Major International Business Headlines Brief::: 19 April 2023

Tue Apr 18 19:59:49 CAT 2023

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Major International Business Headlines Brief::: 19 April 2023 

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

ü  South Africa: Former Tourism Minister Derek Hanekom Appointed New SAA Interim Chair 

ü  Seychelles: Japan Donates Patrol Vessel to Seychelles for Surveillance of Marine Protected Areas

ü  Tanzania: Govt Mulls Extending Tax Holiday to Homegrown Startups

ü  Nigeria: ExxonMobil Declares Force Majeure On Crude Oil Lifting in Nigeria

ü  Namibia: Artificial Intelligence Transforms Financial Planning and Management

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

ü  South Africa: Minister Gordhan Appoints New SAA Interim Board

ü  Nigeria: Number of Metered Electricity Customers Hits 5.13 Million

ü  Nigeria, Other African Countries to Benefit From AfDB's Six-Year Fertilizer Strategic Plan

ü  Mozambique: New Management of Lam Takes Over

ü  Kenyan Payment, Commerce Startups to Compete At Visa's Competition

ü  NIPDB and World Bank Group Join Forces to Tackle Financing Challenges for MSMEs

ü  Kenya: MPs' PAC Wants Forensic Audit On Fertilizer Subsidy Program Within 30 Days

ü  Namibia: More Than 600 Unemployed Fishermen Re-Enter Service On Hake Quota Sweetener

ü  Namibia: Crypto Company Contests for Frozen Funds

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

South Africa: Former Tourism Minister Derek Hanekom Appointed New SAA Interim Chair 

Former Tourism Minister Derek Hanekom has been appointed as the new interim chairperson of South African Airways (SAA), reports eNCA. The other interim directors include Fathima Gany, a finance expert; Fundi Sithebe, former chief operating officer of Airports Company of SA (ACSA); Mahlubi Mazwi, a strategist in finance and business; advocate Johannes Weapond, a specialist in corporate and compliance law; Clarissa Appana, an expert in the financial and corporate restructuring; and Dumisani Sangweni, an economist and strategist. The interim board became effective on April 15th. Despite the state-owned airline receiving R1 billion in this year's budget for debt settlement, an estimated additional R2.5 billion will be required for this purpose.

Stellenbosch University Council Probes VC Nepotism Claims

Stellenbosch University's council has appointed a committee of three, including an independent legal professional, to investigate allegations of nepotism against Vice-Chancellor Professor Wim de Villiers, reports News24. De Villiers faces mounting pressure following allegations of violating the university's policy on admission and nepotism. The allegations arose after De Villiers used his discretionary power to secure a place for his wife's nephew at the university's medical school, prompting questions and subsequent withdrawal of the placement. The council also decided to review the discretionary placement policy and acknowledged the impact of the issue on the university's stakeholders.

Enormous 23.95kg Python Caught in Durban Home by Dedicated Snake Catcher

A snake catcher, Nick Evans, and his team rescued a large southern African python weighing 23.95kg and measuring around 3.3 meters from a property in Clare Estate, Durban, reports IOL. Evans received a call from his friend Vincent about the python and went to the scene to find the snake in a difficult position, sprawled out over a high brick wall and tangled in barbed wire fences. Despite the challenges, Evans and his team managed to hold onto the snake and cut through the fences to safely capture it. The snake squirted urine on Evans and his helpers during the rescue. Evans expressed concern about the snake's well-being and the potential risks it could face if it escaped. Evans said that he and Vincent took the python to uShaka Sea World on Monday, to the Dangerous Creatures and veterinary team, for a check-up.

South African news

 <https://www.cloverleaf.co.zw/> Seychelles: Japan Donates Patrol Vessel to Seychelles for Surveillance of Marine Protected Areas

A patrol vessel donated by the Japanese government will help enhance the capacity of the Seychelles Fishing Authority (SFA) to carry out surveillance in three designated sites of the REEFFISH project in Seychelles.

The regional REEFFISH project is being carried out in Seychelles, Comoros, Kenya, Madagascar, and Mauritius. Its aim is to enhance livelihoods, food security and maritime safety through increased resilience of fishing communities dependent on coral reef fisheries in the African coastal countries of the Indian Ocean.

