Major International Business Headlines Brief::: 20 February 2024

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Major International Business Headlines Brief:::  20 February 2024 

 


 

 

	
 


 

 


 

ü  Nigeria: Forex Crises - 2024 Budget Suffers Major Dislocations

ü  Nigeria: Niger Budgets N40 Million for Office Construction in Boko
Haram-Controlled Forest Reserve

ü  Nigeria: Fuel Queues - Tinubu's Minister Meets With Striking Tanker
Drivers

ü  Nigeria: Electricity - Forex Crisis, Inflation Drive Up Meter Prices By
80 Percent - -Investigation

ü  East Africa: EAC Focuses On Renewable Energy Sources

ü  Tanzania: RC Chalamila Demands Dart Solve Transport Woes

ü  Niger: Ecowas Prepares to Lift Sanctions on Niger - Report

ü  Africa Should Re-Conceive Education System That Promotes Technology - AU
Summit Participants

ü  Nigeria: Cardoso - With U.S.$1.8 Billion Inflow Last Week, Nigeria's
Economy Has Positive Outlook

ü  Nigeria: Power Grid Drops to 3,530mw As Rationing Persists Nationwide

ü  Daiso: Billionaire founder of Japanese discount store dies

ü  Farmers' protest: Protesters to resume Delhi march over crop prices

ü  Cameron government knew Post Office ditched Horizon IT investigation

ü  Gloucestershire vertical farm is one of UK's 'most advanced'

ü  Sacked Twitter staff in Ghana finally get pay-off

 


 

 


 <https://www.cloverleaf.co.zw/> Nigeria: Forex Crises - 2024 Budget Suffers
Major Dislocations

THERE are indications that the Federal Government may be forced to review
the 2024 Appropriation Act as recent developments in the foreign exchange
market may have put the financial assumptions in complete disarray.

 

Sources close to the Finance Ministry told Vanguard that all the major
components of the budget has been affected fundamentally by a drastic change
in the budget parameters occasioned by the current foreign exchange market
realities.

 

He pointed out that since the budget was passed into law, the official
exchange rate benchmark which was N800/USD1 has moved up by almost 50 per
cent, a development which has equally doubled both US dollar-based revenue
and expenditure.

 

 

Consequently, the Naira values have gone up by about 100 per cent. The
Senate approved the 2024 Appropriation Bill of N28.7 trillion, against the
N27.5 trillion estimate presented by President Bola Tinubu.

 

The approved budget includes N1.7 trillion for statutory transfers, N8.7
trillion for recurrent expenditure, and N9.9 trillion for capital
expenditure. All these figures have now been significantly altered by the
development in the benchmark exchange rate which the Senate had moved from
N750/ USD1 presented by President Tinubu, to N800/ USD1. Though the high
level Finance Ministry official said he doesn't have details of what is
being done, he hinted that all the relevant ministries and government
agencies are already working on what may become an amendment to the Act.

 

Major budgetary dislocation

 

 

Financial experts who spoke to Vanguard also indicated that the barely six
weeks old budget has suffered a major dislocation following the massive
depreciation of the Naira across all foreign exchange market segments.
According to their calculations, the implication on the 2024 budget is
doubled fold with revenue and expenditure rising at the same time. However,
they caution that a more prudent fiscal measure is needed to prevent the
worsening of the current economic situation.

 

Rising revenue, expenditure

 

The major positive impact of the rising exchange rate, according to them,
will be a rise in Naira revenue from the oil sector and other US
Dollar-denominated revenues, with forecast at over N15 trillion, about 88
per cent higher than the N7.9 trillion actual budgeted amount. They also
noted that this development may significantly reduce budget deficit to about
N2.2 trillion from N9.2 trillion, if properly managed. But this is just one
side of the development.

 

 

They also see a possibility of this exchange rate revenue gain being wiped
out by a corresponding rise in expenditure as a result of US
dollar-denominated obligations such as debt servicing and general foreign
exchange denominated expenditures in the budget. At a debt service
expenditure budget of N8.25 trillion, they forecast a likely rise to over
N16 trillion at current exchange rate of about N1650/ USD1. They also
pointed out that a quantum leap in Naira revenue could spark off profligacy
and fiscal indiscipline, which will erode the exchange gains. The impact of
this fiscal misbehaviour, according to the analysts, will further compound
inflationary pressures in the economy, which will also drive up cost of
executing the capital expenditure budget significantly.

 

This development, according to them, will be further aggravated by labour
union pressures for increases in minimum wage which is expected to drive up
personnel cost component of the recurrent expenditure. Overall, the
multiplicity of rising capital and recurrent expenditure will wipe off the
expected exchange rate revenue gain and even stoke a further rise in budget
deficit by over 100 per cent to about N20 trillion.

 

Experts' insight

 

Giving insight into the impact of the exchange rate development on the
Federal Government's 2024 budget, Ayorinde Akinloye, an investment analyst,
noted that the rise in postbudget exchange rate would be positive for the
FG's revenue performance in naira terms in 2024. He explained that a weaker
naira ensures that USD revenues generated through oil sales and taxes are
higher when converted to Naira. "However, this will require the budget
exchange rate for recognizing revenues to be adjusted to current realities",
he said.

 

He further stated: "While revenue is likely to be higher, USD-based
expenditure like foreign debt servicing will also increase in naira terms.
"In addition, it is important to note that exchange rate and inflationary
pressures could force actual expenditure to exceed the budgeted sums for
different capital projects. "Also, a consistently weaker naira will force
upward adjustment of minimum wage which will contribute to higher recurrent
expenditure for the FG. "Thus, the impact will likely be mixed with marginal
positive effects on budget deficits." Speaking on the impact of the exchange
rate on the 2024 budgeted debt servicing expenditure, Akinloye said: "Actual
debt servicing will end up higher than the budgeted sum. This will largely
be driven by higher naira value for USD debt servicing costs."

 

Also speaking on the likely implications of the depreciation of the Naira on
the 2024 revenue estimate, Gafar Bashiru, Senior Associate, Parthian
Partners, a financial investment and advisory firm, said: "A weaker Naira,
higher than the N800 exchange rate budget benchmark, can potentially boost
government's revenue from exports denominated in dollars, such as oil and
gas. "This is because more Naira are received for each dollar of export
earnings. A weaker Naira can, however, also increase the cost of imported
goods and services, which the government relies on for some of its
operations and projects. "This can lead to higher spending and potentially
reduce the net impact on revenue. "I would expect a fiscally responsible
government to make an effort to push for a net positive impact." On the
implication of the new exchange rate on the 2024 budget deficit, Bashiru,
said: "The increased Naira revenue from oil sales by the NNPCL could reduce
the budget deficit, as long as spending remains within budget. "However,
this depends on how effectively the government manages the additional
revenue. If the government uses the additional revenue to increase spending,
it could lead to a wider deficit. "Additionally, the higher exchange rate
could increase the cost of servicing external debt, given that 38% of
Nigeria's debt is denominated in foreign currencies as of June 2023.

 

"This proportion is expected to grow significantly, given the currency
devaluation." Continuing, he said: "Higher exchange rate will likely
increase the Naira cost of servicing external debt. "This is because each
dollar of debt translates to more naira to repay. This could put a strain on
the budget, especially if the government's Naira revenue does not increase
proportionally. "If the government leans more on Naira borrowing, they might
be able to mitigate the impact of higher exchange rate on debt servicing
costs." Also commenting on the post-budget exchange rate for the 2024
revenue estimate, Tajudeen Olayinka, Analyst/ CEO, Wyoming Capital and
Partners, said: "It will improve collectable Naira revenue and could also
increase Naira component of the budget as multiple Naira expense heads
adjust to Naira/Dollar realities." On the implication of the new exchange
rate on 2024 budgeted deficit; he said: "It will, on a balance of
probability, reduce the size of the deficit, as government cedes certain
economic funding to private sector players who are obliged to recover costs
fully.

 

"More Naira will be available for servicing Naira related debts, especially
local debts. And certainly too, more Naira will go into circulation, further
raising the prospect of inflationary spiral." In his own comment, Analyst
and Vice Executive Chairman, David Adonri, Highcap Securities Limited, said:
"Recent computation of official foreign exchange rate means that FGN will
convert its Dollar income at the new rate which will multiply it's revenue
in 2024." On the implication of the new exchange rate on 2024 budgeted
deficit, he said: "The increase in revenue to FGN that can arise from the
new exchange rate ought to reduce 2024 budget deficit but impact of external
debt service may neutralize the FX gain.

 

"At the new exchange rate, more Naira will be needed by FGN beyond the
budget estimate to service external debt. "What FGN has done is to forecast
a forward exchange rate based on current trajectory for planning purposes.
'However, if the market is truly deregulated, market forces will ultimately
determine the exchange rate."

 

- Vanguard.

 

 

 

 

Nigeria: Niger Budgets N40 Million for Office Construction in Boko
Haram-Controlled Forest Reserve

>From their enclave, the terrorists have staged violent attacks against
civilians and security personnel including local vigilantes trying to subdue
their reign.

 

The Niger State Government has budgeted N40 million for the "construction
and furnishing of offices" at Allawa Game Reserve, a stronghold of Boko
Haram insurgents terrorizing the area.

 

The 2024 budget of the North-central state also states that N2.2 billion was
budgeted for the same project in 2023. However, checks by PREMIUM TIMES show
that no such item was listed in the 2023 budget.

 

Although the budget document states that the "construction and furnishing of
offices" is "at the Allawa Game Reserve," an official said the offices will
be constructed in Minna, the Niger State capital.

 

 

The Niger State Commissioner for Environment and Climate Change, Yakubu
Kolo, in a telephone interview with our reporter also said that although
there have been budgetary allocations to the ministry since 2014 for the
project, "there were no implementations." Mr Kolo suggested that the monies
were released in the previous years but the construction was not done.

 

The Allawa Game Reserve, technically owned by the federal government, is one
of the 10 across the country that the government seeks to upgrade.

 

Last year, the 9th National Assembly approved former President Muhammadu
Buhari's request to upgrade 10 game reserves to national parks. These would
add to the seven existing national parks in the country.

 

The upgrade, according to the former environment minister, Mohammad
Abubakar, "is geared towards the United Nations policy of placing 25 per
cent of its member countries' landmass under permanent vegetation cover for
carbon sequestration to mitigate the effects of climate change and
ameliorate other ecological challenges."

 

Nonetheless, locals said the planned upgrade of the reserve has not been
effective. They said decisive action needs to be taken about the terrorists
who have turned the park into their home.

 

Reservoir of terror

 

Located in Allawa, Shiroro Local Government Area (LGA), locals said the game
reserve has become an enclave of Boko Haram terrorists and other bandit
groups who kill, kidnap and terrorise residents.

 

On many occasions, the insurgents have whisked away unsuspecting locals to
their enclave inside the reserve.

