Major International Business Headlines Brief ::: 09 June 2025

[Bulls n Bears]

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Major International Business Headlines Brief :::  09 June  2025 

 


 


 


 <mailto:info at bulls.co.zw> 

 


 

 


 

ü  Nigeria: One Third of Dangote Refinery Crude Purchased From U.S. - Report

ü  South Africa: Pensioner Spends R1,000 a Month On Water in This Free State
Village

ü  Nigeria Moves to Unlock $1trn Global Outsourcing Market

ü  Uganda Sets Stage for Transformative 6th CEO Retreat With Technical
Committee Formation

ü  Nigerian Military Destroys 27 Illegal Oil Refining Sites in May -
Official

ü  Kenya: The Kenyan Teacher Using Laptop Batteries to Power Motorbikes

ü  Bitcoin Interest Surges Across Nigeria Amid Growing Interest in Crypto

ü  Kenya: Ruto, Gachagua Differ Over Kenya's Transformation Path

ü  Central Africa: Rwanda Withdraws From ECCAS

ü  Uganda: Electronic Traffic Penalty System Now Active As Govt Warns
Motorists Over Speeding and Red Light Violations

ü  Uganda: Musasizi Defends Uganda's Tax Policies, Says Business Growth
Unhindered

ü  Tanzanians Urged to Adopt Clean Cooking Energy to Protect Environment

ü  Namibia: Health Ministry Commits N$1.8 Million Towards Rupara Maternity
Ward Construction

ü  Congo-Kinshasa: Congolese Workers Accuse American Mining Company of
Destablizing Chinese Firms in Congo

 


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Nigeria: One Third of Dangote Refinery Crude Purchased From U.S. - Report

Nigeria, Africa's leading producer of crude oil, has increased its imports
of U.S. WTI crude due to the Dangote Oil Refinery's growing appetite for the
hydrocarbon, according to a Bloomberg report.

 

The refinery, which is Africa's largest and one of the world's most
significant crude processing facilities, has an installed capacity of
650,000 barrels per day.

 

The refinery is owned by Aliko Dangote, Africa's richest man, with an
estimated net worth of about $28 billion.

 

According to Bloomberg's ship-tracking data, the Dangote Refinery, located
near Nigeria's commercial capital, has purchased about a third of its crude
from the United States, primarily the West Texas Intermediate (WTI) Midland
grade.

 

This proportion has nearly doubled since 2024, the year the refinery began
ramping up operations.

 

Analysts attribute the increased procurement of American crude to a
combination of strategic and operational factors, according to Bloomberg.

 

The report indicated that OPEC member nations have found it difficult to
economically scale up crude supply amid global competition.

 

However, this dynamic has allowed the 650,000-bpd refinery to acquire more
stored U.S. crude, particularly WTI, as it moves closer to full operational
capacity.

 

Another reason for Dangote's preference is WTI's higher yield of gasoline
and refined products, the report added.

 

Additionally, parts of the Asian market for WTI crude contracted this year
due to the ongoing U.S.-China trade tensions, increasing the availability of
American crude for other regions, including West Africa.

 

 

The increased intake of U.S. crude also comes amid a decline in the
availability of Nigerian crude.

 

Bloomberg research shows that U.S. crude is expected to make up a larger
portion of Dangote's imports in June compared to the domestic supply.

 

The Dangote refinery began producing fuel in 2024. Diesel and naphtha
production commenced in January, followed by gasoline in September.

 

The use of U.S. oil aligns with the refinery's increasing processing levels
and the drop in available Nigerian crude for purchase.

 

Our correspondent further recalled that the refinery plans to reach its
650,000 barrels per day capacity in June this year.

 

However, low local crude supply has been limiting the refinery's capacity to
meet its production target amidst plans to ramp up daily production.

 

...To import N5m crude

 

Already, the refinery has lined up imports of at least five million barrels
of U.S. West Texas Intermediate (WTI) crude oil for delivery in July,
building on what may become a record month of WTI intake in June.

 

A recent Reuters report further indicated that the refinery awarded tenders
for the purchase of around 161,000 barrels per day (bpd) of U.S. crude to be
delivered in July.

 

This follows earlier deals for June cargoes amounting to roughly 300,000 bpd
-- the largest volume of WTI ever booked by the refinery in a single month.

 

Expert speaks on implication of imports

 

Oil and gas analyst and economist, Dr. Marcel Okeke in a chat with our
correspondent said the continued imports of crude by Dangote when the naira
for crude arrangement is in place is a problem for the economy.

 

"So that is a problem because what should be in place here is the naira for
crude arrangement, crude supply in naira because if he is to be playing in
dollar, the two cannot give the same result.

 

"So this would be causing problem for us. I think the naira for crude
arrangement was renewed so that we can keep working with it.

 

"As long as crude oil is being imported, the prices they would be selling
their end product would be higher than if it was paid in naira here. And you
know the challenge with our foreign exchange market has always been demand
far exceeding supply. So if they now use the small foreign exchange to be
paying for importation of crude oil when we should have that locally, that
is a problem, that would affect the foreign exchange and it would continue
to contribute to the collapse of naira.

 

The exchange rate used to be N1,500 plus but as we speak it has crossed
N1,600. So these are the things that induce the volatility of the foreign
exchange and the volatility of the macro-economy generally."

 

He tasked the government to be serious about expanding crude oil production,
adding, "Government should do everything to encourage local and
international oil companies to increase oil production."

 

...Dangote to commit N900bn to infrastructure

 

President of the Dangote Group, Aliko Dangote, has vowed to commit
additional N900bn in funding to infrastructure across Nigeria under the
federal government tax credit scheme.

