Major International Business Headlines Brief ::: 20 May 2025

[Bulls n Bears]

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Major International Business Headlines Brief :::  20 May 2025 

 


 


 


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ü  Nigeria: Tinubu Can't Afford Renewed Crisis in Ogoni By Forcing Oil
Production Resumption - MOSOP

ü  Ghana: Cedi Now Standout Performer Among Global Currencies - Finance
Minister

ü  South Africa: The High-Stakes Diplomatic Dance Between Ramaphosa and
Trump - How Will It End?

ü  Namibia: Fishermen's Protest to Resume Pending Presidential Confirmation

ü  Nigeria: Tinubu Can't Spark Renewed Crisis in Ogoni By Forceful Oil
Resumption, MOSOP Warns

ü  Nigeria: Refinery - If We Understood Magnitude, We Might Not Attempt It -
Dangote

ü  South Africa: President Ramaphosa's U.S. Visit to Bolster Strategic,
Mutually Beneficial SA-U.S Ties

ü  Rwanda: Senators Concerned By Wider Economic Risks of Non-Performing
LoansUganda: London Flight - Uganda Airlines Starts New Era

ü  Nigeria: 'Banking Sector Is Stable', CBN Shuts Down Rumour

ü  Liberia: Assistant Minister Tingban's Intervention Sparks Hope for
Resolution in Bong Mining Dispute

ü  South Africa: Special Tribunal Freezes R25-Million in Assets From Stolen
Lottery Funds

ü  Kenya: Govt Ramps Up Coffee Sector Reforms Ahead of 2025/2026 Season - DP
Kindiki

 


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Nigeria: Tinubu Can't Afford Renewed Crisis in Ogoni By Forcing Oil
Production Resumption - MOSOP

Port Harcourt --The people of Ogoni ethnic nationality in Rivers State, have
been assured that President Bola Tinubu cannot afford to order a forceful
resumption of oil production in the area as doing so could lead to
unimaginable consequences.

 

President of Movement for the Survival of the Ogoni People, MOSOP, Fegalo
Nsuke, who gave the assurance said despite efforts by some private interests
to forcefully resume oil production in Ogoni, he was confident that
President Tinubu would not trigger an oil related crisis in Ogoni just to
satisfy some private interests.

 

Nsuke, who spoke at the MOSOP secretariat in Bori, Khana Local Government
Area of Rivers State, where he met with some critical stakeholders including
kingdom coordinators of the movement, expressed hope that as the nation
prepares for the 2027 elections, the Nigerian Government will not risk a
crisis in Ogoni or any other parts of Niger Delta.

 

 

Nsuke said: "The recent move to force a restart of oil production in Ogoni
is one of the most deceptive and fraudulent attempts by the oil industry in
collaboration with some private interests to trample on our rights, ignore
our legitimate concerns and demands for justice and expect that we will
submit to intimidation.

 

"I know that a resistance against that action is irresistible. However, I
believe that Mr President will not listen to them and yield to the
temptation of igniting a crisis in Ogoni or Niger Delta at this time.

 

"A forceful resumption will come with reputational damage to the government
and Mr President will not risk such image corrosion. It will be better for
them to let the sleeping dog lie than hurt the reputation of the
government."

 

He urged the Ogoni people to remain calm and disregard every provocation,
noting that President Tinubu would not risk the consequences of a crisis in
Niger Delta ahead of the 2027 general elections.

 

"I will call for civic education in Ogoni kingdoms and chapters and urge all
Ogoni people to remain calm in the face of the brazen threats and
provocations to resume oil production in the land without proper engagement.
You have gone through a lot. We are doing our best to achieve a resolution
and hope that the government will accept our offer for dialogue," he said.

 

According to Nsuke, the latest attempt to resume oil production in Ogoni
without considering the position of MOSOP on the matter is absolutely an
ambush on Mr President.

 

"If he falls to it, he will have to contend with a global image crisis and a
strong resistance on the home front. If he rejects them and heeds to the
advice of MOSOP, the Ogoni problem will be permanently resolved, he would
have a boost to his reputation and a plus from the Niger Delta region and
the international community," he added.

 

Read the original article on Vanguard.

 

 

 

Ghana: Cedi Now Standout Performer Among Global Currencies - Finance
Minister

The Minister of Finance (MoF), Dr Cassiel Ato Forson, said yesterday that
the cedi has solidified its position as the standout performer among global
currencies, achieving a 16.7 per cent appreciation against the US dollar
year-to-date.

 

This marked a significant reversal from the 13.4 per cent depreciation
observed in the same period of 2024, he said.

 

Speaking at the inauguration of the governing board of the GoldBod in Accra,
the Minister acknowledged that the cedi appreciation rally stems from a
robust policy framework, underpinned by synchronised monetary and fiscal
measures, as well as a favourable global context.

 

 

He noted that, the Central Bank in collaboration with MoF has adopted a
stringent monetary policy, complemented by aggressive liquidity
sterilisation, whilst the ministry had implemented a disciplined fiscal
stance anchored around prudent public finance management.

 

"Bolstering these efforts, enhanced foreign exchange inflows from gold,
cocoa, and remittances, alongside a softening US dollar amid global
uncertainties, have significantly driven the strength of the Ghana cedi,"
the minister added.

 

However, he stated that the unprecedented performance of the cedi had not
come at the cost of the country's safety net, explaining that, "our foreign
exchange reserves at the Bank of Ghana reached a record-high in April 2025,
surpassing targets set under the IMF-supported programme ahead of schedule."

