Major International Business Headlines Brief::: 05 February 2024

Mon Feb 5 11:01:45 CAT 2024

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Major International Business Headlines Brief:::  05 February 2024 

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

ü  Nigeria Fails to Meet Oil Production Targets in 10yrs

ü  Tanzania: Dar Port - No Sugar Stranded

ü  Rwanda: Govt Leases Land in 9 Districts to Expand Network Coverage

ü  Nigeria: Darkness in Major Cities As National Grid Collapses

ü  Tanzania: How Kabwe Port Stimulates Cross Border Trade

ü  Nigeria: Shell to Supply 100m Cubic Feet of Gas Per Day to Dangote
Fertiliser

ü  Tanzania: Zambia, TZ Reaffirm to Facilitate Cargo Transportation

ü  Nigeria: Darkness in Major Cities As Nigeria's Electricity Grid Collapses

ü  Sudan: Phone, Internet Falters in Eastern Sudan

ü  South Africa: National Minimum Wage Increases

ü  Sudan Govt - 'New US Sanctions Unjust'

 <https://www.cloverleaf.co.zw/> Nigeria Fails to Meet Oil Production
Targets in 10yrs

Despite having crude oil in abundance, Nigeria has consistently failed to
meet oil production targets as stipulated in national budgets over the last
10 years, investigations by Daily Trust have shown.

The country has, over time, maintained a mono-economy with crude oil sales
constituting about 90 per cent of its foreign exchange earnings.

However, experts have projected that non-oil exports should be the nation's
primary concern due to the volatility in the oil sector which Nigeria is
susceptible to.

Ambitious projections

Data obtained by this newspaper showed that the country consistently failed
to meet its oil production targets by an average of 300,000 to 600,000
barrels per day (bpd) recorded shortfalls from 2013 to 2023.

A breakdown of the data showed that in 2013, Nigeria produced between 2.1
million and 2.2 million barrels of crude oil.

The then Minister of Finance and Coordinating Minister for the Economy,
Ngozi Okonjo-Iweala had said that Nigeria was losing $1 billion revenue
monthly, following the drop in oil production and the falling prices of
crude oil at the international market.

"Total losses, which stemmed from shut-in due to force majeure declared by
oil companies, oil theft and illegal bunkering, was put at 300,000 barrels
per day. The current production ranged from 2.1 million bpd to 2.2 million
barrels per day, less than an estimated 2.5 million barrels per day for the
2013 budget," she had said.

In the 2014 budget, crude oil production was pegged at 2.3883 million
barrels per day. However, the figures from the Nigerian National Petroleum
Company Limited (NNPCL), then a public corporation, showed that 2.05 million
barrels per day (mbpd) of crude were produced that year, a shortfall of at
least 450,000 barrels.

In 2015, former President Goodluck Jonathan signed the budget with a
projection of 2.27 million bpd, and a crude oil price of $65. However,
Nigeria's oil production averaged 1.9 million bpd in 2015, representing a
shortfall of over 300,000 bpd.

Subsequently, the 2016 budget was prepared as Nigeria was on the verge of
exiting recession, and oil production was pegged at 2.2 million bpd.

By May 2016, Nigeria's oil production had fallen drastically to 1.4 million
bpd, nearly a 30-year low. After some government interventions, some of the
disrupted productions were restored, and crude oil output averaged 1.6
million bpd in June, and continued in that trajectory until the end of the
year.

Similarly, in the 2017 budget, oil production was pegged at 2.2 million bpd
and the oil price was $42.5 bpb. However, crude oil production has been far
below projections as the Medium-Term Expenditure Framework for 2018 showed
that the 2.2 million bpd was not met as average oil production fell to 2.04
million bpd.

A similar situation recurred in relation to the 2018 budget which had a
proposal of 2.3 million bpd but actual production was pegged at 1.84 million
bpd by the then NNPC.

Also, in 2019, oil production was projected at 2.3 million bpd with crude
oil price pegged at $60 per barrel. However, crude oil production by Nigeria
fell for the third month in a row in December 2019, to a new low of 1.5
million bpd as against a target production level of 2.18 million bpd at $57
per barrel.

