Major International Business Headlines Brief::: 21 March 2025

[Bulls n Bears]

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Major International Business Headlines Brief:::  21 March 2025 

 


 


 


 <mailto:info at bulls.co.zw> 

 


 

 


 

ü  South Africa: City Power Hit by Multimillion-Rand Fraud

ü  Kenya: NTSA Suspends Super Metro Operator License Over Expired Permits

ü  South Africa: Big Oil Find in Limpopo? or Just False Hope?

ü  Uganda Airlines Launches Historic Direct Flights to London Gatwick

ü  Kenya Could Settle All Debt If Govt Cut Theft By Half - Mbadi

ü  Equipping MSMEs for Success in Namibia's Oil & Gas Sector

ü  Malawi: Ethco Injects K2 Million Into Swam Indaba

ü  Ghana: ECH Pilots 200 New Smart Meters At Suame

ü  Ghana: NPA Boss Vows to Flush Out Illegal Fuel Traders

ü  South Africa: Removal of Illegal Connections Sparks Protests in
Khayelitsha

ü  South Africa: Sassa Explains Why It Paid Grants to 75,000 Dead People

ü  Liberia: Nand Pharmacy Employees Allege Exploitation, Health Violations -
Management Denies Claims

ü  Liberia: Former LEC Boss Takes On Global Leadership Role in Dubai

ü  Liberia: Top Canadian Govt Officials Visit to Explore Investment
Opportunities

 


 <mailto:info at bulls.co.zw> 

 


Kenya: NTSA Suspends Super Metro Operator License Over Expired Permits

Nairobi — The National Transport and Safety Authority (NTSA) has suspended
the operator license for the Super Metro bus company over over expired
permits, speed limiter issues and unqualified drivers.

 

A statement from the authority outlined other violations of the company that
include labour law breaches.

 

NTSA also warned the public warned against boarding Super Metro vehicles and
indicated that Non-compliant vehicles will be impounded, starting at the
Likoni Inspection Centre.

 

"This is to notify the Public that the Authority has suspended Super Metro
Limited's operator license until the Company fully complies with the Public
Service Vehicles Regulations, 2014 and other set conditions," NTSA said in a
statement.

 

"The decision was necessitated by the need to ensure the Company is not only
compliant but that it has put in place safety measures to protect the lives
of its passengers and other road users."

 

Capital FM.

 

 

 

 

South Africa: City Power Hit by Multimillion-Rand Fraud

Johannesburg City Power has reported significant financial losses due to
widespread fraud, with 15 employees facing disciplinary action for their
involvement in a multimillion-rand scheme to defraud the utility, reports
EWN. City Power recently received a scathing report from the Auditor General
(AG) that found weak internal controls in the organization, leading to
billions in irregular expenditure. An investigation revealed that
contractors submitted fraudulent, duplicate, and inflated invoices,
prompting City Power to freeze payments to these contractors pending further
analysis. City Power spokesperson Isaac Mangena says payments to the
contractors have been frozen pending a deeper analysis of their dealings
with the entity.

 

Durban Restaurants Suffer Economic Fallout

 

Umhlanga, Durban's upscale hub for dining and nightlife, is experiencing a
shift as numerous restaurants, including iconic names, have closed in recent
months due to high rentals, rising operating costs, and the economic fallout
from load shedding, reports IOL. The restaurant industry, which contributes
over R6 billion to the economy and supports millions of jobs, is under
immense pressure, with Durban particularly hard-hit compared to other
cities. Challenges such as beach closures, water restrictions, and
constrained consumer spending have further strained the sector, impacting
both small businesses and national franchises like Famous Brands, which has
closed 41 outlets nationwide. Despite these setbacks, Durban's resilience
offers hope for recovery, with efforts from organizations like the
Restaurant Association of South Africa and the Durban Chamber of Commerce
aiming to revive the industry.

 

 

Govt Targets 5 Million TB Tests Annually

 

The government aims to test five million people annually for Tuberculosis
(TB) to curb new infections and reduce TB-related deaths, as part of the End
TB campaign launched ahead of World TB Day on 24 March, reports SABC News.
TB remains a leading cause of death globally and is the top cause of
mortality among South African men, with 270,000 new cases and 56,000 deaths
recorded in 2023, 54% of which were among people living with HIV. Health
Minister Dr. Aaron Motsoaledi said that there is a need for widespread
testing, particularly among high-risk groups such as families of TB
patients, HIV-positive individuals, and communities with limited healthcare
access. The campaign also addresses the challenge of asymptomatic TB cases,
which account for 58% of infections and contribute to unknowing
transmission.

 

More South African news

 

 

 

 

South Africa: Big Oil Find in Limpopo? or Just False Hope?

Social media has been abuzz in recent weeks with reports that massive oil
and gas deposits have been discovered on the eastern side of Limpopo
bordering the Kruger National Park.

 

It was claimed that drilling to explore these reserves had been completed
and that significant hydrocarbon deposits were discovered. But is it true?

 

At first, many local residents dismissed it as just another hoax. But a
quick fact-check revealed that while there is some truth to the reports, the
extent of the oil and gas deposits is uncertain.

 

The claims originate from press releases issued three months ago by Booi
Holdings, a company that has been exploring gas and oil deposits in the
region for several years.

