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A decision by the African Development Bank (AfDB) board of governors to prepare for the bank’s return to its statutory headquarters in Abidjan, following the end of conflict in Côte d’Ivoire, was discussed at the first formal meeting between AfDB president Donald Kaberuka and Tunisian interim Prime Minister Hamadi Jebali on 3 July

Egypt and Saudi Arabia signed several energy sector agreements during the recent visit to Cairo of King Salman Bin Abdelaziz. Most importantly, Egyptian minister of international cooperation Dr Sahar Nasr and Saudi Fund for Development chairman Dr Ibrahim Assaf signed a $100m financing agreement for the Cairo West power plant. This 650MW gas-fired steam turbine plant is being developed by the state-owned Egyptian Electricity Holding Company at an estimated cost of $700m.

An initial public offering (IPO) of shares in Actis-owned distributor Umeme which closed on 7 November was oversubscribed by more than 35%. But the utility remains under fire for poor performance after a series of blackouts caused by system upgrades and faults on the Namanve and Mutundwe substations, despite hopes that the commissioning of the Bujagali power station would alleviate the supply problem.

The Republic of South Sudan became the newest member of the International Monetary Fund and World Bank Group (WBG) on 18 April when finance and economic planning minister Kosti Manibe Ngai signed the two institutions’ articles of agreement in Washington.

The Somali government has turned to the United Nations International Court of Justice (ICJ) in The Hague to resolve its maritime border dispute with Kenya. In its application, posted on the ICJ’s website on 28 August, Somali minister of foreign affairs and investment promotion Abdirahman Dualeh Beileh asked the court to determine the course of the maritime boundary, saying “diplomatic negotiations, in which… respective views have been fully exchanged, have failed to resolve this disagreement”. In its application, Somalia asks the court “to determine, on the basis of international law, the complete course of the single maritime boundary dividing all the maritime areas appertaining to Somalia and to Kenya in the Indian Ocean, including the continental shelf beyond 200 [nautical miles]”.

Vice-president Teodoro Nguema Obiang Mangue’s $100m luxury yacht Ebony Shine is being returned to him after Swiss authorities closed an investigation into money laundering and mismanagement of public assets. Authorities in Geneva said on 7 February they had decided to dismiss proceedings against Obiang (known as Teodorín) and two other defendants.

AIM-listed Lekoil has raised $100m through a placing of 113.28m new shares at 55p/share. The proceeds will be used to fund the company’s share of drilling and testing of the Ogo-1 well and sidetrack, the development of the OML 113 licence, which contains the Aje field, and for general working capital purposes, including the repayment of a $15m loan from Afren. The placing was conducted by Mirabaud Securities. “Following its successful IPO on AIM in May this year raising $50m, Lekoil has now raised further funds of $20m in July and $100m primarily to finance its successful drilling on its OPL 310 licence,” said Field Fisher Waterhouse corporate finance partner Anthony Brockbank, who advised Mirabaud Securities.


The PDP is no longer all-powerful, but President Goodluck Jonathan has a mandate for change that should accelerate the pace of projects and the passing of modernising legislation – provided he and his new government are capable of implementing their policies, write Kevin Godier, Jon Marks and David Slater

The US Overseas Private Investment Corporation (OPIC) on 17 September announced a loan of up to $250m for the 60MW Boshoff solar PV facility. The project was selected as a preferred bidder in the second round of South Africa’s renewable energy independent power producer procurement programme (REIPPPP).

Ratings agency Moody’s Investors Service has changed its outlook for Total’s debt from stable to negative over concerns about the impact of the company’s increased capital spending.

An eventual move towards cost-reflective tariffs is not ruled out, but “a rise in the price of electricity is out of the question during the next five years”, Sonelgaz Holding president director-general Noureddine Bouterfa said on 10 October, as he announced the state utility’s 2010 results.

Italian major Eni is accelerating its move into sub-Saharan Africa amid concerns about its dependence on traditional strongholds in North Africa. Mindful of negative investor sentiment that has followed the Libyan crisis – which has shut in the strategic Greenstream pipeline and cut oil supply –

Elected amid economic crisis, new French President François Hollande has not been a charismatic popstar candidate, but his down-to-earth style and softly, softly approach could still bring reform

Equatorial Guinea is seeking readmission to the Extractive Industries Transparency Initiative (EITI) as part of efforts to attract more investors to its key oil and gas sector. The government, which plans to launch a licensing round in April, sent a delegation to Oslo for a meeting on 15 February with representatives of the EITI Secretariat, including executive director Mark Robinson. The delegation presented a letter of intent from the EG EITI National Commission to join the EITI.

Vandasia Investments is taking a 43.9% stake in Ibhubesi gas developer Sunbird Energy in a transaction worth A$25m ($23m). Vandasia is an investment company made up of businesspeople from South Africa and Nigeria, headed by Tembalikayise Lupepe, whose Mdali Group is the South African partner to Portugal’s Mota-Engil Construction Group. Vandasia paid the first $3m on 24 September. Australian-listed Sunbird’s main shareholder with 36% was previously South Africa’s Umbono Capital, whose managing director is Sunbird chairman Kerwin Rana.