Major International Business Headlines Brief::: 24 April 2023
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Major International Business Headlines Brief::: 24 April 2023
<https://www.nedbank.co.zw/>
ü Namibia: Geingob Wants South Africa to Benefit From Namibia's Oil
ü Nigeria: Serap Threatens to Sue Federal Govt If It Fails to Probe Missing
Crude Oil
ü Namibia: Geingob Wants South Africa to Benefit From Namibia's Oil
ü Rwanda Showcases Its Coffee to Buyers in America
ü Nigeria: Savannah Signs Share Purchase Agreement With Cameroonian Oil
Firm
ü Kenya: Export Agency Targets Blue Economy Sector to Upscale Kenya's
Export Earnings
ü Kenyan Court Rules Meta Has Case to Answer Over Unfair Layoffs,
Blacklisting
ü Nigeria: Addressing Insecurity At Nigerian Airports
ü Rwanda Ratifies Smart Africa Alliance Agreement
ü Angola: ZEE, AJEPC Sign Memorandum to Attract Investors
ü Kenya-U.S. Negotiate on Trade and Investment Partnership
ü £55bn withdrawn from Credit Suisse before collapse
ü Bed Bath & Beyond files for bankruptcy in the US
ü NBCUniversal boss Jeff Shell out after 'inappropriate relationship'
ü UK sandwich chain Pret A Manger launches in India
ü Rainfall washes out retail sales in March
<mailto:innovatorsforum at zitf.co.zw>
Namibia: Geingob Wants South Africa to Benefit From Namibia's Oil
President Hage Geingob has told his South African counterpart Cyril
Ramaphosa that they should profit from the recent oil discoveries in
Namibia.
Geingob said this yesterday during his state visit to South Africa.
"Moreover, Shell and Total Energies together with our national oil company,
Namcor and investors from Qatar have discovered hydrocarbons not far from
South Africa in the Orange Basin," he said.
Namibia has made three oil discoveries over the last year in the Orange
Basin offshore southern Namibia and bordering South Africa.
"This presents us with another opportunity for collaboration between our
governments and the private sector in the oil and gas sectors," he said.
Geingob has promised Namibians that these discoveries will bring prosperity
and growth after the difficult years the country's economy has faced.
The president has previously said with an estimated production of 6,5
billion barrels of oil, the discoveries could earn Namibia between N$60
billion and N$95 billion annually in taxes and royalties.
He said the oil projects will generate over 3 600 jobs at the peak of
production and double Namibia's gross domestic product by 2040 to about
N$636 billion.
During the media briefing yesterday, Ramaphosa said he and Geingob agreed to
have their agreements audited before the binational commission later this
year.
"We have directed that an audit of our legal instruments should be conducted
as we move towards holding the binational meeting," Ramaphosa said.
Namibia and South Africa have over 100 bilateral agreements covering a wide
range of sectors.
This comes as the two presidents have been accused of using these
instruments for their personal gain.
Geingob has been dragged into Ramaphosa's alleged unlawful actions
surrounding the cover-up of a robbery of undeclared foreign currency at the
neighbouring head of state's farm.
This includes suspects being traced to Namibia and Ramaphosa asking Geingob
to assist him with the arrest of the alleged mastermind of the robbery,
Imanuwela David, in 2020.
Furthermore, Ramaphosa also announced that Namibia and South Africa will
host a business forum in Windhoek during their bilateral meeting.
"Our ministers responsible for trade and industry will convene a business
forum later this year to be attended by business people from both countries.
This will be on the sidelines of the binational commission that will be held
in Windhoek," he said.
One of the areas of cooperation is infrastructure in the water sector.
"Infrastructure is a major growth process that we both embark upon.
Cooperate to build infrastructure. To ensure it is ultimately built to
benefit our people. Water is another area that wants great infrastructure,"
Ramaphosa said.
Namibia and South Africa yesterday signed an agreement to focus on tourism.
It was signed by ministers Pohamba Shifeta and Patricia de Lille.
"We will witness the signing of a memorandum on tourism, an area key to our
economic development aspirations. We should, therefore, direct our ministers
and their senior officials to ensure the speedy and timeous implementation
of legal instruments we enter into," Geingob said.
-Namibian.
Nigeria: Serap Threatens to Sue Federal Govt If It Fails to Probe Missing
Crude Oil
Socio-Economic Rights and Accountability Project (SERAP) has threatened to
drag the federal government to court if it fails to investigate allegations
that over 149 million barrels of crude oil are missing and unaccounted for.
SERAP openly threatened President Muhammadu Buhari in a letter dated April
22, 2023, specifically stating it wants the government to set up a
presidential panel of enquiry to promptly probe the allegations, as
documented in the 2019 audited reports by the Auditor General of the
Federation and Nigeria Extractive Industries Transparency Initiative
(NEITI).
The organisation is also urging President Buhari to ensure the effective
prosecution of anyone suspected to be responsible for the plundering of the
country's oil wealth and the full recovery of any proceeds of crime.
According to the 2019 audited report by the Auditor General over 107 million
barrels of crude oil were lifted as domestic crude without any document or
tracing. NEITI also reported missing 42.25 million barrels of crude oil in
2019.
In the letter signed by SERAP deputy director Kolawole Oluwadare, the
organisation maintained that there is a legitimate public interest in
ensuring justice and accountability for these very serious allegations.
SERAP further insisted that the recommended steps can be taken between now
and the end of the administration's term of office in order to set the tone
for the next administration.
The organisation notes that the government has repeatedly promised to combat
corruption and that as it goes into the final weeks of its term of office,
the missing crude oil allegations present yet another opportunity to
demonstrate the government's commitment and to uphold its oath of office
both as President and Minister of Petroleum Resources.
SERAP also stated that as the President and substantive Minister of
Petroleum Resources, President Buhari should prioritise getting to the
bottom of these allegations and use the remainder of his term of office to
ensure justice and accountability for these serious crimes against the
Nigerian people.
