Major International Business Headlines Brief ::: 24 September 2025

[Bulls n Bears]

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Major International Business Headlines Brief :::  24  September  2025 

 


 


 


 <mailto:info at bulls.co.zw> 

 


 

 


 

ü  Liberia: Lawmaker Outraged Over Aml's Failure to U.S.$1.5m Sdf

ü  Kenya: Court Throws Out Suit Challenging Govt Handling of Fuel Prices

ü  Uganda: Museveni Vows to Push Uganda Toward First World Status

ü  Kenya: Govt, Private Sector Partner to Grow Creative Economy, Youth Jobs

ü  Kenya: Stanchart Kenya to Address Concerns of Non-629 Pensioners

ü  Kenya: Keroche Demands Sh10bn in Damages From Ex-Employee Over 'False
Insolvency Narrative'

ü  South Africa: Mini Budget to Be Tabled in November

ü  Nigeria: How NEC's Backing of Naseni's Solar Pumps Will Transform
Dry-Season Farming

ü  Namibia to Invest N$34m in Rain-Fed Agronomic Projects

ü  Tanzania: Market Rotations Expose Fragile Momentum

ü  Liberia: UBA Delivers N335bn ($224m) Profit After Tax

ü  Nigeria: Criminal Syndicates Exploiting Technology to Expand Operations -
IGP

ü  Liberia: Hummingbird Owes Govt U.S.$3.5m

ü  Kenya: Aviation Workers to Down Tools From October 1, Union Lists 6
Demands

ü  Kenya: President Ruto Assures American Investors Kenya Is a Safe
Destination

 


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Liberia: Lawmaker Outraged Over Aml's Failure to U.S.$1.5m Sdf

Senator Nyan G. Twayen of Nimba County has expressed outrage over Arcelor
Mittal Liberia's failure to implement the 20% deducted from the Nimba County
US$1.5 million Social Development Fund for the affected communities.

 

In his press conference held in Ganta on Monday, September 22, 2025, the
Senator said that since 2022, AML has been deducting the 20% from the Nimba
County Social Development Fund (US$1.5M) for the affected community based on
the agreement with former Finance Minister Samuel Tweah so as full
responsibility of development initiatives in the affected communities.

 

 

He explained that only 44% of the deducted SDF intended for the affected
communities has been used so far, while the balance 56% is yet to be
released, arguing that AML could be sued for withholding our money and
making profit out of it.

 

The three affected counties from the AML mining concession received US$2.5
million annually from the company as social development funds, with US$1.5
million going to Nimba, US$1 million to Bassa and US$ 500,000 to Bong.

 

  

 

In Nimba, 20% of the social development fund goes to the affected
communities, including the concession communities and all the communities
affected by the railroad connection.

 

In Rep. Nyan G. Flomo's yearly report to his constituency on April 18, 2025,
he said the 15 projects selected and resolved by the citizens of 15 affected
communities were yet to be attended to by the fundholder, AML.

 

 

Some of the projects include, handpumps, schools, clinic, solar light town
hall, as well as a market building, among others.

 

He expressed disappointment in the department at AML that is responsible for
the 20% community development fund, describing their behaviour/action as a
high degree of inefficiency and ineffectiveness and which has grossly
delayed implementation and undermined the happiness of the citizens.

 

Most of the communities of Nimba County District #2, represented by Flomo,
fall directly within the mining concession area, with most of them losing
access to safe drinking water, better schools or clinics and good roads.

 

For example, communities like Mankonto 1 & 2 fell directly under Mount
Tokadeh and they are said to be facing lack of safe drinking, farmlands
destroyed, leaving some of the citizens to abandon their homeland for
another community.

 

Senator Twayen urged the citizens that he will not stop advocating for the
citizens of Nimba about corporate social responsibility until the right
things are done.

 

The secret visit of some senators to the concession site last week sparked
tension among the citizens, with some describing the visit as clandestine
and with the intention to collect bribes from the AML. Some described AML as
being good in PR affairs.

 

Most of the community radio stations and social media platforms in the three
affected counties have received funding from AML to play jingles and
features. Some residents construe this arrangement as the station conducting
public relations activities for ArcelorMittal Liberia.

 

When the Daily Observer contacted the Communication Manager, Winston
Daryoue, via email to clarify how the company is handling the 20% Affected
Community Development Fund, he didn't respond until press time.

 

Read the original article on Liberian Observer.

 

 

 

 

 

Kenya: Court Throws Out Suit Challenging Govt Handling of Fuel Prices

Nairobi — The High Court has dismissed a petition challenging the
government's handling of fuel prices.

 

The suit filed by Kituo cha Sheria had accused the Energy and Petroleum
Regulatory Authority (EPRA) and the Ministry of Energy of failing to lower
fuel costs despite falling global oil prices.

 

The organisation argued that the failure to act had worsened the cost of
living, strained households, and slowed down economic growth.

 

In his decision, justice Chacha Mwita ruled that the petitioners did not
prove how EPRA and the Ministry had violated the economic and consumer
rights of Kenyans as guaranteed under Articles 43 and 46 of the
Constitution.

 

Justice Mwita further rejected claims that EPRA violated consumer rights.

 

"The measures already taken by government are reasonable. Any further steps
would be additional, not mandatory," he ruled

 

This ruling means fuel prices will continue to be determined under the
existing pricing formula.

 

"I'm unable to make orders in favour of the petitioners," court ruled

 

Kituo cha Sheria had argued that there is no justification to retain high
cost of fuel.

 

Read the original article on Capital FM.

