Major International Business Headlines Brief::: 09 June 2023

[Bulls n Bears]

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Major International Business Headlines Brief::: 09 June 2023 

 


 

 


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

 


 

 


 

ü  Nigeria: Unpaid Gratuities, Pensions, Salaries Choke States

ü  Nigeria: Federal Govt to Incur U.S.$4 Billion Liabilities As Senate
Passes Police Pension Bill

ü  Nigeria: Palm Oil Imports From Malaysia Surges 353% in 4 Months

ü  Liberia - Armyworms Invasion Spreads to Nimba, Gbarpolu Counties

ü  African Court Commends Tanzania for Construction of Permanent Premises

ü  Kenya: Safaricom, Kenya Water Institute Partner to Deploy Smart Water
System

ü  Egypt Contracts With Five Countries to Import Cattle, Frozen Meat

ü  South Africa: Pharmaceutical Giant Bayer Stops Clicks Selling Cheaper
Generic Blood Thinning Medication

ü  South Africa: IEC Warns Public of Fake Job Adverts

ü  Algeria: Goverment Meeting - Progress of Steel Complex Project in Bechar
Discussed

ü  Kenya: Government Welcomes More Local Vehicle Assemblers to Boost Economy

ü  Nigeria: Ibom Air Has Grown Beyond Projections, Says Airline As It Marks
4th Anniversary

ü  Namibia: Over N$500 000 Pledged Towards Seed Capital Fund

ü  Nigeria: Govt, Lagos Join Forces to Drive Tax Compliance

 


 

 


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

Nigeria: Unpaid Gratuities, Pensions, Salaries Choke States

...34 states owe backlog of gratuities, l27 burdened by unpaid pensions, l13
owe salaries...We're doing our best to clear them -State govts

 

No fewer than 34 outgoing, returning, and sitting governors are leaving a
huge burden of unpaid gratuities, while 27 of them are being choked by
unpaid multi-billion pension arrears.

 

Similarly, 13 states are burdened with a backlog of salary arrears and other
unpaid benefits to their employees.

 

Investigations by Vanguard revealed that four states in the South-East, four
in the South-West, and five Northern states owe workers salaries.

 

 

On pensions, five states in the South-West, five in the South-East, 15 in
the North, and two in the South-South owe their retirees a backlog of
accumulated pensions.

 

In the same vein, only about three states nationwide are believed not to owe
gratuity to their pensioners.

 

Akeredolu's intervention in Ondo

 

In Ondo State, Governor Rotimi Akeredolu, who will finish his second term,
next year, met a backlog of seven months' salary arrears and has paid six,
remaining of January 2017 and two months for local government workers.

 

Ondo State workers are owed N27 billion as gratuities while local government
workers are owed N36 billion.

 

The state chairman of the Nigeria Labour Congress, NLC, Victor Amoko, told
Vanguard that "a special intervention by the governor was extended to
address the huge outstanding arrears of gratuities being owed retirees from
2011 to 2023 with the release of N300 million to pay the gratuities on
monthly basis.

 

Amoko said the gratuities had been paid up till 2014.

 

Oyebanji inherits N40bn unpaid gratuities in Ekiti

 

Similarly, Governor Biodun Oyebanji, who began his first term last year, in
Ekiti State, inherited from his predecessor, Dr Kayode Fayemi, three months'
salary arrears for state civil servants, and four months' salary arrears for
local government workers.

 

Retirees were owed seven months' pensions and unpaid N40 billion in
gratuities.

 

However, Oyebanji has defrayed the arrears to one month for state civil
servants and two months for the local government workers and paid three
months' arrears of pensions.

 

The State Chairman of Nigeria Union of Pensioners, NUP, Joel Akinola, put
the total gratuities at over N40 billion since August 13, 2013, noting that
the Governor released N500 million for state pensioners, and N138 million
for local government pensioners, which are being disbursed to the
beneficiaries.

 

 

Akinola said that "Governor Oyebanji has approved a tranche of N700 million
to offset part of the gratuities for state pensioners and N250 million to
offset part of the local government pensioners.

 

Ogun owes 18 months' salary deductions

 

In Ogun State, Governor Dapo Abiodun owes civil servants 18 months' salary
deductions such as Union dues, cooperative deductions, and pension
(Contributory Pension Scheme).

 

The State Secretary of NUP, Mr Bola Lawal, said out of N68 billion that
Governor Abiodun inherited from Ibikunle Amosun's government, he has paid
N3.6 billion.

 

Adeleke battles N76bn arrears in Osun

 

The accumulated salary arrears and pensions that Governor Ademola Adeleke,
who took over from Gboyega Oyetola, in Osun, last November, is owing serving
and retired workers are put at N76billion.

 

However, the gratuity owed to non-contributory pensioners is not clear yet
as the Ministry in charge has not made the amount public.

 

Pensions, gratuities last paid in 2015 in Oyo

 

Returning Governor Seyi Makinde of Oyo State does not owe workers in both
the state and local governments services.

 

However, the state NLC chairman, Kayode Matins, said pensions and gratuities
were last paid by the state government in 2015.

 

According to him, "l would have loved to give you the details, but I don't
have access to the files now to give the accurate figure of the outstanding
pensions and gratuities."

 

Lagos workers demand pension entitlements since 2020

 

In Lagos, while officials of the state government said the government owes
no salary, pension, or gratuity, the chairman of Lagos State Council of NLC,
Funmi Sessi, last May Day, said: "We wish to acknowledge and appreciate the
improvement you (Governor Babajide Sanwo-Olu) brought about in the monthly
bond allocation since the inception of your administration in 2019 and the
April 2023 for payment of N5 Billion to 1,800 retirees in Lagos State.

 

"We also demand immediate payment of all the backlog of pensions entitlement
(bond) from 2020 till date."

 

Gratuities, pension burden in S/South

 

All the six state governments in the South-South zone have been consistent
in the payment of monthly salaries to workers but none is up to date in the
payment of gratuities and pensions to retired workers, except Akwa-Ibom
which also pays pensions monthly.

 

Government officials were, however, hesitant to reveal the total figure,
especially gratuities the different states owe workers, which had piled up
over the years.

 

N7bn gratuities unpaid in Akwa Ibom

 

In Akwa Ibom State, the immediate past Governor, Udom Emmanuel, did not owe
workers monthly salaries and pensions.

 

He inherited N18 billion in unpaid gratuities and cleared N11 billion,
leaving N7 billion, which his successor will deal with.

 

In Bayelsa, Governor Douye Diri, who is seeking a second term on November
11, 2023, pays workers their salaries and pensioners monthly.

 

However, there is a backlog of unpaid gratuities from the time of Timipre
Sylva and Senator Seriake Dickson's administrations. Dickson, now a Senator,
promised to pay gratuities before a worker disengages from service but only
released between N250 million to N300 million for three months before he
left office.

