Major International Business Headlines Brief::: 13 January 2025

[Bulls n Bears]

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Major International Business Headlines Brief:::  13 January 2025 

 


 


 


 <mailto:info at bulls.co.zw> 

 


 

 


 

ü  Africa: Angola Defends Reform to Avoid Export of Raw Materials in Africa

ü  Malawi's Kasiya Rutile Mining Project to Generate K1.2 Trillion Annually

ü  Kenyan Entrepreneurs Eye Dubai As Strategic Business Hub

ü  Kenyan Shilling Gains Against Major Currencies in Q3 of 2024

ü  Nigeria: Why Freezing Order Against My Accounts Is Abuse of Court Process
- Nduka Obaigbena

ü  Kenya: Ruto Urges Youth to Monetize Social Media Use Responsibly

ü  Nigeria Ranks 6th African Country With Cheap Fuel Prices

ü  Ethiopia: Israel Reaffirms Commitment to Ethiopia, Emphasizing
Agricultural Technology

ü  Liberia: Ecobank-Liberia Loses Appeal in U.S.$700k Libel Case

ü  Nigeria: Events That Shaped Aviation Industry in 2024

ü  Uganda: Airtel Uganda's MD Pays a Courtesy Visit to UCC ED, Commits to
Growth of Internet Access in Uganda

ü  Liberia: GOL Issued Over 10974 Work Permits in 2024

ü  Congo-Kinshasa: Rebels Tighten Grip On Congo Mineral Wealth As UN Warns
of Long-Term Control

ü  South Sudan Announces Plan to Resume Oil Production

 


 <mailto:info at bulls.co.zw> 

 


 

Africa: Angola Defends Reform to Avoid Export of Raw Materials in Africa

Kampala — The Minister of Agriculture and Forestry, Isaac dos Anjos,
stressed Thursday in Kampala, Uganda, the need to reform the continent's
agricultural sector with the aim of industrializing products locally to
avoid exporting raw materials.

 

The Angolan minister made the statement to the press after opening the first
ministerial session of the African Union Extraordinary Summit on the
Comprehensive Africa Agriculture Development Program (CAADP).

 

Issac dos Anjos stressed that the objective is to export processed products
and that agriculture is the main tool to fight poverty and social
inequalities in the continent's rural areas.

 

 

With regard to the country's contribution, the Minister said that Angola
would ratify what the Technical Committee had already worked on, in
particular the strengthening of the lines and pillars on which this strategy
for the development of agriculture in Africa is based.

 

The extraordinary summit aims to mobilize more investments in agriculture
and renew the commitment of African countries to allocate at least 10% of
their national budgets to the sector.

 

The program includes a joint session of the Ministers of Agriculture, Rural
Development, Water and Environment and Foreign Affairs on Friday (the second
working day), and the event will conclude on Saturday with the Conference of
Heads of State and Government, which will culminate in the adoption of the
Kampala Declaration on Building Resilient and Sustainable Agro-Food Systems
in Africa.

 

Participants in the CAADP agenda include experts, ministers responsible for
agriculture (forestry, fisheries and livestock), rural development, water
and environment, as well as representatives of youth, women and development
partners.HM/VC/DAN/AMP

 

ANGOP.

 

 

 

 

Malawi's Kasiya Rutile Mining Project to Generate K1.2 Trillion Annually

Malawi's Kasiya Rutile-Graphite Project is on track to become a global
leader in critical minerals, with projections of $645 million (K1.2
trillion) in annual revenues over 25 years and a net present value (NPV) of
$2.5 billion. Sovereign Metals Chief Commercial Officer Sapan Ghai unveiled
these staggering figures during the recent Proactive One2One Investor Forum,
positioning Kasiya as a game-changer for the mining industry and Malawi's
economy.

 

Nestled in Malawi's Lilongwe Plain, the Kasiya project boasts the world's
largest known rutile deposit and the second-largest natural graphite
deposit. Rutile, hailed as "the cleanest, purest form of titanium mineral,"
is indispensable for industries such as aerospace, defense, and consumer
products. Meanwhile, its graphite is a critical material for battery anodes,
which power electric vehicles and other technologies driving the global
energy transition.

 

 

"The demand for these minerals is surging globally, especially as the world
pivots to cleaner and more sustainable technologies," Ghai noted. He
emphasized that rutile's importance is magnified as global supplies dwindle,
while Kasiya's graphite has been successfully tested in batteries,
outperforming Chinese alternatives.

 

The project is further bolstered by its collaboration with mining giant Rio
Tinto, which recently increased its stake in Sovereign Metals to 19.9%.
Together, the two companies are optimizing operations to make Kasiya the
largest, lowest-cost, and lowest-carbon-footprint producer of these vital
minerals.

 

The deposits' unique geological structure enhances their appeal. The
high-grade rutile lies in laterally extensive, near-surface flat bodies,
making extraction efficient and environmentally sustainable. Similarly, the
graphite deposit demonstrates consistent quality at deeper levels, further
solidifying Kasiya's reputation as a Tier 1 mining project -- one of only 11
discovered globally in the past decade.

 

The Malawian government has identified mining as a critical sector for
economic growth, and the Kasiya project is its crown jewel. Sovereign Metals
discovered the deposit in 2019, and its development aligns with the
government's vision of transforming Malawi into a hub for critical minerals
supply.

 

With mining infrastructure development underway, the project is expected to
generate thousands of jobs and catalyze local economic growth. Beyond
revenues, Kasiya represents an opportunity for Malawi to strengthen its
position in global supply chains for titanium and battery materials.