 

 

 

Uganda: Museveni Vows to Push Uganda Toward First World Status

President Museveni has pledged to accelerate Uganda's economic growth and
social transformation if re-elected in the 2026 general election.

 

He made the remarks after being officially nominated as the National
Resistance Movement (NRM) presidential candidate for the forthcoming polls.

 

Museveni thanked party members for what he described as renewed trust in his
leadership.

 

  

 

He said the NRM's record in peace, infrastructure development, and economic
progress positioned Uganda for greater achievements in the years ahead.

 

 

"I want to thank the NRM members for again showing strong trust in me and
electing me as the NRM chairperson," Museveni said, noting that under his
leadership Uganda has transitioned into a lower middle-income economy.

 

He highlighted Uganda's Gross Domestic Product (GDP) growth, saying it had
nearly doubled in recent years from $34 billion to $66 billion despite
global and domestic challenges.

 

"Doubling GDP in one term is not easy, but this is what we have achieved,"
he added.

 

The President attributed Uganda's progress to investments in peace,
electricity, roads, telecommunications, and human capital development.

 

He said these fundamentals had created a favorable environment for
investors, leading to increased foreign direct investment.

 

Looking ahead, Museveni outlined priorities including the expansion of free
education in government schools, improved healthcare through a reliable
supply of medicines, and access to safe water in all villages.

 

 

He also stressed the fight against corruption as key to sustaining the
country's progress.

 

"We need to ensure that all our population players get involved. The mass
issues of health, education, safe water, and fighting corruption must be
addressed if Uganda is to continue moving toward a first-world status,"
Museveni said.

 

He further urged NRM media teams to showcase Uganda's transformation since
1986, saying evidence of change speaks louder than political rhetoric.

 

Read the original article on Nile Post.

 

 

 

 

Kenya: Govt, Private Sector Partner to Grow Creative Economy, Youth Jobs

Nairobi — The government is banking on partnerships with the private sector
to grow Kenya's creative and digital economy as part of efforts to generate
employment opportunities for the country's youthful population.

 

Kenya Film Commission Director of Strategy and Planning Collins Okoth said
policy support and infrastructure investment are central to positioning the
sector as a driver of economic growth.

 

Speaking during the grand finale of the inaugural Next Superstar Kenya
competition sponsored by StarTimes, Okoth said the creative industry is well
placed to absorb young people, who make up more than 70 percent of the
population, and urged greater collaboration to nurture and mentor talent.

 

StarTimes Chief Executive Jimmy Carter Luoh said the pay-TV provider will
continue investing in local content, pledging to support the competition
annually for the next decade as part of long-term support for Kenya's film
and creative space.

 

The 14-week contest attracted more than 3,000 participants nationwide, with
Joseph Japheth, popularly known as Jose Jay, emerging winner and taking home
Sh1 million. Rennick Nzalwa and Brian Koome finished second and third
respectively.

 

Read the original article on Capital FM.

 

 

 

 

Kenya: Stanchart Kenya to Address Concerns of Non-629 Pensioners

Nairobi — Standard Chartered Bank Kenya says it is engaging with former
staff pensioners who were not part of a Supreme Court ruling that awarded
billions in recalculated dues to 629 ex-employees.

 

The bank confirmed it has initiated payments to the 629 members covered by
the ruling but noted that the remaining group is not included.

 

However, it said the Standard Chartered Bank Kenya Pensions Fund is
responding to inquiries from all other pensioners.

 

The excluded pensioners argue that the same liability applies to them,
citing consistent judicial guidance from the Retirement Benefits Tribunal,
the High Court, the Court of Appeal, and most recently, the Supreme Court.

 

They accuse the bank and trustees of failing to act despite the rulings and
have threatened to escalate the matter.

 

Earlier this month, the Supreme Court dismissed Standard Chartered's bid to
block a Court of Appeal ruling that directed the bank to pay billions in
underpaid dues.

 

Deputy Chief Justice Philomena Mwilu said the appeal could not proceed under
Article 163(4)(a) of the Constitution without evidence of constitutional
violations.

 

Read the original article on Capital FM.

 

 

 

 

Kenya: Keroche Demands Sh10bn in Damages From Ex-Employee Over 'False
Insolvency Narrative'

Nairobi — Keroche Breweries Limited has moved to court seeking Sh10 billion
in compensation and a public apology over whats it terms as a "false
insolvency narrative".

 

The firm argues that malicious insolvency claims have triggered severe
reputational damage, investor panic, and long-term business risks.

 

The Naivasha-based brewer says media coverage of an insolvency petition has
already unsettled stakeholders, forcing it to seek urgent court intervention
to protect its brand, employees, and market stability.

 

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As one of Kenya's leading indigenous breweries, with about 15 per cent of
the alcoholic beverages market, Koroche asserted it generates massive annual
revenues, and contributes significantly to tax revenue.

 

 

In court papers filed on Tuesday, the company warns that the "false
insolvency narrative" undermines its brand value, erodes investor
confidence, and threatens its economic footprint -- including sourcing raw
materials from over 10,000 farmers, employing 500 workers directly, and
generating foreign exchange through exports.

 

"The advertisement has falsely signaled insolvency, sparking panic among
stakeholders and causing irreparable reputational and commercial harm,"
Keroche argues, adding that the petition amounts to "coercive debt recovery"
through misuse of insolvency law.

 

The company further contends that the liquidation petition, lodged on May
23, 2025, rests on a "fundamentally invalid" statutory demand dated June 30,
2025.