 

In December Booi Brothers Petroleum (BBP), a subsidiary of Booi Holdings,
announced it had made a "significant hydrocarbon discovery". The company
successfully drilled the country's first officially recognised hydrocarbon
(gas and oil) well near Vhurivhuri village, roughly 50 km northeast of
Thohoyandou.

 

 

In an "update from the project manager" it is claimed that drilling, carried
out by operator Torque Africa Group, had reached a depth of 1,100 metres.
The target depth was 1,300 metres. The project was driven by a team of
experts, including geologists, geophysicists and remote sensing specialists,
all with international experience, states the website.

 

"The crew has detected substantial hydrocarbon reserves, aligning with
initial expectations," the statement said. It also promised that once Well
D-512 was fully drilled, BBP would release a comprehensive report detailing
the discovery. "Based on the results, a decision will be made regarding
future operations," it stated.

 

 

Who is Booi Brothers Petroleum?

 

Booi Holdings, which describes itself as a "family-managed business", was
registered in May 2006. It lists its activities as "project management,
planning and scheduling; civil/building services, recruitment and labour
broking". Its clients include Eskom, Anglo American and the De Beers Group
of Companies.

 

BBP, its subsidiary, was only established in 2013, with Phindulo Peter Booi
listed as chief executive. On 22 July 2014, BBP was granted exploration
rights in the Mutale and Malamulele districts, covering an area of just over
30,000 hectares.

 

On 1 November 2017, just before its exploration permit expired, BBP applied
for a renewal, which was granted. But little exploration appears to have
taken place and, at the end of 2021, the company applied for a second
renewal of what is referred to as a Principal Right. This was granted in
February 2022, but with slightly modified conditions. The area BBP was
allowed to explore was reduced to 19,547 hectares, specifically excluding
areas such as the Mphaphuli Nature Reserve.

 

 

The second renewal was valid for only two years, ending on 2 December 2023.
It appears that BBP applied for a third (and final) renewal, but no such
records are available.

 

A Bankable Feasibility Study (BFS) was completed in mid-2021, reportedly
confirming the presence of a "functional petroleum system" in the Limpopo
Soutpansberg Basin. While the specific details were not made publicly
available, the study suggested the presence of organic-rich source rocks
capable of generating hydrocarbons, as well as reservoir rocks capable of
storing them.

 

Peter Booi was quoted in a September 2021 interview with Weekly SA Mirror as
saying that the gas and oil find in Limpopo would help ease South Africa's
power challenges and create thousands of jobs.

 

Booi invited more investors to come on board, claiming that about 3.1
trillion cubic metres of recoverable gas were available in the area.

 

In June 2024, BBP began drilling in an area identified as ER262. A December
2024 update on its website indicated that drilling would soon be completed,
which aligns with reports from Vhurivhuri residents that the project is
nearing completion.

 

Local residents left out

 

When Booi Brothers representatives first arrived in the rural village of
Vhurivhuri a few years ago, telling the community about the gas and oil
deposits, they sparked optimism and excitement. The poverty-stricken
community believed the development would bring job opportunities, improved
education for young people and a better quality of life for all residents.

 

But based on recent developments, their expectations have not been met.

 

Tshamano Simba, a concerned community member, said in an interview last week
that things were not being handled properly.

 

"When this mining project was launched, we were made to believe it would
change our lives for the better, as we would gain employment and the village
would be developed, but we are beginning to doubt if this will ever happen,"
he said.

 

Simba said they were told to register companies and encouraged young people
to pursue studies that would be useful for the project. "With the drilling,
we understood that we did not have the expertise, so we were not worried
when a company from outside was hired for the job," he said. But tensions
rose when a security company from Gauteng was brought in to do work that
locals could have done.

 

"This was the first sign that we were not getting a piece of the pie. There
are many local security companies here, yet they were not given work. As a
community, we were shocked again when the surrounding wall was constructed
using only foreign labourers. When we enquired, we were told they were
working on a voluntary basis," he said.

 

Simba called for transparency and greater community involvement. "Things are
not being done the right way, and as a community, we may be forced to stop
the whole project and start over. This is our project, and we should have a
say in every step," he said.

 

The local traditional council echoed concerns about a lack of transparency.

 

Tsumbedzo Sumbana, secretary of the local traditional council, said they
were unhappy with the way the project was being run.

 

"We were very excited when Booi Brothers presented the project. As a
village, we saw development coming, we saw jobs for locals, and we hoped for
vast improvements in education and quality of life. But now, we are starting
to doubt that this will happen in our lifetime," he said.

 

Sumbana said they had called for an urgent meeting of representatives of the
Department of Mineral Resources and Energy, their senior traditional leader
Thovhele Gole Mphaphuli, Booi Brothers, and others "to iron out all
outstanding matters".

 

Concerns over transparency

 

Attempts by Limpopo Mirror to contact a BBP spokesperson proved difficult.
Two weeks ago, questions were sent to the only email address listed on Booi
Holdings' website. Despite follow-up emails, no response was received. The
website provides no other contact details, such as an office phone number. A
message sent via BBP's Facebook page also went unanswered.

 

One of the questions posed to BBP concerned the environmental impact of its
operations. The project manager's December update mentioned that the
drilling site had to be relocated due to "environmental considerations". It
also noted that the new location "presented its own geological challenges,
including multiple water encounters that slowed the drilling process".