 

Furthermore, Dr Forson said the activities of the GoldBod stand to further
strengthen the cedi performance, stating that it would change how both the
Ghana cedi and Ghana's foreign exchange accumulation would behave in the
future.

 

The minister stated that the GoldBod was a government flagship initiative
aimed at revitalising the country's economy.

 

"The GoldBod is a vehicle for achieving currency stability through the
structured purchasing and management of Ghana's gold resources," he noted.

 

Even though, as Africa's leading gold producer, Ghana derives substantial
foreign exchange earnings from gold, however, the benefits accrued from this
valuable mineral remain minimal, often coming at a steep environmental cost.

 

Historically, he said revenues from gold had been confined to traditional
sources such as royalties and taxes, while the economy had not realised the
full benefit of gold resources in the country, adding that "the time has
come for Ghana to expand beyond royalties and taxes by harnessing the entire
value chain of gold."

 

"To achieve this, we must optimise every stage of the value chain from
extraction to refining, value addition and marketing, both locally and
internationally," he asserted.

 

Dr Forson said the previous fragmented, uncoordinated and unregulated system
of the Precious Minerals Marketing Company (PMMC) led to widespread gold
smuggling and deprived the state of much-needed foreign exchange.

 

"All of this now belongs in the past, because the Ghana GoldBod is the now
the sole buyer and assayer of gold, with exclusive mandate to grant license
to engage in the trade of Gold from Ghana's small-scale mining sector," he
noted.

 

Therefore, the Minister assured the general public and stakeholders that the
outlook for the cedi remained robust and sustainable, supported by the
transformative activities of the Goldbod.

 

This, he urged the newly-constituted Board to work hard to support and
sustain this trajectory.

 

Read the original article on Ghanaian Times.

 

 

 

South Africa: The High-Stakes Diplomatic Dance Between Ramaphosa and Trump -
How Will It End?

South African President Cyril Ramaphosa and U.S. President Trump are
scheduled to meet at the White House this week "to discuss bilateral,
regional, and global issues of interest". The meeting comes as tensions
between the two administrations grow, fueled by U.S. aid cuts and
misinterpretations of South Africa's controversial land reform law, sparking
the latest move by Trump and his South African-born advisor, and world's
richest man Elon Musk - granting asylum to white Afrikaner farmers, whom
they've described as "victims of genocide".

 

It is also the first time the new U.S. government will host an African
leader at the White House since Trump took office in January 2025.

 

Land Reform and the "White Genocide" Narrative

 

Tensions escalated since Trump's return to the White House in 2025, driven
by his amplification of debunked "white genocide" narratives, and echoed by
Musk. Trump said "terrible things are happening" in South Africa, alleging
white Afrikaner farmers face persecution and violence.

 

 

Not long after he announced asylum for Afrikaners, and it's been a week
since the U.S. welcomed more than 40 South Africans, who, according to U.S.
Deputy Secretary of State Christopher Landau, had been "living under a
shadow of violence and terror".

 

The South African government said that there is no evidence of persecution
and that statements by Trump and others of "genocide" are unfounded. Many
Afrikaner groups, such as AfriForum and Solidarity Movement, rejected
Trump's offer, expressing their commitment to remain in South Africa.

 

"As South Africans, we are resilient. We don't run away from our problems.
We must stay here and solve our problems. When you run away, you are a
coward, and that's a real cowardly act," Ramaphosa said.

 

Musk's Influence and Misinformation

 

Musk further muddied the waters - his chatbot Grok, developed by his company
xAI, is drawing criticism for repeatedly injecting false and racially
charged claims about South Africa into unrelated conversations on X
(formerly Twitter).

 

Users discovered that Grok responded to unrelated prompts on X by repeatedly
bringing up the alleged theory of "white genocide" in South Africa,
prompting confusion and criticism over its behaviour. The narrative was and
continues to be widely disproven by the country's government and courts.

 

Grok's single-minded focus on South Africa came when Trump's administration
started offering refugee status to its white farmers, alleging they are
victims of racial persecution.

 

Some Grok users are wondering if Musk's AI is programmed with "specific"
political bias.

 

Award-winning South African journalist Qaanitah Hunter wrote on X: "Woke up
with real fear today. Grok malfunctioning to spew out misinformation about a
fake white genocide in South Africa shows what we're in for. This is
dangerous!" South African media personality and international consultant
Redi Tlhabi wrote: "It proves beyond doubt that the disinformation campaign
against South Africa was well-planned and coordinated. If their claims were
true, they wouldn't need this level of manipulation. Right-wing racism is
fighting with every tool available."

 

The thread that followed under Tlhabi's post sparked a polarized debate on
the "white genocide" narrative in South Africa, sparked by Grok's
misinformation, with some users like Jacques Prinsloo Breytenbach arguing it
serves geopolitical agendas, while others like Free Induna dismiss it as
exaggerated by "left wing nuts".

 

Economic Implications - Aid Cuts, Tariffs, and Trade Relations

 

Trump's economic policies have severely impacted South Africa. His executive
order in February stopped aid to South Africa, accusing the government of
enabling policies that confiscate property unfairly and treat "certain
classes of people very badly".

 

These funding cuts have critically disrupted life-saving HIV and AIDS
programs. South Africa, with the largest HIV+ population globally, relied on
the U.S. for roughly 18% of its HIV budget, amounting to $462 million in aid
for 2023 alone. With some programs seeing funding restored while others
remain suspended, organizations and patients face uncertainty, threatening
to reverse years of progress in combating HIV/AIDS.

 

Trade relations are also at stake. In April, the U.S. imposed a 30% tariff
on all South African goods, with an additional 25% tariff on South
African-made vehicles, putting the total vehicle surcharge at 55%. Ramaphosa
called these actions "punitive" and harmful to "fair trade and shared
prosperity."