 

While Kasiya's graphite is making waves in the battery industry, Sovereign
Metals is exploring additional applications. The company is evaluating the
potential for its coarse graphite concentrate in traditional refractories
and foundry uses. This diversification underscores the project's broad
industrial appeal and Sovereign's commitment to maximizing its resource
potential.

 

Sustainability is a cornerstone of the Kasiya project. The deposits' unique
saprolite-hosted geology allows for easier extraction with minimal
environmental disruption. Additionally, the high purity and low impurity
levels of Kasiya's rutile and graphite contribute to cleaner, more efficient
end products, from electric vehicle batteries to industrial-grade titanium.

 

Sovereign Metals Managing Director Frank Egar underscored this commitment,
stating, "Our graphite not only meets but exceeds industry standards. Its
high purity and near-perfect crystallinity offer longer battery life,
greater storage capacity, and reduced environmental impact."

 

The Kasiya Rutile-Graphite Project is more than just a mining venture; it's
a transformative opportunity for Malawi. By leveraging its vast resources
and strategic partnerships, Malawi is poised to become a global leader in
critical minerals, fueling industries that shape the future.

 

Nyasa Times.

 

 

 

 

Kenyan Entrepreneurs Eye Dubai As Strategic Business Hub

Nairobi — Kenyan entrepreneurs are increasingly leveraging Dubai's strategic
location, business-friendly environment, and extensive global networks to
scale their businesses internationally.

 

Dubai's geographical positioning, a six-hour flight from Africa and Europe,
makes it a central hub for global trade and tourism. This advantage, coupled
with a dynamic networking ecosystem, has turned the city into a prime
destination for Kenyan businesses seeking international exposure.

 

At a recent Pan-African networking event organized by the UAE Africa
Networking Group, industry leaders highlighted the opportunities Dubai
offers.

 

 

Boni Nyaga, CEO of Mawaitha Ltd, remarked, "Through networking events like
these, Kenyans are finding markets not just within the UAE but across Africa
and the world."

 

Linda Machoka, Sales Director at Fred Ranch and Resort in Kajiado, shared
her experience: "The market is big, and the demand is high. It's just a
matter of aligning with the right opportunities."

 

Pan-African Collaborations

 

Dubai's networking platforms are fostering partnerships among African
entrepreneurs, creating a Pan-African ecosystem where businesses from Kenya,
Uganda, and Tanzania collaborate and share resources. These connections are
enabling Kenyan entrepreneurs to access a global marketplace while
strengthening ties with African counterparts.

 

Navigating Challenges

 

Despite Dubai's appeal, experts caution that success requires thorough
preparation. William Stenhouse, founder of the UAE Africa Networking Group,
emphasized the need for market intelligence and cultural understanding.

 

"Success requires thorough market intelligence and cultural understanding.
It's not enough to assume that opportunities will come easily," he noted,
urging entrepreneurs to adapt their strategies to Dubai's competitive
industries like hospitality, manufacturing, and tourism.

 

Women Entrepreneurs Leading the Way

 

A notable shift is the increasing role of Kenyan women entrepreneurs in
driving innovation and global trade. Dubai's infrastructure and distribution
networks are providing them with tools to expand, including access to
e-commerce platforms like Amazon UAE.

 

Key Growth Sectors

 

Kenyan entrepreneurs are capitalizing on Dubai's advanced logistics and its
demand for products and services in tourism and trade. With Kenya's rich
wildlife and cultural heritage, businesses are tapping into markets in Asia
and the Middle East to promote tourism and related industries.

 

As more Kenyan businesses establish a foothold in Dubai, the city continues
to cement its position as a launchpad for African entrepreneurs venturing
into the global marketplace.

 

Capital FM.

 

 

 

 

Kenyan Shilling Gains Against Major Currencies in Q3 of 2024

Nairobi — The Kenyan Shilling appreciated against all major global
currencies in the third quarter of 2024 compared to the same period in 2023,
according to the Quarterly GDP Report by the Kenya National Bureau of
Statistics (KNBS).

 

On average, the Shilling strengthened by 10.1 percent against the US Dollar,
9.3 percent against the Euro, and 7.7 percent against the British Pound.

 

"During the third quarter of 2024, the Kenyan Shilling appreciated against
all major currencies compared to the corresponding quarter of 2023," KNBS
reported.

 

 

Regional Performance

 

Regionally, the Kenyan Shilling also gained significantly, appreciating by
21.2 percent against the Tanzanian Shilling and 11.7 percent against the
Ugandan Shilling.

 

However, the Shilling weakened against the Japanese Yen and the South
African Rand, depreciating by 12.7 percent and 6.7 percent, respectively.

 

Currency Stability

 

The stabilization of the Kenyan Shilling has been attributed to measures
taken by the Central Bank of Kenya (CBK), including the buyback of the
Eurobond and increased inflow of US dollars from global lenders.

 

CBK Governor Kamau Thugge credited the stability to a higher Central Bank
Rate (CBR), which was raised from 12.5 percent to 13 percent to curb
inflation and stabilize the currency.

 

"The Kenyan Shilling has been stable for the last few days, and as CBK, we
expect this stability to continue because of our proactive measures," said
Thugge.

 

The improved performance of the local currency is expected to bolster
investor confidence and support economic recovery efforts.

 

Capital FM.

 

 

 

 

Nigeria: Why Freezing Order Against My Accounts Is Abuse of Court Process -
Nduka Obaigbena

First Bank had obtained a court order restraining banks in Nigeria from
dealing in all monies and assets due to Mr Obaigbena.

 

Lawyers to the editor-in-chief of THISDAY Media Group and chairman of Arise
TV channel, Nduka Obaigbena, have described the freezing order obtained by
First Bank of Nigeria Limited against his bank accounts as "an abuse of
court processes."

