Major International Business Headlines Brief::: 14 April 2023

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Major International Business Headlines Brief::: 14 April 2023 

 


 

 


 <https://www.nedbank.co.zw/> 

 


 

 


 

ü  Malawi: Chakwera Says Development Aid Not Solution to Country's Economic Wound

ü  South Africa: SA Reaches R1.2 Trillion Investment Target

ü  Nigeria: Seplat Energy Reacts to Lawsuit As Nigerian Government Alleges Breach of Immigration Law

ü  Tunisia: Domestic Oil Production Down By 16%, Natural Gas Resources By 14%, End of February 2023

ü  Sierra Leone: Native Consortium Frowns At Hike in Flour Price

ü  IFC and OCP Group Partner to Build Solar Plants, Green Fertilizer Production in Morocco

ü  Sierra Leone: UK Put Sierra Leone On Red List for Health Workers' Recruitment

ü  Nigeria: Shell Denies Breach of Nigerian Content Law

ü  Kenya: Govt Warns Residents Against Invading Private Land

ü  Namibia: 1 700 Jobs for Fishermen

ü  Kenyan Lawmaker Linet Chepkorir Didn't Say Kenyan Government Will Print More Money to Pay Civil Servants and Settle Debts

ü  Kenya: Keroche CEO Tabitha Karanja to Initiate Out of Court Settlement in Sh14bn Tax Evasion Case

ü  Tanzania: Over 21,000 New Jobs Up for Grabs

ü  Kenya: Basigo to Deliver 15 Electric Buses to Nairobi's Public Transport Operators

 


 <https://www.cloverleaf.co.zw/> 

 


 

 

 

Malawi: Chakwera Says Development Aid Not Solution to Country's Economic Wound

Malawi President Dr. Lazarus Chakwera on Wednesday officially opened the 2023 Tobacco Marketing Season with a call to Malawians to start working hard in their fields in order to resuscitate the country's economy from its sickbed.

 

Chakwera warned that the country risks remaining in the doldrums of abject poverty unless Malawians start weaning themselves from donor dependence and a notion that the government holds a key to every economic problem facing the nation.

 

"Some people in government and many people outside government behave and talk as though government itself is the solution to Malawi's economic sickness, but that is simply not the case. Government is a supporting structure for activating the solution to our economic sickness, but it is not the solution itself," he said.

 

 

The Malawi said there is a need for Malawians to increase agricultural productivity in order to generate enough revenue for developing the country.

 

"We need to increase the quantity, the variety, and the quality of what we produce as a country to competitively generate revenue from global markets. It is that simple.

 

"Now to increase the quantity, the variety, and the quality of what we produce as a country, we have to do the work. No one is going to do that work for us.

 

"And as I have stated previously, the primary and priority sectors in which we must work harder, smarter, and together to increase productivity are agriculture, tourism, and mining.

 <https://www.cloverleaf.co.zw/> 

 

 

"This is what I have referred to as our ATM strategy, and it is absolutely critical that everyone of us consider how to support these three sectors to increase the quality, the variety, and the quantity of products to generate the forex revenue that our country needs for its development," stressed Chakwera.

 

The opening of the tobacco-selling season automatically brings a flicker of hope to the country as expectations are high that the market will ease the shortage of foreign exchange currency in the economy thereby soothing the importation of strategic commodities such as fuel and pharmaceuticals.

 

However, President Chakwera was quick to warn that forex availability will remain volatile for as long as Malawians do not tame their appetite for imported good, products and services.

 

He observed that almost every Malawian is contributing to forex shortage despite politicians and large-scale businesspeople carrying the blame.

 

 

"When we talk about forex revenue, none of us should pretend or imagine that we do not need it.

 

"If you are wearing imported clothes today, then you have used the country's forex.

 

"If you came here in an imported car, then you have used the country's forex.

 

"If that car has used imported fuel, then you have used the country's forex.

 

"If you have eaten any imported foods this week, then you have used the country's forex.

 

"If you travel outside Malawi, you use the country's forex.

 

"If you use imported chemicals in your hair or imported products for your hygiene, you use the country's forex.

 

"If you go to the hospital or pharmacy to get imported medicines, then you use the country's forex.

 

"The list of things in our lives that require the consumption of forex is endless, and so there is no question that we are a nation of forex consumers. But that is not really the problem," he said.

 

Meanwhile, the tobacco industry regulator, Tobacco Commission (TC) says about 20,000 bales of tobacco have been availed at the floors, with an estimated 2600 expected to be sold today.

 

Malawian tobacco farmers are expected to enjoy good prices that will fetch the leaf this year as ten tobacco-buying companies are set to compete to purchase an estimated output of 126 million kilograms.

 

Such a volume is deemed by the tobacco industry as an underproduction owing to several external shocks including the devastating effects of Cyclone Freddy, which washed away many tobacco fields.

 

A random visit inside the floors shows that some bales are fetching a record high of US$2.40 (about MK3, 600) per kilogram on auction marketing which has already sent farmers smiling ear to ear.

 

Chinkhoma, Limbe and Mzuzu Auction Floors are also scheduled to open 13th, 17th April, and 2nd May, respectively.