The civil society organisation also stated that investigating the
allegations and naming and shaming and prosecuting those suspected to be
responsible for the missing crude oil would serve the public interest and
end the impunity of perpetrators.
SERAP stressed, "We would be grateful if the recommended measures are taken
within seven days of the receipt and/or publication of this letter. If we
have not heard from you by then, SERAP shall take all appropriate legal
actions to compel your government to comply with our request in the public
interest.
"The allegations by both the Auditor-General and NEITI are different from a
whistleblower's claims that 48 million barrels of Bonny Light crude oil
allegedly sold in China in 2015 are missing or unaccounted for.
"The reports by the Auditor-General and NEITI suggest a grave violation of
the Nigerian Constitution 1999 [as amended], and the country's
anticorruption laws and international obligations, as well as the public
trust.
"These damning revelations also suggest your government is failing to
prevent and combat the plundering of Nigeria's wealth and natural resources,
name and bring suspected perpetrators to account and recover any proceeds of
crime.
"Poor and socio-economically vulnerable Nigerians have continued to pay the
price for the stealing of the country's oil wealth apparently by both state
and non-state actors.
"The country's oil wealth ought to be used solely for the benefit of the
Nigerian people, and for the sake of the present and future generations."
According to SERAP, the allegations can promptly be investigated and
suspected perpetrators named and shamed, saying that taking these steps
would advance the right of Nigerians to restitution, compensation and
guarantee of non-repetition and improve public confidence in the fight
against corruption and related crimes, especially in the oil sector.
"According to the 2019 audited report by the Auditor General of the
Federation (AGF), some 107,239,436.00 barrels of crude oil were lifted as
domestic crude without any document or tracing.
"To date, there is no information on the sale of Un-Utilized Crude oil by
Refineries for 2019 and no information on crude oil allocations from 30th
May to 31st December 2019. The Auditor-General is concerned that the missing
crude oil may have been diverted.
"The Nigeria Extractive Industries Transparency Initiative (NEITI) also
reported missing 42.25 million barrels of crude oil in 2019.
"Section 13 of the Nigerian Constitution imposes clear responsibility on
your government to conform to, observe and apply the provisions of Chapter 2
of the Constitution. Section 15(5) imposes the responsibility on your
government to 'abolish all corrupt practices and abuse of power.
"Under Section 16(1) of the Constitution, your government has a
responsibility to 'secure the maximum welfare, freedom and happiness of
every citizen on the basis of social justice and equality of status and
opportunity.' Section 16(2) further provides that, 'the material resources
of the nation are harnessed and distributed as best as possible to serve the
common good.
"The UN Convention against Corruption and the African Union Convention on
Preventing and Combating Corruption to which Nigeria is a state party
obligate your government to effectively prevent and investigate the
plundering of the country's wealth and natural resources and hold public
officials and non-state actors to account for any violations.
"Specifically, article 26 of the UN convention requires your government to
ensure 'effective, proportionate and dissuasive sanctions' including
criminal and non-criminal sanctions, in cases of grand corruption.
"Article 26 complements the more general requirement of article 30,
paragraph 1, that sanctions must take into account the gravity of the
corruption allegations."
SERAP suggested that the proposed panel should be headed by a retired
justice of the Supreme Court or Court of Appeal, saying its members should
include people with proven professional record and of the highest integrity
that can act impartially, independently and transparently.
-Leadership.
Namibia: Geingob Wants South Africa to Benefit From Namibia's Oil
President Hage Geingob has told his South African counterpart Cyril
Ramaphosa that they should profit from the recent oil discoveries in
Namibia.
Geingob said this yesterday during his state visit to South Africa.
"Moreover, Shell and Total Energies together with our national oil company,
Namcor and investors from Qatar have discovered hydrocarbons not far from
South Africa in the Orange Basin," he said.
Namibia has made three oil discoveries over the last year in the Orange
Basin offshore southern Namibia and bordering South Africa.
"This presents us with another opportunity for collaboration between our
governments and the private sector in the oil and gas sectors," he said.
Geingob has promised Namibians that these discoveries will bring prosperity
and growth after the difficult years the country's economy has faced.
The president has previously said with an estimated production of 6,5
billion barrels of oil, the discoveries could earn Namibia between N$60
billion and N$95 billion annually in taxes and royalties.
He said the oil projects will generate over 3 600 jobs at the peak of
production and double Namibia's gross domestic product by 2040 to about
N$636 billion.
During the media briefing yesterday, Ramaphosa said he and Geingob agreed to
have their agreements audited before the binational commission later this
year.
"We have directed that an audit of our legal instruments should be conducted
as we move towards holding the binational meeting," Ramaphosa said.
Namibia and South Africa have over 100 bilateral agreements covering a wide
range of sectors.
This comes as the two presidents have been accused of using these
instruments for their personal gain.
Geingob has been dragged into Ramaphosa's alleged unlawful actions
surrounding the cover-up of a robbery of undeclared foreign currency at the
neighbouring head of state's farm.
This includes suspects being traced to Namibia and Ramaphosa asking Geingob
to assist him with the arrest of the alleged mastermind of the robbery,
Imanuwela David, in 2020.
Furthermore, Ramaphosa also announced that Namibia and South Africa will
host a business forum in Windhoek during their bilateral meeting.
"Our ministers responsible for trade and industry will convene a business
forum later this year to be attended by business people from both countries.
This will be on the sidelines of the binational commission that will be held
in Windhoek," he said.
One of the areas of cooperation is infrastructure in the water sector.
"Infrastructure is a major growth process that we both embark upon.
Cooperate to build infrastructure. To ensure it is ultimately built to
benefit our people. Water is another area that wants great infrastructure,"
Ramaphosa said.
Namibia and South Africa yesterday signed an agreement to focus on tourism.
