Major International Business Headlines Brief::: 26 May 2023

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Major International Business Headlines Brief::: 26 May 2023 

 


 

 


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

 


 

 


 

ü  Nigeria's Economy to Grow By 4.1% Amid Crises - AfDB Projects

ü  Kenya: Accurate Citizen Data Will Shape Govt Policy, President Ruto

ü  Nigeria: Refinery - We'll Ask Dangote to Sell Forex At Good Rate -
Emefiele

ü  Liberia: Arcelormittal Liberia Given Three-Week Ultimatum

ü  OCP AFRICA, RFC & CNFA Sign MoU to Support 180,000 Farmers in Rwanda

ü  Liberia: Kailondo and GT Bank Tussle Over 1.2 Million Debt

ü  Malawi: Chakwera Says Malawi Is Next Biggest Investment Destination

ü  Nigeria: After 17 Months' Probe, Reps Panel Fail to Ascertain Daily
Petrol Consumption

ü  Africa: Nigeria Must Participate in $3.6bn Cyber-Security Solutions
Market - AU Chief

ü  African Free Trade Area Could Spur Sustainable Growth - UN Chief

ü  Kenya: Chinese Embassy Dismisses Reuters Report on Hacking Govt
Ministries

ü  Nigeria: Buhari - Border Closure Aimed At Stimulating Local Consumption

ü  Kenya: Safaricom 5G Customers to Enjoy 1 Month Free Internet

 


 

 


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on Nigeria's Economy to Grow By 4.1% Amid Crises - AfDB Projects

The African Development Bank (AfDB) says Nigeria and other economies of
Africa is projected to grow by 4.1 per cent in 2023 and 4.3 per cent in
2024.

 

The AfDB President, Dr Akinwumi Adesina, said this while inaugurating the
African Economic Outlook (AEO) 2023 at the on-going 2023 AfDB Annual
Meetings in Sharm El Sheikh.

 

According to him, the economies on the continent have shown remarkable
resilience in spite of the multiple and dynamic shocks it faced.

 

"These multiple and dynamic shocks have weighed on Africa's growth momentum,
with growth in real Gross Domestic Product (GDP) estimated at 3.8 per cent
in 2022.

 

 

"This is down from 4.8 per cent in 2021. The GDP growth in 2022 is above the
global average of 3.4 per cent.

 

"Africa has also shown remarkable resilience, evident in the projected
consolidation of economic growth in the medium term.

 

"The outlook remains positive and stable, with a projected rebound to four
per cent in 2023 and further consolidation to 4.3 percent in 2024.

 

The AfDB boss attributed the slowed growth on the continent to the
tightening global financial conditions, and supply chain disruptions
exacerbated by Russia's invasion of Ukrain, which subdued global growth.

 

He said growth was also impaired by the residual effects of the COVID-19
pandemic and the growing impact of climate change and extreme weather event.

 

Adesina, said Africa had a great potential to pursue green growth and
climate objectives to accelerate economic growth, given its enormous
advantages.

 

 

He said the continent had some of the world's fastest-growing economies and
its real GDP growth was projected to surpass the global average in 2023 to
2024, even as headwinds persist.

 

He further said the continent also had an important human capital base, with
its population projected to increase to 2.4 billion by 2050.

 

"As most of the current population is young, compared with other regions'
aging population, Africa is the current and future frontier market in green
growth opportunities.

 

"Africa hosts 25 per cent of the world's natural biodiversity and 30 per
cent of the world's mineral resources, most of which will be essential for a
green transition.

 

"Africa has a large renewable energy potential including wind, solar,
hydropower and geothermal and the world's highest solar energy potential.

 

 

"Countries in the continent also have the greatest potential for investments
in green infrastructure and technology.

 

The AfDB president said this was due to their low levels of development, low
legacy high-emissions infrastructure, and low frequency of infrastructure
and project finance default rates, estimated at 5.5 per cent.

 

Also, the AfDB Vice President for Economic Governance and Knowledge, Prof
Kelvin Urama, said the deceleration was broad-based, with 31 of the 54
African countries posting weaker growth rates in 2022 relative to 2021.

 

Urama said the continent, however, performed better than most world regions
in 2022.

 

He said the continent's resilience projected to put five of the six
pre-pandemic top performing economies, Benin, Côte d'Ivoire, Ethiopia,
Rwanda, and Tanzania, back in the league of the world's 10 fastest-growing
economies in 2023-24.

 

"Growth is projected to rebound to four per cent in 2023, and consolidate at
4.3 per cent in 2024, underpinning Africa's continued resilience to shocks.

 

" In spite this, climate change, elevated global inflation, and persistent
fragilities in supply chains will remain on the watchlist as potential
factors for possible slowdowns of growth in the continent," he said.

 

Urama said while most African currencies weakened, others appreciated or
remained stable.

 

According to him, countries with appreciating currencies include Angola
(27.1 per cent), Seychelles (15.6 per cent), and Zambia (15.3 per cent).