 

Residents of the community said some kidnapped victims who regained freedom
from the terrorists identified their strongholds in the Maganda and Kugu
parts of the reserve linking to other terror-ravaged reserves - Kamuku
National Park in Kaduna State and Kwiambana in Zamfara State.

 

 

>From their enclave, the insurgents have staged violent attacks against
civilians and security personnel including local vigilantes trying to subdue
their reign.

 

PREMIUM TIMES reported how the terrorists attacked Allawa town in the local
government on Sunday, burning over 30 houses.

 

This newspaper also reported that the terrorists recently took over a rural
road leading to the reserve.

 

In a series of social media posts, Jibrin Allawa, a youth leader from the
area, decried how the reserve has become a source of sorrow to his community
and other adjoining villages of Bassa, Gyaramiya, Kukkoki and some villages
in neighbouring Rafi LGA.

 

Commenting on PREMIUM TIMES' findings, Mr Allawa said he believes the
construction of the offices might be in another part of the state and not in
the game reserve.

 

According to Mr Allawa, there are staff quarters in the innermost parts of
the reserve, such as in Bassa, Kukkoki and Gyramiya, but they have been
taken over by the terrorists.

 

For Yahuza Agumi, a resident of Allawa, citing such a project in the reserve
could lead to a reduction of terror activities and create job opportunities
for the locals.

 

But for that to be achieved, "the government needs to flush out the
terrorists from the forest," Mr Agumi noted.

 

Government defends allocation

 

Meanwhile, Mr Kolo, the environment commissioner, told PREMIUM TIMES the
ministry is aware of terror activities in the reserve. He explained that the
construction and furnishing of offices "for rangers and field staff" at the
park will be done in Minna, the state capital.

 

Referencing the upgraded status of the reserve, the commissioner explained
that one of the mandates of his ministry is to provide offices for the
take-off of the national park.

 

In many cases where we have national parks, offices are located in state
capitals, he explained, referring to the Old Oyo National Park and Chad
Basin National Park which have offices in the state capitals of Oyo and
Borno states.

 

"We are trying to rent an office or negotiate with the federal ministry of
environment in Minna. They have offices here and if they are able to give us
some of the offices, we will renovate and furnish it," Mr Kolo explained by
phone.

 

When asked about the tourism prospects of the site, Mr Kolo said: "Issues of
tourism can not come now until you have been able to properly protect and
ensure the availability of animals in the park. Tourism is a by-product of
environmental protection."

 

 

He added that most of the efforts of the government are to protect the park
and flush out the terrorists and poachers.

 

"It has been a game reserve for years and no one talked about tourism and
now that it has been upgraded to a national park, the federal government
will now put more money to ensure that all cases of insecurity and all areas
of protection.

 

"The initial stage of work includes provision of water, [track] routes, and
stabilising the place before discussing tourism."

 

He said a not-for-profit pro-conservation group, Monitoring Illegal Killing
of Elephants (MIKE), had reported movements of elephants between Kamuku,
Kwainbana and Allawa forests. This, he said, suggests the presence of
wildlife in the national park.

 

According to him, the timeframe for the initial work depends on the security
situation around the national park. He said there is a committee set up by
the federal ministry of environment, composed of many security agencies, to
ensure that the vast forests in the country "especially where we have
national parks are well-protected."

 

Other reserve forests taken over by terrorists

 

There are about six protected sites that are being threatened by terror
activities with some of them under the control of the terrorists.

 

For instance, Yankari Game Reserve which sits on an estimated 2,244 square
kilometres of land in Alkaleri Local Government Area in Bauchi State, has
recently become a hideout for bandits ransacking nearby villages surrounding
the reserve.

 

Armed bandits, according to an investigation by a grassroots newspaper in
the state, have kept kidnapped victims in the reserve. In August last year,
the terrorists ambushed poorly armed rangers protecting wildlife in the
reserve, injuring one.

 

Sambisa Game Reserve was taken over by Boko Haram insurgents and rival
fighters of Islamic State West Africa Province (ISWAP), while Ningi forest
reserve in Bauchi and Kainji National Park in Niger state have become
criminal hideouts for terrorists.

 

- Premium Times.

 

 

 

 

Nigeria: Fuel Queues - Tinubu's Minister Meets With Striking Tanker Drivers

"Nigerians are already going through a lot as a result of the circumstances
we found ourselves in," the minister said.

 

The federal government has pledged to address the concerns of oil
transporters and distributors to ensure smooth distribution following the
high cost of operations and maintenance of trucks used in the distribution
of petroleum products.

 

The Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri,
made this known Monday in Abuja when he met with some of the oil
stakeholders in the downstream sector.

 

The stakeholders include members of the Nigerian Association of Road
Transport Owners (NARTO), Petroleum Tankers Drivers (PTD), Independent
Petroleum Marketers Association of Nigeria (IPMAN) and the Nigeria Union of
Petroleum and Natural Gas Workers (NUPENG).

 

 

The News Agency of Nigeria (NAN) reports that the meeting became necessary
given fuel queues which returned to various fuel stations.

 

This development is a result of the suspension of operations by NARTO, in
fulfilment of its threat to suspend the lifting of petroleum products
nationwide and down tools from Monday due to the high cost of operations and
maintenance.

 

NARTO and the oil marketers had complained of the high cost of diesel which
is over N1,300 per litre required to fuel their trucks for the
transportation and distribution of petroleum products nationwide.

 

A NAN correspondent who went around the city of Abuja disclosed that many
fuel stations were not dispensing petrol while the few marketers that were
dispensing had long queues and sold between N617 and N675 per litre.

 

The NNPC Ltd. retail outlets that currently sell at N617 per litre also had
long queues, while black marketers were seen on the roads.

 

The minister, however, said the transporters had demonstrated patriotism and
assured of constant and sustained engagement to find lasting solutions to
their challenges.

 

"Nigerians are already going through a lot as a result of the circumstances
we found ourselves in.

 

"The issues they raised are basically commercial and as a government, we
have to intervene so that Nigerians will not suffer. At the end of the
engagement, there will be a solution," he said.

 

Speaking with NAN after the meeting, NARTO President, Yusuf Othman, said the
meeting was fruitful because the minister appreciated them and assured them
of the government's readiness to tackle their challenges.

 

"We are not fighting the government and it is not government business
anymore to pay us freight rate, rather it is in the hands of the oil
marketers.

 

"The oil marketers also made some increase in the freight rate which should
be addressed too. The minister promised to meet with us and the marketers on
Tuesday," Mr Othman told NAN.

 

NAN reports that the engagement which is expected to find a lasting solution
to the challenges continues on Tuesday.

 

- Premium Times.

 

 

 

 

Nigeria: Electricity - Forex Crisis, Inflation Drive Up Meter Prices By 80
Percent - -Investigation

NIGERIA'S foreign exchange and inflation have combined to push the prices of
prepaid meters year-on-year, YoY by 80 percent to N147, 610.43 (Single
phase) in February 2024, from N81, 975 in the corresponding period of 2023.
Similarly, the price of the double phase meter also surged YoY by 80 per
cent to N259, 002.43 in February 2024, from N143, 836.10 in the
corresponding period of 2023.

 

This is even as the Abuja Electricity Distribution Company, AEDC, has issued
a notice of disconnection of power supply to the Presidential Villa, also
referred to as Aso Rock and Federal Government's Ministries, Department and
Agencies over a N47 billion their indebtedness.

 

 

Manufacturers, suppliers stop importation

 

However, checks by Vanguard, weekend, indicated Meter Service Providers
(MSP) and Meter Asset Providers (MAP) have not been able to produce or
import to replenish depleted stocks. It indicated that many customers, who
paid for meters have not been supplied and installed, thus increasing the
population of those under estimated billing in Nigeria. In apparent response
to the situation, the federal government has liberalised the metering
market, meaning that the Nigerian Electricity Regulatory Commission, NERC,
would no longer peg or fix meter prices in Nigeria.

 

Rather, prices of meters would be determined by market forces, including
foreign exchange and inflation, targeted at ensuring that commercial stocks
are produced, supplied and installed for consumers.

 

NERC working on modalities

 

A source in the Federal Ministry of Power, who confirmed the Liberalization
of Metering Services, weekend, said: "NERC is currently working on the
modalities, targeted at efficient operations.

 

This involves removing price controls while maintaining regulatory
guidelines to safeguard consumer interests and ensure fair competition. By
eliminating metering price control, a competitive meter market can be
fostered, attracting private sector investments, stimulating innovation, and
creating job opportunities."

 

According to him, the measure was proposed by the MSP and MAP and endorsed
by NERC, after proper consideration, adding that before now, the meter
manufacturers had called for the upward review of meter prices to reflect
current forex and inflation rates within seven days to prevent market
shutdown.

 

He said: "The manufacturers also called for establishment of a joint
committee comprising NERC, Nigerian Electricity Management Services Agency,
NEMSA, Electricity Distribution Companies, DisCos and MSP and MAP to review
recommendations and develop robust framework for a transition to a
liberalized metering services market within 30 days."

 

 

He also noted that the transitioning to a liberalized metering services
market provides a sustainable pathway for Nigeria's Electricity Supply
Industry (NESI) to serve customers efficiently while achieving financial
viability. According to him, "By eliminating metering price control, the
selling price would be determined by input costs and market dynamics. This
shift creates incentives for a competitive meter market, attracting
much-needed private sector investments into the sector.

 

"Moreover, it alleviates the burden on Distribution Companies' (DisCos)
balance sheets, stimulates innovation, and fosters local manufacturing,
thereby generating employment opportunities. "The objectives of
Liberalization of Metering Services with Light Regulation aim at eliminating
estimated billing by accelerating meter deployment in the NESI. Support a
coordinated metering strategy to enhance collections and reduce Aggregate
Technical, Commercial, and Collection (ATC&C) losses swiftly.

 

"Minimize the financial impact on DisCos' balance sheets while advancing the
goals of accelerated meter deployment, improved collections, and reduced
ATC&C losses. Ensure price transparency and cost reflectivity, while
ensuring a reasonable rate of return for metering service providers.
Stimulate innovation and foster fair competition in metering services
provision within NESI." He noted that the transition to a liberalized
metering services market in NESI represents a strategic policy initiative,
stressing that it offers a viable and sustainable pathway to achieving
stated objectives while addressing the needs of industry stakeholders and
customers.

 

The source explained that the Liberalisation aims at eradicating the
uncertainty and financial burden associated with estimated billing,
providing them with transparent and fair billing practices while fostering
trust and confidence in the electricity supply system, ultimately enhancing
customer satisfaction. He said the liberalized market will also promote
efficiency and innovation in metering technologies and services, capable of
leading to the development of tailored solutions that meet the diverse needs
of consumers and utilities alike, driving overall sector performance and
reliability.

