Major International Business Headlines Brief::: 21 August 2023

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Major International Business Headlines Brief::: 21 August 2023 

 


 

 


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ü  Tanzania: Govt Sets Aside 1.2tri/ - to Rescue Ailing Firms

ü  Southern Africa: Chakawera to Explore Energy Opportunities At SADC Summit

ü  West Africa and the Cost of Living Crises

ü  Tanzania: Bolt Records Over 50 Million Rides in Dar

ü  Tanzania: State Hails Tcra for 272.4bn/ - Contributions

ü  Nigeria: Ex-Militant Leaders Fight Over N48bn Pipeline Contract Renewal

ü  South Africa: Platinum Group Metal Sector's Woes Get Worse After Prices
Plummet

ü  Nigeria: Kaduna, Google Partner to Train 5,000 Women

ü  Nigeria: FCTA to Complete Abuja Rail Mass Transit in 12 Months

ü  Nigeria: Lagos Pensioners, Aged Retirees Vow to Protest Ill-Treatment By
Govt

ü  East Africa: Kenya-South Sudan Joint Infrastructure to Boost Regional
Trade

ü  Benin, Niger, Togo Owe Nigeria N132.2bn Energy Bills in 4 Years

ü  Somalia Orders Tiktok, Telegram Shut Down

ü   

 


 

 


 

 <https://www.cloverleaf.co.zw/> Tanzania: Govt Sets Aside 1.2tri/ - to
Rescue Ailing Firms

ARUSHA : PLANS of rescuing ailing parastatals could well be on course after
the government set aside 1.2tri/- for the cause.

 

The Treasury Registrar Nehemia Mchechu on Sunday announced that the
government has set aside such an amount to rescue state corporations which
were struggling to remain afloat.

 

According to Mr Mchechu, the government, through the office of the Treasury
Registrar established the special fund of bailing out the ailing firms,
which is also in line with the government's quest of reforming them.

 

"Lack of capital among many parastatals is crippling their operations, hence
the need of setting aside the 1.2 tri/-," explained Mr Mchechu, in his
presentation on the sidelines of the ongoing Chief Executive Officers'
(CEOs) and Heads of Institutions Forum.

 

According to Mr Msechu, the move will see the ailing parastatals withstand
competition from the private sector.

 

This comes a day after President Samia Suluhu Hassan challenged CEOs and
Institutional Heads to run the state corporations and agencies as public
entreprises, from government entreprises.

 

The president insisted that the move will allow Tanzanians to buy shares
from the government agencies and institutions, in a bid of keeping them
afloat.

 

Speaking here on Saturday, Dr Samia expressed concern on the sorry state of
some of the state-run corporations, saying some where cash-strapped, with
some on the verge of being delisted.

 

"We wish to see these parastatals operating on profit and contribute
dividends to the government," the President said.

 

However, it will not be an easy walk in the park for the parastatals to
borrow from the TR's office, according to Mr Msechu.

 

"There are certain criteria that we will consider and will look into before
we approve any money requested by the firms," he stated.

 

In the same vein, the Treasury Registrar challenged CEOs heading the state
firms not to hesitate to walk into banks to borrow money, however saying
that only those with viable business plans, may get a slice of the 1.2tri/-.

 

Mr Msechu was quick to caution the CEOs and Institutional Heads that his
office will not only scrutinise their business plans, but also their
performances before they head to the banks.

 

Mr Msechu further revealed that the Office of the Treasury Registrar has
embarked on major reforms, which also include amendment of its Act and name
change.

 

"This entails at mindset change among our CEOs and Institutional Heads, that
business is no longer as usual," he added.

 

In June this year, Dr Samia issued a stern warning to underperforming
government parastatals, stating that they could face deregistration.

 

President Samia indicated that the government is currently assessing the
performance of state-run corporations.

 

This comes as the government has invested more than 70tri/- in its State
entities.

 

-Daily News.

 

 

 

Southern Africa: Chakawera to Explore Energy Opportunities At SADC Summit

President Dr. Lazarus McCarthy Chakwera has disclosed that he will take
advantage of the SADC and BRICS Summits to explore opportunities in the
energy sector in view of Angola's competence as the second largest oil
producing country in sub-Saharan Africa and member of the Organization of
the Petroleum Exporting Countries (OPEC).

 

Chakwera, who wrote on his Facebook page on Thursday morning, said he had
also lined up a bilateral meeting with the Angolan President João Manuel
Gonçalves Lourenço on Friday.

 

"Another significant aspect under discussion is how we should consolidate
peace and security and constitutionalism in SADC to grow individual
economies through effective regional integration. Today, we will also
witness the handover of the leadership mantle from outgoing Chairman His
Excellency Félix-Antoine Tshisekedi Tshilombo, President of the Democratic
Republic of Congo to President of the Republic of Angola His Excellency João
Manuel Gonçalves Lourenço," he said.

 

 

President Chakwera disclosed that the summit, which will be guided by the
theme: "Human and Financial Capital: Key Factors for Sustainable
Industrialization in the SADC Region", it will seek to build on the
positives and address bottlenecks being encountered in implementing the
strategic vision reflected in SADC Agenda 2050, Regional Indicative
Strategic Plan 2020-2030, Regional Infrastructure Development Director Plan
as well as the SADC Strategy and Industrialization Roadmap 2017-2063.

 

Speaking before departure at the Kamuzu International Airport in Lilongwe on
Wednesday, Chakwera said the SADC summit is an opportune moment to assert
Malawi's development aspirations within the region and widen our economic
prospects through meaningful regional integration and cooperation.