 

He also informed President Bola Tinubu during a high-profile tour of the
Dangote Petroleum Refinery and Petrochemicals complex which also marked the
official commissioning of the Deep Sea Port Access Road --that his group of
companies paid N450 billion in taxes to the federal government's coffers in
2024, thereby making it the highest tax-paying company in Nigeria.

 

With this significant tax payment, Dangote companies are contributing more
in taxes than all the country's banks combined.

 

Dangote also revealed that, despite paying N450 billion in taxes last year,
the Group is committed to spending additional N900 billion on road
infrastructure across Nigeria.

 

The President described the refinery as "a remarkable achievement," calling
it "a phenomenal project of our time" and "a major point of reference for
Nigeria's industrial and economic growth."

 

The Deep-Sea Port Access Road, he said, is one of several roads built and
being developed by the Dangote Group under the federal government's tax
credit scheme.

 

Dangote revealed that the Deep Sea Port Access Road is "One of eight major
road projects totalling 500 kilometres, including two in Borno State that
will eventually link Nigeria to both Chad and Cameroon."

 

He praised President Tinubu's leadership, describing him as a courageous
leader whose administration has revived investor confidence in the private
sector.

 

He also thanked the president for envisioning and implementing the Lekki
Deep Sea Port project and assured him of the private sector's support for
expanding infrastructure nationwide.

 

Dangote however revealed that the road leading to the state-of-the-art
Dangote Petroleum Refinery & Petrochemicals will be named Bola Ahmed Tinubu
Road, in honour of President Bola Ahmed Tinubu.

 

"The Dangote refinery complex is, in many ways, your brainchild," Dangote
told the President. "Mr President, let me just say one thing -- the main
road leading into our refinery is now to be known as Bola Ahmed Tinubu
Road."

 

He emphasised that the Dangote Petroleum Refinery and Petrochemicals Complex
stands as a symbol not only of visionary achievement but also of the immense
potential realised when private enterprise aligns with purposeful government
leadership.

 

"We remain steadfast in our commitment to contributing meaningfully to
Nigeria's economic transformation, supporting your administration's efforts
to build a self-reliant, globally competitive nation. We have remained
Nigeria's highest tax paying company. With continued collaboration and
shared resolve, we are confident that the journey ahead will usher in even
greater opportunities for our people and our country," Dangote concluded.

 

The President described the refinery as "a remarkable achievement," calling
it "a phenomenal project of our time" and "a major point of reference for
Nigeria's industrial and economic growth."

 

"Having inspected the Dangote Refinery, which is a great point of reference,
a great phenomenon of our time, and a massive investment, I want to thank
Aliko Dangote," President Tinubu stated. "I am also pleased that the Deep
Sea Port project, which I initiated during my tenure as Governor of Lagos
State, has become a resounding success. It has significantly reduced
logistics costs by eliminating the need for trans-shipment."

 

The President also lauded the quality of infrastructure delivered under the
Federal Government's Tax Credit Scheme, specifically commending Dangote
Industries Limited and its subcontractor, Hitech Construction Company
Limited, for the delivery of the port access road.

 

'Tinubu's 4 wise men'

 

In a moment of tribute, President Tinubu described Dangote as the wisest
mind in Nigeria's economic landscape, citing his far-reaching investments
and steadfast commitment to the country.

 

"I landed here with four wise men. I will say wise men," Tinubu said. "Jim
Ovia of reputable Zenith Bank, who has been acknowledged worldwide. Femi
Otedola, my baby brother. Samad Rabiu of BUA. And I believe the wisest of
them all, Alhaji Aliko Dangote, who is so daring in thinking, doing, and
believing in his country."

 

NGX eyes Dangote's listing

 

Meanwhile, the Chairman of NGX Group, Alhaji Dr. Umaru Kwairanga, has
explained that the exchange is working toward securing listings from the oil
and gas sector, an initiative that could see major players like Dangote
Petrochemicals and NNPC offer stakes to the public.

 

Alhaji Umaru made this announcement at a symposium held in Kano State,
Nigeria, themed "Reimagining Nigeria's Economy for a Prosperous Future:
Where We Were, Where We Are, and Where We Should Be in the Next Decade."

 

According to him, enabling these companies to list their shares would
significantly boost the market capitalisation of the All-Share Index,
further strengthening the domestic capital market.

 

He noted that a larger and more dynamic capital market would align with
President Bola Tinubu's ambitious goal of growing Nigeria's GDP to one
trillion dollars by 2030.

 

"When President Tinubu revealed his vision for Nigeria to grow its GDP to at
least one trillion dollars by 2030, we keyed into that vision and are
determined that the capital market will be at the centre of that drive to a
trillion dollar economy and that our indices will grow in tandem with that
vision," he said.

 

The chairman also pointed out that the current market capitalisation is
still below 20% of the nation's GDP, in contrast to South Africa, where the
Johannesburg Stock Exchange's market cap exceeds the country's GDP.

 

He also reflected on his achievements since taking office in October 2022,
saying, "On that 5th day of October 2022, the All-Share Index was at 48,837
basis points and market capitalisation stood at N26.375 trillion. As at the
end of May 2025, the ASI had climbed to 111,742 basis points and market
capitalisation reached N70.463 trillion."

 

He added that if bonds are included, the total capitalisation could be
estimated at N121 trillion, driven by new and innovative measures aimed at
boosting market efficiency and attracting a younger generation of investors.

 

He noted that the exchange is working closely with the Securities and
Exchange Commission (SEC) to speed up transactions and enhance transparency
in the capital market.

 

"We are focusing on key areas such as the dematerialisation of share
certificates, resolving the backlog of unpaid dividends, and reducing the
time it takes for primary issues to reach the market," he said.

