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2016

May 2016

11 May 2016

Rwanda gets $200 million from EU to expand electricity supply

By Staff | The East African |May 11, 2016

Rwanda and the European Union Tuesday signed a €177 million (about $200 million or Rwf157 billion) financing deal that will help the government improve its energy sector.

The government targets to have 70 per cent of the 11 million population access electricity by 2018, from 23 per cent as at last year.

The five-year budgetary support aims at improving the supply, transmission and distribution of electricity in Rwanda, and the management of the energy sector.

The financing agreement is part of a €460 million (about Rwf407 billion) EU grant to Rwanda to support energy, agriculture, and governance.

“Energy is one of the top priorities for the Government of Rwanda,” Claver Gatete, Minister of Finance and Economic Planning said, further noting that it “is a prerequisite for the achievement of its main development goal of becoming middle income country by 2020."

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2016

May 2016

10 May 2016

Oando begins multi-billion dollar LNG project in Nigeria

By Staff | Business Day Nigeria |May 10, 2016

 

This picture shows a worker at a natural gas platform.

AFP

Oando Gas & Power Limited, an indigenous developer and provider of gas and power solutions  said yesterday, that it has commenced development of a mini Liquefied Natural Gas (LNG) facility through its Transit Gas Nigeria Limited (TGNL) subsidiary in Ajaokuta, Kogi State.

The company says the  pioneering liquefaction plant is primarily directed towards fulfilling the gas supply requirement for captive power plants, embedded generation, and industrial clusters  in northern Nigeria, as well as stranded customers in the south. Off-takers, particularly, power plants and industrial customers who currently utilise liquid fuels such as diesel and LPFO, will be able to lower energy costs by up to 40%, while significantly decreasing carbon emissions.

Oando Gas & Power CEO, Bolaji Osunsanya said, “The establishment of the Ajaokuta mini LNG project is in firm alignment with our mid-to-long term gas conversion strategy. This venture further emphasises our push to broaden our asset portfolio and strengthen our market play within the gas sector; and by providing the gas advantage, we will help spur the development of self-sustaining industrial clusters to bolster the country’s socio-economic growth.

“ LNG is a viable provisional solution and an industry game-changer for the development of gas markets, ahead of the actualisation of a far-reaching nationwide gas pipeline network, as stipulated by the Nigerian Gas Master Plan.”

With an unlimited supply radius across the country, the Ajaokuta mini-LNG project will provide the solution to the perennial power challenges suffered in certain regions by supplying gas to key foundation off-takers, including strategic power plants and commercial concerns, Osunsanya added.

He further stated that OGP provides gas and power solutions to over 170 industrial and commercial customers nationwide, ensuring cost-savings across board, powering economic development, and engendering environmental awareness.

The company commissioned its expanding Compressed Natural Gas (CNG) programme in 2013, and is currently spearheading several long term projects including a 400km South-West to North-West gas pipeline and a Central Processing Facility (CPF) which will serve as the primary gas gathering and processing hub in the Niger Delta.

Commenting further on the company’s strategic direction, Osunsanya said, “We are focused on aggressively developing Nigeria’s gas infrastructure and the midstream sector at large, as evidenced by the ongoing expansion efforts of our various assets. We are poised to conclude the 10km Ijora to Marina expansion of our Greater Lagos pipeline to increase our supply capacity and market, while providing a cheaper power solution for industries and commercial enterprises along the axis.

“In cooperation with the Rivers State Government, we have also begun the 8km build out of the Central Horizon Gas Company pipeline franchise within the Trans-Amadi area, which will have a socio-economic multiplier effect via the availability of power generated, job creation, and the growth of businesses.”

Though Nigeria boasts proven natural gas reserves of 187 trillion cubic feet (TCF), the eighth largest in the world and the largest in Africa, the gas industry has failed to realise its true potential, due to a number of challenges including the lack of a suitable long-term fiscal and regulatory framework, insufficient infrastructure, sabotage in the Niger Delta, and slow market consolidation. Analysts have continually touted gas as a means of diversifying Nigerian revenues from the usual reliance on oil.

“Gas must occur as a market-driven development, and Nigeria is not an exception.  With oil, there is a ready global market existing for the product. However in gas, you start with an end market and then you develop the gas infrastructure, including extraction, processing facilities, pipelines and connecting infrastructure,” said Osunsanya.

Oando’s holistic gas integration strategy includes methods of transmission and distribution through virtual pipeline solutions such as LNG and CNG to fulfill market requirements while the gestation period for the implementation of the Nigerian Gas Master Plan elapses, he said.

The multi-billion naira Ajaokuta LNG facility will commence operations in Q2 2017.

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2016

May 2016

09 May 2016

Coming soon: I&M Bank Rwanda IPO

By Kabona Esira | The East African | May 9, 2016

The Rwandan subsidiary of I&M Holdings is set to go public with the Rwandan government selling its 19.8 per cent stake in an initial public offering expected to be completed later this year.

