insert_link Local Trustco Group announces NAD 4.4 billion (USD 235 million) transaction with founding family. Trustco Group Holdings Limited (TTO.SJ) today announced a landmark agreement to convert NAD 4.4 billion (USD 235 million) of debt into equity, paving the way for a planned USD 100 million capital raise in the US markets. The agreement is expected to increase Trustco's net asset value by approximately NAD 1.5 billion (USD 79 million). "This recapitalization is a crucial step towards achieving our growth ambitions […] today12 June, 2024
insert_link Africa Benin arrests five Nigeriens in escalating diplomatic standoff Benin authorities have arrested five Nigeriens at a port where Niger loads oil for export, sharply escalating a growing diplomatic dispute between the two West African nations. Five Nigerien nationals were arrested at the port of Seme-Kpodji on Wednesday evening after "entering the site without disclosing their identity", according to a statement from Elonm Mario Metonou, the special prosecutor at CRIET, Benin's court for financial crimes […] today7 June, 2024
insert_link Business / Economics How Dangote refinery is flipping the script on Africa’s oil By Bonface Orucho, bird story agency Nigeria's Dangote refinery, a 650,000 barrels per day facility, has recently exported its first-ever jet fuel cargo to Europe, a move that signals not just growing production, but Africa's potential to become a major player in the global petroleum market. S&P Global in a report on May 30 explains that Bp, a British multinational oil and gas company, transported […] today6 June, 2024
insert_link Africa Africa enters into multi-country visa regime By Conrad Onyango, bird story agency Africa is moving towards a multi-country visa system, with individual countries and regional blocs working to remove their borders to promote intra-Africa tourism. Southern African countries are the latest to signal their intent to allow tourists to explore more diverse offerings across multiple destinations using a single visa. Leaders from Angola, Botswana, Namibia, Zambia, and Zimbabwe, which comprise […] today6 June, 2024
insert_link World Russia FM in Guinea amid Africa influence boost Russian Foreign Minister Sergei Lavrov arrived on Monday in Guinea, his ministry said, the first trip by Moscow's top diplomat to the West African country since 2013. Russia, which has seen its relations with the West plummet after it sent troops into Ukraine in 2022, has sought to boost its influence in Africa in recent years. Russia's foreign ministry announced the visit on the Telegram social media […] today3 June, 2024
insert_link Africa Nigeria denies plans for foreign military bases amid regional concerns Nigeria's government says it has no plan to host foreign military bases within its borders. This follows reports that the government was planning to do so after three West African countries asked French and US troops to leave their country. today7 May, 2024
insert_link Africa CFA franc: conditions are ripe for replacement of the west African currency rooted in colonialism – expert By Kai Koddenbrock, Bard College Berlin At no point in history has the CFA franc – the name of a colonial currency used in west and central African countries belonging to the franc zone – been closer to its demise. Senegal has overwhelmingly voted for leftwing Pastef candidate Bassirou Diomaye Faye (and his former party leader Ousmane Sonko) while the coup governments in Mali, Burkina Faso and Niger […] today8 April, 2024
insert_link Africa Cocoa beans are in short supply: what this means for farmers, businesses and chocolate lovers By Michael E Odijie, UCL A shortage of cocoa beans has led to a near shutdown of processing plants in Côte d'Ivoire and Ghana, the two countries responsible for 60% of global production. With chocolate makers around the world reliant on west Africa for cocoa, there is significant concern about the impact on the prices of chocolate and the livelihood of farmers. Cocoa researcher Michael Odijie explains […] today20 March, 2024
insert_link Africa Burkina Faso, Mali and Niger hint at a new west African currency: what it’ll take for it to succeed By Thierno Thioune, Université Cheikh Anta Diop de Dakar On 11 February 2024, the head of Niger’s ruling military junta, General Abdourahmane Tiani, spoke of the possible creation of a common currency with Burkina Faso and Mali. “The currency is a first step toward breaking free from the legacy of colonisation,” he said on national TV, referring to the CFA franc inherited from French colonisation. Burkina Faso, […] today15 March, 2024
