Major International Business Headlines Brief::: 02 February 2024

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Major International Business Headlines Brief:::  02 February 2024 

 


 

 

	
 


 

 


 

ü  Africa: 'We're Drowning in Plastic - We Need More Plastics Treaties'

ü  Rwanda: 7 Firms to Invest Over Rwf50 Billion in Gabiro Agribusiness Hub

ü  Nigeria: CBN's Takeover of Sales Proceeds From NNPCL Illegal - Atiku

ü  Uganda: MPs Pile Pressure On Agriculture Minister to Table Fisheries Law

ü  Kenya and South Africa Strengthen Trade Ties Under AfCFTA Framework

ü  Ethiopia: The Game-Changing Role of GERD in Regional Integration,
Economic Growth

ü  Nigeria: Govt Failing to Raise $10bn Annual Funding for Energy Transition
- Report

ü  Somalia: NISA Shuts Down Al-Shabaab-Affiliated Websites

ü  Nigeria: No to Third Party Operation of Port Harcourt Refinery

ü  Nigeria: Electricity Consumers Increase to 11.71m in Q3 2023 - NBS

ü  Nigeria: Tinubu Orders AGF, EFCC, Others to Resolve $1.3 Billion Malabu
Oil Deal Saga

ü  US approves $4bn sale of armed drones to India

ü  Zuckerberg wins on Wall Street after Washington hit

ü  Bao Fan: Missing China billionaire banker returns to resign

 


 

 


 <https://www.cloverleaf.co.zw/> Africa: 'We're Drowning in Plastic - We
Need More Plastics Treaties'

>From January 23 to 25, South Africa hosted the first in-person meeting of
international Plastics Pacts with twelve (of the fourteen) national and
regional Plastics Pacts meeting.

 

The Plastic Pacts are an example of a Public-Private Partnership (often
called a Voluntary Agreement) which have been adopted by many nations ahead
of the United Nations Global Treaty to end plastic pollution.

 

Pact members include major fast moving consumer goods brands, packaging
companies, producers, traders, processors, academia, trade associations,
NGOs, and governments who are all working towards a shared vision with
business signatories measured against a series of science-based targets to
reduce the impact they have on the environment through their use of
plastics.

 

allAfrica's Sethi Ncube spoke to Climate action NGO WRAP's CEO, Harriet Lamb
about this first in-person Plastic Pacts meeting. WRAP is a climate action
NGO working around the globe to tackle the causes of the climate crisis and
work towards a sustainable future, it aims to end waste in plastics, food,
and textiles, and to promote a circular economy.

 

 

What are some of the notable achievements or milestones that WRAP has
reached in its efforts to combat the climate crisis, and how do these
accomplishments align with the goals of the Plastics Pact Network?

 

After David Attenborough's film "Blue Planet" on BBC, that led to an
absolute outcry among the public about turtles and whales drowning because
of eating plastics, companies mobilised, together with the Ellen MacArthur
Foundation and the first Plastics Pact in the UK was formed. Hundreds of
companies joined up to the targets of what they would come together to do by
2025. People from around the world also echoed the same sentiments and are
bringing companies together in a safe pre-competitive space, where they can
together discuss how to reduce plastics and move to a more circular economy.
And so the idea spread and number three in the world was South Africa...and
there are now 14 Plastic Pacts. For the first time the network has come
together here in Cape Town, people coming from Australia and New Zealand,
Canada, Chile, Colombia, India, Kenya, Mexico, Poland, Portugal, South
Africa, UK and USA to share ideas .. and to think on how can they work
together to eliminate plastic.

 

 

How have Plastics Pacts changed the way we address plastic pollution?

 

I think what's really interesting is they've created this space where
companies come together... If companies think "my competitor is still
selling for example plastic straws or earbuds made with plastic or a lovely
coloured bottle so I must have a lovely coloured bottle", but if they decide
together "let's just sell plain bottles, because then they're easier to
recycle", then those companies can move together to take that action and
they can get the scale that is needed to change an industry because then
it's worth it for the manufacturers, because all brands are asking the same
thing. And then it's working for the recycling factories because everybody
is giving them better quality of plastics for recycling for example. So it's
an idea that a whole industry can move together.

 

 

If companies move together, together with government, NGOs and set targets
together they might eliminateunnecessary single-`use plastic by 2025.

 

I think that accountability is also really important and that helps create
national awareness among businesses but also among policy makers. In some
countries, the Plastic Pacts also run campaigns. We run a campaign in the
UK, for example, called Recycle Week. And last week we focused on all those
items that people have in the bathroom, maybe shampoo bottles or face cream
bottles that they often forget to recycle.

 

What key systemic changes have emerged as a result?

 

Eliminating single-use unnecessary plastics is something all the pacts have
got as one of their targets, another target is increasing the amount of
recycled material in all your products. For example in the UK, we recycle
our milk bottles lids which then come back as milk bottles...that's the kind
of systematic changes that we've seen. However, we still have so much to do.
The mounds of plastic are growing all around the world, we're drowning in
plastic. So the good work of the Plastic Pact has to be scaled to the next
level and has to spread to other countries and we really need more plastics
treaties.

 

How do you think South Africa is doing in terms of eliminating single use
plastic?

 

South Africa, in some ways, of course has been quite early to come in and
say "we want to tackle this problem" and has some of the infrastructure to
deal with it. On the other hand, waste is brewing in South Africa. South
Africa alone generates 2.4 million tons of plastic waste every single year.
So enormous progress is being made and at the same time more plastic is
coming onto the market. Most countries in Africa are unable to cope with the
level of plastic that's pouring on, which is why the answer has to be in the
first place - REDUCE - reduce is the number one strategy, "take those items
of plastic away, don't use them anymore"... The number one is reduce,
because if you don't have the systems in place to collect, to recycle then
you're in trouble and that's why we've been exploring in all the Plastic
Pacts options around refill or reuse.