 

Urama said depreciation rates could ease in 2023 and 2024, but continued
strengthening of the U.S. dollar would keep African currencies under
pressure.

 

He said currency weaknesses in some of Africa's more globally integrated
economies (Kenya, Nigeria, and South Africa) are expected to persist in
2023.

 

"This is largely due to potential capital outflows as investors search for
safe assets in advanced economies."

 

"Public debt is projected to remain high, with lingering vulnerabilities.

 

"Although the median public debt in Africa is estimated to have declined to
65 per cent of GDP in 2022 from 68 per cent in 2021.

 

"Thanks to debt relief initiatives in some countries, it will remain above
the pre-pandemic level of 61 per cent of GDP.

 

The economist said this debt GDP ratio was expected to increase to 66 per
cent in 2023 and then to stabilise at around 65 per cent in 2024.

 

He said this was due to growing financing needs associated with rising food
and energy import bills, high debt service costs due to interest rate hikes,
exchange rate depreciations, and rollover risks.

 

"In addition, many countries' difficulties in accessing international
capital markets, combined with limited revenue mobilisation, have led them
to issue local currency debt.

 

"The debt increased substantially from 35 per cent of GDP on average in 2019
to 42 per cent in 2021

 

". Domestic debt restructuring, therefore, should be part of the
negotiations for the resolution of public debt crises in countries facing
heightened risks," the vice-president said.

 

The News Agency of Nigeria (NAN) reports that the bank's annual meetings
which began on May 22 will end on Friday.

 

NAN reports that the theme of the 2023 Annual Meetings is "Mobilizing
Private Sector Financing for Climate and Green Growth in Africa.

 

It provides a framework for Bank Group Governors to share their experiences
with galvanizing private financing domestically and internationally and
harnessing natural capital to bridge the climate financing gap and promote
the transition to green growth in Africa.

 

The annual meetings comprise statutory meetings of its Governors (finance
ministers or central bank governors representing the 81 member countries -
and knowledge events.

 

Attendees also include representatives of bilateral and multilateral
development agencies, leading academics and non-governmental organizations,
civil society, and the private sector.

 

The meetings are the Bank Group's most important event annually, attracting
around 3,000 participants.

 

-Vanguard.

 

 

 

Kenya: Accurate Citizen Data Will Shape Govt Policy, President Ruto

Nairobi — The Government is committed to documenting all citizens to enhance
service delivery.

 

President William Ruto said effective and inclusive governance of public
services requires accurate citizen data.

 

The Government, he added is working towards the implementation of a vital
statistics system that meets the demands of a new digital era.

 

He said the Government has also instituted measures to ensure 100 per cent
registration of births and deaths by 2026.

 

"We need accurate information on essential attributes of citizens to
accurately allocate resources," he said.

 

Speaking during the 7th Identification For Africa Conference held in
Nairobi, President Ruto said proper identity systems will boost democracy in
Africa.

 

President Ruto asked African national identity management agencies to work
together and share knowledge on identity management innovations.

 

He called on development partners to support Government's identity
management programmes.

 

"We operate in an environment of escalating resource constraint and yet, at
the same time, we cannot postpone or downgrade our identity management
endeavours," he said.

 

Present were Cabinet Secretaries Kindiki Kithure, Eliud Owalo, Nairobi
Governor Johnson Sakaja, the Executive Chairman of ID4 Africa Joseph Atick,
several ministers from African countries and Principal Secretaries. -
Presidential Communication Service

 

Capital FM.

 

 

 

Nigeria: Refinery - We'll Ask Dangote to Sell Forex At Good Rate - Emefiele

With the Dangote Refinery set to deliver its first products in July, the
governor of the Central Bank of Nigeria, CBN, Mr Godwin Emefiele, said
yesterday that the refinery would be persuaded to sell foreign exchange
earnings to banks at a good rate.

 

Speaking at the end of the 291st Monetary Policy Committee, MPC, meeting in
Abuja, Emefiele said his team would engage the promoter of the refinery,
Alhaji Aliko Dangote, to ensure that Nigerians benefitted from the venture,
adding that the CBN, the Federal Government and, indeed, the country helped
him set up the refinery.

 

The CBN boss expressed optimism that the refinery would ease the foreign
exchange scarcity in the country, noting that with local refining, about 20
per cent cost of the total cost of importing petroleum products could be
saved, thereby reducing prices in the long run. He, however, said it was
time to exit the fuel subsidy regime.

 

 

His words: "By the time the Dangote Refinery comes on stream, the price at
which it (fuel) will be dispensed will be lower than what it is when we
spend dollars to import because there will be no freight cost, no storage
and all other logistics expenses.

 

"So we will be lucky to be having about 20 per cent savings from refining
locally, rather than importing.

 

"But the important thing is that we have reached a point, whether we like it
or not when we must exit subsidy.

