Major International Business Headlines Brief::: 22 May 2024

[Bulls n Bears]

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Major International Business Headlines Brief:::  22 May 2024 

 


 


 

	
 


 

 


 

ü  Ethiopia's Economy Poised for 7.9 Percent Growth in Current Fiscal Year,
Reports Minister Fitsum Assefa

ü  Liberian Government Approves Rice Price Increase Amid Importers'
Pressures, Pledges Focus On Local Production

ü  Africa: There Is an Alternative to Costly, Carbon-Emitting Chemical
Fertilisers

ü  Africa: President Ruto Roots for Local Manufacturing of Vaccines in
Africa

ü  Nigeria: Tinubu Emplacing Policies, Programmes to Reshape Economy -
Ngelale

ü  TVET Impact Story - Nyandarua National Polytechnic

ü  Nigeria: Fuel Price Rises By 176.02 Percent to N701.24 Per Litre - NBS

ü  Seychelles and Botswana to Collaborate On Agriculture, Education and
Tourism Projects

ü  Tanzania: Domestic and Foreign Investments Spur Eco-Growth

ü  Tanzania: Who Has Power Over CEOs, BOT or Owners?

ü  Nigeria: CBN Raises Benchmark Interest Rate

ü  South Africa: Gwede's Slippery Story Explains Lack of Mining Investment

ü  Malawi: Paramount Holdings Awarded As Malawi's Most Reliable Construction
Company

ü  Namibia Loses More Than N$5b Through Natural Resources

ü  Nigeria: Navy Hails Personnel for Tackling Oil Theft, Increasing
Production

 


 

 


 <https://www.cloverleaf.co.zw/> Ethiopia's Economy Poised for 7.9 Percent
Growth in Current Fiscal Year, Reports Minister Fitsum Assefa

Addis Ababa — Ethiopia's economy is on track for robust 7.9% growth in the
current fiscal year, according to Minister of Planning and Development
Fitsum Assefa.

 

Highlighting the nation's progress during a press briefing yesterday, Fitsum
outlined significant achievements across agriculture, industry, and the
service sector.

 

According to the minister, the nation has achieved a substantial increase in
agricultural productivity over the last nine months, with an additional
harvest of 100 million quintals of major crops relative to the same period
in the previous fiscal year.

 

 

Particularly in wheat cultivation, Ethiopia cultivated wheat on four million
hectares of land in the previous dry and belg (minor) seasons. The size of
the land under cultivation increased to 6.5 million hectares this fiscal
year, which she indicated resulted in a yield of over 80 million quintals of
wheat.

 

Additionally, rice production saw a dramatic increase, soaring from eight
million quintals to 38 million quintals during the same period, according to
the minister.

 

The industry sector also demonstrated notable improvements, as indicated by
Fitsum.

 

The average capacity utilization of manufacturing industries climbed to 56%
this year, up from less than 50% in the preceding year, which she said
"signals a resurgence in industrial productivity."

 

Contrary to official assertions, a recent publication by Addis Standard
sheds light on the challenges faced by owners of major industries, notably
concerning deficits in foreign exchange, financial resources and raw
material shortage.

 

 

Solomon Mulegeta, the general manager of the Ethiopian Association of Basic
Metals and Engineering Industries, told Addis Standard that a considerable
segment of metal industries are operating at a capacity of less than 40% of
their potential.

 

The service sector, particularly the digital economy, has experienced
significant progress over the past nine months. "Digital transactions have
increased by an additional four trillion birr this year compared to the
previous year," Minister Fitsum reported.

 

According to the minister, the country's capacity to generate foreign
currency has also shown improvement.

 

In the past nine months of the current fiscal year, merchandise exports
brought in $2.5 billion, service exports contributed $5.8 billion, foreign
direct investment (FDI) accounted for $2.8 billion, and remittances totaled
$3.5 billion.

 

Except for merchandise exports, Fitsum disclosed that service exports
increased by 7.3%, remittances by 7.4%, and FDI by 4% during the period.

 

These achievements, according to Minister Fitsum, are strong indicators that
Ethiopia is positioned for a 7.9% economic expansion in the current fiscal
year.

 

Despite the optimism expressed by officials, the economic growth forecasts
by the International Monetary Fund (IMF) paint a more moderate picture for
Ethiopia.

 

As outlined in the IMF's economic projections released in November 2023,
Ethiopia is anticipated to achieve a real gross domestic product (GDP)
growth rate of 6.1% by the conclusion of 2023, with a further growth rate of
6.2% predicted for 2024.

 

- Addis Standard.

 

 

 

Liberian Government Approves Rice Price Increase Amid Importers' Pressures,
Pledges Focus On Local Production

Monrovia — The Government of Liberia (GOL), through the Minister of Commerce
and Industry Amin Modad, has announced that it has agreed to a request from
importers to increase the price of a specific brand of rice on the local
market, describing the rice industry as a "cartel."

 

Rice is Liberia's staple food.

 

Major importers of the commodity have been playing politics and threatening
shortages if the government does not agree to a price hike due to the 20%
export tax extended by India on parboiled rice.

 

FrontPage Africa has gathered that the rice importers have written to the
Ministry of Commerce and Industry, proposing a minimum price of US$20 per
25kg bag of parboiled rice. They argue this increase is necessary to offset
the rising cost of importing rice to Liberia.

 

 

Addressing the Ministry of Information, Cultural Affairs and Tourism (MICAT)
regular press briefing in Monrovia on Monday, May 19, Minister Modad
disclosed that in February this year, the government received a
communication from rice importers citing several previous communications
addressed to the past government, requesting an increase in the price of
rice on the local market from US$17 to US$20.