 

During your time in Cape Town, what  local projects do you plan to visit?

 

We're going to meet the African Reclaimers Organisation (ARL). They are one
of the reclaimers and waste pickers organisations that are part of the South
Africa Plastics Pact, and they are very much about organising the waste
pickers and so we will be going out with the waste pickers. I'm super
excited to spend tomorrow with the reclaimers to learn about all that
they've been doing to improve their conditions, about the role that they
play in helping keep our communities and neighborhoods clear of the litter.

 

What can we expect from this first in-person meeting that SA is hosting?

 

 

The first thing is I just think people are very inspired to be together, you
know they are struggling with these difficult, really complex, really
technical problems sometimes. And to have that chance to come together with
other people struggling with the same problem gives you new energy. It gives
you new inspiration. It gives you new ideas... And so I think we can see the
Plastic Pacts, having new energy, new impetus, new commitment to really
scale their impact. It's on the agenda tomorrow. How do we scale up or
impact? How do we take it? Because as I said more plastic is coming onto the
market.....we're going to definitely think about what more can we do? Do we
want to spread to other countries? How can we move faster? Do we want to be
tougher on saying stop using virgin plastics? I think you can expect to see
definitely this reinforced commitment... I think you can see also improved
policy both at the national level where many people work on what's called
Extended Producer Responsibility (EPR).

 

It's a new legislation that countries are introducing where if I'm a company
and I'm putting plastics on the market, I have to pay for it....We're going
to introduce it in the UK, but other countries are way ahead including South
Africa, Kenya and Chile. I think we can see people learning about what's
worked, what hasn't worked, and how can we share best practice. And I think
we can see a reinforced determination that the global plastics treaty being
negotiated will be a high ambition treaty.

 

What factors contributed to the decision to launch the South African Plastic
Pact as the third globally?

 

I think it's because they heard about the plastics pact in the UK and they
saw all around them the pollution and they were hearing from companies about
it. They want to make sure it is a just transition to the green economy. And
they believe that there are the jobs and the livelihoods in a more circular
economy. So immediately they saw that this was potentially a brilliant way
to bring companies together, including global brands like Unilever, Coca
Cola, PepsiCo and Tiger, Woolworths and discuss together how to shift the
market and to encourage investment into this new circular economy. So I
think they just saw very quickly the potential to make a difference and took
it up and ran with it.

 

How does this SA Plastic Pact compare to the earlier launched initiatives
globally?

 

It's really interesting because we've got so much that is similar. We face
similar problems and sometimes - the same companies. So that's where
everybody has a goal target, eliminate unnecessary single-use plastic, every
every pact has that. But then, of course, the pacts are different depending
on the country, depending on the products, depending on how wealthy the
country is, depending on "Is there an informal waste collectors sector or
not?", because in the UK, we don't have an informal sector - it's all
companies collecting waste, usually through our local government. So we
would have some goals that are not relevant in another country where it's
all about the waste pickers, so that's where the pacts have been able to
flex and get it right for each country. We are always talking, we talk
together with businesses in the country, together with waste pickers in that
country, with SMEs, with government and then adapt the principles to the
local situation.

 

What unique role does the Informal Waste Sector (IWS) play in the South
African context and other participating countries?

 

I mean, in many countries, they are the people collecting waste. I think
there's 20 million waste pickers internationally. Globally, waste pickers
collect 60% of all the plastic that gets recycled, because in countries like
India, like South Africa, like Kenya they are so critical. It's not the same
as I said, in countries that have strong recycling sector, collections, that
have local government collecting but in so many parts of the world that's
not true and therefore, they are absolutely at the heart of thinking how can
we make sure that their incomes and livelihoods are enhanced and improved as
we move towards this more circular economy. And of course why that's
brilliant is because they're in their communities, they know their
communities...they know who needs what kind of waste they pick for
recycling...They really care for their community and very often of course,
as they go around they get to know everybody, they get to see everybody and
they are often famous in different countries. They're also really key
community ambassadors. - Edited by Melissa Britz

 

 

 

 

 

Rwanda: 7 Firms to Invest Over Rwf50 Billion in Gabiro Agribusiness Hub

Seven firms from different countries are expected to invest more than Rwf53
billion in large-scale commercial farming under the Gabiro Agribusiness Hub,
according to information The New Times got from the Ministry of Agriculture
and Animal Resources (MINAGRI).

 

The hub is in Nyagatare and Gatsibo districts of Eastern Province. It was
developed to cater to the country's food security needs, and help it offset
trade balance by addressing the current situation where its imports still
outweigh its exports.

 

It was initiated through a partnership between the Government of Rwanda and
Netafim - an Israel-based firm considered a global leader in irrigation.

 

 

According to the Ministry of Agriculture and Animal Resources, the project
aims to create a holistic and commercial agricultural ecosystem by
developing an advanced modern value chain over approximately 15,600 hectares
of arable land with advanced water infrastructure, cutting-edge irrigation
systems, high-value agro-processing operations, and other agriculture
technology activities.

 

Speaking during the 19th National Dialogue Council - Umushyikirano, on
January 23, the Minister of Agriculture and Animal Resources, Ildephonse
Musafiri, said that more than Rwf100 billion had already been invested in
the development of 5,600 hectares of Gabiro Agribusiness Hub - as the first
phase of the project.

 

This, he said, attracted large investors who do large-scale farming on land
of up to 1,000 hectares.

 

Here are the companies, the acreage they were awarded, their investments,
and which crops they are venturing into, as per information The New Times
received from MINAGRI:

 

 

EA Agro

 

This is a company from Romania and Bulgaria. It was awarded 978 hectares for
growing maize, soybean, wheat, and vegetables. Its investment is estimated
at more than Rwf16 billion in five years.

