Major International Business Headlines Brief::: 22 March 2024

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Major International Business Headlines Brief:::  22 March 2024 

 


                                                                                  

 

	
 


 

 


 

ü  Nigeria: 36 Percent of Nigerian Major Banks' CEOs Now Women

ü  Nigeria: Federal Govt Launches Special Forces to Protect Mining Sites

ü  Rwanda: Kibos Sugar to Relocate Ksh200m Plant to Rwanda After Kenyan Setback

ü  Rwanda Central Bank's Fight Against Inflation

ü  Kenya: KQ Partners With Virgin Atlantic Expanding Access to Caribbean Destinations

ü  West Africa Mobile Regulators Urged To Prioritise Consumer Rights

ü  Kenya: Govt Writes to Tiktok Over Compliance With Data Law

ü  Rwanda: Kigali - Nearly 200 Former Street Vendors Find New Home At Marketplace

ü  Africa: AfCFTA - Ethiopia to Commence Trial Trading Commodities

ü  Angola: More Than a Million Illegal Miners Panning Diamonds in Angola

ü  Apple lawsuit: US accuses tech giant of monopolising smartphone market

ü  Reddit: Social media firm's shares jump in stock market debut

ü  Why Trump may reap billions in Truth Social stock market merger

 


 

 


 <https://www.cloverleaf.co.zw/> Nigeria: 36 Percent of Nigerian Major Banks' CEOs Now Women

Formerly dominated by men, the Nigerian banking industry is gradually being overtaken by female banking gurus as the number of women leading the major banks in the country has increased in recent years.

 

Nigeria currently has 25 major banks with the number of female bank chief executives soaring from just one in 2019 to 10 in 2024, representing 36 per cent of Nigerian major banks' chief executive officers.

 

Before 2019, the banking industry had been largely dominated by men with a sprinkle of the female gender who had also made their mark in the industry. The likes of Cecilia Ibru, former managing director/chief executive officer of defunct Oceanic Bank, said to be the first female bank CEO, was one in a million among male bank CEOs. Ibru became the MD/CEO of Oceanic Bank in 1997, but on August 13, 2009 she was one of the five bank CEOs who were dismissed. Then, more female bank CEOs came into the industry as turnaround managers after the 2009 shake-up in the sector. Funke Osibodu led Union Bank while Suzanne Iroche was also appointed by the CBN in 2009 as turnaround MD/CEO of FinBank Plc. They both served their banks until 2012 when they successfully completed their assignments.

 

 

Other women who presided as CEOs of banks include Bola Adesola, MD/ CEO of Standard Chartered Bank Limited, Nigeria, who in 2011 was appointed by the bank as the first Nigerian, and first female CEO of the bank. In 2012, Sola David-Borha was anointed as chief executive of Stanbic IBTC and served until 2017.

 

The latest addition of Dame Adaora Umeoji as the group chief executive of Zenith Bank further extends the list, which has been on the rise since 2021. Besides the managing director of Unity Bank, Mrs. Tomi Somefun, who has stood tall in the midst of men since 2015, the banking industry rarely had female representation at the CEO level. At least 10 of the 26 commercial banks in the country are currently being led by women.

 

 

However, the list has consistently grown with the additions of Miriam Olusanya, Yemisi Edun, and Halima Buba, among others.

 

Speaking on the development, MD/CEO of Arthur Steven Asset Management Limited, Olatunde Amolegbe, said the transition into an equal gender industry is a welcome development.

 

According to him, the female gender has proven themselves as support cast in the finance industry for a long time and it is time they take the reins eventually.

 

"My personal belief is that the natural trait of fairness, probity, and sense of responsibility will stand them in good stead to make a positive impact in the industry, as did their predecessors such as Mrs. Kuforiji-Olubi who led UBA sometimes in the 80s. I support this transition 100 percent," he said.

 

On how women have been able to take their place in the male-dominated banking industry, Amolegbe said, "I would like to put it down to a coincidence of succession planning and, in some cases, possibly deliberate institutional policy to uplift and empower the fair gender. It could very well be that these two scenarios just happen to be playing out at about the same time."

 

 

The vice president of Highcap Securities Limited, David Adnori, said, "Businesses are not bound by whether the head is male or female; they are bound by performance. All the female CEOs appointed are highly qualified and with experience in their field."

 

He added that "we are having more women who are educated and occupying high places."

 

According to Adnori, while progress has been made in recent years, women still face numerous challenges and barriers to advancement in many industries. Employers have a crucial role to play in creating an environment that empowers and supports women to thrive professionally.

 

1 Miriam Olusanya, MD, Guaranty Trust Bank (GTBank)

 

Miriam Olusanya made history as the MD of Guaranty Trust Bank, becoming the first woman to ascend to this prestigious position in the bank on June 2021. Graduating with a degree in Pharmacy from the University of Ibadan and later acquiring a Master of Business Administration (MBA) from the University of Liverpool, Olusanya's academic prowess laid the foundation for her remarkable career. Joining GTB as an executive trainee in 1998, she steadily climbed the ranks, culminating in her recent appointment as managing director. Prior to assuming this pivotal role, she served as an executive director at the bank, showcasing her leadership acumen and strategic vision. Olusanya's appointment marks a significant milestone for GTB, heralding a new era of diversity and excellence at the helm of one of Nigeria's foremost financial institutions.

 

Yemisi Edun, MD, First City Monument Bank (FCMB)

Yemisi Edun was appointed MD in July 2021. She has a background in finance and extensive experience in the banking sector.

 

Edun has demonstrated exceptional leadership skills and strategic vision in steering FCMB towards growth and innovation. Known for her commitment to excellence and integrity, she has played a pivotal role in positioning FCMB as a leading player in the Nigerian banking industry. Edun's leadership has been marked by a focus on customer satisfaction, employee development, and community engagement, making her a respected figure in the Nigerian business community.