 

According to him, the importers claimed that a 20% surcharge is being levied
on the commodity by the Indian government.

 

"India imposed a 20% surcharge on parboiled rice, which has impacted the
price of rice. Additionally, they (rice importers) cited the war in Ukraine
and issues in the Middle East that also impacted freight, insurance, and
timing."

 

Following the request, Minister Modad disclosed that the government
requested a three-month grace period from the rice importers to assess all
issues surrounding the need for an increment.

 

Minister Modad said the government's request was intended to ensure that the
right decision was made for Liberians.

 

"We also negotiated with them that our priority is to reduce the cost. If we
were to consider all the issues they raised to increase the price of that
particular rice, we obligated them to ensure that there were several
varieties of rice on the market that would be sold for US$16 or less. They
committed to do so."

 

According to him, the government also emphasized that rice production
remains a priority under the Boakai-led administration to promote food
sufficiency during the meetings held with the importers.

 

He pointed out that instead of increasing the rice price from US$17 to
US$20, the government negotiated with the importers to reduce the cost to
US$16.75 as a "temporary measure for a new government."

 

 

Minister Modad added that while the government and the importers agreed on
the US$16.75 reduction for a 25 kg bag of rice, the ministry was verifying
the facts supporting the importers' request for an increase to US$20.

 

He said the surcharge was increased to about 24% on parboiled rice, which
led to rumors of a shortage of the commodity on the Liberian market,
contradicting the government's commitment to ensuring no shortage of basic
commodities, including rice.

 

According to him, importation permits were given to additional importers to
prevent the shortage of the nation's staple food.

 

"During this time, we also, in our effort to ensure that Liberians
participate in all sectors, granted IPDs to three or four new Liberian
enterprises to expand the importers of rice."

 

Minister Modad claimed that the first consignment of rice, under the Unity
Party-led government, arrived in the country on April 22 this year.

 

Since the importation, vessels bringing in rice have faced constraints at
the port, causing importers to incur extra fees for storage.

 

According to him, the ministry is currently working with authorities of the
National Port Authority (NPA), Liberia Revenue Authority (LRA), and APM
Terminals to address the situation.

 

"Our team has broken down the cost of rice, solicited invoices from India
and other countries, and invited distributors to bring in new importers who
can supply rice at a competitive price. It is a difficult process. The rice
industry is like a cartel. So far, we have not been able to get any rice at
a competitive price."

 

Reasons for Increment Verified

 

Minister Modad said the government has verified all the points made by the
rice importers as reasons for the price hike, noting that some costs can be
reduced domestically, and they are working on that.

 

Last week, he disclosed that the government received a communication from
importers stating they have adhered to the previous agreement with the
government, but the high cost of freight prevents them from continuing to
sell at US$16.75.

 

"We had several meetings with them (rice importers) over the last few days.
As the President has emphasized, there is no other way around this rice
issue and self-sustainability unless we are able to grow rice."

 

Minister Modad observed that financial and global issues continue to affect
the stability of rice prices in Liberia, causing market prices to fluctuate.

 

Ruling Out Subsidy

 

He maintained that while there have been suggestions for the government to
provide subsidies to rice importers, the strategy, which was partially
applied by the immediate past government, is not the solution.

 

"We did our calculations--even if we give the rice importers a US$0.75
subsidy per bag, which amounts to US$9M a year--our recommendation to the
President, which he supports, is that amount should be dedicated annually
towards local rice production."

 

 

Minister Modad stressed that with that amount, the government can empower
local farmers to produce rice, instead of giving money to importers.

 

"So, from US$20, we have made the hard decision to increase the rice price
to US$18.50 starting tomorrow. In our discussion with them, this is
predicated on the continuation of the duty imposed by the Indian
government."

 

He said the government will not hesitate to reduce the price of rice
following a reduction in the surcharge, subsiding of other global factors,
and a reduction in charges at the Freeport and shipping agencies for the
benefit of the citizens.

 

Not All Rice Prices Increased

 

According to him, the increment of the price of rice to US$18.50 is
restricted to the 5% Indian parboiled rice and does not affect other brands
of rice on the market.

 

"The increment doesn't impact any other rice on the market. Our Inspectorate
will be very vigilant to ensure that rice importers do not capitalize on
this to increase the price of white rice or the 10% or 25% Indian parboiled
and other rice varieties."

 

He said importers have also brought other varieties of shorter-grained rice
that will remain at US$16 for a 25kg bag.

 

Minister Modad pointed out that the importation of acceptable rice varieties
would be increased by the importers.

 

"Our aim, as mandated by the President, is to ensure that while we cannot
control the external factors impacting rice or foodstuffs, we must provide
varieties for our people. If you cannot afford the US$18.50, you must have a
cheaper, good-quality alternative. We made the hard decision to ensure that
there is no shortage of rice on the market."

 

Local Production

 

He stated that as part of the ARREST agenda, the government is willing to
invest in local rice production, but processing and packaging remain major
concerns.

 

He said the government would set up a processing facility at the Industrial
Park to be operated by a Consortium of Liberian Enterprises to process,
package, and sell locally produced rice on the market.

 

According to him, the government has already committed US$200,000 to start
the process, with a commitment to increase allocations in the future.

 

- FrontPageAfrica.

 

 

 

 

Africa: There Is an Alternative to Costly, Carbon-Emitting Chemical
Fertilisers

Africa's soils are not merely depleted but in crisis, and decades of
reliance on chemical fertilisers and pesticides have exacerbated the
problem.

 

At the recent African Union (AU) Fertilizer & Soil Health Summit in Nairobi
on 7-9 May, African leaders unveiled the new 10-year Fertilizer and Soil
Health Action Plan 2023-2033. Designed to maintain soil fertility and ensure
soil health across the continent, the roadmap adopts an approach that
combines both chemical and organic fertilisers with improved seeds and
agrochemicals.

