement.

The UK exports are also in line to benefit

from tariff liberalisation from 2023,

including machinery, electronics, and

chemical products.

News Agency, said the UK and Ghana on

Tuesday, M arch 2 , signed a trade

partnership agreement securing tariff-free

trade between the two countries and

providing a platform for greater economic

and cultural cooperation.

Source: Ghana News Agency

A statement issued by the UK High

Commission in Accra, copied to the Ghana

Read more:

https://www.gna.org.gh/1.19968343


AVIATION

Ghana: British Airways reverses decision on

Heathrow to Gatwick route for Accra– London

flights

British Airways is said to have reversed its

decision to move Accra – London route

from Heathrow to Gatwick.

According to Aviation Ghana, the decision

comes on the back of lots of negotiations

between the government and officials of

British Airways.

British Airways had planned to commence

the Accra – London route to Gatwick from

this month.


Read more:

https://www.myjoyonline.com/britishairways-reverses-decision-on-heathrowto-gatwick-for-accra-london-route/


AVIATION

Nigeria: Air Peace resumes Accra flights March 15

Air Peace has announced the resumption

of daily flight operations into Accra from its

Lagos hub on March 15.

Similarly, the airline in a statement titled

'Air Peace resumes Accra flights March 15,

set for Ilorin kick-off', expressed readiness

to kick off scheduled flights into Ilorin from

Abuja and Lagos.

The spokesperson of the airline, Stanley

Olisa, in the statement signed on Tuesday,

March 2, stated that the Lagos-Accra flight

would depart daily at 07:00hrs while the

Accra-Lagos flight would depart at

07:40hrs.


Read more:

https://punchng.com/air-peace-resumesaccra-flights-march-15/


AVIATION

Nigeria: EgyptAir plans daily flights from Abuja

EgyptAir has said it plans to start daily

flights from Abuja and increase its number

of flights from Lagos this year.

The UAE had last month extended the

suspension of flights from Nigeria (Lagos

and Abuja) from February 28 to March 10.

The airline said the number of its regular

Dubai travellers from Lagos had reduced

due to the United Arab Emirates' ban on

Nigerian flights.


Read more:

https://punchng.com/egyptair-plansdaily-flights-from-abuja/


AVIATION

African air traffic dipped 66.1% – IATA

The International Air Transport Association

has reported a drop in passenger demand

in the new year.

In a report titled 'From bad to worse:

January passenger demand falls further',

IATA said African airlines' traffic dropped

66.1 per cent in January.

Similarly, total demand in January 2021

(measured in revenue passenger

kilometers or RPKs) was down 72 per cent

compared to January 2019. That was worse

than the 69.7 per cent year-over-year

decline recorded in December 2020.


It added that January capacity contracted

54.2 per cent when compared to January

2019 while the load factor fell 18.4

percentage points to 52.3 per cent.

Read more:

https://punchng.com/african-air-trafficdipped-66-1-iata/


OIL & GAS

Oil Surges but African Countries Retain

Production Cuts

The latest OPEC+ deal has sent the price of

Brent crude to its highest level in more than

a year, offering much-needed economic

relief for Africa's oil and gas producers.

battered by a sustained period of low oil

prices worsened by the pandemic, but

commits them to strict measures to rein in

their production.

Oil prices have surged by around 5% to $68

a barrel after global oil cartel OPEC+ agreed

to rollover its current production quotas for

all members except Russia and Kazakhstan.

The improving price recovery offers hope of

future rises to OPEC's African member

states, whose economies have been

Source: African Eye Report

Read more:

https://africaneyereport.com/oil-surgesbut-african-countries-retain-productioncuts/

| Africa Business Weekly

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MINING

Ghana: AngloGold earnings up 160%; Obuasi

mine major contributor

Mining firm, AngloGold Ashanti has

witnessed a significant 160% increase in

profit to $946m in 2020, from $364m in

2019.

The company added 6 million ounces of

new Ore Reserve, on a gross basis, as it

chartered a return to growth in the

coming years.

As a result, dividend increased more than

fivefold to 48 US cents per share in 2020,

from 9 US cents per share in 2019.