 

Halima Buba, MD/CEO, SunTrust Bank

Halima Buba was appointed the MD/CEO of SunTrust Bank in January 2012. Halima Buba, a seasoned banker with over 22 years of cognate experience obtained from working in All Sstates Trust Bank, Zenith Bank, Inland Bank Plc, Oceanic Bank Plc, and Ecobank Nigeria Limited, is one of the few women to have attained that height as an MD in the industry.

 

Prior to her appointment to suntrust bank ltd as md/ceo, halima was a co-founder and former executive director in Taj Consortium, an organization of young dynamic technocrats and financial advisory experts.

 

She was also a member of the Board of the Nigerian Sovereign Investment Authority (NSIA) as a non-executive director and a director on the Board of Adamawa Homes and Savings Ltd.

 

She holds a Bachelor of Science (B.Sc.) degree in Business Management from the University of Maiduguri and an MBA from the same University.

 

4 Ireti Samuel-Ogbu, MD, Citibank Nigeria

 

Ireti Samuel-Ogbu was appointed in September 2020. It is the first time a woman has been appointed to the lender's top post after 36 years of operating in Africa's largest economy.

 

She had served as managing director of payments and receivables, treasury and trade solutions for Europe, the Middle East, and Africa at the lender's office in London.

 

5 Mrs. Nneka Onyeali-Ikpe, MD/CEO, Fidelity Bank

 

Mrs Onyeali-Ikpe assumed the office on January 1, 2021

 

She has been an integral part of the transformation team at Fidelity Bank in the last six years. She was formerly executive director, Lagos and South West, overseeing the bank's business in the six states that make up the South West region of the bank. She led the transformation of the directorate to profitability and sustained its impressive year-on-year growth, across key performance metrics, including contributing over 28% of the Bank's PBT, deposits, and loans.

 

 

She is a consummate professional with over 30 years' experience across various banks, including Standard Chartered Bank Plc, Zenith Bank Plc, and Citizens International Bank Limited.

 

Tomi Somefun, MD, Unity Bank

Tomi Somefun was appointed as MD in August 2015.

 

She obtained a B.Ed. in English Language in 1981 from the Obafemi Awolowo University, Ile-Ife in Osun State, and is an alumna of Harvard Business School and the University of Columbia Business School, New York.

 

Somefun began her professional career with Peat Marwick and Co. and later moved to Arthur Andersen (now KPMG) before becoming an executive director at Unity Bank Plc.

 

Kafilat Araoye, Pioneer MD, Lotus Bank

Kafilat Araoye was appointed MD since May 2021.

 

She holds a first degree in History from the University of Ife, now Obafemi Awolowo University (1985), and an M.Sc. in Industrial Relations & Personnel Management from the University of Lagos (1987), graduating as the best student in her class. She also holds Islamic Finance certifications issued by Ethica Institute of Islamic Finance, the Chartered Institute for Securities & Investment/Bahrain Institute of Banking & Finance, as well as the Islamic Research & Training Institute.

 

She has attended various executive management courses at the Cranfield School of Management (UK), Lagos Business School, Institute of Management Development (Switzerland), INSEAD (France), and Ross Business School, University of Michigan (USA).

 

Bukola Smith, MD, FSDH Merchant Bank

Bukola Smith heads FSDH Merchant Bank, leveraging her B.Sc. in Economics and an MBA from Alliance Manchester Business School.

 

Her expertise in investment banking fosters FSDH's growth, while her mentorship supports aspiring female leaders in the finance sector. She became the MD of FSDH Merchant Bank in April 2021 and still serves in this capacity.

 

Yetunde Bolanle Oni, MD, Union Bank

Yetunde Bolanle Oni recently assumed the role of MD/CEO of Union Bank in January 2024, marking a significant milestone in the bank's leadership. With degrees in Economics and Business Administration, including executive training at Oxford University, her appointment is poised to shape Union Bank's strategic direction.

 

Dr. Adaora Umeoji, GCEO, Zenith Bank

Dr. Adaora Umeoji's appointment as group managing director/chief executive of Zenith Bank becomes effective June 1, 2024. Umeoji's appointment makes her the first female to take up the position.

 

Before her appointment, Umeoji has been the deputy managing director of the bank since October 28, 2016, and has close to 30 years of cognate banking experience, of which 26 years have been with Zenith Bank.

 

Umeoji is an alumna of the prestigious Harvard Business School where she attended the Advanced Management Programme (AMP) and an alumna of Columbia Business School with a Certificate in the Global Banking Programme.

 

She holds a Bachelor's Degree in Sociology from the University of Jos, a Bachelor's Degree in Accounting, and a First-Class honours in Law from Baze University, Abuja. She holds a Master of Laws from the University of Salford, United Kingdom, a Master in Business Administration (MBA) from the University of Calabar, and a doctorate in business administration from Apollos University, USA.

 

She also attended the executive programme in Strategic Management, and has a Certificate in Leading Global Business, all from Harvard Business School, USA.

 

Analysts said the increasing presence of female MDs within Nigerian banks highlights the acknowledgment of women's capabilities and their significant role in driving the country's economic progress. This trend, according to them, signifies a progressive movement towards gender equality and inclusivity in corporate governance, marking a departure from conventional patriarchal norms towards a more balanced and diverse leadership landscape.

 

- Leadership.

 

 

 

 

Nigeria: Federal Govt Launches Special Forces to Protect Mining Sites

The federal government yesterday unveiled a special forces outfit, the Mines Marshals, to secure mineral sites and combat illegal mining in the country.

 

The formal unveiling of the marshals Thursday brings to fruition the pledge of the minister of solid minerals development, Dr. Dele Alake, on his assumption of office to create a new security architecture to secure mining sites.

 

At the event, the minister reiterated that solid minerals was the next top mineral earner for Nigeria and that insecurity was threatening to derail its contributions to revamping the nation's economy, adding that creating a safe environment around the mineral sites was key to achieving the objectives of government for the sector.