 

"Dangote Refinery coming at this time gives us the confidence that even if
we exit subsidy, the products will be available. And eventually, the
interplay of market forces will also moderate the prices to a level that
will help the country.

 

 

"So we are expecting that, no doubt, by the time he produces for domestic
consumption, the excess will be exported by the numbers that he talked
about, which we agree with.

 

"We should be able to save, conservatively, close to about $5 billion to $10
billion in foreign exchange that will come into the country.

 

"Whether it comes to our reserves or not is not the point, it is the fact
that the dollar is available and it will be sold in the domestic market so
that customers of banks who need to import do not necessarily resort to CBN
for dollars.

 

"They can go to their banks and Dangote will sell dollars to their banks and
we are going to ensure that it is done at a good market rate.

 

"What I would have loved to say on Monday (at the Dangote Refinery
Commissioning) which I didn't say was that the CBN, the government and the
country have helped Dangote to set up that refinery.

 

 

"He is a Nigerian; Nigerians must benefit from that venture and we are going
to engage him and talk to him and I am sure that being the richest man in
Africa, he is going to throw a few crumbs so that the price will be
lowered."

 

N8trn interventions in 5yrs

 

Meanwhile, Emefiele revealed that the CBN had given out about N8 trillion in
interventions to the private sector in the last five years.

 

He said: "In the last four to five years, we have done about N8 trillion in
interventions to the private sector of the economy. The loans have been
granted for 10 years, with a two-year moratorium and at single digit".

 

The CBN boss disclosed, however, that going forward, the apex bank would
reduce its quasi-fiscal activities.

 

MPR jerked up to 18.5%

 

At yesterday's meeting, the MPC raised the Monetary Policy Rate (MPR) to
18.5 per cent from 18 per cent.

 

Emefiele said the strategy, which started in May last year, had been working
as it had moderated the rate of inflation in the economy.

 

He admitted that the interest rate hike was constraining credit to the real
sectors of the economy but that it remained the best option in tackling
inflation.

 

He stated: "The current trend in price development would continue to be
monitored by the bank with greater collaboration with fiscal authority to
address the drivers of inflation."

 

Meanwhile, the committee voted to keep the asymmetric corridor at +100 and
-700 basis points around the MPR.

 

It also retained the Cash Reserve Ratio (CRR) at 32.5 per cent and equally
left the Liquidity Ratio at 30 per cent.

 

We look forward to cost reduction -- IPMAN

 

Reacting to the CBN's declaration that Dangote would sell Dollars to banks
at good rate, the National President of the Independent Petroleum
Association of Nigeria, IPMAN, Elder Chinedu Okoronkwo, could not be reached
for comments, yesterday.

 

But National Operations Controller, IPMAN, Mike Osatuyi, said: "Oil
marketers are very happy about the Dangote Refinery. We were tied to the
global market for several decades. Now, everyone will be free to patronise
the refinery.

 

"We look forward to a significant cost reduction, apparently because freight
and shipping costs will not apply anymore.

 

"With the coming onstream of the plant, the Federal Government will be
encouraged to end fuel subsidy. This might be affordable to Nigerians,
unlike what it could have been in the past."

 

Dangote Refinery comes with multiplier effects -- OGSPAN

 

Similarly, the National President, Oil and Gas Service Providers Association
of Nigeria, OGSPAN, Mazi Colman Obasi, said: "On a serious note, Alhaji
Aliko Dangote should be commended for making this gigantic investment.

 

"Every patriotic Nigerian and African should be proud of this refinery. It
is very huge and it comes with a lot of multiplier effects for Nigeria.

 

"I completely agree with the CBN governor that it will culminate in the
generation of additional foreign exchange into Nigeria as well as assist the
nation to conserve foreign exchange currently expended on massive
importation of petroleum products.

 

"As a major crude oil producer, Nigeria should not have been involved in the
importation of petroleum products. "The nation was compelled by
circumstances to go into importation. I am happy that this big refinery will
enable us reduce or completely stop dependence on the global market."

 

CBN should merge forex rates -- NACCIMA

 

Also commenting, Sola Obadimu, Director General, Nigerian Chamber of
Commerce, Industry, Mines and Agriculture, NACCIMA, while acknowledging the
capacity of Dangote Refinery to generate forex, said CBN should rather focus
on merging forex rates.

 

He said: "Honestly, my take is that CBN should merge these forex rates to
avoid whatever might be called 'good' or 'bad' rates. And that's the
responsibility of CBN - to determine the true value of the Naira. Various
exchange rates are basic ingredients for grandiose corruption as we know it.

 

"Yes, this is a very commendable project that has the capacity to generate
forex whenever it starts to export and the proceeds would be convertible to
Naira.

 

"At present, exporters through official channels are complaining that
conversion for forex generated from exports is only available to them at
official rates which may be unfair, given the fact that they never get
enough forex at official rates when they need it either for imported inputs
or machinery/parts.