 

He stated that the launch of the NGX Invest app in 2024 was a major
milestone. The app, he said, played a significant role in the first phase of
the bank recapitalisation programme and helped drive broader market
participation throughout the year.

 

He added that the capital market is actively engaging large institutional
investors such as pension and mutual funds by offering tailored products
like exchange-traded funds (ETFs), derivatives, and ethical investment
options to meet their needs.He also reflected on his achievements since
taking office in October 2022, saying, "On that 5th day of October 2022, the
All-Share Index was at 48,837 basis points and market capitalisation stood
at N26.375 trillion. As at the end of May 2025, the ASI had climbed to
111,742 basis points and market capitalisation reached N70.463 trillion."

 

He added that if bonds are included, the total capitalisation could be
estimated at N121 trillion, driven by new and innovative measures aimed at
boosting market efficiency and attracting a younger generation of investors.

 

He noted that the exchange is working closely with the Securities and
Exchange Commission (SEC) to speed up transactions and enhance transparency
in the capital market.

 

"We are focusing on key areas such as the dematerialisation of share
certificates, resolving the backlog of unpaid dividends, and reducing the
time it takes for primary issues to reach the market," he said.

 

He stated that the launch of the NGX Invest app in 2024 was a major
milestone. The app, he said, played a significant role in the first phase of
the bank recapitalisation programme and helped drive broader market
participation throughout the year.

 

He added that the capital market is actively engaging large institutional
investors such as pension and mutual funds by offering tailored products
like exchange-traded funds (ETFs), derivatives, and ethical investment
options to meet their needs.

 

Read the original article on Daily Trust.

 

 

 

 

 

South Africa: Pensioner Spends R1,000 a Month On Water in This Free State
Village

Qholaqhwe village has not had running water for more than five months

 

Qholaqhwe village in the Eastern Free State has not had running water for
more than five months, due to pump station failures.

 

Villagers have resorted to gathering untreated water from nearby villages
and mountain streams. Older people, unable to push wheelbarrows or lift
water buckets themselves, are paying others to fetch water for them.

 

Tabita Kokong, a pensioner, said she has to spend up to R1,000 a month on
water. "I am living with grandchildren who have to take a bath in the
morning at school and I also have to wash their clothes. There is a pile of
clothes in the house," she said.

 

Most of the village last had water five months ago, and in one part of the
village they last had water in April 2024.

 

Reservoirs are too small and the pump station doesn't work properly due to
"random power outages," said ward councillor Sashapa Motaung.

 

Motaung says repeated appeals to the Maluti-a-Phofung municipality to fix
the problem have fallen on deaf ears.

 

Community leader James Majake says the municipality doesn't seem to care.
"They know that we don't have water but they don't even send water tankers."

 

Maluti-A-Phofung spokesperson Kelopiloe Mongake confirmed that the problem
is mainly caused by "electricity load reduction" causing the pump station to
stop working. A generator has been bought but there is not always diesel.

 

Previously, one of the pumps was broken and had to be repaired. She said
that the municipality's "new leadership" is working on the problem.

 

Read the original article on GroundUp.

 

 

 

 

Nigeria Moves to Unlock $1trn Global Outsourcing Market

The federal government has announced the relaunch of the National Talent
Export Programme (NATEP), which will create one million direct export-linked
jobs and up to five million indirect jobs within five years.

 

In addition, NATEP aims to attract over $1 billion in foreign direct
investment to Nigeria's growing service export economy.

 

The programme, according to FG, targets high-impact sectors such as
technology, business process outsourcing (BPO), the creative economy,
healthcare, professional services and remote work.

 

The renewed programme is designed to tap into the $1 trillion global
outsourcing industry by positioning Nigeria's youth as a world-class talent
pool for digital and professional services, the Minister of Industry, Trade
and Investments, Dr. Jumoke Oduwole, said in a statement on Sunday.

 

"What we celebrate is not merely the launch of a programme; it represents
the continuation of a vision to position Nigeria as a global leader in the
future of work and services," said Oduwole.

 

"With digital transformation firmly embedded in President Bola Ahmed
Tinubu's economic vision, Nigeria is enhancing the infrastructure, systems,
and policy tools necessary for an inclusive and innovation-driven future."

 

The minister said NATEP is designed to empower Nigeria's youth, harness
global service export opportunities, and drive inclusive economic
transformation.

 

With a youthful, English-speaking population, a strategic time zone, and
rapidly advancing digital infrastructure, Nigeria is uniquely positioned to
become a competitive global supplier of skilled talent, she added.

 

She explained that NATEP represents a strategic move to diversify Nigeria's
economy, boost foreign exchange earnings, and create sustainable employment.

 

The programme will focus on aggregating global demand and connecting it with
Nigeria's skilled workforce through structured and ethical talent export
pathways, she added.

 

As part of this relaunch, Mrs. Teju Abisoye has been appointed as the
National Coordinator of NATEP.

 

A development finance expert with over two decades of experience, she has
led major national employment initiatives and played key roles in government
interventions, entrepreneurship support, and private sector engagement.

 

NATEP, a Special Purpose Vehicle under the Federal Ministry of Industry,
Trade and Investment, has evolved from a basic outsourcing facilitator into
a full-scale ecosystem enabler.

 

The programme will now drive policy reform, expand digital infrastructure,
strengthen international partnerships, and create reliable talent pipelines
that match global standards.

 

Read the original article on Daily Trust.

 

 

 

Uganda Sets Stage for Transformative 6th CEO Retreat With Technical
Committee Formation

Presidential CEO Forum has officially kicked off preparations for the 6th
Bi-Annual Private Sector CEO Retreat (6th BAR) with the formation of a
high-level Technical Committee. This marks a major step forward in
organizing what is expected to be a pivotal event for Uganda's tourism and
economic development agenda.