A total of $4.4 million has been distributed among the countries for the project funded by the Japanese government and supported by the Food Agricultural Organisation (FAO).

The $880,000 for Seychelles is set to help the fishing communities better manage their coral reef resources. It will also allow the authorities to collaborate with local stakeholders in improving the management of coral reefs and ensure the long-term sustainability of these resources and the economic well-being of the local fishermen.

During the handing over ceremony held on Tuesday, the Chargé d'Affaires of the Japanese Embassy, Ambassador Kato Eiji, said that the Japanese government has provided assistance to Seychelles in various areas including fisheries, climate change, maritime security, healthcare, and education.

"This particular boat will be used to improve surveillance in the marine protected areas. At the national level, it is hoped that this patrol boat will be used effectively for Seychelles to strengthen maritime surveillance," said Eiji.

The patrol vessel will also enhance enforcement in the designated coastal areas of the southern Anse Royale district, and the Silhouette and Curieuse marine protected areas, which are designated sites for the REEFFISH project.

Seychelles' fisheries minister, Jean Francois Ferrari, said that "the patrol vessel is very essential, as it will assist greatly with the prevention of illegal, unreported and unregulated (IUU) fishing, while also ensuring the monitoring of the fragile reef ecosystem during the natural restoration process."

He added that "the benefits of enhanced monitoring and surveillance are significant."

Ferrari said that this will greatly enhance the effort of the project beyond its lifespan in improving the resilience of fishing communities dependent on coastal reef fisheries such as traditional trap fishermen, who play an important role in guaranteeing the country's food security.

Seychelles News Agency.

Tanzania: Govt Mulls Extending Tax Holiday to Homegrown Startups

THE government is considering extending the tax holiday enjoyed by homegrown start-ups in an attempt to give a competitive advantage to local investors and entrepreneurs over their foreign counterparts.

Deputy Minister of Finance and Planning, Hamad Hassan Chande agreed with a suggestion from a Special Seats MP, Ng'wasi Damas Kamani that the investment law empowers the revenue Authorities to award a five-year tax holiday to foreign investors into the country. The same law is silent on local investors.

According to the legislator, the Financial Act of 2019 allows the Tanzania Revenue Authority (TRA) to issue a six-month tax holiday to start-ups, however implementation of the legislation remains at large.

"I suggest that the government make amendments to the investment law as well as the financial legislation to extend the tax holiday to new business to a period between 12 and 18 months," said the legislator.

The deputy minister seconded the suggestion. "We will work on this new suggestion at the government level," he added during the question session in the National Assembly on Tuesday in Dodoma.

Mr. Chande also directed the TRA Commissioner General, Alphayo Kidata to ensure the Financial Act of 2019 is fully implemented. "We want the Revenue Authority (TRA) to respect the legislation," the Deputy Minister said when he was responding to concern that new business owners, especially entrepreneurs, were subjected to pay upfront tax contrary to the financial law.

The financial law allows new start-ups to enjoy a tax exemption of at least six months. Speaking in the National Assembly, legislators said new business owners were required by the local councils to produce tax clearance for them to be given business licenses.

"This tax clearance comes after the assessment is done. Entrepreneurs are however required to pay a substantial amount before the tax clearance is printed out," Ms. Kamani said in the National Assembly.

Daily News.

Nigeria: ExxonMobil Declares Force Majeure On Crude Oil Lifting in Nigeria

American oil major, ExxonMobil has declared force majeure on oil lifting from several ports in Nigeria.

This follows reported industrial action by the company's in-house workers union, the company said, in a statement yesterday.

LEADERSHIP reports that this will lead to another set back to the country which is a member of the Organisation of Petroleum Exporting Countries (OPEC), and had lost its status as Africa's top oil producer last year when businesses such as Shell Plc and TotalEnergies began to reduce their investment due to extensive corruption and security concerns.

ExxonMobil has been trying to sell $1.2 billion in shallow-water assets in challenging Nigeria, the company told Reuters in February, while keeping deep-water assets further from the coast.

Spokesperson, Michelle Gray in a statement on Monday said that the company was exploring ways of resolving the issues with its workers.

"We will continue to take all reasonable actions necessary to resolve the impasse as soon as possible," Gray said on Monday.