In 2020, the assumption of oil production of 2.18 million bpd was presented
by the federal government with an oil price benchmark of $57 per barrel.

However, in the year under review, total crude oil production in Nigeria
dropped to about 900,000 barrels per day as a result of the effects of
COVID-19.

In the same vein, the 2021 budget was based on an oil price benchmark of
US$40 per barrel, and an oil production output of 1.86 million barrels per
day, although Nigeria had to shed off about 313,000 bpd for the first half
of 2021 in line with Organisation of Petroeleum Exporting Countries (OPEC)+
cut agreement to stabilise global oil prices. Nigeria produced an average of
1.4 million bpd of crude. At the end of the year, the country ended up
producing a maximum of 1.5 mbpd.

In 2022, the projected crude oil production was 1.88 million bpd. However,
reports from the NNPCL showed that Nigeria was barely able to produce 70 per
cent of the total production forecast, losing roughly the rest to oil theft
and sabotage, leading to incessant shut-in of planned output for the period.
Nigeria's production hovered around 1 million to 1.5 million bpd in 2022.

In the 2023 budget, the crude oil price benchmark was $75 per barrel with
crude oil production pegged at 1.69 million bpd.

However, in the middle of that year, the country produced 998,602 bpd of
crude oil, 66,317 bpd of blended condensates, and 180,110 bpd of unblended
condensates.

These figures made up 1.2 million bpd recorded, according to the NNPCL.

Consequently, with an average of N1 billion monthly loss, the country lost
N12 billion annually due to its inability to meet crude oil production
target, which translates to N120 billion in the last 10 years.

Crude theft, vandalism remain our nightmare

Although crude oil theft and pipeline vandalism are not peculiar to Nigeria,
the inability of the petrochemical refineries to become fully operational
has compounded Nigeria's woes.

In a recent report posted on its X account formerly Twitter, the NNPCL said
it recorded 127 crude oil theft incidents between December 2 and 8, 2023.

During the period, the NNPCL and its security partners said they discovered
several incidents, including 51 illegal refineries that were uncovered, 29
illegal connections were identified, vessels were found to have AIS
(Automatic Identification System) infractions and six acts of pipeline
vandalism were detected.

The report specified that crude oil theft incidents occurred across various
locations in Bayelsa, Rivers, Delta, Abia and Imo states, though some
arrests were said to have been made.

In a recent interview, the Group Managing Director of the NNPCL, Mele Kyari,
said pipeline vandalism was being tackled, adding that when "The Dangote
Refinery starts churning out products, they will be transported across the
country using trucks."

Deploy AI in pipeline surveillance to curb theft - Expert

A development expert, Joseph Momoh, said it was high time the federal
government, through the NNPCL, commenced the deployment of Artificial
Intelligence (AI) in pipeline surveillance.

"We cannot succeed in tackling pipeline vandalism with only human beings
watching over it. We also require artificial intelligence to always alert
those in charge of imminent danger," he said.

Momoh further advised the NNPCL not to renege on its promise to resume full
operations at the Port Harcourt, Warri and Kaduna refineries as Nigeria not
only needed to meet the crude production target, but must also start
refining the crude it produces.

-Daily Trust.

Tanzania: Dar Port - No Sugar Stranded

DAR ES SALAAM: THE Dar es Salaam Port on Sunday came out strongly turning
down reports that consignments of sugar were stranded at the port amid
ongoing crisis.

The port management reacted to the media reports which have caused panic
among the members of the public.

"The reports caused public panic yesterday (Saturday) that sugar has been
stranded in the port. This is not true, sugar can't be stranded in the port,
anything that has public interest can't be stranded here," Mr Mrisho Mrisho,
Port Director, affirmed while speaking at a press conference in Dar es
Salaam.

Explaining, Mr Mrisho said last month they received a letter from the Sugar
Board of Tanzania (SBT), asking the port to facilitate activities of their
three vessels carrying sugar cargo.