 

The newly constituted committee brings together experts and institutional
representatives from key bodies, including the Ministry of Tourism, Wildlife
and Antiquities; Uganda Wildlife Authority; Uganda Tourism Board; Makerere
University; Uganda Tourism Association; and the Economic Policy Research
Centre. Their inaugural planning meeting, held this week, signals the start
of intensive planning for the retreat, which will take place in July 2025 in
the Rwenzori Region.

 

Mandated with ensuring a solution-driven and transformative retreat, the
committee will guide the development and execution of a dynamic program.
Their responsibilities include shaping the retreat's thematic focus,
aligning stakeholders, identifying high-impact investment opportunities, and
creating a robust framework for public-private sector collaboration aimed at
elevating Uganda's tourism industry.

 

The 6th BAR will be hosted by H.E. the President of Uganda and convened by
the Presidential CEO Forum (PCF), in partnership with the Office of the
Prime Minister and the Ministry of Tourism, Wildlife and Antiquities and
Office of the Prime Minister. This edition of the retreat reflects a
strategic shift toward harnessing Uganda's full tourism potential through
innovation, investment, and inclusive development.

 

Key areas of focus for the retreat will include infrastructure development,
digital transformation, strategic tourism marketing, and the diversification
of tourism products. In addition to traditional wildlife-based offerings,
emphasis will be placed on eco-tourism, cultural tourism, and adventure
tourism--sectors seen as critical to unlocking new growth frontiers.

 

Fort Portal City, the chosen host location, provides both symbolic and
strategic significance. Its proximity to world-renowned attractions such as
Queen Elizabeth National Park, Kibale National Park, and the Rwenzori
Mountains makes it an ideal setting to showcase Uganda's tourism assets and
the importance of regional inclusion in the sector's growth.

 

The upcoming retreat comes at a crucial time when Uganda is prioritizing it
National Development Agenda driven under the acronym of ATMS and T standing
for Tourism The PCF 6th Technical Committee is expected to play a vital role
in turning dialogue into action, by spearheading efforts that will lead to
tangible solutions and measurable progress.

 

With the planning process now in full swing, the committee is poised to
deliver a transformative retreat. One that not only strengthens the role of
the private sector but also positions Uganda as a premier and competitive
tourism destination on the African continent

 

Read the original article on Nile Post.

 

 

 

Nigerian Military Destroys 27 Illegal Oil Refining Sites in May - Official

The Director of Defence Media Operations, Markus Kangye, made this known in
a statement on Sunday in Abuja.

 

The Defence Headquarters says the troops of Operation Delta Safe, in the
month of May, discovered and destroyed 27 illegal refining sites with over
96 equipment.

 

The Director of Defence Media Operations, Markus Kangye, made this known in
a statement on Sunday in Abuja.

 

Mr Kangye said the troops also foiled oil theft worth over N31.4 million,
including 77,530 litres of stolen crude oil,10,340 litres of illegally
refined Automotive Gas Oil (AGO), 2,700 litres of Dual Purpose Kerosene
(DPK) and 1,240 litres of Premium Motor Spirit (PMS).

 

According to him, other items recovered include outboard engines, pipes,
pumping machines, drilling machines, horses, tricycles, motorcycles, mobile
phones, and nine vehicles.

 

"Troops of Operation Delta Safe sustained operational tempo against crude
oil thieves and other criminals in the Niger Delta.

 

"Additionally, they discovered and destroyed 21 crude oil cooking ovens, 34
dugout pits, 13 boats, one barge, one tug boat,40 storage tanks, and nine
drums.

 

"Furthermore, 27 oil thieves and other criminals were arrested while
assorted arms and ammunition were also recovered," he said.

 

Mr Kangye said the troops also undertook anti-kidnapping and
anti-criminality operations on 1 June, in the Sapele Local Government Area
of Delta.

 

According to him, three criminals were arrested, while some weapons and
ammunition, as well as mobile phones, laptops, television sets, and a
vehicle were recovered from them during the operations.

 

He said that the troops also apprehended 13 suspected vandals/criminals in
Sapele, Aniocha North and Ugheli Local Government Areas of Delta, as well as
Degema and Ekeremor Local Government Areas of Rivers and Bayelsa.

 

(NAN)

 

Read the original article on Premium Times.

 

 

 

 

Kenya: The Kenyan Teacher Using Laptop Batteries to Power Motorbikes

Nairobi - As dusk settles over a high school in central Kenya, the hum of an
electric motor powered by a discarded laptop battery signals a quiet
revolution - led by physics teacher and inventor Paul Waweru.

 

"Most people throw these away," he says, holding up a palm-sized lithium-ion
cell. "I see power, potential, possibility."

 

Waweru sources old laptop battery packs, tests their viability and then
crafts new packs from them, which are then fitted as power sources for
motorbikes.

 

These bikes can travel up to 50 kilometers on one charge, providing a
cleaner, quieter and cheaper alternative to petrol-powered boda-bodas -
Kenya's famous motorcycle taxis.

 

>From trash to transport

 

Waweru scours junkyards, repair shops and electronic waste dumps for old
laptop batteries, which sell for as low as 0.50 Kenyan shillings - less than
one American cent.

 

While most people view them as dead, Waweru says up to 70 percent of these
cells still have some charge.

 

He converts old motorbikes by stripping out the internal combustion engine
and replacing it with an electric motor and one of his custom battery packs.
The end result is a machine that produces zero emissions and is almost free
to operate.

 

"In places like Nairobi, where fuel prices keep rising and traffic chokes
our cities, this kind of innovation isn't just clever - it has become
necessary," he says.