 

 

Alake, who officially received the marshals, drawn from the Nigeria Security and Civil Defence Corps (NSCDC), from the Commandant-General, Abubakar Audi, who represented the minister of interior, Hon. Olubunmi Tunji-Ojo, urged the 2,220-strong Mines Marshal, tagged "Operation Hayakin Kogo," to smoke out illegal miners and all those who flout the nation's mining laws from their hideouts.

 

He told the operatives to check theft and all illegal activities around the nation's mineral resources so that the nation can earn more revenue from its mineral wealth.

 

The launch is the result of the efforts of the presidential Inter-ministerial committee on securing natural resources chaired by Dr. Alake, and comprising the ministries of Interior, environment, marine economy, police affairs and defence, which a few weeks ago launched the NSCDC-led mines marshal, which represents the first layer of the new security architecture to secure the mining environment.

 

 

Alake disclosed that talks are on with the Ministry of Police Affairs to boost the marshals with more men.

 

With a command structure spread across the 36 states and the FCT, the mines marshal will have their command and control domiciled in the Ministry of Solid Minerals Development (MSMD), with an initial 60 operatives deployed in each state and the FCT.

 

Highlighting the role played by his interior counterpart in the evolution of the new security outfit, Dr. Alake commended Hon. Olubunmi-Ojo for working tirelessly with the solid minerals ministry to achieve the feat.

 

"Today's event of unveiling and formally handing over the specially trained and selected civil defence structure to engage illegal miners and sanitise our mining environment was also part of what we conceived at the inter-ministerial committee chaired by me. I am very happy to let the public know that from the outset we said are going to tackle insecurity in the mining sector and the first batch of the security apparati is what we are launching today," the minister added.

 

 

The mines marshal, designed to be an inter-agency security outfit, will incorporate special operatives from other security agencies like the Nigeria Police, army, amongst others. Its operations will largely be technologically driven.

 

Handing over the mines marshals to the minister, NSCDC Commandant-General Abubakar Audi revealed that they were selected from among the best trained Corps by the military, adding that they will give impetus to the Corps' mandate of protecting national assets and infrastructure, of which solid minerals is a major component.

 

Audi said the NSCDC had a constitutional mandate to safeguard critical national assets from vandals, of which mineral resources was among, and that it already had a department dedicated to combating illegal miners, Transport and Mining Marshals, which had recorded successes in arresting and prosecuting illegal miners, including Chinese nationals.

 

The NSCDC boss further revealed that the marshals will work alongside the mine inspectorate departments and federal mines officers in states to garner intelligence and take directives from the ministry for effective execution of its mandate.

 

According to him, each state command will comprise 60 Marshals as a starting point, but that their numbers will be boosted when other security agencies, like the Navy, Army, Air Force and the police, send their own operatives to join the Marshals.

 

"We have a list of illegal miners across the nation, and we will go after them. Their days are now numbered, "Audi declared.

 

The new Mines Marshal is led by a commander, Chief Superintendent of Corps, CSC Attah John Onoja.

 

- Leadership.

 

 

 

Rwanda: Kibos Sugar to Relocate Ksh200m Plant to Rwanda After Kenyan Setback

Kibos Sugar is set to relocate its industrial sugar refinery plant to Rwanda following the Kenyan government's failure to grant it special economic status, allowing duty-free export of its products as it targets the regional market.

 

Despite completing the construction of the Ksh200 million facility over five years ago, Kibos has been unable to commission it due to stringent trade laws governed by the East African Customs Management Act.

 

The firm can only evade duty if it is gazetted as a special special economic zone.

 

A senior official from Kibos disclosed that they have secured land within Rwanda's special economic zone for the potential relocation.

 

 

"We are planning to relocate the plant to Rwanda where we have been allocated land by the government within the special economic zone," the official stated.

 

The decision to relocate poses a significant setback for Kenya, a nation that has positioned itself as a prime investment destination.

 

Under the EAC customs regulations, goods produced from duty-free imported raw materials do not receive preferential treatment when exported to member countries, thereby incurring taxes.

 

This circumstance contrasts with the current scenario wherein EAC member states can import refined sugar at zero tariffs, meaning if Kiboss were to export, their product would be uncompetitive in the market.

 

Kibos, the sole company with an industrial sugar plant in Kenya, would be compelled to import raw sugar from countries like Brazil or India to facilitate the refining process. J

 

ude Chesire, Head of the Sugar Directorate, said while they have provided support to Kibos, resolving duty-related issues falls within the purview of regional trade ministers.

 

Kenya, a net importer of refined sugar primarily used in confectionery and beverage production, imports up to 150,000 tonnes annually to meet domestic demand.

 

The milling plant in Kisumu boasts an installed capacity of 150,000 tonnes, sufficient to cater to the country's annual requirements.

 

- Business Day Africa.

 

 

 

 

Rwanda Central Bank's Fight Against Inflation

High inflation has had a negative impact on Rwanda's economy. It has depressed household budgets, devalued the Rwandan franc in part, and exerted immense pressure on companies, some of which are already reporting that their profit margins have been pressed.

 

Last year, prices for things people buy every day went up faster than they have in previous years.

 

Headline inflation, a key metric which tracks the average change in prices for a basket of goods and services that a typical household consumes, hit 20.7 per cent in January of 2023.

 

For example, the average price of bread and cereals, vegetables, and fruits increased by 16.3 per cent, 52.3 per cent, and 28.6 per cent in 2023, respectively, according to the National Bank of Rwanda.

 

 

The year before that, the average price of bread and cereals, vegetables, and fruits had increased by 24 per cent, 33.3 per cent, and 21.7 per cent, respectively.

 

The high inflation experienced in 2022 and 2023 were mainly due to high international commodity prices such as processed food and fuels, largely because of the aftermath of Covid-19 and negative effects of the Ukraine-Russia war.