 

The plan aims to "significantly increase investments in the local
manufacturing and distribution of mineral and organic fertilizers,
biofertilizers and biostimulants" and to "triple fertilizer use from 18
kg/ha in 2020 nutrients to 54 kg/ha in 2033".

 

 

Aspects of the 10-year action plan suggest a shift from quick chemical fixes
to sustainable practices that enhance biodiversity, regenerate the land, and
empower local communities. However, while this hints at a more hopeful
imagined future, policymakers at the Nairobi summit largely skirted around
the deeper issues at stake. The focus remained narrowly on the production
and distribution of predominantly chemical fertilisers, while largely
neglecting their broader social, economic, and ecological impacts.

 

While the spotlight was on increasing fertiliser use, for instance, the
sustained health of the soil that feeds us was all but overlooked. Our soils
are not merely depleted - they are in crisis. And decades of reliance on
chemical fertilisers and pesticides have not only failed to address this
crisis but have exacerbated it, leading to acidification, erosion, and loss
of essential microbial diversity. This damage calls for a radical rethink of
the use of nitrogen fertilisers and our agricultural practices. We need to
move beyond adding more fertilisers towards healing the soil.

 

The Nairobi summit also ignored another elephant in the room: the massive
carbon footprint of conventional fertiliser production. The extensive use of
chemical fertilisers is also intricately linked to the fossil fuel industry.
Worldwide, agriculture is the second-largest source of climate change
pollution - and the manufacture and application of fertilisers play a
significant part in that. It is notable that Africa is being urged to triple
its fertiliser use at a time when the rest of the world is being encouraged
to reduce reliance on these carbon-intensive inputs. Chemical fertilisers
exacerbate the very crisis they seek to mitigate.

 

 

Another way

 

Fortunately, there are alternative solutions. Take RODI Kenya, which has
become a beacon of innovation in agriculture and soil science. This agency
has pioneered the large-scale production of solid and liquid biofertilisers
and organic soil amendments. These products are made from locally available
ingredients, offering significant benefits to thousands of small-scale
farmers who are no longer reliant on costly and polluting imported
alternatives. Last year alone, RODI Kenya produced 10,000 tonnes of
biofertilisers.

 

The revenues from this enabled the organisation to support and train many
more farmers in adopting agroecological practices, which present another set
of solutions to agricultural challenges. Agroecology integrates indigenous
knowledge with modern science to create resilient, self-sustaining
agricultural systems. This approach empowers communities, particularly
women, by promoting biodiversity, nurturing land regeneration, and fostering
economic resilience.

 

The health of Africa's soils and the future of its agriculture hinge on our
ability to listen -- to the land and to each other. The oversights in
Nairobi reflect a broader systemic issue: a disconnect between high-level
policy initiatives and the lived experiences of African farmers, many of
whom are women and whose voices are seldom heard in such forums. As we
implement the 10-year action plan, let us cultivate a fertile ground for
discussions that include all stakeholders, particularly those who work the
land day in and day out.

 

By embracing agroecological principles and recognising the integral role of
women in agriculture, we can ensure a thriving, sustainable future for all
of Africa. Let us nurture our soil, not merely to produce crops, but to
sustain life in all its diversity. As we face the challenges of climate
change, let us not repeat the mistakes of the past. Instead, let us forge a
new path that respects our environment, empowers our farmers, and secures a
sustainable future for all. The 10-year plan offers an opportunity for
Africa to lead by example, showing the world that it is possible to address
food security and environmental sustainability together.

 

 

 

 

 

Africa: President Ruto Roots for Local Manufacturing of Vaccines in Africa

Atlanta, U.S. — President William Ruto is rooting for the local
manufacturing of vaccines in Africa.

 

He said coronavirus pandemic exposed the acute state of the continent's
pharmaceutical production.

 

President Ruto said during this trying time, Africa was denied timely access
to Covid-19 vaccines.

 

"We suffered (greatly) from this vaccine nationalism," he stated.

 

He was speaking on Monday at the Centre for Disease Control (CDC)
Headquarters in Atlanta, Georgia, United States of America.

 

He also witnessed the signing of three key MoUs.

 

One between CDC and Kenya Medical Research Institute that will deepen
partnership on the cutting-edge research to answer the most important public
health questions of our time and launch of the Applied Science Hub

 

The second pact focussed on the collaborative efforts between the Ministry
of Health and the U.S. President's Emergency Plan for AIDS Relief (PEPFAR)
in developing a Sustainability Roadmap for Kenya's HIV Programme which is
slated for completion in December.

 

Also signed was the joint proclamation between CDC and Kenya that ushers in
the operationalisation of the Kenya National Public Health Institute to
strengthen health security globally.

 

The President maintained that solid research will boost Africa's capacity to
locally produce vaccines.

 

He lauded the United States of America for being Kenya's true ally in
healthcare.

 

He said Kenya will broaden its partnership with the U.S. beyond health
infrastructure, research and the tackling of infectious diseases.

 

"We want to work closely, transform the U.S.-Kenya health cooperation, for
the wellbeing of everyone."

 

The President, who is America for a three-day State Visit, earlier spoke at
the Jimmy Carter Library and Museum and toured The Martin Luther King, Jr.
Centre for Nonviolent Social Change.

 

 

He paid homage to Martin Luther King Jr. and Jimmy Carter, stating the two
left behind a lasting legacy.

 

"We are reminded of the impact that individuals can have in shaping history
and advancing democracy and justice."

 

Later on, the President met the Kenyan Diaspora where he insisted that the
Government will keep engaging with Kenyans abroad.