 

He said he would, therefore, head to Angola to align with fellow SADC
leaders on how best they can use human and financial capital to drive
sustainable industrialisation within the bloc.

 

"The thematic thrust of this year's summit mirrors our Malawi Vision 2063
especially under Enabler #5 which positions our workforce, especially the
youth, as a pivotal component for economic transformation when we invest in
them appropriately. The discussions will also consolidate peace and
security, and democracy in the region," he said.

 

"As for the BRICS summit, we will champion our cause with emerging and
fellow developing markets through multilateral cooperation to rebalance the
world's economic and political tectonics and make the global system
conducive for inclusive growth. I also expect to engage two BRICS key
members, China and India, on easing our debt repayment schedule," he added.

 

-Nyasa Times.

 

 

 

West Africa and the Cost of Living Crises

There is also an urgent need for measures to improve access to credit,
especially for economic actors lower down the ladder.

 

The COVID-19 pandemic has had extensive consequences on economies around the
world. The contractions suffered by the global economy as countries sought
to contain the spread of SARS-Cov-2 - the virus behind the pandemic - have
been catastrophic. However, a couple of years after the world arguably put
the worst of the pandemic behind it, economies continue to present
debilitating side-effects.

 

Supply chain conniptions associated with pandemic-induced lockdowns continue
to drive shortages in the manufacturing sector. Investment in new capacity
by businesses compensating for these shortages have, in turn, driven surfeit
in sectors where companies now appear more vulnerable to market risks than
they did at the height of the pandemic. As spending patterns favour
contact-based transactions, the allocation of resources within economies -
from manufacturing and remote fulfilment to services - have added new
pressures.

 

 

While, for still undetermined reasons, Africa came off the pandemic's health
scare far better than the initial prognosis, economies here are faring worse
than elsewhere. Nowhere is this new economic challenge more evident than the
cost-of-living crisis besetting large population segments on the continent.

 

Domestic prices have risen relentlessly across the continent's major
economies - Senegal, Sudan, Kenya, South Africa, Ghana, Nigeria - even as
elevated unemployment levels, especially among the youth exacerbate the
impact of diminished spending capacity among the populace.

 

It is tempting to implicate the declining productivity across these
economies for the rise in living costs. This is especially so as, once
again, they appear left behind in the design and implementation of the new
technologies undergirding the global energy transition. Nevertheless, they
have all been here before. Worsening insecurity may have accelerated
rural-urban migration from a drift to a swarm, as indeed continuing energy
poverty has upset the growth of industrial capacity. The region has
struggled to find answers to these pre-existing comorbidities.

 

In Nigeria, the misery index - the sum of the seasonally adjusted
unemployment rate and annual inflation - is at previously unseen levels. If
consumers are not spending because inflation - at 24.08 per cent on an
annual basis in July - continues to put holes in their wallets, businesses,
no longer able to sell their services and goods, have stopped investing
either in maintaining current capacity or in building new ones. Anecdotal
evidence suggests that for most companies with a foreign provenance, the
options are between retrenching current operations and exiting the economy.

 

Inevitably, the burden of resolution falls on the government. Across
economies - Brazil, Chile, the Eurozone, Hungary, New Zealand, Norway, Peru,
Poland, the United Kingdom, the US and South Korea - we have seen central
banks raise interest rates aggressively to keep a lid on rising prices. At
the same time as the Central Bank of Nigeria was printing money in breach of
its own enabling statutes, to feed the Federal Government's addiction to
public borrowing.

 

 

Clearly, the unproductive use to which the resulting debt burden was
deployed implicates our abysmal economic management choices in the current
cost of living crisis. Therefore, it was only fair that the Tinubu
government's first acts in office were designed to address the more obvious
distortions to the economy's operations. Alas, these steps seem to have
deepened the cost of living crunch.

 

Yet, as we count the additional costs to the poor and vulnerable segments of
our population from higher petrol prices and the rising exchange rate of the
naira, it helps to bear in mind that besides the devastating effects of
COVID-19, and our poor economic management choices, the current crisis has
been fuelled by inattention to the implications of a ravaging climate
crisis, insecurity - particularly in rural areas, the preponderance of fake
news and resulting crisis of information, which have all come together to
form a cocktail of destabilising factors in the country. This portmanteau of
adverse conditions makes rational economic planning and execution
challenging. It also represents a massive hurdle for any attempt to improve
our social organisation.

 

If we must go past these hurdles, the tunnel-vision responses that were the
hallmark of the eight years of the Buhari administration just will not do.
The Tinubu administration will need to engineer an appropriate temperament
for democracy across the economy. To the extent that democracy is about
increasing the vistas of choices open to the electorate, PREMIUM TIMES'
preference is for reasonable and pragmatic market-based solutions to the
panoply of economic challenges facing the country.

 

This does not preclude the design and implementation of support arrangements
that will make both post-harvest storage and pre-processing of agricultural
commodities possible and easier. There is also an urgent need for measures
to improve access to credit, especially for economic actors lower down the
ladder. If the Buhari administration taught any lesson in this regard, it is
on how not to proceed down this path. PREMIUM TIMES would rather that
interventions, including subsidies, be administered in a manner that are
transparent and responsive to market signals.

 

-Premium Times.

 

 

 

 

Tanzania: Bolt Records Over 50 Million Rides in Dar

Bolt Tanzania celebrates a record over 50 million rides taken on the app, as
it marked a decade of operations, globally.

 

Bolt Tanzania has also seen an eight times growth in rides since it launched
its operation in the market.