 

The source said the liberalized market creates opportunities for local
businesses to thrive, particularly in the manufacturing, assembly, and
ongoing management of meters while supporting economic growth and job
creation, contributing to broader socioeconomic development objectives.
However, the Chairman/CEO of NERC, Chairman/CEO, Sanusi Garba, could not be
reached for comments, yesterday. But the Ministry of Power source said, "I
can confirm that NERC is currently working on the details of the
liberalisation before making it public.

 

AEDC plans to disconnect Presidential villa, others over N47bn debt

 

Meanwhile, the Abuja Electricity Distribution Company, AEDC, has issued a
notice of disconnection of power supply to the Presidential Villa, also
referred to as Aso Rock and Federal Government's Ministries, Department and
Agencies over a N47 billion their indebtedness.

 

According to the company, which has franchise area covers the Federal
Capital Territory, Niger, Kogi and Nasarawa States, the government agencies
and offices involved owe N47, 195,620,266.06 while the Presidential Villa,
with six meters, has a debt of N923, 873,150. Also, the Chief of Defence
Staff, covering barracks and military formations under him, has the highest
debt of N12,001,481,606 while the Ministry of the Federal Capital Territory,
follows with N7,573,120,732. AlsoThe Ministry of Finance has N5, 432,741,321
as its debt, while the Liaison Office of the Niger State Government in Abuja
owes N3, 448,373,803. In its Notice of Disconnection, AEDC Management urged
Aso Rock Villa and the other debtors to settle their debts within 10 days.

 

Expert react However, reacting to the development in an interview with
Vanguard, the National Secretary, Nigeria Electricity Consumer Advocacy
Network, Uket Obonga, said: "The issues raised are very correct and
convincing. Operators cannot continue to provide the meters because forex
exchange crisis and inflation. But it may not be affordable to the very poor
households and other customers."

 

- Vanguard.

 

 

 

East Africa: EAC Focuses On Renewable Energy Sources

The East African Community (EAC) partner states have reaffirmed their
commitment to enhance energy efficiency and exploit wind, solar, and
geothermal energy as sustainable energy sources for the region.

 

According to a statement posted on the community website, partner states
have subsequently embarked on various initiatives to tap into the potential
of renewable energy and energy conservation.

 

The initiatives include the review of national renewable energy laws,
implementation of energy management regulations, national strategies and
standards for energy efficiency and renewable energy, and promotion of
energy efficiency and conservation.

 

 

During the Ministerial Session of the 16th Sectoral Council of Energy held
at the EAC Headquarters in Arusha, Tanzania, partner states reported that
investments in wind and solar energy infrastructure were underway.

 

For example, Burundi is working on solar mini-grids, and Kenya is involved
in wind and solar projects. All these efforts aim to increase renewable
energy contributions to the national grid.

 

Rwanda and Tanzania have reported increased investment in solar energy
projects, while Uganda is focusing on solar energy deployment for rural
electrification.

 

The ministers were informed that the partner states were also exploring
mini-hydro projects and transforming biomass energy sources.

 

Initiatives range from promoting sustainable charcoal production to
implementing clean cooking solutions and bioenergy strategies.

 

The ministers noted updates on ongoing fossil fuel projects and underscored
the region's commitment to fossil fuel sub-sector development.

 

Notable progress includes Kenya's commercial oil discovery in the South
Lokichar basin within the Tertiary rift basin, with an estimated 2.9 billion
barrels and a recoverable estimate of 585 million barrels.

 

Other updates included Tanzania's preparations for the 5th licensing round
of oil and natural gas exploration blocks on both onshore and offshore
areas, with the aim of attracting more investors.

 

Uganda's petroleum resource development projects and the progress in the
construction of the East African Crude Oil Pipeline (EACOP) project, whose
actual installation of pipes on the ground is scheduled to begin in May
2024.

 

Rwanda is utilising methane gas for electricity generation.

 

In promoting petroleum exploration and development in the region, the
Sectoral Council approved the 11th East African Petroleum Conference and
Exhibition 2025 (EAPCE'25) to be held from March 5th to 7th next year in
Tanzania.

 

 

Regarding power connectivity in the region, the region has a total power
supply installed capacity of 7,381.67 Megawatts, while the total system peak
demand stands at 4,811.2 Megawatts.

 

The regional per capita electricity consumption ranges from 25 kilowatt
hours in Burundi to 153 kilowatt hours in Kenya.

 

The ministers noted that challenges in electricity supply persist,
particularly due to vandalism of electricity infrastructure.

 

To combat this issue, partner states have committed to implementing
mitigation measures such as copper-plated earth rods, regulating scrap metal
transactions, and community sensitisation.

 

During the opening session of the Ministerial Session, the Chairperson Shaib
Hassan Kaduara, the Minister of Water, Energy and Minerals from the
Revolutionary Government of Zanzibar, standing for the Republic of South
Sudan, which is the current Chair, emphasised the significance of the energy
sector in achieving socio-economic development of the Community.

 

"Energy plays a critical role in industrial development and investment
promotion and therefore access to reliable, safe and cost-effective energy
is not optional but compulsory if our region is to realise its development
objectives," said Mr Kaduara.

 

The minister extended an invitation to partner states to the official launch
of Tanzania's Julius Nyerere Hydropower Plant scheduled for February 25th
this year.

 

"This hydropower plant has a capacity of generating 2,115 Megawatts. The
launch of this project is a milestone that will reduce the deficit of
electricity not only in Tanzania but in the entire region," he added.

 

In her remarks, the EAC Deputy Secretary-General in charge of Customs, Trade
and Monetary Affairs, Ms Annette Ssemuwemba, said that the EAC has rich
energy resources, most of which remain untapped.

 

"Most people still rely on biomass, which is inefficiently utilised and
degrades our environment," said Ms Ssemuwemba, who represented EAC
Secretary-General Dr Peter Mathuki at the meeting.

 

"As a region, we must focus on sufficient, reliable and cost-effective
energy to meet our development needs. In this regard, there is a need to
come up with recommendations for solutions that will guide the sector," she
added.

 

Also present at the meeting were the Minister of Hydraulic, Energy and Mines
from the Republic of Burundi, Engineer Ibrahim Uwizeye and Kenya's Cabinet
Secretary for EAC, the ASALs and Regional Development, Ms Peninah Malonza.

 

- Daily News.

 

 

 

Tanzania: RC Chalamila Demands Dart Solve Transport Woes

The Dar es Salaam Regional Commissioner, Albert Chalamila has demanded the
Dar es Salaam Rapid Transit (DART) management act fast and provide a
solution to the acute shortage of buses that is increasingly leaving city
commuters in limbo.

 

Speaking at a public meeting with Temeke District residents in Mbagala
Chamazi in Dar es Salaam, yesterday, he said he was unhappy to see a good
number of defective buses grounded for long, while the city dwellers are
left jam-packed at the DART stations waiting for otherwise elusive services.

 

The RC faulted the decision to construct DART headquarters at a watercourse
in the Jangwani area, saying the move had left many busses defective as the
engines were clogged with mud.

 

 

RC Chalamila said that the muddy water that clogged the buses during the
rainy season caused significant damage that could otherwise been avoided.

 

"DART office is built on a watercourse...this means that water has not
followed the buses, but the busses have followed the water," RC Chalamila
said.

 

According to the DART website, the agency has encountered many kinds of
losses due to floods at Jangwani including delayed bus services. Due to the
damages caused by floods on the buses, passengers have been facing delays at
the stations which in turn affected operations.

 

Bus operations have also been affected due to damage to the DART
infrastructure. DART has suffered the cost of repairing buses, and cleaning
ditches and roads during floods.

 

Responding to citizens' questions about constructing a depot in Jangwani
area whilst knowing the area is prone to flooding, DART wrote that the
actual decision to construct a depot at Jangwani was concluded after the
environmental impact assessment was done, and the area was recommended as
suitable for constructing the current depot.

 

However, DART wrote that environmental pollution due to human activities at
the upper side of the Msimbazi River Basin including people building within
the Valley has led the valley to lose its actual nature. Thus, excessive
sand and debris have affected the flow of rain waters through the valley.

 

Last week, the National Assembly advised the government to conduct a
thorough assessment of the Dar es Salaam Rapid Transit Agency (DART)
operations and come up with ways to improve its services.

 

The committee also recommended that the government should consider opening
up the Bus Rapid Transit (BRT) system to other companies to provide
competition to DART and boost efficiency in service delivery.

 

 

Tabling a report on activities undertaken by the Parliamentary Committee on
Regional Administration and Local Government in 2023, the Chairman of the
committee, Dennis Londo said DART was established to facilitate passenger
transport in Dar es Salaam and to be a public institution that generates
profits to enable it to contribute to the country's revenue.

 

He said that in its analysis the committee they were satisfied that the BRT
projects were progressing well since the first phase, which involved the
construction of infrastructure from Kivukoni to Kimara and later to Mbezi
and its branches.

 

Londo said that the second phase involved the construction of infrastructure
from Mbagala to Stesheni, and the third phase is currently underway from
Stesheni to Gongolamboto.

 

He explained that despite the DART project being a model for several African
countries, it is still facing many challenges.

 

He said that after a thorough analysis of the agency's report presented to
the committee, the challenges identified included, individuals encroaching
on the project's infrastructure, thus causing difficulties in its
operations.

 

Londo said the agency's failure to set fares without relying on other
authorities, has made it fail to operate profitably and provide adequate
services.

 

"This situation has been causing difficulties in transportation and
inconvenience to passengers," said the MP.

 

He explained that the agency has requested the enactment of a law to enable
it to operate in other cities and towns, particularly in Arusha, Mbeya,
Mwanza, and Dodoma.

 

"The committee is skeptical about the agency's ability to expand its
operations to other cities and towns because even the DART project in Dar es
Salaam is not being implemented and delivering services efficiently as
intended," he said.

 

On April 19 2021 Prime Minister Kassim Majaliwa suspended the Director of
Finance and Business Development of the Dar Rapid Transit (DART), Suzana
Chaula after being dissatisfied with her performance.

 

Mr Majaliwa decided after visiting the DART's Gerezani terminal, expressing
the government's disappointment with the mismanagement of the project, whose
sole aim was to simplify passenger transport in Dar es Salaam.

 

The Prime Minister was concerned to learn that DART has failed to buy any
new bus, on grounds of lacking money, despite being in the business for the
past five years.

 

"The CEO has failed to buy even a single bus despite being in the office for
the past five years. She claims that there is no money but passengers are
paying for the transport every day," he challenged.

 

He said, that since the beginning of the project, the number of busses has
been decreasing from 140 to 85, but the management has been quiet without
taking any intervention.

 

"While citizens are struggling every day, the management has relaxed in the
offices doing nothing. This isn't acceptable at all," he said.