 

"This has eased since central banks took decisions to tighten their monetary policies. That tied financial conditions slowed down economic performance, slowed down global demand, and that slowed down global inflation," John Rwangombwa, the Governor of the National Bank of Rwanda told The New Times.

 

The Central Bank has managed to bring back inflation within its target range of 2-8 per cent. Headline inflation dropped to 4.9 per cent year-on-year in February this year from 20.8 per cent in February 2023.

 

 

"Headline inflation is on a declining trend evolving within the band, this is due to alleviated pressures on core inflation from international food prices, easing trend recorded from global energy prices, and improved fresh food supply resulting from crop production," the governor said.

 

Asked whether inflationary pressures seen last year would push people to increase prices this year, the Governor said he believes that most adjustments - second round effects - to last year's shocks have already happened, suggesting that price increases due to past pressures have likely already happened.

 

"The only trickle-down inflation that we expect is from the high depreciation that we registered last year. We don't expect any major increases except if the risks we identified materialize," he noted.

 

 

Some of those risks include geopolitical tensions such as the war in Ukraine, Red Sea disruptions, global oil cuts, and climate change. These risks could potentially lead to inflation hikes, and worsen the local currency which lost 18 per cent of its value against the US dollar last year.

 

The Red Sea in particular has long been a vital waterway to international trade, but attacks by Houthi militants from Yemen on shipping vessels since the start of Israel-Hamas war has caused major disruptions on commercial shipping.

 

The number of specialized car-carrying ships using the Red Sea dropped by more than half in December 2023 compared with December 2022, United Nations Conference on Trade and Development (UNCTAD) said in February this year.

 

"If disruptions at the Red Sea persist, we expect this will hike commodity prices due to expected increase in transport prices. Otherwise, if the projected growth in agriculture [is realised], and no unusual crisis globally, we don't expect any pressures on Rwanda inflation," the governor said.

 

In November when the Central Bank held its key lending rate at 7.5 per cent, it was hoping the decision would bring back inflation within its targeted range of 2-8 per cent.

 

That has been achieved and inflation is projected to average 5 per cent in 2024.

 

Economy resilient

 

The Central Bank says the economy will continue to maintain the growth momentum seen in 2023 provided that major risks subside. This would put the growth rate for 2024 at 6.6 per cent.

 

"This strong growth momentum is expected to continue in 2024 led by increasing investments in the construction and tourism sub-sectors and the recovery of the agriculture sector thanks to improving weather conditions," Rwangombwa noted.

 

The World Bank Group puts the economic growth rate for 2024 even higher. The Bank said in its economic update last month that Rwanda's economy will grow at 7.2 per cent in 2024.

 

"Rwanda's economy showcased resilience and adaptability, achieving a robust growth rate in 2023, amidst a series of challenging external and domestic factors," Peace Aimee Niyibizi, World Bank Country Economist for Rwanda indicated.

 

She added, "The World Bank encourages the country to pursue its prudent fiscal management by reducing non-essential spending and prioritizing investment in human capital."

 

Rwanda's economy grew at 8.2 per cent in 2023, higher than the initially projected growth of 6.2 per cent. This was driven mainly by the services and industry sectors which grew by 11 per cent and 10 per cent, respectively.

 

Last year, construction activities increased by 12 per cent. This could have been driven by increased demand in new construction activities including the ongoing construction of the Bugesera airport, road construction activities, and upcoming private commercial housing projects.

 

"We saw increased imports and exports. But imports increased much faster than exports. Part of the biggest driver of our import bill is food imports," Rwangombwa said.

 

According to the central bank, Rwanda's international trade continued its recovery in 2023. Merchandise exports rose by 1.7 per cent in 2023, supported by the good performance of domestic manufacturing exports.

 

Merchandise imports also rose by 6.9 per cent, mainly driven by the increased demand for imported goods and services to support the economic recovery.

 

The country's trade deficit - the difference between exports and imports - widened by 10.2 per cent.

 

- New Times.

 

 

 

 

Kenya: KQ Partners With Virgin Atlantic Expanding Access to Caribbean Destinations

Kenya Airways patrons are poised to access various Caribbean destinations served by Virgin Atlantic following the formalisation of a codeshare pact with the UK-based carrier, principally owned by British entrepreneur Richard Branson.

 

Passengers embarking on KQ flights will seamlessly connect via London to Caribbean nations such as Barbados, The Bahamas, Grenada, and St Vincent and the Grenadines.

 

Virgin Atlantic will affix its code on Kenya Airways' London flights, furnishing travelers with effortless entry to Kenya Airways' expansive array of African and global destinations.

 

 

Virgin stands as the solitary UK-based carrier to engage in codesharing on the Heathrow-Nairobi route, thereby granting its clientele flexibility and travel alternatives.

 

Julius Thairu, Commercial and Customer Officer at KQ, expressed enthusiasm for the onset of this partnership with Virgin Atlantic, highlighting the collaborative enhancement of travel experiences for esteemed customers.

 

Mr Thairu highlighted the augmentation of choices, convenience, and seamless connectivity to major global destinations.

 

Juha Jarvinen, Chief Commercial Officer at Virgin Atlantic, stated that their customers will enjoy a seamless travel experience, replete with enhanced opportunities to accrue and redeem miles, along with amplified benefits for Sky Priority members.

 

By the freshly inked agreement, Virgin Atlantic's Gold and Silver Flying Club members, alongside Kenya Airways' Gold and Platinum Asante Rewards members, stand to benefit from SkyPriority services.

 

SkyPriority amenities, encompassing priority check-in, baggage handling, and boarding privileges, will be readily accessible at the key hubs of both airlines in London, Heathrow and Nairobi, Jomo Kenyatta. Notably, KQ and Virgin both operate under the umbrella of the SkyTeam alliance.

 

- Business Day Africa.