 

Bolt Country Manager Charles Matondane said these achievements are a
testament to the team's unwavering commitment to providing an exceptional
product for riders and driver-partners.

 

"Our resolve to ensure quality, safety, and enhanced driver engagement serve
as the cornerstones of our business," he said.

 

Furthermore, Mr Matondane said they continue to actively collaborate with
regulatory bodies and stakeholders to cultivate an environment that fosters
the growth of this dynamic sector.

 

Since its launch in the country five years ago, Bolt has provided a more
accessible, affordable and efficient mode of transportation, creating
expanded and more inclusive entrepreneurial opportunities that enable more
people to earn a sustainable living.

 

Recently, Bolt announced that it has surpassed 150 million customers in over
45 countries and 500 cities.

 

Also, Bolt announced there are now over 3.5 million partners, drivers and
couriers, using the app to earn a living, including over one million in
Africa alone.

 

-Daily News.

 

 

 

Tanzania: State Hails Tcra for 272.4bn/ - Contributions

ARUSHA : TANZANIA Communications Regulatory Authority (TCRA) has emerged one
of the top government institutions in the country in outstanding
contributions to the national treasury by June 2023.

 

TCRA received the recognition certificates at the Arusha International
Conference Centre (AICC), where Chief Executive Officers and Board
Chairpersons of government entities convened for a working meeting with the
Treasury Registrar in Arusha City over the weekend.

 

The authority Director - General, Dr Jabiri Bakari and their Board of
Directors Vice-Chairman, Mr Khalfan Salehe were applauded for the splendid
work of steering the authority to greater heights.

 

Issuing the certificates at the occasion, President Samia Suluhu Hassan also
commending various government institutions, including parastatals,
government agencies and regulatory authorities for their invaluable
financial contributions to the national treasury.

 

In a related development, she urged government-owned entities to stop the
culture of depending on the central government to operate financially for
their sustainability.

 

The Head of State, added: "Government-owned institutions should contribute
to the State coffers instead of being fed to survive."

 

Elaborating, she noted that if they are serious to grow they must operate by
keeping off political patronage, which at times interferes with their
activities.

 

"If an organisation provides services, it should deliver tangible results.
If it's a business entity, it should manufacture tangible goods. And if it's
a government agency, it should genuinely represent the government in its
designated areas," she pointed out.

 

Dr Samia said that currently the institutions account for 17 per cent of the
country's employment opportunities, adding that they must join the State in
preserving the jobs and creating news ones during the envisioned reforms
they must undergo.

 

Likewise, President Samia disclosed that the government was in the process
of amending the law to transform the Treasury Registrar's Office into a
Public Capital Investment Authority, adding: "The government acknowledges
that certain institutions are performing exceptionally well, making
significant contributions to the national treasury and delivering exemplary
services.

 

Today, we honour and commend them by categorising them into five distinct
groups namely-those providing dividends, those also providing dividends with
minimal government shares, those generating substantial profits, those
contributing 15 per cent and those that have undergone substantial
operational and managerial reforms."

 

On his part, the Treasury Registrar, Mr Nehemiah Mchechu said TCRA's
contribution of 272.4bn/- to the government's coffers was a spirit and model
other institutions ought to follow.

 

He said that as much as they are tasked to oversee performance of 248
institutions in country, the government holds over 51 per cent of shares in
them.

 

Elaborating, he noted that their work also involves implementing their
strategies, where necessary go for mergers and consolidations to transform.

 

He said that once they have good strategies, they will support the
government in attaining the national Sustainable Development Goals (SDGs) by
2050.

 

During the occasion, they also deliberated on how to stimulate economic
growth in the nation, while reducing reliance on the government financial
support.

 

-Daily News.

 

 

 

Nigeria: Ex-Militant Leaders Fight Over N48bn Pipeline Contract Renewal

Another round of tension has gripped the oil industry in the Niger Delta
over the renewal of the N48billion oil pipeline surveillance contract
awarded to the former leader of the dreaded Movement for the Emancipation of
the Niger Delta (MEND), Chief Government Ekpemukpolo, alias Tompolo.

 

Already, the renewal of the contract had pitched Tompolo against his
colleagues involved in the struggle in the region, particularly the leader
of the defunct Niger Delta Peoples Volunteer Force (NDPVF), Mujahideen
Asari-Dokubo; HRM Ateke Tom; Ebikabowei Victor Ben, alias Boyloaf; Chief
Bibopere Ajube, alias Shoot-at-Sight, and an ex-warlord in Imo State axis of
the region, Commander Nigeria, among others, across the states of the
oil-rich belt.

 

 

The multi-billion naira security job awarded to Tantita Security Services,
owned by Tompolo in August 2022, is due for renewal by the end of this
month, a development which has triggered intense intrigues and maneuvering
by some ex-warlords to wrestle it from the former MEND commander.

 

LEADERSHIP gathered that the ex-militant commanders are strongly opposed to
the renewal of the contract as exclusively packaged for Tompolo in 2022.

 

LEADERSHIP recalls that the contract covers surveillance and protection of
oil pipelines, which criss-crossed various oil producing communities in
Bayelsa, Delta, Imo, Ondo and Rivers States.

 

The award of the job to Tompolo was facilitated by former Deputy President
of the Senate, Senator Ovie Omo-Agege, former Minister of State for
Petroleum, Chief Timipre Sylva and the Group Managing Director of the
Nigerian National Petroleum Company Limited (NNPCL), Mr Mele Kyari, in
August 2022.

 

One year later, as Tompolo prepared to approach the management of NNPCL for
the renewal of the job, his ex-colleagues were up in arms against him.

