Major International Business Headlines Brief::: 07 January 2025

[Bulls n Bears]

 <https://bullszimbabwe.com/> 

 


 

 <http://www.bullszimbabwe.com> Bullszimbabwe.com
<mailto:info at bulls.co.zw?subject=View%20and%20Comments> Views & Comments
<https://bullszimbabwe.com/category/blogs/bullish-thoughts/> Bullish
Thoughts        <http://www.twitter.com/BullsBears2010> Twitter
<https://www.facebook.com/BullsBearsZimbabwe> Facebook
<http://www.linkedin.com/pub/bulls-n-bears-zimbabwe/57/577/72> LinkedIn
<https://chat.whatsapp.com/CF6wllAfScU9Wr6dXxoQnO> WhatsApp
<mailto:bulls at bullszimbabwe.com?subject=Unsubscribe> Unsubscribe

 


 

 


Major International Business Headlines Brief:::  07 January 2025 

 


 


 


 <mailto:info at bulls.co.zw> 

 


 

 


 

ü  Nigeria: China's BRI Will Boost Intra-African Trade - Obasanjo

ü  Nigeria Can't Survive Without Taxation - Senator Arise

ü  Kenya: KPSEA Results to Be Released Today

ü  Liberia: Electricity Tariffs Dropped By 12 Percent in Bong and Nimba
Counties

ü  Ethiopia: Premier Abiy Shares Holiday Gifts With Low Income Staff Members
of PMO

ü  Nigeria: Disengaged CBN Staff Sue Apex Bank Over Mass Layoff, Demand Fair
Compensation

ü  Nigeria: Hard Times - Bishop Ayah Commends Nigerians for Resilience,
Maturity

ü  Nigeria: Manufacturing Sector Remains Top Vat Contributor At 22.21
Percent

ü  Uganda: Mukono Diocese Says It Spends Shs10m Per Month to Guard Its
Property

ü  Nigeria: Sales Glut - Auto Dealers Task Federal Gov On Flexible Policies

ü  Nigeria: Suspend Proposed Tax Reform Bills - Northern Elders Tell Tinubu

ü  Nigeria: Borno Youths Back Ndume On Rejection of Tax Reform Bills

ü  US says tech giant Tencent works with Chinese military

ü  UFC boss to join board of Facebook owner Meta

ü  Bank regulator resigns before Trump term citing 'risk of dispute'

 


 <mailto:info at bulls.co.zw> 

 


 

Nigeria: China's BRI Will Boost Intra-African Trade - Obasanjo

Former President Olusegun Obasanjo has said that the proposed Belt and Road
Initiative (BRI) by China offers immense opportunity for Africa to boost
intra-African trade and infrastructure development.

 

Obasanjo who stated this in a recent interview with Xinhua, added that
China's remarkable transformation over recent decades is "a source of
inspiration and opportunity for Nigeria and Africa".

 

He expressed great admiration for China's development while reflecting on
his recent visit to the country in October 2024.

 

With over 150 nations and over 30 international organizations involved, the
BRI aims to enhance global connectivity and trade, he said, noting that
improved communication and transportation networks are critical for
developing the African continent.

 

Obasanjo shut down concerns raised about China's expanding global influence,
noting that China's engagement with Africa is based on strategic
cooperation, not exploitation.

 

"Strategic relationships mean mutual benefit, economically, diplomatically,
and technologically," he said, calling on Nigeria to harness its
agricultural and mineral resources to drive industrialisation and value
addition as part of this partnership.

 

"Fair trade, not aid, is the way forward," he stressed.

 

Obasanjo added that as Africa's most populous nation and leading economy,
Nigeria has much to gain from a deeper partnership with China. He noted that
the elevation of China-Nigeria ties to a comprehensive strategic partnership
in September 2024 will help promote trust and mutually beneficial outcomes.

 

He expressed hope that Nigeria and China, by strengthening their
partnerships and embracing fair trade, could jointly create a more secure,
equitable, and prosperous world.

 

Vanguard.

 

 

 

 

Nigeria Can't Survive Without Taxation - Senator Arise

Senator Ayo Arise has expressed his support for the tax reform bill
introduced by President Bola Tinubu, saying the country cannot survive
without any form of taxation.

 

The former lawmaker who once represented Ekiti North Senatorial District
said this while addressing newsmen over the weekend.

 

Arise said: "The country under the current political dispensation has
focused more on exportation of goods and services, adding that the tax
reform bill will further strengthen its export capacity.

 

"No nation can survive without one form of taxation or the other. Otherwise,
there is no way the country can generate income. We have been talking about
subsidy removal and everyone knows this country can no longer live on that
single product.

 

"The president wants to see the country generate more revenue. If you look
at the excise levies, Nigerians are now exporting more than under any
previous government. These are part of the achievements of this government.
People are beginning to be productive. They are exporting in droves. They
are exporting our culture, including our clothes.

 

"They are exporting our textiles and other items like cashews. I had an
opportunity of speaking with the Comptroller-General of Customs and I asked
him questions concerning our exports. In the past people used to bring in so
many products but the ships returned almost with no cargo. That is no longer
the case. So, things are improving in terms of activities at the customs
because we are exporting more."

 

Asked if the huge trust deficit could be because the government did not do
enough in terms of consultation and because of the attitude of the political
class, he said, "Some policies of this government point in a different
direction. There is the student loan, which is for indigent students. Once
you have an education, what you do with it will determine how your life will
pan out.

 

"So, such funds will be targeted at that and I've seen that our budget is
getting friendlier towards infrastructure development. So, it's no longer
the case where you see the recurrent expenditure overtaking the capital
infrastructural development money. Our foreign reserve has been going up
under this government despite the difficulties. Yes, the removal of
petroleum subsidies has caused some hardship. But, it has also brought some
benefits to the country. We had no choice; it was the right thing to do. It
was illogical that we were satisfied with enjoying the benefits of crude oil
selling at maybe $70 or $75 per barrel but did not want to pay for the
refined products at the prevailing international market price. If we had
continued to subsidize, we would have reached a point where we would have no
money to develop our infrastructure. The government is spending more money
on security nowadays. Farmers and herders clashes faced some years back are
subsiding. You are no longer hearing the problem or maybe, well, they might
still be having cattle rustling and all that, but the danger to human life
has started reducing somehow.

