TotalEnergies aims to contribute to Africa’s energy transition and bring electricity to millions.

Ethiopia has secured an agreement with the International Monetary Fund (IMF) for a new financing program valued around $3.4 billion, the IMF announced Monday. The new four-year loan program will help support the country’s economic reform agenda. The approval of the loan agreement allows for the immediate disbursement of around $1 billion, the IMF said in a statement. The agreement follows extensive talks between Ethiopia and the IMF to secure more funding and restructure the country’s debt. As part of the discussions, Ethiopia has taken significant steps, such as the central bank allowing the country’s currency to float, which has led to a 30% devaluation of the Ethiopian birr against the US dollar. “The recent measures to decisively tackle macroeconomic imbalances, including moving to a market-determined exchange rate, removing current account restrictions, and modernizing the monetary policy framework to control inflation are critical steps forward,” the IMF said in a statement. In return for these measures, Ethiopia is expected to receive a $10.7 billion loan package from the IMF, the World Bank, and other creditors.

Mozambique expects to recoup around $1.9 billion as a result of a substantial court victory in the “tuna bond” scandal case tried in a London court, the southern African country’s attorney general said Monday. The revelation was made after London’s High Court “substantially” ruled in favor of Mozambique against Emirati-Lebanese shipbuilder Privinvest on Monday in connection with the alleged payment of bribes in one of Africa’s biggest graft scandals. A statement issued by the Attorney General’s Office said the $1.9 billion figure reflects the amounts that the state has already paid under the guarantees, including principal, interest and fees of the Eurobonds. It added that the attorney general would also take steps to pursue the reimbursement of all legal costs resulting from the case. “The Attorney General’s Office will continue within the scope of its constitutional and legal powers to work with other actors in society, both inside and outside the country, to eradicate corruption and all organized and transnational crime, holding those involved accountable,” the statement said. Mozambique sued Privinvest and its late owner Iskandar Safa on allegations of paying bribes to its government officials and Credit Suisse bankers. The suit alleged that more than $136 million was paid to secure favorable terms on three projects in 2013 and 2014, including one designed to exploit the country’s tuna-rich coastal waters. In his ruling, Judge Robin Knowles said Mozambique is “entitled as against Mr. Safa and the Privinvest companies” to payment of more than $825 million in damages. In addition, Mozambique is entitled to an indemnity in respect of payments of around $1.5 billion that it is meant to pay, including about $1.4 billion it is liable to pay to bondholders until 2031, according to the ruling. The court found that Privinvest had bribed Manuel Chang, a former finance minister, to approve loans. Privinvest and Safa, however, denied the charges during the beginning of the trial last year, arguing that any payments were lawful. The respondents through their lawyers claimed the case was politically motivated to shift blame from Mozambican President Filipe Nyusi and other senior officials. The scandal occurred after three newly state-owned companies in 2013 and 2014 reportedly acquired more than $2 billion in loans from international banks with the Mozambican government as guarantor – most of it taken without the approval of the country’s parliament. An independent audit in 2017 revealed that $500 million of the money went missing under unclear circumstances. Following the scandal, donors including the International Monetary Fund (IMF) cut funding to the country, triggering an economic crisis amid a surge in inflation and currency collapse after the government admitted to the borrowing. The money was reportedly used to purchase a large tuna factory and a maritime security fleet but also used to fund other deals involving public-private companies. In 2022, a court in Mozambique handed a 12-year jail term to the son of former President Armando Guebuza after finding him guilty in the scandal. Armando Ndambi Guebuza was convicted of embezzlement, money laundering and criminal association in the case, which defrauded the government of more than $2.7 billion.

Nigeria’s government approved the sale of crude oil to the Dangote refinery in naira to alleviate foreign exchange pressures.

Ethiopia has relaxed foreign exchange controls in hopes of securing a multi-billion dollar bailout as it grapples with economic challenges.

Libya’s National Oil Corporation has categorically denied reports of negotiations to supply crude oil to Nigeria’s Dangote refinery.

The French nuclear fuel specialist reported a loss of 133 million euros for the first half of the year, a sharp decline from the 117 million euros net profit in Q1 2023. The company’s difficulties this year include Niger’s decision in June to revoke its rights to the Imouraren mine, the world’s largest with estimated reserves of 200,000 tons. Additionally, its subsidiary Somair, which is 63% owned by Orano, is facing issues exporting uranium from its Arlit operations in northern Niger due to an export ban imposed by the military government in Niamey. As a result, the company had to sell its uranium production, which was initially intended to finance the site’s closure.

Amid growing opposition to oil exploration in Brazil, Petrobras is pursuing opportunities abroad, including a bid for a share in Namibia’s Mopane oil field.

The plant is reselling imported and Nigerian crude due to technical issues, impacting oil prices and raising concerns about its operations.

A new era of rail transportation begins in Tanzania as the first electric train journeys between Dar es Salaam and Dodoma.

A Chinese state-owned oil company has halted construction at an oilfield in Niger due to increasing terrorist attacks in the region.

In a bid to boost local participation in the mining industry, Botswana is enforcing a new law requiring mining companies to offer 24% stake to locals.

Faced with rising inflation and a struggling naira, Nigeria’s central bank has hiked its interest rate for the fourth time this year.

Egypt has made a significant stride in addressing its debt crisis, with a staggering $14 billion reduction in external debt over the past five months.

Nigeria probes fuel shortages, dirty fuel imports, and a clash between Dangote Refinery and regulators.

 The price of Bitcoin hit $67,500 again on Friday — the first time after more than five weeks. Bitcoin saw its price climb to as high as $67,503 during the day, while it was trading just below $67,000 at 6.20 p.m. EDT for a daily gain of 4.7%. It soared 15.9% in the last seven days. Ethereum, the world’s largest altcoin by market cap, was trading at $3,520 for a daily increase of more than 2.5%, while it jumped 12.7% in the past week. The value of the cryptocurrency market stood at $2.43 trillion, rising 4.1% for the day, according to CoinMarketCap, a digital asset price-tracking website. Bitcoin, the world’s biggest cryptocurrency, plummeted to as low as $53,727 on July 5, erasing all gains of the last four and a half months, while the value of the crypto market then stood at approximately $2 trillion. The rally comes as investors hope there will be a more crypto-friendly administration if Donald Trump and his running mate JD Vance win the White House in November. Vance held as much as $250,000 worth of Bitcoin in 2022, according to multiple reports. After surviving an assassination attempt at a campaign rally in the state of Pennsylvania last weekend, Trump said he will attend the Bitcoin Conference in Nashville, Tennessee, from July 25 – 27.

The decision aims to restore order and improve control over mineral production.

A $220 million fine follows accusations of data exploitation and privacy violations on Facebook and WhatsApp.

To address South Africa’s ailing rail and ports, the African Development Bank approves a $1 billion loan for Transnet.

The decline is a blow to Egypt’s economy as it faces a financial crisis.

Turkey and Niger sign a deal to develop Niger’s oil and gas fields, deepening their partnership after Niger expels Western forces.

The country’s economy is expected to rebound due to oil exports and lifted sanctions, but the IMF urges reforms.

From budget talks to the G20, African leaders have a full agenda at the AU Executive Council meeting in Ghana.

The move follows Shell’s recent divestment, highlighting a shift for oil majors towards cleaner energy and away from troubled assets.