 

- Daily News.

 

 

 

 

Niger: Ecowas Prepares to Lift Sanctions on Niger - Report

Dakar — According to information from Jeune Afrique, regional organization
Ecowas will lift the economic sanctions on Niger "soon" - a decision made
after the coup on July 26, 2023, by General Abdourahamane Tchiani against
elected president Mohamed Bazoum.

 

Negotiations between the Alliance of Sahel States (AES) and the mediators of
the regional organization seemed to be at a standstill. At the end of
January 2024, tension rose between the juntas, led by the Malian Assimi
Goïta, the Burkinabè Ibrahim Traoré and the Nigerien Abdourahamane Tiani,
and the West African civilian regimes, when the military-ruled countries
first announced their departure from ECOWAS.

 

To break the deadlock, the heads of state at Ecowas have decided to take the
first step - reportedly preparing to removed sanctions placed on Niger - the
only country still subject to such measures.

 

The announcement is expected to be made before Ramadan, which is scheduled
to begin on March 10. "There are still two or three recalcitrant countries
that need to be reassured, but there should be no blockages," said a
minister, who hopes that this gesture will be seen as “an outstretched hand”
and will be able to prevent their departure from Ecowas. According to
allAfrica's information, states that are still cautious fear that this
decision will appear as a way of "giving in to blackmail".

 

 

“The sanctions were not imposed with the aim of lasting. They were supposed
to make it possible to quickly stem the wave of coups d'état, and in Niger,
to restore President Mohamed Bazoum to his functions. However, it did not
work, and as political leaders, it is therefore our duty to question this
decision,” said another West African minister.

 

Following the announcement of the withdrawal of countries from Ecowas, the
presidents of the organization instructed their foreign ministers to study
this issue during the extraordinary session of Ecowas, which was held on
February 8 in Abuja.

 

Note: Ivorian President Alassane Ouattara had a meeting on Thursday,
February 16, 2024, in Abidjan, with his counterpart from Togo, Faure
Gnassingbé, on working visit to Côte d'Ivoire, we learned.

 

The two Heads of State reviewed the socio-political and security situation
within the Economic Community of West African States and the West African
Economic and Monetary Union. They also discussed the decision of certain
countries to leave Ecowas, as well as the humanitarian situation of the
populations in these countries. They concluded that there was a need to
reassess the strategies for managing and resolving these crises,
prioritizing dialogue and consultation.

 

Gnassingbé, in his capacity as Ecowas mediator for Niger, welcomed the
quality of the talks with Ouattara, and encouraged the reflection and
bilateral exchange, independently of summits or conferences, with a view to
finding solutions for a return to peace, security and stability in the
region.

 

 

 

 

Africa Should Re-Conceive Education System That Promotes Technology - AU
Summit Participants

Addis Ababa, — Africa should re-conceive the education system in a way that
would promote technology for the better future of the continent in all
aspects, participants of the 37th African Union (AU) Summit told ENA.

 

The 37th Ordinary Session of the AU Assembly of the Heads of State and
Government was underway for two days, with the aim of improving the state of
education on the continent and fast-track the realization of Africa's
development endeavors.

 

The annual summit that brought together African leaders from AU member
states took place under the theme: "Educate an African fit for the 21st
Century: Building resilient education systems for increased access to
inclusive, lifelong, quality and relevant learning in Africa" at the AU
Headquarters in Addis Ababa, Ethiopia.

 

Approached by ENA, Communication Head of the African Prosperity Network,
Prince Moses Ofori-Atta said that Africa needs to build new technology
focused educational systems that fits with the 21st century.

 

 

"When we say our education approach should be technology focused, it means
that we need to build systems that speak to technology," Ofori-Atta said.

 

According to the head, Africa has untapped potential in terms of natural
resources and huge population.

 

However, it is unfortunate that the continent has still remained far behind
in technological advancement and competing with the other part of the world
in many parameters.

 

For him, the lack of transformed education system is one of the major
bottlenecks to ensure inclusive prosperity in Africa.

 

Thus, we have to be able to review and re-conceive the type of educational
systems that Africa has in place, Ofori-Atta underlined.

 

Particularly, the head believes the future education system of this
continent will determine its destiny in science, technology, engineering,
and mathematics.

 

"Now these educational systems should be able to bring the new dimension
that we're looking at in terms of rearranging our educational space for
young people (with) the ability... to plug them into a new employment
sector. When you look around the world, technology is what is producing a
lot of jobs. That's why education is essential."

 

To this end, Africans should rethink how to plug themselves into the new
economy ecosystem which is technology based and they should look inward.

 

On her part, Ahunna Eziakonwa, Assistant Secretary-General of UNDP and
Director of UNDP's Regional Bureau for Africa said that a better education
system should be at the heart of Africa's development.

 

"If we don't have education for our children, it is going to be extremely
difficult to actually power development on the continent," she said.

 

The assistant secretary-general underscored that the African Union in its
37th annual summit, has chosen education, the best and most relevant topic
of the day to be talking about.

 

Eziakonwa also underlined that education in Africa needs a new approach to
exploit the skill of our young people and make them competitive in the
global market.

 

"We need to fix our education system. And this is really the heart of the
matter, here is how we go from learning to earning and our work at the
country level as UNDP is really supporting to build that ecosystem in the
governance, architecture. So, we're able to bring systems and institutions
that are conducive for the future of work."

 

Technology is making a huge difference in every way, the assistant
secretary-general pointed out.

 

Therefore, she stressed that making those young people who have access to
the infrastructure for technology to be technologically savvy, digital as
well to really put them in a better position to compete in the world.

 

Following the African Union puts a spotlight on education in 2024, the
summit convened on how to enhance education and skills to meet the
continental vision and market needs, and further deliberated on the
progress, challenges and prospects of Africa's overall development, it was
indicated.

 

- ENA.

 

 

 

 

Nigeria: Cardoso - With U.S.$1.8 Billion Inflow Last Week, Nigeria's Economy
Has Positive Outlook

Abuja — Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso,
yesterday, said despite the apparent gloomy picture of the country's
economy, the future was bright and positive, especially in the light of
recent inflow of $1.8 billion.

 

The positive assessment came as Secretary to the Government of the
Federation (SGF), Senator George Akume, said the hardship being experienced
by Nigerians would, undoubtedly, lead to a better tomorrow, with drop in the
cost of living.

 

However, the Catholic Bishops of Nigeria expressed concern over the rising
hardship in the country.

 

Similarly, former Vice President Atiku Abubakar lamented that the President
Bola Tinubu administration was not "ready to open itself to sound counsel,
as well as control internal bleedings occasioned by corruption and poorly
negotiated foreign loans".

 

But the presidency faulted Atiku, saying he muddled up facts in an attempt
to rubbish the foreign exchange policy of the Tinubu administration.

 

 

At the same time, Bauchi State Governor Bala Mohammed lamented that the
current free fall of the naira against the dollar had put his government's
plans in jeopardy.

 

That was as the African Development Bank (AfDB) warned that Nigeria,
Ethiopia, Angola, and Kenya risked social unrest owing to rising prices of
fuel and other commodities.

 

Cardoso, who spoke yesterday during the opening of the plenary session of
the Catholic Bishops Conference of Nigeria (CBCN) at their secretariat in
Abuja, said with the policy reforms being implemented by the federal
government, there was light at the end of the tunnel.

 

As a mark of the positive economic prospect, Cardoso said the country
received an inflow of about $1.8 billion last week.

 

He maintained that the positive outlook had been confirmed by several
international economic rating organisations, such International Monetary
Fund (IMF) and Fitch Ratings.

 

The CBN governor disclosed that the national monetary policy meeting would
be convened this week to take decisions on how to further deepen the
economic reforms and make them more result-oriented.

 

He said, "That positive outlook comes from the fact that a series of reforms
have been made by the federal government and the central bank, which are now
paying off in such a way that international investors are coming back in
again.

 

"Recently, as a result of some of the particular reforms that the central
bank came in with, over the course of the last week, $1.8 billion came into
the market.

 

"As long as we can sustain a positive trajectory, I am confident that we
will get out of this and the foreign exchange market will begin to moderate
itself.

 

 

"In another week or so, we will have the Monetary Policy Committee meeting,
a very critical meeting which helps to direct the course of the economy."

 

On the challenges currently facing Nigeria's economy, Cardoso said the
country needed to take measures to actualise the vision of becoming a
producing nation, far from the present consumer attitude. He said a lot of
money had been pumped into the economy through "Ways and Means", which were
presently contributing to the inflationary trend the country was witnessing.

 

According to him, "A lot of supply has gone into the system, over a period
of time, unfortunately. And that goes back to all the things we've been
talking about Ways and Means and I'm sure there's nobody here in this room
that has never had a concept of Ways and Means. I'm sure there's nobody.

 

"We've been talking about it over a period of time. And quite frankly, it
has come to haunt us through so much liquidity going into a system in a
relatively short space of time. And that's in itself has fuelled the
inflationary pressures, which we all have the witnessing of recent.

 

"Undoubtedly, Nigeria is going through challenging times on the economic
front and this is not something that will be new to anybody. Reflecting on
this, I wonder if, perhaps, things could have been done differently earlier.

 

"And what do I mean by that? You've got to move as a country beyond being a
consumer nation. You've got to move as a country beyond being a consumer
nation.

 

"And it is something that we, as Nigerians, have been talking about for so
long, for so many years, for decades. But, really, we've not been able to
actualise that. That's something very important.

 

"The other thing, of course, is to moderate appetite for foreign goods. And
that's closely related to what I had said earlier with respect to becoming a
producer nation.

 

"Modulating appetite, because at the end of the day, many of the things you
see and many of the things that bother a lot of people with respect to
foreign exchange is all essentially down to demand and supply."

 

The CBN governor said the country's economy was on the path of recovery,
adding that several credit rating organisations, including IMF and Fitch,
have attested to this.

 

He stated, "Indeed, there is hope. It's amazing to me. I must say that while
we find a lot of Nigerians embracing what they call the Japa syndrome, the
foreign investors are coming in.

 

"Foreign investors are coming in and you can take it from somebody, who sees
this all the time. They come to us all the time. Foreign investors come all
the time. They ask the right questions.

 

 

"They make their notes, they go away. A month later, they come back again.
They monitor progress the way they come back again, and as we have
consistently enacted, setting policies they've seen.

 

"They put their money in the international rating agencies standard and
Fitch, even the World Bank, has raised us from stable to more positive
because they've seen it. They've seen it.

 

"These are not people or interest groups that will go and write something
for the sake of writing. It's very, very difficult many times to be able to
defend some of the questions they ask.

 

"Once they see it, they analyse it. They test their hypotheses and then they
come up with their own conclusions and they can see a positive trajectory."