 

"We've got into a perfect solution but the situation is stabilizing. Now
apart from Dangote, Port Harcourt Refinery is working. I understand Warri is
going to come on stream soon. So, the government is working."

 

The argument is based on the derivation clause in the sharing of VAT
proceeds, which the North believes would be inimical to its economic
interests if the tax bills are passed.  Daily Trust.

 

 

 

 

Kenya: KPSEA Results to Be Released Today

Nairobi — Parents and learners are set to receive grade 6 results for those
who sat for the Kenya Primary School Education Assessment (KPSEA)
examinations.

 

In a statement, Education Cabinet Secretary Julius Ogamba advised parents
and learners to check for the results on the schools' portals.

 

This comes as the Ministry of Education announced the disbursement of Sh48.4
billion to public schools as part of its commitment to providing free and
compulsory basic education.

 

Ogamba confirmed that the funds are allocated across three categories - Free
Primary Education: Sh4.13 billion, Free Day Junior School Education: S15.33
billion and Free Day Secondary School Education: Sh28.92 billion.

 

Capital FM.

 

 

 

 

Liberia: Electricity Tariffs Dropped By 12 Percent in Bong and Nimba
Counties

The Liberia Electricity Regulatory Commission (LERC) has approved a 12%
reduction in electricity tariffs for the Bong and Nimba counties grid,
operated by Jungle Energy Power (JEP).

 

Monrovia, January 6, 2024/ The new tariffs, which will take effect on
January 31, 2025, were announced by the Chairman of the Board of
Commissioners, Claude J. Katta, during a ceremony held in Gompa City, Nimba
County, on Monday, December 30, 2024.

 

The revised tariff structure has reduced the energy charge from US$0.25 per
kilowatt-hour (kWh) to US$0.22 per kWh, benefiting electricity consumers in
both counties. In addition, a new monthly fixed charge of US$1.25 has been
introduced to fund network improvements and ensure a higher quality of
service. The commission is expected to sign an MoU with JEP outlining how
the fixed charge is expected to serve consumers' interest in JEP's
operational areas.

 

JEP has also seen a significant reduction in the connection charge, lowered
from US$100 to US$40 for new customers wanting to connect to the grid. This
change is aimed at making electricity more accessible to residents by
covering the cost of materials for connections while the remaining costs
will be recouped through the revised energy tariff.

 

Chairman Katta emphasized that the decision was made after a thorough
technical analysis in line with the 2015 Electricity Law of Liberia, which
mandates the LERC to regulate and set tariffs for the electricity sector. He
assured that the new tariffs strike a balance between enabling JEP to
recover its operational costs, incentivizing system improvements, and
providing affordable electricity to consumers.

 

The newly approved tariffs will come into force from "January 31, 2025, to
January 30, 2028", replacing the provisional tariffs set for Nimba County in
2021 and Bong County in 2023. Mr. Tomah Seh Floyd, CEO of Jungle Group of
Companies, the parent company of JEP, welcomed the decision and affirmed
that JEP, as a law-abiding entity, would comply with the new tariff
structure. He acknowledged the sector's challenges, such as the need for
consistent revenue and insufficient information, but stressed the importance
of improving local electricity generation.

 

"We are exploring ways to generate our own electricity, which will allow us
to be more efficient and reduce the price of electricity," Tomah said.
"Serving our people remains our biggest achievement", he asserted.

 

Madama Meapeh Kou Gono, Superintendent of Nimba County, expressed her
satisfaction with the tariff reduction. She praised the LERC for the
decision, noting that it would allow consumers to save money without
compromising the county's economic productivity, particularly given Nimba's
role as the second-largest economy in Liberia.

 

She also commended JEP for its contributions to the development of the
county and hoped that the tariff adjustments would not lead to scarcity of
electricity, a concern among local stakeholders.

 

The announcement was well-received by various stakeholders, including local
government officials, civil society organizations, and community
representatives from Bong and Nimba counties. With the new tariffs set to
take effect next year, LERC aims to ensure affordable, efficient, and
sustainable electricity services in the region while supporting the
long-term viability of the electricity sector.

 

This tariff reduction is seen as a significant step towards improving the
financial sustainability of JEP and making electricity more accessible to
Liberian households and businesses in Bong and Nimba counties.

 

In a related move, the LERC issued a directive requiring JEP to submit a
comprehensive report on the collection of legacy debts on behalf of LEC. The
legacy debts are debts incurred by customers prior to LEC turning over the
Bong and Nimba operational areas to JEP. The commission requires the
management of JEP to provide a detailed report outlining the amount of the
debt collected so far and remitted to the Liberia Electricity Corporation
(LEC), and outstanding balances by January 15, 2025. The Commission warned
that failure to comply with this directive could result in regulatory
action, including penalties, further investigations, or other measures.
-Press release

 

New Dawn.

 

 

 

 

Ethiopia: Premier Abiy Shares Holiday Gifts With Low Income Staff Members of
PMO

Addis Ababa — Prime Minister Abiy Ahmed shared holiday gifts with low income
staff members of the Office of the Prime Minister (PMO) and orphaned
children the PMO is helping to raise.

 

Ethiopian Christians across the nation will be celebrating Christmas
(Genna), the birth of Jesus Christ colorfully.

 

The Ethiopian Christmas, also called Genna, is celebrated on 7 January
(Tahsas 29 in the Ethiopian calendar) as the day of Jesus' birth.

 

ENA.

