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State of Libya joins Afreximbank membership agreement to boost African trade and Development Cooperation

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Joining the Bank’s membership paves the way for the ratification of the Establishment Agreement to complete the accession procedures

CAIRO, Egypt, December 24, 2024/APO Group/ — 

The State of Libya has officially acceded to African Export-Import Bank (Afreximbank) Establishment Agreement (www.Afreximbank.com), becoming the 53rd nation to become a member / participating state and marking an important step towards full continental coverage and advancement of the continental integration agenda through trade and investments.

The accession document, signed by His Excellency Dr. Khaled Al-Mabrouk Abdullah, sets the stage for the Libyan government and Afreximbank to cooperate on key development projects in Libya, with a focus on trade facilitation, infrastructure development and financial support to the North African nation.

Some of the projects identified for cooperation include the financing of the development of the Misurata Free Zone, and construction of a road connecting the State of Libya, Chad and the Republic of Niger expected to significantly boost Intra-African trade. Afreximbank will also provide technical  and financial assistance to the Sahel-Saharan Bank for Investment and Trade (BSIC) to expand its operations within East Africa, in addition to providing technical training and support to Libyan exporters to benefit from trade finance structuring and access to African markets.

This partnership will not only provide vital financial and technical support to Libya but will also enhance the country’s role in intra-African trade

Joining the Bank’s membership paves the way for the ratification of the Establishment Agreement to complete the accession procedures.

His Excellency Dr. Khaled Al-Mabrouk Abdullah, Minister of Finance for the State of Libya, who welcomed this partnership and its importance in supporting reconstruction and economic diversification efforts in his country, said that the nation’s accession to Afreximbank is a milestone in its journey towards rebuilding its economy and re-establishing its role as a regional trading hub. “This partnership will not only provide vital financial and technical support to Libya but will also enhance the country’s role in intra-African trade.” He explained.

Professor Benedict Oramah, President and Chairman of the Board of Directors at Afreximbank, expressed his deep satisfaction with the State of Libya’s decision to join the Bank’s membership, stressing the mutual benefits that both parties would mine from the agreement:

“We are excited to warmly welcome the State of Libya to the Afreximbank Global Africa family.

Libya’s historical connections with the rest of the continent positions it as a crucial player in advancing continental trade and economic integration. This is a significant milestone that will extend the Bank’s reach, strengthen its relevance across Africa and beyond and help us achieve our ultimate goal of improving the trade and economic conditions for all Africans. By joining, Libya’s Public and Private Sector entities will gain access to our extensive range of funded and unfunded products and services, particularly those geared towards deepening Libya-Africa trade and investment relations, investing in trade-enabling infrastructure as well as transforming the structure of the Libyan economy.”Libya’s GDP stood at US$50.49 billion in 2023, ranking it as the 12th largest economy in Africa an opportunity that could be leveraged upon, considering that less than 10% of its trade is with other African countries. The signing of the Afreximbank Establishment agreement represents a unique opportunity for Libya to increase its trade with other African countries.

Distributed by APO Group on behalf of Afreximbank.

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Centurion Law Group (CLG) Granted CEMAC Tax Accreditation, Reinforcing Position as Regional Legal Partner

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As the CEMAC region pursues accelerated growth across its oil, gas and mining industries, CLG’s accreditation will strengthen its position as a partner for multinational companies active across the region

SANDTON, South Africa, April 3, 2025/APO Group/ –Legal, tax and business advisory conglomerate CLG (www.CLGGlobal.com) – formerly Centurion Law Group – has officially been approved as a Central African Economic and Monetary Community (CEMAC) tax advisor by the CEMAC Standing Committee on Fiscal and Accounting Harmonization. CLG Tax and Legal will provide its full suite of tax services across all CEMAC member countries, supporting business and transactions across various strategic fields, including oil, gas and mining.

The tax certification not only comes as part of a broader restructuring of CLG’s tax and legal services offerings, aimed at positioning the firm to better serve clients throughout the region with integrated solutions, but as the CEMAC region pursues accelerated growth across its strategic economic sectors. Specifically, the region’s oil and gas sector is on track for rapid growth, as nations implement ambitious production targets. The Republic of Congo aims to produce 500,000 barrels per day (bpd) by 2027; Gabon targets 220,000 bpd in the short-term; while Equatorial Guinea and Cameroon are scaling-up gas monetization. These targets require significant levels of investment and CLG stands ready to support transactions and broader economic growth.

Given the potential of the CEMAC region’s natural and mineral resources, project developers and investors have already begun to expand their presence across the region. In the Republic of Congo, TotalEnergies is investing $600 million in the Moho Nord project; Trident Energy recently acquired stakes in the Nkossa, Nsoko II, Lianzi and Moho-Bilondo fields; while Perenco increased production at the Tchibouela II and Tchendo II fields following a $30 million investment. In Gabon, wildcat drilling is underway on Blocks BC-9 and BCD-10 while Perenco advances the $1 billion Cap Lopez LNG terminal toward a 2026 start. In Equatorial Guinea, the country is preparing to launch an oil and gas licensing round while Cameroon drives a gas-to-industry agenda. Further developments in Chad are underway, highlighting the region’s potential as a major producing hub.