Director general for financial sector development at the country’s Ministry of Finance and Economic Planning Eric Rwigamba said the date of the IPO will be announced soon.

The government has instructed transaction advisors to the I&M Bank Rwanda IPO to list within 90 days.

“The agreements have been drafted and are being reviewed. In two weeks, we must have signed them,” said one of the transaction advisors.

Rwanda had planned to sell its stake in the bank — a subsidiary of I&M Holdings listed on the Nairobi Securities Exchange — in October last year but leadership changes that saw former chief executive Anand Sanjeev move to Atlas Mara’s Bank Populaire Rwanda made it suspend the sale.

A consortium of brokerage firms including Baraka Capital Rwanda, Baraka Capital Uganda and Core Securities Tanzania and Dyer and Blair Investment Bank are the lead transaction advisors.

“The lead receiving bank is KCB Rwanda, the legal advisors are Trust Law Chambers, Deloitte & Touche LLP is the reporting accountants and KCB is share registrar,” a source following the deal told The EastAfrican.

Listing a blue chip company like I&M Bank Rwanda — the third largest in Rwanda by asset size and one of the profitable banks — will help raise investors’ appetite for shares in the bank.

The 2015 full year financial results released by I&M Bank Rwanda managing director Robin Bairstow indicate that the bank’s net profit increased from Rwf4.5 billion ($5.7 million) in 2014 to Rwf5 billion ($6.4 million) last year.

The RSE is optimistic about the IPO, saying the bank stocks have remained firm, drawing lessons from Bank of Kigali.

“More products mean, more liquidity on the market, more liquidity means investors are creating wealth,” said Celestin Rwabukumba, chief executive of the RSE.

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2016

March 2016

2016

January 2016

28 January 2016

Video: The Business Council for Africa's Vision for Nigeria 2016

The Business Council for Africa's Vision for Nigeria 2016 briefing in London, Control Risks, Standard Chartered, Oxford Economics and the BCA's Nigerian Consultant debate the key influences for the Nigerian economy in 2016.  A must see for observers of the Nigerian Economy in 2016.

Please find a link to the video at the following link. 

2016

January 2016

27 January 2016

Video: The Business Council for Africa's Vision for Nigeria 2016

The Business Council for Africa's Vision for Nigeria 2016 briefing in London, Control Risks, Standard Chartered, Oxford Economics and the BCA's Nigerian Consultant debate the key influences for the Nigerian economy in 2016.  A must see for observers of the Nigerian Economy in 2016.

Please find a link to the video at the following link. 

 

2016

January 2016

21 January 2016

Nigeria: Chevron commits over $10M to community development projects

Chevron Nigeria Limited (CNL) has provided over $10 million to fund various infrastructural and non infrastructural community development projects in its operational areas in Nigeria in the last one year under its Global Memorandum of Understanding (GMoU).

The Manager, Communications Policy, Government & Public Affairs of Chevron, Mr. A. O. Adebawo, said in Lagos that under the GMoU, host communities were greater role in managing their development through Regional Development Councils (RDCs).

He noted on the strength of the GMoU, which has brought peace and stability to areas where Chevron operates, several communities have benefited from projects, including water supplies, rural electrification projects, school building, cottage hospital, road and drainage networks, town halls, housing for displaced people, scholarship, and micro-credit scheme among others.

According to Adebawo, the new and innovative approach to engagement with host oil communities, has 3 significantly improved relationship with host communities. He explained that the GMoU, a Nigerian National Petroleum Corporation (NNPC)/Chevron Joint Venture, is a deal between Chevron and RDCs – a governance structure in each cluster made up of community representatives, NGO representatives, and government and company representatives. The model engages host communities through the RDCs to manage participatory development initiatives funded by Chevron. This new approach, according to Adebawo, is a paradigm shift from the old method where host oil communities were given handouts. (APA 11-01-2016)

Hear from the experts about Nigeria's 2016 development plan at the Business Council for Africa Nigeria's Vision event on the 27th January. Click HERE for more details.  

21 January 2016

Africa's Next Move: New article by BCA CEO Karen Taylor in Global Opportunity 2015

Please see find the link to the article at the following link  (article is on pages 48-49).

2016

January 2016

13 January 2016

International SOS: Medical and Travel Security Risks Outlook 2016 Survey

What do you think 2016 is going to look like in terms of medical and travel security risks for business travellers and expatriates at international organisations?

International SOS have created a  five minute questionnaire on this subject.

Please complete at the following link.

Please be assured that all answers provided will be kept in the strictest confidentiality. The survey will close on Friday 19th January 2016.

2016

January 2016

06 January 2016

Africa's Next Move: New article by BCA CEO Karen Taylor in Global Opportunity 2015

Please see find the link to the article at the following link  (article is on pages 48-49).