 

Kinvest

 

The company originates from Rwanda and plans to invest more than Rwf18.8
billion in growing chili, soybean, and macadamia in five years, on the 523
hectares it was awarded.

 

Western Seed Company

 

Originating from Kenya, the firm was awarded 898 hectares, and it is
expected that it will invest Rwf2 billion for maize seed production in five
years.

 

Green Fresh

 

This firm from Rwanda was awarded 432 hectares for growing maize, maize
seeds, soybeans, and French beans. It is projected that the company will
invest Rwf1 billion over one year.

 

Agropark Gabiro

 

Also from Rwanda, the company plans to invest more than Rwf10 billion in
growing maize and chili over five years, on more than the 615 hectares it
was awarded.

 

Garden Fresh

 

A horticulture exporting company from Rwanda, Garden Fresh was awarded 196
hectares on which it is expected to grow French beans, passion fruits,
chili, and avocado. It is planned that the firm will put in Rwf388 million
in one year.

 

Flock house

 

Originating from Zimbabwe, the company was awarded 282 hectares and it is
expected it will invest Rwf4 billion on growing butternut, potatoes, lemon,
strawberries, and peas over three years.

 

Implications

 

On the implication of the development on Rwanda's agriculture sector and the
country's economy at large, Musafiri told The New Times it means "increased
productivity due to introduction of better farming practices, [and] over
6,000 job creation in the command area."

 

He indicated that farming activities under the project are set to commence
on March 31, 2024.

 

Meanwhile, he said that the project serves as the first large-scale and
job-creating farming model that generates money in Rwanda and will later be
expanded to other parts of the country.

 

-New Times.

 

 

 

 

Nigeria: CBN's Takeover of Sales Proceeds From NNPCL Illegal - Atiku

Former vice president Atiku Abubakar has said the directive by the federal
government for the Central Bank of Nigeria (CBN) to take over the
responsibility for crude oil sales proceeds from the Nigerian National
Petroleum Company Limited (NNPCL) is not legal in its application.

 

He said the directive is an arbitrary order capable of undermining the
operational independence of the NNPCL.

 

Atiku, in a statement, said his opposition to the directive is without
prejudice to the possibility of any good that was intended in the decision.

 

While noting that little has been communicated to the public about
explaining details of the decision, he said according to what is publicly
available, President Bola Tinubu has issued a directive that henceforth, the
NNPCL would submit receipts for crude oil sales to CBN for vetting and
documentation.

 

 

"Whatever may be the merit of the new arrangement, the presidential
directive is a violation of the legal status of the NNPCL.

 

"It is an arbitrary order capable of undermining the operational
independence of the NNPCL.

 

"By this order, Mr. President has wrested control of the finances of the
NNPCL and donated the same to the Federal Ministry of Finance and the
Central Bank of Nigeria.

 

"This is an unprecedented act, without any legal or ethical basis. It is
also a violation of the principle of due process in public administration."

 

Atiku said state-owned enterprises are not subject to such arbitrary orders
and have full control over their finances within the confines of their
respective establishment laws.

 

 

He said the NNPCL is a creation of the Petroleum Industry Act 2021 (PIA),
which was signed into law by the President of the Federal Republic of
Nigeria on August 16, 2021.

 

"The PIA makes extensive provisions for the formation, structure,
governance, and operation of the NNPCL as an independent limited liability
company in Sections 53 to 65 of the Act.

 

"The government must, therefore, respect the provisions of the law and allow
the NNPCL to run as an independent company based on sound commercial
objectives and in line with international best practices and standard
principles of corporate governance.

 

"Only then would the new NNPCL grow into a formidable institution with track
records, requisite technical and financial capacity, and readiness to
operate in public space.

 

"Any attempt to undermine the operational independence of the NNPCL will be
a hindrance to any chances of attracting investments and attaining global
relevance in the Petroleum Industry.

 

"Let it also be stated that the Central Bank Act 2007 does not confer on the
Central Bank of Nigeria, any responsibility for vetting the transactions of,
or formulating and maintaining the internal controls and internal audits in
state-owned enterprises, public or private.

 

"The CBN should be allowed to perform its core functions as provided in the
extant law.

 

"To enhance transparency and accountability in the operation of the NNPCL,
its bank accounts for crude sales proceeds (for example at Morgan Stanley)
and the entire crude sales conversion circle can be trailed by Nigeria
Extractive Industry Transparency Initiative (NEITI) and CBN.

 

"Amongst other supportive measures to enhance transparency, the NNPCL board
members can be better selected and reconstituted to include, if desired,
representatives of the CBN and NEITI," he said.

 

-Leadership.

 

 

 

 

Uganda: MPs Pile Pressure On Agriculture Minister to Table Fisheries Law

Kampala, Uganda — Members of Parliament (MPs) have called on the Minister of
Agriculture, Animal Industries and Fisheries, Frank Tumwebaze, to fast track
implementation of the Fisheries and Aquaculture Act, 2022 as a way of
curbing the use of substandard fishing gear.

 

They said the law, if implemented, will also avert the recurrent alleged
human rights violations of fish farmers by the security operatives.

 

Parliament passed the Act, whose objective among others; is to provide for
the licensing, control and regulation of fishing and aquaculture production
activities and practices, the methods of fishing and fishing gear.

 

 

In 2017, President Yoweri Museveni directed the Uganda Peoples' Defence
Forces (UPDF) to deploy on Ugandan lakes to combat illegal fishing practices
so as to protect the fish resource that was under threat of depletion.

 

Agnes Atim (NRM, District Woman Rep., Amolatar) said that in the absence of
regulations, fishers are being blackmailed and tortured by the UPDF into
using substandard imported fishing gear.

 

She raised the matter during plenary sitting on Wednesday, 31 January 2024.