In 2022, President Muhammadu Buhari reversed his earlier authorization of Seplat Energy Plc's $1.28-billion purchase of Exxon Mobil Corp. assets and backed the energy regulator's decision to reject the deal.

Hours after Buhari approved Seplat's acquisition of Exxon's shallow-water business on August 8, 2022 the Nigerian Upstream Petroleum Regulatory Commission, NUPRC, contradicted the decision , who also serves as oil minister.

Chief executive officer, Gbenga Komolafe, said in a statement that its previous rejection of the proposed transaction remained in place.

Exxon began oil operations in Nigeria in the 1950s and, alongside Shell, was responsible for the creation of the oil industry that has become the bedrock of the Nigerian economy.

Oil production in the swamps of the Niger Delta in the south of the country has generated billions of dollars in revenues for the companies and the government but has also resulted in corruption, violence and criminality that international oil groups have found increasingly difficult to manage.

In response, ExxonMobil and Shell, in the past two years, have announced plans to end their onshore operations, while continuing offshore projects. The planned divestments provide an opportunity for local producers such as Seplat to expand.

But Exxon and Shell have also been criticised for leaving behind a swath of environmental, social and operational problems.

Shell's planned divestment of its Nigeria assets has been put on hold pending the resolution of its appeal against a court order to pay $1.95bn of damages after an oil spill in 2019.

Seplat reached an agreement to buy Exxon's shallow water assets in February last year but the deal appeared in doubt after the Nigerian National Petroleum Compant Limited, the state oil company, secured a court order barring Exxon from selling the four licenses.

Exxon operates the permits in a partnership with NNPCL which had sought to block the transaction, arguing that it had a contractual right to pre-empt any sale.

Seplat, which is listed in both London and Lagos, had earlier welcomed Buhari's decision, describing the deal as "a transformational transaction" that would create "one of the largest independent energy companies" on both stock exchanges.

The acquisition would have increased Seplat's oil production by roughly 95,000 barrels a day, tripling its output.

Buhari earlier also said the deal would also boost Nigeria's ambitions to receive more foreign direct investment in the energy sector.

In the short-term, Exxon and Seplat are expected to work together to boost production at the four fields, thereby helping Africa's largest oil producer meet its OPEC production quota of 1.8mn barrels a day, it added. Nigeria has struggled with this target because of pipeline vandalism and theft in the Niger Delta region.

Leadership.

Namibia: Artificial Intelligence Transforms Financial Planning and Management

When it comes to financial planning and management, artificial intelligence (AI) is rapidly becoming one of the most important tools at our disposal. In a world where market conditions can change rapidly and unexpectedly, being able to rely on AI to help us make informed decisions about our finances can be the difference between success and failure.

So, what exactly is artificial intelligence, and how will it impact our finances in the years to come? In this article, I take a look at what AI is, how it's being used in the world of finance today, and what the experts think it will be like going forward.

What is artificial intelligence?

In short, artificial intelligence is the ability of computers to perform tasks that would normally require human intelligence, such as understanding natural language and recognizing patterns.

How is AI being used in finance today?

When it comes to finance, artificial intelligence can be used in a number of different ways. For example, AI can be used to help identify trends in the markets, make predictions about future market movements, and even provide recommendations on where to invest your money.

At present, AI is being used in several different ways to improve the efficiency and effectiveness of financial services. Amongst the improvements is the ability to better detect and prevent fraud. AI can help financial institutions to identify fraudulent activity more quickly and accurately. This can help to protect customers from loss and save businesses money.

It can also help us to improve our customer service, as we are now able to create a more personalised, efficient, and custom-made journey.

It's important to reflect on the role that AI plays in our lives - especially when it comes to our finances.

Since the early days of computing, AI has been developed and refined to help automate routine tasks with Robotics Process Automation. In recent years, AI has become more sophisticated and is now being used in a variety of industries to assist with tasks that are typically seen as more complex or difficult for humans to do.

Simply put, AI can help us make better financial decisions. For example, AI can be used to analyse large data sets to identify patterns and trends that we may not be able to see ourselves. This information can then be used to make more informed decisions about investing, spending, and saving.

