Ecobank

Cameroon
After its victory against Ecobank, Wadivo is preparing mass claims

The Cameroonian fintech now wants to capitalize on its first legal victory against the Lomé-based bank. It is relaunching refund claims on behalf of the bank's customers and has initiated a similar procedure against Société Générale Cameroun, with the ultimate goal of bringing together thousands of claimants.

Cameroon
MTN Cameroon nears €150m financing

Several local banks have been brought together to form the lending syndicate. The transaction is expected to close in full by the end of September.

Cameroon
Found liable at court of first instance, Ecobank fights back in Wadivo dispute

Two months after being ordered to pay 1.5bn CFA francs to Moyo Kamgaing's Cameroonian fintech company, the country's eighth-largest bank is contesting the court's interpretation of the IT expert report. Both parties have lodged an appeal.

Ethiopia
Ecobank wary of entering market due to current regulations

Ethiopia could be part of the pan-African bank's East Africa expansion strategy. However, a number of restrictions around opening the country's banking sector to foreign competition are holding back investment projects.

Kenya
Nairobi seeks out-of-court deal in $85m Zakhem dispute

The government is seeking to negotiate a reduced settlement with the Lebanese contractor for the Mombasa–Nairobi oil pipeline launched in 2018. Zakhem, itself under mounting legal pressure over unpaid subcontractors, is in urgent need of the funds.

West Africa
Wilfrid Lauriano do Rego builds roadmap for Abidjan-Lagos highway

The newly elected board chair of the ALCoMA transport body has been tasked with getting one of the region's most ambitious infrastructure projets rolling. He will need to convince investors and lenders to contribute $15bn in funds to the corridor.

Ivory Coast
State firms press banks to repay more than €10m after audit flags irregular charges

A 2023 government-commissioned audit has uncovered several billion CFA francs in what were deemed irregular deductions from the accounts of major state-owned companies. The banks involved have yet to refund the sums demanded, despite repeated requests from company chiefs.

Ivory Coast
European NGO embarrassed by fraud scandal

The vice president of the Network of European Experts on Economic and Social Development (REEDES), an organisation specialising in the construction of basic infrastructure, is due to stand trial in Abidjan. The trial stems from a complaint filed by a businessman accusing him of embezzling several hundred thousand euros.

Cameroon
Public prosecutor's office upholds charges against Ecobank in dispute with Wadivo

The public prosecutor has reaffirmed its decision to convict the bank, which was founded in Togo in 1985, and to acquit Moyo Kamgaing’s fintech company, which offered to recover unduly charged bank fees on behalf of its clients.

The New Guard
Ghana, Tanzania, Morocco

Every Wednesday, Africa Intelligence spotlights a new generation of movers and shakers in business and politics.

GhanaHissan Siita Sofo, leading force for young African entrepreneurs

TanzaniaHelena Mollel, focusing on East Africa's future

MoroccoRajâa Moussadik, a key figure in the diaspora

Palace Intrigues
Robert Beugré Mambé, Wale Edun, Faustin-Archange Touadéra

Intrigues big and small: every Thursday, Africa Intelligence takes a peek into the corridors of power in Africa and beyond.

Ivory CoastPrime Minister Robert Beugré Mambé gets ready to tie the knot

NigeriaFinance minister tipped to attend Paris anti-terror summit

Central African RepublicFranco-Ivorian banker Ibrahim Magassa invited to Touadéra's inauguration

Ethiopia
Foreign bank representative offices under scrutiny by National Bank

With the opening of the Ethiopian banking sector comes a greater supervision of the activities of these offices. Officially limited to non-financial commercial liaison missions, they play a key role in the parallel currency market.

Cameroon
The courts to examine decisive expert report in Ecobank–Wadivo dispute

After more than two years of legal proceedings, the standoff between the country's eighth‑largest bank and the company founded by Moyo Kamgaing is entering a critical phase. An audit of the alleged wrongdoing is to be examined during a hearing at the Douala court of first instance on 26 March.