 

"There is need to investigate, arrest, parade and prosecute these illegal
net traders and support the fishers with legal fishing nets, boats and
engines. The Fishers of this country have never been attended to what they
receive is death," she said.

 

Peter Okeyoh (NRM, Bukooli Island County) said that the fishers are forced
to buy the imported fishing gear at high cost, thereby affecting their
business.

 

 

"It is our prayer that we look at the plight of the fishermen. Their rights
are abused," he said.

 

Emmanuel Ongiertho (FDC, Jonam County) said that the substandard fishing
gear has infiltrated the fishing communities to the extent that it has
become difficult to convince them to use the legal gear.

 

"Ordinarily, our people had embraced the recommended net sizes but when they
see the illegal nets coming in, it is difficult to convince these ones using
the right nets. That is why it is important that this is dealt with," he
said.

 

Abed Bwanika (NUP, Kimaanya-Kabonera) blamed such acts on the absence of
regulations to operationalise the Fisheries and Aquaculture Act.

 

"Since we passed the law, there are no regulations and that is why even the
UPDF cannot exit. There has to be a unit that enforces the law," he said.

 

Elijah Okupa (Indep., Kasilo County) said that government should also check
and ban importation of threads used for making the fishing gear.

 

"Threads are imported and nets made locally. Not only nets should be banned,
even the threads, this is a big problem and should be resolved," said Okupa.

 

The Deputy Speaker, Thomas Tayebwa, gave the agriculture minister, who was
not in the House, one month to table the regulations.

 

The MPs also reiterated the need to address the recurrent cases of torture
and abuse of human rights of locals in fishing communities by the UPDF.

 

Okupa said that cases of torture and even murders of locals in fishing
communities is worrying.

 

"Some of these people are arrested in Kasilo and transported to Central
Police Station in Kampala. Why arrest them in Kasilo and take them to CPS on
Buganda road. There is need for proper handling of fishermen," said Okupa.

 

The Minister of Defence and Veteran Affairs, Hon. Vincent Ssempijja, pledged
to investigate the allegations and report back on Tuesday, 06 February 2024.

 

"Let me get this information from Okupa and I will come back. All incidents
can be investigated and the only institution in this country that
investigates and punishes its members is the UPDF. We do not condone this
kind of behaviour," he said.

 

-Independent (Kampala).

 

 

 

 

Kenya and South Africa Strengthen Trade Ties Under AfCFTA Framework

Nairobi — Kenya and South Africa on Thursday intensified their efforts to
strengthen the African Continental Free Trade Agreement (AfCFTA) framework.

 

The two nations that share cordial bilateral relations, marked a significant
moment by initiating the first shipment of products under the AfCFTA
framework across the African continent.

 

South Africa led the way by sending a shipment containing refrigerators,
paperboard, and steel products destined for the Kenyan market.

 

The launch occurred on the sidelines of the 13th AfCFTA Council of Ministers
Meeting in Durban, with the President of the Republic of South Africa, Cyril
Ramaphosa, presiding over the ceremony.

 

 

Rebecca Miano, the Trade Cabinet Secretary in attendance, commended the
initiative, highlighting the tremendous opportunity it presents for enhanced
trade between the two nations.

 

"This action serves as a clear indication that South Africa is open for
business within the AfCFTA framework," she said.

 

Cabinet Secretary Miano emphasized that the consignment from South Africa
serves as a genuine testament to the nation's readiness for strengthened
trade ties.

 

"South Africa has confirmed its readiness to trade under the framework. It
is also an indication that South Africa is ready to receive imports from the
AfCFTA countries whose tariff offers have been finalized and adopted by the
African Union Assembly," she said.

 

Kenya embraced the AfCFTA initiative early on, initiating its first shipment
of tea and later expanding its exports to various products in 2022.

 

 

The AfCFTA, with a collective population of 1.3 billion people and a
combined GDP exceeding USD 3.5 trillion, stands as a crucial market that
both nations are eager to explore and capitalize on for mutual gain.

 

Despite the relatively modest total trade figures of R9.7 billion between
Kenya and South Africa in 2022, with South Africa holding a trade surplus,
the implementation of the AfCFTA opens up avenues for substantial growth.

 

The AfCFTA establishes a framework for both countries to raise awareness
among exporters, utilizing their respective national AfCFTA Implementation
Strategies to maximize the benefits offered by the agreement.

 

Trade between Kenya and South Africa spans various sectors, encompassing
tea, coffee, fruits, and vegetables from Kenya, while South Africa exports
iron and steel, mineral fuels, machinery, wine, cars, fridges, TVs, and
agricultural products.

 

Both nations have committed to facilitating the smooth entry of each other's
products into their markets and addressing non-tariff barriers to enhance
intra-African trade.

 

In the upcoming weeks, Kenya is set to reciprocate South Africa's initiative
by sending its consignment of Kenyan products to the South African market
under the AfCFTA framework.

 

This reciprocal exchange represents a crucial step in fostering economic
collaboration and capitalizing on the vast opportunities presented by the
AfCFTA.

 

As South Africa and Kenya take the lead, their proactive involvement under
the AfCFTA establishes a positive example for other African nations,
underscoring the significance of regional cooperation and trade integration
in propelling economic growth across the continent.

 

-Capital FM.

 

 

 

 

Ethiopia: The Game-Changing Role of GERD in Regional Integration, Economic
Growth

There is no doubt that the Grand Ethiopian Renaissance Dam (GERD) plays a
very significant role in smoothing the path of economic regional integration
in the midst of the Nile Basin countries. One of the key features of the dam
is its potential to greatly boost the hydroelectric power generating
capacity in the region at the earliest possible juncture.