 

Evans Otieno, a 29-year-old boda-boda rider in Kisumu, was among the first
to test Waweru's invention. He used to spend more than 700 shillings a day
on petrol. Now he charges his bike overnight with solar power.

 

"No noise, no smoke, just movement," Otieno grinned. "The customers do ask.
They're all surprised. They say, this came out of an old laptop?"

 

Global talks seek to curb e-waste dumping as Africa bears the brunt

 

An estimated 50,000 tonnes of e-waste are deposited in Africa annually, most
of which ends in open, unregulated dumps, emitting toxins into the
environment - adding to urban air pollution.

 

Waweru's laptop-motorbike hybrids provide a grassroots solution for climate
change, waste management and youth unemployment all in one, and all out of a
backyard workshop.

 

"This is bottom-up climate action and it's working," said Mary Mburu, a
circular economy strategist.

 

The Kenyan engineer building a sustainable future with recycled plastic
bricks

 

>From landfill to lifeline

 

Waweru's vision reaches beyond his workshop. He has begun training young
people in his community to test the used batteries, build circuits and
retrofit bikes. He envisages a network of community-powered workshops across
Africa, building electric vehicles using locally available waste.

 

"We don't need to wait for Tesla or Toyota to bring electric mobility to
Africa" he says. "We can build our own with what we have."

 

His biggest challenges are funding, access to quality tools and grappling
with outdated policies.

 

Back in his shed, he inserts the final cell into a freshly built battery
pack. As he fastens the casing, a soft whir proclaims success. He steps
back, watching one of his students ride the bike around the block.

 

"Change doesn't have to be flashy," he says. "It just has to work and keep
moving forward."

 

Read or Listen to this story on the RFI website.

 

 

 

 

 

 

Bitcoin Interest Surges Across Nigeria Amid Growing Interest in Crypto

For Nigerians looking for financial growth, bitcoin remains a compelling
option. Anyone considering this digital asset needs to understand the
current market, regulatory warnings, and national economic shifts. This
article breaks everything down.

 

Nigeria's appetite for cryptocurrencies remains high. The desire for
financial autonomy, protection against inflation and access to a global
market drives this interest. Nevertheless, this enthusiasm exists in a
dynamic and sometimes uncertain environment. To make sound decisions as you
explore the possibilities of Bitcoin, you need to be aware of market
movements, official warnings and the bigger economic picture.

 

Nigeria's Crypto Market

 

At the time of writing, the global cryptocurrency market cap stands at $2.18
trillion, showing a minor dip of 1.84% in the last day. The  price of
bitcoin  is currently $109,527.00. This figure reflects a 1.87% decrease
over 24 hours. The trading volume in that period reached $48.23 billion.
With 19.87 million BTC in circulation out of a possible 21 million, Bitcoin
maintains its top rank by market capitalization.

 

On May 22, 2025, Bitcoin achieved a 24-hour high of $111,814.00. This peak
contrasts sharply with its all-time low of $67.81 back in July 2013,
illustrating the incredible volatility and potential for significant shifts
in value associated with this leading cryptocurrency.

 

Heed Official Investor Warnings

 

The Nigerian Securities and Exchange Commission (SEC) has warned against a
platform called Tofro. This is an unregistered entity that lacks approval to
operate in Nigeria's capital market, exposing crypto fraud risks. The SEC
calls it a Ponzi scheme that promises unrealistic returns and demands that
new investors pay off earlier investors. Also, they have failed to process
withdrawal requests.

 

This situation is an important reminder to all Nigerian investors. High
returns can be tempting, but can you afford to ignore official red flags?
That said, the  SEC is clear : extreme caution is required. Before you
invest, check that the platform is legitimate through official channels like
the SEC website. Such schemes can wipe out large savings and cause great
distress if you fall for them. Due diligence is not just recommended, it is
required.

 

Perceptions About Financial Tools Are Changing

 

The Federal Government, via CREDICORP, is trying to change the way Nigerians
think about credit . This effort will remake credit as a tool of economic
development and personal growth instead of a debt trap. Such cultural
reorientation is an element of President Tinubu's "Renewed Hope Agenda,"
CREDICORP Managing Director Uzoma Nwagba said Monday. It hopes it will
encourage Nigerians to use credit responsibly to purchase assets, start
businesses and improve their standard of living.

 

Even though it targets traditional credit, the campaign is part of a larger
government push toward financial literacy and the adoption of modern
financial mechanisms. That same underlying theme applies to the
cryptocurrency world as well. Just like CREDICORP promotes smart borrowing,
anyone thinking about investing in Bitcoin should take a similar approach.
Taking a gamble on Bitcoin is risky. Instead, look at it as part of a
diversified, responsible portfolio - informed by knowledge and understanding
- and you'll be much better positioned to use these financial tools for real
progress.

 

Introducing a New Call for Investment

 

The country's Vice President Kashim Shettima has recently  called for
investment , citing economic reforms, including the unification of exchange
rates and the removal of fuel subsidies that have stabilized the currency.
In talks with Citibank executives, he promised investors the government
would keep the markets open and keep the budget in check, as evidenced by a
lower debt service to revenue ratio.

 

Those measures create a conducive environment for financial activities,
including cryptocurrency investment, although there are still risks,
including Bitcoin price volatility and regulatory uncertainty. Citibank
reiterated its support for the government and praised its efforts - an
indication of international confidence.

 

How to Be Careful With Bitcoin

 

Buy Bitcoin - but do so cautiously and in moderation. The first step is
education. Learn what Bitcoin is, how blockchain works and what influences
its price. Avoid putting money into something based on hype or social media
trends. Start small; Only save what you can afford to lose. Such volatile
returns make it unwise to risk money needed for basic living expenses or
short-term goals.