 

The protesting ex-militant commanders are agitating for the splitting of the
contract to accommodate divergent interests. There are mounting pressures on
the Presidency and NNPCL not to re-award the contract solely to Tompolo and
his outfit in its present component.

 

They vehemently opposed an omnibus contract to be awarded to Tompolo, which
would cover places outside his areas of influence in Gbaramatu axis of Warri
South West Local Government Area of Delta State.

 

They insisted that his ambience of operation should be limited to his
communities in Delta State, while they are allowed to also operate in their
areas.

 

 

They rejected the template offered by the embattled warlord to sublet parts
of the job to them in their different enclaves, insisting that the package
being offered by Tompolo was at variance with his earnings from NNPCL, for
the job.

 

Instead, LEADERSHIP learnt that they were unanimous that the contract be
splitted, with its components awarded separately to individual ex-commanders
to man their areas of influence.

 

Already, the aggrieved warlords have protested to the presidency, especially
the National Security Adviser, Malam Nuhu Ribadu, and Kyari, apparently to
halt the moves to award the contract in bulk to their kinsman.

 

LEADERSHIP learnt that Kyari reportedly advised the protesters to remain
calm pending the inauguration of the Minister of State for Petroleum,
Senator Heineken Lokpobiri, who is expected to prepare a memo on the
festering issue for the attention of President Bola Ahmed Tinubu.

 

It was gathered that Tompolo was also having a running battle with his
kinsmen and some close associates of Tinubu, who were bent on punishing him
for allegedly not supporting the ruling All Progressives Congress (APC) in
the 2023 polls.

 

They accused the ex-militant commander of having supported and heavily
funded the main opposition party, Peoples Democratic Party (PDP) within and
outside Delta State, in the just concluded elections.

 

Those opposing Tompolo said he didn't reciprocate the visit of Tinubu, in
company with Kyari and other top party stalwarts to his enclave on Friday
November 25, 2022 and the visit of another team raised by the President and
headed by Kyari, with Wale and Seyi Tinubu as members of the team, on the
eve of the governorship and houses of assembly election on March 17, 2023,
to garner votes and support for the governing

 

However, to starve off any untoward development, Tompolo's men and foot
soldiers were reported to have relocated to Abuja to intensify lobby to
retain the status quo in the award of the job.

 

LEADERSHIP gathered that they have approached Ribadu, Kyari, Chief of Staff
to the President, Mr. Femi Gbajabiamila and other influential members of the
inner circles of Tinubu, including members of the president's immediate
family, for help.

 

But despite stiff opposition, investigation by this paper revealed that
Tompolo's bid to renew the job still enjoyed the backing and support of
Sylva, who is apparently relying on the former MEND leader for support in
the November 2023 gubernatorial election in Bayelsa State, Omo-Agege, who
was said to have forgiven Tompolo for not supporting his gubernatorial
ambition in the 2023 election and the chief executive of NNPCL.

 

 

They were reportedly touching base with powerful links within and outside
the Presidency to ensure that Tompolo triumph, taunting and flaunting widely
reported ex-militant and his company's impressive records in the war against
crude oil theft and pipeline vandalism in the region, as satisfactory
credentials to renew the job.

 

One of our sources disclosed that the trio in their alibi in favour of
Tompolo expressed conviction that renewal of Tantita's contract would help
in consolidating the gains so far recorded in the war against illicit deals
associated with crude oil, in the region.

 

The source said, "The management of NNPCL has been having difficulties in
renewing the pipeline surveillance contract given to Chief Tompolo to
oversee the security and protection of crude oil pipelines in the Bayelsa,
Delta, Imo, Ondo and part of Rivers State in 2022 because his colleagues in
the Niger Delta struggle are up in arms against him. They are opposed to an
omnibus award of the same contract to him. They are saying that Tompolo
cannot protect the pipelines in their areas.

 

Efforts by our correspondent to get reactions from Tompolo and the
management of Tantita Security Services, were futile.

 

Tantita's managing director, Chief Keston Pondi and the company's head,
Operations/Intelligence, Captain Warredi Enisuoh, ignored persistent calls
and messages to their cell phones, for one week, to secure their reactions
to the report.

 

But a source in Tantita Security Services, who pleaded with this newspaper
not to mention his name because he was not competent to speak neither on
behalf of Tompolo nor the company, said Tompolo and his lieutenants were not
leaving any stone unturned to put issues in proper perspectives.

 

He said, "Tompolo's men are in Abuja already to put paid to some lies being
peddled against their boss, especially as concerned about his roles in the
2023 elections. Most of what is being said about him are tissues of lies.
They are making frivolous allegations about him with a view to ensuring that
the contract is not renewed. Come to think of it, what does the outcome of
the elections have to do with the award and discharge of a legitimate
business? This is purely a business and not politics. As Mr. President said
recently, the time for politics is over. It's now time for governance.

 

"Tantita has performed excellently in the assignment handed over to it to
the admiration of all and sundry. The records of the increase in crude oil
production are there in NNPCL and the oil multinationals and we must warn
that it would not be in the interest of our economy to sacrifice excellence
in favour of mundane arguments.

 

"We are not losing any sleep in Tantita and even our principal, High Chief
Government Ekpemukpolo, alias Tompolo, is not bothered about the so-called
gang-up. We have done our best in Tantita in taming the hoodlums draining
our economy through illicit crude oil deals and our performance chat is
there for everyone to check. We have received accolades from within and
outside the country for our efforts in salvaging the nation's economy. The
President, Asiwaju Bola Ahmed Tinubu, that we know very well will not
succumb to undue pressures of blackmailers and enemies of Nigeria.