 

In actual fact, by putting the power of the GERD to use, Ethiopia can
provide a significant increase to the attainability of electricity possibly
modifying the energy curve of the Nile Basin nations. For the sake of truth,
the collective efforts needed to plan, construct, and preserve such a
colossal flagship project helps in developing enhanced connections among
these nations in next to no time.

 

 

In a similar vein, the GERD functions as a stepping stone for dialogue and
harmonization allowing them to act in concert towards a shared objective of
considerable growth and broader prosperity. Apart from holding the potential
to stimulate economic development, the dam plays a huge role in attracting
foreign investments making smoother industrial development and creating
employment opportunities.

 

The existence of the dam can attract overseas investments to make possible
industrial growth and encourage job creation. For the sake of truth, this
economic expansion can give rise to enhanced standards of living for the
local populace and provide opportunities for alleviation of poverty. In
addition to its electricity generation and economic advantageous, the game
changer project plays a very significant role in environmental
sustainability and plummeting greenhouse gas secretions backing up climate
change alleviation endeavors and fostering a climate friendly future.

 

 

The dam's ability to provide uninterrupted supply of electricity holds
tremendous potential in attracting foreign investment for the most part in
producing capital intensive industries. The existence of credible power
infrastructure can meaningfully boost the attraction of the Nile Basin
region for international investors who seek balanced energy sources to
sustain their business operations.

 

The construction and operation of the dam have the capability to clear the
way for the emergence of renewable energy businesses not only under the
umbrella of Ethiopia but also in various parts of the world.

 

The augmented eco-friendly renewable energy source capacity can act as a
starting point for the growth of alternative power technologies. This grants
an avenue for the Nile Basin nations to install themselves as frontrunners
in the renewable source of energy and pay a regular contribution to the
global efforts to change towards cleaner energy sources.

 

 

In addition to supplying electric power for the country, the colossal dam
can provide power to neighboring territories in the Nile Basin. This
concerted energy exchange arrangement can promote closer cross-border
relationships, encourage shared reliance, and play a part in inclusive
progress in the region.

 

Opportunity to use dependable and reasonably priced electricity is a vital
baseline for industrial development that can arouse economic growth,
generate job opportunities, and elevate the material well-being of people
and opens up possibilities for the growth of renewable energy sector on a
worldwide scale. Besides, the dam can not only meet Ethiopia's energy needs
but also support the economic progress of the Nile Basin countries and
improve regional cooperation in the nearest future.

 

The success of such an enormous development deeply depends on building
confidence, nurturing diplomatic connections, and gaining a boosted
understanding of the concerns and ambitions of each partaking nation.

 

This cooperative process not only provides a foundation for the
implementation of the dam but also play a part in regional integration. By
cooperative efforts towards a shared objective, the Nile Basin nations are
able to reinforce their economic associations and enhance collaboration.
With an amplified hydroelectric power generating capacity, the dam turns out
to be an attractive destination for foreign investments mostly in industries
that require reliable and abundant electricity.

 

The dam has the intensity of arousing industrial development and economic
expansion bringing into effect the conception of employment opportunities
and enhanced living standards for the societies in the Nile Basin. These
positive economic significances further strengthen the alliances between
regional integration.

 

The constructions of the dam demonstrate the capability to partnership in
the Nile Basin region and accomplish the intended target at the earliest
possible time. Through wide-ranging discussions and conferences, trust is
built, diplomatic alliances are supported, and enhanced understanding of
each nation's concerns and goals is attained.

 

The economic integration smoothed by the dam brings about economic growth
and development by intensifying availability to electricity and water
resources. The resulting positive economic outcomes further reinforce the
bonds of economic integration policies setting the stage for continuous
collaboration and progress in the Nile Basin.

 

-Ethiopian Herald.

 

 

 

 

Nigeria: Govt Failing to Raise $10bn Annual Funding for Energy Transition -
Report

Nigeria is falling short of the $10 billion annual target for achieving
net-zero carbon emission by 2060, a report by the Natural Resources
Governance Institute, NRGI, and BudgIT Foundation, has disclosed.

 

To bridge the funding gap, the report which assessed Nigeria's preparedness
for energy transition urged the Federal Government to consider domestic
revenue mobilization, international public finance and leveraging just
energy transition partnerships.

 

Speaking at a session for the validation of a Guidebook on Energy Transition
in Abuja, the Executive Secretary of Nigeria Extractive Industries
Transparency Initiative, NEITI, Dr Orji Ogbonannaya Orji said the guidebook
was necessary because even though Nigeria has a broad energy transition
plan, the document is a policy plan that requires a lot more contextual
explanations.

 

 

Dr. Orji noted that the civil societies have a responsibility to constantly
put the discussion of details of who is going to do what, and all the
explanations required on the policy plan on the table for easy
implementation.

 

The NEITI boss said he had sought an audience with the leadership of the
energy transition office for a robust discussion on specifics on who is
going to do what.

 

"We already see a gap that we need to fill. That gap is on data. How do we
provide the requisite data that is needed to drive the energy transition".

 

Earlier, Senior Officer at the Natural Resource Governance Institute,
Nigeria Program, Tengi George-Ikoli, described the Energy Transition
Handbook as a homegrown document that would be useful for both the
government, civil society, media and indeed all relevant stakeholders to
drive a seamless and sustainable energy transition.

 

 

"We welcome you to this validation session for the Guidebook on Energy
Transition. Please participate robustly, honestly and air your candid views.
And on that note I look forward to very fruitful deliberations", she said.

 

Also speaking during the event, Head of Natural Resource Governance &
Sustainability Unit at BudgIT Foundation, Adejoke Akinbode, said the
Guidebook will provides a guide informed by engagements with state and
non-state actors including government, private actors, communities, youth
and women groups on the strengths and weaknesses of Nigeria's energy
transition plans, energy access and key development needs. It offers
perspectives that respond to Nigeria's unique context and peculiarities as a
fossil fuel-dependent nation.