 

Picking an appropriate platform is crucial, considering warnings such as
"Tofro." Find established cryptocurrency exchanges that meet international
security standards and, if possible, Nigerian regulations. Seek out
platforms that support two-factor authentication and cold storage of funds.
Guard your own digital wallet. You own the keys. Is a "get rich quick"
promise ever true? So, look at Bitcoin as a long-term investment and not an
instantaneous ticket to wealth.

 

Putting Bitcoin in the Nigerian Context

 

In Nigeria, Bitcoin is especially important because it is easy to transact
internationally and because it stores value against local inflation.
Tech-savvy youths took to digital currencies fast, which has brought about
high peer-to-peer trading volumes. But regulatory clarity remains uncertain,
though recent developments suggest a far more flexible stance by the Central
Bank in response to growing global adoption.

 

Bitcoin offers opportunities in addition to challenges as Nigeria embarks on
financial reforms. Warnings about fraudulent platforms point to high
potential returns. There must be a sense of balance of caution and optimism,
continuous learning and utilizing trusted platforms.

 

 

 

 

Kenya: Ruto, Gachagua Differ Over Kenya's Transformation Path

Nairobi — President William Ruto has restated his administration's
commitment to transforming Kenya and uplifting all citizens.

 

Speaking in Makadara Church of Christ in Africa, the President noted that
initiatives like the Affordable Housing Programme are key drivers of this
transformation.

 

He underscored that he will not be distracted by his noisy critics.

 

"We are going to change this Nation before our very own eyes. I am
committed, I am determined, I am focused on transforming Kenya, and no
amount of intimidation or name calling is going to change my course, because
I have an assignment to change Kenya," the President told congregants.

 

But speaking at Jesus Celebration Centre in Kilifi, former Deputy President
Rigathi Gachagua said many Kenyans haven't seen the promised inclusivity and
development.

 

"I have seen in Church today, claiming that he has an assignment from God to
transform Kenya, that is good. But the same God who has given you that
assignment is the sameone in the Ten Commandments, who says thou shall not
kill," he said.

 

He claimed that the government's actions have not matched its rhetoric of
unity and equal opportunity.

 

"So let us not apply double standards. So we cannot say you have a divine
assignment to do one thing and also to break the Ten Commandments," Gachagua
stated.

 

Read the original article on Capital FM.

 

 

 

Central Africa: Rwanda Withdraws From ECCAS

Rwanda has announced its withdrawal from the Economic Community of Central
African States (ECCAS), citing repeated violations of its rights as a member
and failure by the regional bloc to adhere to its own foundational
principles.

 

In a statement issued on Saturday, June 7, by the Ministry of Foreign
Affairs and International Cooperation, the government said it "sees no
reason to maintain its membership in an organisation whose functioning is
now contrary to its principles and its usefulness."

 

The turning point, according to the Foreign Affairs Ministry, was the 26th
Ordinary Summit of ECCAS held in Malabo, Equatorial Guinea, on June 7, where
Rwanda's right to assume the rotational presidency, as provided for under
Article 6 of the ECCAS Treaty, was deliberately ignored.

 

Rwanda said this move was intended to "impose DR Congo's diktat," suggesting
that DR Congo with backing from some member states, is manipulating ECCAS
mechanisms for its own political agenda.

 

"Rwanda denounces the questioning of its rights guaranteed by the
constitutive texts of ECCAS," reads part of the statement.

 

Rwanda also recalled its previous protest for being excluded from the 22nd
Summit in 2023, held in Kinshasa under the presidency of DR Congo.

 

At the time, the government addressed a letter to the sitting Chairperson of
the African Union, denouncing the exclusion as illegal.

 

"The silence and inaction that followed confirm the organisation's failure
to enforce its own rules," the Ministry noted.

 

"Rwanda deplores the instrumentalisation of ECCAS by DR Congo, with the
support of certain member states."

 

Established in 1983 and with headquarters in Gabon, ECCAS brings together 11
countries; Angola, Burundi, Cameroon, Burundi, Central African Republic,
Chad, Republic of Congo, Equatorial Guinea, Gabon, Rwanda and Sao Tome and
Principe.

 

Read the original article on New Times.

 

 

 

Uganda: Electronic Traffic Penalty System Now Active As Govt Warns Motorists
Over Speeding and Red Light Violations

The Electronic Penalty System (EPSAuto) is now active, and road users have
been urged to exercise heightened caution and comply with traffic
regulations to avoid incurring fines.

 

According to the Ministry of Works and Transport and the Uganda Police's
Intelligent Transport Monitoring System (ITMS), the camera-enabled
enforcement system has begun issuing electronic tickets to motorists who
violate speed limits or run red lights.

 

"As part of the Intelligent Transport Monitoring System, the Express Penalty
System--EPSAuto--is now operational," said Priscah Pearl Ayesiga, the ITMS
Public Relations Officer.

 

"We urge all road users, including drivers and motorcyclists, to prioritise
safety and adherence to traffic laws. By doing so, penalties can be entirely
avoided. Red light and speeding violations will be captured 24/7."

 

Ayesiga emphasised that EPSAuto applies to all vehicles except those on
emergency duty and is designed to enhance road safety by promoting
responsible driving habits.

 

She also clarified that speed limits of 30km/h have been set specifically
for high-risk zones such as schools and markets--not across all roads, as
some road users mistakenly believe.

 

"Compliance is not just a requirement, but a safeguard for all. By obeying
traffic rules, we can avoid penalties and ensure a smooth, safe journey for
everyone," she added.

 

Allan Ssempebwa, Senior Communications Officer at the Ministry of Works and
Transport, confirmed that the initial phase of enforcement under EPSAuto
will focus exclusively on red light and speeding violations.