AI can also be used to provide tailored financial advice that is specific to our individual needs and circumstances. This is because AI can take into account a range of personal data points - such as our income, expenditure, debts, assets, and goals - to provide us with personalised recommendations.

What's more, AI can help us to automate and stay on top of our money without having to put in a lot of time and effort. For example, AI-powered software can be used to track our spending, monitor our bank balances and alert us to any unusual activity. AI can also be used to help us stay disciplined with our budgets by sending us reminders and notifications when we are close to overspending.

It's important to remember that AI is still in its infancy stage and there is still a lot of development needed, but with refinement and growth, this is an area worth exploring and investing in.

Namibia Economist.

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.

South Africa: Minister Gordhan Appoints New SAA Interim Board

Public Enterprises Minister Pravin Gordhan has announced the appointment of an interim board of directors for national carrier, South African Airways (SAA).

Former Tourism Minister Derek Hannekom has been appointed as interim non-executive director and chairperson of the carrier.

Professor John Lamola - who was the air carrier's chairperson - will remain as an interim non-executive director and will continue as interim Chief Executive Officer.

The Minister made the announcement of the appointments in a statement on Monday.

Joining the two on the board are:

Fathima Gany

Fundi Sithebe

Mahlubi Mazwi

Advocate Johannes Weapond

Clarissa Appana

Dumisani Sangweni

Gordhan said the appointment of the board underscores government's unwavering commitment to the success and stability of the airline.

"Their exceptional experience and expertise will guide the airline toward a prosperous future in collaboration with the Takatso Consortium.

"We recognise the challenges SAA has faced in the past and the importance of learning from those experiences to ensure the airline's future success. The government is resolute in demonstrating our dedication to restructuring SAA and revitalising state-owned enterprises, as part of our broader commitment to promoting economic growth and development.

"To support SAA in achieving its goals, we have put in place strategies and plans that align with the airline's vision and objectives," Gordhan said.

The Department of Public Enterprises explained that the appointments mark "a significant step forward in the national carrier's ongoing transformation" and they will serve until "the introduction of the Strategic Equity Partner, Takatso Consortium".

The primary focus areas of the Interim Board encompass providing strategic leadership to the transitional management team and overseeing the integration of the Strategic Equity Partner, Takatso Consortium. The Consortium is poised to acquire a 51% majority stake in SAA, with the transaction presently undergoing regulatory review.

"The Interim Board remains dedicated to tackling key priorities, including implementing cost-saving measures, expanding route networks, elevating customer satisfaction, and expediting all requisite regulatory preparations to ensure a seamless transition as the Takatso Consortium assumes its role as the majority shareholder," the department said.

SAnews.gov.za.

Nigeria: Number of Metered Electricity Customers Hits 5.13 Million

Latest data by the National Bureau of Statistics has shown that the rate of metered electricity customers stood at 5.13 million in the fourth quarter of 2022 from 5.02 million in Q3 2022, indicating a 2.00 percent growth rate.

Nevertheless, on a year-on-year basis, this grew by 7.37 percent from 4.77 million in Q4 2021.

>From that figure, the 11 electricity distribution companies (DisCos) generated N232.32 billion revenue in the Q4 2022 period, compared to N202.62 billion in Q3 2022.

The total number of estimated customers was 5.93 million in Q4 2022, higher by 0.34 percent from the 5.91 million reported in Q3 2022. On a year-on-year basis, this rose by 3.34 percent in Q4 2022 from the figure reported in Q4 2021, the NBS report showed.

The total customer numbers in Q3 2022 stood at 10.94 million from 10.81 million in Q2 2022, showing a rise of 1.20 percent. On a year-on-year basis, customer numbers in Q3 2022 declined by 1.19 percent from Q3 2021 (11.07 million).

In Q3 2022, metered customers stood at 5.02 million from 4.96 million in Q2 2022, indicating a 1.33 percent increase. However, on a year-on-year basis, this grew by 5.71 percent from the figure reported in Q3 2021 which was 4.75 million.

According to the NBS report, estimated customers stood at 5.91 million in Q3 2022, higher by 1.09 percent from 5.85 million in Q2 2022. On a year-on-year basis, estimated customers declined by 6.38 percent in Q3 2022 from 6.32 million in Q3 2021.