 

"We have no doubt that the management of NNPCL will take the right steps by
renewing the contract to enable us to strengthen and consolidate our efforts
in the national interests. Those opposed to us are the oil thieves and their
collaborators, whom we have blocked the sources of their ill-gotten wealth,"
the Tantita source added.

 

The group general manager, Public Affairs, NNPCL, Mr. Garba Deen Muhammad,
also declined to comment on the report. Muhammad shunned calls and messages
sent to him on the subject matter.

 

-Leadership.

 

 

 

South Africa: Platinum Group Metal Sector's Woes Get Worse After Prices
Plummet

A really bad week for platinum group metals and Chinese property has
repercussions for SA's National Treasury.

 

What do South Africa's platinum group metal (PGM) sector, China's property
market and the National Treasury have in common? Well, 14 August may well be
remembered as "Black Monday" in South Africa's PGM sector, when companies
saw their share prices tank by as much as 9%.

 

It was the same day that news emerged that China's largest private real
estate developer, Country Garden, sought to delay payment on a private bond
for the first time.

 

That has serious consequences for the Chinese and hence the global economy
and the demand for commodities, including PGMs, at a time when the Asian
Tiger is on the prowl for electric vehicles (EVs) that don't need platinum
and its close relations.

 

The palladium price also tanked that day by more than 3%, extending its
losses for the year to more than 30%.

 

What is the upshot for National Treasury and South Africa's economy more
widely?

 

Well, according to Treasury data, as a volume of provisional corporate
income taxes paid by three broad sectors -- finance, manufacturing and
mining -- the latter's share soared from less than R10-billion in 2015/16 to
over R80-billion in 2021/22, and was still around R80-billion in 2022/23,
when it accounted...

 

-Daily Maverick.

 

 

 

 

Nigeria: Kaduna, Google Partner to Train 5,000 Women

In a significant move towards promoting tech inclusivity, the Kaduna state
government, in collaboration with Google, has announced a pioneering
initiative to train 5,000 women and girls in data science, artificial
intelligence, and entrepreneurial application of digital technologies.

 

This initiative is part of a broader skills development programme that is
supported by Google.org and it aimed to empower 20,000 more women and young
people across Nigeria with 21st-century skills, positioning them for
opportunities in the digital and creative industries.

 

Kaduna state governor, Uba Sani, in a press statement, made available to
LEADERSHIP, said: "the inclusion in technology is not just about social
equity; it's about economic progress. By empowering our women with digital
skills, we are not only breaking gender barriers but also setting the stage
for significant economic growth.

 

 

"This partnership with Google underscores our commitment to harnessing the
vast potential of our women for the socio-economic transformation of Kaduna
State and Nigeria at large."

 

The Kaduna state government has consistently emphasised the importance of
leveraging technology to drive economic growth.

 

"Central to this vision is the inclusion of women in the tech space. By
providing focused tech training and ensuring accessibility, the state aims
to empower this demographic, recognizing their potential to be significant
contributors to the digital economy and the broader socio-economic
landscape," he said.

 

The programme will be executed by Data Science Nigeria, which will set up
Arewa Tech4Ladies. This initiative is crafted to serve four key semi-urban
and rural communities in Kaduna State, offering specialised women-focused
learning, mentoring, and job placement support facilities.

 

Google director for West Africa, Olumide Balogun, averred that, the future
of tech in Nigeria hinges on tapping into the potential of every individual,
irrespective of gender, adding that, "our collaboration with the Kaduna
State Government is a testament to our unwavering belief in the
transformative power of women in tech.

 

"Through the support of Google.org, we're dedicated to fostering a more
inclusive digital landscape, ensuring every trained woman becomes a beacon
of change in the tech world."

 

-Leadership.

 

 

 

Nigeria: FCTA to Complete Abuja Rail Mass Transit in 12 Months

The multi-billion-naira Abuja Rail Mass Transit project which was abandoned
for more than four years after being commissioned by President Muhammadu
Buhari in 2018 may be completed in 12 months from now as the Federal Capital
Territory Administration (FCTA) has taken a step to rehabilitate and
continue the project.

 

The project was originally designed to find concrete solutions to
transportation challenges-heavy traffic in the Federal Capital Territory
(FCT) and its environs since many residents of the FCT who reside in
satellite towns and work within Abuja metropolis require transportation to
and from work.

 

 

The railway project also became necessary because most people rely on
private vehicles and mini-buses for transportation into the city and a ban
on the use of commercial motorcycles has increased dependency on informal
methods of transportation.

 

With the worrisome abandonment, the FCTA has estimated that it would spend
N5 billion on the rehabilitation of vital equipment of the Abuja Rail Mass
Transit (ARMT) system that was vandalised by hoodlums following its
temporary shutdown to mitigate the spread of COVID-19.

 

The FCT permanent secretary, Mr. Olusade Adesola, said when he flagged off
the restoration of the transportation infrastructure on August 5, 2023 that
the project would be delivered by China Civil Engineering Construction
Corporation Ltd (CCECC) in 12 months.

 

Adesola described the light rail as the lifeblood of Abuja, noting it would
play a crucial role in easing transportation challenges of residents, and
described vandalism of the equipment as a serious setback to the
administration while assuring that the FCT would soon witness the return of
a more efficient and reliable transportation system.

 

"The revitalisation of the Abuja Rail Mass Transit System is not just about
repairing physical infrastructure; it is a testament to the resilience of
our city and its people and a demonstration of our government's dedication
to creating an enabling environment for economic growth and social
well-being," he said.