 

Things only changed with Diri, who promised to release N200 million monthly
for payment of gratuities, and recently, increased it to N1 billion to clear
the backlog dating back to 2007/2008.

 

As of date, his administration has reportedly cleared up to 2013.

 

Obaseki moves to clear the burden in Edo

 

Governor Godwin Obaseki of Edo State, who leaves office next year, pays
workers their salaries monthly. He inherited a huge backlog of pensions and
gratuities from the Comrade Adams Oshiomhole's administration.

 

The Chairman of Edo NUP, C. Pullen Noruwa, revealed: "He approved in 2022
May Day celebration the payment of gratuities to state pensioners from 2012
until date and the local government pensioners from 2008 until date. There
is going to be a monthly release of N200 million and the payment will start
from July 1, this year.

 

"The Head of Service will set up a committee to ensure that they pay
according to the year of retirement. If they pay this gratuity, it will only
remain a consequential change, which is because of the N30,000 minimum wage
for workers. The governor has actually tried."

 

Gratuity burden remains in Rivers

 

Payment of salaries to workers in Rivers State has been regular under the
immediate past governor, Nyesom Wike, but contrary to gratuities and
pensions which he allegedly committed N3 billion monthly.

 

Chairman of the NLC, Alex Agwanwor, declined comments on the matter.

 

However, a top civil servant, who just retired, said: "Salaries have been
regular but they staggered pension payment in the guise of biometric capture
of pensioners. So those not yet captured have not benefited. However, it is
on gratuities that Governor Wike has not done well. Many retirees have not
received gratuities years after retirement, some even before the governor
came into office."

 

Gratuity yoke persists in C- River

 

Cross River State's immediate past governor, Senator Ben Ayade, has been
paying salaries and pensions to both civil servants and political
appointees.

 

Sometimes, workers and appointees receive their salary alerts twice a month.
This is during the Christmas season and May Day.

 

 

What, however, has been an issue of concern is the payment of gratuities
running into billions of naira. Workers that retired since 2014 are yet to
get their terminal benefits.

 

The workers' unions, particularly the NLC, have been fighting a spirited
battle with the governor over the outstanding payments.

 

Okowa leaves N24.9b pension in Delta

 

In Delta State, the departed administration of Governor Ifeanyi Okowa paid
workers' salary promptly on a monthly basis.

 

As for pensions and gratuity, his government is indebted to workers but has
attempted to reduce its burden by spending N1.5 billion monthly on servicing
pension liabilities.

 

Sometime last year, the state government disbursed N10 billion in two
tranches to pay state and local government pensioners. The summary of
outstanding accrued rights and harmonisation difference as of April 31,
2023, is N24.9 billion.

 

Enugu owes 3yrs of minimum wage arrears

 

In Enugu, as the eight years administration of the immediate past Governor,
Ifeanyi Ugwuanyi, left the civil servants in the state, particularly those
in the state parastatals, with no less than three years arrears of minimum
wage which its implementation in the state commenced three years after the
Federal Government and other states began its implementation.

 

National Vice Chairman of Trade Union Congress and the Enugu State chairman
of Senior Civil Service Union, Chuks Igbokwe told Vanguard that whereas the
backlog of the minimum wage arrears has been foreclosed, the state
government is also owing pensioners of local government and primary school
teachers pension arrears of no less than three years.

 

Tales of woes in Abia

 

In Abia State, workers will remember the administration of Dr. Okezie
Ikpeazu as the worst so far in the history of the state in terms of salary
arrears as doctors in the State University Teaching Hospital Aba, ABSUTH,
are owed 24 months; their counterparts at Hospital Management Board, HMB,
are owed 13 months; secondary school teachers are owed 11 months while
primary school teachers are owed three months.

 

Others, according to a recent statement by the President of NLC, Joe Ajaero,
include 29 months for workers in Abia State College of Education; workers of
Abia College of Health Sciences not paid five months arrears; Abia
pensioners have not been paid their gratuity for the past 15 years while
their pension arrears are over 48 months.

 

Lamenting the situation, Secretary, of Concerned Abia Pensioners, Chief C. U
Okezie, said retirees no longer talk of gratuities but their monthly pension
to at least buy drugs and stay alive.

 

Soludo owes N14bn pension in Anambra

 

Governor Chukwuma Soludo of Anambra State owes N14 billion for pensions and
gratuity. However, he has pledged to liquidate them gradually.

 

Since he assumed office, he has consistently been paying gratuity to all
those who retire during his regime, while also picking from the backlog of
those who retired before he became governor.

 

Imo owes arrears from 2020

 

In Imo State, the NLC Chairman Caretaker Committee, George Ofoegbu, informed
that the Imo State government owes salaries, pensions, and gratuities from
2020.

 

Most affected, according to him, are members of the Imo State chapter of the
Nigeria Union of Teachers, NUT, National Union of Local Government
Employees, NULGE.

 

However, Basil Iwu, leader of NLC, backed by Governor Hope Uzodimma, who is
standing for re-election on November 11, 2023, is of a different view, as he
commended the governor for prompt payment of salaries, and pensions.

 

However, spokesman of the Nigeria Union of Pensioners, in Imo State, Sam
Iheakanwa, said, "Not all pensioners have been captured into the payment
system. Some are still owed. But we are still waiting for all of them to be
captured before we talk of arrears owed."

 

Umahi leaves a backlog of pensions, gratuities in Ebonyi

 

The Chairman of NLC in Ebonyi State, Oguguo Egwu, said the immediate past
government of Engr Dave Umahi left a huge backlog of unpaid pension,
gratuities, and salary arrears for the incoming administration in the state.

 

"I do not have specific details but there is a backlog of pensions,
gratuities, and salary arrears which the outgoing regime is trying to
address."

 

Chairman of SSANU, Ebonyi State, Mr. Odigbo N. said: "The government owes
pension and gratuities in EBSU. Workers are being owed. For salaries, we
have been paid till March 2023. "

 

Benue owes 74 months of pensions

 

In Benue, as Governor Samuel Ortom's administration exited on May 29, the
state government is owing pensioners 34 months of entitlements at the state
level, and 74 months at the local government level, which were accumulated
by successive governments over the years.

 

The government might also be leaving behind between four and five months of
unpaid wages accumulated during the 2017 economic recession. Though workers
have not been paid for about four months in the year 2023 due to supposed
garnishee orders by the courts, the government may remedy the situation
before its terminal date.

 

Niger owing N16bn gratuities

 

In Niger State, the immediate past Governor Abubakar Bello is not owing
civil servants both at the state and local government areas of salaries.

 

But he left a backlog of unpaid gratuities for the incoming government to
settle.

 

It was gathered that the government will leave between N14 billion and N16
billion.

 

Last year, the state chairman of NLC who is now the Deputy Governor, Yakubu
Garba, declared at the Nigeria Union of Teachers, NUT, State Executive
meeting that the state government was owing pensioners in the state N50
billion and vowed to fight through "constitutional means" for the payment to
be effected.