Revenue collected by the DISCOs during the period stood at N202.62 billion in Q3 2022 from N188.41 billion in Q2 2022, showing a rise of 7.54 percent. On a year-on-year basis, revenue generated rose by 5.56 percent from N191.95 billion in Q3 2021.

Electricity supply in Q3 2022 stood at 5,024 (Gwh) from 5,227 (Gwh) in the previous quarter. On a year-on-year basis, electricity supply declined by 8.53 percent compared to 5,493 (Gwh) reported in Q3 2021.

In addition, the total customer numbers in Q4 2022 stood at 11.06 million from 10.94 million in Q3 2022, showing an increase of 1.10 percent. On a year-on-year basis, customer numbers in Q4 2022 rose by 5.17 percent from Q4 2021 (10.51 million).

On a year-on-year basis, revenue collected rose by 16.02 percent from N200.23 billion in Q4 2021. Electricity supply in Q4 2022 stood at 5,611 (Gwh) from 5,024 (Gwh) in Q3 2022, showing a rise of 11.68 percent. On a year-on-year basis, electricity supply declined by 3.48 percent compared to Q4 2021.

Leadership.

Nigeria, Other African Countries to Benefit From AfDB's Six-Year Fertilizer Strategic Plan

The African Development Bank (AfDB) has stated that its Africa Fertilizer Financing Mechanism (AFFM) strategic plan 2022-2028 is committed to mobilising funds to support the availability and appropriate use of fertilizer on the continent.

The move is apt especially at a time when Small Holder Farmers (SHFs) are grappling with high cost of farm inputs as a result of the unending Russia-Ukraine conflict.

The AFFM strategic plan 2022-2028 prioritises broadening access to finance through capital investments and policy reforms where technical assistance will also be provided to boost smallholder farmers' access and appropriate fertilizer.

This was the crux of the meeting when 11 institutional members of the he AFFM's governing council participated in a hybrid meeting hosted at the bank's headquarters in Abidjan.

They were the African Union Commission, Food and Agriculture Organisation (FAO), International Fertilizer Development Center, the African Export and Import Bank, Alliance for a Green Revolution in Africa, International Fertilizer Association, the Norwegian Agency for Development Cooperation, the Pan African Farmers Organization, Zimbabwe's Ministry of Agriculture, the AfDB and the AFFM Secretariat.

The council members, however, congratulated the AFFM for successfully delivering trade credit guarantee projects in Nigeria, Tanzania, Ghana and Côte d'Ivoire.

The AfDB's Vice President for Agriculture, Human and Social Development, Beth Dunford, said that the AFFM is one of the important vehicles for achieving the Bank's Feed Africa Strategy objectives.

"It is no surprise that AFFM has been instrumental in supporting the implementation of the bank's African Emergency Food Production Facility. I'm proud to say that the bank has mobilised our agriculture expertise to roll out facility programs in 24 African countries," Dunford said.

Through the end of 2022, trade credit guarantees totaling $8.8 million provided 5.3 times leverage, enabling the provision of 112,268 tonnes of fertilizer to 690,896 smallholder farmers in the four countries. Under these projects, 97 small and medium enterprises gained access to finance, and 138 companies, including fertilizer suppliers, hub-agro dealers and aggregators, and 20,987 smallholder farmers, benefited from capacity building

To scale up its trade credit guarantee investments, the AFFM has developed a pipeline of projects for implementation in 2023. These will be rolled out in Mozambique, Zimbabwe, Uganda, Kenya and Tanzania.

The council has endorsed the AFFM annual report for 2022 and the work program and budget for 2023.

Ahead of the 2023 Africa Fertilizer and Soil Health Summit (AFSH), scheduled for June and July 2023 in Dakar, Senegal, Amb. Josefa Sacko, African Union Commissioner for Agriculture, Rural Development, Blue Economy and Sustainable Environment and chair of the AFFM Governing Council, said that AFFM must be strengthened to support the implementation of decisions that would emerge from the summit.

The Head of Rural Development Division at the African Union Commission, Ms. Janet Ademe, spoke on Amb. Sacko's behalf.

The processes of sustainable production, distribution, use and management of fertilizers and soil health are critical for the transformation of African agriculture. All of these call for AFFM to undertake its function to avail appropriate financing instruments, which will allow the private sector to invest, and for our farmers to have access and appropriately use this important input in African agriculture.