 

 

 

Nigeria: Disengaged CBN Staff Sue Apex Bank Over Mass Layoff, Demand Fair
Compensation

Former employees allege board bypass, seek court intervention

 

A legal battle is brewing between the Central Bank of Nigeria (CBN) and its
former employees, who were dismissed in a series of mass termination of
appointments earlier in 2024.

 

The retrenched staff alleged that the apex bank violated internal policies,
Nigerian labour laws, and their contractual rights.

 

Represented by Stephen Gana and 32 others, the claimants filed a
class-action lawsuit at the National Industrial Court of Nigeria (NICN),
Abuja.

 

The court documents claimed that their termination exercise, issued through
letters titled "Reorganisational and Human Capital Restructuring", dated 5
April 2024, contravened Section 36 of the Nigerian Constitution and the CBN
Human Resources Policies and Procedures Manual (HRPPM).

 

The claimants argued that the process lacked the required consultation and
fair hearing mandated by law.

 

The originating summons, filed pursuant to the NICN Civil Procedure Rules
2017 on 4 July 2024, outlines several questions for the court's
determination, chief among which is whether the claimants were denied their
constitutional right to a fair hearing before and after the termination of
their appointments.

 

They further contended that the termination letters, issued on the grounds
of "restructuring," were arbitrary, unlawful, and unconstitutional.

 

The dismissed employees are seeking judicial declarations that their
terminations are null, void, and of no effect, insisting that they remain
employees of the apex bank.

 

They also demanded their immediate reinstatement, payment of salaries and
benefits from the date of termination, and a restraining order against any
further attempts by the CBN to dismiss them outside due process.

 

The court filing references Article 16.4.1 of the HRPPM, which mandates
consultation with the Joint Consultative Council and adherence to fair
procedures before employment actions adversely affect staff.

 

The claimants alleged that this provision was flagrantly disregarded, as
they were given just three days to vacate their positions and hand over
official property.

 

Additionally, the claimants are seeking N30 billion in general damages for
psychological distress, hardship, and reputational harm caused by the
dismissal. They have also requested a further N500 million as the cost of
the suit.

 

The retrenched staff argued that they enjoyed a status often referred to in
labour law as "statutory flavour" which imposes stricter conditions on their
dismissal compared to regular employment contracts, including adherence to
public service rules and other governing statutes.

 

Amicable Resolution

 

The court on 20 November 2024 urged an amicable resolution in the lawsuit.

 

Documents seen by PREMIUM TIMES showed that Presiding Justice O. A. Obaseki
Osaghae noted that the claimants were represented by Stephen Salawu Gana and
their counsel, while CBN was represented by its legal team, headed by Senior
Advocate of Nigeria (SAN) Inam Wilson.

 

The court acknowledged the defendant's preliminary objection, filed on 4
November 2024, challenging the suit's admissibility. The claimants responded
with a counter-affidavit, which their counsel confirmed had been served.

 

Justice Obaseki Osaghae, in her remarks, noted the case's first mention and
encouraged both parties to explore a settlement under Section 20 of the
National Industrial Court Act (NICA) 2006.

 

"It is my view that parties should attempt an amicable resolution of this
dispute," she stated.

 

The matter was adjourned to 29 January 2025 for the hearing of the
preliminary objection or to review the progress of any settlement
discussions.

 

Layoff Background

 

Documents obtained by this newspaper reveal that the termination of
appointments, conducted in four batches between March and May 2024, left
many employees financially devastated.

 

Some workers claimed that they received severance payments as low as N5,000,
while others claim their gratuities were absorbed entirely to offset
outstanding loans.

 

The terminations were officially attributed to a "reorganisation" and "human
capital restructuring," but the retrenched staff argued that the process
violated the CBN Act, which mandates board approval for significant
employment decisions.

 

"There is no evidence that the Board approved these dismissals," said one
affected employee. "The Bank acted arbitrarily, bypassing due process and
leaving us with no option but to seek justice in court."

 

So far, 218 employees are said to have been affected by the mass
terminations that took place between March and May 2024.

 

The breakdown of those affected includes 116 executive-level staff, 97
senior-level employees, and five junior-level workers. These terminations
were implemented in four batches, with the largest batch involving 129
employees, primarily at the executive and senior levels.

 

Hardest Hit

 

The massive layoffs were done in four batches on 15 March, 22 March, 5
April, and 24 May.

 

Staff affected by the first batch appear to be the worst hit. Documents seen
by this newspaper showed that their letters failed to specify whether they
would receive severance payments or any form of compensation.

 

"The new strategic direction of the Bank has been widely publicised. In line
with our new mission and vision, the Bank is currently undergoing a
significant organisational and human capital restructuring process. As a
result of this review, I have been directed to notify you that your services
will no longer be required with effect from Friday, 15 March 2024. You are
kindly requested to hand over all Bank's properties in your possession to
your Department's Administrator, with immediate effect," it read.

 

Sources close to the matter disclosed that employees with six to 10 years of
service were informed that their gratuities would be used to offset
outstanding loans with the bank.

 

"After close to a decade of work, I was left with nothing but debt," said
one former staff member who wished to remain anonymous. "By the time they
had deducted my gratuity, I still owed the Bank over N30 million. How does
anyone survive this?"

 

According to him, some staff still owe the bank between N25 million to N35
million, as their gratuities were insufficient due to the relatively short
time they had worked.

 

Although subsequent batches, dated 22 March, 24 May, and 5 April, assured
recipients that final entitlements would be calculated and paid,, they too
lacked critical details about severance packages, payment timelines, or
specific benefits.

 

"You are kindly requested to hand over all Bank's properties in your
possession to your Department's Administrator, with immediate effect.
Meanwhile, your final entitlement will be paid to you after your
indebtedness to the Bank has been determined," it read.

 

Staff who had worked for 10 to 20 years were reportedly left with severance
payments as low as N5,000 to N6,000.

 

"Fifteen years of loyalty and hard work, and all I got was N5,000," said
another former employee. "This is not just a breach of trust but an outright
disgrace."