 

 

 

 

West Africa Mobile Regulators Urged To Prioritise Consumer Rights

Minister of Communication, Technology and Innovation, Salima Mornorna Bah, has called on the body of mobile Regulators in West Africa, to prioritise consumer rights, promote fairness and equity, as well as enhance transparency and accountability in their regulatory frameworks.

 

She made the call yesterday during the official opening of the 21st annual general meeting of the West Africa Telecommunications Regulators Assembly (WATRA) held at the Radison Blu Mammy Yoko Hotel in Freetown.

 

"Let us create accessible complaint resolution mechanisms for redress, empower consumers drive demand, fuel innovation, and contribute to sustainable growth. Let us listen to their voices and prioritise their well-being," she called.

 

She said the AGM symbolises the collective determination and commitment of regulators within the region to shape a dynamic and inclusive digital future and urged them to embrace a unified vision of fostering innovation, connectivity, and progress across West Africa.

 

 

She said as government regulators, one of the most vital issues that demand their immediate attention is how to meet the pace of technological evolution and that they stand at the cusp of transformative advancements that range from the imminent rollout of 5G networks to the vast potential of Artificial Intelligence (AI) and the Internet.

 

She said those innovations are rapidly transforming the way people communicate, work, do business and live and that they hold the promise of revolutionising industries, fostering economic growth, enhancing efficiency, and improving quality of life.

 

"With a very young population coming of age during the Fourth Industrial Revolution, our region cannot afford to be left behind. It is even more vital as these emerging technologies provide us with the opportunity to not only catch up to, but leapfrog more developed countries," he said.

 

 

She said Sierra Leone like many other countries within the region, has established and launched several digital transformation programs and innovation initiatives that are central to the national development agenda.

 

She said as government stakeholders, they consider access to food, healthcare and education as fundamental and basic human rights, noting that the transformative impact for mobile technologies and internet penetration to improve education, healthcare, entrepreneurship, and democratic participation is undeniable.

 

The minister stated mobile technologies alone have generated 1.7 million jobs and contributed $144 billion to the continent's economy, which is about 8.5% of GDP.

 

Director General of the National Telecommunication Authority (NaTCA), Amara Brewah, said collaborating and working together as ICT regulators give them an opportunity to discuss best practices, challenges, and proffer solutions to the ever-changing dynamics of the emerging advancements in the telecommunications ecosystems.

 

 

He said the country has made improvement in connectivity and bridging the digital divide and as primary source to international connections and access to high-speed internet through the Africa Coast to Europe (ACE) submarine fibre optic cable has quadrupled internet service providers since 2018.

 

He further stated that mobile data penetration has significantly increased from 15.05 % in 2018 to 24.82% as at December 2023, making a percentage increase of 64.92% and the percentage increase in mobile data penetration further underscores the provisions in the national broadband strategy for digital penetration for effective and efficient service delivery.

 

He said since 2018, they have crafted five telecommunications regulations, which have opened the licensing and regulatory space, recording impressive geographic network coverage of 98% for 2G, 93.62% for 3G and 82.98% for 4G, as at December 2023.

 

He said the Authority was also working in collaboration with the Bank of Sierra Leone to improve connectivity for the digital financial market, including mobile money operations, leading to improved Digital Financial Services (DFS), greater integration and more partnerships among DFS providers.

 

"The regulation of emerging technologies poses a significant challenge that requires our concerted efforts. As we navigate the complexities of AI, Data Analytics, Mobile Technology Neutrality and other ground-breaking innovations, we must strive to create regulatory framework that fosters innovation while ensuring consumer protection, data privacy, and cybersecurity," he said.

 

Executive Secretary of WATRA ,Aliyu Yusuf Aboki, said over the past few years, WATRA has embarked on a transformative journey, marked by significant strides towards achieving the goals set out in their Strategic Plan for 2022-2025.

 

He said d they have seen remarkable progress, notably with the ratification of the revised WATRA constitution.

 

He said a major milestone in their journey has been the inaugural and commencement of work by the first-ever three WATRA working groups, namely Consumer Access and Experience, Infrastructure Development, and Cyber Security and Those groups have become critical drivers in our activities, with the unwavering support from our Secretariat.

 

He further noted that the work of those working groups is instrumental in shaping the future of telecommunications in the region, addressing the most pressing challenges and leveraging opportunities for growth, innovation and development.

 

He said financial sustainability remains a key priority for them and it is heartening to see many members complying with the new membership dues structure, which has significantly improved the organization's fiscal health Iindependence.

 

He said they have made significant improvements in the efficiency of their operations, embracing digital capabilities to enhance transparency, accountability, and engagement with their members, noting that their new digital platforms are designed to facilitate easier interaction and ensure that their members have access to the resources and support they need.

 

- Concord.

 

 

 

 

Kenya: Govt Writes to Tiktok Over Compliance With Data Law

Nairobi — The government has through the Office of the Data Protection Commissioner (ODPC) contacted China's ByteDance Limited, TikTok's parent company, to ascertain their level of compliance with Kenyan laws.

 

Interior CS Kithure Kindiki Thursday said ODPC is expected to obtain clarifications on TikTok's commitment to ensuring the privacy of individuals and to provide details on the effectiveness of age verification and content filtering.

 

Additionally, the ODPC asked ByteDance Limited to demonstrate its compliance with the Data Protection Act.

 

"With its wide reach, the TikTok platform has been used by criminal elements to spread malicious propaganda, steal popular accounts through identity theft and impersonation, defraud users through fake forex trade and job recruitment, distribution of sexual content and exposure of minors to inappropriate content," Kindiki said.

 

Speaking when he appeared before the National Assembly Committee on Petitions, Kindiki said banning TikTok in Kenya would be premature without considering the opinions given the likely impact on people using it.

 

 

He said before taking firm measures, like locally outlawing the platform, a thorough review of the advantages and disadvantages must be done.

 

"I don't think we're in a position to declare the dangers outweigh the benefits. It's a bit premature," he stated.

