Author: Gambeta News

Chad, banks and Glencore reach deal on over $1 bln oil-backed loan Glencore and four bank lenders have reached a deal with Chad on the restructuring of an over US$1 billion oil-backed loan. With the support of banks lent Societe des Hydrocarbures du Tchad (SHT) about $1.45 billion in 2014. The debt will be repaid with crude oil cargoes. In 2015, after the crash in global oil prices the loan was restructured but Chad struggled to repay…

Swiss bank freezes Kabila assets following its plan of transparency Swiss bank has penalized the President of Republic of Congo Joseph Kabila by  freezing his account as a result of the situation in his country. The sanction also includes travel ban and it goes for all 14 allies of the President. The current situation in Congo is as a result of the Presidents decision to remain in power after the end of his tenure in December 2016….

NSE indice escalates by N4 billion and encourages investor to invest in there earning season. Nigerian Stock Exchange (NSE) share index rose by 0.03% that is from 42,158.32 to 42,148.40 on Tuesday. Also, capitalization of listed equities increased by N4 billion that is from n15.125 trillion to N15.129 trillion. The changing pattern in the market calls for changes in investors/traders strategies to play the earnings season. Also expect short-term positioning for Q4 earnings reports, and…

 Rwanda issues 50 new licenses to boost the investment in the mining sector 50 new licenses was released to miner of gold, tin and tantalum in Rwanda to enhance investment in East Africa. US$2 billion is expected to be invested this year while US$1.67 billion was invested last year. The agency plans to advertise the new permits very soon. It’s also seeking $200 million for a new innovation centre in the city known as Kivu Belt…

 US Chamber Commerce, Strathmore and Mircosoft supports the Digital Drivers program to be held in Kenya. The United States Chamber of Commerce in association with Microsoft and Strathmore are set to host the Digital Drivers program. Therefore, this program will help grow Africa’s Digital Economy and will begin on the 27th of February 2018. The program aims to provide a business friendly and innovative environment for Africa. Also, it will be attended by government officials, industry…

Two hydro stations to be built in Morocco by Voltalia. Voltalia received grant to develop two hydro power stations in Morocco. The firm is a French company that deals with renewable energy. The capacity of the hydro stations are 9.8Mw and 7.2Mw and also will be located at the Middle Atlas region. These grant is as a result of the approval of the National Bureau for Electricity and Drinking Water. The approval is due to…

Dana set to expand fleets to serve different class of customers. Nigeria’s Dana Air has signed a a partnership deal with Lome an African based airline and Asky. The deal will help broaden the presence in Africa and also to add new generation aircraft to it fleet. This progress is in line with the company’s plan for its fleet expansion program. Hence, the company are speaking with remarkable aircraft manufacturers to bring in there aircraft…

 KenGen to extend Masinga dam by 2 metres. KenGen signed a new contract with French Development Agency (AFD). They will raise the Masinga hydroelectric dam’s wall and install equipment that will pump downstream water back to the dam. The plan is to increase the capacity of Kenya’s hydro station plants and make electricity cheap. Masinga dam, located at the border of Machakos and Embu. The dam is the prime water reservoir for Seven Forks hydropower complex…

Kenya gets funds from AfDB for construction of US$22m  medical school and hospital  Kenya with funds received from the African Development Bank (AfDB) are planing to build a medical school and hospital for kidney-related ailments. The US$22m project consists of 25 wards, laboratories, surgical theaters, high dependency units, consultation rooms and vehicle parking yards. The hospital; East African Kidney Institute (EAKI), is on the Kenyatta National Hospital (KNH) playground. The hospital will have lecture halls, multimedia and also video conferencing…

East Africa Gaming Convention To Launch Second Edition. The inaugural East Africa Gaming Convention has finally come. It is the first regional gaming convention exhibiting the various aspects of the gaming industry. We will be having gaming industry stakeholders showcasing their specialties ranging from: video game tournaments. online gaming. gaming retailship. gaming journalism. game development. game education. cosplay sessions. competitions and various related activities. This gaming & technology convention will be the leading platform for meeting with…

Nigeria’s foreign reserves increases to US$42.4 billion from the former US$40.4 billion last month The Central bank of Nigeria (CBN) continues help has made Nigeria’s foreign reserves increase to US$42.8 billion. The increase is by US$2.4 billion from the former US$40.4 billion last month. This growth is due to the Banks intrusion in the agribusiness sector with priority on the production of local rice. CBN donated over N55 billion to farmers nationwide under the Anchor…

Mobile West Africa to start the 8th edition. The regional mobile technology event has put in a place to connect mobile technology leaders in the Nigerian and West African markets. The event is a leading technology conference in West Africa. The event is aimed at defining the future of the growth of industries and technology in West Africa. It will feature conferences, workshops, great local and international speakers, and will host thousands of attendees from across Nigeria…

Guinea set penalize anyone causing violence between ethnic groups   The crisis in Guinea is as a result of the claim by the opposition party that the elections are rigged. Also the opposition party hinted that President Alpha Conde  might change the constitution to run for a third term. Conde has been silent on this allegation. The results of the election for mayor and neighborhood chiefs held on the 4th of February is yet to be…

OPEC guarantees oil market that U.S. oil shale will not them The President of the Organisation of Petroleum Exporting Countries (OPEC) and United Arab Emirates (UAE)’s Energy Minister, Suhali Al Mazrouei, stated that the increased production of shale oil by the United States will not hinder the effort of OPEC and other countries to clear the surplus in the oil market. The Managing Director of Nigeria LNG limited (NLNG), released its gas potential and support NLNG’s…

Naira has been added to the list of currencies used in UK The United Kingdom’s credit agency has declared naira as one of the international currencies to be used in her transactions. Hence, naira is an acceptable currency for business transactions in UK . This step will increase trade and investment between both countries and shows the worth of Nigeria to UK. UK will fund 85% of projects containing at least 20% British content. Interested…

Eritrea increases time for national services as a defense strategy against Ethiopia. Eritrea national service extended due to illegal habitation by it neighboring Ethiopia. Ethiopia ignores international laws and question Eritrea’s defense structure. The minister also replied to recent reports about how primarily Eritrean and Sudanese were being threatened with jail and deportation by the Israeli government’s to stop illegal migrants. The forced national service coupled with a struggling economy is the reason for most youth leaving…