 

According to Keroche, the demand was improperly signed by a Deputy Registrar
of the High Court in Nakuru rather than the petitioner or their duly
authorized agent, in contravention of Section 384(1)(a) of the Insolvency
Act, 2015.

 

 

It says the defect renders the petition and subsequent actions, including
the advertisement of the case in the Kenya Gazette on August 21, 2025,
"wrongful, unauthorized, and gravely prejudicial."

 

Keroche has accused the petitioner, former employee Sam Kruss Shollel, of
acting in bad faith, citing a pattern of filing and later withdrawing cases,
including a contempt application in August 2025.

 

Through its lawyer, Karuku Wachira, the brewer is asking the court to stop
further dissemination of the insolvency petition notice and to compel the
petitioner to pay the Sh10 billion in damages for the harm already caused.

 

Read the original article on Capital FM.

 

 

 

 

South Africa: Mini Budget to Be Tabled in November

National Treasury has announced that the Medium-Term Budget Policy Statement
(MTBPS) will be tabled in Parliament on 12 November 2025.

 

This after media reports erroneously reported that the MTBPS would be tabled
in January next year.

 

"It is unfortunate and reckless for the publication to have reported the
date without having verified the information with the National Treasury.
Parliament today published its programme for the fourth term, which
indicates 12 November 2025 as the calendar date for the MTBPS tabling.

 

  

 

"National Treasury officials are hard at work with MTBPS engagements and
preparations," the Treasury said in a statement on Monday.

 

 

Parliament confirmed the date - revealing that the National Assembly (NA)
Programme Committee has resolved that Minister of Finance Enoch Godongwana
will table the MTBPS, "in line with constitutional and legislative
requirements governing the budget process".

 

"Furthermore, the NA agreed that it will consider and adopt the MTBPS on 13
January 2026, following the conclusion of the necessary committee processes.

 

"This year's later tabling and consideration of the MTBPS is the direct
knock-on effect of the national budget itself having been tabled later than
usual, owing to well-documented challenges already in the public domain. As
a result, subsequent processes in the budget cycle, including the MTBPS,
have had to be adjusted accordingly.

 

"Parliament has therefore ensured that these processes remain aligned with
constitutional requirements, while accommodating the unavoidable delays
without compromising scrutiny, accountability, or public participation,"
Parliament Spokesperson, Moloto Mothapo explained.

 

 

The Budget was re-tabled on 21 May 2025.

 

Read the original article on SAnews.gov.za.

 

 

 

 

Nigeria: How NEC's Backing of Naseni's Solar Pumps Will Transform Dry-Season
Farming

The decision by the National Economic Council (NEC) at its 152nd meeting,
chaired by Vice President Kashim Shettima at the Presidential Villa, Abuja
to endorse the Solar Irrigation Pumps developed by the National Agency for
Science and Engineering Infrastructure (NASENI) for a nationwide rollout
ahead of the 2025 dry-season farming has been hailed as one of the most
significant steps yet in Nigeria's journey toward food security, sustainable
energy, and technological self-reliance.

 

It is not just a policy announcement but a signal that government is ready
to back local innovations with practical implementation, linking science and
engineering directly to the daily struggles of farmers across the country.

 

 

With the dry season farming only a few months away, the National Economic
Council members agreed that the deployment of solar irrigation technology
was urgent and necessary. The decision came after NASENI successfully
presented its ready-made pumps, which are not mere prototypes but working
systems designed with the realities of Nigerian agriculture in mind.

 

The Council directed the Minister of Budget and Economic Planning, Senator
Abubakar Atiku Bagudu, to work out modalities to fund the mass production
and distribution of the pumps to farmers nationwide.

 

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For decades, irrigation in Nigeria has been dominated by fuel-powered
pumping systems. While they have provided the backbone of dry-season
farming, especially in the northern states, their long-term burden however
on farmers has been immense. Rising fuel prices, erratic supply, mechanical
breakdowns, and environmental consequences have made them increasingly
unsustainable.

 

 

For many smallholder farmers, the cost of fuel alone eroded whatever profit
they hoped to make from their harvests. With rural communities often far
from reliable fuel stations, the challenge of getting and storing fuel added
another layer of difficulty. Over time, this dependence on fuel-based pumps
locked farmers into cycles of high cost, low returns, and uncertainty.

 

The solar-powered irrigation pumps developed by NASENI promises to break
this cycle as they run on clean, renewable energy, eliminating the need for
constant fuel purchases and reducing the cost of operation to near zero
after installation.

 

For farmers, this translates into a tangible opportunity to expand
cultivation without worrying about fuel costs eating up their profits. For
the country, it means the chance to increase agricultural productivity,
reduce food imports, and strengthen rural economies. And for the
environment, it represents a decisive step away from the reliance on fossil
fuel toward a greener, more sustainable farming system.

 

 

The endorsement by NEC is also a milestone for NASENI itself, as the Agency
was established to drive technological innovation in Nigeria, with a mandate
framed around the Agency's initiative of Creation, Collaboration, and
Commercialization (3Cs).

 

The NASENI Solar Irrigation Pump is an embodiment of this vision. Created
locally, in collaboration with partners and stakeholders, and designed for
mass commercial use, it stands as proof that Nigerian institutions can build
solutions that respond directly to national challenges. The decision to back
this product on a national scale is, therefore, also a recognition of the
Agency's growing role in the country's industrial and agricultural
transformation.

