Major International Business Headlines Brief::: 27 December 2023

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Major International Business Headlines Brief:::  27 December 2023 

 


 

 




 


 

 


 

ü  Nigeria: 'We're Working Tirelessly On Stable Electricity', Power
Minister, Adelabu Assures Nigerians

ü  Nigeria: Federal Workers Observe Christmas Without December Salaries

ü  Nigeria: Emefiele and the Alleged Rot At Central Bank of Nigeria

ü  Namibia: Geingob Reduces Global Trips By 44 Percent and Qualifies for
N$700k in S&Ts

ü  Namibia to Host Inaugural Global African Hydrogen Summit 2024

ü  Nigeria: Union Bank - Again, CBN Investigator Invites Titan Trust Bank
Officials

ü  Nigeria: Industry Player Seeks FG Intervention in Manufacturing Sector

ü  Nigerians in Low-Key Celebration As Cash Crunch Restricts Spending

ü  Africa: China's Perennial Rice Technology Pivotal to Help Improve Food
Security in Africa

ü  Africa: Airtel Africa Customers Hit 150m

ü  Nigeria: High Cooking Gas Prices Persist Despite Tax Cuts

 


 

 


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

 

Nigeria: 'We're Working Tirelessly On Stable Electricity', Power Minister,
Adelabu Assures Nigerians

The Minister of Power, Mr Adebayo Adelabu, on Monday assured Nigerians of
stable power supply during the Christmas and New Year celebrations.

 

Mr Bolaji Tunji, Special Adviser, Strategic Communication and Public
Relations to the Minister, in a statement in Abuja, said that Adelabu gave
the assurance in a message entitled: "Fostering Unity and Progress",

 

Tunji said that Adelabu prayed that the season of love and sacrifice should
inspire unity and compassion among Nigerians.

 

"In the spirit of Christmas, I extend heartfelt felicitations to Christians
and fellow Nigerians. May this season of love and sacrifice inspire unity
and compassion among us.

 

 

"As we reflect on the birth of Jesus Christ, a symbol of love and peace, let
us emulate His spirit of selflessness and embrace one another across faiths
and divides.

 

"Unity is paramount for our nation's development, thriving in an environment
of peace and tranquility," he said.

 

According to him, during this festive season, let's prioritise giving, love,
and remembrance of God's love through Jesus Christ. Regardless of our faith,
let's unite in prayers for the peace and progress of Nigeria, our shared
home

 

"I congratulate President Bola Tinubu, our leaders, legislators, and
administrators at all levels at this period.

 

"I encourage Nigerians to steadfastly support Tinubu's government for the
collective advancement of our nation."

 

 

The minister assured all citizens that efforts are diligently underway to
enhance the nation's power supply during this festive season.

 

He said that these efforts were put in place in recognition of the
importance of electricity in the daily life of Nigerians, adding that his
ministry was committed to ensuring a more reliable and improved power
infrastructure.

 

"We understand the significance of uninterrupted power, especially during
celebrations, and are working tirelessly to provide a stable electricity
supply.

 

"Your comfort and enjoyment during this yuletide season are paramount, and
we are dedicated to making substantial progress in delivering an enhanced
power experience for all."

 

Adelabu wished Nigerians a joyous Christmas celebration and a prosperous New
Year as they look forward to 2024.

 

NAN

 

    Vanguard.

 

 

 

 

Nigeria: Federal Workers Observe Christmas Without December Salaries

Federal civil servants across the country are grumbling over the delay in
payment of their December 2023 salaries.

 

They said it was sad they marked Christmas yesterday without money, a
development that affected their families, especially those who had no
savings.

 

Many of those who spoke to our correspondent lamented that they did not
celebrate Christmas in line with tradition of merriments, heavy cooking, and
visitations.

 

Findings revealed that all the workers in federal ministries, some in the
Office of the Head of Civil Service of the Federation (OHoCSF), and others
in Office of the Secretary to the Government of the Federation (OSGF) said
the development was unexpected.

 

 

It was learnt that the situation was the same with federal universities,
polytechnics, colleges of education and associated federal institutions all
over the country.

 

Sources said only workers in revenue generating agencies like NNPC, NPA,
NIMASA, NCC, CBN, FIRS, among many others got their salaries for December.

 

In separate interviews with Daily Trust, the distraught workers lamented the
inability of the government to pay their salaries, especially in the
Christmas celebration season.

 

"Despite the general misgivings about previous administrations, I cannot
remember anytime our December salaries were delayed," one of the workers
said.

 

"With the way things are 'tough' in the country, we don't even have savings.
We were excited when they announced a 50 per cent discount on
transportation, but sadly despite the support many people could not travel
ahead of Christmas.

 

 

"How can we travel and enjoy the so called 50 per cent transport reduction,
when we don't have monies in our pockets?" another civil servant asked.

 

Others who spoke to Daily Trust said that the delay would have a negative
impact on their celebration and even in January when the schools would have
resumed.

 

A lecturer at the University of Abuja said he was not happy.

 

"How can you be happy when you cannot make your family happy at this
auspicious occasion?" she asked.

 

I cannot really comprehend where the problem lies, the government should
come out and explain the real problem. The minimum expectation of a civil
servant is to have his salary paid even if it is nothing to write home
about," he said.

 

 

"Some years back, apart from salary, some categories of workers get 13th
Month bonus, others get all kinds of interventions to support them at the
end of the year and encourage them to do better next year. May we witness
those moments again," he said.

 

Another lecturer said failure to pay salaries by this administration is an
indictment.