 

In his remarks, Akume said the federal government was already addressing the
challenges and hardship in the country and, soon, Nigerians would witness a
drop in transportation cost as well as prices of goods.

 

Akume listed several interventions that the present administration had made
to cushion the current hardship in the country and address insecurity.

 

He stated, "Let me, at this point, place on the record that despite the
humongous inherited and emerging socio-economic challenges, the
administration of President Bola Ahmed Tinubu has in less than nine months
in the saddle recorded positive accomplishments in diverse sector.

 

"This administration inherited a daunting economic landscape, necessitating
decisive action to alter our nation's downward trajectory. With unwavering
dedication, we are striving towards a prosperous, healthy, and globally
competitive Nigeria."

 

Akume said the bishops' conference was apt, adding that the country must
remain steadfast, "Renewing our faith in God's provision and protection."

 

Earlier, President of the Catholic Bishops Conference of Nigeria (CBCN),
Most Rev. Lucius Iwejuru Ugorji, in his opening speech, said the church was
worried about the prevailing hardship in the country and government's
apparent inability to address the challenges.

 

Ugorji said the federal government's reform agenda was fast becoming
counterproductive, adding that government's efforts at addressing insecurity
have been a failure.

 

The CBCN president said, "No doubt, the government is trying its very best
to fix our battered economy and security outfits. If we have to be very
frank with ourselves and not wallow in self-delusion, we must admit that we
are faced with a case where therapy is worse than the disease.

 

"The government's reform agenda is turning out to be counterproductive.
Despite the efforts of the government to boost our economy, our nation has
continued to sink economically deeper and deeper into a bottomless pit."

 

Ugorji said what was expected was a drastic cut in the cost of governance
for those in charge of governance, but this was not forthcoming, as
politicians had continued to live in affluence and waste.

 

Regarding the fight against corruption, the church said the government
needed to sit up to tackle the increasing rate of corruption. They said
unless the country's anti-corruption agencies were able to conclusively
prosecute and jail those accused of corruption, their effort would remain a
mere dream.

 

The bishops said they were maintaining the position of the church that there
would be no blessing of same sex marriages or union in Africa.

 

Primate of the Church of Nigeria, Anglican Communion, Archbishop
Metropolitan, Most Rev. Henry Ndukuba, canvassed the unity of all God's
people, emphasising the need for interfaith dialogue to forge greater
harmony.

 

Ndukuba also said the current hardship in the country should be given a
priority, adding, "If we do not address the issue of biting hunger in the
land, there will be no church."

 

According to him, the church must speak out on the challenges facing
Nigerians.

 

On his part, Imo State Governor Hope Uzodinma appealed to Nigerians to show
understanding with the government as it grappled with the economic
challenges.

 

Uzodinma said the harsh economic situation was a global thing, adding that
with the right attitude, Nigeria would be able to overcome it in no distant
time.

 

Archbishop of Abuja Catholic Archdiocese, Most Rev. Ignatius Kaigama,
solicited the support of the government in the church's effort to provide
education and health facilities for the people.

 

Atiku: Tinubu Not Ready for Sound Counsel

 

Former Vice President Atiku Abubakar lamented that the President Bola Tinubu
government was not "ready to open itself to sound counsel, as well as
control internal bleedings occasioned by corruption and poorly negotiated
foreign loans".

 

Atiku said there had been an exacerbation of poverty and privation across
Nigeria, and it was clear "the government has demonstrated sufficient
poverty of ideas to redeem the situation".

 

The former vice president said via his X handle that he and other patriots
could not keep quiet. He stated that the country's economy was "heading for
the ditch", unless Tinubu was ready to urgently implement "a number of
policy prescriptions".

 

According to Atiku, "At a meeting called at his instance on Thursday to
address the foreign exchange crisis and the problem of economic downturn,
among others, Bola Tinubu failed, yet again, to showcase any concrete policy
steps that his administration is taking to contain the crises of currency
fluctuation and poverty that face the country.

 

 

"Rather, he told the country and experts, who have been offering ideas on
how to resolve the crisis that he and his team should not be distracted and
allowed time to continue cooking their cocktail that has brought untold
hardship to the people of Nigeria.

 

"I don't agree with that. The wrong policies of the Tinubu administration
continue to cause untold pain and distress on the economy and the rest of us
cannot keep quiet when, clearly, the government has demonstrated sufficient
poverty of ideas to redeem the situation. If the government will not hold on
to their usual hubris, there are ways that the country can walk out of the
current crisis."

 

Atiku offered recommendations, saying, "After a careful assessment of the
state of our economy at the twilights of the last administration, I knew
full well that the economy of the country was heading for the ditch and came
up with a number of policy prescriptions that would rescue the country from
getting into the mess that we are currently in.

 

"Those ideas, encapsulated in my policy document, titled: My Covenant With
Nigerians, made the following prescriptions: I had signed on to a commitment
to reform the operation of the foreign exchange market.

 

"Specifically, there was a commitment to eliminate multiple exchange rate
windows. The system only served to enrich opportunists, rent-seekers,
middlemen, arbitrageurs, and fraudsters.

 

"A fixed exchange rate system would be out of the question. First, it would
not be in line with our philosophy of running an open, private sector
friendly economy. Secondly, operating a successful fixed-exchange rate
system would require sufficient FX reserves to defend the domestic currency
at all times.

 

"But as is well-known, Nigeria's major challenge is the persistent FX
illiquidity occasioned by limited foreign exchange inflows to the country.
Without sufficient FX reserves, confidence in the Nigerian economy will
remain low, and naira will remain under pressure. The economy will have no
firepower to support its currency. Besides, a fixed-exchange rate system is
akin to running a subsidy regime!

 

"On the other hand, given Nigeria's underlying economic conditions, adopting
a floating exchange rate system would be an overkill. We would have
encouraged the Central Bank of Nigeria to adopt a gradualist approach to FX
management.

 

"A managed floating system would have been a preferred option. In simple
terms, in such a system, the naira may fluctuate daily, but the CBN will
step in to control and stabilise its value. Such control will be exercised
judiciously and responsibly, especially to curve speculative activities.

 

"Why control, you may ask. (i). Nigeria has insufficient, unstable, and
precarious foreign reserves to support a free-floating rate regime.
Nigeria's reserves did not have enough foreign exchange that can be sold
freely at fair market prices during crises.

 

"(ii). Nigeria is not earning enough US$ from its sales of crude oil because
its production of oil has been declining. And, (iii). Nigeria is not
attracting foreign investment in appreciable quantities.

 

"These are enough reasons for Nigeria to seek to have a greater control of
the market, at least in the short to medium term, when convergence is
expected to be achieved."

 

Atiku dismissed Tinubu's foreign exchange strategy as hasty and bereft of
proper planning.

 

He stated, "Tinubu's new policy, FX management policy, was hurriedly put
together without proper plans and consultations with stakeholders. The
government failed to anticipate or downplayed the potential and real
negative consequences of its actions.

 

"The government did not allow the CBN the independence to design and
implement a sound FX management policy that would have dealt with such
issues as increasing liquidity, curtailing/regulating demand, dealing with
FX backlogs and rate convergence.

 

"I firmly believe that if and when the government is ready to open itself to
sound counsels, as well as control internal bleedings occasioned by
corruption and poorly negotiated foreign loans, the Nigerian economy would
begin to find a footing again."

 

Presidency Replies Atiku, Says Facts Muddled Up

 

The presidency, yesterday, faulted Atiku, saying he muddled up his facts in
an attempt to rubbish the foreign exchange policy of the Tinubu
administration.

 

Special Adviser to the President on Information and Strategy, Bayo Onanuga,
delivered the rebuke in a statement.

 

Onanuga said Atiku also failed to prescribe a better policy option to what
the governor of Central Bank of Nigeria (CBN), Olayemi Cardoso, and his team
were executing at the apex bank. He refuted Atiku's insinuation that the
crux of the meeting held last week between Tinubu and the 36 states
governors was the foreign exchange crisis and currency fluctuation.

 

Rather, Onanuga said the discussion centred on food supply and how to
drastically reduce food prices. He added that the meeting established a
nexus between the state of security and the rising cost of food, while it
was observed that hoarders were warehousing food, creating artificial
scarcity leading to high cost of food items.

 

The statement said, "The decisions at the meeting reflected the main points
discussed: forest rangers are to be strengthened and armed, while police are
to recruit more men and the National Economic Council to deepen discussions
about creating state police.

 

"President Tinubu also affirmed his approval for the release of 42,000
metric tonnes of grains from the national reserve.

 

 

Government is also in discussion with rice millers to get another 60,000
metric tonnes.

 

"President Tinubu said he does not support price control and importation of
food. Nigeria, he believes, can grow enough food to feed its citizens and
spare some for export.

 

"There was no deliberation, as former VP Atiku claimed, on currency
fluctuation. As Alhaji Atiku should know, this is the business of the
central bank, which has the autonomy to handle the country's monetary
policies.

 

"As a matter of fact, the president enjoined the governors, in passing, to
allow the CBN do its work and refrain from dabbling into what is within
CBN's purview.

 

"If he would be true to himself and what actually transpired at the meeting,
unlike the lies he spewed, we expected Alhaji Atiku to praise President
Tinubu for maintaining this stance and for not interfering with the business
of central bank."

 

Onanuga also said it was false and preposterous for Atiku to claim that
CBN's forex management policy was hurriedly put together without proper
plans and consultation with stakeholders, and that the apex bank was
hamstrung by the Tinubu government in implementing a sound fx management
policy.

 

He said, "That would have dealt with such issues as increasing liquidity,
curtailing/regulating demand, dealing with FX backlogs and rate
convergence."

 

Onanuga stressed that contrary to Atiku's claim, the CBN was also
implementing a raft of policies to stabilise the naira and end volatility in
the market, and explained that the intervention was already yielding
positive results.

 

Onanuga added, "Capital importation into the country is increasing,
according to the latest NBS report. In the fourth quarter of 2023, Nigeria
recorded a 66.27 per cent increase in capital inflow, compared with Q3,
before Cardoso's arrival at CBN. In Q3, capital inflow was $654.65 million.
It rose to $1.09 billion in Q4.

 

"Alhaji Atiku will agree that the rise in capital inflow suggests massive
investors' confidence in Nigeria and the policy direction of the Tinubu
administration."

 

The presidential spokesman stated that when juggled with the policy options
being implemented by the CBN, Atiku's alternative of a controlled floatation
of the naira was similar to the policy of former CBN Governor Godwin
Emefiele.

 

Onanuga explained that this was the time an estimated $1.5 billion was spent
monthly to defend the naira, while arbitrage or round tripping perpetrated
by people close to the corridors of power went on unhindered.

 

Mohammed: Naira's Free Fall Jeopardising My Plans

 

Bauchi State Governor Bala Mohammed lamented that the current free fall in
value of the naira to the dollar was putting the plans of his government in
jeopardy.