 

BBP was asked what these environmental considerations were and whether the
drilling activities posed any risk of contaminating underground water
resources.

 

Another update on its website states that the discovery of hydrocarbons "has
prompted additional safety measures, including mandatory gas mask usage".
The company was asked how it managed the risk of dangerous gases escaping
into the atmosphere.

 

The lack of communication from BBP has not gone unnoticed.

 

Booi Brothers features in the 2024 report of the Centre for Economic Rights
(CER) on onshore gas financing in South Africa. The CER, a South African
civic organisation, describes itself as "activist lawyers who defend the
right of communities and civil society organisations to an environment that
is not harmful to health or wellbeing, for present and future generations".

 

BBP was listed as one of the companies the CER struggled to contact to
access details of its granted rights. Promotion of Access to Information Act
(PAIA) applications to Petroleum Agency SA (PASA) also failed to yield
results.

 

"This lack of transparency raises concerns about the accessibility of
information regarding onshore gas activities in South Africa," the report
stated.

 

One of the CER's attorneys, Paul Lado, responded to a question last week and
said that the CER had since received some of the information, such as BBP's
exploration rights, from PASA. He added that they are awaiting the
Environmental Authorisation documents from PASA and documents about the
third renewal of the exploration rights.

 

"We are uncertain of who the Environmental Assessment Practitioner for Booi
Brothers is," he said. He confirmed that CER has also been unable to contact
BBP directly and had to get the information via PASA.

 

Published with the Limpopo Mirror

 

GroundUp.

 

 

 

 

 

Uganda Airlines Launches Historic Direct Flights to London Gatwick

The four-times-weekly service aims to boost business, tourism, and trade
between Uganda and the UK, reestablishing a direct link after nearly a
decade.

 

Uganda Airlines has announced a major milestone in its expansion strategy
with the launch of direct flights between Entebbe International Airport and
London Gatwick, starting May 18, 2025.

 

This marks the airline's first entry into the European market and restores a
direct air link between Uganda and the UK after nearly a decade.

 

The new route is expected to strengthen Uganda's connectivity with Europe,
facilitating business, tourism, and trade.

 

 

Speaking at the route announcement event, Uganda Airlines CEO Jenifer
Bamuturaki highlighted the significance of the expansion.

 

She noted that the launch follows years of planning, overcoming challenges,
including the COVID-19 pandemic, which delayed initial plans for UK
operations.

 

"This route marks the end of our establishment phase and sets us on the
course for long-term growth. It connects Uganda to critical business and
tourism markets in Western Europe and beyond," Bamuturaki said.

 

The Pearl of Africa is a key tourism destination, and the UK remains one of
its top source markets. The new service is expected to boost visitor numbers
while offering Ugandan exporters a faster, more efficient route to ship
fresh produce to the UK.

 

Industry data shows that Uganda's exports to the UK in 2024 were valued at
$22.6 million, and the airline's cargo capacity on the Airbus A330-800neo is
set to facilitate further growth.

 

Flights will operate four times a week, with carefully scheduled connections
to Uganda Airlines' expanding African network, which includes Nairobi,
Lagos, Johannesburg, Kinshasa, and Accra.

 

The airline is currently the largest operator out of Entebbe, with 77
departures weekly, and this new route increases that number to 81.

 

Bamuturaki also acknowledged the role of key partners, including the Uganda
Civil Aviation Authority and the British High Commission, in ensuring
regulatory approvals.

 

"We are grateful for the support in securing the Foreign Carrier Permit for
this route," she said.

 

Passengers can now book tickets via the Uganda Airlines website, mobile app,
and authorized travel agents.

 

With this expansion, Uganda Airlines strengthens its position as a key
player in regional and international aviation, aligning with Uganda's Vision
2040 for economic development and connectivity.

 

Nile Post.

 

 

 

 

 

 

Kenya Could Settle All Debt If Govt Cut Theft By Half - Mbadi

Nairobi — Kenya could comfortably settle its external debt obligations if
government suceeds in cutting down corruption by half.

 

Treasury Cabinet Secretary John Mbadi made the revelation on Wednesday night
while defending President William Ruto's fiscal consolidation strategy which
aims to boost revenue while curbing excessive government spending.

 

A major area of concern, he noted, is public procurement, which has been a
significant source of financial leakages.

 

"We have talked about implementing e-procurement because we lose so much
money in procurement alone. Many figures have been thrown around; remember
the former president talked about us losing Sh2 billion per day. I once made
a joke, which went viral, that if we could just reduce our theft by 50
percent," Mbadi told Citizen TV.

 

 

The Treasury CS stated that if at least half of the estimated Sh2 billion
daily losses to graft is curbed, the country could save Sh365 billion
annually--a figure that far exceeds the Sh280 billion in external debt
maturing in 2025.

 

"If we are stealing Sh2 billion per day as an economy and we make a
conscious decision to steal just a billion... If you had been stealing
Sh1,000, you steal Sh500--although that is not desirable, I want it to be
zero. But even then, we would save Sh1 billion per day, translating to Sh365
billion per year."

 

Mbadi stressed that with such savings, Kenya could fully finance its debt
obligations without seeking external loans.

 

"That is the money we borrow externally. External debt this year alone is
Sh280 billion, far less than what we would save. So, we will not need to go
out there looking for money," he explained.

