Story: In this article are five company tales generating headlines in Sub Saharan Africa this 7 days.
TotalEnergies has released the sale of its 10% stake in Nigerian joint venture SPDC.
The sale consists of fascination in 13 onshore fields and a few in shallow water making 20,000 barrels of oil equivalent a working day.
Massive oil has been progressively exiting Nigeria’s onshore manufacturing thanks to a long time of sabotage and theft in the Delta location, which has suffered a long time of oil spills and air pollution.
Ghana has commenced a bulk purchase programme to invest in gold regionally, the Central Bank stated on Tuesday (May possibly 17), to elevate the gold part in its reserves
Which is a bid to strengthen the cedi currency, which has been depreciating, with out raising inflation, which hit an 18-12 months-record in April.
South African grocery and outfits retailer Select n Shell out aims to reduce costs by 3 billion rand – that’s $187m – in the future 3 a long time and grow industry share by 3%.
The intention is to boost shareholder returns which have been dropping about the earlier yr in a extremely aggressive marketplace.
The UK’s progress finance institution, British Global Expenditure, and U.S. bank Citigroup have signed a $100m hazard-sharing facility for Africa – to increase lending to little corporations by up to 4 times that quantity.
The two parties will share possibility 50/50 as they purpose to deliver funds to markets viewed as dangerous mainly because of an unsure business enterprise surroundings and forex fluctuations.
And ultimately Nigeria’s megacity Lagos said on Wednesday (Could 18) that it is banning motorcycle taxis, which it known as unsafe.
The okadas are a well-known manner of transportation in a city where by website traffic jams are a day by day part of daily life.
It was not instantly obvious if the ban would include experience-hailing start out-ups like Gokada and Max.ng that have sought to capitalize on the city’s teeming inhabitants of 20 million.