 

Speaking yesterday during the executive council meeting at the EXCO chambers
of the Government House, in Bauchi, Mohammed regretted that the bad economic
condition occasioned by soaring prices of goods and services might delay the
completion of projects across the state.

 

He said a lot of initiatives had been taken to meet the yearnings and
aspirations of the people of the state.

 

"I think there is a problem, and, of course, the economy is bad, it is
almost a free fall for naira and most of our postulations or forecasts
economically, our plans are put in jeopardy because we may not be able to
achieve within the time line," the governor said.

 

Mohammed decried the high cost of materials, saying, "Even the projects that
we flagged-off may not be achieved and this is a stark reality. Cement is
almost three times the cost of estimate."

 

The governor stated that almost everything, including local materials, were
soaring in prices, adding that the country's food security is also in
jeopardy.

 

Mohammed observed that there was hunger and anger in the country due to high
cost of food, and urged members of the executive council to, on their own,
roll out initiatives that would add to the common good of the state.

 

"You don't have to wait until you are told to do something that you believe
within your own assessment of things that are good for the state," he
stated.

 

The governor recalled that a lot of projects and programmes had been rolled
out since the inception of his administration in 2019, saying the projects
are focused on social impact on the masses.

 

Mohammed stated, "You can see what we are doing - health, education,
humanitarian services and other things. We have to look at things
passionately, of course, we are at the centre in the country and we are
almost the food basket."

 

He said he noticed that on daily basis truckloads of food left the state to
other places, stressing that the government would do everything possible to
get relief for the people of Bauchi State.

 

Mohammed said, "What are we doing to make sure we have relief for our
people? The best we can do is to pay salaries and wages but even the
salaries and wages are grossly inadequate to put food on the table.

 

"We are on course. What we need more is teamwork, to be more serious in
terms of knowing that as members of council, you are the representatives of
the governor and government."

 

AfDB: Nigeria, Angola, Others Risk Social Unrest over Cost of Living

 

African Development Bank (AfDB) warned that Nigeria, Ethiopia, Angola and
Kenya risked social unrest owing to rising prices of fuel and other
commodities.

 

AfDB, in its macroeconomic performance and outlook report for 2024,
projected the continent's economy to grow higher than the 3.2 per cent
recorded in 2023. It further warned that internal conflicts could arise from
an increase in energy and commodity prices occasioned by currency
depreciation or subsidy removal, referencing Nigeria, Angola, Kenya and
Ethiopia, where energy subsidies were removed.

 

AfDB stated, "Internal conflicts and violence could also result from rising
prices for fuel and other commodities due to weaker domestic currencies and
reforms.

 

"For instance, the removal of fuel subsidies in Angola, Ethiopia, Kenya and
Nigeria and the resulting social costs has led to social unrest driven by
opposition to government policy."

 

The bank also said the increase in geopolitical tensions in Eastern Europe
and the Middle East, coupled with the El Nino phenomenon, could trigger
supply chain disruptions, which could exacerbate energy and food inflation
across the world, with Africa more vulnerable to these shocks.

 

AfDB further warned that regional conflicts and political instability
occasioned by disruptions in constitutional governments could have
deleterious economic costs, with resources meant for development and social
support channelled into security and defence.

 

It cautioned that unconstitutional takeover of government might lead to
sanctions, with negative implications for the economy.

 

- This Day.

 

 

 

 

Nigeria: Power Grid Drops to 3,530mw As Rationing Persists Nationwide

Vanguard (Lagos)

Amid gas supply challenges and financial outlook, power supply across the
country remained stranded over the weekend as measures by the Federal
Government to improve national grid supply failed to have any impact.

 

Checks on the national grid data posted by the Independent System Operator
showed that as at 3pm yesterday, only 16 of the nation's power plants were
generating to the grid at 3,530.33 Mega Watts, with Nigeria's largest power
plant, Egbin Power, completely off the grid.

 

The biggest generators were Azura-Edo IPP (420MW), Kainji Hydro (415MW) and
Shiroro Hydro (275.73MW).

 

Gas suppliers have so far refused government entreaties to increase supply
to power plants, citing debt of over $1.3 billion for past supplies.

 

The government had at the beginning of the year agreed to pay electricity
subsidies of N1.6 trillion in 2024 to the Nigerian Electricity Supply
Industry, NESI, but a budget provision of just N450 billion.

 

 

The Minister of Power, Chief Adebayo Adelabu last week confirmed that no
payment has been made for the month of January, compounding the liquidity
challenge facing the industry.

 

The Minister noted "The persistent liquidity issues coming from
inappropriate tariff regime, poor collections and inadequate funding of
government subsidies leading to huge debts owed to the transmission,
generation and gas supply companies.

 

"This has restricted investments required for sustaining supply flow,
capacity expansion and infrastructural improvements. It has also not only
discouraged lending to the sector by financial institutions as the sectoral
activities are not bankable, but has also made the sector unattractive to
new investors".

 

Following the drop in supply, electricity distribution companies, DisCos
moved to pacify consumers, assuring them of improved services soon.

 

Abuja Electricity Distribution Company, AEDC, in a statement said: "We would
like to inform you that we are aware of the unstable power supply
experienced in recent times essentially caused by insufficient power
allocation to us.

 

"This has constrained us to implement load curtailment directives across our
franchise to manage the situation for grid stability. This will involve
occasional temporary interruption of power supply to certain areas for a
limited period. We understand the inconvenience this may cause and sincerely
apologize for this disruption. We are working diligently to minimize the
impact of these outages".

 

Also, Ibadan Electricity Distribution Company, IBEDC, informed its customers
that "the drop in electricity supply currently being experienced is due to
generation shortfall as a result of gas shortage to the generating
companies.

 

"We are working with stakeholders in the electricity value chain on a
sustainable resolution. We sincerely apologize for the inconvenience and
appeal for your understanding", it added

 

Meanwhile, the European Union has said that it will invest 37 million Euros
into the power sector. It said the amount is beside 200 million grants
invested in the sector since 2008.

 

The EU Ambassador to Nigeria, Samuela Isopi who disclosed this when he
visited the Minister of Power, Chief Adebayo Adelabu, said the amount would
fund small hydro power, solar for health care facilities, rural
electrification with isolated and interconnected mini-grids project, and
circular economy in power sector project.

 

In his response, Chief Adelabu identified the liquidity issue as the main
problem in the sector that the government is trying its best to resolve,
adding that the market will only be sustainable and run efficiently when
there is a cost reflective tariff in place.

 

While thanking the EU for its support for the sector, he noted that the EU
projects align with the Ministry's strategy for the sector. He promised to
work with the EU on their programmes especially on Small hydro and state
electrification within the new act.

 

- Vanguard.

 

 

 

 

Daiso: Billionaire founder of Japanese discount store dies

Hirotake Yano, the billionaire founder of Japanese discount retailer Daiso,
has died of heart failure, aged 80.

 

In a statement released on Monday, the firm said he passed away on 12
February and a private funeral had already been held by close family
members.

 

Daiso is a so-called 100 yen ($0.67; £0.53) store, similar to pound shops.

 

Mr Yano opened his first discount retailer in 1972 and was seen as a pioneer
of the dollar shop business model.

 

"It's with profound sadness that we announce the passing of Founder and
Former President of Daiso Industries Company Limited, Mr Hirotake Yano, last
Monday," Daiso said on its website.

 

A commemoration gathering will be held in the near future, the release
added.

 

After graduating from Tokyo's Chuo University in 1967, Mr Yano had several
different jobs, including running his father-in-law's fishery until it went
bankrupt.

 

In 1972, at the age of 29, he set up his first business, a street vending
shop called Yano Shoten, or Yano Store.

 

Five years later, he changed the name of the company to Daiso, which
translates to "create something big". It became famous for all of its items
costing 100 yen each.

 

Mr Yano said that he and his wife Katsuyo found that having to price
products differently was too time-consuming so they decided to charge 100
yen for every item.

 

Daiso became successful as the Japanese economy stagnated in the 1990s and
customers became more price conscious.

 

The business model that Mr Yano pioneered is now popular worldwide.

 

As of the end of 2023, Daiso had 4,360 stores in its home country and almost
1,000 shops around the world, with outlets across Asia as well in North
America and the Middle East.

 

Like the discount stores Mr Yano inspired, Daiso has had to adapt its
approach to pricing and now sells goods at multiples of 100 yen.

 

It has more than 70,000 different items in stock, and says that it develops
over 1,000 new products a month.

 

The company calls itself "Japan's No.1 living ware supplier".

 

Mr Yano had a net worth of $1.9bn, according to the Bloomberg Billionaires
Index.-bbc

 

 

 

 

Farmers' protest: Protesters to resume Delhi march over crop prices

Protesting Indian farmers say they will resume marching to capital Delhi
this week after rejecting a government proposal to buy some crops at assured
prices on a five-year contract.

 

The protesters began marching last week but were stopped around 200km (125
miles) from Delhi.

 

Since then, farmer leaders were in talks with the government on their
demands.

 

But on Monday night, they said the offer was "not in their interest".

 

The government had proposed buying pulses, maize and cotton at guaranteed
floor prices - also known as Minimum Support Price or MSP - through
cooperatives for five years.

 

But the farmers say that they will stand by their demand of a "legal
guarantee for MSP on all 23 crops".

 

"We appeal to the government to either resolve our issues or remove
barricades and allow us to proceed to Delhi to protest peacefully," Jagjit
Singh Dallewal, a farm union leader, told local media.

 

They say they will resume marching from Wednesday.

 

Farmers form an influential voting bloc in India and and analysts say the
government of Prime Minister Narendra Modi will be keen not to anger or
alienate them. His Bharatiya Janata Party (BJP) is seeking a third
consecutive term in power in general elections this year.

 

Last week, authorities clashed with the protesters, firing tear gas and
plastic bullets at them in a bid to halt the march. They fear a repeat of
2020, when thousands of farmers camped at Delhi's borders for months,
forcing the government to repeal controversial agricultural reforms.

 

Why India farmers are protesting again

The latest round of protests began on Wednesday, when farmers from Haryana
and Punjab started marching to Delhi. They say the government did not keep
promises made during the 2020-21 protest, and also have demands including
pensions and a debt waiver.

 

But their most important demand is a law guaranteeing a support price for
crops.

 

India introduced the MSP system in the 1960s - first for only wheat and
later other essential crops - in a bid for food security.

 

Supporters of MSP say it is necessary to protect farmers against losses due
to fluctuation in prices. They argue that the resulting income boost will
allow farmers to invest in new technologies, improve productivity and
protect cultivators from being fleeced by middlemen.

 

But critics say the system needs an overhaul as it is not sustainable and
will be disastrous for government finances. They also say that it will be
ruinous for the agricultural sector in the long run, leading to
over-cultivation and storage issues.