 

 

Unsustainable counties

 

Beyond corruption, Mbadi faulted the current devolved system of government,
arguing that the 47 counties are financially unsustainable due to the
ballooning wage bill.

 

He suggested that Kenya should revert to the previous eight provinces or, at
most, fourteen regions as the basis for devolved governments.

 

Mbadi said that the decentralized government structure has created multiple
layers of bureaucracy that drain public resources.

 

"You go to counties and find all kinds of staff--you find directors of
fishermen, boda bodas, music, and culture, all earning big salaries, with
deputies. We have so many people. And that's not even considering the fact
that 47 counties are just too much for a country," he said.

 

"Each of the 47 counties has a full-fledged government--a governor, who is
like a mini-president, with a deputy who is a running mate, often struggling
to find work to do. Then you have ministers--most counties went for the
maximum of 10. We have Chief Officers, more than 10, and then we have county
assemblies."

 

8 to 14 devolved units

 

Mbadi added that a leaner system would be more efficient in tackling the
country's financial crisis.

 

"I would go for a maximum of 14, but even 8 would still serve us perfectly
well, with resources devolved to the grassroots. We can devolve resources
without devolving the heavy government to the grassroots. It is
unsustainable."

 

Mbadi further noted that the wage bill at the national level alone stands at
Sh80 billion per month, amounting to nearly Sh1 trillion annually. Coupled
with Sh1.1 trillion in loan repayments, this leaves little room for
development.

 

"We have a very expensive government. Today, we are paying Sh80 billion per
month at the national level for salaries. Per year, that's Sh960
billion--it's approaching a trillion. We are collecting Sh2.5 trillion and
spending about Sh1.1 trillion on loan repayment. So where do you get money
for development?" Mbadi added.

 

Mbadi's remarks have sparked debate over whether Kenya's governance
structure should be re-evaluated to improve efficiency and cut costs.

 

Capital FM.

 

 

 

 

Equipping MSMEs for Success in Namibia's Oil & Gas Sector

This week,  Moneda Invest  in collaboration with the  Namibia Investment
Promotion and Development Board (NIPDB)   hosted an interactive workshop in
Lüderitz, empowering MSMEs with vital knowledge on HSE compliance, business
opportunities, and industry requirements in the oil and gas sector.

 

Industry experts from  TotalEnergies  , Namibian Ports Authority - Namport
, Halliburton  , and  Subsea7   shared key insights on risk management,
procurement, and logistics, while discussions focused on navigating
compliance, unlocking opportunities and aligning with Namibia's local
content agenda.

 

The event concluded with a dynamic panel discussion and networking session,
fostering strategic partnerships for MSMEs to thrive in the energy sector.

 

 

 

 

Malawi: Ethco Injects K2 Million Into Swam Indaba

Ethanol Company Limited (EthCo), a subsidiary of conglomerate Press
Corporation Limited (PCL) has made a donation of K2 million to Sports
Writers Association of Malawi (SWAM) for its Elective General Meeting (EGM)
set to take place in Salima over the weekend.

 

Speaking during the symbolic cheque presentation ceremony in Blantyre,
EthCo's Head of Human Resources and Company Secretary, Chiyembekezo Mbewe,
highlighted the company's appreciation for the role sports journalists play
in covering their sporting activities.

 

"As EthCo, we are very excited with the partnership we have made with SWAM.
Because of their work for us, we thought it is our turn to do them good. We
believe that they will discuss issues that would promote their association
and levels of professionalism," said Mbewe.

 

SWAM General Secretary, Wesysylas Chirwa was accompanied by the
association's president, Mphatso Malidadi.

 

In his remarks, Chirwa welcomed EthCo's contribution, expressing hope that
the partnership would extend beyond this donation.

 

"We reached out to EthCo a few days ago, but their response has been very
inspiring. This donation will be a very huge inspiration to the sports
journalism sector since, during this EGM, we also encourage each other on
how best we can improve our skills," said Chirwa.

 

Chirwa said with such support, the meeting is expected to provide a
significant platform for sports journalists to share insights, enhance their
skills, and strengthen partnerships within the industry.

 

Nyasa Times.

 

 

 

 

Ghana: ECH Pilots 200 New Smart Meters At Suame

The Electricity Company of Ghana (ECG) has launched a pilot project in the
Ashanti West Region, installing 200 new smart prepaid meters in the Suame
District.

 

This initiative is part of the company's Loss Reduction Project (LRP) and
aims to improve the efficiency of electricity distribution in the region.

 

With the New Smart Prepaid meters, customers can recharge their meters
anytime and anywhere using the ECG PowerApp or shortcode *226#, and allows
customers to access real-time data on energy usage and purchases.

 

 

The smart prepaid meters are compliant with the new Meter Management System
(MMS), enabling customers to buy prepaid credit online, while the company
can monitor the meters remotely, detecting any interference or illegality.

 

The pilot project, which began in February this year, involves the
installation of 150 single-phase meters at Asouyeboah and 50 three-phase
meters at Bantama Race Course.

 

According to Mr George Amoah, ECG Ashanti West General Manager, the project
was expected to last for three months, after which it would be rolled out to
all towns in the Suame District if successful.

 

He said the ECG had already replaced non-smart prepaid meters, faulty
prepaid meters, and some postpaid meters for free, and customers who had
prepaid credit on their old meters would receive their credits on the new
ones.