 

The deductions were attributed to the bank's policy of using gratuities to
clear outstanding loan balances, including staff cooperative loans.

 

"They took everything from us--our gratuities, allowances, and dignity,"
said one affected staff. "What little was left after deductions could barely
cover a week's expenses."

 

CBN's Defence

 

In its preliminary statement of objection, the CBN defended its decision to
terminate the employment of several staff members, insisting the action was
carried out in line with the terms of their contracts.

 

The bank argued that it paid the affected employees three months' salary in
lieu of notice, as stipulated in their agreements, and maintained that the
dismissals were not linked to any allegations of misconduct or wrongdoing.

 

It described the termination as part of an internal restructuring process,
which it claimed fell within its rights as an organisation. Rejecting the
claimants' assertions of unfair treatment, the CBN dismissed the suit as
frivolous and lacking in merit.

 

It also raised jurisdictional objections, contending that the case did not
fall within the remit of the National Industrial Court, and vowed to rely on
a series of documents, including board resolutions and termination notices,
to support its position.

 

Efforts to obtain a response from the bank regarding the allegations were
unsuccessful.

 

Calls to the bank's spokesperson, Hakama Ali, did not connect, and a text
message seeking clarification on on the layoffs and addressing claims of
inadequate severance packages went unanswered. Additionally, a follow-up
email to her official address was not responded to as of the time of
publication.

 

Premium Times.

 

 

 

Nigeria: Hard Times - Bishop Ayah Commends Nigerians for Resilience,
Maturity

The Bishop of the Catholic Diocese of Uyo, Akwa Ibom State, Most Rev. John
Ayah, has expressed optimism that 2025 will bring better days for Nigeria.

 

He praised Nigerians for their resilience and ability to navigate the hard
times exacerbated by the removal of the fuel subsidy in 2024.

 

Speaking during the 2025 Diocesan New Year Prayer and Fasting event held at
the Cardinal Ekandem Seminary Grounds, Uyo, with the theme "Behold a Sacred
Year of Restoration! Let Everyone Return to the Possession the Lord Has
Given You," Bishop Ayah lauded Nigerians for choosing hard work over
conflict in the face of adversity.

 

Reflecting on the impact of the subsidy removal, Ayah noted, "In the first
two weeks after the removal, the roads were empty. By the third week,
however, they were busy again. I asked myself, where did Nigerians find the
money to fuel their cars? It shows we have learned from the past. Despite
the hardships, we have shown resilience and maturity, choosing hard work
over war. No one wants a repeat of the civil war."

 

Bishop Ayah urged Nigerians to avoid situations that could endanger their
lives, referencing the tragic loss of lives during the festive season in
some states where people struggled for free rice. He also advised men and
breadwinners to refrain from excessive drinking and smoking, emphasizing the
need to save money for their families.

 

"God is a generous provider. If you avoid risky places, you will still find
enough to feed your family. Let us pray for grace to do God's will this year
and ask for His blessings on our families, our state, and our nation," he
said.

 

The Bishop called on parents to be vigilant in teaching their children moral
values, stressing the importance of grooming future leaders with integrity.
"The future of Nigeria is in the hands of our children. Train them, guide
them morally, and commit them to God. Let's not give up on them even if they
stray into vices like fraud or kidnapping. Help them maintain a moral
balance," he urged.

 

Bishop Ayah addressed remarks by Pastor Abel Damina, Senior Pastor at Power
City International Church, Uyo, that alleged the Catholic Church discourages
its members from reading the Bible. Damina reportedly stated that if
Catholics studied the Bible, they would abandon the Church.

 

Dismissing the comments as "laughable," Bishop Ayah said, "We don't hide the
Bible from our members. They are free to buy it, read from Genesis to
Revelation, and ask questions. The Catholic Church wrote the Bible, and our
faith combines scripture and tradition. The Bible emerged from the Church's
tradition, capturing stories from the Old and New Testaments."

 

He expressed satisfaction that despite criticisms, people worldwide continue
to convert to Catholicism. "We don't make noise with loud microphones or
drums, yet people choose to join the Catholic Church. Our faith endures
because it is grounded in truth and tradition," he concluded.

 

The Bishop's remarks encouraged Nigerians to maintain hope, work hard, and
foster moral values, even in challenging times.

 

Vanguard.

 

 

 

 

Nigeria: Manufacturing Sector Remains Top Vat Contributor At 22.21 Percent

The manufacturing sector remained the top contributor to Value-added Tax
(VAT) with a contribution of N395.34 billion, representing 22.21 percent of
the N1.78 trillion total VAT collections in the third quarter of 2024
(Q3'24), reaffirming its critical role in Nigeria's economic development.

 

Recall that the National Bureau of Statistics (NBS) also reported the
manufacturing sector as the highest sectoral contributor, accounting for
N183.89 billion, or 11.78% of the N1.56 trillion total VAT collected in
Q2'24.

 

VAT is a consumption tax managed by the Federal Inland Revenue Service
(FIRS).

 

In its Q3'24 report, NBS noted that the information and communication sector
ranked as the second highest contributor to VAT with 20.89 percent, while
mining and quarrying activities rounded out the top three with 18.90
percent.

 

The report stated: "In terms of sectoral contributions, the top three
largest shares in Q3 2024 were Manufacturing with 22.21%; Information and
Communication with 20.89%; and Mining & Quarrying activities with 18.90%.

 

"Nevertheless, Activities of households as employers, undifferentiated
goods- and services-producing activities of households for own use recorded
the least share with 0.01%, followed by Activities of extraterritorial
organizations and bodies with 0.01% and Water supply, sewerage, waste
management, and remediation activities with 0.03%.

 

"However, on a year-on-year basis, VAT collections in Q3 2024 increased by
88.00% from Q3 2023."

 

Manufacturing has remained a critical sector for Nigeria's economic growth,
though it faces significant challenges, including high inflation, foreign
exchange volatility, inadequate infrastructure, particularly in power
supply, weakening purchasing power and backlog of unsold inventory.