 

Since last week, federal minister Piyush Goyal and other government
officials had held four rounds of talks with the farmers. On Sunday, Mr
Goyal told journalists that the discussions had been "positive" and that the
government was devising an "out-of-the-box" solution to benefit farmers,
consumers and the economy.

 

But on Monday, farmer leaders said they were dissatisfied with the way the
talks were being held, claiming that there was no "transparency".-bbc

 

 

 

 

Cameron government knew Post Office ditched Horizon IT investigation

David Cameron's government knew the Post Office had ditched a secret
investigation that might have helped wrongly accused postmasters prove their
innocence, the BBC can reveal.

 

The 2016 investigation trawled 17 years of records to find out how often,
and why, cash accounts on the Horizon IT system had been tampered with
remotely.

 

Ministers were told an investigation was happening.

 

But after postmasters began legal action, it was suddenly stopped.

 

The secret investigation adds to evidence that the Post Office knew
Horizon's creator, Fujitsu, could remotely fiddle with sub-postmaster's cash
accounts - even as it argued in court, two years later, that it was
impossible.

 

The revelations have prompted an accusation that the Post Office may have
broken the law - and the government did nothing to prevent it. Paul
Marshall, a barrister who represented some sub-postmasters, said: "On the
face of it, it discloses a conspiracy by the Post Office to pervert the
course of justice."

 

Why were hundreds of Post Office workers prosecuted?

Senopathy Narenthiran, known as Naren, a convicted sub-postmaster from
Ramsgate in Kent who joined the legal action, wiped away a tear as he
learned about the information that might have helped his case.

 

"By knowing all this, why do we waste all our time in the prison and
separate from our family? I don't know," he told the BBC. "I'm 69 years old
- too old to go through all these things."

 

Senopathy Narenthiran

Image caption,

Sub-postmaster Senopathy Narenthiran, who was sentenced to three years in
prison, wiped away a tear as the BBC outlined the new evidence

The secret investigation was uncovered through a BBC analysis of
confidential government documents, obtained under the Freedom of Information
Act, from a time in 2015 and 2016 when the Post Office was under growing
pressure to get to the bottom of sub-postmasters' claims of injustice.

 

Hundreds of sub-postmasters had been prosecuted and jailed for cash
shortfalls which were in fact caused by the Horizon IT system. They had long
suspected that remote tinkering may have contributed to the problem.

 

The documents show how the secret 2016 investigation - looking into
Fujitsu's use of remote access from 1999 onwards - had come out of a review
by former top Treasury lawyer Jonathan Swift QC. The Swift review had been
ordered by the government, with approval from then-business secretary Sajid
Javid.

 

It would conclude that it had found "real issues" for the Post Office.

 

Mr Swift had found a briefing for the Post Office board from an earlier
review in 2014, carried out by auditors from Deloitte and codenamed Project
Zebra, detailing how Fujitsu could change branch accounts.

 

Having seen that evidence, the Swift review said the Post Office must carry
out a further investigation into how often and why this capability was used.

 

Deloitte returned in February 2016 to begin the trawl of all Horizon
transactions since its launch 17 years earlier.

 

Ministers, including Mr Javid, were told this new work was under way to
"address suggestions that branch accounts might have been remotely altered
without complainants' knowledge".

 

But in June 2016, when sub-postmasters launched their legal action, the
government was told through Post Office minister Baroness Neville-Rolfe that
the investigation had been scrapped on "very strong advice" from the senior
barrister representing them.

 

Graphic showing images of key government figures and the dates they held
office: Prime Minister David Cameron (2010-16), Business Secretary Sajid
Javid (2015-16), Post Office minister Baroness Neville-Rolfe (2014-16)

There is no evidence in the documents that then-prime minister David Cameron
knew about the investigation or that it had been ditched.

 

It meant that over two years, the Post Office had spent millions of pounds
on three separate reviews into remote access - Project Zebra, the Swift
review and the 2016 Deloitte investigation - while publicly claiming it was
impossible.

 

But all three were buried by the Post Office. Neither the Swift review nor
Project Zebra were disclosed to sub-postmasters, depriving them of vital
information that could have helped them in court; and the Deloitte
investigation was halted before it could deliver its findings.

 

Short presentational grey line

Project Zebra, the first of the three reviews, was described as a "desktop
review". The Post Office board had hoped it would give "comfort about the
Horizon system" to them and others outside the business who had concerns
about it.

 

The consultants examined Horizon documents and talked to employees at
Fujitsu and the Post Office to check how the system was functioning and
whether it was achieving its objectives.

 

Unredacted documents obtained by the BBC show that in April 2014, members of
a sub-committee of the Post Office board discussed Deloitte's Project Zebra
work.

 

The sub-committee included chief executive Paula Vennells, general counsel
Chris Aujard and Richard Callard, a senior civil servant at the government
body which owned the Post Office.

 

Graphic showing Post Office management and the dates they were in post:
Chris Aujade, general counsel (2013-15) and Paula Vennells, chief executive
(2012-19)

The next month, Deloitte submitted its full report and in June it wrote a
briefing for the Post Office board, which outlined two separate ways Fujitsu
could alter branch accounts. Extracts from the board briefing are quoted
verbatim by the Swift review but the briefing itself has not been released.

 

It said the auditors had learned that authorised Fujitsu staff with the
right database access privileges could use fake digital signatures or keys
to delete, create or amend data on customer purchases that had been
electronically signed by sub-postmasters. Fujitsu staff could then "re-sign
it with a fake key".

 

Deloitte said Fujitsu staff had also been able to correct errors using an
emergency process known as a "balancing transaction", which can "create
transactions directly in branch ledgers".

 

It noted the process "does not require positive acceptance or approval by
the sub-postmaster".

 

Yet the findings of Project Zebra were never disclosed to investigating
accountants Second Sight who, since 2012, had been publicly tasked by the
Post Office with looking in to sub-postmasters' claims.

 

The Post Office continued to claim for a further five years that it was
impossible for remote tinkering by Fujitsu to alter cash balances in Post
Office branch accounts.

 

In 2015, it lied to BBC executives as it sought to prevent the broadcast of
the first Panorama expose of the scandal, briefing them that there was
"simply no evidence" that remote tinkering by Fujitsu could have caused
branch losses.

 

The documents that have now been analysed by the BBC reveal that following
the Panorama broadcast, Post Office minister Baroness Neville-Rolfe wrote to
the incoming chairman, Tim Parker, asking him to give the concerns about
possible miscarriages of justice his "earliest attention" and take any
necessary action. Business Secretary Sajid Javid approved the letter.

 

Graphic showing members of the Post Office board and the dates they served:
Tim Parker, chairman (2015-22), Richard Callard, representing the government
on the board (2014-18)

Mr Parker said he would undertake a review of the Horizon system and
"various claims that sub-postmasters had been wrongly prosecuted as a result
of faults in the system", according to a briefing sent to Mr Javid on 20
November 2015, which was heavily redacted in the released documents.

 

Mr Parker appointed Jonathan Swift QC and barrister Christopher Knight. They
were so concerned about the implications of the Project Zebra documents,
they said it was "incumbent" on the Post Office to find out how often these
two means of altering branch accounts had been used, "in the light of the
consistent impression given that they don't exist at all".

 

The Swift review, dated 8 February 2016, noted that the Post Office "had
always known" about the balancing transaction capability.

 

It also said the Post Office may be obliged by law to show the documents to
postmasters who were seeking to overturn their convictions.

 

In response to a recommendation in the Swift review, Deloitte was asked
within days to return to the Post Office to carry out a full independent
review of Horizon, following up on its work on Project Zebra.

 

The mammoth and expensive task was to trawl back through all the
transactions since Horizon began operating - work which was anticipated to
take three months.

 

Graphic showing extract from the Swift review with highlighted passage
saying: "the wider ability of Fujitsu to 'fake' digital signatures are
contrary to the public assurances provided by Fujitsu and POL" - referring
to Post Office Limited

In a letter of 4 March 2016, Post Office chair Tim Parker wrote to Baroness
Neville-Rolfe about the Swift review's findings and recommendations. That
included informing her about Deloitte's follow-up work.

 

He said it would "address suggestions that branch accounts might have been
remotely altered without complainants' knowledge" and review "security
controls governing access to the digitally sealed electronic audit store of
branch accounts".

 

He added that he had "commissioned independent persons to undertake the
necessary work", and in a later briefing informed the minister that this was
Deloitte.

 

The letter did not explicitly mention Project Zebra or Deloitte's earlier
findings about how branch accounts could be remotely altered.

 

In April, the Post Office notified the government that the sub-postmasters
had begun their group legal action against it. Baroness Neville-Rolfe and Mr
Javid were sent a briefing, updating them on the investigation's progress
and discussing how the legal action would affect it.

 

The briefing, sent before a meeting with Mr Parker, was heavily redacted
when it was released under a Freedom of Information Act request. But it said
Mr Parker was on track to complete the follow-up work by the end of May and
would update Baroness Neville-Rolfe on its progress.

 

However, the documents seen by the BBC reveal that in June, Deloitte's
three-month investigation was suddenly stopped just before it could be
completed.

 

On 21 June 2016, Tim Parker told Baroness Neville-Rolfe he had taken the
decision on the advice of an unnamed senior barrister for the Post Office.

 

He told her the detailed work being carried out by Deloitte was "complex,
costly and time consuming" but that good progress had been made. "I had
hoped that by now I would be in a position to draw my investigation to a
close," Mr Parker wrote.

 

"However, given the High Court proceedings to which I refer above, Post
Office Limited has received very strong advice from Leading Counsel that the
work being undertaken under the aegis of my review should come to an
immediate end
 I have therefore instructed that the work being undertaken
pursuant to my review should now be stopped."

 

Graphic of letter from Tim Parker to Baroness Neville-Rolfe with highlighted
text reading: "I have therefore instructed that the work being undertaken
pursuant to my review should now be stopped."

In response to the BBC's questions, Mr Parker said he had "sought and acted
upon the legal advice he was given", but said it would not be appropriate to
comment further while the public inquiry into the Horizon scandal was
ongoing.

 

Baroness Neville-Rolfe told the BBC she had said publicly that she had
instructed the Post Office chairman to commission an independent review, but
declined to comment further while the inquiry was ongoing. Mr Javid also
declined to comment because of the public inquiry.

 

In his High Court judgment at the end of the sub-postmasters' legal action
in 2019, judge Sir Peter Fraser found the Post Office's defence claim - that
Fujitsu could not insert transactions in branch accounts - was "simply
untrue". He said the Post Office had "expressly denied" that remote access
was possible "and that denial is now shown to be wrong".

 

The barrister who represented a number of wrongly prosecuted
sub-postmasters, Mr Marshall, told the BBC it looked as though the Post
Office had conspired to pervert the course of justice.