 

Vice President Shettima underscored the importance of the pumps during the
NEC meeting, noting that they were not experimental but fully developed
systems ready for rollout. He described them as a critical intervention that
would replace expensive fuel pumps, reduce costs for farmers, expand
dry-season cultivation, and even serve as a source of backup electricity for
households.

 

He also emphasized that adopting clean energy for irrigation could allow
Nigeria to benefit from international carbon credit schemes, providing
additional income streams for both government and farmers.

 

The Executive Vice Chairman of NASENI, Mr. Khalil Suleiman Halilu, who
expressed delight at the Council's resolution describing it as a vote of
confidence in local innovation, said the decision reflected the government's
seriousness about using technology to boost food production and improve
livelihoods.

 

He praised President Bola Ahmed Tinubu for consistently supporting NASENI's
initiatives and ensuring that the Agency remains at the forefront of
advancing industrialization, technology transfer, and food security.

 

Beyond harnessing solar power, NASENI incorporate digital innovations that
allow for modern farming practices. Reports indicate that the pumps are
fitted with GPS tracking, mobile app dashboards, and usage monitoring tools,
giving farmers greater control over how they use the systems.

 

These features also make it possible to design flexible financing schemes,
such as pay-as-you-go models, which would allow farmers to spread out
payments over time instead of bearing the heavy upfront cost at once. In a
country where many smallholders operate on very tight margins, this level of
financial flexibility could be crucial for adoption.

 

The endorsement aligns with President Bola Ahmed Tinubu's Renewed Hope
Agenda, which places special emphasis on food security, industrialization,
and self-reliance. The President has repeatedly stressed the need to boost
local production, reduce dependence on imports, and empower Nigeria's
farmers to feed the nation.

 

In July 2024, President Tinubu said "We will continue to drive local
production and ensure that we produce what we eat and use locally,"
reaffirming his administration's commitment to addressing food security
concerns in the country and driving down the cost of living for the
citizens, while speaking during the public presentation of Chief Olusegun
Osoba's book "My Life in the Public Eye" in Lagos.

 

This recent approval by supporting the rollout of NASENI's Solar Irrigation
pumps, the administration is tying its agricultural policies to tangible
tools that can make a difference in the fields. It is a practical response
to a pressing challenge, and one that is expected to have ripple effects
across multiple sectors of the economy.

 

Farmers themselves have welcomed the development with optimism. In states
like Bauchi, Kano, Jigawa, Kebbi, Sokoto, Benue, and Nasarawa, where
dry-season farming is common and irrigation is indispensable, the prospect
of switching to solar power is seen as transformative.

 

Many recall how fuel shortages or price hikes at critical times in the
season left their fields parched and yields diminished. The ability to
irrigate crops without worrying about daily fuel expenses or the
availability of petrol and diesel could open up opportunities for
larger-scale farming and more stable incomes. It could also encourage more
young people to take up farming, reducing rural unemployment.

 

Observers have also pointed out the symbolic value of the NEC decision. In a
country where dependence on imported technologies and foreign solutions has
often been the norm, the backing of a locally developed innovation marks a
turning point.

 

It shows that Nigerian scientists and engineers are capable of creating
tools that meet the country's unique needs and that government is willing to
trust and support such homegrown solutions. This, they argue, could inspire
more research, innovation, and entrepreneurship across other sectors of the
economy.

 

Reducing the use of fossil fuel-powered irrigation pumps would help cut
greenhouse gas emissions and align Nigeria more closely with global climate
goals. The possibility of earning carbon credits through clean energy
adoption in agriculture further adds to the attractiveness of the
initiative, potentially unlocking international funding and support.

 

Beyond the immediate benefits, the rollout of NASENI Solar Irrigation Pumps
also promises to stimulate new industries around production, installation,
and maintenance. Young Nigerians with skills in engineering, solar
technology, and digital systems could find new opportunities for employment.

 

Local businesses involved in manufacturing components, batteries, and
software applications could also grow, creating an ecosystem around the
pumps that extends beyond farming into technology and industry.

 

The NEC endorsement thus represents more than a new irrigation system; it is
a multi-layered intervention that touches on food security, energy policy,
climate change, job creation, and industrial growth. It is about linking the
farmer's field in Sokoto or Benue to the engineer's workshop in Abuja, the
policymaker's desk in the Villa, and the broader global movement toward
sustainability.

 

The timing is especially significant, with the 2025 dry-season offering a
crucial opportunity to demonstrate that these pumps can make a real
difference. The rollout would lay the groundwork for more ambitious
interventions in the future, not just in irrigation but across other areas
where technology can transform agriculture.

 

As preparations begin for the mass production and distribution of the NASENI
Solar Irrigation pumps, the focus will shift to execution. Government
agencies, private partners, and farmer cooperatives will need to work
together to ensure that the systems reach those who need them most and that
their potential is fully realized.

 

What is at stake is not just the success of a technological innovation but
the livelihoods of millions of Nigerians and the broader goal of national
food security. For now, though, there is renewed hope in the air, the
endorsement of NASENI's Solar Irrigation Pumps has planted a seed that could
grow into a harvest of abundance.

 

In the villages and fields where farmers toil, in the towns where food
prices are debated daily, and in the halls of government where policy is
shaped, there is a shared recognition that this decision could mark a new
chapter in Nigeria's agricultural story. By nurturing it with commitment and
vision, the NASENI Solar Irrigation Pumps would help turn the dry-season
into a season of plenty, powering not just crops, but the dream of a
self-sufficient and prosperous nation.

 

Read the original article on Daily Trust.

