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ABIMIMA Business News for Africa's Business Leaders and Entrepreneurs.

Abimima.com is a platform that seeks to highlight the success of Africa's business organizations, entrepreneurs, startups and business Leaders. We seek to bring our audience breaking business news, economy and market analysis, expert opinions and research, in addition to industry and leadership profiles. We are committed to being the source of business news and resource for local entrepreneurs, SM

Es, as well as investors originating from Africa and Abroad. Our goal is to inspire Africans about Africa's success while highlighting the success to the Globe.

ACCRA, GHANA - Tullow Oil plans to drill new wells and boost output at its TEN field off Ghana to 80,000 barrels a day o...
18/05/2017

ACCRA, GHANA - Tullow Oil plans to drill new wells and boost output at its TEN field off Ghana to 80,000 barrels a day once a maritime dispute between Ghana and Ivory Coast is resolved, Tullow's managing director in Ghana Charles Darku said on Wednesday. The British company will also invest in exploring possible new Ghana reserves in addition to its Jubilee and TEN fields, Darku said. [ 135 more words ]

https://abimima.com/2017/05/18/tullow-to-boost-ten-field-output-once-maritime-dispute-resolved/

ACCRA, GHANA – Tullow Oil plans to drill new wells and boost output at its TEN field off Ghana to 80,000 barrels a day once a maritime dispute between Ghana and Ivory Coast is resolved, Tullo…

JOHANNESBURG - South Africa's Tsogo Sun Holdings has sold 29 hotels to Hospitality Property Fund for a 3.6 billion rand...
18/05/2017

JOHANNESBURG - South Africa's Tsogo Sun Holdings has sold 29 hotels to Hospitality Property Fund for a 3.6 billion rand ($268 million) mix of cash and shares, the companies said on Thursday. The transaction is part of Tsogo's strategy to lessen its direct exposure to the hotel business and focus more on entertainment and gambling. "The transaction represents an attractive acquisition for Hospitality, with the Tsogo portfolio comprising 29 successful and established hotel properties," Hospitality said. [ 103 more words ]

https://abimima.com/2017/05/18/s-africas-tsogo-sun-swaps-hotels-for-higher-hospitality-property-fund-stake/

JOHANNESBURG  – South Africa’s Tsogo Sun Holdings has sold 29 hotels to Hospitality Property Fund for a 3.6 billion rand ($268 million) mix of cash and shares, the companies said on Thu…

By Chijioke Ohuocha ABUJA - Nigeria plans to raise $3.5 billion in foreign loans including from the World Bank and from...
18/05/2017

By Chijioke Ohuocha ABUJA - Nigeria plans to raise $3.5 billion in foreign loans including from the World Bank and from international debt markets to help fund its 2017 budget deficit, the head of its budget office told Reuters on Wednesday. The country is in its second-year of recession brought on by low oil prices, which has slashed government revenues, hammered the naira currency and it has struggled to raise funds from concessionary organisations such as the World Bank. [ 326 more words ]

https://abimima.com/2017/05/18/nigeria-to-raise-3-5-bln-in-foreign-loans-eurobonds-in-2017-budget-head/

By Chijioke Ohuocha ABUJA  – Nigeria plans to raise $3.5 billion in foreign loans including from the World Bank and from international debt markets to help fund its 2017 budget deficit, the h…

KIGALI - Rwanda's telecom industry regulator has fined MTN Rwanda, a division of South Africa's MTN Group 7 billion fra...
18/05/2017

KIGALI - Rwanda's telecom industry regulator has fined MTN Rwanda, a division of South Africa's MTN Group 7 billion francs ($8.5 million) for running its IT services outside the country in breach of its licence. The regulator said in a ruling posted on its website that MTN Rwanda was hosting its IT services hub in Uganda, which it had prohibited. [ 160 more words ]

https://abimima.com/2017/05/18/rwanda-regulator-fines-mtn-rwanda-8-5-mln-over-external-it-hub/

KIGALI  – Rwanda’s telecom industry regulator has fined MTN Rwanda, a division of South Africa’s MTN Group 7 billion francs ($8.5 million) for running its IT services outside the …

ACCRA - Ghana's Cocobod raised $200 million in a bond issued via the central bank to cover its operations for the remai...
18/05/2017

ACCRA - Ghana's Cocobod raised $200 million in a bond issued via the central bank to cover its operations for the remainder of the cocoa season after its annual syndicated loan ran out early, the industry regulator's chief executive Joseph Aidoo said on Tuesday. The regulator initially needed $400 million but it is not now seeking additional funds because the bond will be "recycled" among buying companies until the end of the 2016/17 crop year when a fresh annual loan will be contracted, Aidoo told Reuters.

https://abimima.com/2017/05/18/ghanas-cocobod-says-raises-200-mln-through-bond-for-purchases/

ACCRA  – Ghana’s Cocobod raised $200 million in a bond issued via the central bank to cover its operations for the remainder of the cocoa season after its annual syndicated loan ran out…

Africa-focused oil company Tullow Oil Plc said it encountered 75 metres of net oil pay in two zones at an exploration we...
18/05/2017

Africa-focused oil company Tullow Oil Plc said it encountered 75 metres of net oil pay in two zones at an exploration well in Northern Kenya. The Emekuya-1 well, located in the South Lokichar basin in North-Western Kenya, would eventually be developed to full field development, the company said on Wednesday. The well has proven oil charge across a significant part of the Greater Etom structure, Tullow said. [ 126 more words ]

https://abimima.com/2017/05/18/tullow-says-makes-oil-discovery-in-kenyan-well/

Africa-focused oil company Tullow Oil Plc said it encountered 75 metres of net oil pay in two zones at an exploration well in Northern Kenya. The Emekuya-1 well, located in the South Lokichar basin…