The vessels are JPO AQUARIUS, MSC Alizee II ship and Okahama Star.

The SBT letter asked the port to give the ships a priority berthing as
emergency case.

"We (port management) knowing this matter has public interest, we have
facilitated access. The first vessel we served on January 29th and some
journalists observed. The sugar containers were all offloaded in one day and
the board thanked us," he explained.

The port then waited for the second ship (MSC Alizee II), which was expected
to arrive on January 26th.

"Since January 26th we kept the berth open waiting for it, but it arrived on
February 2. When it arrived, we served it on the same day and journalists
were also invited to witness offloading of the sugar consignmets," he said.

The third vessel (Yokohama) also arrived on February 2, noting that these
two vessels delayed, because they arrived first in neighbouring country's
port where they were delayed.

"Our work here is to load and offload and we ask other institutions also to
play their part in ensuring that the cargo reaches the clients, so if the
cargo delays to reach the client(s), we should then ask which institution
has caused the delay," he added.

He further assured that the activities were ongoing without any obstacles at
the port at all berths from berth number zero (Ro-Ro berth) up to number 11
as well as at the Kurasini Oil Jetty (KOJ).

"Vessels are continually being handled, as we talk in this month alone in
four days, we have handled over 10 vessels. In January we have handled 86
ships, despite the rain challenges, we have managed to go at good speed. We
expect that speed will further continue," he said.

He explained that the port receives a vessel carrying over 50,000 tonnes of
cargo, or three ships with over 3000 containers each that makes a total of
about 9000 or 10,000 containers.

"The question to ask here if you don't clear those containers, do you think
there could be any space here at the port. In fact, there could be no space
remaining," he argued.

"Therefore, let me say that it is not true that the cargos are not released.
The customers take their cargo and we receive other consignments, just go
and observe the port's gate and you would see a queue of trucks leaving the
port with cargos," he said.

Meanwhile, SBT Director General, Prof Kenneth Bengesi, told the Daily News
yesterday that MSC Alizee II and Yokohama vessels arrived on Friday with a
total of 4000 tonnes of sugar, expressing hopes that when distributed to the
market, the current shortage would have been lessened.

He added: "The port management has given priority to dock and offload
immediately due to high demand from consumers."

Elaborating, he noted that on January 29th, another ship docked at the port
with consignment and completed offloading sugar according to the customs.

Likewise, he directed that the imported sugar must be sold at the price of
2,700/- to 3,200/- as expected by the government, saying: "Hence, business
people who do not want to adhere to this order will risk facing legal
measures."

-Daily News.

Rwanda: Govt Leases Land in 9 Districts to Expand Network Coverage

The Ministry of Environment has leased state land to TRES Infrastructure
Ltd, a telecommunication company specializing in optical fiber transmission
and network optimization, to expand network coverage across the country.

The allocation of the state land was among cabinet resolutions that were
released on January 25, 2024.

The firm will leverage on allocated state land to expand network coverage
nationwide.

Jeanne d'Arc Mujawamariya the minister of environment told The New Times
that the allocated plots are strategically located in key districts that
include; Kamonyi, Nyanza, Muhanga, Ruhango, Nyamagabe, Musanze, Gakenke,
Karongi, and Nyagatare.

"This expansion initiative underscores government commitment to providing
reliable and high-quality telecommunication services to residents
nationwide. The establishment of antennas in these diverse regions aims to
bridge connectivity gaps and contribute to the overall development of the
country," she said.

The firm will establish antennas, aligning with the Ministry of ICT and
Innovation policy and Rwanda Utilities Regulatory Authority (RURA)
standards.

The intervention comes after complaints about the lack of network in some
parts of the country.

"In Rubavu district, especially in Nyakiriba sector, we have network issues.
We struggle with calling and internet networks," said Rodriguez Neza, a
resident of Rubavu district.

Peter Imanishimwe, a resident of Jabana sector in Gasabo district said:
"Three years have elapsed without network in Bweramvura locality in Jabana
sector. Calls, SMS, and Internet do not work properly. To get network, we
have to first go to Karuruma."

