Fidelity Bank appoints Mrs Morohunke Bammeke as Independent Non-executive Director

NIGERIA – Fidelity Bank Plc, a commercial bank, has announced, through a press release, the appointment of Mrs. Morohunke Adenike Bammeke, as an Independent Non-executive Director of the bank, with effect from November 18, 2021. According to the press statement, the appointment is in furtherance of the Bank’s strategic objectives and has been communicated to the Securities and Exchange Commission, Nigeria Deposit Insurance Corporation and Financial Reporting Council of Nigeria. The Board looks forward to working very closely with her to sustain the Bank’s upward performance trajectory. It (Board) believes…

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Morocco secures US$136m loan from AfDB to support recovery of SMEs enterprises

MOROCCO – The Board of Directors of the African Development Bank Group (AfDB) approved a loan worth €120 million (US$136.29m) to Morocco to implement a program aiming to support financial inclusion, entrepreneurship and the recovery of small and medium-sized enterprises (SMEs). The AfDB’s support aims to help companies in difficulty to resume their activities and preserve jobs to successfully overcome the COVID-19 crisis, it said in a statement. The Bank stressed that the program aims to support financial inclusion reforms to facilitate access to finance for families and SMEs, noting…

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Zambia launches National Carrier in joint venturing with Ethiopian Airlines

ZAMBIA – Ethiopian Airlines, the largest aviation group in Africa, has finalized preparations for the launch of Zambia’s National Carrier in a joint venture with Industrial Development Corporation Limited (IDC). Ethiopian has 45 percent stake in the joint venture while IDC retains 55 percent, the shareholders have contributed US$30 million in capital towards the establishment of the airline. The new Zambia Airways (ZN) is to join African sky with its initial domestic flight from Lusaka to Ndola on 1st December 2021 and it will operate at a frequency of six…

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IFC and consortium set to develop solar power production plant in DRC

DRC – A consortium of companies have partnered to develop a large-scale solar power production plant in the Democratic Republic of Congo (DRC) in its bid to scale up clean energy production capacity. The companies include IFC, Globeleq, CIGenCo, Greenshare Energy, Greenshare Congo, Volt Renewables, and Nzuri Energy. The independent power producer (IPP) will be based in Kolwezi, south-eastern DRC, and will produce a planned 100 MWac of solar photovoltaic (PV) power, which will be sold to the national utility and support mining operations and economic activity in the region.…

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Eni divests its stake in Algeria-Italy gas pipelines to energy infrastructure firm Snam

ALGERIA – Italian oil and gas company Eni has agreed to sell a 49.9% stake of its subsidiaries that operate the gas pipelines between Algeria and Italy to energy infrastructure firm Snam for US$435.7 million. The deal includes the onshore gas pipelines that run from the Algeria-Tunisia border to the coast of Tunisia (TTPC), and the offshore gas pipelines that connect the Tunisian coast and Italy (TMPC). Under the new agreement, Eni will transfer its ownership stake in the two pipelines to a newly incorporated Italian company NewCo. Eni will…

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FinTech platform KlickIt closes its investment round to expand and improve its technology stack

EGYPT – KlickIt, an Egyptian fees management and digital collection platform, has announced the closing of their first investment round with commitments from EFG Finance and the venture capital arm of DFin Holding, Camel Ventures. Klicklt will use the cash to expand and improve its technology stack, as well as develop and implement value-added features to cross-sell additional services to the company’s wide network of schools and institutions and quickly rising customer base. “We’re proud to be investing in KlickIt and backing its team. They have been proving their determination,…

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Africa Data Centres launches 10MW data centre facility in Lagos

NIGERIA – Africa Data Centres, the largest network of interconnected, carrier- and cloud-neutral data centre facilities on the continent, has announced that it has officially opened its new 10MW data centre facility in Lagos, Nigeria. According to the company, the new facility will pave the way for Africa Data Centres hyperscale customers to deploy digitisation solutions to West Africa. CEO of Africa Data Centres, Stephane Duproz, describes Nigeria as one of the company’s key markets as there is a rapidly growing demand for data centres in the region, which is…

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Senegal secures US$122m from AfDB to support its economic recovery

SENEGAL – The Board of Directors of the African Development Bank Group have approved the granting of a loan of 108.36 million euros (US$122.32m) to Senegal to help finance the Acceleration Support Program industry, competitiveness and employment (PAAICE). The financial support consists of two loans: the first of 96.1 million euros (US$108.48m) from the African Development Bank, and the second of 12.26 million euros (US$13.84m) from the African Development Fund, its concessional financing window. The program, which is scheduled to run until 2025, will also benefit from a contribution of…

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Egypt selected as chair for COMESA, pledges to deepen intra-trade opportunities

EGYPT – Egypt is the new Chair of the COMESA Heads of State and Authority after taking over from Madagascar that has been steering the organization since 2016. The exchange of power took place in Cairo, Egypt, during the 21st Summit of the COMESA Authority of Heads of State and Governments. Egypt last hosted the COMESA Summit in 2001. The 2021 Summit whose theme is “Building Resilience Through Strategic Digital Economic Integration” comes three years since the last was hosted by the COMESA Secretariat in Lusaka, Zambia, on 18 –…

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Fintech startup OnePipe raises US$3.5m in seed funding round

NIGERIA – OnePipe, a fintech startup, has raised US$3.5 million in seed funding round as it looks to double down on its embedded finance strategy. The seed funding round was co-led by Atlantica Ventures, Tribe Capital and V&R Associates. The round also includes Canaan Partners, Saison Capital, Norrsken, The Fund and Two Culture Cap, while almost all existing investors participated, like Chris Adelsbach, Techstars, Ingressive Capital, Acquity, P1, Raba and DFS Lab. OnePipe, which raised a US$950,000 pre-seed round late last year, will use this latest capital to scale its…

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