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.

Note:
Kindly note that the above mentioned news have been extracted and googled thru the various local news papers from African continent
BDH Recruitment Services, is an Executive Search firm, we mainly focus on recruiting for mid an senior management roles from our clients in Africa, Asia, Middle East and Oceanic belt, We specialise in recruiting for local as well as expatriate staff for clients
If you have any immediate roles to work, kindly email us your requirement on info@bdhrs.net
More about us on www.bdhrs.net

Corporate Good News from Africa

  • Female Entrepreneurs lobby launches in Kenya:

The Commonwealth Businesswomen’s Network (CBW), a lobby bringing together female entrepreneurs from 54 member States, Tuesday launched its local chapter as it looks to further empower women economically across the region. The Kenya office comes two years after CBW Africa was launched at the end of 2017 as a strategic regional partner to Commonwealth business women working towards empowerment and leadership. “It is what is called the Commonwealth Advantage. It is exciting to see CBW Kenya Chapter launched. The network will support women and help them grow their businesses for the country’s prosperity,” said CBW-Kenya Director Dr Josephine Ojiambo. CBW is recognized by the 54 official Commonwealth governments across five continents. To kick start operations of the local chapter, CBW-K will host an event on 18th September 2019 in Nairobi that will include an exhibition show casing positive contributions in women empowerment programmer within the CBW – K network.

  • Adopt policies that can help in jobs creation:

The International Youth Day that was marked on August 12 was preceded by a national youth week. This was an opportune time to celebrate the youth’s contribution to nation-building besides reflecting on the challenges facing them. The Constitution prescribes a youth as a person aged between 15 to 35 years. and they account for 32 percent of the total population. In the year 2003, the Narc administration introduced affirmative policy strategies to enhance youth capacities and abilities and probably expedite the realization of Sustainable Development Goals (SDGs)Meanwhile, thousands of youths fresh from colleges join the job market yearly, but only a few get absorbed in spite of their qualifications. Ironically, the Federation of Kenya Employers has expressed concern about the human capital churned out by our institutions of learning, regarding lack of appropriate skills and expertise required in the market. Establishment of a ministry purposely handling youth affairs was a starting point in youth empowerment and a platform for the advancement of targeted affirmative actions.

  • Treasury ups domestic debt target to Sh300 billion:

The Treasury has raised the domestic borrowing target for the current financial year that started in July by Sh16.8 billion, hinting at a possible shortfall in projected tax revenue. Acting Treasury Secretary Ukur Yatani has in a gazette notice increased to Sh300.31 billion the fresh debt to be borrowed from domestic investors, which is 5.9 percent more than the Sh283.5 billion read in the June 13 Budget Statement by then Treasury CS Henry Rotich. The Treasury is facing a lower debt repayment burden this fiscal year with domestic maturities projected at about Sh122.58 billion, 44.37 percent less than the Sh220.4 billion that matured in the year ended June 2019.”It is currently not yet clear what drove the upward adjustment,” Standard Investment Bank (SIB) said in a note sent out to investors Tuesday. The government ordinarily raises its borrowing targets to plug shortfalls in tax receipts.

Note:
Kindly note that the above mentioned news have been extracted and googled thru the various local news papers from African continent
BDH Recruitment Services, is an Executive Search firm, we mainly focus on recruiting for mid an senior management roles from our clients in Africa, Asia, Middle East and Oceanic belt, We specialise in recruiting for local as well as expatriate staff for clients
If you have any immediate roles to work, kindly email us your requirement on info@bdhrs.net
More about us on www.bdhrs.net

Good News from Africa

  • Coffee firm Eaagads returns to profitability:

Listed coffee producer Eaagads  returned to profitability in the year ended March 2019 after nearly trebling its coffee volumes amid higher export prices for the commodity. The firm made a net profit of Sh 2.65 million in the period, compared to a net loss of Sh 62.5 million in the year ending March 2018, with revenue climbing by 114.6 percent from Sh 83.7 million to Sh 179.6 million. The firm produced 419 tonnes of coffee last year, up from 154 tonnes in the 2017/18 when drought hit the agriculture sector, and sold 416 tonnes compared to 252 previously. “The increase was mainly attributed to favorable weather coupled by good agronomical practices … the average price realized during the year increased to $3.37 (Sh 350) per kilogramme from $3.32 (Sh 345) in the prior year,” said Eaagads in a statement. As a result of the larger crop, the cost of production rose by Sh 23.5 million to Sh 136.3 million.

  • Key Infrastructure for Dangote refinery leaves China for Lagos:

China’s leading energy and chemical company on Monday (July 29) announced that a completed atmospheric tower it had built was sailing for the shores of Lagos in Africa’s biggest economy, Nigeria. The facility, which it described as the world’s largest is set to be installed at the Dangote Refinery, a facility owned by Africa’s richest man, Aliko Dangote. The wharf carrying the tower left in Ningbo and is set arrive in Nigeria in weeks. According to experts, the primary purpose of the atmospheric distillation tower is to separate crude oil into its components (or distillation cuts, distillation fractions) for further processing by other processing units. Dangote disclosed in an interview with Reuters News Agency in 2016 that the country’s first private oil refinery was estimated at a cost of $12 million dollars with the funds to be pooled from multiple sources. The 2019 date to start operations had largely been thought of as unfeasible by a number of industry watchers. With a critical machinery coming on stream, it is believed that work could be nearing completion.

  • Over 353 million seedlings in 12 hours: Ethiopia ‘breaks’ tree- planting world record:

A campaign to plant 200 million young trees in a day has kicked off in Ethiopia under Prime Minister Abiy Ahmed’s wider plan to lead the planting of four billion saplings. The July 29 campaign, under Aniy’s “Green Legacy Initiative” if achieved will be a world record according to the Guinness Book of World Records. Office of the PM said over 100,000,000 young trees had been planted after a six-hour period, which means Ethiopia has already broken the 66 million record set in India. The final figure of tree seedlings planted according to the Minister of Innovation and Technology came up to exactly 353 million, 633 thousand, 660 in a space of 12-hours.The Minister said this was the verified of the final figure on the Number of Trees Planted according to the National Steering Committee. To make it onto the World Record, the figures need to be independently verified. It is not yet clear if the Guinness World Records is monitoring Ethiopia’s the mass planting scheme but the prime minister’s office told The Associated Press that specially developed software is helping with the count.

Note:
Kindly note that the above mentioned news have been extracted and googled thru the various local news papers from African continent
BDH Recruitment Services, is an Executive Search firm, we mainly focus on recruiting for mid an senior management roles from our clients in Africa, Asia, Middle East and Oceanic belt, We specialise in recruiting for local as well as expatriate staff for clients
If you have any immediate roles to work, kindly email us your requirement on info@bdhrs.net
More about us on www.bdhrs.net