 

"There is no excuse whatsoever, to say the truth. They removed the subsidy,
they said they have been saving monies since June. This is over six months
but we rarely get our salaries before the end of the month.

 

"I got my November salary in the second week of December. Now that it is the
end of the year and it is the Christmas season, we thought they would pay us
around the 20th or 22nd. Sadly, they did not...We only went to church,
returned home and we are waiting for the public holiday to end so that we
can continue with our life," he said.

 

A teacher at the Federal Government Girls College, Bajoga, Gombe State, said
it was a dull Christmas.

 

"I managed and bought one chicken for the children, but we thank God for
life. We are yet to get our December salary and that is how we celebrated
our Christmas. Our prayer is that they should pay us before the end of the
month so that we can put a smile on the faces of our children ahead of New
Year," the teacher said.

 

We've no control - OHoCSF

 

When contacted, the Director of Communication in the Office of the Head of
Civil Service of the Federation (OHoCSF), Mallam Mohammed Ahmed, said that
they were not in charge of payment of salaries and that he believed
something was being done by the appropriate authorities.

 

When contacted, the spokesperson for the Office of the Accountant General of
the Federation, Mallam Bawa Mokwa, said that the process was ongoing and
workers would soon receive their salaries.

 

However, a top government official confided in Daily Trust that the delay
was due to a technical glitch that was being addressed and that workers
would be receiving their salaries before the end of the day (Monday).

 

    Daily Trust.

 

 

 

 

Nigeria: Emefiele and the Alleged Rot At Central Bank of Nigeria

Corruption has long been a scourge on Nigeria's economic landscape, a
scourge which has hindered development and perpetuated mass poverty. Indeed,
Nigerians are unfortunately used to stories of brazen corruption by the
ruling elite.

 

However, the recent allegations against the former governor of the Central
Bank of Nigeria (CBN), Godwin Emefiele, is in a new class of its own. These
allegations which emanate from the Jim Obazee Investigation Report on CBN,
have cast a dark shadow on the nation's financial integrity. And financial
health!

 

For those who do not know, the Central Bank is the custodian of the
financial health of a country. It is the very heart and heartbeat of the
well being of any nation. As such it's integrity ought to be sacrosanct.

 

 

To imagine that some persons were playing ludo within the sacred precincts
of the CBN is indeed heart breaking and nation breaking. Little wonder,
Emefiele's CBN could not successfully carry out an assignment as simple as
Naira redesign. Sad indeed.

 

Corruption Allegations Against Emefiele

 

The allegations laid against Emefiele include; Unauthorised funding of 593
bank accounts located in the UK, US, and China; Fraudulent cash withdrawal
of $6.23 million from the CBN vault under a purported presidential approval
to pay foreign election observers; Gross financial misconduct by Emefiele
and at least 13 other individuals, including his Deputy Governors; £543.4
million held in fixed deposits by Emefiele; Manipulation of the Naira
exchange rate and perpetration of fraud in the CBN's e-Naira project; The
unauthorised Naira Redesign without Board or presidential approval; The
printing of new N200, N500, N1,000 notes costing N61.5 billion, with N31.8
billion paid to the contractor; Expenditure of N1.73 billion on questionable
legal fees related to the Naira Redesign; Payment of £205,000 to a UK Firm
for the Naira Redesign effort; Fraudulent use of Ways & Means totaling
N26.627 trillion; Fraudulent intervention programmes; Fraudulent
expenditures related to COVID-19; Misrepresentation of presidential approval
on the NESI Stabilization Strategy Ltd; Padding of former President Buhari's
approval by N198.96 billion; Unapproved N500 billion taken and debited to
Ways & Means without formal presidential approvals; Emefiele and four
Deputies' alleged connivance to misappropriate funds; No approval for the
breakdown of N22.72 trillion presented to the 9th National Assembly to
illegitimately securitise the "Ways & Means" financing.

 

 

These allegations, ranging from unauthorized funding to financial
misconduct, underscore the urgent need for systemic reform to eradicate
corruption within crucial institutions like the CBN.

 

 

Like Abacha, Like Emefiele

 

Corruption has had a devastating impact on Nigeria's economy. From the 10
percenters who collected 10 per cent for government contracts that Major
Kaduna Nzeogwu talked about in his 1966 coup speech to the present day when
politicians collect 100 per cent of the contract sum and the jobs would not
be executed at all, as well as the Abacha loot, Nigeria had always been a
fertile ground for all kinds of sleaze at huge cost to the development of
the country.

 

The endemic nature of corruption in Nigeria has had severe repercussions for
the economy. Misappropriation of funds, fraudulent transactions, and
manipulation of financial systems have contributed to the nation's economic
woes. The mismanagement of resources, as outlined in the allegations against
Emefiele, is a betrayal of the Nigerian people and a significant obstacle to
the country's progress.

 

The unauthorised deposits of foreign currencies in overseas bank accounts
were a reminder of the Abacha years. To this day the federal government is
still receiving the loot lodged in foreign banks by Abacha and his agents
after over two decades of Abacha's death. The alleged unauthorised funding
of 593 bank accounts in foreign countries also raises concerns about the
lack of oversight and accountability within the CBN, while fraudulent cash
withdrawal from the CBN vault, resulting in the purported withdrawal of
$6.23 million for election observers highlights the potential misuse of
funds for personal or political gain. The broad financial misconduct
allegations against Emefiele and his deputies underscore a systemic issue
within the leadership of the CBN.

 

Projects 543.4m Pounds Could Fund

 

Can you imagine for instance what the 543.4 million pounds that Emefiele
allegedly lodged in fixed deposit in UK banks could do to Nigeria's economy
if it was spent for the development of the country.