 

The permanent secretary said contracts for the provision of security for the
rail system had been awarded, adding the administration would take stringent
measures to safeguard the asset and prevent vandals from undermining the
essential public service.

 

The director of transportation, FCTA, Mr. Joseph Akinteye, said the Abuja
light rail system Phase 1 which comprises Lots 1 and 3 made up of 77.775 km
out of the six Lots designated by the transportation masterplan was awarded
in 2007.

 

He, however, said only Lots 1 A and 3 made up of 45.245 km were completed in
2017, inaugurated in 2018, and followed by a trial operation service which
lasted for 20 months.

 

"Unfortunately, the trial service ended abruptly in March 2020 due to the
advent of COVID- 19 pandemic and its extent protocols, and the
rehabilitation, when completed, would bring back the metro line services,"
he said.

 

The managing director of CCECC, Mr. Wang Xixue, said the successful
commencement of rehabilitation of the vandalised components of the system
was critical to the development of the transportation system in the FCTA,
and that rehabilitation would be completed as soon as possible.

 

According to him, the project would involve the rehabilitation of the
vandalised components of Lot 1A and Lot 3, clear obstacles and pave way for
resuming commercial operation of the light rail system.

 

"As a socially responsible company, we are concerned about the development
of the public transport system in the FCT and within Nigeria. We will
maintain close cooperation with relevant stakeholders to contribute to the
development of an advanced public railway transport system," he said.

 

The contractor is presently waiting to be mobilised by the FCTA to commence
work.

 

-Leadership.

 

 

 

 

Nigeria: Lagos Pensioners, Aged Retirees Vow to Protest Ill-Treatment By
Govt

Members of the Nigerian Union of Pensioners, NUP, Lagos Chapter, have vowed
to take to the streets of Lagos in protest against the ill-treatment as well
as unpaid pensions, poor welfare of the aged and outright neglect of their
members.

 

The pensioners stated this during a press conference held at the Islanders
Hotel, Mushin, Lagos Thursday to express their grievances, saying "we say no
to 'You've retired, go-and-die' attitude of the state government and its
officials.

 

The State chairman of the group, Rev Oluremi Johnson, said several efforts
have been made to through letters to the governor but officials refused to
let it see the light of the day, meetings and consultation were not allowed
and for over two years we have been groping in the dark, adding that if
nothing is done after two weeks, they will embark on protest to press home
their demands.

 

 

"However, we noticed that our correspondences to you have not been made
available to you by overzealous government officials and this had resulted
in our matters not being brought to your attention promptly. These include:

 

"Strict compliance with the constitutional provision that states that
pension should be increased every 5 years or whenever salaries of workers
are increased whichever comes earlier in line with Sections 173 (3) and 210
(3) of the 1999 Constitution of the Federal Republic of Nigeria as amended.

 

We want consequential adjustment on our pensions in accordance with
consequential adjustment done to workers in 2019.

 

"That Pensioners in Lagos State should also have a living minimum pension of
#50,000. It is disheartening to inform you that we still have Pensioners
earning #1,800 per month in Lagos State.

 

"Payment of backlog of gratuities and pension arrears; harmonization of
pensions; recognition of members of our Union as done to membership of other
Unions, market women etc.

 

"Also worth of mentioning is the pending liabilities of our members under
the Contributory (Mandatory) Pension Scheme who are being short-changed of
the 15% of the 2007 pension review, 33% of the 2010 pension review, omission
of 2015 pension review and the consequential adjustment of 2019. We believe
whole-heatedly.

 

The Secretary of the Union, Comrade Olukayode Bada, stated that all efforts
in in past failed because state officials are not helping our matters.

 

"The last time we met the commissioner, he advised we should meet quarterly
to review issues that affect us, but no meeting was held in the last two
years. All effort to get him ready for the meeting proved abortive."

 

 

He noted that those we had thought will help our issues were those hindering
it. We have decided to go public and demand to see the governor, and if
after 14 days, nothing is done, we will protest to Alausa."

 

"Yes the governor is doing well but there are areas that they have to look
into. We have written severally to the governor but the staff and aide will
not pass the letters to the governor and that is why we have to protest.

 

"We were in the system and did our best and deserve a better treatment, they
are only showing us how they also will be treated when they retire.

 

"They should not say 'as you have retired, go and die" they will one day be
in our shoes.

 

we have graduates who have no jobs and we take care of them with our
pensions.

 

The vice chairman, Dr. Titus Gregory Aderemi said, the protest action ought
to have taken place over a year ago after all areas of communications with
the government were blocked, adding the the entire members are prepared for
the protest should the governor failed to see us on how to give us our
rights.

 

"Go to the hospital, on papers the aged are supposed to treated free, but
you will find out to your dismay that the treatment the aged gets is
unfortunate.

 

"The aged people need money for their welfare, to maintain good health and
care for those children who have no jobs. What is N1,800 monthly pension to
the aged? Will that take care of the aged?

 

"Before the election, the Governor called us and sought for our votes, after
he won the election, he gave the civil servants increase in salaries, he
neglected the pensioners, to me, that is wicked," he said.

 

-Vanguard.

 

 

 

 

East Africa: Kenya-South Sudan Joint Infrastructure to Boost Regional Trade

Nairobi — Kenya is committed to strengthening bilateral relations with South
Sudan for the mutual benefit of the citizens of the two nations.

 

President William Ruto said the two countries are pursuing joint
infrastructure projects to enhance regional integration and boost trade.