This Day.

Mozambique: New Management of Lam Takes Over

Maputo — The international commission headed by the South African company "Fly Modern Ark', chosen by the Mozambican government to help revive Mozambique Airlines (LAM), is formally beginning its work on Tuesday.

Transport Minister Mateus Magala presented the team last Thursday to the current managers of LAM, who will work together with "Fly Modern Ark' for six months or a year.

Cited in Tuesday's issue of the Maputo daily "Noticias', Magala said that as yet there is no specific number of aircraft that "Fly Modern Ark' will allocate to its operations in Mozambique. All will depend on its assessment of LAM's needs and capacities.

Magala believed that, once the team was on the ground, it would be easy to determine the resources needed.

He said that one of the purposes of the new rehabilitation strategy for the national airline is to reduce its fares.

"Generally, the reduction of fares is a function of economies of scale and efficiency', he added. "Certainly this has to be linked to good management within a favourable civil aviation regulatory environment. We intend to achieve this quickly so that passengers can benefit from greater access to our LAM'.

The South African company will bring its own planes and equipment to help improve the management of LAM, which is effectively bankrupt.

According to Magala, the decision to put LAM under new management follows an assessment carried out last year, with the support of the World Bank.

Privatisation of LAM was ruled out, largely because of its debt burden of around 300 million dollars. Instead, the government has opted to bring a private company into the management of LAM, but without compromising its essence as a public company.

Kenyan Payment, Commerce Startups to Compete At Visa's Competition

Nairobi — Kenyan payment and commerce startups can now apply for funding after the launch of the Visa Everywhere Initiative (VEI) by Visa, a global digital payment platform.

VEI is a global innovation competition that welcomes participants from all over the globe, with application deadlines set for May 14, 2023.

The Kenyan chapter will see a total of Sh5.4 million ($40,000) in prize money distributed among the different categories.

While the overall winner will get Sh2.7 million ($20,000), the audience favorite will get Sh1.35 million ($10,000) and Sh1.35 million ($10,000) will go to an organization whose solution impacts local communities.

"The Visa Everywhere Initiative is a platform that empowers fintechs and entrepreneurs to showcase the most ground-breaking, impactful solutions in the world of payments and commerce," said Eva Ngigi-Sarwari, Visa Country Manager for Kenya.

"Through their technology-driven, innovative solutions, fintechs have the potential to offer broad social benefits - particularly when it comes to providing financial services to those who have traditionally been underserved. VEI is an important means of supporting the innovators playing a leading role in this space."

Apart from monetary prizes, VEI winners will gain access and exposure to Visa's vast network of partners in the banking, merchant, VC, and government sectors.

The winners also benefit from receiving recognition from one of the world's most trusted and valuable brands.

This year's VEI in Kenya will see an in-person competition on July 6, the winner of which will progress to the Central and Eastern Europe, Middle East, and Africa (CEMEA) finals, which will be livestreamed on July 27 on TechCrunch.

The winner of the CEMEA regional final will proceed to the global finale, which will be held on September 19 at TechCrunch Disrupt in San Francisco.

Ngingi said Visa intends to work closely with the Ministry of Information, Communication, and the Digital Economy as well as the Central Bank of Kenya during this VEI edition to support the innovation ecosystem in Kenya.

The VEI edition opening follows Visa's recent commitment made during last year's Jamhuri Day Tech Innovation Summit, attended by President William Ruto, where the organization outlined a five-year plan to digitally enable small businesses in Kenya.

Capital FM.

NIPDB and World Bank Group Join Forces to Tackle Financing Challenges for MSMEs

The Namibia Investment Promotion and Development Board (NIPDB) and the World Bank Group have successfully concluded the Chelete Cage pitch event, providing a crucial platform for innovative startups and micro, small, and medium enterprises (MSMEs) to raise funds and meet their capital needs. The initiative, held recently in Windhoek, marks a significant milestone in the Namibian Government's efforts to address the persistent challenge of access to finance that MSMEs face in Namibia.