The CEMAC accreditation aligns with our strategy to support impactful transactions in Africa and we look forward to strengthening our presence across the continent

Stepping into this picture, CLG’s accreditation will serve to further support current and future transactions. Over the past decade, CLG has significantly grown its tax practice, providing comprehensive tax advisory and compliance services to numerous multinational companies operating across Africa. This sustained growth reflects CLG’s commitment to meeting the complex tax needs of investors and businesses on the continent, from corporate tax planning and regulatory compliance to cross-border taxation strategies.

“By bolstering our tax practice in the CEMAC region, CLG continues to establish itself as a one-stop-shop for investors in the region and across the continent. The CEMAC accreditation aligns with our strategy to support impactful transactions in Africa and we look forward to strengthening our presence across the continent,” stated Zion Adeoye, CEO and Managing Partner of CLG.

CLG already has a strong presence in Africa, with offices in South Africa, Nigeria, Mauritius, Ghana, the Republic of Congo, Cameroon, Equatorial Guinea, Namibia and South Sudan. The company caters to a diverse portfolio of multinational companies operating globally, delivering bespoke solutions tailored to address the unique challenges and complexities faced by clients in different industries. CLG’s expertise covers energy, infrastructure, mining, agriculture and ESG, to name a few. For the CEMAC region, CLG’s extensive network and growing expertise positions the firm as strategic partner for regional and global firms. As companies expand their presence across the region, CLG’s agile, integrated approach – underpinned by its local roots and depth of experience – demonstrates the rising prominence of African advisory firms on the global stage. The CEMAC tax certification not only expands CLG’s regional service coverage but also solidifies its reputation as a trusted partner for businesses navigating Central Africa’s evolving tax landscape.

“CLG’s deep understanding of its clients’ businesses, collaborative approach with local authorities, multinational orientation and highly experienced local teams are some of the factors that set our tax practice apart in the region,” stated Daoudou Mohammed, CLG Tax and Legal Director.

Distributed by APO Group on behalf of CLG

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Emerging Markets-Focused Fintech Platform PalmPay Unveils New Debit Card in Nigeria with Verve

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The new PalmPay Debit Card brings advanced features such as savings yield on deposits and merchant rewards within reach for mass market users in Nigeria

LAGOS, Nigeria, April 3, 2025/APO Group/ –PalmPay (www.PalmPay.com), a leading digital bank and fintech platform focused on emerging markets, has launched the PalmPay Debit Card in Nigeria in partnership with Verve, Africa’s largest domestic card scheme.

The launch of its debit card represents a key milestone in PalmPay’s evolution – from a mobile wallet known for it’s fee-free transfers and cashback rewards into a full-service digital banking platform offering an integrated ecosystem for payments, savings, credit, insurance, and now, card access.

The new PalmPay Debit Card brings advanced features such as savings yield on deposits and merchant rewards within reach for mass market users in Nigeria. With zero maintenance fees, a simple in-app application process, and nationwide delivery, PalmPay aims to convert millions of its 35 million users to become cardholders this year. The card is accepted at all merchants in the Verve network, and supports both debit and contactless transactions.

“This launch is another step forward in our mission to deliver accessible, reliable and rewarding financial services.“ said Sofia Zab, Chief Marketing Officer at PalmPay. “With the PalmPay Debit Card, we are expanding our ecosystem and enabling our users to pay and earn rewards at even more touch points, including across offline and online commerce. And for merchants, this opens up new opportunities to reach millions of Nigerian digital consumers and collaborate with us to build reward-driven experiences that boost loyalty and sales.”

Alongside the standard debit card, PalmPay is also rolling out PalmPay Premium, a new reward scheme and card designed for high-volume users. It offers enhanced perks such as priority support, advanced financial tools, and exclusive merchant benefits.

With the PalmPay Debit Card, we are expanding our ecosystem and enabling our users to pay and earn rewards at even more touch points, including across offline and online commerce

With over 35 million users and a growing network of 1.1 million agents and merchants in Nigeria – and operations in Tanzania, Ghana, and Bangladesh – PalmPay is building a next-generation financial ecosystem designed to empower consumers and businesses in emerging markets. PalmPay processes up to 15 million transactions daily, underscoring the scale and reliability of its platform.