Residents of Nyakariro sector in Rwamagana district and those from Ruhuha
sector in Bugesera district have also been complaining about poor network
which makes calling on mobile phones difficult.

In 2021, Rwanda Utilities Regulatory Authority (RURA) ordered local
telecommunications companies to solve all problems related to its call
services as members of the public have over the years been raising concerns
about call and internet connection services.

2,000 antennas needed

In October 2023, the Minister of ICT and Innovation, Paula Ingabire said
that Rwanda needs more than 2,000 antennas to solve the problem of network
across the country.

ALSO READ: Deal to increase connectivity in rural areas

Currently, 2,800 antennas are installed countrywide.

Rwanda needs at least $30 million (approx Rwf30 billion) to expand cellular
and internet networks to 300 sites identified across the country, Ingabire
said.

The latest Mobile Connectivity Index by Global Systems Mobile
Telecommunications Association shows that Rwanda has 61.5 per cent internet
infrastructure, 30.3 per cent affordability, and 42.1 consumer readiness.

This is while internet connectivity in Rwanda stands at 60.6 percent of the
entire population while mobile penetration is at 81.4 percent, according to
the latest data available.

Improving cellular and internet networks would mean that more people would
get connected through Telco players in the country to efficiently tap into
opportunities at hand in a service-led economy.

-New Times.

Nigeria: Darkness in Major Cities As National Grid Collapses

Nigeria yesterday witnessed its first national blackout this year following
a national grid collapse at 11:21am.

The situation led to all 20 power plants, except Ibom Power (31MW), being
offline by 11:51am.

Confirming the incident, the management of Abuja Electricity Distribution
Company (AEDC), released a statement explaining that the power outage was a
result of a system failure from the national grid.

While appealing for patience among its customers, it assured that it is
working with the relevant stakeholders to restore power as soon as the grid
is stabilized.

On its part, Kaduna Electric lost bulk power supply hence the outage being
experienced currently in Kaduna, Sokoto, Zamfara and Kebbi states.

The DisCo promised to restore electricity to its customers as soon as it
received its consignment at its load centres across its franchise.

Reacting to the outage, the Transmission Company of Nigeria (TCN) stated
that the grid experienced a partial disturbance at about due to gas
constraints at its Ibom power islanded, feeding Eket, Ekim, Itu & Uyo
transmission substations.

The statement signed by its General Manager, Public Affairs, Nididi Mbah,
said during the period of partial disturbance, total generation on the grid
was 3,901.25 Megawatt (MW) at 08:00Hours, a little over three hours before
time of partial collapse.

While stating that it has restored the affected part of the grid, she said
the low power generation has persisted in the country since January 2024, to
date, exacerbating daily generation to the lingering gas constraint.

Before now, Distribution Companies across the country had complained that
gas shortages in Generation Companies had caused supply hiccups in their
franchise areas.

In Sokoto, the power supply went off in most parts of the state around 9am,
but it was briefly flashed to Arkilla areas around 7pm, a resident of the
area, Muhammad Yakubu, confirmed.

However, Daily Trust observed that as at the time of filing this report, the
state was in total darkness.

In Gusau, the capital of Zamfara State and Funtua LGA of Katsina State, the
power outage was experienced immediately after the Subhi prayer.

"The power supply went off immediately after the 6am prayer and up till this
time that I am speaking with you there is no supply of electricity from the
distribution company to the state," a resident of Kofarmata Kara, Aminu
Musa, said.

Another resident, Husaini Ibrahim Funtua, told Daily Trust that "I was at
the mosque when the electricity went off and up till this moment supply has
not been restored."

150 grid collapses recorded in 11 years

Daily Trust reports that yesterday's blackout made it the 150th time the
country recorded grid collapse since 2013.

Analysis showed that in 2013, the country recorded 24 power system
collapses. The collapse incidents stood at 13 in 2014. In 2015, the grid
collapsed 10 times; in 2016, it rose to 28, while 21 cases were recorded in
2017.

Grid collapse cases in 2018, 2019, 2020 and 2021 were 13, 11, four and four,
respectively. It collapsed about 10 times between 2022 and 2023 while one
was recorded in 2024.