 

South Africa's African Growth and Opportunity Act (AGOA) status is coming up
for review, adding economic pressure to the diplomatic tensions. It remains
unclear whether Trump's administration will continue with the AGOA
framework, which affects more than 30 African countries.

 

Critical precursor to the G20 Summit

 

The Ramaphosa-Trump meeting will set the tone for U.S. engagement at the
upcoming G20 Summit in Johannesburg. South Africa sees the Summit as an
opportunity to shine as a leader for the Global South, but its success
depends on the outcome of the Trump-Ramaphosa meeting.

 

Trump's decision to boycott the Johannesburg summit, as reported by The Mail
& Guardian, alongside earlier snubs by Secretary of State Marco Rubio and
Treasury Secretary Scott Bessent, point to a U.S. strategy, as U.S. National
Security Council also ordered agencies to stop involvement in South Africa's
G20 preparations after Trump and Secretary of State Marco Rubio's call to
boycott the Summit over South Africa's land expropriation policies. However,
Minister Ntshavheni said no official communication about the US withdrawal
was received, and the South African government is only aware of the alleged
ban via reports.

 

Rubio and Trump, however, both threatened to boycott the main event,
referring to the "white genocide" against Afrikaners in South Africa and
criticizing land expropriation laws. In February this year, Rubio snubbed
G20 run-up events in Cape Town, prompting political analysts to say that if
the U.S. does not attend the summit, it would elevate China's position,
especially with the controversial decisions around U.S. tariffs and trade
war threats. The U.S. is the only G20 member nation threatening to boycott
the event.

 

The South African government's stance on global issues, like its
International Court of Justice case against Israel and its position on
Ukraine, further complicates relations with the U.S.

 

The South African team of lawyers argued in front of the ICJ that Israel was
committing genocide in Gaza, while the U.S. supplies Israel with weapons,
and they are allies. South Africa's Ramaphosa also hosted Ukrainian
President Volodymyr Zelenskyy at the Union Buildings in Pretoria, marking
the first official visit by a Ukrainian Head of State to South Africa, while
Trump's meeting with Zelenskyy ended on a sour note.

 

In April, the U.S. expelled Ebrahim Rasool, the South African ambassador to
the US, over his criticism of Trump.

 

Adding to these tensions, Ramaphosa is president of the African National
Congress, which won the country's first democratic elections in 1994, and
was a historic ally of the Union of Soviet Socialist Republics (USSR) . The
democratic South African government's relations with Russia grew after the
USSR breakup, and they are now founding members of the growing BRICS
alliance of economies, along with India, Brazil, and China.

 

Ramaphosa heads to the U.S. at the invitation of Trump, Minister Ntshavheni
said, and the South African government is "confident that the invitation
comes from a good place" with the intention to engage and clarify. However,
the path ahead appears challenging as the two countries attempt to navigate
contentious matters around land reform, trade, aid cuts, and global
alliances.

 

Edited by Juanita Williams

 

 

 

 

Namibia: Fishermen's Protest to Resume Pending Presidential Confirmation

Mining Metal Maritime and Construction Workers Union general secretary
Joseph Garoeb on Sunday said the protest of the fishermen employed under the
government redress programme (Gerp) will continue once the Office of the
President confirms a time and date.

 

The protest was initiated at Walvis Bay on 9 May, with over 1 000 fishermen
planning to walk from the town to Windhoek to demand better working
conditions and payment of outstanding salaries.

 

The threat prompted justice and labour relations minister Wise Immanuel and
agriculture, fisheries, water and land reform minister Inge Zaamwani-Kamwi
to meet with key stakeholders in the fisheries industry at Walvis Bay on
Friday.

 

 

Some employers promised to improve wage structures and working environments
while some promised to employ more fishermen.

 

About 200 Helgoland employees also resumed work on Monday.

 

Garoeb, however, noted that the union, which represents over 50% of the
workers in the programme, was not happy with the action taken by the two
ministries.

 

"Our union was denied access to the meeting to represent our members. Issues
by Namsov and Heinaste employees who have not received their salaries for
almost over seven months were not discussed and resolved. Our protest was
around these workers to be moved to Blue Chromis and get their salaries
urgently.

 

"The minister also prematurely informed the media about happy fishermen
getting back to work. The Helgoland employees consist of only 20 fishermen
and 180 women working in the factory. Not all 2 100 Gerp fishermen are
active at work. Only at least 15% are at sea," he said.

 

Read the original article on Namibian.

 

 

 

Nigeria: Tinubu Can't Spark Renewed Crisis in Ogoni By Forceful Oil
Resumption, MOSOP Warns

...Says any hostilities in Ogoni could jeopardize 2027 elections

 

The Movement for the Survival of the Ogoni People (MOSOP) has assured that
President Bola Ahmed Tinubu cannot order a forceful resumption of oil
production in Ogoni land, Rivers State, without risking severe consequences.

 

MOSOP President Fegalo Nsuke stated that although some private interests are
pushing for the restart of oil production in Ogoni, he is confident that
President Tinubu will not provoke an oil-related crisis in the region just
to satisfy these interests.

 

Speaking at the MOSOP secretariat in Bori, Khana Local Government Area,
during a meeting with key stakeholders and kingdom coordinators, Nsuke
expressed hope that as Nigeria prepares for the 2027 elections, the
government will avoid triggering crises in Ogoni or other parts of the Niger
Delta.