 

These headwinds have resulted in increased production costs, limited
profitability, and made Nigerian products less competitive in the global
market.

 

The sector has also been impacted by the recent increase in fuel prices,
which has raised logistics costs.

 

However, the sector has continued to demonstrate resilience despite the
binding constraints.

 

Meanwhile, the Chief Executive Officer, Biodun Adedipe Associates Limited
(BAA) Consult, Dr. Biodun Adedipe, has emphasised the need for deliberate
and intentional steps to boost the manufacturing and agriculture sectors if
Nigeria is to attain its target of a $1 trillion economy by 2030.

 

"The pace of drivers of agriculture and manufacturing has to be deliberately
and intentionally quickened in order to bring them into this class,
otherwise, the ambitious growth aspirations in the next seven years will end
in a mirage," he stated.

 

According to the economist, both agriculture and manufacturing were central
to non-oil exports and reversal of the perennial foreign exchange (FX)
shortage for imports.

 

Vanguard.

 

 

 

 

 

Uganda: Mukono Diocese Says It Spends Shs10m Per Month to Guard Its Property

Mukono Diocese says it spends the shs10 million on private security
companies that guard its property.

 

The Mukono Diocese is grappling with significant financial burdens as it
spends Shs 10 million per month on security to safeguard its properties and
projects from land grabbers.

 

The move to hire private security agencies came after repeated incidents of
land grabbing and violent attacks on church properties and personnel,
coupled with inadequate government intervention.

 

According to the bishop, key areas like Kisowera in Nama sub-county and
Nakanyonyi in Nabbaale sub-county have been heavily affected by land
grabbing, with the perpetrators often evading justice.

 

"Despite numerous petitions to the government and arrests of culprits, many
perpetrators are quickly released, creating a sense of impunity," Bishop
Enos Kitto said.

 

The diocese's costly measures and the escalation of violence underline the
urgent need for systemic reforms and government intervention to address
these disputes comprehensively.

 

The diocese has faced a number of attacks on its properties, including
schools, projects, and residences of clergy. In 2023, several violent
incidents occurred, all linked to land disputes:

 

Lay readers were attacked, and property was damaged at Grover Wilcox School
of Mission, Nakanyonyi Secondary School students were poisoned.

 

The Nakanyonyi Cottage Industry was vandalized, its perimeter wall
destroyed, and workers beaten, Rev. Mikka Lukwago was assaulted, his car
vandalized, and church properties at Kisowera damaged.

 

The bishop urged the government and judiciary to collaborate and resolve the
land disputes decisively. He reiterated the need for justice to safeguard
the diocese's properties and ensure the safety of its workers and residents.

 

The Mukono Diocese Bishop has also banned political campaigns in churches
ahead of the political season.

 

Bishop Kitto emphasized that churches should remain neutral, warning
ministers against using the pulpit for political campaigns and urged
politicians to seek votes outside church premises.

 

Nile Post.

 

 

 

 

Nigeria: Sales Glut - Auto Dealers Task Federal Gov On Flexible Policies

Auto dealers in various parts of Nigeria are battling with sales glut as the
economic landscape remains challenging.

 

Several automobile dealers in the Federal Capital Territory (FCT) and other
state capitals, said the present harsh conditions have taken a serious toll
on their businesses.

 

In separate interviews with LEADERSHIP Sunday, they pleaded with the federal
government to adopt flexible policies to save the sector from collapse.

 

They said the poor patronage of the products had forced them to adopt
innovative survival strategies and also diversify into other sectors to
remain afloat.

 

The owners of Olaniyi Auto Gallery and Okudilli & Sons Motors in Abuja, said
they recorded a sharp decline in sales last year and attributed it to the
rising inflationary rate, fluctuating foreign exchange, and reduced consumer
purchasing power.

 

The proprietor of Olaniyi Auto Gallery, John Adeyemi, said, "The demand for
cars has plummeted significantly. Many customers who initially planned to
buy cars have opted to delay their decisions or pursue used vehicles
instead. This shift has taken a toll on our business.

 

"The harsh economic realities have made it increasingly difficult for
families to make high-value purchases such as vehicles. We have seen a
notable decline in foot traffic and inquiries.

 

"Many potential buyers are simply unable to secure financing or are
prioritising necessities over luxury items," he said.

 

In response to these economic adversities, both dealers have implemented a
series of survival strategies to weather the storm, using diversification of
service offerings as a key focus.

 

Adeyemi said he had expanded his company's portfolio to include servicing
and repairs, aiming to create a steady stream of revenue even when vehicle
sales are low.

 

"We have shifted our focus to after-sales services. By providing
high-quality maintenance and repair services, we can attract customers who
may not be able to afford a new vehicle but still require reliable
automobile services," he said.

 

Also, the proprietor of Okudilli and Sons Motors, Chukwuemeka Okudilli, said
he had taken a different approach, focusing on enhancing customer engagement
through promotional events and flexible payment plans.

 

Okudilli said he had introduced trade-in offers that allow customers to
exchange their older vehicles for newer models with manageable payment
schemes.

 

"We have launched several promotional campaigns during the holiday season,
including discounts and financing options that make it easier for customers
to purchase vehicles without breaking their budgets.

 

"These efforts have helped us maintain some level of interest and boost
sales.

 

"While sales were not what we hoped for, we did experience a noticeable
increase in inquiries and purchases compared to the previous months. The
holiday spirit encouraged some families to invest in new vehicles," he said.

 

They urged the federal government to provide incentives for auto dealers to
ease the financial strains on their operations.

 

The dealers asked for tax relief, subsidies for the importation of vehicles
and parts, and measures to stabilise the naira to ensure better exchange
rates.

 

In Ilorin, Kwara State, the dealers also lamented poor sales due to lack of
patronage by both individuals and government.