 

The company had also educated customers on using the new meters and
established a WhatsApp platform for feedback and complaints.

 

Mr Amoah also emphasised the importance of the project, stating that Suame
District had over 120,000 customers, making it the largest district in terms
of customer population.

 

He expressed hope that the successful completion of the pilot project would
enable the company to serve all customers who applied for meters and replace
faulty meters.

 

The ECG has also called on the public to report any illegal connections or
activities in order to help curb energy losses.

 

A 6 per cent commission incentive has been offered to individuals who would
provide reliable information leading to the recovery of lost revenue.

 

Ghanaian Times.

 

 

 

 

 

Ghana: NPA Boss Vows to Flush Out Illegal Fuel Traders

The Chief Executive of the National Petroleum Authority, Mr Godwin Kudzo
Tameklo, says his outfit will not spare groups or individuals engaged in
illegal fuel trade.

 

He said the Authority would be tough with its mandate to ensure that the
transportation and sale of fuel were carried out lawfully.

 

Speaking at a meeting with Bono Regional Security Council (REGSEC) during
his familiarisation tour in the region, the NPA boss enumerated fuel
smuggling, selling of adulterated fuels, operating with an expired license,
and operating without proper safety standards as some of the illegal fuel
trading.

 

 

Mr Tameklo pleaded with regional ministers across the country to abstain
from intervening on behalf of unscrupulous fuel traders.

 

He stated that there was the tendency for people to hide behind political
parties to try and induce officials of the NPA to engage in illegal
activities; a practice he said would not be countenanced.

 

"We must support President Mahama's agenda of resetting the economy for
growth and prosperity for all.

 

"If you plead on behalf of these criminals who are not playing by the rules
at the expense of the reset agenda, who will you call when you buy bad fuel
in your car?" he quipped.

 

The NPA CE indicated that collaborative efforts by the NPA, National
Security and other security agencies had helped to drastically reduce the
menace of supply leakages such as export dumping in the country.

 

In his remarks, the Bono Regional Minister, Mr Joseph Addae Akwaboah,
assured the NPA of the support of the regional Security Council.

 

"I assured you of the Bono REGSEC support that we are here to serve, and we
can have a good collaboration with NPA to curb the future occurrence of such
illegalities" the Regional Minister assured.

 

The meeting with the Bono Regional Security Council was part of a three-day
tour by the Chief Executive of NPA to the Bono and Ashanti regions to
familiarize himself with some petroleum installations.

 

The Chief Executive and Management of the Authority, on Wednesday, made the
first stop at the Bono Regional Coordinating Council and paid a courtesy
call on the Omanhene of Sunyani to court his support in dealing with fuel
supply and export challenges in the region.

 

Ghanaian Times.

 

 

 

 

South Africa: Removal of Illegal Connections Sparks Protests in Khayelitsha

Protesters from a newly formed informal settlement called Social Distance
blocked the busy Mew Way road in Khayelitsha with burning tyres on Wednesday
and Thursday morning. They are demanding formal electricity.

 

The protests were sparked when Eskom staff began removing illegal wiring and
poles around the settlement on Tuesday afternoon.

 

Community leader Hlubi Mayekiso said the shack dwellers want Eskom to return
their electrical wires or install formal electricity in their shacks. Most
of the shack dwellers had moved onto the land during the Covid lockdown in
2020.

 

 

Mayekiso said some shack dwellers had connected to Eskom's transformer,
while others connected to nearby formal houses for a fee of about R300 per
month.

 

"They could see that some wires were connected to the houses, but they
removed them all ... Eskom has no right to remove our wires from the houses
because we have agreements with their owners," she said.

 

Shack dweller Asanda Msebenzi said they are now forced to ask people in the
formal houses to charge their phones. "House owners make us pay R10 for
charging our phones whether it's fully charged or not."

 

Zanele Bukani, Eskom spokesperson, confirmed that teams had removed illegal
connections from the settlement to ease the strain and "significant energy
losses" on the network in the area.

 

Some protesters accused the police of assaulting them, kicking down the
doors of their shacks and shooting at them with rubber bullets during
Wednesday's action. Protestors who spoke to GroundUp had visible bruises
that appeared to be from rubber bullets.

 

When GroundUp asked police about this, provincial police spokesperson
Warrant Officer Joseph Swartbooi said: "Lingelethu West Police responded on
Wednesday. Upon arrival on Mew Way, they found a group of disgruntled
community members staging a protest. The community members used burning
tyres to block the road. Police reinforcements were dispatched to the area.
The community dispersed peacefully. It was not necessary in any way to use
action."

 

GroundUp.

 

 

 

 

 

South Africa: Sassa Explains Why It Paid Grants to 75,000 Dead People

SASSA says grants are sometimes paid to deceased beneficiaries because they
pass away during the payment cycle and sometimes death registrations with
Home Affairs are delayed.

Irregular expenditure at SASSA has dropped from R1.8-billion in 2018/19 to
R1.1-million in 2024/25, which the agency attributed to improved oversight
and training.

The Hawks are investigating potentially fraudulent disability and old-age
grant payments made to 486 beneficiaries at the Cradock Local Office between
2018 and 2023.

 

The South African Social Security Agency (SASSA) has blamed delays in death
registrations and system limitations for its payment of R140-million in
social grants to about 75,000 deceased beneficiaries.

