Good News from Africa

Corporate Good News from Africa

  • CA taps insider to succeed Wangusi:

The Communications Authority of Kenya (CA) has replaced long serving Director-General Francis Wangusi in defiance of a court order stopping his ouster.CA chairman Ngene Kariuki Thursday announced that the Director of Legal services, Mercy Wanjau, will hold the corner office in acting capacity until the authority chooses a substantive head. Mr. Kariuki said Mr. Wangusi had been at the organisation for more than 15 years. “As you may recall, Mr. Wangusi assumed office in August 2012, having served in an acting capacity in the previous year. He has had a unique opportunity and honour of serving at the helm of the Authority for two terms and several more years as a head of department at CA,” Mr. Kariuki said. Mr. Wangusi’s term ended yesterday but a court order obtained by activist Okiya Omtatah had voided the board that would have appointed his replacement.

  • CBA posts flat half year earnings at Sh2.36 billion:

Commercial Bank of Africa (CBA) has posted a 2.87 percent jump in net profit in the half-year ended June, boosted by higher interest income. The lender made a net profit of Sh2.36 billion in the period, compared to Sh2.29 billion in the same period last year. Its total interest income jumped 1.85 percent to Sh9.81 billion as non-interest income dropped 1.85 percent to Sh5.2 billion. CBA’S loan book expanded by Sh6.89 billion or 5.7 percent to Sh120.2 billion in the period from Sh113.79 billion the year before. Provisions for bad loans went down by 82.2 percent to Sh285.5 million from Sh1.61 billion last year, highlighting improving asset quality. The bank’s volume of gross non-performing loans rose by 6.83 percent, which is the equivalent of Sh778.1 million to Sh12.16 billion during the period under review, from the Sh11.39 billion it reported last year.

  • Cameroon encouraging the business climate:

Cameroon encourages investors to explore areas of growth. Cameroon is rich in natural resources including oil, gas, agriculture, production and processing among others. The country whose North-West and South-West regions remain shaken by insecurity invites partners to come invest in promising and income-generating areas such as crude oil, which remain one of the sectors still spared by the crisis. We interviewed Ekoko Mukete, Vice-President of the Cameroon Chamber of Commerce, on the institution’s work to encourage the business climate in Cameroon.

  • Africa- Japan : the 7th TICAD in sight:

The 7th Tokyo International Conference on Africa’s development begins next Tuesday, an event focusing on future relations between Africa and Yokohama. Education, development, public and private sectors… These are some of the topics to be discussed in Yokohama at the 7th Tokyo International Summit on African development. TICAD 7 will come back to ’‘The Nairobi Declaration’‘, adopted in 2016, which highlighted the idea of’ the promotion of resilient health systems for quality of life”, such as one of its priority areas on the continent. Africa which is considered as the continent that suffers the most from infectious and other diseases, is a real obstacle to its development.

Kindly note that the above mentioned news have been extracted and googled thru the various local news papers from African continent
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