 

Huge backlog in Bauchi

 

In Bauchi State, the government of re-elected Bala Mohammed has implemented
the consequential adjustment on the minimum wage of N30,000 for civil
servants across all cadres and pensioners since December 2020.

 

However, workers and pensioners have complained about the staggered salary
and pension payments after a screening exercise by the government to weed
out ghost workers in 2019.

 

Furthermore, there is a backlog of unpaid gratuities and death benefits that
had lingered since 2011.

 

In December 2020 the governor released about N400 million to offset part of
the gratuity and death benefits.

 

Adamawa owes N3bn in gratuities, pension

 

Adamawa State is indebted to pensioners to the tune N3billion in terms of
gratuity and pensions

 

But, the government of re-elected Ahmadu Fintiri, was quick to clear the air
that the backlog of the indebtedness was incurred by successive governments
since 2012.

 

This is even as the State Pensioners Association claimed that the unpaid
pensions and gratuity, including retired local government staff run into N4
billion.

 

The association added that no fewer than 20 of its members die as a result
of their inability to bear the economic crunch.

 

Katsina owes N10bn in gratuities

 

In Katsina, the immediate past Governor Aminu Bello Masari's government left
a backlog of unpaid gratuities for the incoming government.

 

According to the Katsina NLC Chairman, Hussaini Hamisu, the backlog of
gratuities includes those of retirees from 2019 to date.

 

It was gathered that the unpaid gratuities are not less than N10 billion.

 

Ganduje leaves N40bn gratuities in Kano

 

As Governor Abdullahi Umar Ganduje-led administration came to an end on May
29, the state government left behind a backlog of over N40 billion in unpaid
gratuities for the incoming government.

 

The unpaid gratuities from 2006 to date comprise the tenures of Mallam
Ibrahim Shekarau, Dr. Rabiu Musa Kwankwaso, and the present administration
of Dr. Ganduje.

 

 

Ishaku leaves unpaid six months' salaries in Taraba

 

In Taraba State, the immediate past government of Governor Darius Ishaku is
leaving six months and five months of local government workers and primary
school teachers' salaries

 

The state NLC Chairman, Peter Jediel, said the N30,000 minimum wage is also
yet to be implemented.

 

He also lamented that gratuities are still being owed while some retirees
are yet to be included in the state pension scheme.

 

"Also, there is a backlog of gratuities for retirees in the state from 2015
and inability to capture over 1000 retirees into the monthly pension," he
added.

 

Zulum's intervention in Borno

 

Governor Babagana Zulum of Borno inherited a backlog of salaries, pensions,
and gratuities running into billions of Naira upon assumption of office.

 

Worried by the situation, Zulum, in 2020, obtained a N12 billion loan to
settle some of these gratuities owed to 4,862 retirees who left the state
and local government civil service from 2013 to 2017.

 

This was a follow-up to the N3 Billion earlier released by the government in
September 2019, to clear the gratuities of 1,684 retirees who left the civil
service between 2013 to 2019.

 

But the Chairman of NLC in the state, Yusuf Inuwa, lamented that the
staggered mode of gratuity payments has resulted in the non-payment of
gratuities to some beneficiaries from 2012 to 2017 and beyond.

 

Huge backlog on the Plateau

 

The immediate past government in Plateau State is leaving a backlog of
unpaid salaries and gratuities for the incoming government.

 

The February 2023 salaries were paid to some staff just over a week ago
while others are yet to be paid theirs.

 

Gratuities have not been paid since 2010, the State Chairman of Pensioner,
Mr. Ben Bello, confirmed.

 

Governor Simon Lalong, who completed his second term on May 29, had on May
Day, promised that the backlog of salaries would be cleared before he exits
office.

 

Again, the State Head of Service, Sunday Hyat, told Vanguard: "The
government defaulted in the payment of some months' salaries but efforts are
on to address that.

 

The March and April salaries will be paid as promised.

 

For the gratuities, there was an agreement with the United Capital but it
was delayed because the House of Assembly had not signed the necessary
documents.

 

Sokoto saddled with 7 years of gratuities

 

Immediate past Governor Aminu Tambuwal of Sokoto State is leaving among
others not less than seven years of unpaid gratuities for the incoming
government that runs into billions of Naira.

 

The present administration only paid civil servants that retired in 2015 the
amount it inherited as a liability.

 

Retirees complained that the governor has been paying his political
associates who either retire or withdraw their services after his party the
PDP was defeated in the last general election leaving behind the accumulated
gratuity of civil servants who retired seven years ago.

 

Yobe accumulates gratuities

 

In Yobe State, Vanguard gathered that the government of Mai Mala Buni, who
just won his re-election, is up to date with salary and pension payments.

 

But the governor has accumulated unpaid gratuities for not less than five
months weighing his government down.

 

Outstanding backlogs in Zamfara

 

The Zamfara State Government, according to the state NLC, "has only
partially implemented the N30,000 minimum wage for core civil servants
without implementation for local government employees.

 

"Similarly, the government owes two months' salary arrears to state workers.
That is March and April.

 

"For pension, the payment has been staggered with several pensioners owed
many months of arrears. The worst of all is gratuities which the government
(of Bello Mattawale, who lost his re-election bid in the last poll), has not
paid since assumption of office."

 

Nasarawa owes N42bn gratuities

 

In Nasarawa State, the government of Governor Abdullahi Sule, who just won a
second term, has unpaid gratuities of about N42billion.

 

The government, however, pays salary and pensions regularly.

 

Backlog of unpaid gratuity in Kwara

 

Similarly, returning Governor AbdulRazaq AbdulRahman of Kwara State is up to
date in salary and pensions but has a backlog of gratuities.

 

His Chief Press Secretary, Rafiu Ajakaye, informed that "the government is
releasing an average of N100 million monthly to offset arrears of gratuities
that date back to 2010/2011."

 

However, the state chairman of NUP, Saidu Oladimeji differed, saying: "I can
tell you for free that from 2012 till, date some categories of pensioners
are still being owed gratuity."

 

The Jigawa example

 

While it was gathered that the Jigawa State government paid pensioners their
pensions on May 5, 2023, and workers' salaries are up to date, there is,
however, no information about gratuities.

 

No backlog in Kaduna

 

In Kaduna, where Governor Nasir el-Rufai will finish his second term on May
29, the state government is not owing pensioners and workers their pensions
and salaries as it pays as when due.

 

Special Adviser to the Kaduna State Governor on Media and Publicity, Muyiwa
Adekeye, stated that the "Kaduna State Government consistently discharges
its obligations to its workers and retirees. It does not owe salaries or
pensions."

 

Backlog of gratuities choking Gombe

 

In Gombe, returning Governor Muhammadu Yahaya of Gombe State is said to be
up to date with salary and pension payments.