 

Kenya, he added, is keen on implementing the infrastructural projects under
the Lamu Port-South Sudan-Ethiopia-Transport Corridor project (LAPSSET).

 

This, he explained, will enhance connectivity, further integration and boost
intra-regional trade for shared prosperity.

 

"This is instrumental in supporting bilateral trade," he said.

 

 

President Ruto made the remarks at State House, Nairobi, on Saturday where
he held talks with the President of South Sudan Salva Kiir.

 

The two leaders signed a Memorandum of Understanding on the establishment of
a fiber optic cable along the Eldoret-Juba road.

 

They also agreed to complete the construction of the 11km Nadapal to Nakodok
road to boost business between the two nations.

 

President Ruto said Kenya and South Sudan have also agreed to exploit the
Africa Continental Free Trade Area Agreement to increase trade between the
two nations.

 

"President Kiir and I had the opportunity to share ideas about collaborating
to seize emerging opportunities to improve the trade balance between our two
nations," he said.

 

President Kiir committed to hastening the implementation of the agreements
to unlock the economic and social benefits of increased trade.

 

The two leaders also discussed peace and security in Africa and the conflict
in Sudan.

 

President Kiir pledged to support efforts to de-escalate armed engagements
and restore peace in Sudan.

 

President Ruto lauded the decision by the Government of South Sudan to open
its borders to provide asylum, safe passage and protection to people fleeing
the conflict in Sudan. - Presidential Communication Service

 

-Capital FM.

 

 

 

Benin, Niger, Togo Owe Nigeria N132.2bn Energy Bills in 4 Years

Foreign customers in Benin, Togo and Niger have failed to pay over N132.2bn
worth of electricity bills supplied to them by Nigeria from 2018 to the
first quarter of 2023.

 

Analysis of quarterly reports produced by the Nigerian Electricity
Regulatory Commission (NERC) showed that the amount owed is from the
N180.8bn billed to the customers from which they paid N48.57bn, meaning only
26.8 per cent was paid.

 

The breakdown of the figure showed that Benin topped debtors list with a
bill to the tune of N72.1bn through its Société Beninoise d'Energie
Electrique (SBEE), followed by Niger Republic with N31.3bn through its
Société Nigerenne d'electricite (NIGELEC) and Togo with N10.03bn through its
Companie Energie Electrique Du Togo.

 

 

On a year-on-year analysis, the countries paid N650m from the N47.25bn given
to them, while in 2019, they failed to pay any amount from the N40.6bn.

 

In 2020, N10.4bn was paid from the N19.7bn, while in 2022, they paid N32.7bn
from N52.02bn. in Q3 2021, the companies paid N4.7bn from the N8.76bn bills
given while in the first quarter of 2023, the companies did not pay for
N12.3bn bills given to them.

 

This report did not include the figures for Q1, Q2 and Q4 of 2021 as the
NERC report did not disclose the amount of electricity sold to the countries
while that of Q3 did not elaborate on what each country owes Nigeria.

 

Why Nigeria continues to provide electricity despite debt

 

The report is of the view that the non-remittance of electricity bills by
customers of the three continues has become a trend that could lead to
sanctions.

 

NERC had threatened to allow the Market Operations department of the
Transmission Commission Company of Nigeria to "invoke the provision of the
market rules to curtail the payment indiscipline being exhibited by the
various market participants."

 

But despite the threat and the huge debt, electricity supply has constantly
been supplied to the countries, except for Niger following the recent coup.

 

According to the Managing Director of TCN, Sule Abdulaziz, the exportation
of electricity was due to a country-to-country arrangement that was supposed
to generate foreign exchange into the country.

 

The crux of the agreement was to prevent the countries at the upstream of
the River Niger from damming it to allow Nigeria to continue to service its
hydropower electricity plants.

 

The Managing Director of The Nigerian Bulk Electricity Trading (NBET),
Nnaemeka Ewelukwa, said Nigeria would be in severe trouble if Niger is
allowed to dam the river upstream.

 

Speaking in response to a parliamentary probe on why Nigeria continues to
provide electricity to its neighbours, he had stated that "At the heart of
the transactions is the issue of the damming of the river. We have dammed
the river and if we don't provide electricity to countries that are upstream
on the river, they can also build their dams which will create a major
crisis for the country."

 

Despite Nigeria's goodwill, Niger had made moves to stop its reliance on
Nigeria for electricity.

 

In 2010, the Kandadji hydroelectric dam was awarded to a Russian Company,
Zaroubegevodstroï (ZVS), but it was cancelled following delays in 2019 for a
project that was meant to be delivered in 2015.

 

Mahamadou Issoufou, a former President of Niger was quoted to have stated
that the project "is not only a question of producing electricity, but also
of regenerating the river's ecosystem, while creating the conditions for
local development.

 

"The work also concerns environmental protection with the displacement and
resettlement of populations. What is important here is the growth and
development focus in the implementation of the Kandadji programme."

 

While the contract is now being carried out by the Gezhouba Group Company
Limited (CGGC), the economic sanction placed on the country by ECOWAS has
led to the suspension of works as it was not able to secure financing.

 

-Daily Trust.

 

 

 

 

Somalia Orders Tiktok, Telegram Shut Down

Somalia's Ministry of Communications and Technology is ordering the
country's internet service providers to turn off access for social media
companies TikTok, Telegram, and the gambling site 1xBet.

 

The Minister of Communications and Technology, Jama Hassan Khalif, gave the
order in a statement issued Sunday, citing security and fighting terrorism
as reasons for blocking the companies.