 

One of the respondents, Alhaji Abdullahi Bashar of Hayjaykay Motors, Lagos
Road, Ilorin, said a vehicle hitherto sold for N3 million now goes for N12
million.

 

Another respondent, Alhaji Usman Onikanhun of Trustkay Motors, Lagos Road,
Ilorin, said the vehicles that the operators of rental services were using
to park chairs and tables which used to cost N2 million each has gone up to
N12 million.

 

Onikanhun said he had diversified into chair and table rental services to
survive the harsh economy.

 

A renowned car dealer in Ilorin, Alhaji Adeniyi Jamagada, corroborated
Bashar and Onikanhun, saying "there are no sales at all. The prices of the
vehicles have gone up astronomically. The few customers we get prefer
(Nigerian) "used cars" to "Tokunbo" (imported foreign used) vehicles because
of the difference in their costs.

 

In Kano State, the zonal vice chairman of Vehicle Sellers' Association and
chairman of Adamawa Motors, Mallam Hassan Adamawa, said Nigerians with
exotic cars are selling them to buy the more economical one.

 

He said the harsh economy had made people prefer cars already used in
Nigeria with less maintenance whose price ranges from N3 million to N4
million, noting that, "what is important to many is how to feed their
family."

 

According to him, since the hike in fuel price, the business has not been
thriving because of high import duties which make them more expensive.

 

Corroborating Alhaji Adamawa, the chairman of Zumunta Motors, Alhaji Inusa
Oboy, said the hike in the price of petrol had made several Nigerians to
drop their cars to focus on pressing family issues, which is affecting their
business.

 

He explained that unlike before when in a day, they issued many receipts for
purchase of cars, at present, they close without any sales, a situation that
has made some of them to start losing their business capital to family
provision amid a dwindling market.

 

Similarly, chairman of Badole and Sons Motors, Mustapha Wadole, and Kano
State former chairman (Zone 1) of the Motor Dealers Association, Alhaji
Gambo Ahmad, lamented how government officials also compounded business for
them in the state.

 

They said most government officials prefer to give their friends the order
to go abroad and import cars rather than dealing with them.

 

"During the administration of Kwankwaso, the government gave us an
opportunity to supply 260 cars of which we benefited from. Since then, there
is none from the government that has treated us in that manner," he said.

 

Chairman of Wagini Motors, Alhaji Lawal Mohammed, said, in the past, a Hilux
vehicle was sold for N2.5 million but now sells for between N50 and N60
million.

 

In Kaduna metropolis, some vehicle dealers identified brands of vehicles
customers prioritise, saying many customers look for low fuel consumption
vehicles to buy following the removal of fuel subsidy by the federal
government.

 

A vehicle dealer, James Oche, who owns a motor stand at Command Junction,
Television told our correspondent that many customers prefer vehicles that
consume less fuel.

 

Another vehicle dealer opposite St. Gerald Catholic Hospital, Kakuri, Donald
Israel, said, "Many customers ask for more Toyota vehicles to buy because of
fuel economy.

 

I sell both imported fairly used vehicles and locally used cars that people
resell to us when they are in need of money. I sell Peugeot vehicles,
Toyota, Honda and Nissan," he said.

 

A car dealer at Achara Layout, Enugu State, Mr Ibuchukwu Ekeh attributed the
high cost of their vehicles to the high exchange rate.

 

In Ikeja, Lagos, a car dealer, Damilare Omiremi, said he recorded a
significant drop in business due to the economic situation, which has
resulted in a dramatic decline in customer patronage.

 

"When they say business declined, it is in the auto business they are
referring to," Omiremi remarked, highlighting the severity of the issue.

 

Omiremi explained that he used to sell an average of four vehicles per month
but now struggles to sell one car in three months. "Imagine someone that
sells an average of four vehicles in a month and now finds it difficult to
sell even one in three months. You hardly see people coming to ask you about
cars. So, the prices have gone up, making it difficult for customers to
afford them," he said.

 

To cope with the challenging times, Omiremi has diversified into logistics
and offering driving services. However, he acknowledged that the survival
strategies he had implemented had only partially alleviated his financial
stress.

 

Another dealer, Jide Fatoki, expressed his frustration with the current
government, sarcastically stating, "There is no hardship anywhere. It is the
government; you asked for what you get."

 

Leadership.

 

 

 

 

Nigeria: Suspend Proposed Tax Reform Bills - Northern Elders Tell Tinubu

The Northern Elders' Forum (NEF) has advised President Bola Ahmed Tinubu to
suspend the Tax Reform Bills before the National Assembly following the
submission of the report of the committee it had constituted to study the
bills.

 

The chairman, management board of the forum, A. M. Al-Amin Daggash, in a
statement made available to journalists in Abuja yesterday, said following
the committee's report, the forum had recommended that the federal
government should immediately suspend the rush to implement the proposed tax
reform bills to wisely use dialogue to allay all concerns, collect all
quality contributions and critical inputs from cross sections of Nigerian
stakeholders and then finally proceed to accommodate and redesign the
sequencing of the implementation strategy.

 

" As a consumption tax which drastically reduces the purchasing power of
citizens, fuels inflation and hikes in interest rates, no increase in VAT
should be imposed pending the emergence into the national horizon of clear
evidence of the promised economic recovery by the government," he said.

 

He said the proposed formula contained in the NTAB was not fair to the
states where VAT revenue is generated as the consuming states are denied
credit for what has been generated from them.

 

"Since VAT is a General Consumption Tax (GCT), the rule of attribution based
on the location of consumption should be uniformly applied," he said.

 

He said since coming into office, the government of President Bola Tinubu
had brazenly operated with a total contempt and disdain for any patriotic
voice of dissent and a palpable proclivity for emasculating its imaginary
opponents.

 

"Nowhere is this more abundantly evident than in the undemocratic way the
government is openly arm-twisting the critical public to the sheepish
acceptance of and the slavish submission to the highly toxic proposal it
hurriedly packaged and euphemistically tagged, as, Tax Reform Bills," he
added.