 

-Vanguard.

 

 

 

Somalia: NISA Shuts Down Al-Shabaab-Affiliated Websites

Mogadishu — The Somali National Intelligence and Security Agency (NISA) has
released the list of Al-Shabaab-affiliated websites that it blocked from the
public domains.

 

The websites are the biggest ones where Al-Shabaab used to spread its news
and could only be viewed abroad, as it has already been closed inside the
country.

 

A statement issued by the NISA agency said that 14 websites that were used
to access the group's information were officially removed from the air, and
some of them were listened to by the radio station that speaks the language
of the group.

 

"This operation, which included the collection of websites, their
investigation, finding the names of the registered owners and finally
closing them down, has been going on for the past few months, and it has
been possible to remove these websites that have been registered for
different years," NISA said in the statement.

 

The Federal Government has already blocked access to Al-Shabaab websites in
Somalia and has now succeeded in making those websites unreadable in all
countries of the world.

 

-Shabelle.

 

 

 

 

Nigeria: No to Third Party Operation of Port Harcourt Refinery

On January 15, 2025, the Nigerian National Petroleum Company Limited
(NNPCL), the formerly government-owned corporation, which transformed to a
limited liability company in July 2022, but still owned by the government,
launched a tender seeking potential private company operators to manage the
Port Harcourt Refining Company (PHRC).

 

Rehabilitation work has been ongoing at the refinery for over two years and
the NNPC Ltd had pledged to complete Phase One of the project (mechanical
completion and flare start-up) of Old Port Harcourt Refinery (Area 5) by
31st December 2023. Expected to commence production in the first quarter of
2024, the refinery will process 60,000bpd, with plans to reach its full
capacity of 210,000bpd later in the year.

 

 

However, in a public notice on its website and shared on its X page, NNPCL
said it is to "Engage reputable and credible Operations & Maintenance (O&M)
companies to operate and maintain one of its refineries, Port Harcourt
Refining Company (PHRC), to ensure reliability and sustainability towards
meeting the nation's fuel supply and energy security obligations."

 

The criteria for the prospective operators include $2bn of minimum turnover
since 2019, a current credit rating and experience in refinery management.

 

The PHRC, which became operational in 1965, ceased operations five years
ago, joining the league of federal government-owned refineries that have
been inactive for years. This not only bleeds the nation's already-stressed
foreign exchange reserves, it denies the country of not only cheaper fuel
but also results in lost jobs, lack of supporting local businesses, and
establishment of downstream industries like petrochemicals.

 

 

Attempts at revitalisation of PHRC began on March 17, 2021 when the federal
government approved $1.5 billion for the rehabilitation. In April 2021,
NNPCL signed a $1.5 billion contract with Italian Marie Technimont for its
rehabilitation with the funding billed to come from the NNPC budgetary
provisions, internally generated revenue and Afrexim Bank.

 

Ahead of the contract signing, NNPC Ltd signed a $1.5 billion financing
package called 'Project Eagle' in August 2020, a prepayment deal with
Standard Chartered and backed by African Export-Import Bank (Afrexim) and
United Bank for Africa (UBA). But the $1.5 billion loan tag and
rehabilitation contract raised eyebrows with critics questioning whether it
is a profitable venture considering Nigeria's precarious fiscal challenges
and the refinery's history of breakdowns and operational inefficiencies.

 

 

The rehabilitation went on nonetheless, and on December 21, 2023, NNPC Ltd
said it had completed the mechanical phase of the turnaround maintenance at
the plant in preparation for the commencement of operations. Then came the
announcement two weeks ago that NNPC Ltd was seeking credible operations and
maintenance (O&M) companies to operate and maintain the same refinery.

 

Former Vice President Atiku Abubukar has faulted the plan to hire a third
party to manage the refinery after its rehabilitation, arguing that the
federal government should have privatised it before the process of the
rehabilitation. Regretting the huge debt incurred by Nigeria in the
rehabilitation, he posited that it "Would undoubtedly have been better if
the NNPC had sold the refinery, pre-rehabilitation, to avoid the burden of
debt."

 

Daily Trust believes that in the spirit of accountability and good
governance, NNPC Ltd needs to be open with Nigerians on what changed from
the time they were planning to rehabilitate the refinery and now. Rather
than borrow money to repair the refinery and then hand it over to a private
company to operate, it would have made more sense to have the operations and
maintenance built into the rehabilitation agreement, so that the cost of
rehabilitation would be borne by the same company or consortium that would
operate and maintain the refinery for a given period, much like a
Build-Operate-Transfer (BOT) arrangement, without the need for the federal
government to borrow a penny.

 

As things stand, the NNPC Ltd must pay, one way or another, any company it
hires to operate and maintain the refinery, while still paying back both the
principal and any interests on the $1.5 billion incurred to rehabilitate the
refinery in the first place. This, in our view, is voodoo economics because
in the final analysis, the proposed arrangement will leave little by way of
benefits for Nigeria and Nigerians of having the refinery operational.

 

The NNPC Ltd has a duty of delivering on its avowed commitment to keep the
refineries up and running and keeping the prices of petroleum products in
the country stable in order to give comfort to the citizens and generate
more revenue for our country. This is what the full operation of the PHRC
and other refineries would engender. And it would be great if this is
delivered by the NNPC Ltd itself. If nearly fifty years after incorporation
the NNPC Ltd still cannot run a refinery by itself, what then does it really
exist for?

 

-Daily Trust.

 

 

 

 

Nigeria: Electricity Consumers Increase to 11.71m in Q3 2023 - NBS

The NBS review focuses on energy billed, revenue generated, and customers by
DISCOS under the reviewed period.

 

The number of electricity consumers rose by 240,000 from 11.47 million in
the second quarter of 2023 to 11.71 million in the third quarter of 2023.