 

"For now, EPSAuto will be largely applicable to motorists or riders who
abuse the red light at traffic junctions and those violating speed
limits--only these two offences," he explained.

 

"The rest will continue to be enforced by traffic officers. If you commit
either of these two violations, the system will automatically trigger an
alert to the Uganda Police Force's control centre, and a ticket will be
generated and sent to your mobile phone."

 

Ssempebwa also clarified that the system applies to both digital and
conventional number plates.

 

"EPSAuto issues fines not only to owners of digital plates but also to those
with old ones. We shall make a formal announcement when we are fully
prepared for broader implementation," he said.

 

Authorities are encouraging all road users to embrace the changes and drive
safely to protect themselves and others.

 

Speeding remains one of the five major risk factors contributing to road
crashes and fatalities in Uganda. According to the 2024 Annual Crime Report
by the Uganda Police Force, 25,107 road crashes were recorded last year,
resulting in 5,144 deaths.

 

Of these crashes, 44.5 percent were attributed to speeding.

 

The Ministry of Works and Transport and ITMS have reiterated their
commitment to reducing these figures through stricter enforcement and
enhanced public awareness.

 

Read the original article on Nile Post.

 

 

 

 

Uganda: Musasizi Defends Uganda's Tax Policies, Says Business Growth
Unhindered

State Minister of Finance Henry Musasizi has dismissed concerns that
government taxation policies are hurting businesses, insisting that Uganda's
economy is growing steadily and remains on a positive trajectory.

 

Speaking at Butuurwa Church of Uganda in Nyamweru Sub-county, Rubanda
District, Musasizi said the economy is expanding at a rate of 7 percent
annually--a growth he attributed to the government's strategic planning and
effective policy implementation.

 

"This growth is brought about by government's strategic planning and
implementation of policies," Musasizi said.

 

The minister cited the existence of over 28,000 factories across the country
as evidence that the business environment remains vibrant and conducive to
investment.

 

Responding to complaints about taxation, Musasizi said the government
exercises caution when introducing new taxes, taking into account the type
of business, the method of collection, and the potential impact on economic
activity.

 

"It's not true that taxes have weakened businesses. We take a lot of care
while deciding what kind of taxes to introduce, which businesses to target,
and how to collect them," he explained.

 

He further emphasised that several exemptions have been made to support
critical sectors.

 

For instance, companies producing scholastic materials such as books and
those manufacturing medical supplies are exempt from Value Added Tax (VAT).

 

"The plan is to always ensure that we don't hurt businesses. For example, we
don't charge VAT on companies making scholastic materials like books, or on
those producing medical supplies," he added.

 

Musasizi said these exemptions reflect the government's commitment to
creating a business-friendly environment while supporting essential services
like education and healthcare.

 

By addressing these concerns, the minister sought to reassure the public and
the business community that government tax policies are designed not to
stifle enterprise but to foster long-term economic growth.

 

His comments come at a time when some business owners and analysts have
raised fears that excessive taxation could dampen investment and reduce
competitiveness.

 

Musasizi's remarks are expected to boost investor confidence, especially in
sectors receiving targeted tax relief, and to reinforce the government's
message that it is focused on both revenue generation and private sector
development.

 

Read the original article on Nile Post.

 

 

 

Tanzanians Urged to Adopt Clean Cooking Energy to Protect Environment

Dar es Salaam — THE Oryx Gas Tanzania Ltd (OGTL) has reminded Tanzanians of
the importance of protecting the environment by adopting clean cooking
energy that is environmentally friendly.

 

Speaking during an event to mark World Environment Day, the company's Clean
Cooking Energy Project Manager, Mr Peter Ndomba, said there is a pressing
need to preserve the environment by avoiding the cutting down of trees for
firewood and charcoal.

 

The event was held at Kisiwani Primary School in Kigamboni District, Dar es
Salaam, where Oryx Gas organised a school-wide clean-up and donated waste
disposal bins.

 

"Today, the entire world is commemorating World Environment Day, and at Oryx
Gas, we are focusing on forest and tree conservation. Through our gas
products, we are encouraging all Tanzanians to stop cutting trees for
cooking," said Mr Ndomba.

 

He highlighted the government's significant efforts to promote the use of
clean cooking energy, adding that this was part of a broader goal to ensure
environmental sustainability.

 

"Tanzania is fortunate to still have some forest cover, unlike many other
countries. That's why we're here at Kisiwani Primary School--these are young
children who are still learning. We've cleaned the school together and
taught them about using clean energy.

 

Although they can't buy gas themselves, they live with their parents, and
they will take this knowledge home," he added.

 

Mr Ndomba emphasised that Oryx Gas believes early education on the safe use
of gas will help build a society that understands the importance of
environmental conservation.

 

He noted that students were also taught about the dangers of deforestation
and the need to protect trees.

 

He said the company provided the education early on to help cultivate a
generation that values environmental protection from a young age, rather
than waiting until adulthood.

 

"On this World Environment Day, Oryx Gas, in collaboration with other
partners, is encouraging the public not to damage the environment.
Protecting the environment also means adopting alternative methods like
using clean cooking energy."

 

He added that by educating people about clean cooking energy, they are
actively fighting environmental destruction.

 

"We are using this day to remind people that the environment is life.
Without a healthy environment, we cannot survive."

 

On his part, Head Teacher of Kisiwani Primary School, Mr Abbas Degelo,
thanked Oryx Gas for partnering with the school to clean the surroundings
and for donating waste bins.

 

"I sincerely thank Oryx Gas for involving us in the environmental clean-up.
They have helped make our school environment cleaner. I also urge the
community to use clean cooking energy, which is environmentally friendly and
cheaper than firewood and charcoal," he said.