 

The CS, however, reiterated the need for TikTok and other data controllers and processors to comply with regulations under the Data Protection Act.

 

"We should work out a program where we have a policy that is evidence-based to assess whether the risks are more prominent than the benefits," he noted.

 

"Let's not only look at quick fixes but have a long-term comprehensive plan and help the country from not banning TikTok," Kindiki urged lawmakers.

 

About The Author

 

Sharon Resian

 

See author's posts

 

- Capital FM.

 

 

 

 

Rwanda: Kigali - Nearly 200 Former Street Vendors Find New Home At Marketplace

Up to 194 former street vendors who were given space to work at the now-demolished Gisozi market have been moved to Duhahirane market in Gisozi sector, Gasabo District, according to the City of Kigali. This action was taken following the demolition of the Gisozi market in 2022 due to "its pollution impact on the neighbouring wetland", as outlined by the Rwanda Environment Management Authority (REMA).

 

ALSO READ: Part of Gisozi business centre to be demolished over pollution

 

"We relocated 194 ex-street vendors to their designated place at the Duhahirane market. The rent was paid for them in these new markets and they were provided with capital loans through the VUP financial services programme," said Martine Urujeni, Vice Mayor of the City of Kigali.

 

 

In addressing the challenges faced by former street traders, Urujeni explained that efforts have been made to increase loans for ex-street vendors through the Vision Umurenge Programme (VUP) and provide space for the beneficiaries to work in new markets.

 

She added that the City of Kigali Council has taken several measures that include penalising traffickers and those involved in illegal trading, enhancing cooperation between government, private entities, and NGOs, as well as implementing regulations to govern small markets.

 

ALSO READ: How City of Kigali nipped 'street vendor menace' in the bud

 

Challenges persist though, as some street vendors exhibit reluctance to participate in the markets they have been placed in.

 

Urujeni said the City of Kigali is actively addressing the challenge through continuous campaigns and outreach programmes.

 

The City Council Regulation enacted on December 2, 2022, aims to prevent illegal trading and regulate the operation of small markets in the city.

 

Following the regulation, three markets have been set up across Gasabo, Kicukiro, and Nyarugenge districts, providing 4,199 slots for former street vendors, according to the City of Kigali.

 

Urujeni added that as they move forward, the city seeks to empower former street vendors to integrate into development programmes, ensuring a sustainable and prosperous future for each one of them.

 

- New Times.

 

 

 

 

Africa: AfCFTA - Ethiopia to Commence Trial Trading Commodities

Ethiopia is set to commence trial trading of commodities under the African Continental Free Trade Area (AfCFTA), Ministry of Trade and Regional Integration (MoTRI) announced.

 

In an interview with FBC, MoTRI Minister GebremeskelChala said that Ethiopia has made the necessary preparations put in place the trial trading phase and implement the framework agreement through streamlined strategies.

 

"Alike other African member countries, Ethiopia is currently employing preliminary activities to commence commodities trial exchange of goods with selected counterpart countries," he underscored.

 

 

He further mentioned that the Ministry has also projected to nullify 90% import taxes of agricultural and industrial products within ten years.

 

Similarly, some 7% of goods are also approved to be nullified in the long term and other 3% strategic items exempted from the list that is believed to give policy space for the given nation framed as per the common framework agreement, the Minister noted.

 

Thus, the country has approved 90% of commodity tariffs for 6,000goodsto the African Free Trade Zone, he further remarked.

 

When this trade agreement framework is effectuated in full swing, it would become world's leading free trade zone that realizes the African Union's Agenda 2063 goal of becoming economically vibrant and influential continent, it was learnt.

 

It is to be recalled that the leader of the African Union member states has recently endorsed Ethiopia's tariff line poised to exchange goods within the AfCFTA.

 

- Ethiopian Herald.

 

 

 

 

Angola: More Than a Million Illegal Miners Panning Diamonds in Angola

Luanda — The Secretary of State for Mineral Resources, Jánio Correa Victor, revealed Thursday that there are one million twenty-six thousand and forty-six illegal miners in Angola, most of them foreigners, and 296 dredgers of large carrying unlawful operations.

 

Jánio Correa Victor was speaking at the National Assembly, within the framework of the approval, in general, of the Draft Law to Combat Illegal Mining Activity, which provides for criminal penalties ranging from three months to eight years in prison.

 

The Proposed Law also provides for fines worth four million dollars, corresponding to half the amount provided for in paragraph 2 of article 111 of the Mining Code.

 

 

According to the secretary, the Executive's legislative initiative aims to adapt and criminally reinforce the fight against the illegal exercise of mining activities, classify crimes and the purposes of penalties, as well as establish criminal frameworks that allow for the effective protection of the legal assets in question, among others.

 

He clarified that the legal types of mining crimes currently in force do not satisfactorily cover all phenomena that constitute illegal mining activity, thus justifying the creation of a specific legal regime.

 

According to the background report, from 2018 to 2023, a total of 1,292 criminal cases related to illegal mining activity were recorded and charged with incalculable damage to the country's economy.

 

Illegal mining activity generates harmful impacts on the environment, human life, public health, community subsistence, economy and development.

 

This is an activity carried out using equipment, devices and chemicals that are dangerous and harmful to the environment, the health of the people who handle them and the community in general and which is often associated with the maintenance of violent armed conflicts, organized crime, terrorism, child and slave labor, drug and weapons trafficking, thus putting the security of the State at risk. DC/SC/ADR/DOJ

 

- ANGOP.

 

 

 

 

Apple lawsuit: US accuses tech giant of monopolising smartphone market

The US has filed a landmark lawsuit against Apple, accusing the tech giant of monopolising the smartphone market and crushing competition.

 

In the legal action, the justice department alleges the company abused its control of the iPhone app store to "lock in" customers and developers.

 

It accuses the firm of taking illegal steps to thwart apps seen as a threat and make rival products less appealing.