 

Abiodun Layonu & Co, the solicitors to General Hydrocarbons, a company owned
by Mr Obaigbena, made the disclosure in a statement on Thursday titled "To
Whom It May Concern".

 

First Bank had on 30 December 2024 obtained an order from the Federal High
Court, Ikoyi, Lagos restraining all commercial banks in Nigeria from
releasing or dealing in all monies and assets up to $225.8 million due to Mr
Obaigbena from any account maintained by him.

 

The court also blocked all commercial banks from releasing or dealing in all
monies and assets up to the said amount belonging to Efe Damilola Obaigbena,
Olabisi Eka Obaigbena and General Hydrocarbons Limited, an oil and gas firm
in which all the three are directors and shareholders.

 

 

Another order barring the banks from dealing in or releasing such monies and
assets due to the company, its agents, privies, subsidiaries and sister
companies with the banks up to the same sum was issued, according to court
documents seen by PREMIUM TIMES.

 

But in their reaction Thursday, the solicitors alleged there are legal
defects in the orders granted by the court to the bank.

 

They also noted the importance of stating the grave legal implications of
acceding to the lender's attempt to enforce the orders against their
clients' interests in First Bank.

 

"Kindly note that the Federal High Court, per Allagoa, J had in a final
judgment delivered on 12th December 2024 in Suit No. FHC/L/CS/1953/2024 -
General Hydrocarbons Limited v. First Bank of Nigeria Limited, unequivocally
and emphatically restrained FBN from taking any steps whatsoever to enforce
any security, receivables, instrument, finance documents or assets of our
client pending the hearing and determination of the ongoing arbitration
proceeding between our client and FBN," the lawyers said.

 

"We consider it imperative to draw your attention to the fact that the
restraining order of the Federal High Court against FBN in Suit No.
FHC/L/CS/1953/2024 emanated from a final judgment of a court of competent
jurisdiction which has not been set aside on appeal, and which was delivered
prior to the subject of interim order of the Federal High Court which FBN
seeks to enforce against our client."

 

General Hydrocarbons' solicitors asserted that the extant orders of the
Federal High Court per. Allagoa, J, made on 12 December 2024, after hearing
both parties, is at variance with the orders of the Federal High Court per
Dipeoplu, J which was obtained ex parte by First Bank on 30 December 2024.

 

"The plausible explanation for this is that FBN deliberately omitted to
bring the orders of the court made on 12th December 2024 to the attention of
the court in subsequent suit coram Dipeolu, J. This is a most blatant case
of abuse of court process by FBN which has sought to overreach our client by
approaching another judge of the same court to obtain favourable orders that
directly contravene an extant order of the court which has not been set
aside on appeal or otherwise," the document said.

 

The Federal High Court Ikoyi, Lagos had on 30 October 2024 granted an order
among others restraining First Bank from obstructing or preventing General
Hydrocarbons from obtaining or securing loan facilities or funding necessary
for the exploration or operation of Oil Mining Lease (OML) 120.

 

The orders were granted by Justice A. Lewis-Allagoa.

 

"An order of injunction is granted restraining the respondent either by
itself, or acting through its servants, agents, assigns, privies, affiliates
howsoever described, including any person claiming under its authority from
making any official or unofficial publication of its financial statement,
annual reports or any statement of its financial position, howsoever
described, to any public or private institution/person including banks and
other financial institutions and regulatory bodies such as the Central Bank
of Nigeria or the Federal Inland Revenue Service in a manner to reflect or
suggest that the applicant is indebted to or has assumed the respondent's
liability for the debt of $718,000,000 (Seven Hundred and Eighteen Million
United States Dollars) or any other amount whatsoever, arising from the
respondent's transactions with Atlantic Energy Drilling Concept Nigeria
Limited, pending the hearing and determination of the originating motion
filed in this suit," a court paper says.

 

The court also granted an order barring First Bank from making any calls or
demands or taking any steps to enforce any security, receivables,
instruments, finance documents or assets of General Hydrocarbons, which have
been charged as security for the facility agreements in respect of the
company's operation of OML 120 pending the hearing and the determination of
the arbitration proceeding between the two parties.

 

General Hydrocarbons also obtained an order forbidding First Bank from
appointing an operator, asset manager or any other person/institution in
respect of OML 120 pending the hearing and determination of the arbitration
proceeding between the two parties.

 

Court Blocks Nduka Obaigbena's Accounts Over $225.8 Million First Bank Debt

 

Premium Times.

 

 

 

 

Kenya: Ruto Urges Youth to Monetize Social Media Use Responsibly

Nairobi — President William Ruto has urged Kenyan youth to leverage social
media platforms responsibly by monetizing their expertise rather than
engaging in insults and the spread of propaganda.

 

Speaking during the official opening of the Nigeria Technical Training
Institute in Kapseret, Uasin Gishu Friday, President Ruto encouraged young
people to use the internet as a tool for self-improvement and income
generation.

 

"In this college, the youth are using the internet to work. They are not
abusing people; they are working. The internet is not for insults; it is for
making money to improve your life," he said.

 

President Ruto reiterated his administration's commitment to enhancing the
country's digital infrastructure, a move he says is designed to empower the
youth and create more opportunities for employment.

 

"As we speak, we have a digital Infrastructure Programme rolling out our
fibre optic network across Kenya. We are targeting 100,000 institutions to
ensure that our young people have access to the internet, enabling them to
monetize their talent, knowledge, and expertise," he explained.

 

 

He stated that this is in line with the government's ambitious plan to
integrate technology into education and workspaces, bridging the digital
divide across rural and urban areas.