 

-Nyasa Times.

 

 

 

South Africa: SA Reaches R1.2 Trillion Investment Target

While the target of reaching R1.2 trillion worth of investments has been successfully reached at the fifth South African Investment Conference (SAIC), currently underway, President Cyril Ramaphosa this morning set a new target for the country for the next five years.

 

"We are now setting a new target to mobilise approximately R2 trillion in new investments over another five-year period, between now and 2028," the President told delegates and investors gathered at the Sandton Convention Centre.

 

"With the achievement of our R1.2 trillion target today, we now cast our collective eyes to the horizon. With your support, with your investment, we can realise more growth, offer more opportunities and create even more jobs. As we work with dedication and focus to overcome our immediate challenges, let us not lose sight of the incredible promise of our country, South Africa," the President said.

 

 

"We remain convinced that South Africa is an investment destination with significant untapped potential. We do believe that by leveraging our unique value proposition, we have the ability to attract higher levels of investment. In the midst of all the challenges we face, our ambition has not been misplaced. We do believe that the target we set in 2018 was not misplaced either. The four South African Investment Conferences that have taken place to date have attracted R1.14 trillion in investment pledges."

 

And today the 2018 target of R1.2 trillion has been reached.

 

Progress made

 

Ahead of the 2018 target being reached today, President Ramaphosa said: "We expect that the investment announcements made here today will take this total beyond the target that we set five years ago. While investment decisions often take several years to reach fruition, the investment commitments made to date have already resulted in substantial investment in the productive economy."

 

 

Almost 70% of the total number of projects announced since 2018 are either completed or on their way to completion.

 

The President told delegates that their presence and participation at the conference is a clear demonstration that South Africa continues to be an attractive investment destination despite a strained domestic and global economic climate.

 

To date, approximately R460 billion of capital has been invested in building new factories, purchasing equipment, constructing roads, sinking mine shafts and rolling out broadband infrastructure.

 

"What really stands out is the impact of these investments on the lives of South Africans who are now able to earn a decent living and care for their families. As we create sustainable jobs we are working to tackle poverty and inequality.

 

 

"Beyond the pledges made inside this conference hall, I have been encouraged by the investments that are happening in our economy and those that are being facilitated via InvestSA, our investment envoys, our diplomatic missions in various countries and our government departments, especially the Department of Trade, Industry and Competition."

 

In addition, international companies are expanding their footprint in the country.

 

The President emphasised that it has been a core conviction of the sixth administration that in order to create jobs, it must drive growth, and that fundamental economic reforms must be implemented.

 

The fifth SAIC affirms local and international investor confidence in the structural reforms to improve the business environment.

 

The energy sector remains a priority

 

Turning his attention to the country's energy challenges, the President said that a lack of reliability in electricity supply weakens business and consumer confidence. This as it taints international perceptions about the country and affects investment sentiment and decisions.

 

Last July President Ramaphosa announced an Energy Action Plan with the view to address the energy challenge. The plan presents a clear path to reduce the severity and frequency of load shedding in the short term and achieve energy security in the long term.

 

The Minister in the Presidency responsible for Electricity, with the support of the Departments of Mineral Resources and Energy, Public Enterprises and the National Energy Crisis Committee, is overseeing the implementation of this plan.

 

"Our immediate focus is on improving the performance of our existing coal fired power stations as they continue to provide the baseload of our energy. Demand-side management initiatives will receive elevated attention, including through consumer behaviour, rooftop solar and facilitating embedded generation.

 

"We have been implementing wide-ranging reforms in the electricity sector to enable private investment in electricity generation and accelerate the procurement of new generation capacity from solar, wind, gas and battery storage," explained the President.

 

Meanwhile, government will implement the Just Energy Transition Investment Plan, which outlines the investment needs to support a just and inclusive transition towards cleaner forms of energy. In addition, the review of the Integrated Resource Plan to lay the foundation for a fundamentally transformed energy landscape that transitions us along a low-carbon, climate resilient developmental path will soon be completed.

 

-SAnews.gov.za.

 

 

 

Nigeria: Seplat Energy Reacts to Lawsuit As Nigerian Government Alleges Breach of Immigration Law

The lawsuit is the latest phase of the clash between Seplat Energy's CEO Roger Brown and some stakeholders.

 

Nigeria's biggest oil and gas company by market value, Seplat Energy, said Thursday there is a court action initiated by the Nigerian government alleging a breach of immigration law by the company and some of its directors.

 

"The suit is in relation to the immigration status of Mr. Roger Brown and the withdrawal of his immigration visa by the Ministry of Interior," the oil driller said in the statement.

 

The lawsuit is the latest phase of the clash between Seplat Energy's CEO Roger Brown and some stakeholders.

 

 

Earlier this year, concerned parties petitioned Rauf Aregbesola, Nigeria's minister of interior, stating allegations of favouritism, racism, discrimination and breach of corporate governance against Mr Brown, a British citizen.

 

On 3 March, the minister had sent a letter to Chairman Basil Omiyi, informing him of the withdrawal of the CEO's work permit as well as his visa and residence permit including a petition from a lawyer to the Seplat employees who made the allegations.

