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Week commencing 6 May
Nigerian businessman Tony Elumelu’s Transnational Corporation has been named the preferred bidder for Afam Electricity Generation. Afam is a natural-gas fired power plant in Nigeria. Elumelu’s bid was for $293m and he plans to invest as much as $2.5bn in power projects in Nigeria.
Bloomberg 1 May
Sub-Saharan African bank Atlas Mara will be exiting some of its operations on the continent in exchange for a 6.27% share of Kenyan bank Equity Group, worth $106m. The transaction will result in increased scale in Rwanda and Tanzania once Atlas Mara and Equity combine their operations.
Bloomberg 30 April
Kenyan bank Equity Group signed a partnership agreement with telecoms operator Safaricom to expand their digital financial businesses. The deal also offers Safaricom opportunities for regional expansion since Equity has operations in Uganda, Tanzania, Rwanda, South Sudan and the Democratic Republic of the Congo.
Reuters 29 April
British multinational oil and gas company BP has signed a deal to explore for oil and gas off Gambia’s coast in the A1 block in a potential economic boom for the West African country. The A1 block is one of two areas that the Gambian government stripped from Norwegian-listed African Petroleum Corporation in 2017 as it failed to meet contractual obligations.
Reuters 30 April
The National Office of Electricity and Drinking Water, Morocco’s state-owned power firm, has offered to buy gas from British industrial company Sound Energy’s Tendrara project in eastern Morocco. Talks are continuing to finalise a binding gas deal.
Morocco World News 2 May