 

He pointed out that the Government has intensified diaspora registration and
mapping for skills and expertise.

 

"We are developing the Global Labour Market Strategy that targets safe,
secure and orderly placement of Kenyans in employment opportunities abroad,"
he said.

 

He argued that the Government is fast-tracking Bilateral Labour Agreements
to expose Kenyans to a diverse and broad range of opportunities.

 

- Capital FM.

 

 

 

Nigeria: Tinubu Emplacing Policies, Programmes to Reshape Economy - Ngelale

President Bola Tinubu has continued to put in place measures aimed at
reshaping the economy of the country since assuming office in May 2023.

 

Chief Ajuri Ngelale, Special Adviser to the President on Media and
Publicity, disclosed this to the News Agency of Nigeria on Tuesday in Abuja,
on the anniversary of the administrations in office.

 

Ngelale said that the measures taken so far are legendary because they are
what past governments refused to take and one that would ensure continuity
and outlast the administration.

 

"Nigerians understand that this president, in his first days in office,
dealt with the reform of the fuel subsidy regime, dealt with the reform of
the financial markets, particularly with respect to the unification of the
foreign exchange rates.

 

 

"He put an end to the type of incessant and really ravaging, round tripping
we were seeing within the sphere of the Central bank of Nigeria. But then
again, of course, sometimes when you stop the bleeding, it's not seen as an
achievement.

 

"But there's a reason many others refused to do what this president has now
done. This is why the president has been roundly commended, not just locally
but internationally for the reforms he has put in place," he said.

 

The presidential adviser said Tinubu was not unaware of the impact of the
reforms on the lives of the citizens and has embarked on a broad scope of
economic intervention to alleviate the plight of the citizens.

 

He said one of such measures was the Medium, Small, and Micro Enterprises
(MSME) interventions and capitalisation including the N200 billion for all
segments of the business population operating in the country.

 

"Specifically, N50 billion in grants. These are not loans. This is not money
our people will pay back, but N50 billion in grants being paid to over one
million Nano businesses equitably distributed across all local government
areas of the federation.

 

"Approximately 1,290 Nano businesses have been given N50,000 grant through
that scheme per local government. In addition to that, you have the N150
billion in the form of single digit interest rate loans being provided to
hundreds of thousands of MSMEs across all states.

 

"Again, equitably distributed N75 billion being given in loans of up to N1
million, whereas another N75 billion is being given to large scale
manufacturers. These are industries that are employing up to 1,000 Nigerians
per industry.

 

 

"We are giving them loans, single digit interest rate, with a moratorium of
about five years at about N1 billion each. So the interventions of business
have been very important," he said.

 

The presidential spokesman said Tinubu did not also leave out the
development of infrastructure across the country in various sectors.

 

He said that these investments were aimed at having a ripple effect among
people that operate along the value chain segments of such infrastructures.

 

Ngelale explained that the past one year has also seen significant
interventions in the area of accelerating power performance especially with
the Siemens Energy agreement and others in the provision of off grid power.

 

He said that Siemens was into the end to end modernisation of the nation's
power transmission grid to ensure enhanced quality and quantity of power
supply to corporate and individual consumers.

 

"A situation in which disadvantaged Nigerians are losing their appliances,
microwaves, television sets, refrigerators, freezers, because of this kind
of equivocating power current. You recognize that this thing is actually
costly to Nigerian families, and it has to be resolved.

 

"So sometimes you would even find that when you have this kind of
equivocating power supply with the damage that it does to appliances and the
like, and obviously the pocket of our people, what you end up finding is
that they actually just want to turn the lights off.

 

"So the Siemens deal with the issue of quality of supply, ensuring that when
Nigerians receive their light, whether it's 6 hours, 12 hours or 24 hours,
that whatever they're receiving is quality electricity supply," he said.

 

Ngelale added that the president has dedicated one billion dollars for the
off grid power through capital formation and mobilisation from multilateral
institutions dealing with the supply of off grid solar home systems.

 

He said that this would be allocated to primary health facilities, rural
communities, and rural farms in order to cut about 50 per cent of
post-harvest loss in the country because the produce could not reach the
markets.

 

- Vanguard.

 

 

 

TVET Impact Story - Nyandarua National Polytechnic

Partner Spotlight – The Nyandarua National Polytechnic

 

Nyandarua National Polytechnic has been on a steady rise since its inception
in 2006. Originally founded as an institute of science and technology, it
was elevated to a National Polytechnic in 2020. Located in Nyandarua County,
seven kilometers from Nyahururu Town, the institution boasts a vibrant
community of 3,000 students across nine academic departments: Agriculture,
Applied Science, Liberal Studies, Electrical Engineering, Mechanical
Engineering, Hospitality, ICT, Business Studies, and Building and Civil
Engineering. Beyond academics, the institution also has non-academic
departments like Guidance and Counselling, Industry Linkages Office,
Performance Contracting, and Quality Assurance.

 

Under the Young Africa Works in Kenya-TVET program, Nyandarua National
Polytechnic has partnered with Canadian institutions Cégep
Saint-Jean-sur-Richelieu, Collège Communautaire du Nouveau-Brunswick, and
Humber College. Together they have pioneered competency-based education and
training (CBET) courses within the Department of Agriculture that complement
local business needs and demand for skilled workers. These are Agriculture
Extension Level 4, Horticulture Production Levels 4 and 5, and Horticulture
Processing Levels 4, 5, and 6.