 

"The important feature of all of this is that in 2014, it appears that the
Post Office board was alive to the true position - that remote access by
Fujitsu was possible," he said.

 

"And yet the Post Office board was responsible for maintaining and advancing
the Post Office's defence to the sub-postmasters' claim in 2019 - that it
was impossible. That was false - and, it would appear, known to be so."

 

Paula Vennells, the former chief executive of the Post Office, did not
respond to the BBC's requests for comment. Chris Aujard, then Post Office
general counsel, and Richard Callard, the civil servant who represented the
government on the board, declined to comment while the public inquiry was
ongoing.

 

UK Government Investments (UKGI), the government body which owns the Post
Office, addressed what the board knew about these successive reviews and
investigations in an opening statement in 2022 to the ongoing public inquiry
into the Horizon scandal.

 

It said there was no indication in the minutes of the Post Office board
meeting in June 2014 that the board had received the Project Zebra briefing.
UKGI said Mr Callard "does not recall ever receiving such a briefing".

 

The statement said the board had not asked for a copy of Deloitte's full
report at the time of Project Zebra. UKGI said the board had been given an
executive summary by the Post Office general counsel Chris Aujard, which was
"focused on Deloitte's approach to the review but importantly did not set
out its findings".

 

It said the board had also never received the 2016 Swift report, nor been
briefed in detail on its findings. The statement said Tim Parker did not
send Swift's full report to the Post Office Board and that his letter of 4
March 2016 to Baroness Neville-Rolfe did not make clear how serious the
Swift review's findings were.

 

The revelations uncovered by the BBC also raise serious questions for the
public inquiry by Sir Wyn Williams, as to whether it is adequately
scrutinising what the government knew about the Post Office's internal
investigations.

 

In UKGI's 2022 statement to the inquiry, there was no reference to Tim
Parker's letter to Baroness Neville-Rolfe of 21 June 2016, notifying her he
was calling off Deloitte's investigation.

 

In 2018, two years after completing his review, Sir Jonathan Swift, formerly
First Treasury Counsel - the top civil lawyer at Her Majesty's Treasury -
was appointed to be a High Court judge. He received a knighthood in the same
year.

 

However, in the list of upcoming witnesses at the Williams inquiry, his name
is absent.

 

Custom divider with an envelope motif

Timeline: What ministers knew and when

June 2014: Deloitte submits a briefing for the Post Office board on Project
Zebra, outlining how Fujitsu can alter branch accounts or change records of
transactions remotely.

 

10 September 2015: Business Secretary Sajid Javid approves a letter from
Post Office minister Baroness Neville-Rolfe to Post Office chair Tim Parker,
urging him to take "any necessary action" about Horizon, after a Panorama
whistleblower reveals how Fujitsu can remotely alter postmaster's accounts.

 

20 November 2015: Mr Javid is briefed that Mr Parker is undertaking a review
into the Post Office IT system to look into claims that sub-postmasters have
been wrongly prosecuted as a result of faults in the system.

 

8 February 2016: The resulting report by Jonathan Swift QC and barrister
Christopher Knight recommends a full independent investigation into how
often and why Fujitsu altered accounts and records "throughout the lifetime"
of Horizon.

 

4 March 2016: Mr Parker tells Baroness Neville-Rolfe and Mr Javid he has
commissioned "independent persons" to address "suggestions that branch
accounts might have been remotely altered without complainants' knowledge".

 

21 June 2016: In a letter, Mr Parker tells Baroness Neville-Rolfe that in
the light of the sub-postmasters' group legal action, on "very strong advice
from leading counsel", the investigation by Deloitte has been immediately
stopped. It never completes its work.-bbc

 

 

 

Gloucestershire vertical farm is one of UK's 'most advanced'

One of the UK's "most technically advanced" indoor farms has opened in
Gloucestershire.

 

The so-called vertical farm can grow salad three times as fast as
traditional outdoor agriculture thanks to its controlled, consistent
climate.

 

Lettuce, basil and other herbs are grown under special lights, in a warm
humid atmosphere.

 

"It's turned farming into a high-tech factory," said head grower, Glyn
Stephens.

 

Mr Stephens has worked in farming all his life, growing every kind of crop.

 

"This is totally different", he told me, smiling, as he checked through some
of the salad harvest.

 

"There's a lot of tech involved, a lot of engineering involved, and you're
inside all day long."

 

The facility looks more like a warehouse than a farm. Rows of trays, each
bursting with basil, lettuce and salad leaves, sit under bright,
multi-coloured lights.

 

Fifteen rows are stacked one above the other, climbing to the roof of the
vast building - hence the reason it is called vertical farming.

 

In all, there is 14,500 square metres of growing space here.

 

The air is kept at 27 degrees, and around 75% humidity. On the chilly, damp
February day I visited, it felt like a spa.

 

The plants love it, unsurprisingly. Basil grows from seed to harvest in 18
days - "about three times faster than outdoors", Mr Stephens tells me.

 

What's more, the "outdoors" he refers to is in Spain or Morocco at this time
of year.

 

British supermarkets sell bags of salad leaves year round, but in the winter
they have to be imported.

 

Mr Stephens insists his crops produce much lower carbon emissions than
imports.

 

He explained: "Compared with trucking the crops across Europe, or even
air-freighting it, we are saving carbon."

 

The farm does use a lot of power, principally on the LED lights which use a
scientifically-calculated colour spectrum to stimulate growth.

 

There is also a lot of ventilation, water circulation, and countless climate
control systems.

 

All the power is sourced from renewable electricity, and carefully managed.

 

Farms like this are protected from the weather, suffering neither floods nor
droughts, and few pests can penetrate the tightly controlled bio-security of
the growing shed.

 

But they rely on huge amounts of electricity, and that has brought other
vertical farms tumbling down.

 

US based Aerofarms was seen as an industry leader until June 2023, when it
filed for bankruptcy.

 

High electricity costs

French firm Agricool went into receivership earlier the same year,
Pennsylvania-based Fifth Season shut down in late 2022, Iron Ox of
California has laid off nearly half its workforce and Infarm has closed its
operations in Europe - making 500 staff redundant.

 

Tellingly, Infarm blamed high electricity prices in Europe, saying the
company had "decided to shift its geographical focus from Europe to
high-potential regions better suited for indoor farming, with low energy
prices".

 

James Lloyd-Jones, the founder and chief executive of Jones Food Company,
said the new unit in Gloucestershire is more efficient, and will survive
better than the others.

 

They sell their salad bags for £1.25, about the same as their competitors.
Fine tuning the climate-control should keep energy use as low as possible.

 

Mr Lloyd-Jones said he believed his company had "cracked the code" for
growing sustainable food all year round.

 

"Commercial success has been the challenge in this industry, but we have now
cracked it," he said.-bbc

 

 

 

 

Sacked Twitter staff in Ghana finally get pay-off

X, formerly known as Twitter, has finally paid off the staff it sacked in
its African headquarters more than a year after they were laid off, the
agency which represents them has said.

 

Most had only been in the job, based in Ghana's capital, Accra, for a few
months when the social media platform fired them in November 2022.

 

They had threatened to take X to court for failing to pay the redundancy
money they said they were promised.

 

The company has not commented.

 

X has previously said that it had paid ex-employees in full.

 

Elon Musk, who took over the company in 2022, embarked on a massive global
cull of employees, sacking more than 6,000 people. He had said he was losing
more than $4m (£3.5m) a day.

 

The African contingent, who number fewer than 20, had only just moved into
X's new office in Accra, following about eight months of working from home
during the Covid-19 pandemic.

 

Agency Seven Seven, the company providing legal representation to the staff,
said it had been successful in its quest to get a redundancy settlement and
repatriation expenses for foreign staff, although it did not specify the
amount of the pay-out.

 

"They are very pleased to finally be able to get their due, put this behind
them and look to the future," Carla Olympio from Agency Seven Seven told the
BBC.

 

Last year, sacked staffers told the BBC their treatment by X had harmed
their mental health and their finances.

 

"It's difficult when it's the world's richest man owing you money and
closure," one said.

 

Twitter fired us then ghosted us – Africa staff

They said they were initially told that, although their contracts were being
terminated, they would be paid to work for one more month. But they were
immediately locked out of their emails and no further salary payments were
made.

 

Since then, the staff said they had been involved in a frustrating battle
for compensation.

 

Some of them had moved from neighbouring countries, such as Nigeria. Their
contract termination meant they were left stranded in Ghana, along with
their families.

 

In a rare interview last April, Mr Musk told the BBC that the social media
giant had 1,500 employees, down from the just under 8,000 who were employed
at the time he bought the company.

 

When the news of Mr Musk's radical staff cull became public, he tweeted that
laid-off employees were given three months' severance pay.

 

But the staff based in the Africa office say they did not receive this.

 

According to Agency Seven Seven, X only began negotiations with the sacked
Africa staff after the BBC covered the story.

 

Last year, X was hit by a lawsuit, filed by ex-employees in a California
court, for allegedly refusing to pay at least $500m in promised severance
packages.-bbc

 

 

 

 

 

 

 


 


 


 Invest Wisely!

Bulls n Bears 

 

Cellphone:         +263 71 944 1674 | +27 79 993 5557 

Email:                <mailto:bulls at bullszimbabwe.com>
bulls at bullszimbabwe.com

Website:             <http://www.bullszimbabwe.com> www.bullszimbabwe.com 

Blog:                  <http://www.bullszimbabwe.com/blog>
www.bullszimbabwe.com/blog

Twitter (X):        @bullsbears2010

LinkedIn:           Bulls n Bears Zimbabwe

Facebook:           <http://www.facebook.com/BullsBearsZimbabwe>
www.facebook.com/BullsBearsZimbabwe



 

 

 


 

INVESTORS DIARY 2024

 


Company

Event

Venue

Date & Time

 


 

Robert Gabriel Mugabe Youth Day

 

Feb 21

 


Nampak

AGM

Virtual (FTS Platform)

28 Feb 9am

 


Art

AGM

virtual (escrow platform)

March 7. 2:30

 


 

2024 auction tobacco marketing season opens

 

13 march

 


 

Good Friday

 

march 29

 


 

Easter Monday

 

1 April

 


 

Independence Day

 

April 18

 


 

Workers day

 

1 May

 


Companies under Cautionary

 

 

 


 

 

 

 


CBZH

GetBucks

EcoCash

 


Padenga

Econet

RTG

 


Fidelity

TSL

FMHL

 


 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

 


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

 


 

 


 (c) 2024 Web:  <http://www.bullszimbabwe.com> www.bullszimbabwe.com Email:
<mailto:bulls at bullszimbabwe.com> bulls at bullszimbabwe.com Tel: +27 79 993
5557 | +263 71 944 1674

 


 

 

 

 

 

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