 

He said that it was necessary to reiterate that indeed, Nigerians in general
and Northerners in particular were not really against the introduction of
any form of good and meaningful reforms by those in positions of authority
at the federal, state or local government levels.

 

"Even though we shall remain very implacable in reaffirming that our
practical experiences teaches us that going by global best practice,
successful reforms are known to be underpinned by strict adherence to
certain common cardinal characteristics of the public policy-making
process," he added.

 

He said the Northern Elders' Forum made bold to say that the recently
proposed Tax Reform Bills were clearly in breach with regards to adhering to
the common characteristics of reforms and public policy-making process all
over the world and in conformity with the global best practices.

 

Leadership.

 

 

 

 

 

 

Nigeria: Borno Youths Back Ndume On Rejection of Tax Reform Bills

Hundreds of youths yesterday at the Marama Day celebration in Hawul local
government area of southern part of Borno State enlisted support for the
senator representing the senatorial district, Ali Ndume, for rejecting the
proposed tax reform bills of President Bola Tinubu.

 

The festival which was held yesterday was conceived since 2004, as
Marama-Day, metamorphosed into Bura Day where the Bura people all over the
country, including those in the diaspora, converge in Marama town to foster
communal interaction for unity.

 

Responding to Senator Ndume's question to the youths whether the tax reform
bill should be rejected, the youths thunderously echoed their support for
the senator's stance on rejecting the bill, saying its implementation would
set the North backward and impoverish the people the more.

 

Kano State Rejects Tax Reform Bills

 

One of them, Mohammed Salihu, commended Senator Ndume for always speaking
for the poor masses of the country, saying the senator's rejection of the
bill had again shown his capacity in representing the people and being the
voice of the voiceless.

 

He wondered how President Bola Tinubu consistently embarks on policies that
hurt the masses, adding the masses of the country are still wallowing in
poverty due to removal of fuel subsidy, the impact of which is the raging
economic hardship, inflation and high cost of living presently biting hard
on ordinary Nigerians.

 

Leadership.

 

 

 

 

US says tech giant Tencent works with Chinese military

The US has added several Chinese technology companies, including gaming and
social media giant Tencent and battery maker CATL, to a list of businesses
it says work with China's military.

 

The list serves as a warning to American companies and organisations about
the risks of doing business with Chinese entities.

 

While inclusion does not mean an immediate ban, it can add pressure on the
US Treasury Department to sanction the firms.

 

Tencent and CATL have denied involvement with the Chinese military, while
Beijing said the decision amounted to "unreasonable suppression of Chinese
companies".

 

 

The Department of Defense's (DOD) list of Chinese military companies, which
is formally known as the Section 1260H list, is updated annually and now
includes 134 firms.

 

It is part of Washington's approach to counteracting what it sees as
Beijing's efforts to increase its military power by using technology from
Chinese firms, universities and research programmes.

 

In response to the latest announcement Tencent, which owns the messaging app
WeChat, said its inclusion on the list was "clearly a mistake."

 

"We are not a military company or supplier. Unlike sanctions or export
controls, this listing has no impact on our business," a spokesperson for
the company told the BBC.

 

CATL also called the designation a mistake and said it "is not engaged in
any military related activities."

 

"The US's practices violate the market competition principles and
international economic and trade rules that it has always advocated, and
undermine the confidence of foreign companies in investing and operating in
the United States," said Liu Pengyu, a spokesperson for the Chinese embassy
in Washington.

 

The Pentagon had come under pressure from US lawmakers to add some of the
firms, including CATL, to the list.

 

This pressure came as US car making giant Ford said it would invest $2bn
(£1.6bn) to build a battery plant in Michigan. It has said it plans to
license technology from CATL.

 

Ford did not immediately respond to a BBC request for comment.

 

The announcement comes as relations between the world's two biggest
economies remain strained.

 

Meanwhile, President-elect Donald Trump, who has previously taken a tough
stance against Beijing, is due to return to the White House this month.

 

The Pentagon was sued last last year by drone maker DJI and Lidar-maker
Hesai Technologies over their inclusion on the list. They both remain on the
updated list.

 

Tencent shares were trading around 7% lower in Hong Kong on Tuesday. CATL
was down by about 4%.-bbc

 

 

 

 

UFC boss to join board of Facebook owner Meta

Appointment of Donald Trump ally comes ahead of the US presidential
inauguration later this month

Meta has announced the appointment of three new board members including the
chief executive of the Ultimate Fighting Championship (UFC) and close Donald
Trump ally, Dana White.

 

It comes as Meta's chief executive, Mark Zuckerberg, appears to be making
efforts to mend ties with Trump, ahead of the US president-elect's
inauguration this month.

 

Days ago former UK deputy prime minister and Liberal Democrat leader Sir
Nick Clegg left his job as president of global affairs at the social media
giant.

 

The other new members of Meta's board include John Elkann, who leads
European investment firm Exor, and Charlie Songhurst, a former Microsoft
executive.

 

 

"Dana, John and Charlie will add a depth of expertise and perspective that
will help us tackle the massive opportunities ahead with [artificial
intelligence], wearables and the future of human connection," said Mr
Zuckerberg in a statement.

 

The social media giant also praised Mr White's role in turning UFC into a
global business.

 

In a post on Meta's Instagram, Mr White said he loves social media and is
"excited to be a small part of the future of [artificial intelligence] and
emerging technologies."

 

Mr White has previously rejected any suggestion that UFC platforms hate
speech, insisting he supports free speech.

 

A year ago his tense exchange with a reporter who questioned why he allowed
fighters to make anti-LGBT remarks went viral.

 

"People can say whatever they want and they can believe whatever they want,"
Mr White retorted.

 

The UFC boss has had a close relationship with Trump for decades.