 

The president also addressed the issue of misinformation and propaganda,
cautioning Kenyans against falling victim to falsehoods.

 

He stressed that those opposing government initiatives would not derail the
country's progress.

 

"I want to assure the people of Kenya: our development and transformation
will not be sabotaged by the naysayers. They will fail, and Kenya will
succeed," he declared.

 

President Ruto highlighted the ongoing Digital Jobs Programme as a
cornerstone of the government's strategy to combat unemployment among the
youth.

 

He mentioned that the initiative aims to provide young Kenyans with
opportunities in online work, enabling them to earn incomes through global
digital platforms.

 

In addition, the Head of state emphasized that the government's affordable
housing project is a key source of employment for young professionals,
including architects, masons, plumbers, and other skilled workers.

 

The president's sentiments align with earlier commitments to create more
opportunities for the youth, particularly through technology and innovation.

 

Capital FM.

 

 

 

 

Nigeria Ranks 6th African Country With Cheap Fuel Prices

Fuel prices across Africa in 2025 reflect a diverse energy environment
influenced by local production, subsidies, and imports.

 

Countries like Libya and Angola, with abundant oil reserves, maintain low
fuel prices, while nations such as Ethiopia and Liberia, which depend on
imports, face higher costs.

 

As global oil prices fluctuate, these nations have to navigate challenges
such as subsidies and production levels to ensure affordable fuel for their
populations.

 

According to GlobalPetrolPrices.com, here are the top 10 African countries
with the cheapest fuel at the start of 2025.

 

Libya

 

Libya remains the leader in the African fuel price rankings, with a litre of
fuel costing $0.030. This low price is largely due to the country's rich oil
reserves, which make up a significant portion of its economy.

 

 

Angola

 

Angola follows closely with a price of $0.328 per litre. As one of Africa's
top oil producers, Angola has a large share of the global oil market. The
country's reliance on oil exports helps maintain relatively low domestic
fuel prices, providing an economic advantage for its citizens.

 

Egypt

 

Egypt is another country where fuel remains affordable, priced at $0.336 per
litre. The country has seen substantial investment in its oil and gas sector
in recent years, and the government provides subsidies to maintain lower
fuel prices for the public.

 

Algeria

 

Fuel in Algeria costs $0.339 per litre. The country's vast oil and gas
resources contribute to these low prices, and the government continues to
subsidise fuel costs, which helps support local economic stability.

 

Sudan

 

Sudan's fuel price is $0.700 per litre, which is still quite low compared to
global standards. While Sudan faces economic challenges, it benefits from
domestic oil production, though it has struggled with fluctuations in oil
output and the impact of external factors on fuel prices.

 

Nigeria

 

Nigeria, Africa's largest oil producer, offers fuel at $0.769 per litre.
Despite being one of the continent's top oil exporters, the country's fuel
prices are impacted by fluctuating global oil prices, governmental policies,
and the local economy. While the price is relatively low by international
standards, it reflects the challenges Nigeria faces in balancing domestic
supply and demand.

 

Tunisia

 

In Tunisia, fuel is priced at $0.794 per litre. The country has limited
domestic oil production but benefits from access to regional markets and
government subsidies that help control fuel prices. However, economic
pressures mean that prices may fluctuate over time.

 

Ethiopia

 

Ethiopia, with a price of $0.805 per litre, ranks eighth on this list. While
the country is not a major oil producer, it imports most of its fuel, but
government efforts to stabilise prices help keep costs low for consumers.

 

Liberia

 

Liberia's fuel price is $0.829 per litre. The country relies on imports to
meet its fuel needs, and while domestic production is limited, low prices
are maintained through government policy and external trade agreements.

 

Gabon

 

Gabon, with a price of $0.944 per litre, rounds out the top 10. As an oil
producer with significant reserves, Gabon benefits from relatively low fuel
costs compared to other countries on the continent. However, fuel prices are
still higher than those in nations with larger oil production capacities.

 

Leadership.

 

 

 

 

Ethiopia: Israel Reaffirms Commitment to Ethiopia, Emphasizing Agricultural
Technology

Addis Ababa — Israel has reaffirmed its commitment to bolstering cooperation
with Ethiopia, focusing on supporting the country's agricultural sector
through technological advancements.

 

Ambassador of Israel to Ethiopia, Abraham Niguse said that Ethiopia and
Israel enjoy a strong historical relationship, particularly in the realms of
economic and people-to-people ties.

 

He highlighted that both nations are actively working to strengthen their
relationship through enhanced economic and developmental cooperation.

 

The ambassador emphasized Israel's keen interest in collaborating with
Ethiopia to boost agricultural productivity.

 

 

He also pointed out Israel's expertise in advanced agricultural
technologies, such as drip irrigation, which has successfully transformed
arid landscapes into fertile land.

 

Recognizing Ethiopia's fertile soil, he noted the significant potential for
applying these innovative techniques to increase agricultural output.

 

The ambassador also confirmed that Ethiopia is making strides in improving
its irrigation systems through both new and ongoing agricultural projects,
contributing to more efficient irrigation development.

 

A couple of month ago, an Israeli delegation focused on innovation, health,
and mining visited Ethiopia to explore collaboration opportunities.

 

During their visit, Israeli investors expressed strong interest in sectors
like agricultural technology, innovation, and mining.

 

The ambassador further noted that the Ethiopian government is actively
working to create a favorable environment for investors, encouraging them to
invest and operate in the country.

 

Additionally, Israeli investors have shown particular interest in expanding
their investments in avocado production. Since Israel widely imports
Ethiopian coffee, sesame, and teff, increasing agricultural productivity is
seen as a mutually beneficial opportunity.