 

The leadership of NLC in the state said the governor has been grappling with
accumulated gratuity arrears that date back to 2014. It was gathered that
the governor has cleared up to 2017 backlog of unpaid gratuities.

 

Kogi battling inherited unpaid gratuities

 

According to the state chairman of NLC in Kogi State, Amari Gabriel,
"Governor Yahaya Bello does not owe salary or pension to workers or
pensioners in the state.

 

"For gratuities, you know every state government across the country is
battling with a backlog and accumulated gratuity arrears. It is not
different in Kogi State. I know the governor has been making a frantic
effort to clear the backlog of inherited gratuities. I do not have the
actual figure now which can only be gotten from the Pension bureau".

 

Bagudu leaves on a clean slate in Kebbi

 

The immediate past Governor Atiku Bagudu of Kebbi State will go down in the
history of the state as the only governor who never owed workers salaries
and offset the backlog of gratuities he inherited from his predecessor.

 

This was disclosed by his special adviser on media Malam Yahya Sarkin, who
said that even during the COVID-19 lockdown when some governors were paying
civil servants half salaries Bagudu paid full salaries.

 

The only pending payment is a few who retired at the tail end of Bagudu's
government which is still being compiled and undergoing verifications.

 

Emma Amaize, Regional Editor, South-South, Dayo Johnson, Victor
Ahiuma-Young, Vincent Ujumadu, Olasunkanmi Akoni, Sam Oyadongha, Festus
Ahon, Umar Yusuf, Ndahi Marama, Dennis Agbo, Peter Duru, Demola
Akinyemi,Wole Mosadomi, Marie-Therese Nanlong, Egufe Yafugborhi, Emma Una,
Chioma Onuegbu, Ozioruva Aliu, Rotimi Ojomoyela, Ibrahim Hassan Wuyo, Peter
Okutu, Steve Oko, Chinonso Alozie, Haruna Aliyu, Bashir Bello, Charles
Agwam, Abdulmumin Murtala, David Odama, Musa Ubandawaki, Femi Bolaji, Shina
Abubakar, Deola Badru & James Ogunnaike, Asaba

 

-Vanguard.

 

 

 

Nigeria: Federal Govt to Incur U.S.$4 Billion Liabilities As Senate Passes
Police Pension Bill

The Senate has passed the Bill for the Establishment of a Police Pension
Board, a move that will balloon the federal government's pension liabilities
by N2 trillion, according to stakeholders in the industry.

 

The bill excludes the Nigeria Police Force (NPF) from the Contributory
Pension Scheme (CPS) and returns the force to the old Defined Benefit Scheme
(DBS).

 

Actuarial evaluations, according to industry stakeholders, indicate that it
would cost the federal government an additional N2 trillion in pension
liabilities for the 300,000 police personnel.

 

Under the contributory scheme, employees and employers contribute towards
pension but the government takes full responsibility under the defined
benefit scheme and this had led to irregular pension payments because of
budgetary constraints for the federal government.

 

 

The upper chamber announced on its Twitter handle on Tuesday that it had
passed the bill, despite opposition from industry stakeholders, at the
public hearing organised by the Senate Committee on Police Affairs on
January 20, 2023.

 

The National Pension Commission (PenCom), which regulates the industry, the
Pension Fund Operators Association of Nigeria and the Nigeria Labour
Congress (NLC) all opposed the bill.

 

The former secretary to the government of the federation (SGF), Boss
Mustapha, had written to the Inspector General of Police in January 2022 to
reiterate that an SGF circular. Ref. 59149/S.1/C.1/11/266, dated July 20,
2021, which said the police must be under the Contributory Pension Scheme
(CPS), remained in force.

 

The former SGF also referred to the White Paper on the report of the
Presidential Committee on Restructuring and Rationalisation of Federal
Government Parastatals, Commissions and Agencies which expressly forbade any
government body, apart from the military and the intelligence services, from
exiting the CPS.

 

In 2004, the Olusegun Obasanjo administration carried out a comprehensive
pension reform to address the plight of pensioners who were always owed
years in arrears.

 

Nigeria has moved from pension liabilities of N2.4 trillion to accumulated
pension assets of N15.45 trillion as of February 2023.

 

But under this bill passed by the Senate, the federal government will now be
fully responsible for police pensions.

 

LEADERSHIP recalls that Police retirees had cried out to the National
Assembly to quickly pass the bill before it to enable them to exit from the
contributory pension scheme which, they said, has impoverished them and
subjected them to serious hardship.

 

The police retirees said the bill before the National Assembly would create
a Police Pensions Board which would handle the retirement issues of the
police, pointing out that their counterparts in the military and
intelligence services had since exited the contributory pension scheme, with
their pension matters being smoothly handled by boards created for that
purpose.

-Leadership.

 

 

Nigeria: Palm Oil Imports From Malaysia Surges 353% in 4 Months

Palm Oil imports from Malaysia - a top global producer to Nigeria have
surged by 353 per cent in the first four months of 2023 despite local
players ramping up production, data from the Malaysian Palm Oil Council
shows.

 

The Nigeria's palm oil import from Malaysia increased to 92,961 metric tons
(MT) between January-April 2023, from 20,513 MT in the corresponding period
of 2022, indicating a 72,448 MT increase.

 

In 2022, the country imported 227,035 MT of palm oil from Malaysia.

 

Despite moves by the government, in listing crude palm oil alongside other
40 items restricted from forex access, and closing the Nigerian borders, oil
palm imports into the country are still on the rise owing to the huge
demand-supply gap, according to experts.

 

 

"Nigeria's oil palm imports from Malaysia will continue to increase for the
time being because our investment in the industry is still very
insignificant," managing director, Palmtrade and Commodities Development
Nigeria Ltd, Henry Olatujoye, said according to reports by BusinessDay.

 

"We estimated that our local/domestic consumption is averaging 2.4 million
tons in a year, and our first-class developers - Okomu, Presco, and others,
do not annually produce up to 800,000 tons.

 

"If we estimate the pocket smallholder farmers to be contributing up to a
million tons, we'd still have a shortfall compared to demand," Olatujoye
added

 

According to the United States Department of Agriculture (USDA), the
production of palm oil in Nigeria reached 1.4 million metric tonnes (MT) in
2022, a 9 per cent uptick from 2020/21 when production stood at 1.28 million
MT.

 

In the face of years of stagnant output growth and growing local demand,
Nigeria's production deficit has widened considerably, and on average, over
the last five years, around 25 per cent of yearly domestic palm oil consumed
in the country was imported.

 

Based on a USDA estimate, local production accounts for around 78 per cent
of consumption, and Nigeria consumed two million MT in 2021, leaving a
deficit of 0.6 million MT between 2012 and 2021.

 

Alphonsus Inyang, president of the National Palm Produce Association of
Nigeria said Palm oil prices in Nigeria have gone up and have remained the
most expensive in any Crude Palm Oil producing country, due to the high
demand for the commodity.