 

Mr White's appointment follows news that Sir Nick was being replaced at Meta
by his deputy, prominent Republican Joel Kaplan, who has handled relations
between the social media firm and the Republican Party.

 

There has been an apparent thawing between Meta and Trump in recent months.

 

Relations had been frosty at least since Trump was barred from Facebook and
Instagram following the US Capitol riot in January 2021.

 

In August, Trump wrote in a book that Mr Zuckerberg would "spend the rest of
his life in prison" if he attempted to interfere in the 2024 US election.

 

But the president-elect later softened his position, telling a podcast in
October it was "nice" that Mr Zuckerberg was "staying out of the election",
and thanking him for a personal phone call after he faced an assassination
attempt.

 

Mr Zuckerberg visited Mar-a-Lago and had dinner with Trump after his
electoral victory in November. Earlier this month, he donated $1m (£800,000)
to the president-elect's inauguration fund.-bbc

 

 

 

 

Bank regulator resigns before Trump term citing 'risk of dispute'

The top banking regulator at the US central bank has said he will step down
from his role early, citing the "risk of a dispute" as Washington prepares
for a new administration.

 

Michael Barr, who had called for stricter oversight after a series of bank
failures in 2023, has been a target of Republicans but had previously
rejected suggestions he resign before his term ends in 2026.

 

Mr Barr said he would remain on the board of the Federal Reserve, but in a
reduced role.

 

It clears the way for President-elect Donald Trump to appoint someone new,
albeit from the Fed's existing board, to the supervisory position, which was
created to improve bank oversight after the financial crisis.

 

 

"The risk of a dispute over the [vice president for supervision] position
could be a distraction from our mission" Mr Barr said in his announcement,
which did not name Trump.

 

"In the current environment, I've determined that I would be more effective
in serving the American people from my role as [Fed board] governor."

 

In announcing his plans, Mr Barr joins other Washington officials who have
pre-emptively announced their resignation ahead of Trump entering the White
House later this month.

 

Gary Gensler, the head of the Securities and Exchange Commission, previously
announced his resignation, effective this month. His term was due to run
until 2026 but Trump had vowed to fire him.

 

FBI director Chris Wray, who was also expecting to be replaced, last month
also said he would step down before the new administration takes over - two
years before the official end of his tenure.

 

Governors of the Fed can only be removed from the board by the president
"for cause" - a provision intended to help the bank maintain political
independence.

 

But the rules are not clear when it comes to specific roles on the Fed
board.

 

Mr Barr, who has faced criticism from Republicans over his support for
stricter banking rules, had previously told Congress he intended to serve
out the term in his supervisory role.

 

But Trump's team had reportedly been considering manoeuvres which could have
forced a legal battle over the question of presidential power over the Fed.

 

The Fed said his resignation was effective 28 February or when a successor
is confirmed. The bank said it would not pursue new regulation until there
is someone new in place.

 

Shares in major US banks headed higher after the news.-bbc

 

 

 

 

 

 

 


 


 


 Invest Wisely!

Bulls n Bears 

 

Cellphone:         +263 71 944 1674 | +27 79 993 5557 

Email:                <mailto:bulls at bullszimbabwe.com>
bulls at bullszimbabwe.com

Website:             <http://www.bullszimbabwe.com> www.bullszimbabwe.com 

Blog:                  <http://www.bullszimbabwe.com/blog>
www.bullszimbabwe.com/blog

Twitter (X):        @bullsbears2010

LinkedIn:           Bulls n Bears Zimbabwe

Facebook:           <http://www.facebook.com/BullsBearsZimbabwe>
www.facebook.com/BullsBearsZimbabwe



 

 

 


 

INVESTORS DIARY 2025

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 

 


Companies under Cautionary

 

 

 


 

 

 

 


CBZH

GetBucks

EcoCash

 


Padenga

Econet

RTG

 


Fidelity

TSL

FMHL

 


 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

 


DISCLAIMER: This report has been prepared by Bulls ‘n Bears, a division of
Faith Capital (Pvt) Ltd for general information purposes only and does not
constitute an offer to sell or the solicitation of an offer to buy or
subscribe for any securities. The information contained in this report has
been compiled from s believed to be reliable, but no representation or
warranty is made or guarantee given as to its accuracy or completeness. All
opinions expressed and recommendations made are subject to change without
notice. Securities or financial instruments mentioned herein may not be
suitable for all investors. Securities of emerging and mid-size growth
companies typically involve a higher degree of risk and more volatility than
the securities of more established companies. Neither Faith Capital nor any
other member of Bulls ‘n Bears nor any other person, accepts any liability
whatsoever for any loss howsoever arising from any use of this report or its
contents or otherwise arising in connection therewith. Recipients of this
report shall be solely responsible for making their own independent
investigation into the business, financial condition and future prospects of
any companies referred to in this report. Other  Indices quoted herein are
for guideline purposes only and d from third parties.

 


 

 


 (c) 2025 Web:  <http://www.bullszimbabwe.com> www.bullszimbabwe.com Email:
<mailto:bulls at bullszimbabwe.com> bulls at bullszimbabwe.com Tel: +27 79 993
5557 | +263 71 944 1674

 


 

 

 

 

 

 

-------------- next part --------------
An HTML attachment was scrubbed...
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20250107/cd4dea69/attachment-0001.html>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image001.png
Type: image/png
Size: 9458 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20250107/cd4dea69/attachment-0002.png>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image002.jpg
Type: image/jpeg
Size: 29356 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20250107/cd4dea69/attachment-0003.jpg>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image003.jpg
Type: image/jpeg
Size: 29321 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20250107/cd4dea69/attachment-0004.jpg>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image004.png
Type: image/png
Size: 34378 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20250107/cd4dea69/attachment-0003.png>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image005.jpg
Type: image/jpeg
Size: 29361 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20250107/cd4dea69/attachment-0005.jpg>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: oledata.mso
Type: application/octet-stream
Size: 65559 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20250107/cd4dea69/attachment-0001.obj>