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The National Bank of Equatorial Guinea or BANGE Bank in collaboration and through the Central African Stock Exchange or BVMAC, as increased its share capital base by XAF 10.311.000.000 after  50.000 shares were bought at FCFA 206.220 a share.

The announcement was made at a solemn ceremony at the headquarters of the Central African Stock Exchange (BVMAC) on September 28 in Douala, in the presence of the Governor of the Littoral Region Ivaha Diboua Samuel, the President of the African Development Bank, top Management officials of Bange Bank, the President of APPECAM, and senior Officials of Commercial Banks and BEAC, the COSUMAF President and other dignitaries.

Prior to this event, the Central African Banking Commission, as per COBAC decision no. D 2022/091 reached in an ordinary session held in July 13, 2022 in Douala, had cleared BANGE bank to increase its capital. Bange bank is also entering at a time that the ministry of Finance representing the state,  has decided to mobilize the sun of XAF 200 billion through the central African system to sponsor state projects as one of the objectives of the 2022 finance law. BANGE bank through these activities, will be required to use the lending ECMR 6.25% net 2022-29 when engaged in the capital market of BVMAC in Cameroon.

BANGE bank has as capital about XAF 55.8 billion where the state has a majority share of 64% followed by enterprises at 25% and 11% for others. It employs over 600 workers and is one of the biggest in the region.

This new increase in capital of XAF 10.311 billion is said to be the first stage of adding another XAF 40 billion or so to the said capital.

So the question was thrown to no one else but the Board Chair on what all these monies will be used for. Martin Chrisantos Ebe Mba analysed that the upgrading of human capital is at the onus of the bank’s main concerns, so they intend to create the bank’s academy for that purpose and to consolidate their cash basis and reduce risks.

He went on to say that they are determined to internationalise the presence of the bank in America, France, China and of course in Cameroon. He mentioned the building in Akwa and those in Hilton and T-Bella in Yaoundé and another branch to be created in Kribi as part of their expansion projects.

The other part of the capital would be to supply credit to all classes of businessmen who will qualify to have it, for that is what the name BANGE represents, he concluded.

The representative of the ministry of finance, for his part, appreciated the efforts of all those stakeholders who contributed to realize the occasion.

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Ethiopia defaults on $33 Million bond payment



Ethiopia officially entered default territory on Tuesday, becoming Africa’s third nation to do so within a span of three years. The failure to make a $33 million « coupon » payment on its sole international government bond underscores the country’s severe financial challenges exacerbated by the COVID-19 pandemic and a recently concluded two-year civil war in November 2022.

Ethiopia had previously announced its intention to formally default earlier this month. The payment, originally due on December 11, had a technical grace period extending until Tuesday, thanks to a 14-day clause in the $1 billion bond agreement.

Sources familiar with the situation reported that, as of the close of business on Friday, December 22, the last international banking working day before the grace period ended, bondholders had not received the expected coupon payment. Despite requests for comments, Ethiopian government officials remained silent on Friday and throughout the weekend.

This anticipated default aligns Ethiopia with two other African nations, Zambia and Ghana, which are currently undergoing a comprehensive restructuring process under the « Common Framework. »

Ethiopia initially sought debt relief under the G20-led initiative in early 2021. The civil war delayed progress, but in November, facing depleted foreign exchange reserves and surging inflation, Ethiopia’s official sector government creditors, including China, agreed to a debt service suspension deal.

Parallel negotiations with pension funds and other private sector creditors, who hold Ethiopia’s bond, collapsed on December 8. Subsequently, credit ratings agency S&P Global downgraded the bond to « Default » on December 15, based on the assumption that the coupon payment would not be fulfilled. The default places Ethiopia in a challenging economic position, requiring strategic measures to address its financial instability and navigate the complexities of debt restructuring.


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TotalEnergies ready to invest $6 billion in Nigeria



French energy giant TotalEnergies is ready to invest $6 billion (around €5.5 billion) over several years in Nigeria’s energy industry, particularly in gas and offshore projects, the Nigerian presidency has said.