 

A week later, a Federal High Court in Lagos gave an interim order forbidding Mr Brown from management activities in Seplat Energy, granting the prayer of petitioners including Moses Igbrude, Ajani Abidoye, Sarat Kudaisi, Robert Ibekwe and Kenneth Nnabike.

 

The court also forbade the company's chairman and all independent non-executive directors from running the company "in an illegal, unfairly, prejudicial and oppressive manner pending the hearing and determination of the petitioners' motion on notice for interlocutory injunction."

 

 

Seplat Energy said last week the court had repealed the orders initially issued against its CEO and its chairman.

 

"The Company maintains that the petition lacks proper basis and is premised on false allegations," Seplat Energy said in a statement issued after the court ruling.

 

Lawsuit

 

But in a new lawsuit instigated by the Nigerian government through the Ministry of Interior, the government brought a four-count charge against the company according to court papers seen by PREMIUM TIMES.

 

The first count alleged that Seplat Energy, its CEO, its chairman, Company Secretary Edith Onwuchekwa and directors including Charles Okehalam, Fabian Ajogwu, Rabiu Bello, Bashirat Odunewu and Emma Fitgerald (all of them defendants) conspired among themselves to allow Mr Brown accept employment as the CEO without the consent of the comptroller general of immigration.

 

The documents added that the action contravened Section 36 (1)(a) and 71 of the Immigration Act 2015 and is punishable under Section 36 (2) and Section 71 (a) of the Immigration Act 2015.

 

According to the second count, the defendants allegedly conspired to "allow Mr Roger Brown take over business as Chief Executive Officer of Seplat Energy PLC without the consent of the Minister of Interior, contrary to Section 36 (1) (b) and punishable under Section 36 (2) and Section 105 of the Immigration Act 2015."

 

The third count alleged that the defendants "did instigate, encourage, connive, by neglect on your part, allow Mr. Roger Thompson Brown, a non- Nigerian to accept employment as Chief Executive Officer of Seplat Energy PLC even after withdrawal of his immigration documents."

 

The action contravened Sections 36, 71 and 105 of the Immigration Act 2015 and is punishable under Sections 36(2) 105(1) of the Immigration Act 2015, it added.

 

The fourth count stated that the defendants allegedly failed to apply to the comptroller general of Immigration for his permission before employing him both as the CEO and the chief finance officer of the company contrary to Section 38(1) of the Immigration Act 2015 and punishable under Section 38(5) of the Immigration Act 2015.

 

Seplat said in the Thursday statement that it "continues to follow the rule of law and uphold high standards of corporate governance."

 

The company added that it "remains confident that it has provided all of the required documentation to the Ministry of Interior and the judicial process will address the circumstances appropriately."

 

-Premium Times.

 

 

 

Tunisia: Domestic Oil Production Down By 16%, Natural Gas Resources By 14%, End of February 2023

Tunis/Tunisia — The domestic production of crude oil dropped by 16% at the end of February 2023 compared to the end of February 2022, standing at 242 kilotonnes (kt), according to the Energy Outlook for February 2023, released Thursday by the National Observatory of Energy and Mines under the Ministry of Industry, Mines and Energy.

 

This drop hit most of the main fields, namely Halk el Manzel, which started production in 2021 (-56%), Ashtart (-26%), El Borma (-14%), Adam (-19%), M.L.D (-31%), Cherouq (-31%) and El Hajeb/Guebiba (-16%).

 

On the other hand, other fields saw an improvement in production, namely Gherib (+36%), Hasdrubal (+8%) and Cercina (+6%).

 

 

Average daily oil production fell from 37.8 thousand barrels/d at the end of February 2022 to 33.2 thousand barrels/d at the end of February 2023.

 

// 14% drop in natural gas resources

 

Natural gas resources (national production + fiscal package) reached 416 ktoe (kilotonnes of oil equivalent), at the end of February 2023, down 14% compared to the same period of the previous year.

 

The production of dry commercial gas edged down by 13%, with a decrease by 18% in the right of passage of Algerian gas.

 

Besides, the share of the total royalty between the royalty ceded to STEG and the exported royalty shows that the largest part is given to STEG (85%).

 

In January 2023, an overrun in STEG levies on the fee due to the Tunisian State was recorded and is in the process of being regularised.

 

The fiscal package on the passage of Algerian gas fell considerably in the first half of 2020, as the pandemic that hit Europe and notably Italy had a strong impact on energy demand and consequently on the quantity of gas passing from Algeria to Italy through Tunisia.

 

Nevertheless, an improvement was registered from July 2020 onwards, which continued during 2021 and 2022.

 

In February 2023, the fee decreased by 4%.

 

Purchases of Algerian gas went up by 3%, between the end of February 2022 and the end of February 2023, to 395 ktoe, following the drop in production.

 

The national supply of natural gas dropped by 5% between the end of February 2022 and the end of February 2023 to 803 ktoe.

 

-Tunis Afrique Presse.

 

 

 

Sierra Leone: Native Consortium Frowns At Hike in Flour Price

Native Consortium and Research Centre (NCRC) through a press release issued on Tuesday 11th April has condemned the recent hike in the price of wheat flour in the country.