While the reasons for the collapses vary, Daily Trust reports that outdated
infrastructure, vegetation growing along grid lines, vandalism of grid, and
shortage of gas have been some of the issues that cause national blackouts
in the country.

The country witnessed the recent grid collapse yesterday at 11:21am, which
plunged the country into complete darkness.

The generation companies said the inability to recoup their funds from the
Nigeria Bulk Electricity Trading Plc (NBET) has stifled their capacity to
purchase adequate gas.

Data showed that GenCos recorded a N136 billion monthly deficit as of July
2023.

NBET which purchases electricity in bulk from GenCos through power purchase
agreements sells it through contracts to the distribution companies, who in
turn supply to the consumers.

The GenCos were paid N69 billion out of the total invoice amount of N123.36
billion for July 2023. In the first quarter of 2023, the power producers got
N171.67 billion out of the N235.92 billion due to them, according to NBET.

NBET's data also revealed GenCos were paid N245.98 billion out of the total
invoice amount of N299.81 billion for the second quarter of 2023.

But the Minister of Power, Adebayo Adelabu, said he had held crucial
discussions with power Generating Companies (GENCOs) and Distribution
Companies (DISCOs) to address the ongoing issue of blackouts in parts of our
country.

Adelabu said that investigations showed that the main cause of poor power
supply is the low supply of gas to GENCOs.

He added that during a meeting, he also addressed the indebtedness to GENCOs
by Nigeria Bulk Electricity Trading Company (NBET), while acknowledging the
sector's liquidity challenge.

"We are working on validating the debt and determining a fair resolution. I
emphasized the importance of GENCOs establishing contractual arrangements
with gas suppliers to ensure a steady gas supply. Recognizing concessions
may be needed, I assure you that we are committed to working on this to
stabilize the power sector."

He said to tackle the gas supply and liquidity challenges, he decided to
form a committee involving all stakeholders to work on recommendations to
resolve the issues and ensure a more reliable and consistent power supply
for our citizens.

-Daily Trust.

Tanzania: How Kabwe Port Stimulates Cross Border Trade

Sumbawanga — RUKWA: FARMERS and local entrepreneurs in Rukwa Region are
reaping the benefits of the Kabwe port on Lake Tanganyika which has boosted
cross-border trade between Tanzania and the land-linked Democratic Republic
of Congo (DRC) and Burundi.

The port serves as an opportunity for traders in Nkasi District and Rukwa
Region as well as small farmers to supply goods and services to Moba and
Kalemie provinces in DRC.

The increased cross-border trade has increased money circulation and lifted
the livelihood among dwellers in Nkasi District.

People from DR Congo largely depend on Tanzania for cereals such as rice,
maize and sugar as well as cement and other building materials.

Geographically, Moba Port lies about 24 kilometres from Kabwe Port and 78
kilometres from Kalemie Port, which is linked by air and train with
Lubumbashi in Katanga Province, the third largest city of DRC.

"More traders from within and outside Tanzania are now buying food crops and
ferrying them to DRC, Burundi and Kigoma. Our economies have improved
substantially" said Issack Mdude, a maize grower.

He further reveals that before the construction of the port, traders were
finding it hard to find reliable markets, but now buyers are coming to their
area, hence guaranteeing farmers markets for their produce.

"Now we don't have to travel to as far as Sumbawanga town or to coastal
towns to sell our crops as buyers are coming to Nkasi," says Peter Simwela
from Namanyere town.

Ms Cricensia Godgiven, who buys maize and rice from Nkasi District, ferrying
the commodity to the markets in Kigoma Region, commended the government for
improving water transportation, which is cheaper compared to other transport
models.

"I have been doing this business for decades now, and we're grateful to the
government for constructing this port, which has eased business, and
movement of people," she said, noting that TPA charges are fair since they
pay 7,000/- for each tonne.

Kabwe Port handles an average of 1,200 tonnes of cargo and 400 passengers a
month, with a large per cent destined for DRC.

