breaking news
DRC: Urgent spending is 18.5% of loans disbursed by June 21, 2019!
The “urgent expenditures” made by the national executive as of 21 June 2019 represent 18.5% of the credits disbursed since January 2019. Out of a total of 3 638 billion Congolese francs (equivalent of US $ 2.204 billion at the rate of 1650 CDF / USD), this budget item is about 407 million US dollars.
This is apparent from the decoding of the Weekly Condensed Statistical Information of June 26, 2019 made public by the Central Bank of Congo (BCC).
In fact, these are expenditures that are obviously not budgeted and whose process of making them available does not follow the normal circuit. In practice, however, there are other expenses in the budget that are released under emergency procedures.
The analysis of the data made by Zoom Eco of the statistics bulletins of the BCC reveals the behavior of this budget item called “urgent expenses” from January to June 21, 2019.
While in February 2019 these expenditures were estimated at $17 million (6.8% of total monthly expenditures), they reached their peak of the period in March 2019 to reach $ 138.7 million (35,9% of the total expenses of the month).
Between April and May 2019, the curve of these expenditures began to decrease from US $ 86 million (19.5% of monthly expenses) to US $ 57 million (12.4% of monthly expenses). However, the months of January and June, have visibly shared an amount of about 63 million USD.
In the opinion of the expert, it is stated that the execution of the 2019 budget is carried out in a particular context where, in the absence of a legitimate government and a regular Council of Ministers, the head of the State, only to have legitimacy within the state, is forced to incur certain expenses not to block the public action.
Unfortunately, this is a deplorable situation that requires regularization that will have to go through a collective budget. The latter’s plan can only be elaborated and defended in Parliament by a legitimate government whose training has been awaited for six months.
However, analysts note, this situation does not exclude the new national executive from its obligation to rationalize spending by raising the level of rigor and discipline in the management of allocated funds.
Emilie Mboyo
Banks
DRC: Célestin Mukeba’s major achievements in ten years of leadership at EquityBCDC
Célestin Mukeba is leaving EquityBCDC to pursue new socio-economic objectives for the community. The announcement was made by the Equity Group.
After ten years of leadership at the head of this bank, he has many achievements to his credit.
From Procredit Bank to Equity and now the merger that led to EquityBCDC, this expert has multiplied the value of the bank’s balance sheet assets by 30.
Under his reign, he has democratized access to financial services, banking over 1.8 million customers. He increased the bank’s net profitability from 3.1 million to over 100 million USD.
Under his leadership, the bank’s growth has been further consolidated. The bank’s assets are already approaching 5 billion, and financing for the economy is growing.
There has also been strong customer interest. After the merger, the bank went from almost 900,000 bank accounts to around 2.4 million today.
What’s more, it has invested heavily in the social welfare of the Congolese people. And very recently, during a ceremony to present the 2023 annual report, Célestin Mukeba received a trophy for achieving 10 years at the head of this Bank.
“I’ve been running Equity since 2015, and I was the architect of the merger. Long before that, I was CEO of Procredit and then DGA since 2008. I have a total of 16 years in the bank’s senior management. After the merger, the Board of Directors and the Group trusted me to lead this department. For me, it’s a feeling of pride and gratitude, firstly to Almighty God, and secondly to our valued customers”, declared Célestin Mukeba during the ceremony.
An exceptional career
Célestin Mukeba Muntuabu completed his entire university education in Kinshasa, graduating with a master’s degree in business management from the Université Protestante au Congo (UPC). These studies were reinforced by training in banking management techniques, this time in Germany.
In 2022, he graduated from Harvard Business School. As an alumnus of Harvard Business School, where he holds a degree in the Advanced Management Program, Célestin Mukeba was selected as the best student of his AMP201 class, representing the cohort of 147 participants from 43 countries worldwide.
He has a wealth of experience in the banking sector, and has held various positions of great responsibility, notably with Procredit Bank Congo, including that of Deputy General Manager in 2008.
That was on November 4, 2008, the day he was appointed Managing Director of ProCredit Bank.
Raised to the rank of Managing Director in 2014, he is leading the Holding’s search for shareholders likely to continue the bank’s activities in Congo, following its decision to withdraw from Africa.
The process led to its takeover and integration into the Equity Group, a pan-African bank based in Kenya and present in seven countries.
Logically, Célestin Mukeba retained his position after the takeover.
A few years later, he successfully completed the merger between Equity and Banque Commerciale du Congo, then a Belgian bank. In addition to the complexities of managing teams with very different corporate cultures, there was the more prosaic need to migrate the IT system.
He also headed the UN Global Compact Network RDC. He is married with two sons and a daughter.
On his X page, he announced his departure from this major banking institution to pursue new objectives with socio-economic impact for the community. He says he has turned an important page in his professional career.
Nadine FULA
breaking news
DRC: USD 58 million down payment to oil distributors for loss of earnings
Through the Minister of Finance, Doudou Fwamba Likunde Li-Botayi, the central government has announced the payment of $58 million, a first instalment of shortfalls, to all oil tanker corporations in all distribution zones.
The announcement was made at a meeting held on Monday November 4, 2024 by the Minister of Finance with a delegation of oil companies representing the various distribution zones in the Democratic Republic of Congo.
According to the Minister of Finance, this payment is part of the Government’s efforts to clear, in instalments and as quickly as possible, the revenue shortfalls for the 2023 financial year.
He also reassured oil companies that the next instalment would be paid shortly.
“Doudou Fwamba Likunde Li-Botayi declared: “The process of clearing these shortfalls is irreversible, and the Government’s various commitments, made through the Ministry of the Economy, will be honored in the interests of all parties.
AGNES KAYEMBE
breaking news
Africa: start-ups raised USD 254 million in October 2024
The platform Africa: The Big Deal recently published the monthly financial report on African start-ups.
According to the report, in October 2024, African start-ups raised $254 million, a record for this month since 2019 as forty-two (42) companies raised financing despite a global context of tightening liquidity.
Indeed, these figures, places October as the second best month of 2024, after July, with an increase of almost 50% compared to the average of the last 12 months, a contrast to the global trend.
“The main highlight of the month was the transaction by Moniepoint, a Nigerian fintech, which closed a $110 million Series C financing round, representing 43% of the total raised in October. This fund-raising, one of the largest in the sector, could establish Moniepoint as the eighth African unicorn, a title reserved for companies valued at over one billion dollars. Other major deals of the month included the $42 million raised by BasiGo in Series A, and the $33 million obtained by cryptocurrency exchange platform Yellow Card in Series C.
In addition, the report notes that since the beginning of 2024, African start-ups have raised a total of $1.7 billion, spread over 393 deals exceeding $100,000, although this performance remains down 32% on the previous year.
Of these, 137 transactions exceeded the million-dollar mark, a year-on-year decline of 20%, reflecting the persistent tensions in the financing of technology start-ups.
AGNES KAYEMBE
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