 

"The NCRC is urgently calling on President Bio to intervene in the astronomical hike in the price of bag of flour resulting into an artificial scarcity created by flour importers and the 92% increase within a week," the Consortium said.

 

They urged the President to engage stakeholders in the flour industry including the Trade Minister, Pee Cee & Sons and Juldeh Shaw, among others, so as to reduce the price.

 

 

"In as much as the political period matters but we are calling on Mr. President that our bread and butter matters most," they said.

 

Late last week, there were rumours that bakers and bakery owners were preparing to go on strike due to a shortage of flour in the market and on Monday there was a huge scarcity of bread within the Freetown municipality which made it difficult for customers to have bread especially those who are observing the month of Ramadan.

 

A large portion of Sierra Leoneans heavily depend on bread after rice, which is the country's staple food. Some homes in the West African nation alternate bread to rice to safeguard cost but the recent price hike has seen the size of bread reduced.

 

Sierra Leone, like most countries in the sub-region, is currently experiencing inflation. The country's Central Bank predicted that the trend would likely continue due to the rise in the exchange rate of foreign currencies against the Leones and protracted effects of the Ukraine War.

 

However, last week the Sierra Leone Bakers' Union informed the public that due to the scarcity of bread flour in the country, they as bakers will lay down their tools if their concerns are not addressed.

 

Information Technology Manager at Pee Cee and Sons, Augustine K Dawoh, during an interview conducted at Radio Democracy 'Gud Morning Salone program', assured the public that they have enough bread flour.

 

He disclosed that the cost for bread flour at the black market is NLe1, 500 and NLe1, 400 per 50kg bag, but they are selling it at NLe 800 for 50kg bag.

 

-Concord.

 

 

 

 

IFC and OCP Group Partner to Build Solar Plants, Green Fertilizer Production in Morocco

IFC and OCP Group, the world’s largest phosphate-based fertilizer producer, today announced a partnership through a landmark green loan to build four solar plants to power OCP’s Morocco operations to reduce the company’s carbon footprint and help green its fertilizer production.

 

Under the agreement, announced during the International Monetary Fund-World Bank Group Spring Meetings in Washington D.C., IFC will provide OCP with a green loan of €100 million to build the solar plants in the mining towns of Benguerir and Khouribga, home to Morocco’s largest phosphate reserves.

 

The plants will have a combined capacity of 202-Megawatt peak (MWp) and will supply clean energy directly to OCP’s operations. The project will be implemented by OCP Green Energy SA, a wholly owned OCP subsidiary established in 2022 to develop the company’s renewable energy generation activities.

 

A green loan is a form of financing for environmental projects where benefits are assessed and measured against agreed targets. The project is part of OCP’s $13 billion  Green Investment Program , which aims to increase its green fertilizer production and transition its operations to   green energy by 2030 and allow OCP to replace its electricity consumption with green energy, avoiding about 285,000 tons of carbon dioxide equivalent (tCO2e) annually.

 

«This ground-breaking agreement underlines our commitment to the global agricultural transition. Investing in reliable and competitive renewable energy is a key pillar of OCP’s investment plan towards our ambitious targets for sustainable green fertilizers,” said OCP Group Chairman and CEO Mostafa Terrab. “Securing this loan is a testimony to the partnership we are building with IFC and the alignment of our institutions addressing the global challenges of food security and climate change simultaneously.”

 

“We are proud to support OCP’s efforts to reduce emissions and green its fertilizer production in Africa,” said IFC Managing Director Makhtar Diop. “Climate change and food security are deeply intertwined. With this investment, we are helping build a food system for Africa and the world that is both more sustainable and more secure.

 

The solar plants will provide a cost-effective source of energy, contributing to OCP Group’s overall competitiveness by increasing production of low-carbon fertilizers. OCP plans to source 100 percent of its electricity needs through wind, solar and cogeneration by 2027. The plants will also support the resilience and diversification of Morocco’s electricity sector.

 

The project supports IFC’s mandate to help emerging countries access private capital to implement climate-friendly projects, decarbonize their economies, and adapt to a warming planet. IFC is committed to growing its climate-related investments to an annual average of 35 percent of its own-account long-term commitment volume between 2021 and 2025 and working with financial institutions to finance projects that support climate change mitigation and adaptation. This project also aligns with IFC’s  Global Food Security Platform , a $6 billion financing facility launched in 2022 to strengthen the private sector’s ability to respond to the food crisis and help support the sustainable production of food.

 

The project will also leverage the expertise of INNOV’X, an innovation engine launched by Mohammed VI Polytechnic University in 2022 dedicated to building innovative and sustainable businesses and ecosystems with strong local impact.

 

In 2021, IFC provided OCP with a $100 million loan to support its subsidiary, OCP Africa, to increase the availability of fertilizers and improve training on practices on local soils and crops in Côte d’Ivoire, Ethiopia, Ghana, Kenya, Nigeria, Senegal and Tanzania. IFC also assisted OCP to obtain EDGE (Economic Dividends for Gender Equality) certification for gender equality in 2022.