 

Apple has vowed to "vigorously" fight the lawsuit and denies the claims.

 

 

The sprawling complaint, filed at a federal court in New Jersey along with the attorneys general of 16 states, marks one of the biggest challenges to date for Apple, which has been fending off mounting complaints about its practices in recent years.

 

It alleges that Apple used "a series of shapeshifting rules" and restricted access to its hardware and software, in a bid to boost its own profits while raising costs for customers and stifling innovation.

 

"Apple has maintained monopoly power in the smartphone market not simply by staying ahead of the competition on the merits but by violating federal anti-trust law," Attorney General Merrick Garland said at a press conference announcing the suit.

 

Apple becomes the latest tech giant under siege

"Customers should not have to pay higher prices because companies break the law."

 

 

The 88-page complaint focuses on five areas where Apple allegedly abused its power.

 

For example, the US alleges that Apple used its app review process to thwart development of so-called super apps and streaming apps, because it was worried such apps would provide less incentive for customers to stick with iPhones.

 

It also says Apple has made it difficult to connect iPhones to smart watches made by rivals and blocked banks and other financial firms from accessing its tap-to-pay technology, allowing Apple to earn billions in fees from processing Apple Pay transactions.

 

The complaint also focuses on the way Apple treats messages sent from rival phones, distinguishing them with green bubbles and limiting videos and other features. It says Apple's moves have created "social stigma" that has helped the tech giant maintain its grip on the market.

 

Apple said customers were loyal because they were happy and that under US law it was free to choose its business partners. It has pointed to privacy and security concerns to justify its rules.

 

 

The company said it would ask the court to dismiss the lawsuit, which it predicted would fail.

 

"We believe this lawsuit is wrong on the facts and the law, and we will vigorously defend against it," the company said.

 

The case will hinge on the question of motivation, said Bill Baer, a visiting fellow at Brookings who was an anti-trust official under the Obama administration.

 

"Anti-trust laws and the courts' interpretation of them suggest that once you're a monopolist," he said, "if you do engage in behaviours that have no legitimate business justification other than to limit competition and cement your monopoly, then that is problematic."

 

It is the third legal action Apple has faced from the US government since 2009 and the first anti-trust challenge filed against the company under President Joe Biden's administration.

 

 

If the government wins its case, it could force Apple to overhaul its current contracts and practices - or even lead to a break-up of the company.

 

Shares in Apple fell more than 4% as investors digested the implications of the legal battle.

 

Any potential changes would take years to materialise as the case makes its way through the courts.

 

Vanderbilt University professor Rebecca Allensworth called the case "a blockbuster", following other lawsuits the justice department has brought against the major tech giants. Google, Meta and Amazon all face similar lawsuits.

 

She said at its core, it was about increasing functionality between smartphones and making the technology and software more accessible to consumers and other businesses.

 

 

"It's not about breaking up Apple into small units or spinning off divisions," she said.

 

Apple has faced a growing legal backlash over its iOS ecosystem and business practices.

 

It is engaged in a lengthy legal battle with Epic Games, which makes Fortnite.

 

Last month, it was fined €1.8bn (£1.5bn) by the EU for breaking competition laws over music streaming.

 

The firm had prevented streaming services from informing users of payment options outside the Apple app store, the European Commission said.

 

 

Competition commissioner Margrethe Vestager said Apple had abused its dominant position in the market for a decade, and ordered the tech giant to remove all of the restrictions. Apple said it would appeal against the decision.

 

Anat Alon-Beck, a business law professor at Case Western Reserve University in Ohio, said the justice department's new lawsuit was "far more extensive" than its previous legal challenges in the EU.

 

"It's not just about the 30% app store fee, but about the core unfair practices of Apple," she said, adding that it was "about time" that the DOJ took action.

 

"Apple systematically excludes rivals from the Apple ecosystem. By doing that, Apple is hurting so many startup businesses, stakeholders, customers and, in my opinion, its shareholders," she said.

 

According to the justice department, Apple's share of the US smartphone market exceeds 70%, and its share of the broader smartphone market exceeds 65%.-BBC

 

 

 

 

Reddit: Social media firm's shares jump in stock market debut

Social media site Reddit's shares have closed 48% higher on the company's first day of trading on the New York Stock Exchange.

 

On Wednesday, Reddit revealed that it had priced its shares at $34 each, near the top of a marketed range.

 

By the close of trade on Thursday its shares stood at $50.44, valuing the firm at more than $9bn (£7.1bn).

 

It was one of the biggest ever initial public offerings (IPO) by a social media platform.

 

It put 22 million of its shares up for sale and, in an unusual move, offered some of the shares to the platform's users, although it has not been disclosed how many took up the offer.

 

 

Reddit was founded almost 20 years ago and has become one of the most popular websites in the world.

 

It is an online forum where users can discuss topics that interest them. As of the end of December 2023 it had more than 73 million users, according to the company.

 

But the filing brings to the forefront a question that has been bubbling for years behind the scenes - how can a business make money from what is, essentially, random conversations.

 

People do not pay to use Reddit - the website is completely free for people to browse, post and comment.

 

For 20 years it couldn't turn a profit, and some might ask why Reddit is worth billions if it has not ever made money.

 

 

It has tried a few things, and a significant visual change in 2017 made the website more friendly to advertisers.

 

But it seems Reddit's road to profitability has an end in sight, built around AI models.

 

That is because companies like OpenAI, the developer of ChatGPT, will pay for data of those random conversations.

 

Google is believed to have paid Reddit $60m for the right to scan almost two decades of discussions to make its AI more human-like - and Reddit has said it has agreed licensing deals worth more than $200m over the next two to three years.

 

In February, Reddit said it lost $90.8m in 2023, so the money from artificial intelligence (AI) firms could make the platform profitable.

 

 

Inquiries and accusations

But there are also plenty of concerns on Reddit's horizon too.