 

 

 

Namibia to Invest N$34m in Rain-Fed Agronomic Projects

Government, through the ministry of agriculture, is set to invest a whopping
N$34 million in bolstering and implementing of strategic rain-fed agronomic
programmes, which will, in the long term, boost the country's food security
efforts and create resilient value chains.

 

The investment will be made over the 2025/26 financial year and through
subsidies, the ministry will provide assistance to cereal producers in the
form of seeds, fertiliser and mechanised tillage services to farmers in the
10 crop-growing regions of the country.

 

Namibia's 10 crop-growing regions are Zambezi, Kunene, Omaheke,
Otjozondjupa, Kavango East, Kavango West, Ohangwena, Oshikoto, Oshana and
Omusati regions.

 

 

The ministry will be implementing the agronomic programmes through the Dry
Land Crop Production Programme (DCPP), complemented by the Cereal Value
Chain Development Programme (CVCDP) and the Comprehensive Conservation
Agriculture Programme (CCAP), among others.

 

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The DCPP and CVCDP are implemented in the 10 crop-growing regions, while the
CCAP is implemented in all 14 regions.

 

It will be implemented through a Memorandum of Understanding with various
regional councils and of the N$34 million, more than N$3.8 million will be
allocated to the Zambezi region, while Ohangwena, Omusati and Oshikoto
regions will each receive N$2.9 million.

 

Kavango East, Kavango West and Oshana regions will each be getting N$2.8
million, while Otjozondjupa will receive N$1.7 million. Omaheke is set to
get N$1.5 million and Kunene is earmarked N$1.4 million.

 

Farmers will be provided with improved seeds at a subsidised rate and a
subsidy of between N$300 and N$500 to improve soil fertility and production.

 

 

The government will also provide a 50% subsidy on pesticides and herbicides
and will subsidise weeding services at a rate of N$400 per hectare, to a
maximum of five hectares per household.

 

A maximum subsidy of N$10,000 will go towards increasing grain storage
capacity per household, a maximum of N$30,000 for a hammer miller and a
maximum of N$30,000 for a thresher. Interested farmers are encouraged to
register at the nearest Agriculture Development Centres countrywide to
access these subsidies.

 

The overall objective of these programmes is to ensure and accelerate the
provision of subsidised agricultural production inputs (improved seeds and
fertilisers) and mechanised services (tillage and planting).

 

Through these interventions, government aims to increase crop yield, food,
and nutrition security, create employment opportunities as well as
contribute to the reduction in poverty and income inequality.

 

The programmes also benefit the farmers through subsidies on ploughing,
reaping, and planting services, provision of seeds and fertilisers, weeding
services, and capacity building.

 

Read the original article on New Era.

 

 

 

Tanzania: Market Rotations Expose Fragile Momentum

EQUITY market activity regained momentum during the week ending September
19, with turnover rebounding as banking stocks once again reasserted
dominance over the market's flows.

 

This renewed activity was also reflected in price movements, with both the
All-Share Index (DSEI) and the Tanzania Share Index (TSI) advancing by 8.02
points and 25.97 points, respectively, signalling a modest recovery in
sentiment following weeks of uneven performance.

 

On the equity turnover front, activity remained concentrated. NMB and CRDB
led as the week's top movers, generating turnovers of 5.9bn/- and 5.37bn/-,
respectively. Together, the two accounted for nearly three-quarters of all
equity activity, 39.3 per cent for NMB and 35.6 per cent for CRDB.

 

 

Institutional flows and steady retail demand sustained liquidity in both
counters, reinforcing their status as market bellwethers. They were followed
by Jubilee Holdings Limited (1.15bn/-), KCB (1.03bn/-) and Tanga Cement
(693.5m/-). Collectively, these five counters contributed 93.97 per cent of
total turnover, once again highlighting the structural challenge of
concentration risk.

 

  

 

On the price movement side, gains were scattered but significant in certain
pockets. Tanzania Tea Packers (TTP) led the charge, rallying 6.45 per cent
on renewed demand from investors positioning for consumer sector exposure.

 

Cement names also performed strongly, with Tanzania Portland Cement (+5.93
per cent) and Tanga Cement (+5.42 per cent) registering broad-based buying,
underpinned by expectations of continued infrastructure spending and
resilient demand.

 

 

Mwalimu Commercial Bank climbed 4.26 per cent as retail flows sought
opportunities in smaller banking names, while Jubilee Holdings advanced 3.23
per cent, extending its steady performance. In total, six counters recorded
price increases, including CRDB, which gained 0.87 per cent on the back of
its surge in turnover and trading activity. The downside, however, was more
pronounced.

 

Mkombozi Commercial Bank fell sharply by -15.32 per cent, reversing part of
its earlier rally, while Maendeleo Bank dropped -14.77 per cent, as
investors reassessed valuations in light of recent price volatility.
SWISSport (-6.28 per cent), DSE (-5.16 per cent), Afriprise (-4.12 per
cent), DCB (-3.92 per cent) and NMB (-3.88 per cent) also came under
pressure, contributing to a total of 11 counters ending the week lower.

 

 

The broad mix of losers suggests that while banking stocks dominated
turnover, momentum was uneven, with investors rotating between names in
search of value while locking in profits where rallies had stretched
valuations. In fixed income, activity was more robust.

 

The bond secondary market registered a 39.44 per cent increase in traded
face value, reaching 137.29bn/-. Government securities once again anchored
the market, though corporate bonds also made an appearance.

 

Samia Bond, carrying a 12 per cent coupon and NMB's 9.5 per cent corporate
bond both traded, albeit in small volumes, 10m/- and 690,000/-,
respectively, underscoring the relatively illiquid state of Tanzania's
corporate debt market compared to government paper.