 

"That's the danger of dual or multiple exchange rates, particularly when the
gaps are too wide as we have it now. But then, the government now has some
stakes in the project.

 

"So they may reach some agreements on that level. But it might be preferred
to have policies that encourage export activities by all as much as
possible."

 

Vanguard.

 

 

 

Liberia: Arcelormittal Liberia Given Three-Week Ultimatum

Arcelor Mittal Liberia has been given three weeks ultimatum to address
concerns raised by citizens of Grand Bassa County as it relates to the
Mineral Development Agreement signed by the company, this paper has learned.

 

The ultimatum was said to have been given by the Government of Liberia
through the Ministry of Internal Affairs.

 

Citizens of Grand Bassa on Monday, May 22, staged a protest blocking entries
and exits to the Arcelor Mittal Liberia's premises demanding the company
live up to the MDA, part of which would have seen the company build a
Washing Plant in the county to create jobs for locals.

 

 

The citizens on Monday also burned tires on the railroads and stopped the
movement of trains, while demanding answers from the company.

 

The washing plant in question was moved to neighboring Nimba County for
construction, something the citizens of Bassa find very appalling and
demanding answers.

 

They claimed that authorities at Arcelor Mittal Liberia Buchanan offices
have refused to dialogue with them.

 

However, following the protest on Monday, authorities at the company and
representatives of the Liberian Government through the National Bureau of
Concessions reached a consensus to dialogue with the citizens to find an
amicable solution and answer to their concerns.

 

On Tuesday, citizens continued their protest when a meeting with company
officials and authorities at the county's administrative building ended in
deadlock.

 

The meeting was disrupted after citizens were informed by the Director
General of the National Bureau of Concessions Atty. Edwin N. Dennis the
washing plant will no longer be constructed in Grand Bassa County, instead
of Nimba County.

 

Atty Dennis, it was a decision taken by the Government in compliance with
the MDA for Arcelor Mittal to construct the disputed plant in Nimba County,
while other aspects of the MDA which include the construction of schools and
clinics will be done in both counties.

 

At least six citizens were arrested and detained in Police custody on
Tuesday, but police later restored calm while Internal Affairs Minister
Varney Sirleaf at the meeting assured citizens that the Government is doing
everything possible to address the matter.

 

New Dawn.

 

 

 

OCP AFRICA, RFC & CNFA Sign MoU to Support 180,000 Farmers in Rwanda

Today, Cultivating New Frontiers in Agriculture (CNFA) , representing Feed
the Future Rwanda Hinga Wunguke Activity, has signed a Memorandum of
Understanding with OCP Africa through its JV company , Rwanda Fertilizer
Company (RFC) , to promote agro - input use and increase market access for
over 180,000 smallholder farmers in the agricultural value chain .

 

Signed under the auspices of the Ministry of Agriculture and Animal
Resources (MINAGRI) , the partnership between OCP AFRICA, RFC and CNFA
included the launch of the OCP School Lab to reach 30.000 farmers to be
trained on good agricultural practices over a period of 12 months, and soil
testing in 14 districts of Rwanda . The project will target Irish potato
farmers in Musanze, Burera, Gicumbi, Nyabihu, Rubavu, Nyamagabe and
Nyaruguru, and maize farmers in Nyagatare, Gatsibo, Kirehe, Kayonza,
Bugesera, Nyanza and Gisagara.

 

The partnership aims to create an environment that will facilitate farmers
to benefit from market systems improvements in fertilizer access in order to
increase their production and to meet the demand for their products from
international and local food processing companies, public actors , and
traders/aggregators . Through the MoU, the farmers will benefit from
improved practices and systemic approach es to agriculture that address all
the challenges they face farmers and be assisted to improve innovation and
entrepreneurship in the agriculture value chain.

 

This partnership will also benefit 150.000 additional farmers through
another flagship program: Farmer House, specifically empowering young
leaders in the rural area and vulnerable communities of women farmers, by
facilitating access to quality agri-inputs, and small machinery, capacity
building services and fostering local innovation.

 

"The joint effort bring s solutions to challenges fac ed by the farmers to
ensure yield and income increase ," observed the OCP Africa CE O, Dr
Mohammed Anouar JAMALI. " We are ensuring that innovative approaches benefit
smallholder farmers to be able to participate in competitive markets and
grow profitable," observed Daniel Gies, the Chief of Party of the USAID -
funded Hinga Wunguke activity . As a result of these improved market
dynamics, it is expected that farmers' yields and incomes will increase
while commercial value chain stakeholde rs will benefit from structured
engagement with smallholder farmers.

 

Specific area s of collaboration will include the following :

 

OCP School Lab: T he partnership will support the development of soil health
solutions that preserve farme rs' soil s and will serve to improve awareness
of over 30.000 smallholder farmers on the status of their soils and the
appropriate fertilizer formulations and/or blends for sustainably increasing
their agriculture productivity.