 

According to him, a metric ton of palm oil sells between N1-1.2 million
depending on your location.

 

In a telephone response, Inyang said the situation is since primary
production of palm oil has been seriously neglected by various governments.

 

"The lack of funding and interest in oil palm production by successive
governments has led to the neglect of the sector, and more farmers have lost
their livelihood through lack of profit for maintenance/expansion to produce
more."

 

Globally, palm oil prices fell sharply in May as protracted weak global
import purchases coincided with rising outputs in major producing countries,
the United Food Agency said in its May global food price report.

 

The solution to the demand-supply gap, according to Olatujoye, "is our
ability to convert our forex to plantation development, under Good
Agricultural Practices," as foods like noodles, vegetable oil, biscuits,
chips, margarines, shortenings, cereals, baked stuff, washing detergents,
and even cosmetics are made from palm oil.

 

-Leadership.

 

 

 

Liberia - Armyworms Invasion Spreads to Nimba, Gbarpolu Counties

-- The caterpillars, which travel in large groups and feed on young plants,
have wiped out fields of maize, eggplants, pepper, cocoa, and cabbage crops
in Bong and are doing the same in the two newly announced counties.

 

An armyworm invasion that is rampaging in Bong County, destroying crops and
contaminating drinking water sources, has also attacked farmers in Nimba and
Gbarpolu counties, the Ministry of Agriculture has said.

 

The Ministry, through its field offices in Gbarnga, Sanniquellie, and
Bopolu, has received reports of caterpillar invasions in towns and villages
affecting food crops and contaminating waterways, a release issued on
Wednesday said.

 

 

The caterpillars, which travel in large groups and feed on young plants,
have wiped out fields of maize, eggplants, pepper, cocoa, and cabbage crops
in Bong and are doing the same in the two newly announced counties.

 

Farmers in the two Bong districts -- Zota and Jorquelleh Districts --
informed the public about the armyworms invasion over the weekend. The
situation, they said, has halted agricultural activities across several
towns and villages, leaving farmers helpless and unable to begin the new
planting season for upland farms.

 

"Unless the spread of these worms is contained, food insecurity and
malnutrition are likely to result, as affected towns and communities will
not be able to carry out farming activities this year," they added.

 

The farmers are claiming they fear the risk of being displaced as the warm
weather continues to invade their dwelling places on a daily basis.

 

"It is so disheartening to watch as they watch helplessly and are unable to
do anything," the farmers distressingly told our reporter. "Farms and
villages are being overrun by the army worms, and if nothing is done about
it, we are going to encounter severe hardship as our farming season would be
interrupted."

 

In its Wednesday release, the Ministry said it has since dispatched
technicians to assess the invasion's coverage, determine the types of
caterpillars and evaluate damages done.

 

It added that preliminary findings recommend immediate intervention in those
affected areas.

 

"More so, the findings discovered the worms are similar to armyworms and
called Achaea, which are fast-moving and dangerous to the growth of cocoa,
bananas, and other food crops," the release said. "As this emergency was
unforeseen, the ministry is vigorously involved in resource mobilization to
source and procure appropriate types of environmentally friendly
agrochemicals to curb the spread of worms' widespread."

 

 

The ministry did not provide information on the level of damage the armyworm
invasion has caused in the affected areas.

 

However, twelve of Liberia's 15 counties have experienced such worm invasion
-- a natural and periodic occurrence in Liberia since 2009. Three counties
are often hit, but Bong has always been the hardest hit, suffering invasions
multiple times.

 

Armyworms are no strangers to Bong, mainly in Zota District. The last attack
was in 2020 when armyworms struck and destroyed more than 2,000 hectares of
crops in the district, leading to farmers spending huge amounts of money to
fight them.

 

Some succeeded, while others lost their entire crops.

 

Charles King, a scientist at the Central Agricultural Research Institute
(CARI), said in an interview at the time that planting the short-term crops
gave the armyworms a longer lifespan as they found a host.

 

"Farmers should not have planted maize again after struggling with the pests
for the better part of the year. The new maize crop became the host of the
pests until this planting season," King said.

 

Four years earlier, in 2016, thousands of armyworms also invaded towns and
villages in Zota, which led to the destruction of crops, contamination of
drinking water, and caused residents to flee the area.

 

Also, back in 2009, the district was hit hard by the worms, prompting
then-President Ellen Johnson Sirleaf to make an urgent visit to the area to
support the government's swift intervention.

 

According to the Ministry of Agriculture, armyworms are migratory pests,
with adult pests having the capacity to fly over 30 kilometers while
drifting through air currents. The pests are described as ferocious feeders
that, upon invasion, quickly destroy crops.

 

"The caterpillar feeds on the outer foliage, making large and ragged holes.
Attack on the crops at the early vegetative stage can result in 100 percent
loss if no control measures are taken," says the ministry in a note.

 

King, the CARI scientist, has claimed that genetically modified crops boost
the fight against emerging armyworms, saying modified crops have the ability
to resist worms.

 

"The situation is very serious. It has affected most of our crops and
farmland areas," Agriculture Coordinator for Bong County, Kollie Nah. told
reporters last week "A majority of the farmers who are affected are
small-scale farmers who produce more than 90 percent of their crops.

 

With the start of the farming season, the ministry said in its release that
it remains focused on working collaboratively with local communities,
farming households, governmental agencies, and collaborating partners to
ensure the invasion is contained.

 

-Observer.

 

 

 

African Court Commends Tanzania for Construction of Permanent Premises

Arusha — On 2 June, the government of Tanzania officially handed over the
construction site to the appointed constructors.

 

Demonstrating its commitment, the Tanzanian government allocated a budget of
Tshs 4,000,000,000 (approximately US$1.7 million) in June 2022, and this
month made an additional budgetary contribution of Tshs 5,400,000,000 (US$2
million) towards the construction. The estimated total cost for the project
is Tshs 61 billion (about US$25,792,811).

 

During the site handing over ceremony at LakiLaki area, located 25
kilometers on the outskirts of Arusha town, Justice Imani Daud Aboud
emphasized Tanzania's dedication to fulfilling its promise of constructing
the African Court's permanent premises. She expressed optimism that the
Court would be ready for occupation within the next 24 months.

 

 

Presently, the African Court operates from temporary offices located at the
Tanzania National Parks (TANAPA) buildings, pending the completion of the
permanent premises.

 

The construction of the African Court's permanent premises in Arusha
signifies a significant milestone towards enhancing the Court's
institutional capacity and promoting the rule of law within the African
continent.

 

NOTES FOR EDITORS

 

1. The African Court on Human and Peoples' Rights is a continental court
established by African countries to ensure the protection of human and
peoples' rights in Africa. It complements and reinforces the functions of
the African Commission on Human and Peoples' Rights.