 

The National Bureau of Statistics (NBS) stated in its Nigeria's electricity
report for the third quarter of 2023 released in Abuja on Thursday, that the
increase was by 2.08 per cent.

 

The News Agency of Nigeria (NAN) reports that the review focuses on energy
billed, revenue generated, and customers by DISCOS under the reviewed
period.

 

 

It stated that on a year-on-year basis, the number of electricity customers
increased by 7.09 per cent in Q3 2023 from 10.94 million reported in Q3
2022.

 

It said Q3 2023, the number of metered customers stood at 5.68 million from
the 5.47 million recorded in Q2 2023, this indicated a 3.77 per cent
increase.

 

"On a year-on-year basis, the figure grew by 13.07 per cent from the 5.02
million reported in Q3 2022," the NBS stated.

 

Similarly, estimated electricity customers stood at 6.03 in Q3 2023, showing
an increase of 0.53 per cent over the six million recorded in Q2 2023.

 

"On a year-on-year basis, estimated customers increased by 2.02 per cent in
Q3 2023 from the 5.91 million recorded in Q3 2022."

 

The NBS also said that electricity distribution companies collected N260.16
billion in revenue in Q3 2023 compared to the N263.08 billion they collected
in Q2 2023 .

 

It added that on a year-on-year basis, revenue collected rose by 28.40 per
cent over the N202.62 billion collected in the third quarter of 2022.

 

It stated that electricity supply dropped to 5,731.60 (Gwh) in the third
quarter of 2023 from 5,909.83 (Gwh) recorded in the second quarter of the
year.

 

However, the report said on a year-on-year basis, electricity supply
increased by 14.09 per cent in Q3 2023 compared with the 5,023.96 (Gwh)
reported in the Q2 2022.

 

(NAN)

 

-Premium Times.

 

 

 

 

Nigeria: Tinubu Orders AGF, EFCC, Others to Resolve $1.3 Billion Malabu Oil
Deal Saga

An official said that parties involved in the deal were negotiating to end
the more than 28 years crisis and litigation surrounding the prolific Malabu
oil block located in southern Niger Delta in the next one month.

 

President Bola Tinubu has ordered the Attorney-General of the Federation,
Lateef Fagbemi, to clear court cases on $1.3 billion deepwater OML 245 oil
block in Niger Delta.

 

Others expected to carry out the president's directive are the Minister of
State for Petroleum Resources, Heineken Lokpobiri, and the Economic and
Financial Crimes Commission (EFCC).

 

 

The rest are the Nigerian Upstream Petroleum Regulatory Commission (NUPRC)
and Nigerian National Petroleum Company Limited (NNPC Ltd).

 

Mr Lokpobiri delivered the president's directive in Abuja on Wednesday while
speaking with journalists.

 

The News Agency of Nigeria (NAN) reports that the federal government had in
1998 awarded the Oil Mining Lease (OML) 245 to Malabu Oil and Gas Ltd. for
20 million dollars.

 

The licence covers a defined deep-water offshore area more than 1,000 metres
below sea level and approximately 150 kilometres off the Niger Delta.

 

However, with progress in the awards, this has turned out to be a pain. It
has been a constant source of litigation for successive governments due to
fraud and corruption allegations concerning the award of the licence.

 

The minister said that parties involved in the deal were currently
negotiating to end the more than 28 years crisis and litigation surrounding
the prolific oil block located in southern Niger Delta in the next one
month.

 

 

"The previous administration initiated most of the cases that we are talking
about today, and they took us to court, while we took Eni, Malabu, others to
different courts in Europe, Canada, etc, but we didn't win any of the cases.

 

"To even shock you, there is one that got us a penalty of over 70 million
pounds," he said.

 

He said that JP Morgan, a financial institution sued the government for
trying to dent its image in the saga, adding that the penalty was now
binding on Nigeria.

 

"So we have been fined over 70 million pounds by the court. Who will pay
that? You and I will pay that, or our children will pay, because it is a
judgement debt.

 

"And in all the ones that we pursue both in Switzerland and other locations,
we have no evidence to get conviction.

 

"And so it makes sense for this government to come and say that for 28
years, this block has been idle.

 

"This block is a prolific block that will add so much value to our economy,
so let's see how we can resolve the problem," he said.

 

He said they were in talks with Eni and Shell, to see how they could resolve
all the problems.

 

He said that at the last meeting, it was agreed that parties should go on
with negotiations and to reconvene within one month to see how we will be
able to sort out all the issues so that the investment can continue.

 

According to him, the parties of the federal government interfacing with Eni
and Shell, is the Attorney-General of the Federation, which leads the
delegation.

 

It includes NUPRC, EFCC, NNPC Ltd, and the Minister of State for Petroleum

 

"We are transparent about this process. We have full government in resolving
this matter. Everything is being done transparently.

 

"This process has nothing to benefit the President as an individual, his
interest is the welfare of Nigerians and to attract investments to the
sector for Nigerians to benefit from God-given natural resources," the
minister said.

 

(NAN)

 

-Premium Times.

 

 

 

 

Bao Fan: Missing China billionaire banker returns to resign

Chinese billionaire banker Bao Fan, who has been missing for almost a year,
has resigned from his financial firm, China Renaissance Holdings Ltd.

 

He stepped down "for health reasons and to spend more time on his family
affairs," the bank said in a statement.

 

Mr Bao's unexplained disappearance in February last year shocked China's
business and investing community.

 

Just days later, China Renaissance said he was cooperating with authorities
who were conducting an investigation.

 

In its latest filing, the company said its co-founder, Xie Yi Jing, will
assume Mr Bao's duties.

 

Mr Bao "has no disagreement with the Board and there is no other matter
relating to his resignation that needs to be brought to the attention of the
shareholders", it added.