 

 

He said: "The recent push to forcefully restart oil production in Ogoni is
one of the most deceptive and fraudulent attempts by the oil industry, in
collaboration with some private interests, to trample on our rights and
ignore our legitimate demands for justice, expecting us to submit to
intimidation.

 

Resistance to this action is inevitable. However, I believe the President
will not listen to these provocations nor yield to the temptation of
igniting a crisis in Ogoni or the Niger Delta at this time.

 

A forceful resumption would damage the government's reputation, and the
President will not risk such image corrosion. It would be better to let the
sleeping dog lie than to hurt the government's image."

 

Nsuke urged the Ogoni people to stay calm and ignore provocations,
emphasizing that the President will not risk the fallout of a crisis in the
Niger Delta ahead of the 2027 elections.

 

"I will call for civic education across Ogoni kingdoms and chapters, urging
everyone to remain calm in the face of brazen threats and provocations to
resume oil production without proper dialogue. We have endured enough. We
are working toward a resolution and hope the government will accept our
offer for dialogue."

 

He described the latest attempt to resume oil production without MOSOP's
consent as an ambush on President Tinubu.

 

"If the President falls for this, he will face a global image crisis and
strong resistance at home. But if he heeds MOSOP's advice, the Ogoni issue
will be permanently resolved, boosting his reputation locally and
internationally."

 

Nsuke accused those behind the recent oil resumption campaign of trying to
tarnish the President's image and stressed that MOSOP will not expect the
government to yield to such provocations.

 

He reassured the Ogoni people that with elections approaching, an
oil-related crisis would be detrimental to the government and reiterated the
call for dialogue to resolve the Ogoni issue once and for all.

 

Read the original article on Vanguard.

 

 

 

 

Nigeria: Refinery - If We Understood Magnitude, We Might Not Attempt It -
Dangote

Africa's richest man and industrialist, Alhaji Aliko Dangote, has expressed
commitment to empowering Nigerian engineers and building local capacity
through large-scale industrial projects.

 

Dangote gave the assurance while receiving a delegation from the Lagos
Branch of the Nigerian Society of Engineers (NSE) at the Dangote Petroleum
Refinery at Ibeju-Lekki, Lagos State, on Monday.

 

He said that the scale of the refinery was more than initial expectations.

 

He said: "Honestly, if we had fully understood the magnitude and challenges
involved, we may not have even attempted it, but it is because we didn't
know what we were into initially and the courage, or maybe, naivety that got
us this far."

 

 

He noted that the refinery was designed to handle massive volumes, with up
to 600 product vessels and about 240 crude oil tankers expected annually.

 

Dangote said that challenges faced during the construction, included working
on swampy terrain, extensive land clearing, and dredging 65 million cubic
metres of sand from 20 kilometres offshore.

 

He said that all were in an effort to protect local fishing communities.

 

"We had to uproot thousands of trees manually. Sand-filling alone took 18
months but we made a deliberate decision to preserve the livelihoods of
those living nearby, especially fishermen," he said.

 

When asked by an engineer how Nigerian professionals could be given more
opportunities and how they could take destiny into their own hands, Dangote
said: "We appreciate that.

 

"There are many more projects coming, and with them, we will continue to
develop our engineering base.

 

"Even when we don't have enough jobs to give, we must still train people.

 

"Skills are assets -- whether they are used here or abroad. We want Nigeria
to earn from exporting knowledge, not just oil."

 

He said that while the project was initially planned for up to 50,000
foreign workers, it eventually used only 12,000-14,000 expatriates.

 

Dangote said that the majority of the company's workforce - including
fitters, welders and engineers - were Nigerians.

 

"Eighty-five per cent of the commissioning work was done by Nigerians. It is
not because I am an engineer, but because they have proven to be among the
best.

 

"Today, we are our own EPC (Engineering, Procurement and Construction)
contractors. We are building this country ourselves," he said.

 

He urged members of NSE branch to see the visit as a step toward aligning
with a national vision of self-sufficiency and industrial excellence.

 

The Chairman, NSE Lagos Branch, Mrs Olukorede Kesha, described the refinery
as an engineering breakthrough for Africa.

 

She commended Dangote's initiative, saying that the refinery was the first
of its kind in Africa.

 

"The NSE exists to ensure continuous professional development, and this
visit is part of that goal.

 

"We have heard so much about the refinery, but seeing it ourselves has been
extraordinary."

 

She praised the high level of Nigerians' involvement in the refinery, saying
that local manpower was more than foreign expertise.

 

"If we have more of this kind of development in Nigeria, unemployment and
poverty would be in the past.

 

"We are extremely proud of what we have seen. Nigerians are taking the lead
here," she said.

 

Kesha emphasised that such industrial initiatives would not only help to
address domestic challenges, but could also position Nigeria as an exporter
of both products and professional expertise.

 

The News Agency of Nigeria (NAN) reports that the NSE delegates also toured
the Lagos Calabar Coastal Highway project, describing it as "an enormous
national asset."

 

Read the original article on Vanguard.

 

 

 

 

South Africa: President Ramaphosa's U.S. Visit to Bolster Strategic,
Mutually Beneficial SA-U.S Ties

Washington, D.C., United States - President Cyril Ramaphosa's visit to
Washington, D.C. is a significant and positive step in strengthening the
strategic and mutually beneficial relationship between South Africa and the
United States.

 

Speaking to SAnews ahead of the President's arrival in the US capital, the
Head of Public Diplomacy at the Department of International Relations and
Cooperation (DIRCO), Clayson Monyela, underscored the importance of the
visit.

 

Monyela expressed optimism that the upcoming meeting on Wednesday will
provide an opportunity to address and clarify issues, thereby enhancing the
relationship between the two nations.