 

Farmer House s : The partnership will establish a dozen farmer houses, which
are physical point s managed by private - sector Rwandan agro-dealers that
bring solutions to meet the challenges faced by over 150.000 farmers to
increase their access to all the agro-inputs which they need and which offer
the services necessary for the development of their farming activity

 

 

 

 

Liberia: Kailondo and GT Bank Tussle Over 1.2 Million Debt

Liberian businessman Cllr. George B. Kailondo Sr and the Guarantee Trust
(GT) Bank are at it again. This time over an alleged accumulated debt of
US$1.2M which the bank claims Kailondo owes. But the businessman has argued
otherwise, claiming that the Bank has rather defrauded him.

 

According to court documents filed by GTBank, on September 29, 2017, it
entered into a Novation Agreement with Kailondo for the latter to pay the
full amount of ACE Global, a Collateral Management Agency's financial
obligation to the bank under a Collateral Management Agreement entered into
by Kailondo Petroleum and GTBank Liberia in the tune of US$791,458.21.

 

 

GTBank noted that it accepted the offer by Kailondo Petroleum to pay the
full amount of ACE Global's financial obligation in good faith leading to
the drawing up of payment terms payable in twenty-four consecutive monthly
installments commencing from November 30, 2017, to October 30, 2019.

 

The bank further explained that it had made several demands to Kailondo to
effect payment but to no avail and therefore has instituted the action of
debt by attachment praying the court to compel Kailando Petroleum to pay the
amount of US$1.2 Million which includes other charges and penalties.

 

But Kailondo is fighting back, saying the bank is trying to defraud him. On
August 26, 2020, GT Bank through its legal representative Heritage Partners
&Associates wrote him demanding payment of little over US$1.2 Million as his
obligation to the bank based on the 2017 novation agreement.

 

 

Kailondo upon receiving the demand letter, wrote the banking demanding to
have an audit of his account which had not been done since opening an
account there somewhere around 2014.

 

The audit was to also establish whether he owed that amount because
according to him, he had already initiated payment on the 791, 458.21 in the
amount of over 414,000. That would have left him with the amount of
US$377,000 plus.

 

Additionally, he further argued that when he agreed to assume full
responsibility for ACE Global's financial obligation it was to be
interest-free.

 

However, following the audit, it was established that an unauthorized amount
of over 900,000 or so was taken out of his account at the bank.

 

On April 21, 2021, the bank wrote Kailondo Petroleum through its then Lawyer
Dr. Jallah A. Barbu, Counsellor at Law and Senior Consulting Counsel at
Public Interest Law acknowledging that an unauthorized amount of
US$510,000.00 was debited to his account and agreed to credit his account
with said amount.

 

The bank also pleaded with Kailondo Petroleum to publicly clarify through
media outlets that GT Bank defrauded his company.

 

"We thank the management of Kailondo Petroleum for the amicable resolution
of this matter and look forward to the fulfillment of your expressed
commitment to:

 

Publicly clarify via reputable media outlets the misinformation that GTBank
has defrauded Kailondo Petroleum;

 

Begin using your account with the bank for business transactions;

 

Begin repayment of the reconciled loan amount by June 2021," GTBank
wrote.-To be continued

 

-New Dawn.

 

 

 

Malawi: Chakwera Says Malawi Is Next Biggest Investment Destination

President Dr Lazarus Chakwera is predicting Malawi will be the next biggest
investment destination in Africa and beyond.

 

He said his administration is initiating various reforms to ease the burden
and cost of doing business in the country.

 

Speaking on Wednesday virtually when he officially opened the Malawi
Investment Forum (MIF) taking place at Emperor's Palace in Johannesburg
South Africa from May 24 to 25, President Chakwera said he is personally
inviting and welcoming investors to Malawi to exploit the various business
and investment opportunities available.

 

He said the MIF is being held in South Africa not only because it is one of
the largest economies in Africa but also because South Africa is Malawi's
biggest trading partner.

 

 

"I invite you to consider investment and partnership opportunities central
to our economy which are agriculture, tourism and mining.

 

"Do not miss out on the investment windfall coming on Malawi way as we are
committed to addressing legislative, administrative and legal reforms that
reduces the cost of doing business," President Chakwera said.

 

The Malawi leader said the country is trying to secure new markets globally
through leveraging membership to regional and international protocols for
integration and markets.

 

In his remarks Minister of Trade and Industry Simplex Chithyola Banda (MP)
said Malawi has prioritised trade and investment in its diplomatic mission
as such officers have been deployed to various missions including the
consulate in Johannesburg.

 

He said investors should not face unnecessary hurdles, delays and obstacles
when investing in Malawi hence over the past years government has
implemented a number of reforms aimed at creating a conducive business
environment.

 

Malawi High Commissioner to the Republic of South Africa Stella Ndau said
the MIF signifies the importance of foreign investment to the growth and
development of the Malawi economy through numerous business and investment
opportunities that are yet to be unearthed and her mission is pursuing
economic diplomacy.