 

As Nigeria grapples with numerous infrastructure challenges, this
substantial amount could have served as a catalyst for transformative
development. Firstly, it could have been used to address Nigeria's
staggering housing deficit of 17 million which requires strategic
investments. With £543.4 million, a substantial number of affordable and
quality housing units could be constructed, providing shelter for countless
families currently in dire need. Infusion of funds into the housing sector
would not only reduce the housing need but also stimulate economic growth
and job creation.

 

Secondly, Nigeria has 195,000-kilometer road network with only 60,000
believed to be worthy of providing service. Nigeria roads are characterized
by potholes and cracks, depression road surface, and failed road shoulders
among others. It means that the country has 135,000 bad roads that could be
repaired with the 543.4 million pounds.

 

 

With 543.4million pounds allocated to roads rehabilitation, a considerable
portion of the 135,000 bad roads could be rehabilitated, enhancing
connectivity, reducing travel time, and fostering safer journeys for
citizens.

 

Furthermore, the dire state of healthcare infrastructure, particularly in
cancer treatment, demands urgent attention. Nigeria currently has a mere 19
approved chemotherapy centers for a population of 200 million. The 543.4
million pounds could substantially increase the number of well-equipped
chemotherapy centers, providing essential medical services to millions
suffering from cancer and other life-threatening illnesses. In addition to
cancer treatment, investing in other critical areas of healthcare, such as
building modern hospitals and improving medical facilities, would
significantly enhance the overall health sector, if Emefiele had not taken
it outside the country.

 

The revelations from the Jim Obazee Report show clearly that corruption is
the reason why people are dying needlessly on our roads and hospitals! Many
Nigerians live in poverty simply because the ruling elite are carting away
needed resources to other lands and climes.

 

Addressing Corruption and Restoring Trust

 

The allegations against Emefiele highlight the fact that urgent and
comprehensive anti corruption reforms are needed within the CBN and other
critical institutions. Transparency, accountability, and adherence to
ethical standards must be prioritized in order to rebuild citizen trust and
confidence in the nation's financial systems.

 

There is an urgent need to strengthen oversight mechanisms at the apex bank.
The government must implement robust oversight mechanisms to prevent
unauthorized transactions and ensure accountability at all levels of
financial institutions.

 

Enhancing whistleblower protection will encourage staff of the CBN to expose
rot in the system. Establishing a robust whistleblower protection programme
to encourage individuals to come forward with information on corrupt
practices without fear of reprisals should be encouraged.

 

The government should institute measures that promote transparency in
financial transactions, including public disclosure of major financial
decisions and transactions, as well as independent audits and
investigations. Conducting independent and regular audits of financial
institutions to identify irregularities and initiate investigations into
alleged corruption is therefore essential.

 

Legal Reforms

 

It is important than ever before to review and strengthen existing legal
frameworks to ensure that corruption cases are expeditiously prosecuted, and
perpetrators face significant consequences.

 

The allegations against Godwin Emefiele underscore the critical need for a
comprehensive overhaul of Nigeria's financial governance structures.
Addressing corruption within the CBN and similar institutions is not only
vital for economic recovery but also essential for rebuilding the trust of
the Nigerian people. The government must take decisive action to enact
meaningful reforms that will usher in a new era of transparency,
accountability, and responsible financial management. Most importantly,
every penny that belongs to Nigeria allegedly siphoned by Emefiele and co
must be recovered and judiciously deployed for the development of the
country.

 

MAY NIGERIA REBOUND

 

    Leadership.

 

 

 

 

Namibia: Geingob Reduces Global Trips By 44 Percent and Qualifies for N$700k
in S&Ts

President Hage Geingob has reduced his international trips from 74 days last
year to 41 days this year - reducing his potential subsistence and travel
(S&Ts) allowance to around N$715 000.

 

The president's biggest S&T source is N$210 200 from his 11-day stay in New
York and 14-day stay in Dubai, which qualified him for around N$290 000 for
the 13 days in the United Arab Emirates.

 

State House has for years defended the president's travels.

 

Earlier this year, the Presidency was criticised for allowing a seemingly
ill president to travel for an international trip after a medical operation.

 

 

The Namibian last year reported that Geingob may have pocketed about N$3
million in S&Ts from 19 foreign trips he undertook that year.

 

Now he has made only nine trips to eight countries.

 

State House's press secretary has declined to comment on this report.

 

This year Geingob travelled to the United States, Belgium, the United Arab
Emirates, Finland, South Africa, Angola, France and Ethiopia.

 

His first trip abroad this year was on 17 February when he travelled to
Addis Ababa for an African Union summit from 18 to 19 February.

 

On 20 April, the president flew to Pretoria for a state visit.

 

A statement by the office of the South African president, Cyril Ramaphosa,
stated that Geingob travelled to South Africa on Ramaphosa's invitation.

 

Geingob returned home on 22 April.

 

The president did not fly for three months, only resuming his travels on 16
August.

 

 

In June this year, Geingob underwent "minor" heart surgery in South Africa.
He was also hospitalised in Cape Town towards the end of July for a
follow-up visit.

 

This time he went to Luanda, Angola, for the Southern African Development
Community summit.

 

The summit took place from 16 to 17 August.

 

Luanda is considered one of the favourate destinations of government
officials to claim S&Ts.

 

Geingob qualified for N$32 500 for one day in Angola's capital.

 

Five days after returning from Angola, Geingob departed to Johannesburg to
participate in the Brics-Africa summit.