 

For one thing, the social media platform is facing increased scrutiny from regulators.

 

The US Federal Trade Commission (FTC) is already looking into how Reddit licences its data for AI models - generally speaking, regulators don't like it when big technology firms sell data generated by users.

 

While the platform may have seen that coming, it may have been blindsided by a challenge from mobile phone firm Nokia, which is accusing it of infringing on its patents.

 

"We will evaluate their claims," Reddit said, adding that it's faced similar accusations in the past.

 

 

Perhaps most significant of all is that Reddit's filing with the US financial markets regulator, the Securities and Exchange Commission (SEC), notes its users as a potential risk that comes with owning shares in the company.

 

"If we fail to increase or retain our user base or if user engagement declines, our business... and prospects will be harmed," it said in the filing.

 

"If Redditors do not continue to contribute content or their contributions are not valuable or appealing to other Redditors, we may experience a decline in the number of Redditors accessing our products and services... which could result in the loss of advertisers."

 

Reddit's user base has been known to react with frustration to changes made on the platform.

 

Such is their distaste for changes made in recent years, a search on the platform for chief executive Steve Huffman - username u/spez - shows that when Redditors mention him the comments are usually preceded by foul language.

 

 

Despite growing discontent, threats to leave the platform - such as the blackout that rendered much of Reddit unusable in 2023 - have often proved short-lived.

 

And although there have been efforts to create an alternative platform, one of Reddit's biggest pluses is something it does not have - a significant rival.

 

While there may be concerns from Redditors, the social media platform seems to be on relatively safe ground when it ties its stock market value to its users, so long as there is nowhere else for them to go.-BC

 

 

 

 

Why Trump may reap billions in Truth Social stock market merger

Donald Trump appears to be scrambling for funds to pay a $464m (£365m) fraud fine. Could the stock market ride to his rescue?

 

Trump Media, which runs the social media platform Truth Social, is poised to become a publicly listed company, with shareholders of Digital World Acquisition Corp set to vote on Friday on whether to acquire it.

 

Mr Trump would have a stake of at least 58% in the merged company, worth more than $3bn at Digital World's current share prices.

 

Digital World, or DWAC (pronounced D-whack), is what is known as a SPAC, or a shell business created expressly to buy another firm and take it public.

 

It's an astonishing potential windfall for Mr Trump in exchange for a business whose own auditor warned last year it was at risk of failure.

 

 

Never mind the many red flags associated with the deal, including unresolved lawsuits from former business partners. There's also an $18m settlement that Digital World agreed to pay last year to resolve fraud charges over how the merger plan came together.

 

Backers of Digital World - the vast majority of whom are individual investors instead of Wall Street firms, many apparently Trump loyalists - seem undaunted.

 

"This is putting your money where your mouth is for free speech, to save your country, potentially losing it all," Chad Nedohin, a deal supporter, said recently on his show DWAC Live, on the video platform Rumble.

 

If the purchase is approved, which is expected, shares will start trading on the Nasdaq stock exchange under the ticker DJT.

 

The deal is unlikely to immediately resolve Mr Trump's most pressing financial issues, such as his New York fraud penalty.

 

 

The former president is barred from selling his shares for at least six months - though the new company could grant him an exemption.

 

Mr Trump could try to get a loan, backed by the value of the shares. But in this case, analysts said a bank would probably lend him significantly less than the shares are worth on paper, given the potential risks of the business.

 

That hasn't stopped some of his supporters hoping their backing will help.

 

Mr Nedohin, who identifies himself on his website as a Canadian "worship leader" and goes by Captain DWAC on Truth Social, declined to be interviewed.

 

But on his show this week he urged investors to approve the deal, speculating it could help the president in his legal battles.

 

 

"If the merger is complete Friday at 10am and Trump all of a sudden has 120 million shares of DJT that's worth three, four, five $10bn, who knows? He could easily leverage that to get a loan," he said.

 

The risk that Digital World shareholders will lose money on their investment is significant, according to analysts.

 

Shares in the company are currently trading at nearly $43 apiece.

 

That's down from the highs it reached after the plans to purchase Trump Media were announced.

 

But it still implies Trump Media has a value of more than $5bn, which is a lot given it brought in just $3.3m in revenue in the first nine months of last year and lost nearly $50m.

 

 

The merger will provide an influx of more than $200m in cash to Trump Media, which it could use for growth and expansion.

 

But for now Truth Social, which launched to the general public in 2022, branding itself as an alternative to major social media platforms like Twitter and Facebook, remains small.

 

It claims about 8.9 million sign-ups and in regulatory filings Trump Media warns prospective investors that it does not track metrics like user growth or engagement that could give them a sense of its operations. And it says it has little intention of doing so.

 

Outside firms estimate Truth Social received about 5 million visits in February. By comparison, Elon Musk's X, formerly Twitter, and recently valued by one investor at about $14bn, received more than 100 million.

 

Analysts said Digital World was a prime example of a "meme stock", in which the share price is divorced from a company's fundamentals - and near-destined to fall, eventually.

 

 

"With Trump Media, I expect that it will collapse but whether it's going to occur a week from now or two years from now and how rapidly ... those things are really difficult to predict," said University of Florida finance professor Jay Ritter, who tracks public listings.

 

Marco Iachini, senior vice-president of research at Vanda Securities, said individual investors piled into Digital World stock after the Trump deal was announced, and again in January, after he won the Iowa primary.

 

This week, he said there's been less activity, a sign that professional firms may be the ones driving the trading.

 

Whatever is motivating buyers, Mr Trump, whose main contributions to Trump Media have been his name and posts on the platform, appears poised to be the top beneficiary.

 

"It's an enormous transfer of value from [investors]... to Trump, which stands to be extremely lucrative for him," says Michael Ohlrogge, a law professor at New York University who has studied listings of companies such as Trump Media.-BBC

 

 

 

 

 

 

BC

 

 

 

 

 

 


 


 


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