 

About OCP Group:

 

The OCP Group contributes to feeding a growing world population by providing it with essential elements for soil fertility and plant growth. With a century of expertise and a turnover of more than 11.3 billion dollars in 2022, OCP is the world for plant nutrition solutions and phosphate fertilizers. Based in Morocco, and present on five continents, the OCP Group has nearly 18,000 employees and works closely with more than 350 customers around the world. OCP recently launched a new green investment strategy, dedicated to increasing fertilizer production and investing in renewable energy. The strategy foresees an overall investment of approximately $13 billion over the period 2023-2027, which will enable the group to use 100% renewable energy by 2027 and achieve full carbon neutrality by 2040 The strategy also aims to reach a water desalination capacity of 560 million m3 in 2026 and to increase the production of green fertilizers.

 

The Group is firmly convinced that leadership and profitability are necessarily synonymous with social responsibility and sustainable development. Its strategic vision is at the junction of these two dimensions.

 

For more information: www.ocpgroup.ma ; twitter.com/ocpgroup

 

About IFC:

 

IFC - a member of the World Bank Group - is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2022, IFC committed a record $32.8 billion to private companies and financial institutions in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity and boost shared prosperity as economies grapple with the impacts of global compounding crises.

 

 

 

Sierra Leone: UK Put Sierra Leone On Red List for Health Workers' Recruitment

The United Kingdom has placed Sierra Leone and other Africans and Asians Countries on the red list of countries that it will not be actively targeting for recruitment in health and social care.

 

A total of 54 countries including Sierra Leone are on the list of countries that health and social care employers in the UK will not be actively targeting for recruitment.

 

The announcement is based on the 2023 World Health Organisation (WHO) Workforce Support and Safeguard List which placed Sierra Leone among the other 54 countries facing critical health workforce shortages. It is also in line with Code of Practice for International Recruitment that prevents some developing countries from being targeted when actively recruiting health or care professionals.

 

 

Sierra Leone and the other countries listed have a UHC Service Coverage Index that is lower than 50 and a density of doctors, nurses and midwives that is below the global median (48.6 per 10,000 population).

 

So, the UK, in its revised code of practice said the health and social care organisations in England do not actively recruit from those countries the WHO recognises as having the most critical health and care workforce-related challenges unless there is a government-to-government agreement to support managed recruitment activities.

 

According to the code, active international recruitment is the process by which UK health and social care employers (including local authorities), contracting bodies, recruitment organisations, agencies, collaborations, and sub-contractors target individuals to market UK employment opportunities, with the intention of recruiting to a role in the UK health or social care sector.

 

It includes both physical or virtual targeting, and whether or not these actions lead to substantive employment. The code of practice applies to the appointment of all international health and social care personnel in the UK, including all permanent, temporary, and locum staff in clinical and non-clinical settings. This includes but is not limited to allied health professionals, care workers, dentists, doctors, healthcare scientists, medical staff, midwives, nursing staff, residential and domiciliary care workers, social workers, and support staff.

 

But, a country being on the red list does not prevent individual health and social care personnel from independently applying to health and social care employers for employment in the UK, of their own accord and without being targeted by a third party, such as a recruitment agency or employer (known as a direct application).

 

Here are the countries placed on the red list of 'No active recruitment': Afghanistan, Angola, Bangladesh, Benin, Burkina Faso, Burundi, Cameroon, Central African Republic, Chad, Comoros, Congo, Democratic Republic of Congo, Côte d'Ivoire, Djibouti, Equatorial Guinea, Eritrea, Ethiopia, Gabon, The Gambia, Ghana, Guinea, Guinea-Bissau, Haiti, Kiribati, Lao People's Democratic Republic, Lesotho, Liberia.

 

Other countries are Madagascar, Malawi, Mali, Mauritania, Federated States of Micronesia, Mozambique, Niger, Nigeria, Pakistan, Papua New Guinea, Rwanda, Samoa, Senegal, Sierra Leone, Solomon Islands, Somalia, South Sudan, Sudan, United Republic of Tanzania, Timor-Leste, Togo, Tuvalu, Uganda, Vanuatu, Republic of Yemen, Zambia, and Zimbabwe.

 

-Concord.

 

 

 

Nigeria: Shell Denies Breach of Nigerian Content Law

The Ijaw Youth Congress alleges that SPDC had excluded indigenous players from its operations at the EA fields in breach of the community content guidelines.

 

The Shell Petroleum Development Company of Nigeria (SPDC) on Wednesday denied claims that it was in violation of Nigerian Content laws at the EA fields in Bayelsa State.

 

The Ijaw Youth Congress (IYC) had on Monday alleged that SPDC had excluded indigenous players from its operations at the EA fields in breach of the community content guidelines.

 

The News Agency of Nigeria (NAN) reports that the content guidelines were set out by the Nigerian Content Development and Monitoring Board (NCDMB).

 

The youth group said that it would resist any plot to exclude members of the host community by mobilising for a protest that would ground operations at the oil fields if the policy was not reversed.