 

One of the potential investors JSE listed R12billion Hosken Consolidated
Investment Limited chairman Elias Mphande said his company is impressed with
the opportunities unveiled at the MIF and would be coming to Malawi to
explore investing in mining, tourism, hospitality and tourism among others.

 

-Nyasa Times.

 

 

 

 

Nigeria: After 17 Months' Probe, Reps Panel Fail to Ascertain Daily Petrol
Consumption

The ad hoc committee set up by the House of Representatives to investigate
and determine the actual volume of petrol consumed by Nigerians daily, said
it was unable to ascertain the actual daily fuel consumption after a probe
which took 17 months.

 

Speaker Femi Gbajabiamila had in January 2022 mandated the committee to
probe the actual volume of petrol consumed daily, saying the federal
government needed to first establish the daily consumption of the petroleum
product before seeking an extension of the subsidy regime.

 

But the report of the ad-hoc committee which was considered and adopted by
the House yesterday indicated that the committee could not ascertain the
actual daily volume of fuel consumption because there was no available data
to that effect.

 

 

Chairman of the committee, Abdulkadir Abdullahi while speaking on the report
said, "there are simply no data to conclusively arrive at the daily
consumption of PMS, in view of the fact, that records or information on the
daily dispense at the various retail outlets/fuelling stations are not
readily available."

 

He said the committee was only able to ascertain the volume of petrol that
was supplied but could not ascertain the actual volume that was actually
dispensed by the various retail outlets as there were no records on that.

 

"Upon thorough scrutiny of the records of various stakeholders, it's the
considered opinion of the committee that the total volume of PMS supplied in
the year 2022 is put at 24.3 billion litres or less, which is in tandem with
the record of the NMDPRA; the daily average volume of PMS supplied in the
year 2022 is put at 66.7 million litres or less.

 

The committee among others recommended a forensic audit of the Nigeria
National Petroleum Corporation Limited (NNPC) aimed at giving clarity to the
Direct Sale Direct Purchase (DSDP) programme and the consortia of DSDP
operators with the view to unravelling the discrepancies in the importation
and supply of premium motor spirit (PMS) commencing from 2015 to date.

 

Daily Trust.

 

 

 

 

Africa: Nigeria Must Participate in $3.6bn Cyber-Security Solutions Market -
AU Chief

Nigeria must be part of the $3.6 billion market for cybersecurity solutions
in Africa, the Chairman of the African Union Cybersecurity Expert Group,
Abdul-Hakeem Ajijola has said.

 

Ajijola said it is time to create awareness for innovators to explore
solutions using dance, cartoons, and other digital messages to address the
challenge of cybercrimes in Nigeria.

 

He was speaking at the opening of a two-day programme of the National
Consultations on Cybercrimes Legal Framework jointly sponsored by the Glacy+
and the Organised Crime: West Africa Response on Cybersecurity and Fight
against Cybercrime (OCWAR-C) in Abuja.

 

"In 10 to 15 years, we are looking at a cybercrime solutions market of about
$15 to $30 billion for Africa, not the world. We have to ask ourselves, what
piece of that action will be ours, what jobs can we create, what wealth can
we generate from that; indeed, as a bye product what taxes can the
government generate from that," he said.

 

He said the incidents of cybercrime have begun to erode the confidence of
African peoples, infrastructure and protocols to deal with the source.

 

Earlier, the Attorney General of the Federation and Minister of Justice,
Abubakar Malami (SAN) said the growth of the cyberspace has come at a cost
in terms of national security, personal privacy and economic development.

 

-Daily Trust.

 

 

 

 

African Free Trade Area Could Spur Sustainable Growth - UN Chief

The robust growth that many African countries experienced before COVID-19
was lost to the pandemic, UN Secretary-General António Guterres said on
Wednesday, highlighting the need to scale up efforts towards a single trade
market on the continent.

 

Mr. Guterres was speaking on the final day of the annual Africa Dialogue
Series in New York, where the focus this year was on accelerating
implementation of the African Continental Free Trade Area (AfCFTA) - set to
be the largest in the world.

 

Harness the potential

 

He said the pandemic brought high food and energy prices, made worse by the
Russian invasion of Ukraine, exacerbating poverty, inequalities, and food
insecurity.

 

Governments have also faced rising interest rates, increasing the potential
for debt, while climate change has created deadly floods and drought,
contributing to the risk of hunger.

 

 

"Guided by the 2030 Agenda for Sustainable Development and the African
Union's Agenda 2063, we must ramp up our efforts and harness the full
potential of trade and industrialization to advance sustainable, inclusive
growth," the UN chief told participants.

 

Millions could escape poverty

 

He said the AfCFTA is set to be an engine of that growth.

 

"Its full implementation could generate income gains of up to nine per cent
by 2035, according to latest estimates. This would lift up to 50 million
people out of extreme poverty and reduce income inequalities," he added.

 

The Secretary-General stressed that realizing the AfCFTA promise calls for
action across four critical areas, starting with boosting access to
financial resources and investment.