According to its Preliminary 2020 Result,

net debt from continuing operations

went down by 62% year-on-year to

$597m in 2020, from $1.5 billion in 2019;

the lowest in the last ten years.


Read more:

https://www.myjoyonline.com/anglogol

d-earnings-up-160-obuasi-mine-majorcontributor/


MINING

Nigeria: SMDF partners PFI, Morrocan firm

on limestone devt

The Chairman, Board of the Solid

Minerals Development Fund, Uba

Malami, has said the organisation will

work with critical stakeholders on the

development of limestone granules in

Ebonyi State.

Malami noted in a statement on

Wednesday, February 23, that the fund

was already engaging the Presidential

Fertilizer Initiative and the OCP of

Morocco following the presidential

approval of 'a strategic investment fund

fo r t h e S M D F to fa s t t rack t h e

development of limestone granules in

Ebonyi State.'

According to the board chairman, the

need to work with PFI became necessary

in order to harness Nigeria's abundant

deposits of calcium carbonate.


Read more:

https://punchng.com/smdf-partnerspfi-morrocan-firm-on-limestone-devt/


POWER

Kenya Power to rollout electric car

charging stations

Kenya Power has unveiled plans to roll out

electric vehicle charging points as it eyes

new revenues streams and boost demand

for cars that don't use petrol and diesel

The electricity distributor said Tuesday,

March 2, it would build a nationwide

network of public charging points, removing

one of the hurdles for use of electric cars in

Kenya.

reduce reliance on petrol and diesel. Fuel

products are the country's biggest import

item.


Read more:


orporate/companies/ kenya-powerelectric-car-charging-stations-3309912

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promote the use of electric vehicles and


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AGRIBUSINESS

Koudijs Ghana launches its new local complete

feed to improve local poultry production

As part of efforts towards improving

access to the right poultry feed for poultry

farmers, Koudijs Ghana Limited has

launched its complete layer feed to help

improve chicken production in the country.

The new high-quality feed, which is

produced locally, is expected to provide

farmers and their animals with the right

and strictly controlled nutrients in the most

balanced ratios.

Access to feed has over the years been a

challenge for poultry farmers in Ghana,

with local agents only managing to

produce about fifty-seven thousand

metric tonnes, which is way below the

national demand of about four hundred

thousand metric tonnes every year.

Source: Citi Business News

Read more:

https://citibusinessnews.com/koudijsghana-launches-its-new-local-completef

e e d - t o - i m p r o v e - l o c a l - p o u l t r y -

production/


INSURANCE

Ghana: Enterprise Life begins operations

in Nigeria

Enterprise Life, Nigeria, a subsidiary of

Enterprise Group PLC, has now opened its

doors to the Nigerian public for business.

It will be recalled that the company was

granted its operating license from the

Nigerian National Insurance Commission

(NAICOM) in November 2020, after

meeting all the necessary requirements,

including a stated capital of 8 billion.

A media release issued in Accra described

the latest development as a significant

milestone in the group's expansion project

into foreign markets, coming a few years

after its first venture beyond the shores of

Ghana, into The Gambia.

Source: Graphic Business

Read more:

https://www.graphic.com.gh/business/b

usiness-news/enterprise-life-beginsoperations-in-nigeria.html


INSURANCE

aYo Ghana Makes Significant Strides Despite

Headwinds

aYo Intermediaries Ghana Limited, a

leading microinsurance company has

defied economic headwinds triggered by

the novel Coronavirus Disease 2019

(COVID-19), to show its commitment to the

economic wellbeing of its customers in the

country.

The company which offers Hospitalization

and Life Insurance Cover through its two

insurance products namely 'Send with

Care' and 'Recharge with Care' continued

to give value to its customers through

claim payments.

It paid claims in value of GH¢2,394, 687 to

over 8,000 customers showing a

significant increase in its claim payment by

over 170% compared to 2019 where a total

of GH¢872,987 claims were paid in value.

Source: African Business News

Read more:

https://africaneyereport.com/ayo-ghanamakes-significant-strides-despiteheadwinds/


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4th Jan., 2021- 8th Jan., 2021 | Issue #109

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