 

The group also urged the Minister of Petroleum, President Muhammadu Buhari and leadership of NNPC Limited to prevail on SPDC to have a rethink and reciprocate the peaceful disposition of the host communities.

 

NAN also reports that SPDC operates the EA shallow offshore fields off Bayelsa coastline, deploying a Floating Production Storage and Offloading (FSPO) vessel, with a capacity to process and hold 1.4 million barrels of crude.

 

Reacting to the allegations, the SPDC said that on the contrary, it was a leading player in the development of local capacity in the oil and gas sector.

 

SPDC Media Relations Manager, Abimbola Essien-Nelson, in a statement, said that Shell awarded contracts worth $1.9 billion to Nigerian companies and works with NCDMB in building capacity of Nigerian companies in the oil and gas sector.

 

"The Shell Petroleum Development Company of Nigeria Limited Joint Venture (SPDC JV) is committed to the development of businesses in the Niger Delta.

 

"Working with government and community stakeholders, we have supported capacity development in several Niger Delta-owned businesses.

 

"The case in hand is a scheduled review of our logistics contracting process that has been in place for years. The review was supervised by the NNPC Upstream Investments Management Services (NUIMS) and the Nigerian Content Development & Monitoring Board (NCDMB).

 

"It was, however, conducted via an open and transparent bidding process which resulted in the entrance of several new contractors.

 

"The bid winners consist some of these new companies, as well as companies previously involved in the contract.

 

"All the bid winners, which are Nigerian companies, demonstrated their commercial and technical competences, as well as compliance with Nigerian Content regulations," SPDC stated.

 

The energy firm pledged that it would continue to support the development of local communities and companies.

 

It stated that in 2022, the SPDC Joint Venture, Shell Nigeria Exploration and Production Company (SNEPCo) and Shell Nigeria Gas (SNG) awarded contracts worth $1.9 billion to Nigerian-registered companies.

 

"Additionally, in 2022, the SPDC JV, SNEPCo and SNG invested $5.6 million in education programmes and contributed $34.29 million in direct social investment.

 

"Social investment was mainly in projects related to community, health, education, road safety and enterprise programmes.

 

"These projects are often implemented in partnership with local authorities and contractors.

 

"In addition, $56.13 million has been earmarked to be paid in 2023 by the SPDC JV and SNEPCo for a statutory contribution to Host Communities Development Trusts (HCDTs), which will benefit Nigerian communities," it stated.

 

-Premium Times.

 

 

 

 

Kenya: Govt Warns Residents Against Invading Private Land

Naivasha — Rift Valley Regional Commissioner Abdi Hassan has cautioned Naivasha residents against invading private land, adding that those doing so will face the full force of the law.

 

Hassan voiced the concern over what he termed as an emerging trend, where wananchi have been invading private land in the country and warned that this will not be tolerated in the Rift Valley region.

 

"Our security personnel are on high alert and will arrest any individuals found invading private property," he warned.

 

Hassan was addressing the media in Naivasha on Wednesday after chairing a joint meeting between the regional and Nakuru county security teams, who deliberated on the issue of the recent invasion of private land in Maai-mahiu and Ndabibi areas in Naivasha Sub-county.

 

 

The Nakuru County security team in the deliberations was led by the area County Commissioner Lyford Kibaara.

 

Last week, over a group of 500 irate mob invaded an expansive former Agricultural Development Corporation (ADC) farm in Ndabibi and started planting crops, even as the legal owners had also ploughed it and started planting their crops.

 

The crowd that was armed with crude weapons vowed not bulge from the over 1,000 acres which they claimed belonged to them.

 

The part of the land which was invaded belongs to a high-ranking government official in the deceased former President Daniel Arap Moi's administration.

 

But in a sharp rejoinder, Hassan urged the invaders to vacate the land immediately, saying the land in question has a case pending before court and urged them to wait for the resolution of this dispute.

 

The RC has in the past been quoted saying the government was determined to end the dispute in Ndabibi that spans over four decades.

 

Two weeks ago, a group of herders had equally invaded Utheri Wa Lari farm in Mai Mahiu and torched the farm's office.

 

This was after the court resolved the dispute over this land in favour of one group, but Hassan said the local security team will only move in to act on the land in question after they receive a court order.

 

The dispute at Ndabibi pits two groups namely Mwana Mwireri and Ndibithi and a private developer, over a 300-acre piece of land dispute that once belonged to the Agricultural Development Corporation (ADC), after the public entity hived 900acres out of its 32,000 acres in the area and sold to the public.

 

-Capital FM.

 

 

 

 

Namibia: 1 700 Jobs for Fishermen

Walvis Bay — The fisheries and labour ministries have embarked on a new strategy to offer actual jobs and salaries to unemployed fishermen through the Government Employment Redress Programme. After lengthy negotiations, the two ministries reached an agreement with the hake sector on Friday.

 

Through this agreement, the hake industry has undertaken to permanently employ 681 fishermen, while consultations with the horse mackerel industry are still ongoing.

 

So far, 119 fishermen will be employed at Seaworks, Merlus Fishing will take in 92, Hangana Seafood will absorb 290 fishermen, while Tunacor has pledged to take in 180.