It was signed by ministers Pohamba Shifeta and Patricia de Lille.
"We will witness the signing of a memorandum on tourism, an area key to our
economic development aspirations. We should, therefore, direct our ministers
and their senior officials to ensure the speedy and timeous implementation
of legal instruments we enter into," Geingob said.
-Namibian.
Rwanda Showcases Its Coffee to Buyers in America
Rwanda's coffee industry actors are participating in the Specialty Coffee
Expo 2023, as the country seeks to attract buyers through one of the largest
coffee events in North America.
The event takes place from April 21-23, at the Oregon Convention Center in
Portland, USA.
According to a statement from the National Agricultural Export Development
Board (NAEB), this three-day event brings together coffee enthusiasts,
industry professionals, and exhibitors from all over the world to showcase
the latest advancements in the coffee industry.
For Rwanda, it is an opportunity to promote the visibility of the "Rwanda
Coffee" brand, by showcasing its single-origin specialty coffees to American
specialty coffee importers, roasters, and retailers, NAEB indicated. This,
it said, will enable Rwanda to share its knowledge and experiences with
similar industries in other countries.
Ten Rwandan coffee export companies are attending the event. They are Baho
Coffee, Gihanga Coffee, Impexcor, Kivubelt Coffee Ltd, CAFERWA/Kivu Noir,
Nyamurinda Coffee Growers, Question Coffee, Dukunde Kawa Musasa, Dalas
Investment Ltd, and Storyline.
The main objective of the Rwandan delegates participating in this trade
show, NAEB said, is to strengthen existing commercial ties while building
new ones with potential buyers to accelerate the expansion of coffee exports
and increase the revenue of the country's coffee industry.
The Specialty Coffee Association, the organisation behind the expo,
organised a full schedule of events that will provide participants a wealth
of opportunities to network, learn, and engage with others in the industry.
Rwanda's coffee industry has seen significant growth over the years, thanks
to the government's efforts to promote coffee production and quality.
Rwanda's coffee exports at a glance
Rwanda's coffee export revenues increased by 34 percent to more than $105
million (about Rwf116 billion) in 2022, from more than $78.3 million in
2021, shows data from NAEB's December 2022 report.
With this performance, the country has already surpassed the target to
generate $95 million from coffee exports annually, by 2024.
The report indicated that the growth in revenue mainly resulted from good
coffee prices in the international market which averaged $5.58 a kilo in
2022 or a rise of 31.2 percent from $4.48 a kilo in the previous year.
For volumes, there was a slight increase of 2 percent in the quantity of
coffee the country exported, from 17,479 tonnes in 2021 to 17,848 tonnes in
2022, the report showed.
According to NAEB, in the 2021/2022 fiscal year, Switzerland and the United
Kingdom were the top importers, followed by the United States and Kenya.
New Times.
Nigeria: Savannah Signs Share Purchase Agreement With Cameroonian Oil Firm
Savannah Energy Plc has announced that, its wholly owned subsidiary,
Savannah Midstream Investment Limited(SMIL), has signed a Share Purchase
Agreement(SPA), with the national oil company of Cameroon, Société Nationale
Des Hydrocarbures(SNH), relating to the sale by SMIL and purchase by SNH of
10 per cent of the issued share capital in Cameroon Oil Transportation
Company S.A(COTCo).
The COTCo owns and operates the 903km Cameroon section of the Chad-Cameroon
export pipeline, the Kome Kribi 1 floating storage and offloading facility
and related infrastructure.
The pipeline has a 250 Kbopd nameplate capacity and is the only
international export route for oil production in Chad. During 2022, COTCo
transported an average of 124 Kbopd of crude oil valued at an estimated
US$4.6bn at the prevailing Brent crude oil prices.
In consideration for the sale of the Shares, SNH will pay a cash
consideration of US$44.9 million (the "Consideration") to SMIL.
The consideration, when received, will be used by the Savannah group for
part repayment of existing debt facilities.
Completion of the transfer of the Shares from SMIL to SNH will result in
SMIL shareholding in COTCo reducing from 41.06 per cent to 31.06 per cent.
Completion shall occur upon satisfaction of certain conditions precedent
related to amendments to the bylaws of COTCo and is expected to occur in H2
2023.
SMIL will retain the right to the dividend attaching to the Shares until the
date of payment of the Consideration.
Pursuant to the terms of the SPA, SNH and SMIL have pledged, inter alia,
their support of one another as shareholders in COTCo.
Leadership.
Kenya: Export Agency Targets Blue Economy Sector to Upscale Kenya's Export
Earnings
Mombasa — The Kenya Export Promotion and Branding Agency (KEPROBA) has
embarked on developing a common strategy for sustainable exploitation and
maximization of the Blue Economy sector that is poised to be the new
frontier for Kenya's economic growth for the export market.
KEPROBA's main mandate is to implement export promotion and nation branding
initiatives and policies to enhance Kenya's export of goods and services.
The United Nations Development Programme (UNDP) estimates that the
quantified value of the blue economy sector is at USD 1.5 trillion and, is
poised to grow to USD 3.0 trillion by 2030, securing an additional 9 million
full-time jobs.
On Friday, KEPROBA held a consultative meeting with Blue Economy
stakeholders from Mombasa and Kwale counties with the agency's Director of
Research and Innovation Peter Ochieng noting that through single-point
failure analysis, the agency was slowly sealing the weaknesses for a more
robust export of marine and aquatic resources.
Kenya's total fish exports in 2021 were valued at USD 32.4 million;
representing 0.005 per cent of the total export to the world, ranking Kenya
as the 108th lead exporter.
The top 5 export trade partners for Kenya in 2021 were Italy (USD6.1
million, 18.7 per cent), Hong Kong (USD 5.1 Million, 15.6 per cent), Spain
(USD3 million, 9.1 per cent), Netherlands (USD2.5 million, 7.6 per cent) and
Portugal (USD 1.9 Million, 5.9 per cent).