In addition to its digital banking services, PalmPay provides a suite of B2B offerings for local MSMEs and international merchants, including:

  • Smart POS terminals and a business app
  • Payment orchestration and checkout solutions
  • Bulk payment tools via a self-service merchant portal
  • APIs for embedding and reselling PalmPay’s services
  • Direct integration of services into the PalmPay consumer and business apps

 

“At PalmPay, we believe that building a thriving digital economy requires collaboration. From lending and insurance providers to card schemes like Verve, our ecosystem is powered by strategic partnerships.”, said Jiapei Yan, Chief Commercial Officer of PalmPay. “The launch of our debit card is another example of how we are combining cutting-edge technology with our partner strengths to deliver inclusive financial services at scale – and in doing so we empower businesses targeting Africa to grow faster, reach more customers and unlock more revenue streams.”

Vincent Ogbunude, Managing Director of Verve International, added: “We are proud to partner with PalmPay on this important milestone. Our alliance reflects our shared mission of accelerating financial inclusion and delivering payment innovation that meets the needs of African consumers.”

From zero-fee transfers and high-yield savings to instant credit, insurance, and now cards, PalmPay is redefining what digital banking in emerging markets can look like – personalised, comprehensive, and accessible to everyone.

As international businesses seek entry into Africa’s dynamic digital economy, PalmPay offers a trusted platform with the infrastructure, user base, and reach to help them scale.

Distributed by APO Group on behalf of PalmPay

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Four Points by Sheraton Makes its Debut in Senegal with the Opening of Four Points by Sheraton Dakar Diamniadio

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Located in the new Sports City complex and just 20 minutes from Blaise Diagne International Airport

DIAMNIADIO, Senegal, April 3, 2025/APO Group/ –Four Points by Sheraton, part of Marriott Bonvoy’s (www.Marriott.com) global portfolio of over 30 brands, today announced the opening Four Points by Sheraton Dakar Diamniadio, marking the brand’s debut in Senegal. Whether travellers are visiting Dakar’s ‘smart city’ district of Diamniado for work or fun, the hotel caters to their needs with its approachable design, stylish comfort and all the brand’s popular extras.

Located in the new Sports City complex and just 20 minutes from Blaise Diagne International Airport, Four Points by Sheraton Dakar Diamniadio provides easy access to major local landmarks, including the CICAD (Abdou Diouf International Conference Centre), the Ministerial Sphere Ousmane Tanor Dieng, the United Nations Headquarters for West Africa, and the future Diamniadio Olympic Stadium, set to host the 2026 Summer Youth Olympics.

“The launch of Four Points by Sheraton Dakar Diamniadio marks an important milestone for Marriott International,” said Sandra Schulze-Potgieter, Vice President, Premium, Select & Midscale Brands, Europe, Middle East, and Africa, Marriott International. “Senegal’s rich heritage and Diamniadio’s economic importance make it a perfect fit for our Four Points by Sheraton brand. This new hotel will provide travellers with modern details and local experiences, while supporting the region’s growth in business, sports, and tourism.”

The launch of Four Points by Sheraton Dakar Diamniadio marks an important milestone for Marriott International

The hotel features 173 stylish rooms with views of Sports City and its urban surroundings. Reflecting the brand’s signature style, Four Points by Sheraton Diamniadio offers everything that matters for today’s independent travellers, including the Four Points by Sheraton Four Comfort Bed, fast and free Wi-Fi throughout the hotel and an energising breakfast with fresh coffee on tap.

For a social eating experience, guests can enjoy fresh, and delicious food throughout the day at FP Social, while Chic’ Afrique offers local and international bites in a vibrant, African-inspired setting. For a laid-back end to the day, FP Social Bar offers a relaxed atmosphere where guests can unwind and explore the Four Points’ signature Best Brews™ programme—a curated selection of local craft beers.

Other facilities include an outdoor pool and a state-of-the-art fitness centre. With 139 square metres of flexible meeting space across four rooms, the hotel is an ideal venue for intimate meetings and social gatherings.

“We have wholeheartedly embraced the spirit of Teranga – the essence of Senegalese hospitality -and the innovative Sports City concept in every detail of our hotel’s development. From thoughtful design and carefully chosen materials to exceptional service, we are dedicated to creating an experience where international excellence meets the warmth, generosity, and well-being that make Senegal so special,” said Mustapha Fodil, General Manager of Four Points by Sheraton Dakar Diamniadio.

As the only hotel in the Diamniadio Sports City, Four Points by Sheraton guests have access to world-class sports facilities, including a FIFA-approved football pitch, basketball and tennis courts, an Olympic-sized swimming pool, a range of gyms, and a wellness centre. For families, a children’s playground complete with a climbing wall adds an extra layer of fun. Guests also benefit from the hotel’s proximity to key government and business institutions, while Dakar’s iconic attractions—such as the African Renaissance Monument, Gorée Island, and bustling local markets—are easily accessible by highway or rail.

For more information about Four Points by Sheraton Dakar Diamniadio, please visit www.Marriott.com.

Distributed by APO Group on behalf of Marriott International, Inc

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