Chelete Cage provided eight (8) investment-ready Namibian MSMEs in the food processing, cosmetics and manufacturing, tech and logistics industries with an opportunity to pitch their business concepts for a capital amount of N$30 000, N$20 000 and N$10 000 for their businesses. Additionally, the MSMEs were offered access to non-monetary support, including guidance on how to approach potential investors and tips on perfecting their pitch. In the main, the project aims to empower MSME's and encourage them to take a critical look at their business models, market positioning, and growth potential. Through this process, they can identify areas for improvement and refine their approach, in order to ultimately expand and scale their operations.

The pitching MSMEs were selected from the Know2Grow High Potential Pool (K2G HPP), a specialised program designed by the NIPDB to assist MSMEs with high potential to export their products. K2G HPP provides an array of export–focused capacity building and market access opportunities for Namibian MSMEs, including initiatives such as Chelete Cage that aim to unlock access to finance opportunities that will enable businesses to expand their businesses and export their products into larger domestic and international markets.

The winners of the Chelete Cage Pitch are:

Ndaka Mushrooms & Processing by Abner Tomas, awarded first prize of N$ 30,000.00.

Ndaka Mushrooms and Processing CC is a company that specialises in sustainable mushroom farming and processing, offering fresh organic mushrooms, grow kits, spawns, and short-term training on mushroom cultivation.

Ilotu Investment CC by Mareka Masule, awarded second prize of N$ 20,000.00.

Ilotu is a Namibian-owned company that produces organic and natural cosmetics and offers fitness and health services to promote holistic well-being.

K12 Edtech Inc by Loide Dawid, awarded third prize of N$10,000.00.

K12 EdTech is an educational technology company that digitises, streamlines, and automates academic and mundane tasks for kindergarten to senior secondary education.

Speaking about his experience during Chelete Cage, Mr Tomas shared that it was an eye-opening experience that provided a great networking platform. He added that the coaching sessions were helpful for his business. "When I was announced as the winner, I felt grateful and humble. I have used about N$ 10 000 of my winnings to purchase materials which I'm currently using to build an extra nine (9) square metres mushroom fruiting room, so we increase our weekly mushroom production. With the remaining amount of N$ 20 000, I plan to improve our product standards and obtain necessary certifications with the Namibia Standard Institution (NSI) and the Namibia Agronomic Board (NAB)." he stated.

The winners were selected by a panel of independent judges on the following criteria:

Identification of a clear problem in the market that is being solved

Feasibility of the business

Scalability of the business

Market potential

Sustainability of the business model

Traction and Investment potential

The skills of the team.

Aligned with the NIPDB's mandate to coordinate MSME activities and support their growth and development across all levers of the economy, the initiative recognises the critical role that MSMEs play in driving economic growth and job creation, and the challenges they face in accessing finance to support their operations. Therefore, Chelete Cage is part of the NIPDB's initiatives to bridge the access to finance gap and help MSMEs grow. The next instalment of Chelete Cage will take place later this year.

Kenya: MPs' PAC Wants Forensic Audit On Fertilizer Subsidy Program Within 30 Days

Nairobi — The Public Accounts Committee are pushing for a forensic audit on the Sh15 billion fertilizer subsidy program by the government across the country.

In a motion moved before the committee by Lugari Member of Parliament Nabii Nabwera, the watchdog committee approved the commencement of the audit raising concerns on embezzlement of funds.

The John Mbadi led committee have written to the Clerk of the National Assembly directing that the special audit be conducted within 30 days.

"We have agreed to come up with terms of reference for Auditor General.We are going conduct public hearing on this matter starting with Ministry of Agriculture and several government agencies where the money was trailed," said Mbadi.

The Nominated Senator affirmed that the will conduct a through investigation to unveil the truth on speculations concerning money laundering and fraudulent activities in the production subsidy program.

"We will investigate and have a conclusion and closure. If they was no scandal we will report back to Kenyans," he stated.

"Kenya has had numerous scandals which are investigated forever and no conclusion to make Kenyans happy is done. This will not be purchase," the nominated Senator said.

Mathioya MP Edwin Mugo who seconded the motion on investigation of the subsidy program mentioned that failure to investigate the alleged scandal will create a bad precedent in the war against graft.

"The amounts involved in this program are huge and we know feterlizer is a key input in production. If this matter is not arrested now,we will have major scandals,"said Mugo.