 

Furthermore, Ethiopia is harnessing its renewable energy potential from
solar, wind, and geothermal sources to support irrigation development,
integrating modern technology and knowledge transfer from higher education
institutions.

 

Israel and Ethiopia also share a long history of cooperation in the field of
medicine.

 

ENA

 

 

 

 

Liberia: Ecobank-Liberia Loses Appeal in U.S.$700k Libel Case

Ecobank-Liberia Limited lost a petition before the Civil Law Court in
Monrovia to include two state institutions in a US$700K libel case brought
against as co-defendants.

 

Monrovia, Liberia, January 10, 2025 - The ongoing US$700,000 libel case
against Ecobank-Liberia Limited takes a dramatic twist here when the bank,
as a co-defendant, asked the Civil Law Court to include the Liberia
Institute for Statistics and Geo-Information Services (LISGIS) and the
Ministry of Finance and Development Planning (MFDP) to the lists of
co-defendants.

 

 

However, the request was denied by Judge Scheaplor Dunbar on Monday, January
6, 2024.

 

In the motion for joinder of party, the bank had opted for the two
institutions to be a party to the lawsuit on grounds that the government
owns them, so everything that belongs to them, including the controversial
LISGIS's account statements, which are subjects of the case, belong to the
state.

 

Ecobank further argued that the account statement that Acting Executive
Director of LISGIS Wilmot Smith claimed was given to Ecobank-Liberia and
other defendants is not his account; instead, it is owed by the government.

 

"The said account does not bear the name of Smith. Rather, the account in
question is for and in the name of LISGIS, an agency of the government," the
bank argued.

 

It was alleged that the government, through the Ministry of Finance and
Development Planning (MFDP) at the time, had communicated with the bank,
which the accused bank denied through written communication with the
ministry.

 

The bank also denied ever participating in publishing and discussing the
account statements in the media. It proceeded to dismiss its former
employee, Yussif Kromah, one of the co-defendants in the case, thereby
giving the government ownership of the said account.

 

"Since the government is the owner of the subject account, acting by and
through LISGIS and the MFDP, it is best positioned to interpose response to
Smith's complaint to accord complete relief in the case," the bank argued.

 

Ecobank-Liberia prays the judge for an order to join the government, acting
by and through the LISGIS and the MFDP as a party to the main action of
damages for Wrong by Attachment in compliance with the mandate of Section
5.5(1) of the Civil Procedure Law, but was denied by the court. Editing by
Jonathan Browne

 

New Dawn.

 

 

 

 

Nigeria: Events That Shaped Aviation Industry in 2024

Chinedu Eze reviews some of the key events that shaped the aviation industry
in 2024, from policy implementations to breaking of barriers by Nigerian
carriers and suggests the way forward in 2025

 

2024 may be described as a turnaround year in the aviation industry because
it was the year that spelt out what President Tinubu's administration wanted
to do in the sector. The Minister of Aviation and Aerospace Development,
Festus Keyamo, was appointed in late 2023, August 21, 2023 to be precise.

 

Keyamo carried out some actions within the next four months that indicated
his vision and plan; like the immediate relocation to the new international
terminal at the Murtala Muhammed Airport (MMIA), Lagos.

 

 

In collaboration with the Minister for Federal Capital Territory (FCT),
Nyesom Wike, Keyamo made the first substantive move toward the construction
of the second runway at the Nnamdi Azikiwe International Airport, Abuja in
August 2023 and by December the same year he went to the National Assembly
to defend the N81 billion earmarked for the project, saying that the
additional runway was crucial to meeting the growing demands of air traffic
and enhance the safety and efficiency of operations at the Nnamdi Azikiwe
International Airport. The work is in progress. These were the prologue to
the events of 2024.

 

Liquidation of Trapped Fund

 

A fundamental action taken by the Tinubu administration was the clearing of
foreign airlines trapped funds due to the inability of Nigeria to raise
foreign exchange to enable foreign carriers repatriate their revenues earned
in Nigeria. The federal government under Tinubu and facilitated by the
Minister of Aviation and Aerospace Development, Keyamo, started offsetting
the trapped funds until the total amount that accrued to over $800 million
at its peak was finally liquidated.

 

The International Air Transport Association (IATA) confirmed that the
Central Bank of Nigeria (CBN) had successfully cleared $831 million of
foreign airlines' trapped funds

 

The highest of the trapped fund peaked on June 2023, Nigeria had $850
million in blocked funds, causing substantial operational and financial
difficulties for international airlines. This situation led some carriers to
reduce their operations, with one airline even temporarily ceasing services
in Nigeria. The blocking of funds had severe repercussions on the country's
aviation industry. But the impasse ended with the intervention of Keyamo
under the Tinubu administration.

 

Air Peace Inaugural Flight to London

 

Another highpoint archived in the aviation industry in 2024, was the flight
service of Air Peace to London. By March this year, the service will be one
year old and since it started, there have been no hiccups, which is a good
achievement for Nigeria. It was at the inaugural flight to London by Air
Peace that Keyamo made it clear that the vision of the Tinubu administration
is to empower Nigerian carriers, create jobs for Nigerians and make Nigerian
airlines competitive.

 

During the event to mark the inaugural flight to London, Keyamo promised
that the President Tinubu's administration would ensure that Nigerian
airlines operating international destinations were protected. He regretted
that over the years, Nigerian carriers had been denied the opportunity to
utilise the Bilaterial Air Service Agreement (BASA) and reciprocate the
flight operation of some airlines from different countries to Nigeria
because of aeropolitics in which aviation authorities of these countries use
to deny Nigerian carriers the opportunity to fly to some of those countries
whose airlines fly to Nigeria.