 

The Court was established by pursuant to Article 1 of the Protocol to the
African Charter on Human and Peoples' Rights on the Establishment of an
African Court on Human and Peoples' Rights, (the Protocol) which was adopted
by Member States of the then Organization of African Unity (OAU) in
Ouagadougou, Burkina Faso, in June 1998. The Protocol came into force on 25
January 2004. The Court officially started its operations in July 2006 in
Addis Ababa and a year later moved to its permanent seat in Arusha,
Tanzania.

 

2. The Court is composed of 11 Judges, nationals of Member States of the
African Union elected in their individual capacity.

 

3. The Court meets four times a year in Ordinary Sessions and may hold an
Extra-Ordinary Sessions.

 

Further information on the Court can be obtained from the Court's website at
www.african-court.org.

 

-africancourt.

 

 

 

Kenya: Safaricom, Kenya Water Institute Partner to Deploy Smart Water System

Nairobi — Safaricom has partnered with the Kenya Water Institute (KEWI) to
build capacity in the water sector, in line with Sustainable Development
Goal 6, which seeks to ensure the availability and sustainable management of
clean water and sanitation for all.

 

Through the partnership, Safaricom will deploy a smart water system at
KEWI's Nairobi and Kitui campuses to facilitate practical training.

 

It will additionally co-create and run a smart water management curriculum
for students at the institution.

 

"Safaricom is committed to its vision of being a purpose-led technology
company by 2025. As part of this journey, we continue to partner with
stakeholders to bring this vision to life," Safaricom CEO Peter Ndegwa said.

 

 

"We recognise the importance of working with training institutions on
relevant technology skills and onboarding the young generation in our
Internet of Things (IoT) process as early as possible," Ndegwa added.

 

Smart water management entails leveraging Internet of Things (IoT)
technologies to manage the abstraction, production, distribution, and
consumption of water.

 

The smart water meters provide an effective way of collecting data online in
real-time.

 

They ensure effective monitoring of utility consumption data thereby
detecting loss & leakage, ensuring accurate billing, enhancing revenue
collection, improving operational efficiency, and as a result saving costs.

 

"We understand the place of IoT and as such we continue to embrace different
technologies. Central to creating the Smart Meter and making it work is the
IoT technology," the CEO said.

 

"It is at the heart of the new digital world and is already transforming
business models and opening new products and services at a spectacular rate.
Generated data can be used to boost efficiency, cut costs, save utility, and
help your consumers organise their lives better."

 

KEWI is the body mandated by the government to carry out capacity
development for the water sector.

 

The institute also provides short courses for water service providers and as
such KEWI is best placed to partner with Safaricom to tailor the Smart Water
Management curriculum.

 

"The partnership between KEWI and Safaricom on the Smart Water Management
curriculum is a forward-thinking collaboration that aims to tackle the
pressing issue of water scarcity by fostering awareness and practical
solutions," KEWI CEO Leiro Letangule.

 

"This reflects a shared vision of leveraging technology and education to
drive sustainable water practices and conservation."

 

-Capital FM.

 

 

 

Egypt Contracts With Five Countries to Import Cattle, Frozen Meat

Supply Minister Ali Moselhi said the ministry signed contracts for importing
cattle and frozen meat from five countries; Sudan, Djibouti, Tanzania,
Uganda, and India.

 

In a statement on Thursday, he said this falls within the framework of
efforts to secure people's need of meat at low price.

 

-Egypt Online.

 

 

 

South Africa: Pharmaceutical Giant Bayer Stops Clicks Selling Cheaper
Generic Blood Thinning Medication

The judge took over a year to rule in "urgent application"

 

More than a year after pharmaceutical giant Bayer brought an "urgent
application" to court, judgment has now been handed down.

Pharmaceutical giant Bayer had previously obtained an interdict to stop the
import of generic blood thinning tablets

It has also stopped Clicks from selling the cheaper generics.

More than a year after reserving judgment in an urgent application, Judge
Colleen Collis has finally handed down her ruling. It confirms
pharmaceutical giant Bayer's patent rights.

 

Bayer has won its court challenge, preventing Clicks from selling a cheaper
generic blood thinning medication, in competition with Bayer's patented
product.

 

 

Last year Bayer approached the Court of Commissioner of Patents in Gauteng
to stop Clicks from selling the tablets.

 

The case before Judge Collis was about "evergreening", in which
pharmaceutical companies who have patents on medicines extend the life-time
of the patent.

 

In the case of rivaroxaban the patent was due to expire in December 2020.
Bayer was granted a new patent extending the expiry to January 2026 on the
basis that it changed the dosage to once a day. Bayer claimed the one-day
dosage was an "inventive step" as provided for in Patent law.

 

After the initial patent expired (i.e. in December 2020), two rival
companies Austell and Dr Reddy's, launched generic versions of rivaroxaban
for sale in South Africa.

 

While Bayer obtained an interdict against the two companies, that interdict
did not extend to the pharmacies which had stocks of the generic products,
including Dr Reddy's anticoagulant drug Rivaxored.

 

Dis-Chem and Alpha Pharm reached a settlement with Bayer, agreeing not to
sell the generic drugs, but Clicks chose to oppose the urgent interdict
application which came before Judge Collis.

 

Read the judgmentThe judge explained that the application was brought
pending the final determination of a patent infringement action instituted
by Bayer against Dr Reddy's Laboratories.

 

She referred to the fact that in December 2021, Judge Raylene Keightley had
granted an interim interdict against Dr Reddy's, the company that imported
Rivaxored to South Africa.

 

"In terms of that interdict, the court found that the patent was prima facie
valid and that the sale of Rivaxored in South Africa constituted a prima
facie infringement of the (Bayer) patent. This has not been taken on
appeal," Judge Collis said.

 

 

Notwithstanding this, Clicks had refused to stop selling the drug.

 

The judge said Bayer had contended that the very purpose of the order
granted by Judge Keightley was being defeated by Clicks. That while Clicks
was not bound by the order, its conduct undermined the authority of the
court to prevent unlawful commercial conduct and was "showing scant regard
for the findings of the court".

 

In considering the merits, Judge Collis said Clicks had "baldly asserted"
that the Bayer patent was invalid and that it was not prepared to accept
that the change in dosage was an "inventive step".

 

However, Bayer argued that in Dr Reddy's application, the inventiveness of
the patent was dealt with through expert evidence and had been
"comprehensively dealt with in the Keightley judgment".

 

Judge Collis said Clicks had also challenged the constitutionality of the
Patents Act which permitted so-called "evergreening" through dosage changes.

 

However, Clicks had failed to disclose any facts relevant to this claim and
Judge Collis could not make any determination of it.

 

She said it was "undisputed" that Bayer was losing sales as a result of the
continued sale by Clicks of Rivaxored and that Bayer would find it difficult
to prove the full extent of its losses should it have to launch a damages
claim.