« We are ready to invest $6 billion over the next few years. We are looking in depth at more opportunities for deepwater and gas production, » said TotalEnergies CEO Patrick Pouyanné, according to a presidential statement.

On Monday, Head of State Bola Ahmed Tinubu held talks with Mr Pouyanné in Abuja, the capital.

« Everything is in place. We just need to finalise the adjustments and changes needed to unlock the exceptional potential in oil and gas », continued Mr Pouyanné, according to the Presidency.

Nigeria is « very important » for TotalEnergies, which accounts for between 8% and 10% of the group’s total oil production, according to the CEO quoted in the press release.

For his part, the Nigerian president pledged to « remove all obstacles in the oil and gas industry ». « We are ready to work with you », he said.

The oil and gas major indicated that it « has a substantial portfolio of projects that could represent 6 billion dollars of investment over the next few years ».

Ten days ago, the Nigerian president’s office announced similar commitments from British oil and gas giant Shell, for USD 6 billion in offshore, natural gas and liquefied natural gas (LNG) projects.

Since his inauguration at the end of May, Bola Ahmed Tinubu has taken a series of economic measures aimed at attracting more foreign investment to this oil-producing country and member of OPEC.

A law, the Petroleum Industry Bill, adopted in 2021 after years of debate and delays, was already aimed at attracting more foreign investment in the oil sector through changes to regulations, royalties and taxes.

Nigeria has seen its oil production decline in recent years due to widespread pipeline theft, attacks, high operating costs and red tape, which have deterred investors.

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Nigeria, Cameroon missing in top 10 best international airports in Africa



Africa is emerging as a preferred global destination for travellers, driven by a thriving tourism and business sector. The continent’s aviation landscape is now a formidable force, fostering crucial connections between Africa and the global community.

Recently, Skytrax, a renowned international airline assessment organization, revealed its 2023 report on the Best Airports in Africa. South Africa dominated the regional ranking, with additional entries from Kenya, Morocco, Rwanda, and Mauritius.

1. Cape Town International Airport, South Africa

This is a premier international hub with modern infrastructure and a commitment to eco-friendly practices. The airport hosts 4.13 passengers per 10 square meters daily, catering to a discerning crowd.

2. King Shaka International Airport, South Africa

Located in Durban, it stands as a beacon of excellence among Africa’s best international airports. The terminal, covering 102,000 m2, can handle 7.5 million passengers annually.

3. Johannesburg International Airport, South Africa

Serving as the primary hub for domestic and international travel in South Africa. Since 2020, Africa’s fifth busiest airport with a capacity for 28 million passengers per year.

4. Casablanca International Airport, Morocco

Handled about 7.6 million passengers in 2022, ranking among the top 10 busiest airports in Africa. A hub for Royal Air Maroc, Royal Air Maroc Express, and Air Arabia Maroc.

5. Mauritius International Airport

A strategic gateway with direct flights to Africa, Asia, Australia, and Europe. Renowned for its commitment to passenger satisfaction and prime location.

6. Marrakech International Airport, Morocco

An international facility connecting Europe, the Arab world, and soon North America. Terminals designed to handle 2,500,000 passengers annually.

7. Addis Ababa International Airport, Ethiopia

Formerly Haile Selassie I International Airport, it’s the main hub for Ethiopian Airlines. Links Ethiopia and Africa to Asia, Europe, North America, and South America.

8. Kigali International Airport, Rwanda

Serving Kigali and playing a vital role in connecting Congolese, Burundian, and Ugandan cities. The terminal accommodates 1.5 million passengers annually.

9. Nairobi International Airport, Kenya

A key connection point to East African destinations, quadrupling its capacity to host 26.5 million passengers yearly.

10. Bloemfontein International Airport, South Africa

Formerly Bloemfontein International Airport, now Bram Fischer International Airport. An economic hub hosting over 300,000 passengers and 17,000 air traffic movements annually.

Source: africanews


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