 

One of the industry analysts stated, "Keyamo's foresight was further evident
when he facilitated the launch of Air Peace's London Gatwick route. Many
faulted his involvement in this endeavour, viewing it as too patronising.
Today, Keyamo's decision has proven to be a masterstroke, significantly
enhancing Nigeria's presence on the global aviation stage. This bold move is
a reflection of his broader vision to elevate the country's aviation
industry to international standards."

 

The flight service helped to tame airfares on that route, which was hitherto
obnoxiously cut-throat.

 

The Cape Town Convention

 

President Tinubu's government has been commended variously for the job the
Minister of Aviation and Aerospace Development has done in 2024 by meeting
the conditions of the Cape Town Convention (CTC), so that Nigeria will be
removed from the blacklist, which prevents its airlines from leasing
aircraft on the long term at lower cost, known as dry lease and also to have
access to international financiers that can offer them long term credit
facility at single interest rate.

 

Nigeria's aviation global rating rose from 49 to 70.5 following the
country's full compliance with the Cape Town Convention on the dry-leasing
of aircraft. The Aviation Working Group, co-chaired by industry giants --
Boeing and Airbus, raised Nigeria's compliance score from 49 to 70.5 in
September 2024.

 

The country moved up further to 75.5 from the 70.5 on dry leasing of
aircraft when Nigeria prepared and signed the Practice Direction that
enables lessors, with full support of the Nigerian courts, to take away its
aircraft from Nigerian carriers in the case of non-compliance with lease
agreements. So, as a result of this, the Aviation Working Group (AWG)
removed the country from its watchlist.

 

The removal of the country from the watchlist would enable Nigerian airlines
to access aircraft on dry leasing basis, while global financial companies
would also be able to partner with Nigerian airlines for aircraft financing.
This will enable Nigerian airlines to easily lease aircraft and solve the
intractable problem of inadequate capacity of operating equipment, which has
contributed to the high cost of flight ticket.

 

NCAA's Consumer Protection

 

During the period under review, the Nigeria Civil Aviation Authority (NCAA),
efficiently maintained its stronghold in ensuring the airworthiness and
safety of aircraft through effective collaboration with airlines. In the
twilight of last year, NCAA reinforced its campaign on ensuring that
airlines keep to the rules in protecting the interest of the passenger. The
NCAA's Consumer Protection Directorate has ramped up efforts to address
passenger complaints, including high airfares, flight delays, and
cancellations.The NCAA has pledged to impose sanctions on airlines that fail
to comply with refund policies or engage in unfair practices, signaling a
stringent regime.

 

NCAA has also severely excoriated the behaviour of passengers on domestic
air travel, their proclivity to violence in protest against flight delays
and cancellation and the tendency to beat up airlines staff and destroy
airlines equipment when things are not going their way. Airlines said they
contribute to flight delays, as NCAA said that it would adopt a strategy to
curb their excesses in the new year.

 

Also, NCAA workers in 2024 collectively commended the acting Director
General, Captain Chris Najomo, for his welfare policy and in encouraging
workers to bring out their best. He made sure that their allowances and
salaries were duly paid. It was learnt that Najomo paid the backlog of
allowances to the workers, including housing and promotion arrears that had
lasted for eight years. He also promoted staff whose promotion had stagnated
for years and these provided new tonic for the workforce of the agency.

 

However, NCAA could not tame the high airfares occasioned by high exchange
rate, high cost of operation of airlines and limited capacity. It is hoped
that this year will provide more opportunities for airlines to reduce their
cost of operation, acquire more planes and bring in existing ones that have
been ferried for maintenance overseas.

 

FAAN's Relocation of Headquarters

 

Although a little controversial, but industry pundits believe that one
strategic decision taken by the Minister of Aviation and Aerospace
Development was the approval for the Federal Airports Authority of Nigeria
(FAAN) to relocate its headquarters to Lagos, an action that saved the
agency several billions of naira in rent, movement and accommodation
allowances. FAAN also ended the operational hiccups, including logistics
challenge and flight delays by foreign airlines when it re-opened the second
runway at the Murtala Muhammed International Airport, Lagos, known as Runway
18R.

 

Also, under the leadership of its Managing Director, Mrs Olubunmi Kuku, FAAN
is undergoing positive changes in infrastructure renewal, modernization and
in better collaboration with the private sector, which gave result to the
upgrading of the E-wing arrivals at the old international terminal of the
Lagos airport. FAAN also started renovating terminals in other airports
across the country and in partnership with the state government intends to
continue to expand and modernize airport facilities in the new year.

 

Other achievements of Kuku, include the decentralisation of power, allowing
airport managers to make immediate decisions without waiting for lengthy
bureaucratic approvals before generating power in their airports. This has
enabled improvement in operational efficiency. Also, the Abuja and Port
Harcourt airports received international awards for security improvements,
reflecting FAAN's alignment to global standards.

 

Expectations in 2025

 

There are key issues that will shape the aviation industry in 2025. One of
the key factors will be how far the Nigerian government will go in
facilitating the ease of aircraft acquisition and access of credit from
international financiers by domestic airlines.

 

Also, in 2025, it is expected that the federal government will firmly kick
off the concession of airports to bring in the private sector to fund
airport infrastructure. This will improve airport facilities and make it
easy for Nigeria to have state-of-the-art airports in addition to easy
facilitation of passengers.

 

The Minister of Aviation and the National Security Adviser in 2025 will
conclude with the plan to weed Nigerian airports of corrupt security
operatives in Immigration, Customs, the National Drug Law Enforcement Agency
(NDLEA) and others who extort money from passengers and damage the image of
Nigeria and leave passengers with gory experiences, as they travel through
Nigerian airports. The Minister of Aviation and the National Security
Adviser (NSA) have been working on this and it is hoped that the plan will
become fully realized in 2025.