 

Clicks had also not argued that it would be prejudiced by the grant of the
interim interdict. Instead it argued that Bayer would only lose R3 million
in sales based on its current stock levels and this prejudice is outweighed
by the public interest of the public being able to access a cheaper
alternative.

 

Judge Collis said the public interest argument had been raised before Judge
Keightley by Dr Reddy's and in an unrelated patent case before the Supreme
Court of Appeal, and it had been rejected in both forums.

 

She said that in the Supreme Court of Appeal matter "the marginal harm to a
small percentage of patients in the private sector (who don't have medical
aid or who have to make a small co-payment) was not considered to be
sufficient to outweigh the negative public interest effect of failing to
enforce valid patents".

 

Judge Collis granted the interdict, and ordered Clicks to pay the costs of
the application.

 

-GroundUp.

 

 

 

South Africa: IEC Warns Public of Fake Job Adverts

The Electoral Commission of South Africa (IEC) has warned members of the
public and citizens about fraudsters using online job advertisement websites
in the name of the organisation to obtain personal information from
unsuspecting job seekers.

 

The Commission has noted various advertisements doing the rounds on WhatsApp
and other social media platforms.

 

Some advertisements claim that the Electoral Commission is recruiting for
the forthcoming 2024 National and Provincial Elections, and ask interested
persons to provide their personal information. Other fake advertisements
purport to advertise the Electoral Commission's recruitment portal.

 

 

"Scammers are using fake job postings to take advantage of unsuspecting
applicants. No sooner have we had one site shut down, and then we receive
reports of others.

 

"I wish to stress that the Electoral Commission only advertises its job
opportunities on its official social media channels - Facebook, LinkedIn and
Twitter, and on its recruitment portal on the official website -
www.elections.org.za.

 

"Any post, message or website that asks you to fill in your personal details
as part of an application process or directs you to any other website is a
potential phishing site," Chief Electoral Officer of the Electoral
Commission, Sy Mamabolo, said on Wednesday.

 

In this instance, phishing takes place as the fraudsters masquerade as the
Electoral Commission, and use the promise of jobs in their communication as
clickbait to deceive people into revealing sensitive personal information.

 

"We appeal to job seekers to protect themselves by applying for our jobs on
our website only. Please share this message with family and friends, and do
not let fraudsters take advantage of you.

 

"If you're unsure whether a job advertisement is legitimate, please contact
us on one of our social media pages or email info at elections.org.za,"
Mamabolo said.

 

The Electoral Commission is in the process of taking legal action against
the entities involved in this fraudulent practice.

 

To register on the Electoral Commission's jobs portal and apply for
available positions, please visit the secure link
https://www.elections.org.za/pw/About-Us/BrowseJobs.

 

-SAnews.gov.za.

 

 

 

Algeria: Goverment Meeting - Progress of Steel Complex Project in Bechar
Discussed

Algiers — At its weekly meeting on Wednesday, chaired by Prime Minister,
Aïmene Benabderrahmane, the government dicussed the progress of the steel
complex project in the province of Bechar, according to a statement issued
by the Prime Minister's office.

 

[ECR]

 

The government, which met at the Government Palace, "heard a presentation by
the Minister of Pharmaceutical Industry on the progress of the steel complex
project in the province of Bechar, intended for the production of steel
rails and sections, using iron ore from the Gara Djebilet mine," according
to the source.

 

This project, which is part of the plan to set up a steel industry centre in
the province of Béchar, "will be dedicated to the development of the Gara
Djebilet iron ore mega-project," added the same source. [/ECR]

 

-Algerie Presse Service.

 

 

 

Kenya: Government Welcomes More Local Vehicle Assemblers to Boost Economy

Nairobi — Kenya is committed to hosting more automotive players to increase
local production of vehicles.

 

President William Ruto said the National Automotive Policy has created a
conducive environment for firms to set up in Kenya.

 

He noted that the policy has tamed instability in the sector, especially
regarding tax laws.

 

"Our plan is for more assemblers to set up and operate at full capacity so
that we can supply Africa with competitive units," he noted.

 

The President said this will create more jobs, enhance skills development
and reliable mobility.

 

 

He maintained that it was time for Kenya to claim its rightful place among
Africa's leading vehicle manufacturers.

 

The Head of State spoke on Wednesday when he launched the first ever
electro-deposition paint plant at the Isuzu East Africa

 

It is expected that the KSh500 Million will deepen the firm's manufacturing,
improve local production and make it globally competitive.

 

Present were Isuzu East Africa Managing Director Rita Kavashe, Trade
Principal Secretary Alfred K'Ombudo, Isuzu East Africa Chairman Hiroshi
Hisatomi, Deputy Chief of Mission Counsellor in the Embassy of Japan
Kitagawa Yasuhisha, among others.

 

"With investments like Isuzu's, we can propel Kenya back to its original
vision of leading Africa's automotive competitiveness."

 

The President urged investors to advance their investment in Kenya by moving
into Tier One component of manufacturing.

 

He said Kenya intends to fully exploit the immense opportunities presented
in the automotive industry's untapped potential.

 

Mr Yasuhisha noted that Isuzu's investment will stimulate the transfer of
technology, knowledge and expertise.

 

"It also furthers eco-friendly manufacturing at a time when the world is
confronting climate change."

 

For the last four years, Isuzu East Africa has invested Ksh 1.3 billion in
the expansion and upgrade, sending a clear signal of its confidence in Kenya
as an investment destination

 

-Capital FM.

 

 

 

 

Nigeria: Ibom Air Has Grown Beyond Projections, Says Airline As It Marks 4th
Anniversary

The airline official explains the reason behind its success and growth.

 

Ibom Air, a commercial airline owned by the Akwa Ibom State Government,
Wednesday marked its fourth anniversary of commercial flight operations in
the country.

 

The airline on 7 June 2019 launched its inaugural flight, taking off from
its operational base - Victor Attah International Airport in Uyo to
Nigeria's commercial city, Lagos.

 

Reflecting on the airline's operations in the past four years, its Chief
Operating Officer, George Uriesi, said the airline has witnessed tremendous
growth beyond its business plan projections.

 

 

"These significant milestones were achieved through the careful and
painstaking execution of our business plan and the hard work and dedication
of our very committed staff compliment."

 

This is contained in a statement by the Group Manager, Marketing and
Communications of the airline, Aniekan Essienette.

 

With only four years of commercial operations, Ibom Air is rated as one of
the most successful airlines in the country and has garnered several awards
including the best airline award for three consecutive years - 2020, 2021
and 2022.

 

With seven aircraft (five Bombardier CR900s and two Airbus A220-300) in its
fleets, the airline flies 11 routes covering six cities in the country -
Abuja, Lagos, Port Harcourt, Calabar, Enugu and Uyo.

 

Ibom Air in November 2021 signed an agreement with Airbus for the purchase
of 10 A220 aircraft to boost its fleet, an addition that will see the
airline expanding its commercial flights to West and Central Africa.