In January, the government kicked off a training of national and county government administrations under the new subsidy programme targeting 12 priority counties ahead of the expected March rains.

The distribution, came as farmers prepared for planting and it was aimed at improving food security in the country, which is key to President William Ruto's administration.

The first phase targets 2.1 million farmers in the targeted counties.

The 12 pilot counties include Narok, Bungoma, Uasin Gishu, Nakuru, Trans Nzoia, West Pokot, Migori, Kakamega, Bomet, Kericho, Elgeyo Marakwet and Nandi.

It was expected that at least 2,149,760 farmers will benefit from this programme in its first phase of implementation.

The subsidized fertilizer, retailed at Sh3,500 down from Sh6,000 per 50kg bag, and was being transported to the National Cereals and Produce Boards across the target counties.

Capital FM.

Namibia: More Than 600 Unemployed Fishermen Re-Enter Service On Hake Quota Sweetener

The Public Relations Officer in the Ministry of Fisheries and Marine Resources, Uaripi Katjiukua, recently confirmed that the ministry has reached employment agreements with 681 fishermen, who were left jobless since 2015.

The agreement will see the fishermen receive an eight metric tonne quota per person for hake under the government's employment redress programme.

"It is an active employment but the ministry is not entertaining the allowance per month type of employment for the fishermen," said Katjiukua. The fisheries minister also stated that a sufficient quota has been set aside for the unemployed fishermen.

The fishermen secured full-time jobs at Tunacor (180), Seaworks (119), Marlus (92) and Hangana (290) after the agreement was signed at Walvis Bay on 5 April.

"The same employment agreements are due to be entered with operators in the horse mackerel fisheries," she said.

This will see 1700 fishermen in total being re-employed.

The ministry will announce which horse mackerel companies will help with the employment once they have put pen to paper.

The fishermen are part of the group who lost their jobs in 2015 after an illegal strike.

Namibia Economist.

Namibia: Crypto Company Contests for Frozen Funds

A crypto trading company, CBI Exchange Namibia seeks the help of the High Court to force the Bank of Namibia to release its funds after the bank froze its business account for conducting unauthorised banking services.

CBI Exchange Namibia, formerly known as Gazania Investment Four Hundred and Sixteen Limited, is claiming that the move by the Bank of Namibia to freeze its account held at Bank Windhoek is unlawful and an abuse of power by Namibia's central bank. The account in question holds N$10 million.

The company's director, Coenraad Botha in his affidavit claims that the company was never afforded the opportunity to be heard before the bank froze the account - leaving the company unable to pay for its day-to-day expenses.

It is his assertion that BoN froze the company's account based on the assessment it had made on the parent company, CBI Exchange SA (Pty) Ltd which is a South African registered company.

CBI Exchange SA was formerly known as Uhuru Tribe which once operated a stokvel. The stokvel was dissolved in 2018. The company's core business was the selling and buying of cryptocurrencies.

According to Botha, CBI Exchange Namibia was registered in June 2021 with the Business and Intellectual Property Authority (Bipa) as a company dealing with cryptocurrencies. So, the assessment for the company could not have been carried out prior to June 2021. The company is profitable as to date it has paid an average of N$30 million to its Namibian members. He said BoN had all the information but decided to move ahead with freezing the account.

"The applicant does not take deposits from the public. Its business, essentially relates to the selling and buying of crypto-based (virtual) assets," said Botha.

He said the country's laws allow individuals to operate businesses of their choice and there is no law in Namibia prohibiting virtual asset businesses.

According to the letter from BoN dated 4 March 2022 directed to Bank Windhoek, the central bank requested the freezing of Botha's account and that of the company. According to the letter, BoN investigated the dealings of CBI, formerly known as Uhuru Tribe, and found that the company was in violation of section five of the Banking Institution Act.

The particular Act deals with the prohibition of conducting banking business by unauthorised persons which includes receiving, accepting, and taking deposits from members of the public and pretending to be a bank. BoN has since indicated its intention to oppose the application. The matter which was before Judge Essi Schimming-Chase yesterday was postponed to 19 June for case management. -mamakali at nepc.com.na

New Era.

Invest Wisely!

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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

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FMHL

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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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