 

Meanwhile, pupils from the school, led by Head Girl Abigael Baraka and Head
Boy Representative Gerevas Yusufu, expressed gratitude for the environmental
education and the opportunity to participate in the clean-up activity.

 

They pledged to become ambassadors of clean energy and environmental
conservation in their communities.

 

...ENDS...

 

Read the original article on Daily News.

 

 

 

Namibia: Health Ministry Commits N$1.8 Million Towards Rupara Maternity Ward
Construction

The Ministry of Health and Social Services has committed N$1.8 million to
complete the Rupara Maternity Ward project.

 

This commitment was confirmed during a meeting with stakeholders, including
the Development Bank of Namibia (DBN) and the Kavango West Regional Council,
at the Rupara Health Centre on Friday.

 

The funds are intended to cover the remaining 40% of construction work
required to finalise the healthcare facility.

 

The project, which commenced three years ago, is currently 40% completed
following procurement process delays.

 

Health ministry programme officer and infrastructure planner Boniface
Hamutenya said the outstanding work includes electrical, plumbing, and
external infrastructure.

 

"The health ministry has pledged N$1.8 million to complete the remaining
work, with procurement processes currently underway," said Hamutenya.

 

He noted that the project team expects to have a more definitive completion
date following the health ministry's procurement meeting next week, and
expressed his hopes of finally delivering this critical healthcare facility
to the local community.

 

"Our ministry's financial commitment is expected to help expedite the
project's completion and address the community's urgent healthcare
infrastructure needs," said Hamutenya.

 

DBN, which initially funded the project with N$1 million, expressed growing
concern about the lack of progress.

 

DBN's executive for marketing and corporate communications, Jerome Mutumba,
emphasised the need for a clear timeline and commitment from all parties,
citing reputational risks and the bank's public accountability.

 

"This project was scheduled to be handed over in April last year, but the
project has experienced delays due to unforeseen circumstances. The purpose
of this meeting is to address those challenges and to know what is required
from us, because this is beginning to become more of a reputational risk for
the bank having an incomplete project which has a DBN signature on it, and
we are not able to account for what is happening," said Mutumba.

 

Kavango West governor Verna Sinimbo acknowledged the frustrations but
highlighted the challenges associated with central government procurement
processes.

 

"These delays are making life difficult for our communities who desperately
need this healthcare infrastructure," she said.

 

Read the original article on Namibian.

 

 

 

Congo-Kinshasa: Congolese Workers Accuse American Mining Company of
Destablizing Chinese Firms in Congo

A group of Congolese workers from Chinese companies operating in Mambasa
territory, Ituri Province, have publicly accused the American-owned Kibali
Mining company of inciting unrest among local laborers and fueling violent
attacks against Chinese firms.

 

The workers identified as Boslo Alime Jean-Le Bandar-lue, Kakule Shibula
Arsène, Vital Mahigwe Glory, Paul Kambale Crown and Accent Prayer Alain
allege that representatives of Kibali Mining have been actively encouraging
them to rise up against their own Chinese employers under the pretext of
labor abuse, forced labor, and substandard pay.

 

"We are being manipulated to cause chaos and unrest against the very
companies that give us work. This pressure is not only unjustified but could
drive us toward an economic and security crisis," a statement read

 

The workers claim that Kibali Mining is exploiting labor grievances to
destabilize Chinese business operations, which dominate the local mining
industry in Mambasa.

 

They warn that such interference not only threatens their livelihoods but
could plunge the territory into violent conflict.

 

"These provocations are dangerous. They are pushing us toward suspension of
work and greater insecurity in the region," the statement read in part.

 

The workers also made grave accusations that Kibali Mining has financially
supported armed groups operating in the region, with the intent to terrorize
and disrupt Chinese-run mining sites.

 

"This company deals with armed bandits across Mambasa to destabilize the
economic fabric," the statement read. "Chinese workers have been killed,
companies looted, and security forces ambushed all reportedly with Kibali's
backing."

 

 

In one incident cited in the letter, a Chinese company reportedly suffered a
deadly attack resulting in the deaths of a Chinese national and a Congolese
police officer. The group claims such attacks have been recurring and
organized, alleging direct financial involvement by Kibali Mining senior
executives.

 

These serious claims echo growing concerns across the Democratic Republic of
Congo about the complex interplay between foreign corporate interests and
local armed conflict--especially in the mineral-rich eastern provinces.

 

The DRC's vast reserves of gold, cobalt, and other minerals have long
attracted international competition and accusations of unethical practices.

 

The group are calling for a full government-led scientific and economic
investigation into Kibali Mining's operations, to assess the company's true
impact on the workforce and national stability.

 

"We demand that these companies respect the Congolese people and the
Congolese labor force. Our security and dignity are not for sale," the group
said.

 

Kibali Gold Mine, a joint venture involving Barrick Gold (a
Canadian-American company), AngloGold Ashanti, and the Congolese government,
is one of Africa's largest gold operations.

 

Despite its economic contributions, the mine has faced criticism over labor
conditions, environmental damage, and opaque dealings with security actors
in a region long plagued by armed conflict.

 

Chinese firms, too, have faced scrutiny often accused of operating outside
local labor laws and contributing to environmental degradation. However,
this latest public rebuke turns attention sharply toward the role of
American corporate influence in exacerbating tensions.

 

If proven, the workers' allegations would mark a troubling escalation in the
geopolitical rivalry playing out in Congo's resource sector turning
Congolese laborers into pawns in a dangerous power game between global
giants.

 

Read the original article on Radio Dalsan.

 

 

 

 

 

 


 


 


 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
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

 


 

 

 

 

 

 

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