 

The first cohort of students enrolled in the Agriculture Extension Level 4
course are currently on a three-month mentorship at local farms.
Twenty-one-year-old Kevin Gakambi and 21-year-old Elizabeth Wanjiru Wambugu
were drawn to the course's hands-on learning approach. Their training
includes the washing, feeding, and milking of dairy animals. Additionally,
they have honed their skills in planting beans, maize, and potatoes, gaining
valuable insights into the cultivation process and grading techniques. To
round out their comprehensive learning experience, they've also been
instructed in the art of harvesting sunflowers, which are used in the
production of oil and cattle feed.

 

The Agriculture Extension Level 4 course is tightly aligned with the needs
of the job market. Through the Industry Linkages Officer, the institution
invited employers to form the Industry Advisory Committee (IAC). This
committee has played a pivotal role in enhancing the curriculum, sourced
from the TVET-Curriculum, Development, Accreditation and Certification
Council (CDACC), ensuring its relevance and effectiveness. Catherine
Waruguru Kang'ara, an Assistant Supervisor at Bendor Farm, located in Thika,
is a member of the IAC. She stresses the importance of consulting employers
as they know well the industry needs, requirements, and the specific skills
in demand. The IAC members serve as key contributors in not only shaping the
educational landscape but also in providing valuable opportunities for
student attachment and future employment.

 

Thanks to the collaboration with their Canadian counterparts, Nyandarua
National Polytechnic has effectively developed learning materials that
include occupational standards and assessment tools. The course training is
further supported by the procurement of essential equipment, such as hand
tools, a feed mixer, a 4,000-square-meter drip irrigation system, and two
spacious greenhouses measuring 10 by 24 meters each. These greenhouses boast
an irrigation tank and a drip irrigation system.

 

Anticipating further enhancements, the institution is set to receive a soil
laboratory, a horticulture preparation room, and a state-of-the-art smart
class. Additionally, the team has undergone extensive training in the areas
of gender equality as well as communication, marketing, and outreach. Fueled
by optimism, they believe that these newfound skills will play a pivotal
role in bolstering enrollment numbers for January 2024, as well as enhance
the staff's skills to become better trainers of their current students.

 

The benefits of the CBET curriculum are already evident among both the
teaching and non-teaching staff at Nyandarua National Polytechnic. In an
impactful initiative, several trainers participated in a capacity-building
workshop facilitated by the Kenya School of TVET (KSTVET) in early 2023.
These knowledgeable trainers then shared their newly acquired skills and
competencies with their colleagues, adopting the role of "Trainers of
Trainers" to empower the entire team. This approach represents a significant
shift, transforming the mindset of trainers from a formerly theoretical
approach to a more practical and hands-on methodology. This transformative
process is not limited to a select few; it is being systematically
disseminated to other teaching and non-teaching staff by the KSTVET. This
ensures that Nyandarua National Polytechnic aligns seamlessly with the
Ministry of Education's directive  for all TVET institutions to transition
to CBET curriculum, addressing the crucial skills gap among the youth.

 

Elizabeth's and Kevin's journeys in the Agriculture Extension Level 4 course
have been incredibly rewarding. The knowledge and skills obtained from the
institution and while on attachment have enabled them to dream big. Having
been brought up on a farm, Elizabeth's decision to pursue agriculture was a
no-brainer. She witnessed first-hand how the food grown was able to sustain
her family and even get her and her siblings through school. She hopes to
further her education to the highest level and is intent on starting a
poultry business to support her studies. Kevin is keen on rearing chicken
and fish, while continuing his current studies. He is particularly
interested in black soldier fly farming – a cost-effective and sustainable
practice that produces larvae than can be used as fertilizer and feed.

 

If Kenyan TVET institutions continue to grow skilled trainees like Kevin
Gakambi and Elizabeth Wanjiru Wambugu, employers like Catherine are hopeful
that this and other CBET graduates will emerge stronger and make a
significant impact in the thriving agriculture sector.

 

 

 

 

Nigeria: Fuel Price Rises By 176.02 Percent to N701.24 Per Litre - NBS

The national average retail price of Premium Motor Spirit, PMS, otherwise
known as petrol increased year-on-year, YoY, by 176.02 percent to N701.24
per litre in April 2024 from N254.06 per litre recorded in the corresponding
period of 2023.

 

On a month-on-month, MoM, basis, an increase of 0.64 percent was recorded
from N696.79 per litre in March 2024

 

The National Bureau of Statistics, NBS, report on Premium Motor Spirit
(Petrol) Price Watch for April 2024 showed that Kogi State topped the price
chart at N797.78, followed by Nasarawa and Zamfara States with N778.89 and
N754.29, respectively.

 

 

However, Lagos, Niger and Ogun States emerged the states with the lowest
retail price for the product at N602.55, N633.75 and N647.14 respectively
according to the NBS report.

 

This comes as the average retail price of Automotive Gas Oil (diesel)
increased year-on-year YoY, by 68.01 percent to N1415.06 in April 2024 from
N842.25 recorded in April 2023.

 

On a month-on-month MoM, basis, an increase of 5.51 percent was recorded
from N1341.16 per litre in March 2024.

 

The report stated "the top three State with the highest average price of the
product in April 2024 include Taraba State with N1742.46 , Bauchi State with
N1669.63 and Borno with N1652.61.

 

Furthermore, the states with the lowest prices were, Niger State with
N1023.00, Kogi State with N1152.50 and Adamawa State with N1257.50.

 

The Zonal representation of average price of diesel showed that North East
zone has the highest price of N1553.80 while North Central Zone has the
lowest price N1307.21 when compared with other Zones.

 

- Vanguard.

 

 

 

Seychelles and Botswana to Collaborate On Agriculture, Education and Tourism
Projects

Seychelles and Botswana will continue collaborations in agriculture,
education, and tourism, said the newly accredited High Commissioner of
Botswana.