 

'DELEGATION'S TRAVELS CONCERNING'

 

Political analyst Ndumba Kamwanyah says Geingob should be applauded for
reducing his number of trips abroad.

 

He says this is in line with his ban on international travelling during his
first term.

 

 

"Of concern are the outcomes of those travelling for him and his delegation.
Are we reaping what we are sowing from those trips? We need to measure the
outcomes of those trips," Kamwanyah says.

 

Political commentator Henning Melber says: "There seems to be room for
improvement - not least when it comes to the size of his entourage."

 

Melber says the recent inclusion of presidential family members to attend
COP28 in Dubai has cast doubt on who covered these expenses.

 

"Not only the number of trips is relevant, but also their transparency and
accountability. Travelling on taxpayers' money to receive an award, for
example, is as the main purpose of a trip difficult to justify," he says.

 

COST-EFFECTIVE OPTIONS

 

Last year Hengari said presidents take the most cost-effective option when
travelling, and only cater for their meals and other incidental expenses.

 

The state bears responsibility for their accommodation on official missions,
he said.

 

This year, Geingob attended the 78th session of the United Nations General
Assembly in New York from 17 to 24 September.

 

He left the country on 14 September.

 

A statement by the Presidency suggested that Geingob would stop in France,
where he delivered a public lecture. The president arrived in Windhoek from
New York on 28 September.

 

A few weeks later, Geingob departed to Cape Town, South Africa, for the
African Energy Week conference.

 

The summit ran from 16 ro 18 October.

 

While there, Geingob received an Africa Energy Chamber lifetime achievement
award from a company whose executive chairman was allegedly convicted of
fraud in the United States (US).

 

Geingob returned home on 18 October.

 

On 22 October Geingob flew to Brussels, Belgium, for the inaugural Global
Gateway Forum. The president spent four days there.

 

On 9 November, Geingob went to Helsinki, Finland, to attend the funeral of
former Finnish president Martti Ahtisaari.

 

He returned home on 13 November.

 

On 27 November Geingob travelled to Dubai to participate in the 28th climate
change conference, or COP28.

 

He was accompanied by first lady Monica Geingos and their children. The
first family returned home on 10 December.

 

While in Dubai, the Presidency released a statement noting: "The Namibian
public and the media should rest assured that not a single cent of public
funds has been spent on the children of the first couple."

 

Some members of the public have challenged the Presidency to provide proof
of payment for the flight tickets of family members.

 

    Namibian.

 

 

 

 

Namibia to Host Inaugural Global African Hydrogen Summit 2024

Dubai — As part of Namibia’s COP28 programme, the Namibia Investment
Promotion and Development Board (NIPDB), the Environmental Investment Fund
of Namibia (EIF), DMG events and Vasco Da Gama Energy on 06 November 2023
officially launched the inaugural Global African Hydrogen Summit (GAh2S), to
be hosted in Windhoek on 03 – 05 September 2024.

 

Themed  “From Ambition to Action: Fuelling Africa’s Green Industrial
Revolution” , the three-day Summit will convene heads of state, government
agencies, industry business leaders, project developers, investors, thought
leaders and technologists from across Africa and around the globe to drive
critical investments and financing into bankable green energy projects.
Project and investment showcases will span the hydrogen, renewables, power,
infrastructure, transportation and mobility sectors.

 

The launch was officiated by the Minister of Mines and Energy, Honourable
Tom Alweendo who emphasised that the world is facing an unprecedented
climate crisis and that the urgency to transition to clean and sustainable
energy sources has never been more apparent. Alweendo added that this has
become a global imperative that demands collaborative efforts and innovative
solutions, and Namibia is poised to play a pivotal role in this global
transition agenda.

 

Said Alweendo: “Africa’s energy position is changing and it is against this
backdrop that as a country we are positioning ourselves as the sustainable
energy capital of Africa. This will not only be achieved through the
sustainable beneficiation of our primary energy resources, but also through
the development of green and blue economic growth and energies, investing in
platforms that facilitate dialogue and partnerships, skills and technology
transfers, as well as trade between Africa and the rest of the world”.

 

He continued “the Global African Hydrogen Summit will be the first platform
of its kind to be leveraged by African governments, investors, financiers,
scholars and the public in order to unlock additional opportunities for our
continent and its partners. It will also provide a platform for the global
players in the hydrogen value chain to showcase their projects, plans and
technologies to the African continent”, said Alweendo.

 

GAh2S will focus on the global role that Africa expects to play in the
hydrogen market and will facilitate collaboration and advance dialogue
across policy, investment and the emerging hydrogen value chain. The
continent has the potential to harmonise its own industrialisation to become
a global powerhouse of green manufactured products, whilst applying a
localised multiplier effect, stimulating in-continent value including
employment creation, ancillary industries, light manufacturing and natural
resource refining – uplifting economies across Africa, whilst sustainably
bringing an end to energy poverty.

 

NIPDB Hosts 'Invest in Namibia' Event with RMB in New York

NIPDB Hosts 'Invest in Namibia' Event with RMB in New York

Namibia was spotlighted in New York as the Namibia Investment Promotion and
Development Board (NIPDB) conducted a series of investment promotion
activities on the sidelines of the United Nations General Assembly (UNGA)
that ended on 26 September 2023.

 

During the event - in partnership with RMB - Rand Merchant Bank,
NIPDBshowcased Namibia's commitment to growth and development across diverse
sectors, including mining, energy, agriculture and tourism. Both NIPDB and
RMB share a vision which is to transform Namibia into a preferred investment
destination with a strong emphasis on value addition.