 

Furthermore, BoT issued a notice for its upcoming 25-year Treasury bond
auction scheduled for tomorrow (September 24). The auction will offer
264.31bn/- via the competitive window and 29.37bn/- via the non-competitive
window. The most striking feature of this issuance was the coupon rate, set
at 13.75 per cent.

 

This represents a 25-basis point cut from the 20-year bond auctioned earlier
in the month, which carried a 14 per cent coupon and a full 125-basis point
drop from the 25-year bond issued in August, which carried a 15 per cent
coupon. For much of this year, the market has adjusted to the central bank's
gradual easing trajectory, with yields declining across both the primary and
secondary markets.

 

Yet the sharp drop-in coupon rates over such a short period have taken many
investors by surprise. Expectations were shaped, in part, by the issuance
calendar for the first half of FY2025/26, which had indicated a reopening of
the 25-year bond originally issued in August with a 15 per cent coupon.

 

While the calendar is indicative rather than binding, it plays an important
role in guiding market sentiment. The abrupt adjustment to 13.75 per cent
has likely unsettled expectations, raising questions about how aggressively
the central bank intends to drive down yields.

 

The implications are twofold. On one hand, the lower coupon reduces the
government's cost of long-term financing and reinforces the downward
trajectory of yields across the curve. On the other, the adjustment risks
dampening investor enthusiasm for the auction, as institutions recalibrate
their return expectations.

 

Demand is still likely to materialise, particularly from investors seeking
to lock in long-term paper amid declining rates, but participation could be
more selective.

 

For opportunistic investors, this dynamic presents both risk and potential.
A softer bidding environment could allow participants to secure allocations
at relatively attractive yields, particularly if the reduced competition
limits upward bidding pressure.

 

ALSO READ: Kwala ICD deliveries triple amid strategic expansion

 

At the same time, the sharp recalibration of coupons underscores the need
for vigilance. In short, the equity market displayed renewed activity but
remains dependent on a narrow band of highly liquid counters, while the
fixed income market continues to absorb abundant liquidity under a
falling-rate environment.

 

The forthcoming 25-year bond auction will serve as a litmus test of investor
sentiment, revealing whether the market fully buys into the central bank's
trajectory, or whether reduced coupons begin to test the limits of investor
appetite for longdated Tanzanian paper.

 

Read the original article on Daily News.

 

 

 

Liberia: UBA Delivers N335bn ($224m) Profit After Tax

Africa's Global Bank, United Bank for Africa (UBA) Plc, has posted strong
financial results for the half-year ended June 30, 2025, demonstrating
robust growth across its major business segments despite challenging
economic conditions in Nigeria and other key African markets.

 

The audited financial results, released to the Nigerian Exchange Limited
(NGX) on Thursday, showed that profit after tax (PAT) rose 6.06% to N335.53
billion ($224 million) from N316.36 billion ($211 million) in June 2024,
signaling strong operational resilience.

 

Gross earnings grew 17.28%, climbing from N1.371 trillion ($914 million) in
June 2024 to N1.608 trillion ($1.07 billion) in the first half of 2025.
Interest income led the growth momentum, surging 32.89% to N1.334 trillion
($889 million) from N1.003 trillion ($669 million) in the corresponding
period last year.

 

 

UBA's total assets increased by 9.71%, reaching N33.3 trillion ($22.2
billion) compared to N30.3 trillion ($20.2 billion) in December 2024, while
customer deposits jumped 11.9% to N27.6 trillion ($18.4 billion) from N24.6
trillion ($16.4 billion) over the same period.

 

  

 

Although profit before tax dipped slightly to N388 billion ($259 million)
from N401 billion ($267 million) in June 2024, the bank's shareholders'
funds rose 23%, from N3.41 trillion ($2.27 billion) to N4.22 trillion ($2.81
billion), highlighting the strength of UBA's capital base.

 

Commenting on the results, UBA's Group Managing Director/Chief Executive
Officer, Oliver Alawuba, highlighted the bank's resilience and strategic
focus.

 

 

"UBA's first-half results highlight the strength of our business and the
trust our customers continue to place in us. We delivered strong
double-digit earnings growth across our markets, with Profit After Tax
rising year-on-year to N335 billion ($224 million), underscoring the
resilience of our business and the success of our strategy," he said.

 

Alawuba also provided an update on UBA's ongoing Rights Issuance Programme,
aimed at further strengthening the bank's capital position.

 

"We have made significant progress on our capital raising program. Phase I
of our Rights Issue was successfully completed, enhancing our capital by
N234.3 billion ($156 million) and providing a stronger buffer for growth and
expansion across our markets. With Phase II currently underway, we remain
firmly on track to meet the new capital requirements by the end of the
year," he assured investors.

 

UBA's Executive Director for Finance & Risk Management, Ugo Nwaghodoh,
emphasized the bank's top-line growth, balance sheet expansion, and capital
adequacy.

 

"Gross earnings rose to N1.61 trillion ($1.07 billion), driven by a 32.9%
increase in interest income and a 14.6% uplift in net interest income.
Deposits expanded by 11.9% to over N27.5 trillion ($18.3 billion),
supporting balance sheet growth to N33.3 trillion ($22.2 billion), while
shareholders' funds climbed 23.3% to N4.22 trillion ($2.81 billion). Capital
adequacy and liquidity ratios remain well above regulatory thresholds,
providing significant buffers for continued growth," Nwaghodoh said.