 

 

"We want to appreciate the fact that there is an opportunity for the two
leaders to engage. The fact that President Ramaphosa is here in Washington,
D.C. accompanied by four Ministers to meet with President Trump and his
delegation is a positive step for this important and strategic relationship
between the two countries.

 

"This is a mutually beneficial relationship, and we believe that this
platform avails an opportunity to explain, clarify and contextualise some of
the issues that have been in the public domain.

 

"We look forward to the meeting on Wednesday because this will help in
enhancing this important relationship between us and the United States,"
Monyela said on Monday.

 

Describing the US as South Africa's second-largest trading partner, Monyela
emphasised that the two countries have been strategic partners for many
years.

 

"This is an important meeting between two countries that have been strategic
partners for many years in a mutually beneficial relationship.

 

"The US is our second biggest trading partner. We run the most diverse,
powerful, number one economy on the African continent, currently holding the
Presidency of the G20, so this is an important platform for the two
countries to come together and talk about matters that will enhance the
existing strong and cordial ties between the two countries to the benefit of
the people of the two nations.

 

"Of course, there are issues that need to be explained and clarified but at
the end, we are quite confident that this platform will help us get closer
and keep moving forward as strategic partners, and enhance the mutually
beneficial relationship," he said.

 

Monyela highlighted the reciprocal nature of economic relations between the
two nations, noting that South Africa is not only a trading partner but also
an investor in the US economy.

 

"We also invest in the US economy. South African companies such as Nando's
are operating there. If you go to Louisiana, you will find many US nationals
employed by South African companies," he said.

 

"We come to this meeting not as a country that offers nothing to the table.
This is why it is important to enhance the existing relations between the
two countries because they are indeed mutually beneficial," Monyela said.

 

President Ramaphosa will meet with his US counterpart President Donald Trump
at the White House on Wednesday. - SAnews.gov.za

 

Read the original article on SAnews.gov.za.

 

 

 

 

 

Rwanda: Senators Concerned By Wider Economic Risks of Non-Performing Loans

Senators are concerned by the growing number of non-performing loans in the
financial sector, warning that misused and unpaid loans could destabilize
the broader economy.

 

This was highlighted during a session on May 19 where members of the senate
committee on economic development and finance engaged with financial sector
stakeholders to examine issues.

 

In 2017, non-performing loans in the country's banks were valued at Rwf135.4
billion, according to a May 19 report by the National Bank of Rwanda (NBR).
The figure increased to 176 billion in 2024.

 

>From 2017 to 2024, 2,605 immovable properties were auctioned because
borrowers failed to repay their loans.

 

Sen. Donatille Mukabalisa criticized borrowers who divert loans away from
their intended purposes.

 

"Some people take loans claiming it's for business or construction, but end
up misusing the funds entirely. Financial institutions need to thoroughly
assess not just the project but the borrower's intentions," she stressed.

 

ALSO READ: Formal financial inclusion in Rwanda grew 39% in 2020-2024

 

Sen. Pélagie Uwera, echoed the need for stronger financial education before
loans are disbursed.

 

"Borrowers must understand that loaned money is not a gift; these are
deposits from other citizens. When someone defaults and faces property
auction, it affects both them and the entire financial system," she noted,
suggesting a mandatory pre-loan training and certification programme.

 

Uwera also highlighted gaps in post-loan monitoring and corruption among
loan of ficers. "In some cases, borrowers are required to pay bribes to loan
officers to access funds, only to end up with less than they applied for.
That's unacceptable," she said.

 

Sen. André Twahirwa called for long-term solutions, recommending that
financial literacy be taught from an early age.

 

ALSO READ: Teaching financial literacy to young minds: A look at 2nd Money
Makeover Challenge

 

"Let's instill financial discipline in our children by introducing credit
education in schools. It should become part of our national values," he
said.

 

Another concern came from Sen. Sosthène Cyitatire, who questioned unfair
auction practices.

 

"Why do some banks demand collateral that's double the loan value, only to
auction it below market price or worse, seize unrelated property? This must
stop," he said.

 

 

Despite these concerns, the financial sector is still showing strength.
According to the National Bank of Rwanda, the sector's total assets reached
a record Rwf12.9 trillion in December 2024, up from Rwf10.6 trillion the
previous year.

 

The growth was driven by increased deposits, retained earnings, and
investment income. Ferdinand Murezi, a financial stability analyst at BNR,
reassured stakeholders of the sector's resilience.

 

ALSO READ: Economy remains resilient despite global uncertainties - Central
Bank's Nsengiyumva

 

"As of now, 48% of the banks' assets are in the form of loans; a drop from
55% pre-Covid, but still solid. We are also encouraged that 97% of loans are
held by local residents," he said. Murenzi highlighted that sectors such as
construction, retail, and manufacturing remain heavily exposed to
non-performance.

 

"Construction leads with 23.6% of total outstanding loans followed by
wholesale and retail trade at 21.7%, household employers at 20.4%, and
manufacturing at 12.6%," Murezi noted.

 

To mitigate risks, the central bank wrote off Rwf573 billion worth of
defaulted loans in 2024, up from Rwf481.8 billion in 2023.

 

"These are no longer on our balance sheets, but they are still being
followed up through legal channels, mainly via auction sales and asset
recovery," Murezi explained, adding that a joint task force involving Rwanda
Development Board, the Ministry of Justice, and other institutions, is
working on comprehensive reforms, with a report due by the end of June.