This paper witnessed busy labourers unloading cargo from trucks and loading
it onto vessels for shipment from a small Kabwe terminal to the neighbouring
DR Congo and other towns along Lake Tanganyika, the world's longest
freshwater body.

The terminal site gives a glimpse of the government's commitment to bolster
water transport infrastructure across the country; a well-constructed modern
jetty and other essential port infrastructures.

The Kabwe Port, whose construction started on April 2, 2018, was officially
commissioned in April 2020, with the government through the Tanzania Ports
Authority (TPA) coughing up 7.49bn/- for the project.

The port has a small cargo shade, passenger lounge, refurbished offices and
5.5 metres deep berths which allow big boats to dock, also serves as a key
gateway for traders as well as farmers to supply cereals such as cassava,
maize, rice and sugar to Moba Port in DRC which is about 24 kilometres away.

Before the construction of Kabwe Port, the cross-border trade was conducted
on a small scale along the lake shore, typically on smaller wooden vessels.

With the new port, big vessels with more loading capacity dock at the port,
thus, boosting trade between Nkasi residents and people in the neighbouring
countries. They no longer travel to Kigoma to ferry their produce to
land-linked DRC and Burundi.

Mohamed Swedi, a truck owner, who transports cargo to DR Congo, says Kabwe
port has improved business and hails the Tanzania Ports Authority (TPA) for
good customer service.

He, however, called for the improvement of the road that connects Kabwe Port
to the Katavi-Rukwa highway.

"There is good customer service and businesses are performing well, but we
are asking relevant authorities to improve the road that links the port with
the Katavi-Rukwa highway, once this road is improved, we'll do more
business," he stated.

Mr Swedi also called for the timely issuance of permits to traders who
transport food crops to DRC, saying the delay increased the costs of doing
business.

It takes 7-8 hours from Kabwe port to Kalemie port in DR Congo on the
western shores of Lake Tanganyika.

Kabwe Port officer Mr Said Bakari says during peak times, the port handles
about 30 trucks on average.

He added that the port has enhanced safety and security for traders,
passengers and their properties.

-Daily News.

Nigeria: Shell to Supply 100m Cubic Feet of Gas Per Day to Dangote
Fertiliser

The Shell Petroleum Development Company (SPDC) has concluded plans to supply
100 million standard cubic feet of gas per day to the Dangote Fertiliser and
Petrochemical Plant in Lekki, Lagos State.

The SPDC said it took the final investment decision alongside its joint
venture partners - Nigerian National Petroleum Company Limited (NNPCL),
TotalEnergies EP Nigeria Limited, and Nigerian Agip Oil Company.

According to a statement by Shell's spokesman, Abimbola Essien-Nelson, this
was made known by the Managing Director of SPDC, Osagie Okunbor, in Port
Harcourt, where he noted that the final investment decision was a
significant step in supporting the Nigerian government's "Decade of Gas"
ambition.

The statement noted that the decision was to "build a dedicated upstream
facility to supply 100 million standard cubic feet of gas per day to Dangote
Fertiliser and Petrochemical Plant in Lekki, Lagos State, for 10 years.

-Daily Trust.

Tanzania: Zambia, TZ Reaffirm to Facilitate Cargo Transportation

DAR ES SALAAM: TANZANIA and Zambia have expressed commitment to jointly
fast-track setting up of a centre within the Kwala Dry Port, in Coast
Region, specifically for facilitating transit cargoes destined for the
latter.

The centre will be established on the 20-hectare piece of land which
President Dr Samia Suluhu Hassan offered to Zambia when she visited the
country last year.

The aim is to ease business between the two SADC member states.

On October 24, 2023, President Samia provided the land to her counterpart,
Mr Hakainde Hichilema while she was invited as guest of honour at the Zambia
59th Independence Day celebrations.

The two countries reaffirmed their commitment over the weekend when Zambia's
High Commissioner to Tanzania, Mr Mathew Jere, visited the Kwala Dry Port to
see its progress aimed at cutting cost to transporters.

He said the Zambian government will speed up the legal process for acquiring
the land and title deeds.