 

Looking ahead, Nwaghodoh said the bank will focus on scaling digital-driven
income streams, expanding market share, and maintaining disciplined risk
management.

 

"Our priority is to pursue growth and efficiency gains across our markets
while leveraging technology to enhance service delivery and profitability,"
he added.

 

UBA Plc serves over 45 million customers through more than 1,000 offices and
touchpoints across 20 African countries, with international presence in New
York, London, Paris, and Dubai.

 

The bank continues to strengthen its role as a Pan-African financial
institution, connecting people and businesses through retail, commercial,
and corporate banking, trade finance, cross-border payments, and innovative
financial services.

 

Read the original article on Liberian Observer.

 

 

 

Nigeria: Criminal Syndicates Exploiting Technology to Expand Operations -
IGP

The Inspector-General of Police, Kayode Egbetokun, on Monday, raised the
alarm that criminal gangs are relying heavily on technology to perpetrate
their nefarious activities.

 

Egbetokun, however, said that to challenge them, particularly terrorists,
top commanders of the Nigeria Police Force must have foresight, creativity,
and the agility to lead in an environment of constant flux.

 

The top cop stated this at the Nigerian Police Resource Centre, Abuja,
during the executive capacity building workshop for top leadership of the
force.

 

Follow us on WhatsApp   for the latest headlines

 

Daily Trust reports that the police boss' alarm came on the heels of
persistent killings of security operatives by gunmen ranging from bandits,
terrorists, among others.

 

 

Findings by Daily Trust revealed that no fewer than 53 security operatives
were killed across the country in the last two weeks.

 

Those killed included soldiers, police officers, personnel of the Nigerian
Security and Civil Defence Corps (NSCDC), immigration and customs officers,
vigilantes, members of the Civilian Joint Task Force (JTF) and state
community watch groups.

 

Speaking before declaring the workshop open, the IGP said the criminals are
not only persistent but adaptive, adding that they have always changed
strategies to avoid defeat.

 

"We face adversaries who are not only persistent but adaptive. Criminal
syndicates exploit technology to expand their reach. Terrorist networks
rebrand and reorganise to avoid defeat.

 

"Local conflicts, once contained, now spill across borders, amplified by
social media and transnational alliances," the top police officer told the
gathering.

 

 

Egbetokun added, "This complexity demands more from us than courage alone.
It demands foresight, creativity, and the agility to lead in an environment
of constant flux.

 

"Our leadership must combine patience with speed, endurance with
imagination, and strategy with unshakable resolve.

 

"That is why this theme has been carefully chosen, to prepare you, as
leaders, to anticipate, to adapt, and to act decisively in an environment
where hesitation is costly and speed is survival."

 

Earlier, President of Society for Peace Studies and Practice (SPSP),
Nathaniel Awuapila, explained that the Society would remain steadfast in its
commitment to advancing peace and security through research, advocacy,
capacity building, and diligent professionalism.

 

Read the original article on Daily Trust.

 

 

 

 

Liberia: Hummingbird Owes Govt U.S.$3.5m

The Caucus of the Liberian chapter of the African Parliamentarian Network
Against Illicit Financial Flows and Support for Progressive Taxation
(APNIFFT) has sharply criticized Hummingbird Resources Liberia, operating
under Paso Fino Gold Limited, for allegedly defaulting on financial
obligations amounting to about US$3.485 million.

 

In a statement issued under the chairmanship of Senator Francis Saidy Dopoh
II of River Gee County, the caucus said the company has failed since 2019 to
honor concession fees, social development contributions, and other payments
required under the 2000 Minerals and Mining Law and its Mineral Development
Agreement (MDA).

 

 

"This is an affront to the rule of law and a direct compromise of the
national interest, particularly for citizens of the Southeastern region
whose lands and livelihoods are being exploited without the promised social
and economic benefits," the statement noted.

 

The lawmakers cited provisions of the Minerals and Mining Law which
authorize the revocation of a mineral right if payments are not settled
within 60 days of notice. They warned that government inaction could set a
"dangerous precedent" where foreign multinationals exploit Liberia's
resources while ordinary citizens face penalties for tax defaults.

 

APNIFFT's Demands

 

The caucus outlined a series of demands, including:

 

Immediate Enforcement: The Liberia Revenue Authority (LRA) must collect all
arrears, including penalties and interest, within seven business days.

 

 

License Suspension: The Ministry of Mines and Energy should issue a
statutory notice of default and suspend Hummingbird's license if payments
remain unsettled within the 60-day legal timeframe.

 

Legislative Oversight: Lawmakers must resist any lenient settlements and
ensure Liberia's resources are not "free for extraction without
accountability."

 

Transparency: The LRA, MME, and LEITI should publish a reconciliation of all
arrears within 21 days.

 

Community Protection: Safeguards must be put in place to protect local
communities and workers if the company's license is revoked.

 

Stronger Future Agreements: New MDAs should include automatic termination
and "Use-It-or-Lose-It" clauses to prevent prolonged defaults or speculative
holding of mineral rights.

 

The caucus emphasized that tolerating noncompliance undermines Liberia's
commitments under the African Union's declaration on illicit financial
flows, the Addis Tax Initiative, and the Extractive Industries Transparency
Initiative (EITI).

 

"Failure to act firmly in this matter transforms our government into a
toothless bulldog, and worse still, raises legitimate concerns about
collusion, corruption, and systemic exploitation of our country's wealth by
external interests, enabled by internal actors," the statement concluded.