 

On Wednesday, SASSA presented its audit action plan to Parliament's
portfolio committee on social development, following a financially
unqualified opinion by the Auditor-General for 2023/24.

 

SASSA Chief Financial Officer Tsakeriwa Chauke explained that the issue
stemmed from the timing of payment processing. At the end of each month,
SASSA prepares payment files for the next month. But some beneficiaries may
pass away between when the payment file is generated and when the payment is
made, and they are included in the payment run.

 

Chauke said the agency is working on a new system, set to be tested in
April, which will allow bulk recalls of payments to beneficiaries found to
have died based on record of the Department of Home Affairs.

 

Executive manager for grant operations at SASSA Brenton van Vrede said,
"Although we are fully synchronised with Home Affairs, we are still
dependent on citizens reporting a death."

 

 

He explained that while most death cases are captured, some fall through the
cracks, representing 0.02% of the total grant budget.

 

SASSA is also investigating potentially fraudulent disability and old-age
grant payments made to 486 beneficiaries at the Cradock Local Office between
2018 and 2023. Chauke confirmed that these payments have been suspended and
that the Hawks are investigating the officials involved.

 

"Based on the preliminary assessment, we'll know whether there's a need for
disciplinary processes, if SASSA officials are involved, and have a full
criminal investigation," Chauke said.

 

Irregular expenditure has decreased

 

The agency's irregular expenditure peaked at R1.8 billion in 2018/19. For
2023/24, it was R34.2-million and for 2024/25 it has dropped to
R1.1-million. Chauke attributed the decrease to improved oversight and
supply chain management training.

 

 

The R1.1-million irregular expenditure for 2024/25 consisted of:

 

R1-million in the Western Cape for unapproved cleaning services;

R77,000 in the Eastern Cape due to an "unapproved variation order";

and R49,000 in the Northern Cape paid to a doctor with an expired contract.

The Auditor-General also identified five cases of material irregularities in
the 2023/24 financial statements:

 

R74-million paid to the controversial Cash Paymaster Services (CPS) in 2018
for services that were not rendered;

R316-million overpaid to CPS, which the High Court in Pretoria ruled CPS
should pay back to SASSA;

R150-million in R350 SRD grants paid to ineligible applicants;

R7.8-million awarded to a company for photocopy machines in the Eastern
Cape;

and R1.7-million in fraudulent social grant payments made by SASSA
officials.

Chauke said the material irregularities from 2023/24 were now resolved and
will not appear in the 2024/25 audit later this year. The CPS matter is with
the company's liquidators and the other material irregularities are
receiving legal attention and being investigated.

 

"The Auditor-General evaluated all the steps we've taken and was satisfied
with the way management has handled these cases," Chauke said.

 

Insufficient record keeping

 

The Auditor-General found that not all beneficiaries who received grants
were listed in SASSA's Beneficiary Records Management (BRM) system. SASSA
uses two databases - BRM and the Social Grant Payment System (SOCPEN) -
which are not fully synchronised.

 

Chauke said SASSA's internal audits found discrepancies and missing
information in some cases. He said they would do a population analysis to
measure records in SOCPEN against BRM. "Whatever exceptions we find, we will
resolve," he said.

 

The Auditor-General also flagged issues with the manual registers used in
local offices. Chauke explained that when someone visits a SASSA office,
their details are recorded in a manual register. Auditors found that some of
the beneficiaries listed in these registers were not reflected in the
agency's internal control and assurance system.

 

This raised concerns about the completeness of enquiry records and whether
all cases were properly logged in SASSA's digital systems. Chauke said SASSA
is working to address these gaps and is phasing out manual registrations
except when systems are down.

 

MPs react

 

Committee chair Bridget Masango (DA) questioned whether SASSA gave enough
attention to internal auditors. "If we strengthen our internal audits and
act on their reports, we won't have as many findings made by the
Auditor-General," she said.

 

Stanley Ramila (ANC) commended efforts to curb fraud but warned against
officials resigning to avoid disciplinary action. "When this happens, it's
an indication that these officials have judged themselves guilty," he said,
suggesting that pension payouts be withheld until cases are resolved.

 

But Paulnita Marais (EFF) criticised the slow pace of fraud investigations.
"Some of these cases happened in 2018 and still today aren't sorted out,"
she said.

 

Chauke assured Parliament that progress is being made. Although challenges
remain, he said SASSA is taking steps to strengthen financial controls and
improve audit outcomes.

 

GroundUp.

 

 

 

 

Liberia: Nand Pharmacy Employees Allege Exploitation, Health Violations -
Management Denies Claims

Serious allegations have surfaced against Nand Pharmacy, with former and
current employees accusing the company of worker exploitation, unsafe living
conditions, and unethical business practices.

 

Several former and current employees, speaking anonymously, have reported
inhumane treatment at Nand Pharmacy. They claim the company subjected
workers to hazardous living conditions, including access to unsafe drinking
water, which was reportedly contaminated with fungus from the water
purifier.

 

The workers also described the food provided as inadequate and often
spoiled, with meals consisting primarily of potatoes, vegetables, and
chapatis that had been stored for weeks. In addition, the meals were
sometimes served late, contributing to further spoilage in the intense heat.

 

 

Employees have also suffered from various health issues, such as skin
infections, diarrhea, vomiting, and fever, which they attribute to the
unsanitary living conditions. Some workers have highlighted the lack of
basic sanitation and electricity backup, making it difficult to recover from
illnesses.