The High Commissioner Jere thanked President Samia for the decision of
allocating them a special area in order to reduce business operations' cost
and deepening diplomatic relations between two nations.

For his part, Tanzania's Permanent Secretary of Transport, Professor Godius
Kahyarara said the country will timely finalise all remaining procedures for
the land to be handed over to Zambia.

Prof Kahyarara commended the Tanzania Ports Authority (TPA) for the great
achievement of putting in place the Kwala Dry Port.

He directed the port authority to make sure within one week from February 2
this year to complete the agreements with different companies that have
shown interest in using the dry port.

"So far, a total of nine companies submitted their application for
establishing container freight stations at the Kwala Dry Port. The move will
prevent queue of trucks coming to Dar es Salaam via the Coast Region," Prof
Kahyarara said.

He said the Kwala Dry Port will provide all shipping services and it will be
complemented with the Tanzania Revenue Authority (TRA) officers.

In another development, he noted that all cargo will be transported by
trains to the Kwala Port in order to prevent congestions at the Dar es
Salaam Port.

He mentioned Ihumwa and Bahi Dry Ports in Dodoma, Isaka in Shinyanga and
Fela in Mwanza as part of the ports, which are renovated in bid to cut
distance covered by vehicles to the Dar es Salaam Port, reduce transport
cost and boost railways usage across the country.

The construction of the Kwala Dry Port is being implemented by Tanzania's
government at a cost of over 88bn/-.

-Daily News.

Nigeria: Darkness in Major Cities As Nigeria's Electricity Grid Collapses

"Be rest assured that we are working with the relevant stakeholders to
restore power as soon as the grid is stabilized," a power distribution
company said.

Nigeria's electricity grid on Sunday collapsed yet again, throwing several
cities including the nation's capital Abuja, into darkness.

The Abuja Electricity Distribution Company (AEDC) announced Sunday that the
collapse occurred at around 11 a.m.

"The Management of Abuja Electricity Distribution Plc (AEDC) wishes to
inform its valued customers that the power outage being experienced is a
result of a system failure from the national grid at 11:21 hours today, 4th
February 2024 which has led to a nationwide power outage," the company said.

"Be rest assured that we are working with the relevant stakeholders to
restore power as soon as the grid is stabilized. We appeal for your
patience," it said.

The latest collapse occurred less than two months after the national grid
system collapsed in December and Nigerians were thrown into darkness.

In recent years, Nigeria's power sector has experienced broad challenges
such as electricity policy enforcement, regulatory uncertainty, gas supply,
transmission system constraints, and major power sector planning shortfalls.

Last Friday, the Nigerian government attributed the main cause of poor power
supply in the country to the low supply of gas to generating companies
(GenCos).

Nigeria's Minister of Power, Adebayo Adelabu, who disclosed this in a
statement, said "Power supply during the yuletide improved, but
unfortunately, we've experienced setbacks in the new year. After
investigations, it's clear that the main cause of poor power supply is the
low supply of gas to GenCos."

The Transmission Company of Nigeria (TCN) had in January said that there was
a gradual decrease in available generation into the grid due to gas
constraints.

The company said this impacted the quantum of bulk power available on the
transmission grid for onward transmission to the distribution load centres
nationwide.

The TCN has yet to officially speak on the issue as of press time Sunday
afternoon. When contacted Sunday evening, an official told PREMIUM TIMES
that the agency would soon speak on the new development.

-Premium Times.

Sudan: Phone, Internet Falters in Eastern Sudan

El Gezira / Sennar — Subscribers to El Sudani and MTN communication and
internet providers complain service interruptions in El Gezira, Sennar, and
large parts of eastern Sudan since Friday morning. Both providers cite
'technical reasons'.

El Sudani and MTN communication and internet providers both announced "an
interruption in their service for technical reasons. "Technical teams are
working to fix it," they said in statements yesterday.

"We apologise for the network outage currently, and our team is working hard
to restore service as soon as possible to ensure your connection and
communication," reads a statement.