 

Chandapiwa Nteta presented her credentials to Seychelles President Wavel
Ramkalawan on Tuesday at State House.

 

The new high commissioner expressed her wish to gain Seychelles' support
from the international community "as Botswana has some issues with our
diamonds."

 

An import restriction imposed by the Group of Seven (G7) on Russian diamonds
earlier this year will have a detrimental impact on Botswana's diamond
trade. Okavango Diamond Company in Botswana has asked the G7 countries to
reconsider the second phase as it will impact diamond producing countries
such as themselves and raise the price of ethical diamonds.

 

 

Nteta met the Minister for Foreign Affairs and Tourism, Sylvestre Radegonde,
and among the subjects discussed were trade, investments and connectivity,
especially the signing of the Bilateral Air Service Agreement.

 

According to the Foreign Affairs Department, Radegonde pointed out that both
countries share a very good bilateral relationship where fruitful exchanges
have been made. These include Seychellois teachers pursuing their tertiary
education in Botswana and teachers from Botswana working in Seychelles'
state schools.

 

To date, over 50 teachers graduated from the University of Botswana and
around 20 teachers from Botswana were sent to Seychelles to teach in various
primary and secondary schools.

 

"Botswana is interested to learn from Seychelles' experiences in dealing
with victims of substance abuse and rehabilitation process, Seychelles is
keen to learn more from Botswana's agricultural success," said the Foreign
Affairs Department.

 

The two diplomats also discussed matters relating to regional engagements
and organisations in which both countries are members.

 

While in Seychelles, the high commissioner will also call on the Minister
for Education, Justin Valentin, the Commissioner of Police, Ted Barbe, and
other high level officials.

 

Botswana and Seychelles, an archipelago in the western Indian Ocean,
established diplomatic relations on September 30, 1988.

 

- Seychelles News Agency.

 

 

 

 

Tanzania: Domestic and Foreign Investments Spur Eco-Growth

ACCORDING to the Bank of Tanzania, economic growth in Q1-24 is estimated at
5.1 per cent, backed by increased domestic and foreign investments.

 

This was underpinned by the notable private sector credit growth which
remained in double digits for the last two years. Headline inflation saw a
slight increase of 10bps in the year ending April 2024, standing at 3.1 per
cent, from 3.0 per cent in March.

 

Despite the slight increase, inflation remains with the central bank's
target range of between 3.0 per cent and 5.0 per cent. Stable inflation
stems from stabilised food prices as the non-core inflation stood at 1.4 per
cent, 50bps higher than February.

 

The Unprocessed Food Index saw a slight annual deflation of 0.5 per cent in
April from 0.6 per cent in March and 0.1 per cent in February. However, the
index saw a 1.0 per cent inflation on a monthly basis, down from 1.9 per
cent for March 2024 due to seasonal movements.

 

The period between February and April is historically known to have the
highest monthly food inflation being far from harvest seasons.

 

Considering the weight and significance of food products in the consumption
basket of the Tanzanian community, along with significance of agriculture as
a sector in the balance of payment, employment, and its share to GDP, the
government has been taking a number of initiatives to improve the
agriculture sector and domestic food security, partially leading to the
recent stability in food prices.

 

Some of government's initiatives include providing a 1.0tri/- agriculture
facility at the central bank available to commercial banks, to lend to the
sector at less than 9.0 per cent since 2021. In the same vein, the Bank of
Tanzania further waived the statutory minimum reserve requirement for credit
extended to agricultural activities.

 

 

The government also provided subsidies in agriculture inputs such as
fertilizers to alleviate input prices during the pandemic and global supply
shock experienced since the end of 2021. Moreover, in 2023, the Ministry of
Agriculture oversaw the establishment of the Tanzania Agriculture Insurance
Consortium (TAIC) which is a collaboration between the government,
agriculture stakeholders, and insurance companies.

 

The primary objective is to empower farmers against the risks surrounding
agricultural activities, while simultaneously attract financing into the
sector.

 

Furthermore, in his budget speech, the Minister for Agriculture hinted on
the Ministry finalizing talks with NBC Bank in regards to the National Food
Reserve Authority (NFRA) issuing a Food Security Bond so as to ensure
sufficient domestic food supply.

 

Despite this being a notable development for the sector, and a demonstrator
of how capital markets can be utilized for economic development, generation
of NFRA's cashflows for debt service is a crucial question to be poised, so
as to avoid addition of debt burden. We wait for the final structure of the
programme.

 

While non-core inflation was minimal, energy inflation was flaming as the
Energy, Fuel and Utilities Index went up 9.3 per cent in the year ending
April 2024, the highest pace among all inflation consumption basket
segments. This follows rising fuel prices following geopolitical tensions in
the Middle East and Europe. Notably, the index's annual inflation rose from
5.1 per cent in December 2023.

 

Energy inflation is backed by the 16 per cent approximated increase of
domestic fuel prices as published by EWURA. On a monthly basis prices went
up 1.7 per cent and 4.0 per cent since the beginning of the year. The annual
increase is echoed by the 11 per cent global crude oil price increase
according to Trading Economics.

 

Global fuel prices have seen slight volatility in the last few weeks as
increased global supply suppresses prices, while geopolitical tensions,
especially in the middle east push prices higher. Core inflation stood at
3.9 per cent, highly influenced by personal care, social protection, and
miscellaneous goods and services segment which was up 7.5 per cent in the
year ending April.

 

Other influential segments in the core inflation were Transport (4.35 per
cent) lifted by the rise of fuel prices, and Restaurants and Accommodation
Services segment (4.05 per cent) as tourism sours following the government's
promotion and continued recovery from the pandemic.