 

One former employee shared, "We were promised proper meals and safe living
conditions, but instead, we were subjected to unsafe food, unclean water,
and overcrowded rooms. It felt like we were treated less than human."

 

In addition to the health and safety concerns, former workers have accused
Nand Pharmacy of financial exploitation. Allegedly, the pharmacy withheld
the first three months of salary from employees, labeling it as a "deposit,"
which trapped them in their contracts. Workers claim this withholding made
it difficult for them to leave the company, even when they wished to do so.

 

 

Some workers also reported being forced to pay exorbitant fees, up to INR 3
lakh, to secure return flights to India. One employee stated, "We were
basically trapped. We worked for months without pay, and when we wanted to
leave, they made it impossible, demanding large amounts of money for our
return. It felt like modern-day slavery."

 

Equally alarming are allegations regarding the sale of expired products at
Nand Pharmacy. Whistleblowers claim the pharmacy sold near-expired and
expired products, particularly sanitary pads branded as "Baby Girl." Sources
allege that expiration dates on these products were deliberately tampered
with using alcohol to erase the original dates, and the expired products
were sold in bulk to customers, posing significant health risks.

 

Photos and testimonies provided by former employees indicate that expired
goods were stored in unsanitary conditions. These practices have raised
concerns about potential violations of health regulations and the safety of
consumers.

 

In response to the allegations, Nand Pharmacy management, led by owner Amit
Kabra, has strongly denied the accusations. Kabra claims the pharmacy
adheres to all legal and ethical business practices, including food and
water safety regulations.

 

He also rejected claims of product tampering and employee mistreatment,
describing the allegations as false and made by disgruntled former employees
with ulterior motives.

 

"The individuals behind these accusations have been convicted for theft and
misappropriation of company property. They are now attempting to spread
false information and defame the company," Kabra stated.

 

FrontPageAfrica.

 

 

 

 

Liberia: Former LEC Boss Takes On Global Leadership Role in Dubai

Monie Ralph Captan, a leading figure in Liberia's energy and diplomacy
sectors, has been appointed as the Deputy Chief Executive Officer (DCEO) of
PETRODEX, a global energy and logistics firm headquartered in Dubai, United
Arab Emirates.

 

Captan's appointment marks a significant career milestone, transitioning
from his influential leadership at the Liberia Electricity Corporation (LEC)
to a top-tier executive role in one of the world's leading energy companies.

 

Captan, a distinguished public servant, diplomat, academic, and
entrepreneur, brings to PETRODEX a wealth of experience spanning government
and private sector leadership.

 

 

His extensive background in utility management, energy transition planning,
regulatory reforms, and project implementation makes him a strategic asset
to PETRODEX as it expands its global footprint in the energy sector.

 

Before his appointment at PETRODEX, Captan played a crucial role in
reforming Liberia's energy sector. As CEO of LEC, he spearheaded initiatives
that strengthened the country's power infrastructure, improved electricity
distribution, and facilitated key international partnerships.

 

His leadership was instrumental in the successful implementation of the
Millennium Challenge Corporation (MCC) Compact Grant, which focused on
electricity sector revitalization and road maintenance in Liberia.

 

Beyond his contributions to energy, Captan boasts a diverse professional
portfolio. He previously served as Liberia's Minister of Foreign Affairs and
Minister of Presidential Affairs, strengthening diplomatic ties and shaping
the country's foreign policy.

 

 

Additionally, he was the President of the Liberia Chamber of Commerce (LCC),
driving private sector growth and investment opportunities. His experience
extends to telecommunications, having served as CEO of a major GSM company
in Liberia, and academia, where he worked as an Associate Professor of
International Relations at the University of Liberia.

 

Founded in 2021, PETRODEX has rapidly evolved into a major player in the
global energy industry, providing comprehensive solutions in trading,
logistics, financial services, project management, asset management, and
infrastructure development. With operations across multiple sectors,
including oil and gas, energy, chemicals, and mineral products, the company
leverages its deep expertise to manage supply chains efficiently across
complex geographies.

 

Captan's appointment as Deputy CEO comes at a time when PETRODEX is
expanding its operational reach. His expertise in energy policy, corporate
management, government relations, and international trade positions him as a
key figure in driving the company's strategic vision forward.

 

Captan's move to PETRODEX underscores the increasing recognition of Liberian
professionals on the global stage. His transition from leading Liberia's
national electricity provider to an executive role in a multinational
corporation highlights the country's growing influence in the international
energy sector.

 

As he embarks on this new journey, Captan's leadership at PETRODEX is
expected to strengthen the company's global operations while reinforcing
Liberia's presence in international business circles.

 

His expertise and vast network will undoubtedly contribute to shaping energy
policies and infrastructure projects that have far-reaching impacts beyond
the Middle East and Africa.

 

Liberian Observer.

 

 

 

Liberia: Top Canadian Govt Officials Visit to Explore Investment
Opportunities

A delegation of three senior officials from the Canadian government is in
the country to explore potential investment opportunities, particularly in
renewable energy and related sectors. The visit, facilitated by the Office
of Liberia Trade & Investment in Canada, aimed to engage with Liberian
authorities and stakeholders to discuss potential collaborations.