 

Clean hydrogen can cover a significant portion of the global energy
transition needs, especially in hard-to-abate sectors and industries such as
steel manufacturing and aviation. Several African countries—most notably
Egypt, Kenya, Mauritania, Morocco, Namibia and South Africa—are actively
pursuing clean hydrogen production. These countries formed the collective
Africa Green Hydrogen Alliance in May 2023 to collaborate on capacity
creation, financing, certification, and regulatory and policy agendas of
green hydrogen development in Africa. A McKinsey & Company report projects
that by 2050, the annual investment required will more than double to US$160
billion, with the focus of investment likely shifting to an expected 43% of
capital expenditure spent on hydrogen.

 

With an abundance of solar and wind energy resources as well as the
availability of unpopulated land, Namibia has a unique potential to enable
low-cost green hydrogen production. The country is currently investing in
the research and development of green hydrogen technologies, through
engagement of, and support from, foreign institutions and partner countries
like Germany. In May 2023, the government of Namibia and Hyphen Hydrogen
Energy announced a deal for the next phase of a US$10 billion green hydrogen
project that will export green molecules to Europe once complete. Long-term
offtake agreements are expected in this case. The development of a stable
green hydrogen market has the potential to facilitate investment in skills
for the domestic workforce, enhance local jobs creation and thus uplift
livelihoods.

 

Convening The Global Hydrogen Industry In Namibia

 

In its inaugural edition hosted in Namibia, the three-day Global African
Hydrogen Summit will convene heads of state, government agencies, industry
business leaders, project developers, investors, thought leaders and
technologists from across Africa and around the globe to drive critical
investments and financing into bankable green energy projects of strategic
and national importance across Africa, spanning hydrogen, renewables, power,
infrastructure, transportation and mobility.

 

As a dynamic and innovative investment platform, the Global African Hydrogen
Summit will provide a variety of engagement opportunities including an
educative masterclass, high level leadership dialogues, a strategic
conference, project investment boardroom roundtables, and a technology and
innovation hub.

 

Participation is expected from across the global hydrogen value chain
including:

 

6+ heads of state

20+ African ministers

40+ bankable African clean energy projects

2,000+ attendees

700+ conference delegates

100+ youth participants

80+ expert industry speakers

75+ technology and innovation zones

65+ countries represented from around the globe

50+ showcased startups

 

 

 

 

 

Nigeria: Union Bank - Again, CBN Investigator Invites Titan Trust Bank
Officials

The special investigator appointed by President Bola Tinubu to probe the
activities of the Central Bank of Nigeria (CBN), Jim Obazee, has once again
invited three top officials of Titan Trust Bank to clarify the alleged
fraudulent acquisition of Union Bank.

 

In an invitation letter signed by the head of operations, Office of the
Special Investigator, DCP Eloho Okpoziakpo, those summoned are the chairman
of Tropical General Investments Group, Cornelius Vink, managing director of
the group, Rahul Savara, and the chairman ofTitan Trust Bank (TTB),
Babatunde Lemo.

 

In the letter seen by LEADERSHIP, Okpoziakpo said that the Investigative
Panel extended another invitation to the three men to counter TTB's
allegation that they were not given fair hearing.

 

 

He also told them that if they failed to honour the invitation, "it will be
construed that they have decided to forfeit their purported shareholdings in
TTB and Union Bank of Nigeria, irrespective of which vehicle they are using
to own the purported shares."

 

Lemo had, in a press release issued on December 24, in reaction to the
allegations contained in a report submitted to President Tinubu by the Jim
Obazee panel, claimed that the bank had fully cooperated with the panel and
that all the information requested was presented on September 1, 2023.

 

But Okpoziakpo noted in the letter that the defence put up by Lemo is not
only offensive but also contrary to the statements he and other persons
connected with the transactions made under caution before the panel.

 

 

The letter reads in part: "Please refer to your discussion with the Special
Investigator earlier today regarding the offensive defence that your good
self issued in Punch newspapers, on behalf of TTB, which you chair, as well
as the email you sent to the Special Investigator today wherein you tried to
provide clarification on your reaction to the report on TTB.

 

"In the newspapers, you referred to Cornelius Vink and Rahul Savara as
"prominent global entrepreneurs and having thriving businesses in
Nigeria..."

 

"In your email and earlier discussion with the Special Investigator, you
suggested that both of them be invited to clarify their share ownership and
given seven days to make such clarification, failure which they will forfeit
their shares to the Federal Government of Nigeria.

 

"We are surprised at your request about these two shareholders. They were
given this opportunity via a letter to them dated 28th August, 2023 (copy
attached as Appendix 1).

 

"Instead of honouring the invitation and providing the requested documents,
we received a letter from the company secretary of Union.

 

Bank, Somuyiwa Sonubi, dated 1st September, 2023, informing the Special
Investigator that Mr Cornelius Vink was out of the country on medical
grounds and that both "Messrs Vink and Savara will be available for the
meeting as soon as they are in Nigeria, which will be soon" (copy attached
as Appendix 2).

 

"Until this offensive defence that you put in the public domain, the Special
Investigator has neither heard from them nor received the requested
documents.

 

"Accordingly, you are here invited to come along with Messrs Cornelius Vink
and Mr Rahul Savara to meet with the Team of Special

 

Investigators by 2pm on 28th December, 2023 at the Department of Force
Intelligence (DFI), opposite Nigeria Police Force Head-quarters Shehu
Shagari Way Area 11, Garki Abuja, without fail or excuse."

 

    Leadership.

