Africa is a continent with enormous potentials and business opportunities. It has witnessed so many investments within the last 10 years, and several startups have also evolved. There has been several news on how big firms within the continent are growing rapidly in terms of size and financial strength where some are dwindling due to economic hardships in some certain regions. Highlighted below are the recent big news in Africa’s business sector.
01. MTN accused of sponsoring Taliban and Al-qaeda
The largest communication company in Africa, MTN was accused by families of US citizens that were killed in Afghanistan’s attack that the company paid protection money to Taliban and Al-qaeda. The complaint was filed in US federal court, and it was alleged that MTN violated the United States anti-terrorism laws. Although the country is currently reviewing this allegation, however, the case is still in court.
02. Assets held by Africa`s richest woman freeze by Angola court
The assets in custody of the richest woman in African by name Isabel dos Santos has been freeze by Angolan court, report citing a statement from the Angolan Attorney General’s office. Alongside Isabel dos Santos, the court order also affected dos Santos’s husband, Sindika Dokolo, and Mario da Silva. The Attorney General sought the order saying the three engaged in transactions with state-owned companies that led to Angola’s government incurring losses of $1.14 billion.
03. Ethiopia generates $1.12 billion revenue from exportation in five (5) months
In five months of budget year which started from July 8 2019, the ministry of trade and industry of Ethiopia said that the country has earned a sum of $1.12 billion from exportation of different agricultural commodities, manufactured goods and minerals. In comparison with last year budget, the foreign currency Ethiopia generated from exportation increased by $100.7 million, according to report from the Ministry.
04. Directors of Dunamascions Resources Limited were charged with crypto fraud in Uganda
The directors of the now-defunct Dunamiscions Resources limited appeared before a judge earlier this week and were charged with crypto scam on different occasion including obtaining money by false pretense. Among other charges was conspiracy to commit a felony contrary to the penal code. The suspects are said to have scammed between Shs500,000 and Shs140 million across dozens of investors unaware of the scam.
05. Ten (10) most important passport in Africa at the moment
- Seychelles – Global ranking – 29, with Visa-free access to 151 countries
- Mauritius – Global ranking – 32, Visa-free access to 146 countries
- South Africa- Global ranking – 56, Visa-free access to 100 countries
- Botswana – Global ranking-62, Visa- free access to 84 countries
- Namibia- Global ranking – 67, Visa -free access to 76 countries
- Lesotho – Global ranking – 69, Visa -free access to 74 countries
- Eswatini Global ranking – 70, Visa- free access to 73 countries
- Malawi – Global ranking – 71, Visa-free access to 72 countries
- Kenya – Global ranking – 72, Visa – free access to 71 countries
- Tanzania and Zambia – Global ranking – 73, Visa-free access to 70 countries
06. African`s wealthiest man became $4.3 billion richer in December 2019
The 62 years old Nigerian businessman and Africa`s most prominent industrialist by name Aliko Dangote ended the year 2019 with an additional $4.3 billion to his net worth of almost $15 billion, making him the 96th wealthiest man in the world, according to the Bloomberg Billionaires index. His major investments include cements, flour and sugar. 2020 could be a significant one for the billionaire as he is close to completing one of the world largest oil refineries in Africa.
07. Orange Middle East and Africa headquarters established in Morocco
Morocco has now been officially inaugurated as Orange middle east and Africa operational head office in the presence of Stephane Richard, chairman and CEO of Orange and Casablanca Finance City Tower as its location. Having an annual growth of 6%, Orange MEA has demonstrated that its economic and financial model is robust, making it the leading region in terms of growth in the orange Group.
08. South Africa to brace additional power cut; warns Eskom
Eskom Holdings SOC Ltd is a utility company that generates about 95% of south Africa`s power. They’ve warned the nation to brace up for more frequent power cut because it’s no longer going to delay planned maintenance. The chief executive officer of the company by name Andre de Ruyter, told reporters in Johannesburg on Friday that the country should expect some increase in load-shedding.
09. Nigeria confirm interest in hosting the 2020 Women`s cup of Nation
The Nigeria Football Federation (NFF) has confirmed its interest in hosting the 2020 women`s Africa cup of nation and have formally written to the confederation of African Football (CAF) on its intention to host the event. This was made known during the interaction of the director of communication Ademola Olajire with BBC. He also said that they are working on bidding document which would be handed to CAF soon.
10. Ghana plans to attract investors and connect Africans in the diaspora through tourism
The Ghana’s President Nana Addo Dankwa Akufo-Addo has extended a call to all Africans in the diaspora to invest massively in the country. He made this known when he received some sect of black Africans that just returned from America. He also promised them of huge return on their investment when they focus on African’s rich tourism.
In his words, he said “Let us all remember that the destiny of all black people no matter where they are in the world is bound up with Africa”.
11. Dog house for islanders featured in New south Africa Series
New south Africa’s series has given couples opportunity to get some privacy. The vibey private room also features a hot tub much like the Majorcan villa, so that lucky contestants can relax and take a dip together. The beach huts as well as the bedroom which contains seven double beds remains the same. There is also a lounge area for the contestants to chillax and also a fire pit where the savage dumping will take place.
12. Africa`s richest man plans to diversify his investments by having an office in the United States
Africa’s Richest man, Aliko Dangote plans to take office space in new-York city to help diversify his investment and avoid the risk of currency fluctuations on his home continent. He made this known at the Bloomberg TV’s David Bubenstein Show. In his word, he said “In Africa, you know we have issues of devaluation, so we want to really preserve some of the family’s wealth”. He is currently building the largest single train refinery in Africa.
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