By Vijaykumar Vedala Gold hit a two-week high on Wednesday as Asian stocks slipped and the dollar fell amid political un...
18/05/2017

By Vijaykumar Vedala Gold hit a two-week high on Wednesday as Asian stocks slipped and the dollar fell amid political uncertainty after a source said U.S. President Donald Trump asked the FBI to end a probe into his former security adviser. Spot gold climbed 0.6 percent to $1,243.31 per ounce by 0746 GMT, after earlier touching its strongest since May 3 at $1,244.70. [ 352 more words ]

https://abimima.com/2017/05/18/gold-rises-to-two-week-high-amid-trump-concerns/

By Vijaykumar Vedala Gold hit a two-week high on Wednesday as Asian stocks slipped and the dollar fell amid political uncertainty after a source said U.S. President Donald Trump asked the FBI to en…

By Aziz El Yaakoubi, Julia Payne and Libby George DUBAI/LONDON - Swiss trading giant Glencore and U.S. private equity in...
18/05/2017

By Aziz El Yaakoubi, Julia Payne and Libby George DUBAI/LONDON - Swiss trading giant Glencore and U.S. private equity investor Carlyle Group have teamed up in an attempt to buy Morocco's only oil refinery, hoping to recoup about $600 million in loans they issued to the plant before it went bankrupt, industry sources said. Two sources close to the process said the Moroccan government wanted at least $2 billion for the plant at Mohammedia, on the Atlantic coast near Casablanca. [ 624 more words ]

https://abimima.com/2017/05/18/glencore-carlyle-team-up-to-rescue-bankrupt-moroccan-refinery/

By Aziz El Yaakoubi, Julia Payne and Libby George DUBAI/LONDON – Swiss trading giant Glencore and U.S. private equity investor Carlyle Group have teamed up in an attempt to buy Morocco’…

BANJUL, GAMBIA - The African Export Import Bank (Afreximbank) will invest up to $500 million in Gambia, its president sa...
18/05/2017

BANJUL, GAMBIA - The African Export Import Bank (Afreximbank) will invest up to $500 million in Gambia, its president said, an economic boost to the impoverished West African country ostracized by investors under former president Yahya Jammeh. The money will go towards tourism, infrastructure and agriculture in the tiny riverside country of about 2 million people whose finances are in disarray following what a new government has described as widespread fraud by Jammeh. [ 197 more words ]

https://abimima.com/2017/05/18/african-export-import-bank-to-invest-up-to-500-mln-in-gambia/

BANJUL, GAMBIA – The African Export Import Bank (Afreximbank) will invest up to $500 million in Gambia, its president said, an economic boost to the impoverished West African country ostraciz…

By Nqobile Dludla JOHANNESBURG (Reuters) - UK-based telecoms group Vodafone moved to consolidate two of its African inte...
18/05/2017

By Nqobile Dludla JOHANNESBURG (Reuters) - UK-based telecoms group Vodafone moved to consolidate two of its African interests on Monday with the transfer of a 35 percent stake in Kenya's Safaricom to majority-owned South African subsidiary Vodacom. The 34.6 billion-rand ($2.6 billion) deal, structured as an acquisition of the stake by Vodacom in return for new shares, is the latest move by Vodafone's chief executive Vittorio Colao to rationalise the group's disparate portfolio of interests around the world. [ 490 more words ]

https://abimima.com/2017/05/18/vodafones-south-african-arm-vodacom-takes-over-2-6-bln-stake-in-kenyas-safaricom/

By Nqobile Dludla JOHANNESBURG (Reuters) – UK-based telecoms group Vodafone moved to consolidate two of its African interests on Monday with the transfer of a 35 percent stake in Kenya’…

By Foo Yun Chee BRUSSELS (Reuters) - EU antitrust regulators will investigate whether Aspen Pharmacare is charging exces...
18/05/2017

By Foo Yun Chee BRUSSELS (Reuters) - EU antitrust regulators will investigate whether Aspen Pharmacare is charging excessive prices for five key cancer drugs in a move which could lead to a hefty fine for Africa's largest generic drugmaker. The European Commission said on Monday that it was looking into information that Aspen has imposed hefty and unjustified price increases of up to several hundred percent, and has withdrawn the drugs in some EU countries or threatened to do so in others. [ 241 more words ]

https://abimima.com/2017/05/18/aspen-under-eu-antitrust-spotlight-over-excessive-cancer-drug-prices/

By Foo Yun Chee BRUSSELS (Reuters) – EU antitrust regulators will investigate whether Aspen Pharmacare is charging excessive prices for five key cancer drugs in a move which could lead to a h…

By Tim C***s CONAKRY (Reuters) - Chinalco has asked Guinea to let it take over the whole of the troubled Simandou iron o...
18/05/2017

By Tim C***s CONAKRY (Reuters) - Chinalco has asked Guinea to let it take over the whole of the troubled Simandou iron ore mine project, sources familiar with the matter say, as Beijing pursues a global strategy to secure key resources for its vast economy for decades to come. Mired in legal disputes, located in Guinea's remote interior and being planned at a time of depressed world prices, the mine has nevertheless attracted intense interest from China, the world's biggest producer and consumer of steel. [ 664 more words ]

https://abimima.com/2017/05/18/chinalco-proposes-taking-entire-guinea-simandou-iron-ore-mine/

By Tim C***s CONAKRY (Reuters) – Chinalco has asked Guinea to let it take over the whole of the troubled Simandou iron ore mine project, sources familiar with the matter say, as Beijing pursu…

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