 

As part of the efforts to kick start the international flight, the state
government on 28 May commissioned an International Terminal, Maintenance
Repair and Overhaul (MRO) facility, a new taxiway and an apron extension to
cater for the anticipated influx of people at the operational base of the
airline.

 

Earlier in the year, the International Air Transport Association (IATA)
awarded the airline a safety certification.

 

Speaking on the award, Mr Uriesi said, "The achievement of IOSA
certification, the imminent entry into service of the new, ultra-modern hub
terminal in our home base, the commencement of aircraft maintenance at the
brand-new MRO facility also in Uyo, and the forthcoming delivery of our
first brand new Airbus A220-300, together represent a pivotal moment for the
Company as we prepare to expand our services into West and Central Africa in
the second half of the year."

 

To mark its 4th anniversary, Ibom Air has planned a fun event on 9 June to
fete customers and other partners of the airline.

 

-Premium Times.

 

 

 

Namibia: Over N$500 000 Pledged Towards Seed Capital Fund

Gobabis — The much-anticipated Omaheke Employment Creation Conference
officially got underway in Gobabis on Tuesday night with the launch of the
region's Seed Capital Fund.

 

The fund is aimed at providing financial and technical assistance to young
entrepreneurs and the marginalised.

 

An amount of over N$500 000 was pledged towards the fund by the region's
various big and small businesses during a well-attended launch and
fundraising event held at the Omateko Conference Centre and Lodge on the
outskirts of Gobabis.

 

The aim of the fund, Omaheke governor Pijoo Nganate explained, is to raise
capital that will in the long run assist the region's entrepreneurs and
start-up businesses that have innovative and sustainable ideas but lack the
necessary funds to succeed.

 

 

"This is the first of such an initiative by any region and as much as we are
proud to have launched and raise capital for our fund, I must also urge
other regions to follow suit by establishing similar funds. The idea with
the Seed Capital Fund is to try and create job creators and not job seekers.
This is an opportunity for our young entrepreneurs from all our
constituencies to grow their businesses. It is time for you as business
people to grow from being just small shop owners, to finally becoming
serious contributors to the regional economy."

 

"We want to see the fund grow further and this more than N$500 000 pledged
tonight is a great start and a step in the right direction. This fund is not
for us as a regional leadership, but it is yours to benefit from and grow so
that you one day come back and contribute towards it for others to also
benefit," said Nganate.

 

On the strategic composition of the fund, Otjombinde constituency councillor
Wenzel Kavaka said an independent board will be appointed by the regional
council to manage and oversee the smooth operation of the fund and ensure
that it benefits the intended beneficiaries.

 

"We want this fund to be managed transparently and effectively, that's why
we will be appointing a board to manage it and make sure it succeeds. We
want to make sure that every cent is accounted for so that the contributors
can be happy with how their money is being spent. We are doing this for our
youths and also for our young entrepreneurs from the various marginalised
communities in the Omaheke region, we want you all to succeed and grow the
region," stated Kavaka.

 

The launch of the fund was part of the region's week-long Employment
Creation Conference which ends tomorrow.

 

The conference, which will also be graced by Deputy Prime Minister Netumbo
Nandi-Ndaitwah, brings together key stakeholders in the employment sector to
discuss and explore strategies and innovative ways on how to create job
opportunities, particularly for the youth.

 

Amongst the conference's many objectives, is to create a platform for
dialogue and exchange of notes on how to contribute to the development of
regional strategies and policies for promoting employment growth and
attracting investors from various sectors.

 

The gathering will also share the latest and best practices, strategies and
policies that have been successful in creating jobs in other regions, while
the various attendees will also be given an opportunity to share their
stories and the challenges faced.

 

-New Era.

 

 

 

Nigeria: Govt, Lagos Join Forces to Drive Tax Compliance

The Federal Inland Revenue Service (FIRS) and the Lagos Internal Revenue
Service (LIRS) have signed a Memorandum of Understanding (MoU) to establish
a Joint FIRS and LIRS Audit and Investigation Team, AIT, aimed at driving
exchange of information between both agencies.

 

In the communique signed by Ayodele Subair, Executive Chairman, LIRS, and
Muhammad Nami, Executive Chairman, FIRS yesterday, the general public,
taxpayers and tax practitioners are charged to provide full support and
cooperation to both agencies in the execution of their tax collection
mandate.

 

According to the MoU, the overall objective of the Joint Tax Audit would be
to improve tax administration by reducing tax compliance cost thereby
enabling ease of doing business in the country.

 

 

Speaking on the MoU, Subair, said while the importance of the agreement was
to foster greater collaboration between the two agencies, "There is no
reason to debate the above as it has been established that tax compliance
and good governance are expected to co-exist as the undividable social
contract that binds citizens and governments anywhere in the world.
Therefore, citizens and governments are expected to fulfil their end of the
bargain in achieving a balance."

 

Also speaking on the MoU, Nami said, "the cooperation would enable the two
authorities to work as a team in sharing relevant information that would
assist both parties in their tax administration and enforcement roles as it
would also provide capacity building between both tax authorities.

 

"We will carry out a joint audit and investigation as a team, we will also
conduct an automatic exchange of information for gathering data for the
purpose of tax administration. With that information, we would be able to
carry out tax administration seamlessly."

 

The communique says while the notice of this MoU was issued for the
information and guidance of the general public, taxpayers and tax
practitioners in line with the memorandum of understanding, the
collaboration between both Agencies in the area of exchange of information
will ensure efficiency, accurate assessments and increased revenue for
funding of Government expenditure.

 

FIRS and LIRS, the communique says further, are leveraging on their existing
distinct competencies in tax administration to collaborate in the areas of
exchange of information, harmonization of an integrated tax system and joint
tax audit or investigation exercise (where necessary) in carrying out their
respective mandates for the purpose of optimizing tax revenue to the Federal
Government and the Lagos State Government respectively.

 

The collaboration is expected to improve tax administration with a view to
enhancing tax revenue generation, creation of a robust database and improve
on the country's tax-to-GDP ratio.

 

The parties (FIRS and LIRS) are expected to establish a Joint Audit or
Investigation Team to be known as the FIRS/LSBIR JAIT to be referred to as
"JAIT", whose membership will be determined by both parties to conduct a
joint audit or investigation exercise which shall be concluded timeously.

 

-Vanguard.

 

 

 

bbc

 

 

 

 

 

 


 


 


Invest Wisely!

Bulls n Bears 

 

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INVESTORS DIARY 2023

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 

 


 

Heroes’ Day

 

Aug 14

 


 

Defence Forces Day

 

Aug 15

 


 

 

 

 

 


 

 

 

 

 


Companies under Cautionary

 

 

 


CBZH

GetBucks

EcoCash

 


TSL

Econet

Turnall

 


First Capital Bank

ZBFH

Fidelity

 


Zimplow

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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