 

ALSO READ: Auction: Ombudsman pushes for reforms to curb property
devaluation

 

RDB's Registrar General, Richard Kayibanda, downplayed fears of widespread
property auctions, noting that only 1.4% of the 177,404 registered
collaterals between 2017 and 2024 ended up in forced sales. He pointed to
recent reforms like digital auctions and borrower rights to challenge asset
valuations that strengthened transparency. Still, he admitted challenges
remain in recovering loans once borrowers default.

 

Pacifique Nkongoli, the Chief Credit Officer at I&M Bank, said loan defaults
strain bank profits.

 

"When a loan is written off, we have to draw from our profits to cover the
loss. This money could have been reinvested into the economy. We give
clients multiple chances up to more than 90 days before restructuring the
loan or proceeding to auction," he explained.

 

Jackson Kwikiriza, the Executive Director of the Association of Microfinance
Institutions in Rwanda (AMIR), called for stronger financial awareness,
especially in rural areas.

 

ALSO READ: Bankers speak out on language issues in loan contracts, call for
vigilance

 

"Despite 96% of Rwandans having access to finance, many still lack financial
knowledge, particularly around microfinance services. We need better project
evaluation in sectors like agriculture and tourism," he said, adding that
climate change and multiple overlapping loans are also fueling defaults.

 

Damien Ndizeye, the Executive Secretary of Rwanda Consumers' Rights
Protection Organization (ADECOR), emphasized the need for borrowers to fully
understand loan contracts before signing.

 

"People often sign contracts blindly. They should be given at least seven
days to review terms. Insurers also need to play a greater role in the loan
process beyond just the initial disbursement stage," he said.

 

Read the original article on New Times.

 

 

 

 

Uganda: London Flight - Uganda Airlines Starts New Era

Uganda Airlines has officially launched its direct flight route between
Entebbe International Airport and London Gatwick, marking a pivotal
milestone in Uganda's aviation and trade history. The inaugural flight,
flagged off on Sunday morning, is a major stride in bridging East Africa
with one of Europe's leading commercial and diaspora hubs.

 

"This is more than just an air route; it's a bridge between Uganda and one
of the world's most important commercial, tourism, and diaspora hubs," said
Edward Katumba Wamala, Minister of Works and Transport, as he addressed
dignitaries and guests at the Entebbe International Airport. "For years,
Ugandans in the UK have asked, 'When will we have a direct flight home?'
Well, I'm proud to say the wait is over".

 

 

The new service, which runs four times a week (Sunday, Tuesday, Wednesday,
and Friday), is operated by Uganda Airlines' flagship Airbus A330-800neo.
London now becomes the airline's 17th destination and its longest route at
approximately 6,464 kilometers.

 

Lisa Chesney, the British High Commissioner to Uganda, also aboard the
historic flight, described it as a moment of shared pride and future
promise. "I am pleased to be here on this historic occasion. It is an honour
and a privilege to be a passenger on this flight together with some of the
friends I have made during my first six months in Uganda," she said.

 

She highlighted the route's broader significance, emphasizing, "There is no
better time to launch this flight than now, when our two countries are
committed to fostering stronger trade and economic ties." With the current
UK-Uganda trade valued at approximately £600 million (UGX 3 trillion),
Chesney expressed optimism that the direct link would unlock further
potential, particularly in fresh exports like fish, coffee, and flowers.

 

CEO Jenifer Bamuturaki of Uganda Airlines called the launch a "pivotal
milestone" for the national carrier. "With today's departure, we officially
transition from our establishment phase into a new chapter of long-term
growth and expansion," she remarked.

 

She also noted the flight's environmental edge: "On the return leg, we will
operate with a blend of Sustainable Aviation Fuel (SAF) and conventional Jet
A-1 fuel, taking a meaningful step toward the industry's Net Zero goals."

 

The route is a key part of Uganda's Vision 2040, which identifies aviation
as a cornerstone for economic transformation. According to the Uganda Bureau
of Statistics, the UK is Uganda's largest European source market for
tourism, accounting for 27% of European arrivals in 2024.

 

The airline expects the new route to support not only tourism but also
increase trade volumes. According to the British High Commission in Kampala,
total trade between Uganda and the UK reached GBP 860 million in 2023, while
Uganda's exports to the UK over the past five years have totaled GBP 2.3
billion.

 

Backed by an expanding intra-African network and new partnerships, the
flight's inauguration coincides with the East Africa Trade and Investment
Forum in London (May 21-22), where government and private sector players
from both countries are converging to deepen bilateral economic ties.

 

"I commend the teams for the excellent work they did to get us to this point
today," said Chesney. "The sky is the limit."

 

As the engines roared and the Crane (Uganda Airlines' emblem) took flight,
it wasn't just an aircraft departing Entebbe--it was a nation's ambitions
soaring toward global relevance.

 

Read the original article on Independent (Kampala).

 

 

 

 

Nigeria: 'Banking Sector Is Stable', CBN Shuts Down Rumour

The Central Bank of Nigeria has dismissed reports suggesting distress in a
regulated financial institution.

 

In a statement signed by the Acting Director of Corporate Communications,
Hakama Sidi-Ali, the apex bank described the claims as misleading and
capable of triggering unnecessary panic in the financial system.

 

The bank assured Nigerians that the country's banking sector remains
"resilient, safe, and sound."

 

This follows what the CBN described as "certain publications and social
media reports", that raised concerns over the operations of an unnamed
financial institution under its regulatory supervision.

 

 

"The CBN wishes to categorically reassure the public, depositors, and
stakeholders that the Nigerian banking sector remains resilient, safe, and
sound," the statement read.

 

"All licensed banks are subjected to stringent regulatory requirements.
There is no cause for concern regarding the safety of depositors' funds."