 

The delegation comprises Mr. Amadou Kane, Counsellor and Chief of Bilateral
Cooperation for Ivory Coast; Ms. Marie Belanger, Team Leader at the
Directorate responsible for Canadian and International Partnerships; and Mr.
Euloge Camara, Regional Climate Finance Trade Commissioner for Africa, based
at the Embassy of Canada in Côte d'Ivoire.

 

 

Discussions took place on various topics, including bilateral relations,
trade, technological innovation, green energy initiatives, and private
sector investment. During meetings with key figures in the Liberian
government, the Canadian officials emphasized the longstanding relationship
between Canada and Liberia, dating back to 1971.

 

At a meeting with the Minister of State for Presidential Affairs, Sylvester
Grigsby, at the Executive Mansion in Monrovia, the dialogue centred on
strengthening the bilateral relationship between Liberia and Canada.

 

The discussions highlighted ongoing collaborations in human capital
development, capacity building, trade, technological innovation, green
energy initiatives, private sector investment, and governmental support.

 

The officials noted financial support for Canadian companies operating in
African countries, promoting gender programs, infrastructure development,
and climate change adaptation. Additionally, a technical support program was
mentioned to enhance the capacity of private school teachers in Liberia.

 

 

They mentioned ongoing projects and programs in Liberia, with funding
provided by Canada through international organizations and partnerships. The
officials also highlighted the importance of addressing challenges and
identifying investment opportunities in critical areas.

 

Speaking during the meeting, Mr. Amadou Kane (Counsellor and Chief of
Bilateral Cooperation to Ivory Coast), disclosed that his office, which is
in charge of providing international assistance to Liberia and Ivory Coast,
has had a standing relationship with Liberia since 1971.

 

He observed that though the Canadian government does not have a bilateral
program in Liberia, it has multiple trading programs and projects in Liberia
totaling several millions United States dollars.

 

 

He disclosed that these projects and programs are being implemented by not
only international Non-Governmental Organizations (NGOs) and multilateral
and local organizations.

 

"We have a lot of programs and projects in Liberia that are being
implemented by organizations but Canada is funding them. We also fund
through general organizations including the African Development Bank (AfDB).
This is a strong partnership between the two countries."

 

According to him, the visit would also unearth challenges Liberia is faced
with and explore the need for investment opportunities in those critical
areas.

 

"I am very happy to be here in Liberia for the first time. The main reason
we are here is to hear from you and see what we can do together", the Chair
of the Canadian government office on Regional Climate Finance Trade
Commissioner for Africa and based at the Embassy of Canada to Cote D'Ivoire
Mr. Euloge Camara stated.

 

He said climate change is a cross-cutting area that requires a collective
effort in combating.

 

He recalled that since 2021, Canada has been contributing towards the fight
against climate change through support to programs and projects.

 

Mr. Camara noted that Canada has also provided the necessary support to
Canadian companies operating in many African countries, including Liberia.

 

He disclosed that finances are provided to these companies and organizations
to expand, grow the private sector and make impactful contributions to
gender programs, climate change, infrastructure growth and development,
amongst others.

 

He pointed out that a technical support program worth US$300, 000 was also
provided by the Canadian government to build the capacity of private school
teachers in Liberia.

 

Minister Grigsby underscored the country's dedication to environmental
protection and renewable energy development. Both parties expressed
willingness to collaborate on improving the energy sector and strengthening
the relationship between Liberia and Canada.

 

These discussions are part of ongoing efforts to foster impactful
partnerships between the two nations, with the potential to contribute to
Liberia's development and sustainability.

 

The visit follows the Liberia Investment Forum in Toronto, Canada, where
global investors expressed interest in ventures related to mining,
sanitation, and infrastructure in Liberia.

 

Minister Grigsby, upon welcoming the delegation, underscored the need for
the protection of the environment, adding that the country According to him,
Liberia remains committed to protecting its environment for the benefit of
its citizens.

 

He added that renewable energy remains one of the best ways to make energy
affordable and accessible to all Liberians and as such, the Government of
Liberia remains committed and willing to work with investors to improve the
sector.

 

He, however, pledged to elevate the relationship between Liberia and Canada
through the OFFICE of Liberia Trade & Investment in Canada.

 

Meanwhile, the visiting Canadian government officials will also hold
discussions with authorities of the Ministry of Finance and Development
Planning, National Investment Commission (NIC), amongst others.

 

These engagements represent a concerted effort to forge substantial and
impactful partnerships between the two countries.

 

It also has the potential to drive development and sustainability in
Liberia.

 

The visit of the senior Canadian government officials came as a result of
the Liberia Investment Forum held at the International Centre in Toronto,
Canada last year.

 

President Joseph Nyuma Boakai led an array of Liberian government officials
to the Forum. It was also attended by prominent Canadian officials.

 

The Liberia Investment Forum 2024 unbundled multiple investment
opportunities with some global investors committing to invest in mining,
sanitation and infrastructure in Liberia.

 

This visit aligns with Canada's commitment to combating climate change,
discussions focused on supporting programs and projects in Africa, including
Liberia.

 

The Office of Liberia Trade & Investment in Canada, which facilitated the
visit, was represented by Madam Jallahqueena Hawa Konneh.

 

Liberian Observer.

 

 

 

 

 

 

 


 


 


 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
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been compiled from s believed to be reliable, but no representation or
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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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