 

 

 

 

Nigeria: Industry Player Seeks FG Intervention in Manufacturing Sector

Anyone who lives in Nigeria does not need to be aware of the harsh economic
realities that the country's residents must deal with, the managing
director/CEO, May & Baker Nigeria Plc, Mr. Patrick Ajah has affirmed.

 

This is even as Ajah has called on the government to rollout interventions
to cushion the harsh operating environment.

 

According to him, 2023 has been one of the most challenging years in
operational history as a country.

 

Recall that the Central Bank of Nigeria's (CBN) Naira redesign policy and
cash withdrawal limit created interruptions in economic operations and
widespread hardship in the first two months of 2023 (January & February
2023).

 

 

"The policy created a liquidity crisis and just as companies were trying to
recover from the impacts of COVID-19 and adjusting to the instabilities
created by the Russian Ukraine war, we now had to deal with the impact of
the cash crunch. Decision making became almost like a betting game, because
just as we were trying to recover from one challenging situation, another
one was looming and often due to avoidable circumstances," the CEO lamented.

 

Ajah tells me that, following the removal of fuel subsidy, most of his
junior factory workers stopped going to work because they could not afford
the new transport fares created by the increase in the price of fuel.

 

The harsh economic conditions orchestrated by these policies have not only
crippled the operations of many small and medium pharmaceutical companies
but has also forced some multinational pharmaceutical companies to shut down
operations, he posited.

 

 

"It is no longer news that GlaxoSmithKline (GSK) has decided to close
ongoing operations in Nigeria, highlighting the difficult and unfavorable
operating environment of the nation's economic sector. Another multinational
pharmaceutical company and one of our contract manufacturing partners Sanofi
Aventis have also announced their exit from direct operations in Nigeria by
February next year," he further disclosed.

 

Ajah however appealed to the government to intervene as the manufacturing
sector which should be the driver of the economy is being decimated by these
policies. "The result is that a number of blue-chip companies declared
losses at the end of Q3 as a result of the Fx losses and high cost of
operation," he added.

 

For the meantime, the CEO tasked manufacturing companies to follow the
footstep of May & Baker, by implementing reasonable cost saving initiatives
to help mitigate against these rising costs.

 

    Leadership.

 

 

 

 

Nigerians in Low-Key Celebration As Cash Crunch Restricts Spending

Christmas and end of year celebrations is coming on a low key this year as
the high cost of living worsened by the unavailability of cash impacted the
ability of many to embark on lavish spending, LEADERSHIP learnt.

 

Inflation, which was at 21.82 per cent, at the beginning of the year, has so
far risen to 28.2 per cent as at November this year, an indication that the
rate at which prices of goods and services are rising is faster than it used
to. The situation for many is worsened by the lack of cash in the system as
banks were unable to give out cash to their customers and ATMs across the
country remained dry a few days to Christmas.

 

 

A visit by LEADERSHIP to some banking halls on Friday, the last working day
before Christmas, showed that banks were not dispensing cash with those
dispensing giving out between a maximum of N20,000 and N5,000 to their
customers.

 

The few ATMs that were dispensing limited the ability to withdraw more than
N20,000 whilst some dispensed up to N40,000. Banks had earlier limited daily
withdrawal limits to N40,000 to stem the demand for cash.

 

A shopper at the Balogun Market on Lagos Island said she was not sure she
would be able to buy new Christmas outfit for her kids and the celebration
would have to be low key as everything has become so expensive. "Everything
is so expensive and even when you want to struggle and buy, the traders are
refusing to accept bank transfers. I have been going from ATM to ATM to get
cash but I cant get enough to pay for what I want to buy. I also cannot
afford to pay the high charges that POS operators are charging. It is
looking like I will go back home," she lamented whilst on a queue at the
ATM," she said.

 

 

A retired teacher and a septuagenarian, Mrs Salako said she had to beg the
bank manager that she needed to buy foodstuff before she could get N5,000
cash which she said was paid in dirty N100 notes. "It is still better than
paying money to collect my money and not having cash at all" she said.

 

Yemisi Salaudeen said she concluded her Christmas shopping in November, as
procrastination until the peak period when prices skyrocket is not a viable
alternative due to the alarming escalation of food costs. Furthermore, cash
accessibility presents a hurdle, given the constraints on withdrawal
limits," she noted.

 

The lack of cash had worsened the rising the cost of items as many seek
alternatives to the traditional celebrations. John a clothes trader at the
Katangora market in Abule Egba area of Lagos popular for used imported
clothes, noted that there are more people visiting the market. "To buy new
materials and sow is very expensive and new imported clothes are also
expensive so people find alternative in cheaper used clothes," he said.

 

 

With food inflation rising to 32.84 per cent in November from 31.52 per cent
in October, many Nigerians are also facing a hard time celebrating the year
end festivities in grand style. The chicken which is a major player during
this season has risen above N20,000. Also, the price of beef had risen form
N2,800 a month ago to N3,300 per kilo.

 

In October, George Oluwaseun, a civil servant, disclosed that she bought
just over N15,000 for ten chocolate beverages which currently sold between
N17,500 and N18,000. A five-litre container of groundnut oil used to cost
N7,500 but now ranges from N9,000 to N10,000.

 

A derica of beans previously sold for between N500 and N600 are now being
sold at prices ranging from as high as N800. The price of good rice
fluctuates; it can cost anywhere from between N55,000 to N80,000 depending
on the vendor. A crate of egg that once sold at N2,200 eggs is presently
valued somewhere in the range of about N3000 and N3,200.