 

Despite subdued inflation, the Bank of Tanzania raised the central bank
policy rate (CBR) by 50bps to 6.0 per cent in April, as a pre-emptive
measure against lingering inflationary pressures mostly stemming from
persistent foreign exchange challenges facing developing countries.

 

The Federal Open Market Committee (FOMC) in the meeting held on 1st May
2024, maintained interest rates at 23-year high amid stubborn inflationary
data in February and March. This is contrast to expectations in the
beginning of the year when markets anticipated at least three rate cuts in
2024.

 

Despite elevation of the CBR by the Bank of Tanzania, it is still the lowest
rate in the region, demonstrating relatively subdued inflation and
diversified sources of foreign inflows. Moreover, the central bank has
suppressed Treasury yields throughout the month of April, by accepting less
than target amounts, despite hefty oversubscriptions, especially in the
long-term tenor auctions.

 

Suppression of Treasury yields is crucial in the maintenance of sufficient
liquidity in the banking sector as government's efforts to encourage
investments have elevated the demand for credit, while the overall loans to
deposits ratio remains above 90 per cent for the last eight quarters.

 

The demand for credit is demonstrated by the banking sector performance
which saw the overall net loan portfolio grow by 22 per cent y-o-y in Q1- 24
while total assets went up 17 per cent. Similarly, the overall net profit
for the quarter grew by 51 per cent compared to Q1-23.

 

- Daily News.

 

 

 

Tanzania: Who Has Power Over CEOs, BOT or Owners?

THE issue of chief executive officer (CEO) performance is undoubtedly a hot
research topic in the management literature and has been investigated from
various perspectives.

 

One of the contention issues in the country is the CEO's tenure where the
central bank puts a cap of ten years. On this issue, there are two schools
of thought one supporting the Bank of Tanzania (BoT) saying the 10-year
limit has more benefits than disadvantages and others urging that CEOs need
a lengthy period to implement their vision and turnaround corporates. Some
studies show that over time, CEOs develop strong experience in how to lead
the organisation and how to be successful in a given industry.

 

Experience may allow a more efficient and effective management approach,
even when the environment is changing A study 'Exploring the Relationship
Between CEO Characteristics and Performance' conducted by three Spanish
scholars shows a strong correlation between CEO longer tenure and high
financial performance.

 

"CEO's tenure in the firm appears to be an important factor," showed the
study findings of Josep Garcia-Blandon, Josep M Argilés-Bosch and Diego
Ravenda. The three are from IQS School of Management, Universitat Ramon
Llull, Barcelona, Spain; Department of Accounting, Universitat de Barcelona,
Barcelona, Spain; and Department of Accounting, Toulouse Business School,
Barcelona, Spain respectively. "Specifically, long-tenured CEOs show
stronger financial performance, though weaker environmental, social and
governance (ESG) performance," the study showed.

 

 

Additionally, the Wall Street Journal also wrote recently an article
discussing the correlation between companies with CEOs in a position for
longer than 15 years and their stock prices within that same time frame.

 

The results showed that out of 28 companies with CEOs who had been in their
position for longer than 15 years, 25 saw their total shareholder return
exceed the S&P 500 index performance during their time.

 

During the CRDB's 29th Annual General Meeting last week former Prime
Minister Fredrick Sumaye suggested that BoT reconsider the regulation
limiting bank CEOs' tenure to a maximum of 10 years. Vertex International
Securities Research and Analytics Manager Beatus Mlingi said the ex-PM
proposal opens a critical dialogue about continuity vis-a-vis change in
leadership.

 

"On one hand," Mr Mlingi said, "extending a CEO's tenure beyond 10 years
could be beneficial, especially if the CEO has a clear, long-term vision and
a proven track record of driving growth and stability," he told Business
Standard yesterday. In the banking sector, where trust and strategic
consistency are paramount, retaining a successful CEO could provide the
necessary stability and confidence for sustained performance.

 

"This is particularly relevant for leading banks like CRDB and NMB, which
together hold assets exceeding 25tri/-, a critical aspect for the country's
economic stability. "The continuity in leadership can capitalise on a CEO's
established relationships, deep institutional knowledge and strategic
foresight," Mr Mlingi said.

 

On the other hand, he said, the regulation limiting CEOs' tenure to 10 years
is designed to foster innovation and prevent stagnation.

 

"Change at the top can bring fresh perspectives and new strategies, crucial
for adapting to evolving market conditions," he said.

 

He urged that the prolonged tenure of a misfit CEO could lead to
complacency, inefficiency, and a potential decline in performance, harming
the bank's long-term interests.

 

"A balanced approach would involve a robust succession plan ensuring that
potential future leaders are groomed well in advance. "This not only
provides a pool of capable leaders but also ensures a smooth transition,
minimising disruption," Mr Mlingi said.

 

Additionally, successful CEOs could be transitioned into consulting or
advisory roles, leveraging their experience without being at the helm, thus
maintaining strategic continuity.

 

In cases where an exceptional CEO's tenure might need an extension, it
should be considered a last resort, contingent upon rigorous evaluation and
the absence of suitable successors. Mr Sumaye's advice, the Vertex Manager
said, particularly for heavyweights like CRDB and NMB, could be invaluable
in scenarios where stability and sustained vision are critical, ensuring the
banks' continued growth and stability in the country's financial landscape.

 

Orbit Securities Financial Markets Specialist Ammi Julian said revisiting
the BoT's CEO cap tenure "is a good idea" because bringing about a
productive reform requires a long time.

 

"There is a time when an institution is lucky to find a very good leader,
but it loses him due to periods of leadership ceasing, thus leading the
institution or company concerned to lose its vision," Mr Julian said: "The
issue of quality and operational prowess and when the tenure will end, I
think it may be under the shareholders/owners of the company or institution
concerned," Mr Julian said.

