Finance

Burkina Faso
Néré Mining rocked by shareholders' dispute

After the Karma gold mine was raided once again by attackers on 20 August, forcing owner Néré Mining to temporarily halt its extraction operations, the firm's deputy managing director Stefan Maré was fired by its co-founders Grégory Quérel and Elie Justin Ouédraogo.

Morocco
After AGMA, Rachida Benabdallah moves to Paris to join Attijariwafa Bank and her ambassador husband

Ex-Agma boss Rachida Benabdellah has joined the board of Attijariwafa Bank Europe in Paris, which allows her to join her Moroccan ambassador husband Mohamed Benchaâboun in the French capital.

Ivory Coast
Money laundering investigation rocks Ivorian banking sector

The Ivorian economic and financial criminal division has for several months been investigating suspected money laundering, amounting to nearly 52 billion CFA francs. The case is as spectacular as it is far-reaching, with Société Générale being the most threatened.

Ivory Coast
Charles Kié's SBNA consortium fails to buy CGRAE's shares of Orabank

Led by Ivorian banker Charles Kié and former AfDB president Donald Kaberuka, the SNBA joint venture has failed to wrap up the takeover of the Caisse générale des agents de l'Etat's (CGRAE) shares in the Orabank group.

Egypt, Russia
Cairo poised to adopt alternative Russian payment system to sidestep sanctions

Following the invasion of Ukraine and ensuing sanctions on Moscow, Visa and Mastercard bank cards issued in Russia no longer work outside the country. In order to keep attracting Russian tourists despite this ban, Egyptian banks have decided to take on the former's payment system, Mir.

Spotlight | Africa
Afreximbank, Standard Bank and French banks among last financiers of hydrocarbons in Africa

More and more banks, caught between the hammer of oil companies and the anvil of NGOs, are turning their backs on fossil fuel projects in Africa. Only a handful are still showing support for the sector.

Sudan
Former finance minister Hiba Ahmed takes over as head of Islamic Development Fund

After her short spell as Sudan's finance minister from 2020 to 2021, former World Bank analyst Hiba Ahmed is returning to the world of international finance institutions.

DRC, Israel, United States
Dan Gertler under FBI investigation

U.S. authorities are investigating possible circumvention of the sanctions they have put in place against mining magnate Dan Gertler in DRC. Dan Gertler claims he knows nothing about these investigations and has complied with the sanctions.

North Africa
Maghreb Union's BMICE bank seeks raison d'être

Despite limited means and a governance paralysed by political rivalry, the Maghreb Bank for Investment and Foreign Trade is hoping to develop its activities. It is considering opening its capital to new partners and is increasing cooperation with international funders.

Kenya
KCB Bank looks to bounce back after painful change of leadership

Kenya's largest bank in terms of financial assets is hoping for a new lease of life following the departure of its CEO. But the issue of annual bonuses has caused ructions in-house, where there is much debate about the difficulties being experienced by KCB internationally.

The New Guard
Guinea, Ethiopia, Zambia, Zimbabwe

Every Wednesday, Africa Intelligence reveals the next generation of movers and shakers in business and politics.

Guinea Abdourahim Barry, the oil ministry's rising star

Ethiopia Mamo Mihretu, Abiy Ahmed Ali's right-hand economics man

Zambia Mwiya Musokotwane, the fintech sector's leading lobbyist

Zimbabwe John Basera, Mnangagwa agricultural programme's golden boy