Kenya's volume of exported fish was estimated at 10,875.3 tons in 2021. The
percentage contribution of aquaculture to GDP in the year was 0.7 per cent.
Fatma Bashir Export Market Development Manager said the country is yet to
attain its full potential in fishing at both inland and marine waters.
"Under the Exclusive Economic Zones, Kenya has a large exclusive fishing
zone with the potential to produce 300,000 tonnes of fish annually estimated
at about Sh75 billion," she said adding that the country is yet to optimally
utilize the opportunity as it currently produces approximately 150,000
metric tons of fish annually.
KEPROBA is engaging stakeholders to accelerate the implementation of Blue
Economy projects in the country.
"This will mainstream the Blue Economy agenda for Kenya and bear fruits for
the growth in exports and inflows of investment," said Bashir.
Government institutions, County Governments, Fishermen associations,
logistics shippers' associations, sector investors, financial institutions,
Private sector, Beach Management Units (BMUs), and Donor agencies were among
the participants.
Capital FM.
Kenyan Court Rules Meta Has Case to Answer Over Unfair Layoffs, Blacklisting
Cape Town — Facebook parent company Meta has been dealt a blow during a
legal battle in Kenya where a court found that the corporation has a case to
answer over its allegedly unlawful dismissal of employees and blacklisting
of content moderators, TechCrunch reports.
This comes after over 200 people challenged the corporation's move to fire
them in a case that also involved Meta's review partners in sub-Saharan
Africa, Sama and Majorel. The case was brought by 183 content moderators
employed in Nairobi by Sama but Meta countered by claiming that it cannot be
sued as the court had no jurisdiction over a company that isn't based in
Kenya. Judge Mathews Nduma Nderi of the labour relations court disagreed,
however, saying in a ruling: "The Court finds that this Court has
jurisdiction to determine the matter of alleged unlawful and unfair
termination of employment."
Meta faces two additional lawsuits in Kenya, according to AFP. Daniel
Motaung, a former South African employee of Sama, claimed the company was
reponsible for, among other things, poor working conditions and lack of
mental health support. Meanwhile, a local NGO and two Ethiopian citizens
alleged the corporation of failing to act against hate speech in Africa.
Nigeria: Addressing Insecurity At Nigerian Airports
For several years there have been incidents of Nigerians hiding in the
wheel-well or other parts of aircraft to escape from the country. The
continuous record of these incidents is an indication that the security
system at the airports is weak and porous.
Few days ago, news report indicated that a stowaway was discovered in the
wheel-well of KLM Boeing B777 aircraft flight that originated from Lagos,
Nigeria.
According to the report, "A deceased stowaway was discovered in the
wheel-well of a KLM Royal Dutch Airlines Boeing 777 (registered PH-BQM). The
aircraft originated from Lagos, Nigeria. It's currently unknown how and when
the man was able to climb into the aircraft, but an investigation has been
launched."
Analysing the report, a spokesperson of the Royal Dutch Marechaussee said:
"The extra passenger is believed to have died from hypothermia.
Occasionally, stowaways are discovered in wheel-wells of aircraft.
'Sometimes they survive, but most of the time it goes wrong given the sharp
drop in temperature. On longer flights, temperature can go down to minus
fifty degrees, impossible to survive."
Although there have been arguments that the body found might not have
entered the wheel-well of the aircraft in Nigeria, but the desperation of
Nigerians to leave the country and the fact that there have been past
records of Nigerians stealing away and dying in that part of the aircraft,
weakened that argument, as the truth would be known when a comprehensive
investigation is conducted.
Security System
Aviation security experts who spoke to THISDAY in relation to the incident,
felt disappointed that stowaway has become recurring image-damaging problem
of Nigeria and emphasised that it is only a committed security system with
necessary structures and proper supervision that can stop the illegal access
to the sterile areas of the airport where aircraft are parked.
Stakeholders are also of the view that a compromised security apparatus can
never effectively serve its purpose no matter the equipment deployed and the
skilled personnel engaged, positing that in the airport system where
security personnel accept bribes, solicit for money or extort money from
travellers among others, the security system in that airport will remain
weak. They also averred that such corrupt system enables inside threat,
suggesting that if terrorists come calling, they could induce security
operatives with money and have their way and do maximum damage to the
airport.
Industry observers have over the years identified infrastructural deficits
at the airport, which enhance security breach and these include lack of
security fencing, inadequate perimeter fencing, lack of effective monitoring
of sterile areas or airside of the airport. For Lagos airport, THISDAY
investigations revealed that the airport does not have comprehensive
perimeter fencing, no complete security fencing, as unwanted persons access
the airport premises through many sides around the airport, where the fences
have broken down or such people build lose scaffolds to gain entrance to the
airport premises.
Security Layers
Aviation security expert and the CEO of Centurion Security and Safety
Consult, Group Captain John Ojikutu (rtd), said that attention must be paid
to every sequence of security system at the airports and security operatives
must be profiled on regular basis.
"There are about eight identifiable aviation security manned/defence layers
outside the National Intelligence: one, Airline Pre-Passenger Screening;
two, Counter-Checking Screening; three, Airport Access Control; four,
Airport Checkpoint Screening; five, Airline Passengers Secondary Screening
for Boarding; six, On-Board Screening; seven, Carry-on luggage Screening and
Checked in Baggage Screening" he said.
Ojikutu, who is also the Secretary-General of Aviation Round Table (ART),
stated that there is airport security fence where the airport perimeter
fence is not enhanced to secure the airport operational areas, noting that
if anyone of these is neglected, not manned or compromised by unskilled or
incompetent or corruptible staff, the airport is opened to any form of
threats internal or external.