 

The statement said constant violations by terror groups using social media
sites affected the safety and stability of society.

 

In addition, the Ministry said it's working to protect the moral conduct of
the Somali people when using communication and internet tools that have
affected the way of life and have increased "bad practices," according to
the statement.

 

 

"You are being ordered to shut down the applications mentioned above by
Thursday August 24, 2023 at 11:30 evening, at the latest," Khalif said in
the statement. "Anyone who does not follow this order will face clear and
appropriate legal measures."

 

The al-Shabab militant group regularly uses Telegram's messaging service to
publish its videos, press releases, and posts audio of interviews with their
commanders.

 

Al-Shabab often posts news about its attacks within minutes on Telegram and
websites. The group regularly creates new accounts as soon as their Telegram
accounts are taken down.

 

TikTok is believed to be fastest growing site in Somalia. It is used by
young people and even government officials.

 

Last week, TikTok posted a statement saying it has hosted a series of
workshops with various stakeholders in Somalia aimed at keeping the platform
safe.

 

"In Somalia, our team removed over 280,000 videos during the same period
that violated its guidelines," the statement said.

 

"We detected and removed 98.7% of these violating videos before they were
reported. Our proactive approach showcases our commitment to maintaining a
safe and compliant platform for our users."
https://newsroom.tiktok.com/en-africa/digital-safety-a-shared-responsibility
-we-are-proud-to-prioritise

 

The Ministry's move was criticized by social media users. Abdulkadir Ali
Mohamud who is popularly known as Bilaal Bulshaawi, with 1.2 million
followers on TikTok said the order will not be implemented.

 

"It's not going to work because the [internet] companies have the power to
allow this shut down," he said. "It's not in the interest of the companies
to stop the services because it's the most used application and the
customers use a lot of data."

 

 

Another prolific social media user who did not want to be identified
described the government's move as a "Ridiculous knee-jerk reaction to a
serious issue."

 

"Rather than create policy around how to target immoral social media
accounts, they have settled for a blanket ban," he said. "A normal
government would have engaged the platforms in question and established
communication protocols to target specific accounts. There are hundreds of
Somali TikTok celebrities that make decent living from TikTok who now have
to look elsewhere."

 

Khalif defended the move in an interview with VOA Somali, insisting the
sites are "hurting the state."

 

"These sites are misused, they have created security problems, they are used
to destroy the security and society, they promote immoral behavior," he
said.

 

"Due to this great need to ban them it is the right time to take this
decision."

 

Somali authorities did not give the number of people who are using betting
sites in the country, but said they believe the sites are repatriating large
amount of money out of the country.

 

Khalif said betting on 1XBET is even distracting government soldiers who are
fighting defending the nation.

 

"We know the use is expansive," he said.

 

He said the government does not know the people behind these sites in the
country.

 

"That kind of money is not Halal (permissible), no one taxes it, no one
knowns what they are and where they come from; and it's crime."

 

Last year, the Somali government ordered internet service providers to block
al-Shabab websites, but some of the sites remain to accessible globally to
date.

 

"The federal government of Somalia recognized as crime the dissemination of
terrorist messages and encouraging their acts of brutality - by any media or
person on social media. Action will be taken according to the law to
any[one] who failed this resolution,"the government statement said at the
time.

 

The Ministry Communication and Technology said it has launched a public
awareness campaign to warn the public about the dangers of communication and
the Internet, which makes it easy to spread news and unfounded information
that harms innocent people or incites the community.

 

-VOA.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 


 


Invest Wisely!

Bulls n Bears 

 

Cellphone:      <tel:%2B263%2077%20344%201674> +263 77 344 1674

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Website:         <http://www.bullszimbabwe.com> www.bullszimbabwe.com 

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Skype:         Bulls.Bears 



 

 

 


 

INVESTORS DIARY 2023

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


 

 

 

 

 


Border Timbers

EGM

4 – 12 Paisley Road, Southerton, Harare, or virtually
:https://escrowagm.com/eagmZim/Login.aspx” 

August 18 – (10am)

 


zIMBABWE

 

2023 harmonised elections

August 23

 


Companies under Cautionary

 

 

 


 

 

 

 


CBZH

GetBucks

EcoCash

 


Padenga

Econet

RTG

 


Fidelity

TSL

FMHL

 


 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

 


DISCLAIMER: This report has been prepared by Bulls ‘n Bears, a division of
Faith Capital (Pvt) Ltd for general information purposes only and does not
constitute an offer to sell or the solicitation of an offer to buy or
subscribe for any securities. The information contained in this report has
been compiled from s believed to be reliable, but no representation or
warranty is made or guarantee given as to its accuracy or completeness. All
opinions expressed and recommendations made are subject to change without
notice. Securities or financial instruments mentioned herein may not be
suitable for all investors. Securities of emerging and mid-size growth
companies typically involve a higher degree of risk and more volatility than
the securities of more established companies. Neither Faith Capital nor any
other member of Bulls ‘n Bears nor any other person, accepts any liability
whatsoever for any loss howsoever arising from any use of this report or its
contents or otherwise arising in connection therewith. Recipients of this
report shall be solely responsible for making their own independent
investigation into the business, financial condition and future prospects of
any companies referred to in this report. Other  Indices quoted herein are
for guideline purposes only and d from third parties.

 


 

 


(c) 2023 Web: <http://www.bullszimbabwe.com>  www.bullszimbabwe.com Email:
<mailto:info at bulls.co.zw> bulls at bullszimbabwe.com Tel: +263 4 2927658 Cell:
+263 77 344 1674

 


 

 

 

 

 

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