MTN said in a post: "We regret the interruption of all services due to
circumstances beyond our control. While we apologise for the inconvenience
caused by this interruption, we assure you of our endeavour to restore the
service as soon as possible. You will be notified of the return of the
service."

Blackouts The ongoing war in Sudan has resulted in frequent communications,
mobile phone, and internet blackouts, which have "plunged cities into a
medieval communications abyss".

-Dabanga.

South Africa: National Minimum Wage Increases

Employment and Labour Minister Thulas Nxesi has announced a new National
Minimum Wage (NMW) determination which will go up from R25,42 to R27,58 for
each ordinary hour worked.

In a statement on Saturday, the Department of Employment and Labour said the
new NMW will come into effect from 1 March 2024.

"The National Minimum Wage determination also includes the vulnerable
sectors of farm workers and the domestic workers - whom since 2022 were
aligned with the NMW rates.

"However, the workers employed on an expanded public works programme are
entitled to a minimum wage of R15,16 per hour [up] from R13,97. Workers who
have concluded learnership agreements contemplated in section 17 of the
Skills Development Act, 1998, are entitled to the allowances as determined
in the latest government schedule," the department said.

The schedule of learnerships, sectoral determinations of Contract Cleaning,
Wholesale and Retail sector employees will be published on the department's
website - www.labour.gov.za

The Act applies to all workers and their employers except members of the
South African National Defence Force, the National Intelligence Agency, and
the South African Secret Service.

The act does not apply to a volunteer, who is a person who performs work for
another person and who does not receive or is not entitled to receive, any
remuneration for his or her service.

The NMW is the minimum amount of pay that an employer is legally required to
remunerate employees for work done. The amount does not include payment of
allowances (such as transport, tools, food or accommodation) payments in
kind (board or lodging), tips, bonuses and gifts among others.

The National Minimum Wage is the floor level below which no employee should
be paid. The NMW first came into implementation in 2019 at a minimum of R20
per hour. The NMW is enforced by law and violations are subject to fines.

-SAnews.gov.za.

Sudan Govt - 'New US Sanctions Unjust'

Port Sudan — The Sudanese government has denounced the US Treasury
Department's decision to impose sanctions on Zadna International Company
"under the pretext of its affiliation to the Sudan Armed Forces (SAF)".

In a statement yesterday, the acting Ministry of Foreign Affairs in Port
Sudan, Red Sea state, defended Zadna company as being "the largest national
agricultural company that contributes to achieving food security in Sudan".

It described the US decision as "unjust and based on fake justifications,
reflecting the confusion and contradictions of the American administration's
position".

The US Department of the Treasury's Office of Foreign Assets Control (OFAC)
on Wednesday imposed sanctions on three companies implicated in
"jeopardising Sudan's peace, security, and stability".

The targeted measures are an effort to identify and isolate funding sources
supporting the SAF and RSF, fighting each other since April 15 last year and
has led to the "staggering" number of 11 million people who fled their
homes.

In its retort to the US measures, the Ministry of Foreign Affairs recalled
that the "national army is entrusted with defending the country and its
people, protecting national security, national sovereignty, and the supreme
interests of Sudan". The SAF "plays an essential role in achieving regional
peace and stability, as it is the oldest, most experienced, and professional
army in the Horn of Africa".

The statement considers "the targeting any national institution under the
pretext of its affiliation to the SAF as an attempt to weaken the national
army.

"This not only constitutes a threat to the stability and unity of Sudan, but
will also contribute to the growing risks of terrorism, cross-border crimes,
and security chaos throughout the region."

The ministry further repeated its refusal to be equated with the
paramilitary Rapid Support Forces (RSF) by the US administration and said
that "the SAF is confronting their terrorism and atrocities against
defenceless citizens". It cited UN Security Council Resolutions 1373 and
6712, which she said classified the RSF as a terrorist organisation.

The Darfur Bar Association (DBA) said in a statement last week that it
appreciates "the measures, decisions and actions by international
institutions and nations to combat impunity in the Sudan," though "they
remain of no real value".

-Dabanga.

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
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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
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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:
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