"What is necessary is having regular checks, inspections and periodic audits
from the oversight and regulations enforcement authorities internal and
external. All I have said are clearly stated in the Nigeria Civil Aviation
Security Programmes but do we have the adequate manpower as security
operatives and inspectors in required or sufficient numbers? The NCAA
(Nigeria Civil Aviation Authority) should be the one to answer that from its
annual audits on the operators, airport, airlines and the allied services,"
he said.
Ojikutu observed that cargo screening is also very important especially for
those meant to be carried into passengers' flight, noting that any stowaway
is an insider threat or assisted by a mole as an insider's threat. Insider
threat is when airport worker uses the stamp of authority because of his
recogised office or position to compromise security by facilitating illicit
access to the airport, aircraft or any forbidden areas of the airport. Most
terror attacks at the airport were facilitated by insiders in cahoots with
terrorists.
He itemised ways incidents of stowaways can be minimized, "Was the dead body
that of a passenger or stowaway? If it is a passenger, hold the airline
responsible: if stowaway, hold the airport security operatives or authority
at the operating/security restricted area, responsible. If a stowaway, he
must have been an airport/airline staff or former staff who has worked
closely with aircraft or must have been a mole 'working' in the airport, or
could have been aided by someone (insiders threat) working in the airport
restricted area. It tells me that the airport security programmes do not
include patrol nor internal surveillance of the flight maneuvering/grounds
areas. MMA is one major airport in the country that is within the urban
development area of four most populated LGAs of Lagos and complicated road
networks.
"We had similar experiences with a boy of about 10 years on KLM flight from
Lagos to Amsterdam returned to Lagos alive, I received him: another (dead)
on Egypt Air Accra to Lagos and yet another on BA from Lagos to London and
to New York but was identified as a Nigerian because of the Naira found on
his dead body. No matter the sophistication of the security equipment in our
airport if the operatives and supervising authorities are not skilled or
dedicated, the equipment is as good as nothing. Secondly, not many of our
airports have Security Fences (ICAO Annex17): they are laid more of
perimeter fences (ICAO Annex17 14) which are not security enhanced nor
complied with the National Civil Aviation Security Programme and you wonder
how they get certified by the NCAA and sometimes too by ICAO. We have had so
many incursions at MMA and other airports, including Kaduna, Maiduguri,
Calabar, etc. What has been the outcome of the investigations if ever there
was any? I rest my case," Ojikutu who was former Commandant of Lagos
airport, said.
Investigation
Another aviation security expert and Chief Executive Officer of Selective
Security International Limited, Nigeria, Ayo Obilana, told THISDAY that to
ascertain if the stowaway actually entered the aircraft wheel-well in Lagos,
concerned authorities must carry out thorough investigation to know how the
stowaway entered the aircraft as extra unwarranted passenger. After the
investigation which ought to obtain a video clip where the person was
entering the wheel-well of the aircraft, if the aircraft location was
covered by CCTV.
"Armed with information from the investigation, security authorities at the
airport must look at the areas that are potentially porous and put measures
that can enhance security to cover these areas where security could be
compromised. The gaps must be closed around the airport to ensure adequate
security coverage of the airport premises. Stowaway is not peculiar to
Nigeria. It happens even in advanced countries," he said.
Stowaway Records
The Murtala Muhammed International Airport, Lagos, has witnessed many
records of stowaways as major gateway from Nigeria. Late last year there was
mangled body of a young man who probably dropped from the undercarriage
compartment of an aircraft at the Runway 18 R, known as international runway
of the Lagos airport. Security operatives who removed the body for further
investigation were of the conviction that it could only be another failed
stowaway attempt. As the busiest gateway in Nigeria, the Lagos airport has
unbeaten record of having the highest number of stowaways. The only survivor
to date was a young man who hid himself in the spares compartment of Boeing
B747 operated by a Nigerian carrier, Medview Airlines in 2017. Others that
hid in the wheel-well of aircraft were either crushed or killed by frozen
cold.
What is obvious in all the incidents is that those who attempted to stowaway
had easy access to the airport, which indicates serious frequent security
breaches. It also has been established that those ill-fated Nigerians could
not have had access to the restricted airside of the airport without insider
support, which made it possible for them to sneak into the aircraft to fly
out of the country.
The 22-year-old man from Nnewi in Anambra State who stowed away in a spare
compartment of Boeing B747 aircraft operated by Medview Airline and
travelled to London from the Murtala Muhammed International Airport (MMIA),
Lagos, in 2017, returned unharmed.
Security operatives who were confounded by the successful access of the
stowaway to the aircraft, admitted that the Lagos airport and other airports
in the country were porous and that if the stowaway were a suicide bomber,
he would have destroyed the aircraft along with the passengers while
airborne to London.
This was possible because it is only Boeing B747 aircraft has that special
compartment. THISDAY also gathered that the compartment is as pressurised as
the aircraft cabin and it is close to the cockpit, but when the stowaway
sneaked into that compartment in the night, nobody saw him accessing the
aircraft, including the security officials paid by the airline to secure it.
The aviation security officials of the Federal Airports Authority of Nigeria
(FAAN) and the police at the protocol area through which he sneaked to the
tarmac of the terminal did not see him.
So, the frequent stowaway attempts through the Lagos airport shows that the
security at the airport is porous and after every attempt no effective
attempt is made to stop another from happening beyond the rhetoric and
assurances. This is why industry observers attribute the regular security
breaches at the airport to compromised personnel, who could possibly help
terrorists to access the airport if the price is right.
Former Managing Director of the Federal Airports Authority of Nigeria,
Richard Aisuebeogun, said insider threat remains a great challenge to
airport security because terrorists could use money to secure insider
collaborator or through religious or political belief.
The world was shocked when investigations into the crash of Metrojet Flight
9268, which exploded shortly after take-off from Sham El Sheik International
Airport in Egypt on October 31, 2015, had shown that bomb was planted in the
cargo hold of the aircraft by aviation handling personnel at the airport.