 

However, it did not provide any details about Mr Bao's whereabouts.

 

He was one of China's most high-profile bankers with a client list that
included internet giants Tencent, Alibaba and Baidu.

 

Why do Chinese billionaires keep vanishing?

In February, China Renaissance said: "The board has become aware that Mr Bao
is currently cooperating in an investigation being carried out by certain
authorities in the People's Republic of China."

 

"The company will duly cooperate and assist with any lawful request from the
relevant PRC authorities, if and when made," it added.

 

The announcement was the first time that China Renaissance had given a
reason for the disappearance of its founder.

 

How China's crackdowns are impacting business

His disappearance came against the backdrop of a crackdown on leading
technology companies by Chinese authorities.

 

In late 2020, Alibaba founder Jack Ma also disappeared from public view for
three months, after making comments critical of market regulators. He had
been due to publicly list his digital payments firm Ant Financial - which
would have most likely made him the richest man in China.-bbc

 

 

 

 

Zuckerberg wins on Wall Street after Washington hit

Mark Zuckerberg's Meta had a bad day in Washington this week. But on Wall
Street, it took a victory lap.

 

The social media firm updated investors with a slew of good news: quarterly
profits that tripled year-on-year to more than $14bn (£11bn), a surge in
users, lower costs and higher ad sales.

 

Even its much ridiculed, money-losing virtual reality unit hit a milestone,
generating $1bn in revenue.

 

Lest anyone doubt its confidence, the company declared a first-ever
dividend.

 

That is a payout to shareholders - in this case of 50 cents per share.

 

The company, owner of Facebook, Instagram and WhatsApp, also pledged to keep
the money flowing, saying it was in a strong financial position, and could
invest in the business while still making plans for such payments on a
quarterly basis "going forward".

 

Shares in the company, already at record highs, surged more than 12% in
after-hours trade.

 

Analysts said the decision to offer a divided was a sign of maturity, as
Facebook approaches its 20th birthday.

 

It confirmed the shift in investor sentiment from 2022, when shares in the
company had swooned and a high-profile investor wrote a public letter to Mr
Zuckerberg that the company had "drifted into the land of excess — too many
people, too many ideas, too little urgency" and "needed to get its "mojo
back"

 

Elsewhere in big tech, business was also good.

 

Amazon sales leaped 14% year-on-year during the September-December period.
At Apple, revenue returned to growth for the first time in a year.

 

But Meta's performance was the most head-spinning, coming just a day after
it faced blistering critique in Washington, where senators told Mr
Zuckerberg that his product was "killing people" and he was pushed to
apologise to families of victims of child sexual exploitation.

 

Speaking to analysts on Thursday, Meta acknowledged that it was facing
regulatory challenges that could "significantly" affect its business.

 

But it spent little time on the topic.

 

And for now, whatever the product may be doing, there is little doubt that
people, and advertisers, are sticking with it.

 

Meta said nearly 3.2 billion people were active on one of its platforms
daily in December, up 8% year-on-year.

 

Revenue in the September-December period grew 25% year-on-year to more than
$40bn.

 

Meanwhile the cost cutting drive that Mr Zuckerberg launched last year,
which included thousands of job reductions, helped push expenses down 8%.
Head count was 22% lower.

 

Jasmine Engberg, principal analyst at Insider Intelligence, said the company
had exceeded expectations, as its investment in using AI to enhance
advertising paid off.

 

"It was a stellar Q4," she said. ""Meta's 2023 earnings are cause for more
celebration as Facebook's 20th anniversary nears."-bbc

 

 

 

 

US approves $4bn sale of armed drones to India

The US State Department has approved the potential sale of 31 armed drones,
missiles and other equipment to India for nearly $4bn (£3.14bn).

 

The MQ-9B Predator drones deal had been announced during PM Narendra Modi's
visit to US in June 2023.

 

In December, it was put on hold by a Senate committee pending investigation
into an alleged Indian assassination plot on US soil.

 

The deal will now be confirmed after approval from the US Congress.

 

It includes the sale of 31 armed MQ-9B SkyGuardian drones, 170 AGM-114R
Hellfire missiles and 310 laser small diameter bombs, communications and
surveillance equipment and a precision glide bomb, the Pentagon said.
General Atomics Aeronautical Systems will be the principal contractor for
the deal.

 

According to Reuters news agency, Senator Ben Cardin said he had ended his
"hold" on the agreement for the deal after the US government agreed to fully
investigate the assassination plot.

 

The Sikh separatist 'targeted by murder plot' in US

"The [Biden] administration has demanded that there be investigation and
accountability in regards to the plot here in the United States, and that
there is accountability within India against these types of activities," Mr
Cardin told reporters.

 

Last year, the US accused Delhi of plotting to assassinate an American
citizen who advocates for Khalistan - an independent Sikh state carved out
of India.

 

A government spokesperson said the US had "conveyed our expectations that
anyone deemed responsible should be held accountable".

 

India's foreign ministry denied anything to do with the murder plot. It also
said a high-level inquiry committee had been formed "to investigate the
allegation and address the US government's security concerns".

 

On Thursday, the Pentagon said the proposed drone deal with India "will
support the foreign policy and national security objectives of the United
States by helping to strengthen the US-Indian strategic relationship".-bbc

 

 

 

 

 

 


 


 


Invest Wisely!

Bulls n Bears 

 

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INVESTORS DIARY 2024

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 

 


Companies under Cautionary

 

 

 


 

 

 

 


CBZH

GetBucks

EcoCash

 


Padenga

Econet

RTG

 


Fidelity

TSL

FMHL

 


 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

 


DISCLAIMER: This report has been prepared by Bulls ‘n Bears, a division of
Faith Capital (Pvt) Ltd for general information purposes only and does not
constitute an offer to sell or the solicitation of an offer to buy or
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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) 2024 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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