 

A carton of soap sold for only about N6,000, is now sold for N8,400 or even
up to N8,000 nowadays. Even toothpaste brands price that is just around N500
and N600 can be found retailing at prices ranging from a minimum of about
N800 to N1000.

 

At a barbershop, the barber explained the extent to which he went to get
cheaper rice.

 

He said, "rice is expensive these days. A bag is sold for between N60,000
and N75,000. A few days ago, we went as far as the border in Idiroko, Ogun
State, to buy good rice. Our budget for a half bag of rice is N16,000.

 

We went there and ended up buying it for N28,000. This shows that our
government want to kill us. Half a bag of rice, N28,000? Jesus, na your
hand, we dey o.

 

And the surprising thing is that nobody is talking again. Nigeria is
dormant, and the few people who are talking, they have used money to blind
them from speaking the truth."

 

Grace Margaret said a crate of tomatoes now costs her N8,000 compared to
last year's N5,000. Unfortunately, this trend continues each year with no
signs of abating. The people who are in the food business are the ones
suffering most from this. They buy pepper, they buy condiments to prepare
the food, and after selling, they do not make their money back.

 

The Centre for Anti-Corruption and Open Leadership (CACOL) had decried the
current Naira scarcity being witnessed in various parts of the country.
CACOL's director of Administration and Programmes, Tola Oresanwo on behalf
of the anti-graft organisation's chairman, Debo Adeniran in a statement
said: "We have observed that barely a year after the Central Bank of Nigeria
Naira redesign that ended up as a colossal fiasco and subjected our people
to untold hardships, Naira scarcity has resurfaced in the country.

 

"It was reported that since last month, banks started imposing daily
individual withdrawal limits of between N20,000 to N40,000 which was mainly
due to the shortage of cash in their vaults. Although the Central Bank has
tried to assuage the apprehension of the people by repeatedly assuring the
people that it had supplied the banks with enough cash but the situation is
yet to improve.

 

"As we speak now, you cannot withdraw more than N10,000 in some banks, this
is not a good time for this anomaly as we are approaching the festive season
when majority of our people who rely on cash transactions would likely
demand for more cash to facilitate their various transactions.

 

"The federal government and the Central Bank of Nigeria should critically
look into what may have been responsible for the current Naira scarcity and
nip it in the bud as soon as possible. It is a known fact that the mobile
and online transactions are still plagued with numerous challenges that
makes some Nigerians not to adopt it. The fact that a vast majority of the
people in the hinterlands who don't have access to the internet and or
electricity may only find solace in cash transactions is another factor why
we cannot afford to subject them to another round of wild goose chase of a
commodity that ought to be readily available whenever it is needed."

 

The chairman of Union Bank, Farouk Gumel, speaking recently in an event
organised by Singapore-based NTU-Centre, themed "Back to Growth: Priority
Agenda for the Economic Revitalisation of Nigeria," disclosed that,
inefficiency in the transportation system of the country is a major cause of
food inflation, saying "When there is a good transportation system and a
good road network, the high food inflation rate will come down."

 

    Leadership.

 

 

 

 

Africa: China's Perennial Rice Technology Pivotal to Help Improve Food
Security in Africa

Addis Ababa, — China's perennial rice technology, which is considered as the
most representative breakthrough in the innovative utilization of
agricultural germplasm resources in China, is believed to help improve food
security in Africa.

 

Recently, perennial rice was included in the agricultural technology
promotion framework at the High-Level Ministerial Session of the fifth
African Union Specialized Technical Committee on Agriculture, Rural
Development, Water and Environment (ARDWE), and was listed in the "AU Seeds
and Biotechnology Program 2024-2025".

 

Perennial rice is the most representative breakthrough in the innovative
utilization of agricultural germplasm resources in China.

 

 

As a major food country, China has always been committed to sharing its
agricultural development experience and practical technologies with African
countries, according to information obtained from Mission of China to the
African Union.

 

With the continuous advancement of China-Africa Belt and Road Initiative
construction, perennial rice is accelerating its take-roots on the African
continent.

 

After intensive research for more than 20 years, Chinese research teams have
developed an original perennial rice species through distant interspecific
hybridization and molecular-assisted selection technology.

 

The emergence of perennial rice varieties has transformed rice from annual
to perennial, making it possible to plant once and harvest for 2 to 4 years
continuously.

 

 

Starting from the second year (or the second season), the production of
perennial rice no longer requires seed purchasing, seedlings, plowing,
planting, etc.

 

Only field management and harvesting are needed afterward. The innovative
rice farming model not only greatly simplifies production process, but also
effectively alleviates a series of social problems such as tight farming
time and labor shortage during the "double rush" for harvesting and sowing
the two seasons of rice respectively.

 

Compared with annual rice, perennial rice can reduce production cost input
by more than 30 percent.

 

Since the fields do not need to be plowed for a few consecutive years, the
"non-tillage" model reduces the input of labor, fertilizers, and pesticides,
bringing in significant economic benefits.

 

More importantly, perennial rice not only enables a simplified farming
approach but also delivers comparable yields to conventional rice varieties.
This characteristic advantage, coupled with its vast prospects for
widespread adoption, underscores its importance.

 

 

As the sole commercially viable technology for perennial food crop
production globally, perennial rice was successfully selected as one of the
FAO's International Agricultural Technology Innovations in 2018.

 

The development and promotion of perennial rice benefit more farmers. Up to
now, more than 100 perennial rice trial planting sites have been established
throughout China, covering 13 major rice-growing provinces such as Yunnan,
Hainan, Guangdong, Guangxi, Hunan, Fujian, Jiangxi, etc.