The flight was operated by an Airbus A321, which was destroyed by the bomb,
killing all the 224 persons onboard.
Writing about the crash a year later in Newsweek magazine, an aviation
analyst had said the bomb was tucked between two suitcases in the (cargo)
hold. Russian investigators believe it was placed there during loading by a
baggage handler who was loyal to an Egyptian offshoot of the Syria-based
Islamic State militant group (ISIS).
In other words, an aviation worker sympathising with the ISIS cause, planted
the bomb in the cargo hold of the aircraft. Such tragedy could happen at any
airport with compromised security system.
-This Day.
Rwanda Ratifies Smart Africa Alliance Agreement
Parliament on April 20 ratified the Smart Africa Alliance agreement, which
aims to transform Africa into a digital single market and promote the use of
technology and innovation across the African continent by 2030.
The move was presented by the Minister of ICT and Innovation Paula Ingabire,
and was highly welcomed by the plenary sitting of the Chamber of Deputies,
after 20 member countries ratified the agreement during the 10th Smart
Africa Board Meeting on November 10, 2021.
This comes as Rwanda seeks to further establish itself as a leading player
in Africa's digital economy, following its successful adoption of
e-government and e-commerce initiatives in recent years.
Ingabire said it is of great importance to ratify the agreement ahead of the
sixth Transform Africa Summit which will be held in Zimbabwe from April 26
to 28 at the Victoria Falls.
Smart Africa Alliance was launched in 2013 and now consists of 36 member
countries, international organisations and global private sector players
tasked with Africa's digital agenda.
The alliance is empowered by a bold and innovative commitment by African
Heads of State to accelerate sustainable socio-economic development of the
continent.
This will usher Africa into the knowledge economy through affordable access
to broadband and the use of ICT.
According to the Minister, the Smart Africa alliance is expected to solve
the issue of roaming barriers as the cost of connectivity remains a major
barrier to broadband penetration in the continent.
"Every single country must have its project in member countries and make
sure the project's implementation and championing is maximised," Ingabire
said.
Referring to Rwanda, Ingabire revealed that there is the Smart City project
which provides a framework to guide local areas in their efforts to harness
ICT and provide better quality services for all.
Rwanda has also pledged to work closely with members of the alliance to
promote the adoption of common ICT policies and standards across the
continent, with the aim of creating a more integrated and inclusive digital
ecosystem with easy and affordable internet access.
"In order to meet international capacities, Starlink was licensed to operate
in the country, which increased the competition for the existing internet
selling companies," Ingabire said.
"This led to a reduction of price for internet packages. As the price goes
down, everyone will be able to access the internet with less amount of money
charged."
-New Times.
Angola: ZEE, AJEPC Sign Memorandum to Attract Investors
Talatona — Luanda Bengo Special Economic Zone (ZEE) and the Association of
Young Entrepreneurs of Portugal and China (AJEPC) signed a memorandum of
understanding to strengthen cooperation in the fields of attracting
Portuguese-speaking entrepreneurs to invest in Angola.
The memorandum also provides for the creation of joint efforts and foresees
the sharing of experiences to support entrepreneurs in doing business and
coveying know-how.
Speaking to the press on Thursday, ahead of ongoing "FIN Business Forum
Angola", the ZEE CEO, Manuel Pedro, said he believes that in the next three
years they will be able to bring Portuguese-speaking businesspeople from
Brazil, Portugal, Cabo Verde, São Tomé and Príncipe, Guinea-Bissau and
Macau.
In turn, AJEPC counterpart, Alberto Carvalho Neto, considered it a "great
honour" to maintain a very active cooperation in the coming years to bring
"the highest number" of entrepreneurs from the European Union (EU) to be
able to know the ZEE, invest, create links and open paths to cooperation.
The FIN Business Forum Angola is part of a larger project that intends to
have Lusophony as the basis for connecting continents.
The project, promoted since 2017 by AJEPC, focuses on creating a continuous
network connecting continents, allowing all participants to expand their
network of contacts and businesses in a cyclical way every year.
ANGOP.
Kenya-U.S. Negotiate on Trade and Investment Partnership
Nairobi — Kenya and the United States of America have successfully completed
thesecond round of negotiations on Strategic Trade and Investment
Partnership (STIP), an agreement that aims to strengthen the two countries
bilateral and investment relations.
Ministry of Investment, Trade and Industry Cabinet Secretary Moses Kuria
said a lot of progress has been made in the negotiations, an indication that
both states are committed to enhancing trade between the two countries.
He said the partnership also aims at boosting trade and investment relations
through anchoring the same in a formal binding bilateral agreement.
"There is significant progress in several areas of coverage which include
digital trade, services domestic regulations, standards collaboration, micro
small and medium enterprises, labour, agriculture, women and youth and
anti-corruption measures," said Mr Kuria.
The CS said the areas of focus will help to create a more conducive
environment for trade and investment thereby boosting economies in both
countries.
Mr Kuria added that the Kenya government has made the process participatory
by engaging all stakeholders.
The CS was speaking on Thursday evening at a Nairobi hotel during a
communiqué on the status of the STIP negotiations while in the company of Ms
Constance Hamilton, Assistant United States Trade Representative for Africa
and Chief Negotiator for the USA, Principal Secretary Trade Alfred K'Ombudo,
Deputy Chief of Mission, Embassy of Kenya Ambassador David Gacheru and
negotiators from the two countries.
He commended the US team for their hard work, commitment and for sharing
texts in the areas of Agriculture, Micro, Small and Medium Enterprises,
Anti-corruption and Services Domestic Regulation.
"There is need to move forward conceptual engagements on environment, trade
facilitation and customs procedures and good regulatory practices into
text-based negotiations," added the CS.