 

"We need a fundamental reform of the global financial system so that Africa
is represented at the highest level," he said.

 

 

Barriers that hold back intra-African trade and production capacities must
also be broken down, including through eliminating tariffs, building "made
in Africa" supply chains, and harmonizing regulations that would enable
investment.

 

Leverage technology

 

His third point focused on energy and digital infrastructure, which are
vital for African countries to build their manufacturing capacities and
harness the full potential of innovation and entrepreneurship.

 

"We need to power Africa's industrialization and leverage technology to
leapfrog outdated infrastructure and head straight towards the fourth
Industrial Revolution," said Mr. Guterres.

 

The continent is also blessed with resources that could make it a leader in
clean energy, he added, and the sector could generate more than six million
jobs by mid-century. Yet Africa has received just two percent of global
investment in renewables over the past decade.

 

Invest in people

 

His final point underscored investing in "human capital", with Africa's
vibrant, young and innovative population representing both a dynamic
workforce and massive market.

 

"Creating decent jobs, particularly for women, and promoting education,
training and lifelong learning is the best way to ensure Africa's people
fully contribute to the continent's digital revolution and sustainable
growth," he said.

 

Annual dialogue

 

The African Dialogue Series brings together policy and decision-makers,
experts, academics, civil society representatives, young people and other
stakeholders to examine challenges and opportunities impacting the
continent.

 

It is organized by the UN Office of the Special Adviser on Africa (OSAA) and
partners.

 

- UN News.

 

 

 

Kenya: Chinese Embassy Dismisses Reuters Report on Hacking Govt Ministries

Nairobi — The Chinese Embassy in Kenya has dismissed as "groundless,
far-fetched and sheer nonsense" a report published by Reuters that Chinese
hackers attacked Kenyan government ministries and departments.

 

The Embassy Spokesman said in a statement that it was irresponsible and
unprofessional for Reuters to accuse China on the hacking claims on mere
hearsay.

 

"China consistently and firmly opposes and combats cyber attacks and cyber
theft in all forms. Tracing the source of cyber attacks is a complex
technical issue," the Spokesman said in a statement, adding, "Moreover, it
is a highly sensitive political issue to pin the label of cyber attack to a
certain government without solid evidence. The relevant media should adopt a
professional and responsible attitude and underscore the importance to have
enough evidence when conducting reports, rather than make groundless
assumptions and accusations."

 

He was responding to a report by Reuters that claimed that Chinese hackers
had targeted Kenya's government in a widespread, years-long series of
digital intrusions against key ministries and state institutions.

 

 

The publication said it relied on three sources, cybersecurity research
reports and Reuters' own analysis of technical data related to the hackings.

 

But the Chinese Embassy Spokesman said the "false report is groundless,
far-fetched and sheer nonsense because hhacking is a common threat to all
countries and China is also a victim of cyber attack."

 

The Spokesman of the Chinese Embassy in Kenya said relations between the two
countries have grown robustly, dating back 60 years.

 

"China and Kenya are good friends, good partners, and good brothers. Since
the establishment of diplomatic relations 60 years ago, especially since the
founding of the Forum on China-Africa Cooperation, the partnership of equals
between China and Kenya has been developing robustly, with deepening
political mutual trust and fruitful practical cooperation, bringing tangible
benefits to both sides," he said.

 

Guided by the principles of sincerity, real results, amity and good faith
and with a commitment to the greater good and shared interests, he said,
China endeavors to strengthen solidarity and cooperation with Kenya and work
together with Kenya to strive for new progress in the China-Kenya
comprehensive strategic cooperative partnership.

 

"Whether the cooperation between China and Kenya is good or not, the people
of the two countries have the most say. Any attempt to sow discord between
China and Kenya is doomed to failure and will only disgrace oneself," he
concluded.

 

Capital FM.

 

 

 

Nigeria: Buhari - Border Closure Aimed At Stimulating Local Consumption

Abuja — President Muhammadu Buhari, yesterday insisted that his 2019 closure
of the country's land borders was due to his administration's conscious
efforts to encourage Nigerians to eat what they produce locally,
particularly the rice commodity.

 

Speaking while inaugurating the new Administrative Headquarters of the
Nigeria Customs Service (NCS), in Maitama, Abuja, he claimed the border
closure was consequently appreciated by Nigerians - apparently due to the
revolution in local rice production which was occasioned by the positive
impact of the Central Bank of Nigeria's (CBN) Anchor Borrowers' Programme
(ABP) which provides unprecedented financing to smallholder farmers.

 

 

The president also said given the large expanse of Nigeria's land borders,
"only God can effectively guard the borders", in allusion to the challenges
posed by smugglers across the seemingly porous boundaries - and given the
current manpower shortage to police the space.

 

Buhari said he closed the borders deliberately to check rice smuggling from
neighbouring countries - a situation which grossly undermined Nigeria's food
security agenda and put the economy at risk.