 

The Bank further noted that it maintains a robust risk-based supervisory
framework and early warning systems to detect and address vulnerabilities
before they escalate.

 

"The Bank affirms that it continues to monitor all financial institutions
under its regulatory purview and maintains robust frameworks for early
warning signals and risk-based supervision.

 

"These mechanisms ensure that any emerging issues are promptly addressed to
protect the integrity of the financial system," the statement said.

 

The CBN urged the public to disregard unverified claims circulating online
and instead rely on official communication channels for accurate updates
about Nigeria's financial system.

 

The statement reiterated the CBN's commitment to "fostering a secure banking
environment where depositors can be fully confident in the safety of their
funds."

 

Read the original article on Daily Trust.

 

 

 

 

Liberia: Assistant Minister Tingban's Intervention Sparks Hope for
Resolution in Bong Mining Dispute

Gbalonai, Bong County — The town of Gbakonai, nestled within Liberia's
mineral-rich Bong County, has become the focal point of an escalating mining
dispute, raising concerns about community harmony, legal adherence,
environmental protection, and the well-being of its residents.

 

On Wednesday, May 14, Unification Day, Assistant Minister of Mines and
Energy, Carlos E. Tingban, concluded a crucial day-long community gathering
aimed at addressing the growing tensions arising from conflicting claims
between two companies vying for mining rights in the area.

 

The meeting, attended by local leaders, community members, and officials
from the Ministry of Mines and Energy, sought to provide clarity amidst
increasing concerns over the operations of H&K Mining Company and Da-Tahn
Company, both asserting their legal right to the region's mineral resources.

 

 

The core issue addressed was the alleged encroachment by Da-Tahn Mining
Company onto the exploration license area held by H&K Mining Company.

 

Speaking to the attendees, Assistant Minister Tingban aimed to clarify the
situation surrounding the presence of both companies. He explained that
while both entities have government recognition, they operate under distinct
classifications within Liberia's mining regulations. H&K Mining Company, he
stated, currently holds a valid exploration permit, limiting their
activities in Gbakonai to assessing mineral potential within their
designated area, rather than engaging in full-scale extraction.

 

Da-Tahn Company, on the other hand, possesses a mining license, legally
authorizing them to extract minerals from the region, contingent upon strict
adherence to national mining regulations. This crucial distinction, though
seemingly clear, has been at the heart of the controversy, leading to
significant debates and growing concerns regarding land use and operational
legitimacy.

 

Assistant Minister Tingban urged both companies to respect the boundaries of
their respective permits and reassured the people of Gbakonai of the
Ministry's unwavering commitment to transparency, legality, peaceful
coexistence of residents, and fairness within the country's mining sector.

 

"The Ministry is committed to ensuring that all operations follow the legal
frameworks established for mining activities. Each company must remain
within its licensed mandate, and no activity should undermine the rights or
well-being of the host communities," Minister Tingban stated.

 

Acknowledging the increasing anxiety among community members, he emphasized
that the government, through the Ministry of Mines and Energy, is closely
monitoring developments to prevent violations that could jeopardize
Gbakonai's social and environmental well-being.

 

His words offered reassurance to residents who have watched with growing
concern as the two firms make competing claims over the region's mineral
wealth.

 

Tensions have escalated in recent months due to reports of overlapping
operations by both companies, leading to speculation about unauthorized
mining activity and uncertainty regarding land authority.

 

Following H&K Mining Company's acquisition of an exploration permit,
discussions about their plans have intensified. While their current mandate
restricts their activities to exploration, there is widespread anticipation
that the company will transition to full-scale extraction upon receiving
approval.

 

This potential development has fueled debate among community members, with
some fearing that an expansion of mining operations could further
destabilize the delicate balance between economic development and
environmental preservation.

 

The government's role in facilitating a peaceful resolution has become
increasingly critical as tensions rise, with some locals expressing outright
opposition to the prospect of additional mining activity in the area.

 

Adding to the complexity is the critical issue of environmental impact.
Liberia's mining sector, while vital for economic growth, has often faced
controversies related to pollution, land degradation, and unsustainable
practices that threaten both human livelihoods and the natural ecosystem.

 

Gbakonai, known for its lush landscapes and agricultural productivity, faces
the challenge of balancing industrial expansion with community welfare.
Locals fear that unchecked mining operations could lead to deforestation,
pollution of essential water sources, and long-term disruptions to the
area's environmental equilibrium.

 

The approach to regulating these developments will be closely observed in
the coming months.

 

Assistant Minister Tingban's emphasis on ongoing dialogue and cooperation
between the companies and the local community was a central point of the
gathering. Recognizing the complexities involved, he urged both parties to
engage in constructive conversations that prioritize mutual understanding
and peaceful resolutions. "Companies are expected to adhere strictly to
national regulations while maintaining ethical practices that safeguard
community interests. The importance of collaboration, he noted, cannot be
overstated, as transparent engagement remains key to avoiding confrontations
that could further divide the town."

 

The Assistant Minister further stated that the Ministry of Mines and Energy
will actively oversee operations in the region to prevent further conflict
and ensure adherence to national mining laws. In this effort, he announced
the successful completion of a formal survey of Da-Tahn's "Class B" mining
license area to definitively establish its boundaries.

 

"We ordered and successfully carried out an authentic survey of Da-Tahn
Class B mining license in an effort to establish its metes and bounds."

 

He reassured community members that their concerns are being heard and that
the government will continue working toward balanced solutions that protect
both economic interests and environmental sustainability, thereby providing
relief to the community.

 

The people of Gbakonai await the outcome with cautious optimism, hoping that
the government's intervention will yield positive results in a dispute that
threatens to fundamentally reshape their town.