Kuria also suggested that the remaining areas of negotiations be text-based
negotiations due to the tight timelines, noting that the Kenya government
has prioritised the conclusion of the negotiation by December 2023.
"We recognise that time if of the essence, and we are fully committed to
ensuring that our people enjoy the benefits of this agreement as soon as
possible," he stated.
The CS said to enhance trade and investment in the counties, the government
will put in place Export Processing Zones (EPZ) in Eldoret and Busia and
promised that next week he will gazette the establishment of EPZs in
Murang'a, Sagana and Nakuru to boost the country's economy at both the
national and county level.
He at the same time urged Governors to safeguard the investments the
government is setting at the counties.
The US chief negotiators team has been in the country from April 17 to 21,
2023 for the second round of STIP negotiations with the Kenya team.
The current existing framework of AGOA is set to expire hence the need for
adoption of a longer term and to secure bilateral trade agreement. - Kna
Capital FM.
£55bn withdrawn from Credit Suisse before collapse
Collapsed banking giant Credit Suisse says 61.2bn Swiss francs (£55.2bn;
$68.6bn) left the bank in the first three months of the year.
The announcement gives an insight into the scale of the bank run that caused
the 167-year-old lender to fail and triggered its state-backed rescue.
It came as the bank reported what are expected to be its last ever financial
results.
Its forced sale to rival Swiss bank UBS is expected to be completed soon.
Credit Suisse's flagship wealth management division saw the amount of assets
it managed drop to 502.5bn francs at the end of March, almost 29% lower than
the same period last year, Credit Suisse said in a statement.
"These outflows have moderated but have not yet reversed as of April 24,
2023," it added.
Credit Suisse clients started pulling money out of the bank after it was
caught up in the market turmoil that followed the collapses of Silicon
Valley Bank and Signature Bank in the US in March.
In Switzerland, authorities put together a rescue package for Credit Suisse.
It included more than 200bn francs of financial guarantees and saw UBS agree
to take over Credit Suisse.
Credit Suisse had been loss-making and had faced a string of problems in
recent years, including money laundering charges.
It reported a loss of 7.3bn Swiss francs in 2022 - its worst year since the
financial crisis of 2008 - and had warned it did not expect to be profitable
until 2024.-bbc
Bed Bath & Beyond files for bankruptcy in the US
Embattled retail giant Bed Bath & Beyond has filed for Chapter 11 bankruptcy
protection in US.
The company says it will "implement an orderly wind down of its business",
including its Buy Buy Baby brand, and close all 475 of its remaining stores
by the end of June.
It added that it was seeking buyers for some or all of its assets.
The chain, which has faced financial troubles for years, recently said it
would cut jobs and close 150 stores.
Last month, the company announced that it would sell $300m (£241.1m) worth
of its shares, and warned that it might have to file for bankruptcy if the
funds were not secured.
The once-popular destination for household goods has struggled to keep up
with the rise of online shopping.
Chapter 11 protection postpones a US company's obligations to its creditors,
giving it time to reorganise its debts or sell parts of the business.
In a filing to the United States Bankruptcy Court for the District of New
Jersey on Sunday, the retailer said "the past twelve months have undoubtedly
been the most difficult and turbulent in Bed Bath & Beyond's storied
history."
It added that despite "painstaking, creative, and exhaustive efforts to
right the ship along the way, Bed Bath & Beyond is simply unable to service
its funded debt obligations while simultaneously supplying sufficient
inventory to its store locations."
Notices on the Bed Bath & Beyond and Buy Buy Baby websites said the stores
"remain open to serve you", without offering a timeline for when services
will cease.
"Millions of customers have trusted us through the most important milestones
in their lives - from going to college to getting married, settling into a
new home to having a baby," Bed Bath & Beyond president and chief executive
Sue Gove said in a statement.
The company also said it had secured $240m in financing from the Texas-based
Sixth Street Specialty Lending to support its winding down process.
Bed Bath & Beyond was founded in 1971 as Bed 'n Bath, in a nod to the narrow
range of merchandise it originally sold. Over the years the company hugely
expanded the goods it had on offer to include everything from bed linen to
electric appliances.
At its peak in the 2010s, Bed Bath & Beyond was the largest home furnishing
retailer in the US, with more than 970 stores across all 50 states.
However, in recent years it has struggled with dwindling profits as more
customers chose to shop online.
Earlier this year, the company said that it had secured more than $500m in
new financing, but added that it would close 150 stores and cut jobs in an
attempt to turn the business around.-bbc
NBCUniversal boss Jeff Shell out after 'inappropriate relationship'
The chief executive of NBCUniversal, Jeff Shell, has left the US media and
entertainment giant over an "inappropriate relationship" he had with a woman
at the company.
The announcement comes after the firm conducted an investigation over a
complaint about Mr Shell's conduct.
"I'm truly sorry I let my Comcast and NBCUniversal colleagues down," he said
in a statement.
Parent company Comcast has not yet said who will be the new NBCUniversal
boss.
Comcast said in a statement on Sunday that after the investigation it had
"mutually agreed that Mr Shell will depart effective immediately".
The investigation was led by outside counsel, Comcast said, but did not
provide further details.
"I had an inappropriate relationship with a woman in the company, which I
deeply regret," Mr Shell said in the statement.
NBCUniversal's senior executives will report directly to Comcast president,
Mike Cavanagh, until a successor for Mr Shell is found.
"We built this company on a culture of integrity. Nothing is more important
than how we treat each other," Mr Cavanagh and Comcast chief executive Brian
Roberts said in a company-wide email seen by the BBC.
"When our principles and policies are violated, we will always move quickly
to take appropriate action, as we have done here," they added.
The company is home to NBC, which is one of America's biggest television
networks, business news channel CNBC, and major Hollywood film studio
Universal Pictures.
Mr Shell, who is married, has been at the company for almost two decades and
took over as NBCUniversal chief executive in January 2020 - months later,
much of the world shut down due to the coronavirus pandemic.