 

He said, "Please note that from Lake Chad to Benin Republic is more than
1,600 kilometres, only God can effectively guard the borders.

 

"So, you need a person who has the energy and the competence to supervise. I
deliberately closed the borders because knowing Nigerians, they order rice,
give some to Niger and the rest, and then they bring the rice here.

 

"With our potential, we have people, we have land and weather - how many
nations are as lucky as Nigeria in the world, very few nations.

 

 

"So, closing that border, 1,600 kilometres, Nigerians insist they eat boiled
rice - you eat what you grow or you die. I tried to make my point and later
Nigerians appreciated it."

 

However, Buhari before cutting the ribbon to officially inaugurate the N19.6
billion customs building, praised the Comptroller-General of Customs, Col.
Hameed Ali (Rtd), for his stewardship at the service.

 

Buhari said despite the opposition that trailed Ali's appointment at that
time, he had confidence in the latter and insisted he took charge of the
service, noting that Ali's performance had vindicated his choice.

 

The president chronicled how Abacha gave tough tasks to Ali when the latter
served as military administrator of Kaduna State in the regime of the late
dictator.

 

He said Abacha entrusted Ali to execute major tasks, adding that this was
why he also chose the retired army colonel for the important task of
restructuring and reforming customs operations and raising revenue for the
country through import duties.

 

 

Buhari said, "As for Hameed Ali, I asked him to be in charge of customs. No
matter what people say about the late Sani Abacha, may his soul rest in
peace."

 

"I knew him very well when somehow, he became president of this country,
Head of State, the biggest problematic area was around Kaduna.

 

"He picked Colonel Hameed Ali and dumped the problems on him. My decision
for Hameed Ali to come to customs was a deliberate one. I brought Colonel
Hameed Ali to ensure that I have peace of mind."

 

Buhari also disclosed that he deliberately appointed women as ministers of
finance during his eight-year tenure to ward off disturbances from people
looking for the award of contracts and payment of contract sums.

 

He stated that he knew well that most men would not suppress their pride to
go to a woman as minister of finance to look for contracts or get paid for
jobs done because of ego and arrogance.

 

Buhari said, "I Deliberately appointed ladies so that it will give me a lot
of peace. I made sure I gave the Ministry of finance to a lady to exploit
the cultural behaviour of all Nigerians: once ladies are in charge, people
feel too big to go to ladies.

 

"So, I am sure peace will be allowed in the ministry of finance where people
will go and lobby for their contracts to be paid and so on.

 

"So, they feel too big to go to ladies. So, I put a lady in charge. That
gave me a lot of peace."

 

In his remarks however, Ali said the building complex would serve as a boost
to the men and officers of the service to put in their best in guarding the
border, generating revenue and facilitating trade.

 

He also commended the president for approving an increase in the salaries of
customs personnel, noting that this had made them less susceptible to
corruption.

 

He said, "We must mention the game-changing intervention of Mr President to
rid the NCS of corruption and put it on a path of integrity.

 

"The 100 per cent increase in the remuneration for officers and men of the
service decisively made them less susceptible to corruption."

 

The CGC said when he was appointed with a tripod mandate to restructure,
reform and raise revenue for customs, he was never in doubt that only a
comfortable and congenial working environment will facilitate the
achievement of the objective.

 

Ali attributed the transformation in customs to the president's vision,
leadership and dedication to the development of the country.

 

He said, "Under your guidance, we have witnessed remarkable milestones that
have revolutionised our operations and brought us closer to our goal of
becoming a world-class customs administration."

 

This Day.

 

 

 

Kenya: Safaricom 5G Customers to Enjoy 1 Month Free Internet

Nairobi — Safaricom 5G users will enjoy free internet services for one month
starting this month.

 

Users will be eligible for five gigabytes with time lapses of 24 hours.

 

The offer, which will begin on May 24th, is redeemable on the Safaricom app,
the telco said.

 

"We continue to avail exciting data offers and invest in our network to
provide our customers a worry-free experience," said Peter Ndegwa, Safaricom
Chief Executive Officer.

 

Only last month, the telecommunications company unveiled data bundle plans
for 5G handsets.

 

It also launched a 5G network for home and enterprise customers in covered
zones.

 

Last year, the firm rolled out 5G networks in five counties, enabling
customers to access faster internet speeds.

 

The devolved units were Nairobi, Mombasa, Kisii, Kakamega, and Kisumu.

 

Faster than a 4G network, clients will be able to download, stream, and play
videos at neck-breaking speeds.

 

-Capital FM.

 

 

 

 

 

 


 


 


Invest Wisely!

Bulls n Bears 

 

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

Alt. Email:       <mailto:info at bulls.co.zw> bulls at bullszimbabwe.com  

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Skype:         Bulls.Bears 



 

 

 


 

INVESTORS DIARY 2023

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


 

 

 

 

 


 

Africa Day

 

May 25

 


 

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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