 

Read the original article on FrontPageAfrica.

 

 

 

 

South Africa: Special Tribunal Freezes R25-Million in Assets From Stolen
Lottery Funds

A Special Tribunal preservation order has frozen R25-million in assets
purchased with money stolen from the National Lotteries Commission (NLC).

The money was meant to fund a roadshow for the Rio Olympics in 2016, but
instead was diverted to entities linked to NLC officials.

The preserved assets include two properties and a R1.7-million Powerstar
drill.

The Special Investigating Unit (SIU) has obtained a preservation order from
the Special Tribunal freezing R25-million in assets linked to a corrupt
National Lotteries Commission (NLC) grant.

 

 

The order, granted in April by Judge Margaret Victor, freezes two luxury
properties and a high-value Powerstar drill/cleaner from funds that were
meant for the 2016 Rio Olympics "Roadshow Send-Off" campaign.

 

The judgment comes after an SIU investigation into a coordinated scheme
involving the Mshandukani Foundation, a non-profit organisation registered
just four months before receiving the grant.

 

In July 2016, the South African Sports Confederation and Olympic Committee
(SASCOC) applied for funding on behalf of the foundation, claiming it would
support Olympic awareness events nationwide. Despite the foundation's lack
of track record, the NLC approved R24.98-million within six days.

 

The NLC paid the money to SASCOC, which then transferred it to the
foundation in three tranches. Within days, the funds were diverted to
entities linked to NLC officials. According to the SIU

 

R15.4-million was transferred to Ironbridge Travel Agency, linked to former
NLC Chief Operating Officer Phillemon Letwaba, which was spent on cars,
goats and personal expenses, as well as a R1.7-million Powerstar
drill/cleaner;

R7.2-million was transferred to Mshandukani Holdings, controlled by Mashudu
Shandukani, a member of the foundation. This was used to purchase a house
and an office park in Centurion;

R3-million was transferred to Mosokodi Business Trust, which is also linked
to Letwaba; and

Direct payments of R450,000 were made to Letwaba and R600,000 to former NLC
legal manager Tsietsi Maseiwa.

SIU spokersperson Kaizer Kganyago did not respond to GroundUp's request for
clarity on why the amounts transferred add up to more than R24.98-million.

 

The properties in Centurion and the Powerstar drill are among the assets
included in the preservation order.

 

This forms part of an ongoing investigation by the SIU, authorised by
President Cyril Ramaphosa in 2020 to probe plundering and dodgy deals in the
affairs of the NLC.

 

The proclamation gives the SIU powers to recover any financial losses
suffered by the state.

 

The former head of the NLC Alfred Nevhutanda is challenging the legality of
the proclamation in a court case. He claims that it should be reviewed and
set aside because the NLC is not a state entity.

 

This has been opposed by the SIU. The ongoing litigation is delaying the
possible forfeiture of millions of rands of assets - including Nevhutanda's
R27-million house in Pretoria - already preserved as "proceeds of crime".

 

Letwaba, in a separate matter, is also challenging the constitutionality of
the Special Tribunal's power to order the freezing and forfeiture of assets.

 

Because both matters raise constitutional challenges, it could take many
years for them to be resolved in the courts.

 

Read the original article on GroundUp.

 

 

 

Kenya: Govt Ramps Up Coffee Sector Reforms Ahead of 2025/2026 Season - DP
Kindiki

Nairobi — Deputy President Kithure Kindiki has announced sweeping reforms in
the coffee sector ahead of the 2025/2026 harvest season, aimed at boosting
farmer earnings and dismantling entrenched cartels that have long exploited
growers.

 

Speaking during a major open engagement forum at Kianjang'a Public Grounds
in Ndia Constituency, Kirinyaga County, the Deputy President addressed over
12,000 coffee farmers and stakeholders, outlining the government's strategy
to revive the industry and restore it to its former glory.

 

"In preparation for the oncoming coffee season 2025/2026, the Government is
firming up the coffee reforms to ensure timely availability of fertilizer to
farmers, subsidized pesticides and availability of certified subsidized
coffee seedlings through better resourcing of the Coffee Research
Institute," said Kindiki.

 

 

He emphasized that new licensing protocols have been revised to simplify
operations within the coffee value chain, a move intended to curb
bureaucratic inefficiencies and reduce opportunities for exploitation.

 

"The licensing protocols in the coffee value chain have been revised to
eliminate multiple licenses and require only one license per person as a
miller or broker or marketer," he stated.

 

The Deputy President said the government expects Parliament to finalize the
enactment of the Coffee Act, 2025 and the Cooperatives Act, 2025 in the
coming weeks.

 

These laws, he noted, will introduce robust governance structures for
cooperative societies and coffee factories.

 

"Application of the two proposed laws will provide better governance of
coffee factories and cooperative societies and will permanently eliminate
cartels and middle men in the coffee sector who have for long benefitted
from the sweat of farmers," he stated.

 

Kindiki cited recent price gains, noting that a kilo of coffee cherry
fetched between KSh 110 and KSh 150 in the just-ended season saying that the
"return of the coffee boom of old is within sight."

 

The meeting was also attended by key national and local leaders, including
Ndia MP George Kariuki, Kirinyaga Central MP Joseph Gitari, Kenya Seed
Company Chairperson Hon. Wangui Ngirichi, Speaker of the Kirinyaga County
Assembly Muteti Murimi, members of the county assembly, and representatives
of coffee societies and factories.

 

Read the original article on Capital FM.

 

 

 

 

 

 

 

 

 

 

 

 

 


 


 


 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.

 


 

 


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