 

The lawmakers reiterated that no corporation should be above the law and
vowed to continue pushing for accountability in the management of Liberia's
natural resources.

 

Read the original article on Liberian Observer.

 

 

 

Kenya: Aviation Workers to Down Tools From October 1, Union Lists 6 Demands

Nairobi — The Kenya Aviation Workers Union (KAWU) has issued a seven-day
strike notice to the Kenya Airports Authority (KAA), accusing the board of
incompetence and threatening industrial action unless six grievances are
addressed.

 

In a letter dated September 23 and addressed to the Acting Managing Director
and CEO of KAA, the union said all unionisable employees would down their
tools upon expiry of the notice period if their demands are not met.

 

KAWU's Secretary General Moss Ndiema cited "loss of faith in the KAA Board
of Directors" as the foremost grievance, saying poor governance, systemic
inefficiencies, and lack of foresight had led to bad decisions, including
the controversial Adani lease deal.

 

"The Board is not serving the best interests of Kenyans as custodians of
KAA. For their incompetence and lack of direction, the Board ought to
resign," the letter copied to Labour Cabinet Secretary states.

 

 

The union also raised alarm over the reported transfer of the Ground Flight
Safety (GFS) department from KAA to the Kenya Civil Aviation Authority
(KCAA), warning that the move would trigger job losses, redundancies, and
massive revenue losses for the authority.

 

The union also cited KAA's failure to confirm over 500 contract employees to
permanent and pensionable terms.

 

Other grievances outlined in the strike notice include failure to issue
substantive appointment letters to promoted employees and failure to pay six
months' overtime dues for staff at Wilson Airport.

 

The union further faulted the KAA board for what it termed as the crippling
and dismantling of the Human Resources department, a development it said
resulted in paralyzing staff welfare and pending CBA processes.

 

KAWU warned that unless the issues are conclusively addressed within the
seven days, it will have "no other alternative but to resort to industrial
action."

 

 

Read the original article on Capital FM.

 

 

 

 

Kenya: President Ruto Assures American Investors Kenya Is a Safe Destination

New York, U.S. — Kenya is a safe and secure destination for your
investments, President William Ruto has assured American investors.

 

The President said Kenya's macro-economic fundamentals make it the ideal
investment destination for American corporations seeking business
opportunities in Africa.

 

"We offer stability, world-class talent, green energy, and dependable
connectivity, just the qualities investors seek," he said in New York on
Monday.

 

He added: "Above all, we bring the resolute commitment to be your trusted
partner in building bold ventures that deliver strong returns and lasting
impact."

 

Follow us on WhatsApp   for the latest headlines

 

He made the remarks during the United States-Kenya Business and Investment
Roundtable meeting at the margins of the 80th Session of United Nations
General Assembly.

 

The President told the meeting that Kenya's economy is stable and
predictable as shown by key economic indicators such as low inflation and a
stable exchange rate.

 

 

"Kenya is now the sixth-largest economy in Africa and recently upgraded by
Standard & Poor's from B- to B, a clear signal of stronger macro-economic
fundamentals," he said.

 

Furthermore, he pointed out that diaspora remittances topped $5.1 billion in
2024, while pension assets grew to $18 billion, creating a pool of long-term
capital.

 

In addition, the President noted that the Nairobi Securities Exchange was
ranked the best performing exchange in Africa in 2024 and among the top
performers globally.

 

"The NSE now targets 40 new listings by 2029 including the landmark $1.15
billion IPO of the Kenya Pipeline Company later this year. We also launched
the Nairobi International Financial Centre to host global financial
players," he explained.

 

 

To enhance clarity and improve competiveness, the President pointed out that
the government has introduced a range of investor-friendly reforms.

 

These include zero-rating VAT on exported services, tax reforms that allow
companies to offset claims against future liabilities, and removal of the 30
per cent domestic equity requirement for ICT companies, thus unlocking more
investment in the digital economy.

 

President Ruto further assured companies and investors that they are
safeguarded by a strong legal and institutional framework in Kenya,
including constitutional guarantees against expropriation, clear dispute
resolution mechanisms, and robust contract enforcement.

 

He urged the investors to take advantage of Kenya's growing population of 55
million people and the country's strategic location in the continent.

 

"It is the natural gateway to East and Central Africa and, through the
African Continental Free Trade Area, a springboard into a $3.7 trillion
market of 1.4 billion people," he said.

 

Additionally, he said Kenya also enjoys privileged quota-free, duty-free
access to the American, United Kingdom, European Union, and the United Arab
Emirates' markets through several trade agreements.

 

"Collectively, these agreements give Kenya access to a combined market worth
about $50.1 trillion and 1.19 billion people," he said.

 

Recently, Kenya also signed a duty-free, quota-free access to the Chinese
market of 1.4 billion people.

 

The President said Kenya's impressive economic growth is underpinned by its
fintech backbone, which has seen global conglomerates set up operations in
Nairobi.

 

"From BUPA Health and Lloyd's of London to the European Bank for
Reconstruction and Development, alongside three upcoming UN agencies,
Kenya's role as a hub of finance, technology, and trade grows stronger at
every turn," he said.

 

The meeting was organised by the Corporate Council on Africa (CCA), the
Kenya Investment Authority, and the Kenya Private Sector Alliance.

 

Present were President and CEO of CCA Florizelle Liser, ICT Cabinet
Secretary William Kabogo, and several CEOs of top American multinationals.

 

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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<mailto:bulls at bullszimbabwe.com> bulls at bullszimbabwe.com Tel: +27 79 993
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