 

It is also hoped that before the end of 2025, Nigeria may have a major
Maintenance, Repair and Overhaul (MRO) or have firm plan to have one with a
timeline. This will help to reduce the forex demand by commercial airlines
that carry out major maintenance overseas.

 

Aviation industry observers are optimistic that 2025 will deepen Tinubu's
policy in aviation, which is anchored on gaining mileage for Nigerian
airlines, developing the airport infrastructure and strengthening policies
that guide the aviation industry to be more efficient, safer airline
operations, higher profitability and creation of more jobs.

 

This Day.

 

 

 

 

Uganda: Airtel Uganda's MD Pays a Courtesy Visit to UCC ED, Commits to
Growth of Internet Access in Uganda

Kampala — Airtel Uganda's Managing Director, Mr. Soumendra Sahu, fondly
known as Som, has this morning paid a courtesy visit to the Uganda
Communications Commission (UCC) Executive Director, Hon. Goerge William
Nyombi Tembo.

 

Hon. Nyombi welcomed Mr. Sahu to Uganda and assured him of UCC's regulatory
support as Airtel Uganda delivers on its mandate to the customers and the
public. He congratulated Airtel Uganda for being compliant with regulatory
parameters against which the 2024 Compliance Certificate was recently
issued.

 

Mr. Nyombi reiterated UCC's collaborative approach of working with licensees
like Airtel Uganda in growing access to ICT services, development of
innovative products and protecting the public good.

 

 

In response, Mr. Sahu expressed gratitude for the warm welcome which defines
the Ugandan people that he is pleased to serve. He reaffirmed his commitment
to improving service delivery while complying with regulatory obligations.
He also highlighted Airtel Uganda's focus on leveraging its global reach to
introduce innovative, world-class products and services tailored to meet the
needs of Ugandan consumers.

 

He appealed for further engagement on taking affirmative action to grow
penetration of Smartphones and other terminal devices to reduce the average
cost of communication for the social economic transformation of Uganda. This
would deepen adoption and use of ICTs.

 

Mr. Sahu was accompanied by; Mr. Godfrey Bakibinga - Director Legal and
Regulatory Affairs and Mr. David Birungi, Public Relations Manager.

 

Hon Nyombi was accompanied by UCC's Commission Secretary and Director Legal
Affairs, Ms Susan Wegoye, Mr Ibrahim Bbosa, the head of Public and
international Affairs and Mr. Geoffey Sengendo, The principal personal
assistant to the ED.

 

Independent (Kampala).

 

 

 

Liberia: GOL Issued Over 10974 Work Permits in 2024

The Liberian Government reports that it raised $1.8 million in 2024 from
issuance of work permits to aliens.

 

- Labour Minister Cllr. Cooper Kruah announces that the ministry's Alien
Registration Department processed and issued 10,974 work permits to foreign
nationals in 2024, reflecting a significant contribution to the country's
workforce and the economy.

 

Of the total permits, 9,468 were regular work permits, 988 gratis permits,
and 556 were issued to individuals from ECOWAS and non-ECOWAS member states.
A further breakdown shows 8,980 permits were granted to non-applicants,
while 2,699 were issued to non-ECOWAS applicants. Among ECOWAS member
applicants, 438 permits were issued to individuals from Guinea and Ivory
Coast.

 

 

Speaking Thursday, January 9, 2025, at the Ministry of Information, Cultural
Affairs, and Tourism's regular press briefing, Minister Kruah disclosed that
857 work permit applications were denied because the positions applied for
were reserved exclusively for Liberians.

 

Despite these rejections, the Ministry successfully renewed 7,633 permits,
which accounts for 75% of the total permits issued in 2024. Additionally,
2,484 new permit licenses were processed, making up 15% of the permits
issued during the year under review.

 

In terms of gender distribution, 8,802 work permits were issued to men,
while 1,315 were issued to women, showcasing the diversity of Liberia's
foreign workforce.

 

"We met some foreigners already working in the country without valid
permits. They were required to renew their permits to comply with
regulations," Kruah states.

 

Reading data from the Ministry, he highlights the ministry's interventions
in addressing unfair labor practices against workers and notes its
significant contributions to the national revenue.

 

According to the minister, government generated over $9 million in revenue
through work permit issuance in 2024, with quarterly contributions of $1.8
million (January-March), $2.2 million (April-June), $2.8 million
(July-September), and $4.3 million (October-December), respectively.

 

He emphasizes the Ministry's commitment to regulating foreign employment
while safeguarding opportunities for Liberians.

 

New Dawn.

 

 

 

Congo-Kinshasa: Rebels Tighten Grip On Congo Mineral Wealth As UN Warns of
Long-Term Control

M23 rebels are establishing control over key mineral-rich territories in
eastern Democratic Republic of Congo (DRC), United Nations experts have
warned.

 

The Tutsi-led rebels, active in North and South Kivu provinces, have seized
key towns since April 2024 - allegedly with support from Rwandan forces,
though Kigali denies supporting the rebels and says it is committed to a
ceasefire and peace talks.

 

The report accuses M23 of setting up shadow administrations to explot
strategic mines and trade routes.

 

"This constitutes the most important contamination of supply chains with
ineligible minerals recorded in the Great Lakes region over the last
decade," the UN Security Council's Group of Experts said in their report,
released Wednesday.

 

The rebels are also accused of using forced labour to expand roads, and
patrolling mining areas to make sure minerals were only sold to authorised
Congolese and Rwandan traders.