 

 

Fisheries minister Derek Klazen yesterday also told journalists that 1700 fishermen will finally be permanently employed after the successful negotiations.

 

According to him, the hake sector was offered eight metric tons of hake for each fisherman they will employ. This translates into 5 448 metric tonnes for the hake sector.

 

The re-employment of the fishermen comes as a great relief for the sector after some people lost their jobs through an illegal strike in 2015, while others fell victim to the Fishrot scandal.

 

The re-employment process was initiated in 2020, following a Cabinet directive to address the plight of the fishermen who were in social distress following the illegal strike.

 

However, the affected group resigned on 22 August 2022, saying no employment was created since the Cabinet directive in 2020, and that they want to work for better salaries to sustain their families.

 

 

Following the directive, 1 100 fishermen have been employed since 2021 by Kuiseb Fishing Enterprises, Hadago Fishing, Cavema Fishing, Rainbow Fishing, Vernier Investment and Camoposatu through the Caveman joint venture.

 

The new employment negotiations came after their mass resignation from the joint venture last year after expressing their discontent over the N$4 000 allowances they were receiving, despite not doing any physical work.

 

"The new employment agreements will enable fishermen to do actual jobs, unlike in the past. I want to point out that the current employment agreements are not signed by individuals but by companies.

 

Also, no quotas are given to individuals but will be allocated to companies for the employment of the fishermen," Klazen explained.

 

He added that the allocation of quotas caused confusion during the previous agreements, whereby the fishermen wanted the quotas withdrawn from Cavema when they resigned.

 

Klazen pointed out that quotas could not be withdrawn, as some companies already caught their quotas, while others planned their operations against such quotas.

 

"That is why I want to make it clear that the quotas don't belong to the workers," he said.

 

Erongo governor Neville Andre, during yesterday's signing, said he is happy re-employment is being finalised, and that decent jobs are finally a reality for the beleaguered fishermen.

 

"What we see today is a light at the end of the tunnel, and it ensures stability in terms of jobs in our region. We want to thank the fishing industry for their commitment to assisting the government in terms of the employment redress programme," Andre said. At the same occasion, deputy labour minister Hafeni Ndemula also applauded stakeholders for the vital part they played in ensuring these agreements were reached.

 

"We are pleased to take our people from the streets, making sure amid unemployment we can secure jobs for at least 1 700. We will also make sure that everything is done according to the Labour Act," he said.

 

-New Era.

 

 

 

Kenyan Lawmaker Linet Chepkorir Didn't Say Kenyan Government Will Print More Money to Pay Civil Servants and Settle Debts

IN SHORT: Many Kenyans are having to count their shillings and cents and civil servants are facing salary delays. But Bomet county women rep Linet Toto didn't suggest the government's answer to this was to "print more money" - the quote has been made up.

 

A graphic circulating on Facebook in April 2023 attributes a controversial quote to Bomet county woman representative Linet Chepkorir, who is widely known as Linet Toto.

 

According to the graphic, Chepkorir said that the Kenyan government will print money to control the current financial crisis.

 

"Kenya Kwanza government will print more money next week to pay public servants and pay loans, and this will lower cost of living," the quote reads.

 

 

The graphic features the logo of Citizen Digital, a popular news website owned by the Royal Media Services media company.

 

The Kenya Kwanza government refers to Kenyan president William Ruto's administration.

 

Kenya Kwanza, an alliance of political parties set up ahead of the August 2022 elections and led by Ruto, beat the Azimio la Umoja One Kenya coalition, headed by Kenyan opposition leader Raila Odinga, to form the government.

 

The Chepkorir quote appeared as the salaries of Kenyan civil servants had been delayed for the month of March 2023, with some government workers threatening to go on strike. Kenyans were also grappling with the high cost of living.

 

Kenyan deputy president Rigathi Gachagua has blamed the previous government for accumulating huge debts, saying Ruto's government had prioritised repaying them, in turn leading to the salary delays.

 

The graphic has been posted here, here, here, here, here, here, here, here, here and here.

 

The quote has exposed the lawmaker to ridicule online, but did she make this statement? We checked.

 

Graphic fake, quote made up

 

Citizen Digital graphics are usually posted on the Citizen TV Kenya verified Facebook page and Twitter account. This graphic can't be found on either social media account.

 

We also looked for the quote on the lawmaker's Facebook page and found it stamped "fake" and captioned "Kindly ignore".

 

The quote is made up and the graphic is fake.

 

 

 

 

Kenya: Keroche CEO Tabitha Karanja to Initiate Out of Court Settlement in Sh14bn Tax Evasion Case

Nairobi — Keroche Chief Executive Officer (CEO)Tabitha Karanja has been charged afresh in a Sh14 billion tax evasion case after the prosecution amended the charge sheet.

 

She however pleaded not guilty and has now been given 45 days to initiate the Alternative Dispute Resolution (ADR) process failure to which the matter will proceed to full trial.

 

Through her lawyer, the court was told that she would like to have the matter settled out of court.

 

"The defence says that they want to have the matter settled the matter out of court. Today in court, a representative from KRA says no such requests has been made to the commissioner," Magistrate Esther Kimilu stated.