Lockdowns forced the closure of theme parks and cinemas, while film and
television productions were halted.
During his tenure, he launched a shakeup of the company, with the aim to
make its streaming business and traditional TV operations working more
closely together.
As well as owning NBCUniversal, Comcast's operations also include Europe's
largest pay-TV broadcaster Sky Group.-bbc
UK sandwich chain Pret A Manger launches in India
UK-based coffee and sandwich chain Pret A Manger has become the latest
high-profile Western brand to launch in the Indian market.
The firm opened its first shop in India's financial hub Mumbai on Friday.
It comes in the same week that US technology giant Apple launched its first
two stores in the country.
Pret said last year that it was partnering with a unit of Reliance
Industries, which is owned by India's richest man Mukesh Ambani.
Pret's chief executive Pano Christou said its offering in the country will
reflect the company's brand "while also adapting to local preferences and
food habits".
It marks the first venture by Reliance Brands, which also owns India's
biggest retail chain, into the country's growing food and drinks industry.
Reliance said its first outlet is a recreation of Pret's UK shops.
The shops will be aimed at "the new Indian consumer", Darshan Mehta, the
managing director of Reliance Brands said.
The launch came just days after Apple chief executive Tim Cook opened the
iPhone maker's first retail store in India.
The opening of the store in the financial centre Mumbai on Tuesday was
followed by a second outlet in the capital Delhi on Thursday.
A toasted sandwich and mousse from pret a manger
Image caption,
The store will mainly offer Pret's traditional menu, with some local
flavours
On its opening day, Pret's Mumbai shop was largely stocked with its staple
UK menu, but it also added a few local flavours - like the Bombay Toastie
and a spicy paneer and lima bean soup.
"It's been a bit chaotic here since we came, maybe because of it being the
first day. But it's quite similar to the London stores I have been to,"
Hemlataa P, a fashion consultant, told the BBC.
Most menu items will also not contain meat, to cater to India's large
vegetarian population.
"The hot meal brought memories of my time in London. But I missed the
cheddar and pickle baguette - it's not served today," said a customer who
works in the neighbourhood.
Pret A Manger, which means "ready to eat" in French, was founded in London
in 1983, with the first shop opening the following year.
After the original company went into liquidation the brand was bought by
college friends Sinclair Beecham and Julian Metcalfe, with their first store
opening in 1986.
The brand currently has 400 outlets around the world, across nine markets
including the UK, US, Europe, Middle East and Asia.
Reliance Brands operates more than 2,000 outlets across India.
In 2021, parent company Reliance Retail announced a franchise deal with the
US-headquartered convenience store chain 7-Eleven.
The deal helped to cement Reliance's position as India's largest bricks and
mortar retailer.
Mr Ambani has a personal fortune of around $84bn (£67.5bn), according to
Forbes magazine.
The 66-year-old's late father Dhirubhai Ambani founded a textile
manufacturer that would eventually become Reliance Industries.
It is now one of India's largest conglomerates - with businesses including
petrochemicals, oil and gas, telecoms and retail.
Mr Ambani is the chairman of Reliance Industries. The Ambani family has a
49% stake in the company.
The family also owns assets in the UK worth tens of millions of pounds.
In 2019, a unit of Reliance Industries bought the iconic UK toy retailer
Hamleys for an undisclosed sum.
Two years later, Reliance bought the historic British country club Stoke
Park for £57m.-bbc
Rainfall washes out retail sales in March
UK retail sales volumes fell by 0.9% between February and March with shops
blaming wet weather for fewer shoppers.
Department and clothing stores said they suffered particularly, in the sixth
wettest March since 1836.
Sales at food shops also fell, down 0.7%, following shortages of some
products, official figures showed.
Many stores imposed limits on fresh produce such as tomatoes and cucumbers
because of poor weather affecting supplies from Spain and North Africa.
The Office for National Statistics (ONS) said "26% of adults experienced
shortages of essential food items that were needed on a regular basis" for
much of March - an increase of the 18% who reported similar problems in
February.
The amount of food that people bought last month is 3% below pre-pandemic
levels in February 2020, which retailers blamed on the increased cost of
living and higher prices.
Despite the fall in sales during March, for the first three months of the
year sales grew by 0.6% compared with the previous three months, the ONS
said, which was the first rise in quarterly sales since August 2021.
Why are prices rising so much?
Food prices to fall soon, say UK supermarkets
Inflation - the rate at which prices are rising - hit 10.1% in March, mainly
due to the increasing cost of food. The rate had been expected to fall below
10%.
However, a drop in food production costs - which peaked in October last year
according to the British Retail Consortium (BRC) - has not yet filtered into
supermarkets.
The BRC said that it takes between three and nine months for falling prices
to reach shops, but it said on Wednesday it expected food prices to start
falling "over the next few months".
Stretched budgets
The impact of rising food prices can be seen across society. Separate
figures from the ONS show that 96% of people it surveyed blamed the price of
food shopping for the rising cost of living which they had experienced in
the last month.
That was greater than the 77% who pointed to gas and electricity bills.
As a result, many said they were cutting back on non-essential spending,
which could include fashion, while nearly half of those asked said they were
shopping around more. Among the respondents, 42% said they were spending
less on food shopping and other essentials.
Analysts at Capital Economics said the rise in quarterly sales suggested
"the 18-month retail 'recession' may have come to an end. Indeed, the more
seasonable weather in April may support a rebound in sales this month".
However, it said sales could still be tempered by a further rise in the
interest rate when the Bank of England next meets in May, putting further
pressure on consumer spending.
The Bank has been raising borrowing costs - which currently stand at 4.25% -
to try to calm stubbornly high inflation. -bbc
Invest Wisely!
Bulls n Bears
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INVESTORS DIARY 2023
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Companies under Cautionary
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FMHL
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Zimre
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