 

 

The UN report said M23 was financing its operations by exporting minerals
from areas under its control, including coltan, a resource used in
electronics like smartphones and computers.

 

The added that M23 had created a "mining ministry" to oversee coltan exports
from Rubaya, home to one of the world's largest deposits of the mineral.

 

"In this way, the militants collected at least $800,000 per month in taxes
on coltan production and trade in Rubaya", the report said.

 

The ongoing territorial expansion has continued despite agreed ceasefires,
suggesting M23's true aim is long-term occupation and exploitation of
conquered areas, the UN experts added.

 

Macron urges Rwanda to end support for DRC M23 rebels, withdraw troops

 

A global issue

 

The UN report highlights concerns about how M23's actions could affect
global electronics manufacturers, which face pressure to ensure
conflict-free supply chains.

 

Congo has filed criminal complaints against Apple subsidiaries in France and
Belgium, accusing the tech firm of using conflict minerals in its supply
chain.

 

Apple disputes the claims, saying it requires its suppliers to avoid
sourcing from the region.

 

Conflict-mineral laws in the US and EU require companies to trace the
origins of minerals from regions like eastern Congo. However, a 2022 Global
Witness report said such regulations have failed to stop irregular trade.

 

Meanwhile the renewed violence has displaced more than 100,000 people in
North Kivu since early 2025, reaching levels not seen in over a decade. This
adds to the millions already displaced since M23's resurgence in 2021.

 

DRC case against Apple brings new hope in conflict minerals crisis

 

Protests

 

Meanwhile, several hundred people demonstrated in Bukavu, South Kivu, on
Wednesday to protest illegal mining in the country's east, where authorities
are investigating claims of widespread illicit Chinese involvement.

 

The gathering followed the announcement on Sunday of the arrest of three
Chinese nationals found in possession of gold bars and large sums of cash,
according to South Kivu Governor Jean-Jacques Purusi.

 

Local authorities in the resource-rich province say hundreds of mining
companies, mainly Chinese, extract gold without declaring profits and often
without valid operating permits.

 

"South Kivu minerals should serve the development and well-being of
communities," read one banner held aloft at the demonstration, called by
pro-democracy movements and unions. RFI website.

 

 

 

 

South Sudan Announces Plan to Resume Oil Production

Juba — South Sudan announced early this week its plan to produce at least
90,000 barrels of crude oil per day as the country resumes normal
production. This comes after oil supply to international markets were cut
off last February because of the ongoing conflict in Sudan.

 

Ninety percent of South Sudan's Gross Domestic Product (GDP) comes from its
rich fossil reserves.

 

In the last 11 months, the country was unable to sell its oil to
international markets after Sudan evoked the force majeure clause, which
protected it from liability following the outbreak of conflict in Khartoum
in early 2023.

 

The ban was lifted on January 4, allowing neighboring South Sudan to resume
production.

 

Puot Kang Chol, South Sudan's minister of petroleum, said, "With the force
majeure having been officially lifted by the government of Sudan, through
its letter dated the 4th 2025 and based on that, the Ministry of Petroleum
and partners would like to declare that the kickoff date of resumption is
tomorrow. This is basically to say our 'D-Day' that we have been waiting for
is tomorrow, the 8th of January, 2025."

 

 

Chol is adamant that Juba will continue to pump more oil to the global
market even as the work to replace fossil fuels with green energy picks up
momentum.

 

"We will continue to produce. ... South Sudan, and not only South Sudan, the
continent called Africa, will continue to use oil resources for its own
survival," he said.

 

While Chol was making clear South Sudan's position on clean energy, or lack
of it, in Gudele, a suburb in the capital, Juba, Betty Yobu, a citizen, is
battling a chronic heart condition due to prolonged exposure to toxic gases.

 

Betty said she has been using charcoal stoves for the past six years at her
restaurant which targets low-income earners. The continuous exposure to
carbon monoxide gases has made her health deteriorate.

 

"I started feeling not OK, especially my chest. Because of the heavy work,
no rest, my health became weak, and maybe I was thinking that it was because
of the heavy work. I decided to go and see a doctor, and they found out that
I started developing chest problems because of the firewood I was using, the
charcoal. Then, I breathe in the carbon monoxide, and they affected my
health," she said.

 

But Chol insists that Juba will use its resources for the betterment of its
people.

 

"Now, we are faced with the reality, and the reality is, 'I go hungry, have
no food, I will die.' We are faced with the reality that you have a woman
who [has] no access to health care, and the only resource that you have that
can allow you health care is the oil resources. We will not abandon it,
because death is death," he said.

 

In 2022, then-Finance Minister Agak Achuil said that South Sudan's oil had
been sold until 2027, and that any revenue coming from the sale of crude oil
was going toward the repayment of loans. Agak later said he was misquoted.
He was fired by President Salva Kiir within a week.

 

Environmentalists continue to criticize the oil sector. In 2018, South Sudan
lawmakers accused the Dar Petroleum consortium operating blocks 3 and 7 of
dumping chemicals near Bentiu, home to an oil block.

 

"For any operations to restart in block 3 and 7, I think all environmental
safeguards must be put in place," Joseph Africano Bartel, undersecretary of
Ministry of Environment and Forestry.

 

Despite the challenges that will come with the latest pronouncement of plans
to resume oil production, Juba and Khartoum are optimistic that it will
alleviate a significant financial burden for both governments.

 

South Sudan, which is ranked third in sub-Saharan Africa for oil reserves,
produces approximately 3.5 billion barrels annually.

 

VOA.

 

 

 

 

 

 


 


 


 Invest Wisely!

Bulls n Bears 

 

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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
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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.

 


 

 


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