 

With the highest yield of 8,295 kg per hectare and the largest area of 33.3
hectares, perennial rice has been widely recognized by all walks of life.

 

In Africa, more than half of the countries rely on imported food. The grain
yield per hectare is about half of the world average, and the overall food
security situation is grim.

 

Africa urgently needs modernized and sustainable agricultural development,
and food production suitable for African farmers, African land and climate
is the key to agricultural development, the mission underlined.

 

Africa possesses abundant cultivable land resources, and perennial rice is
well-suited to the continent's high-temperature climate. Its non-tillage and
non-cultivation attributes contribute to reduced water consumption and labor
intensity, aligning with the requirements of agricultural development in
Africa.

 

At the China-Africa Leaders' Roundtable held in August 2023, President Xi
Jinping announced three major proposals to support Africa's development and
launched the Plan for China Supporting Africa's Agricultural Modernization.

 

China has proposed a series of targeted measures to help Africa expand grain
plantation, encourage Chinese companies to increase agricultural investment
in Africa, and enhance cooperation with Africa on seed and other areas of
agro-technology, to support Africa in transforming and upgrading its
agricultural sector.

 

Based on perennial rice trial planting, high-yield demonstration planting
and promotion will be carried out on a large scale to continuously
contribute "China's scientific and technological strength" to the
sustainable agricultural development of countries along the Belt and Road
routes to promote agricultural innovations in Africa.

 

    ENA.

 

 

 

Africa: Airtel Africa Customers Hit 150m

Airtel Africa has said it has registered its 150 millionth customer.

 

"Airtel Africa is very proud to give millions of people access to reliable
and high-quality digital and mobile money services, often for the first
time. Led by the purpose of transforming lives, connecting 150 million
customers is a significant milestone that underscores the company's
commitment to enriching the lives of its customers", the telecom operator
said in a statement yesterday.

 

It said it is now focused on further expansion, increased innovation and
continued investments to ensure a digitally empowered future for all.

 

The telecom operator said the growth reflects Airtel Africa's commitment to
reaching more people with more services in more places.

 

"In response to the increased demand for accessible and affordable services,
Airtel Africa is continuing to expand its network and invest in the future
through fiber and 5G. This is supported by new, best-in-class digital
products, services, and content," it said.

 

Airtel Africa's Group CEO, Segun Ogunsanya, thanked each one of the
stakeholders for their continued commitment and support in helping the
company reach the milestone.

 

    Daily Trust.

 

 

 

Nigeria: High Cooking Gas Prices Persist Despite Tax Cuts

Despite the federal government's policy to reduce the price of Liquified
Petroleum Gas (LPG), also known as cooking gas, the price has continued to
increase even during the yuletide season.

 

However, an economist, Dr Ayo Anthony, told the News Agency of Nigeria (NAN)
in Abuja that it takes time for government policies to impact the economy.

 

The federal government announced the removal of customs duty and Value-Added
Tax (VAT) on the importation of LPG and its associated equipment.

 

This was contained in a letter dated November 28, 2023, signed by Wale Edun,
the Minister of Finance and Coordinating Minister of the Economy.

 

 

Recall that earlier, the minister of state for Petroleum Resources (Gas),
Ekperikpe Ekpo, had waded into the challenges of constant price increment of
cooking gas in the country's domestic market.

 

The minister had constituted a committee and mandated them to recommend the
best way to boost supplies and crash LPG prices, following the rise in
prices in recent months, from about N700 per kg to above N900 per keg in
parts of the country.

 

Survey by NAN shows that 5kg cooking gas is currently sold at N4,750 to
N4,900 and 12.5kg is sold at N11,875 to N12,300 in the Federal Capital
Territory (FCT), and up to N13,000 in Lagos.

 

Anthony said the delay in seeing government policies materialise before the
Yuletide was caused by what was referred to as inside and outside lag.

 

 

"In economics, we have what we call lag. Lag is the time it takes for
government policy to materialise, and we have inside lag and outside lag.

 

"Inside lag is the time it takes the government to decide when there is a
problem. It is not immediately when a problem emanates that the government
decides on it.

 

"So the time it takes the government or policymakers to make decisions to
address a problem or shock to the economy is called inside lag.

 

"While outside lag is the time it takes for the decision to be implemented.

 

"Decisions made by the government are not implemented immediately,
bureaucratic processes will come in, that will cause another delay in
implementation."

 

Anthony said a contributing factor to the high cost of cooking gas in the
Yuletide, in spite of the government's policy to remove VAT from its
importation, was the issue of old gas stock.

 

He said that cooking gas that marketers had stocked before the policy
pronouncement would still be sold during the Yuletide at the old price to
cover the cost of importation.

 

"The seller will sell it at the price that covers the cost of importation of
the gas.

 

"So until this stock finishes and they buy at the prevailing price that
reflects the new government policy, that is when they will sell at the price
that will show a reduction of VAT."

 

Recent data from the National Bureau of Statistics (NBS) states that the
average price of 5kg of cooking gas increased from N4,562.51 in October 2023
to N4,828.18 in November 2023.

 

The average cost of refilling a 12.5kg cooking gas increased by 5.78 per
cent on a month-on-month basis from N10,545.87 in October 2023 to N11,155.15
in November 2023

 

    Leadership.

 

 

 


 


 


Invest Wisely!

Bulls n Bears 

 

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INVESTORS DIARY 2023

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 

 


Companies under Cautionary

 

 

 


 

 

 

 


CBZH

GetBucks

EcoCash

 


Padenga

Econet

RTG

 


Fidelity

TSL

FMHL

 


 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

 


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

 


 

 


(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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