 

"It is evident that defence was not ready. I give them 45 days to initiate the ADR process failure to which no further delay or adjournment will.be granted .Court has always been ready," she directed.

 

-Capital FM.

 

 

 

 

Tanzania: Over 21,000 New Jobs Up for Grabs

Dodoma — THE government has announced 21,200 new employment opportunities in both education and health sectors, thanks to President Samia Suluhu Hassan's decision to issue an employment permit.

 

The new jobs were announced on Wednesday by the Minister of State in the President's Office, Regional Administration and Local Government, Angellah Kairuki.

 

According to the minister, out of the announced new employment opportunities, 13,130 have been allocated for teachers, while the remaining 8,070 will be up for grabs by health workers.

 

At a media briefing which was also attended by top officials from the ministry, Ms Kairuki said that applications from qualified Tanzanians were open beginning yesterday, adding that the deadline will be on April 25, 2023.

 

 

The new opportunities according to her were open for Tanzanians holding certificate, diploma and degree education levels.

 

Those aspiring to be teachers, she added should have graduated between 2015 and 2022 and not aged more than 45 years. In the health sector however, the minister said that applicants should also not be above 45 years.

 

"All applications should be sent online via www.ajira.tamisemi.go.tz and I want to be specific that applications that will be sent via portal address or brought physically will not be accepted," she noted.

 

However, Ms Kairuki warned applicants to be ware of conmen and women who have always been luring them to part with money so that they can be assisted in securing jobs.

 

According to her, those who had already applied in the previously announced jobs also have an option to harmonise their information in the provided website or apply afresh.

 

The qualifications for those seeking to grab the new jobs are-one must a Tanzanian aged not more than 45 years, must have reached Form Four/Six and has a certificate from a college/ higher learning institution recognised by the government or with valid practicing licence and should not be found in any government payroll, among others.

 

Those who studied outside the country according to the minister at the lowest education levels should seek for equivalent numbers beginning with EQ from the National Executive Council of Tanzania (NECTA) while those who studied at universities outside the country should seek for accreditation from the Tanzania Commission for Universities (TCU).

 

In January last year President Samia Suluhu Hassan announced that the government will recruit 7000 new teachers, who were recruited.

 

President Samia said that after the construction of education infrastructure, the provision of teaching materials, the creation of a learning environment, the construction of classrooms and furniture, the next step is to increase the number of teachers.

 

President Samia made the statement, while speaking over the phone with students of Benjamin Mkapa Secondary School in Dar es Salaam. The students and the school administration organised a celebration for President Samia's birthday.

 

'We will add and distribute them to match the class building and the level of high school students," she said.

 

-Daily News.

 

 

 

 

Kenya: Basigo to Deliver 15 Electric Buses to Nairobi's Public Transport Operators

Nairobi — Kenyan electric vehicle startup BasiGo will deliver 15 electric buses to public service vehicle (PSV) operators in Nairobi.

 

Today, the startup delivered two environmentally friendly buses to Citi Hoppa and Super Metro.

 

The shift to EV passenger vehicles comes at a time when William Ruto's administration seeks to modernize the country's PSV sector.

 

Roads and Transport Cabinet Secretary (CS) Kipchumba Murkomen said EV adoption is part of the government's agenda to address pollution and climate change.

 

CS Murkomen added that the government will provide incentives for public service vehicles, motorcycles, and commercial transporters to acquire EVs.

 

 

"The Government will play its role in the transition to e-mobility by providing an enabling environment for development and mainstreaming e-mobility through fiscal incentives for importers, manufacturers, assemblers, sellers and spare part dealers," said Murkomen.

 

The Kenyan government enacted the Climate Change Act of 2016 and the Energy Act of 2019 to help with the transition to e-mobility.

 

Through the Finance Act of 2019, the excise tax on 100 percent EVs was reduced from 20 percent to 10 percent, and a host of other possible incentives are being considered under the draft National Green Fiscal Incentives Framework.

 

"As we promote electric mobility, we must prepare as a nation to deal with batteries' end of life style in a manner that they will not cause any harm to the environment while exploring ways of recycling them or better ways of disposal will be crucial," he added.

 

The government is promoting the use of high-capacity vehicles in public transport for cities through the Bus Rapid Transit system (BRT).

 

Charging points have been established to facilitate the charging of the electric cars, which take 2 to 3 hours to fully charge and can allow a user to cover a total of 250 kilometers.

 

-Capital FM.

 

 

 

 


 


 


Invest Wisely!

Bulls n Bears 

 

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INVESTORS DIARY 2023

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


 

Good Friday

 

April 7

 


 

Easter Saturday

 

April 8

 


 

Easter Sunday

 

April 9

 


 

Easter Monday

 

April 10

 


 

Independence Day

 

April 18

 


 

Workers’ Day

 

May 1

 


 

Africa Day

 

May 25

 


 

 

 

 

 


Companies under Cautionary

 

 

 


CBZH

TSL

Fidelity

 


Willdale

FMHL

ZBFH

 


GetBucks

Zimre

Seed Co

 


 

 

 

 


 

 

 

 


 <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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