 

However, the central bank maintained that the CEOs tenure cap matters since
the country is not short of talented staff and the new ones will bring in
new vigor and innovations.

 

In its banking and financial Institutions (Corporate Governance) regulations
published in November 2021, the central bank among its objectives, set
standards for corporate governance, processes and structures for the banking
industry.

 

The regulations are meant to promote and maintain public confidence in banks
and financial institutions and provide directors with guidance for the
proper discharge of their duties.

 

- Daily News.

 

 

 

 

Nigeria: CBN Raises Benchmark Interest Rate

The committee voted to retain the Cash Reserve Ratio (CRR) at 45 per cent
for commercial banks and adjust the CRR of merchant banks from 10 per cent
to 14 per cent.

 

The Central Bank of Nigeria (CBN) Tuesday increased the benchmark interest
rate by 150 basis points, moving it from 24.75 per cent to 26.25 per cent,
in response to rising food inflation.

 

The benchmark interest rate, also called MPR (monetary policy rate) can be
considered the interest rate the CBN uses to lend to banks who then lend to
customers at a higher rate.

 

The increase in MPR was announced at the end of a two-day Monetary Policy
Committee (MPC) meeting held on Monday and Tuesday.

 

Olayemi Cardoso, the governor of the CBN, announced that the MPC voted to
retain the asymmetric corridor around the MPR at +100 to -300 basis points

 

He said the committee voted to retain the Cash Reserve Ratio (CRR) at 45 per
cent for commercial banks and adjust the CRR of merchant banks from 10 per
cent to 14 per cent.

 

The committee also voted to retain the liquidity at 30 per cent.

 

According to him, the key focus of the meeting remains to achieve price
stability by effectively using tools available to the monetary authority to
rein in inflation.

 

Inflation

 

Data from the National Bureau of Statistics indicates that the headline
inflation rate in April rose to 33.69 per cent, up from 33.20 per cent in
the previous month, mainly driven by rising food prices.

 

In April 2024, the year-on-year food inflation rate soared to 40.53 per
cent, representing a rise of 15.92 percentage points from the 24.61 per cent
recorded in April 2023.

 

Mr Cardoso said the MPC noted that the inflationary pressure continues to be
driven largely by food inflation.

 

"The committee last reiterated several challenges confronting the effective
moderation of food inflation to include rising costs of transportation of
farm produce, infrastructure-related constraints along the line of
distribution network, security challenges in some food producing areas and
exchange rate pass-through to domestic prices for imported food items.

 

"The MPC urged that more be done to address the security of farming
communities to guarantee improved food production in these areas."

 

He said the committee was faced with the option of either continuing with
policy tightening or holding to observe the impact of previous rate hikes.

 

He stated that after thoroughly reviewing the risks and the near-term
inflation outlook, the balance of risks indicates the need for further
policy tightening to enhance the benefits achieved from prior rate
increases.

 

He announced that the next MPC meeting would be held on 22 and 23 July.

 

Before the latest MPC meeting, some financial experts told PREMIUM TIMES
that they foresaw an increase in the benchmark interest rate.

 

"I think that they will raise the rate by another 100 basis points given the
position of the inflation rate," Ayodeji Ebo, MD/Chief Business Officer of
Optimus by Afrinvest, said.

 

Also, Olumide Adesina, a financial analyst at Quantum Economics, said that
the central bank will maintain high interest rates to make naira-denominated
assets more appealing.

 

"The apex bank will keep rates elevated for the straight 11th time, to
amplify the attraction of naira-denominated assets

 

"The highest price is to stabilize the Nigerian FX market and boost
confidence in the naira while buying some time for the fiscal side," he
said.

 

- Premium Times.

 

 

 

 

South Africa: Gwede's Slippery Story Explains Lack of Mining Investment

The Department of Mineral Resources and Energy has admitted it has not yet
even signed a service level agreement with the companies chosen to provide a
new mining cadastral system. In February Minister Gwede Mantashe boasted to
a large international audience of investors at the Cape Town Mining Indaba
that the consortium that will build the system had been chosen. He then gave
himself 12 months which he said would be used to ensure the system would be
properly implemented. He talked generalities but gave the clear impression
that a deal had been done.

 

His announcement back then came after months during which he gave the public
to understand that the mining applications data was being corrected prior to
being loaded onto a new system.

 

Now we are told that three and a half months have gone by, and the most
basic agreement has not yet been signed. The fact that there are not even
agreed terms of reference will strengthen the belief that this government's
word is not to be trusted. Perhaps it is deliberately dragging its feet
because it does not want to reveal how many connected cadres own mineral
rights. It seems highly unlikely that we will have a functioning and
credible cadastral system by February next year.

 

The consequences of this for South Africa's mining industry have been
underlined by the latest report on mining 'investability' drawn up by the
internationally respected Fraser Institute. It shows South Africa is still
in the bottom 30% for attractiveness for mining investment.

 

The Minerals Council has estimated that clearing a backlog of more than
3,000 mining rights could unlock about R30bn in investments. That would
provide thousands of South Africans with a livelihood.

 

Mantashe has no urgency to get that done or to ease the lives of South
Africans. At best this is due to his sloth and indolence but it's also
likely it down to his desire to protect his comrades.

 

Voters need to remember that when they go to the polls.- DA.

 

 

Malawi: Paramount Holdings Awarded As Malawi's Most Reliable Construction
Company

The country's leading National Product Magazine (NPM) has awarded Paramount
Holding Limited (PHL) as most reliable construction company in Malawi due to
its work efficiency.

 

The company was awarded on Saturday, May 18, 2024 in the capital Lilongwe
during the launch of NPM's 105 edition.

 

Paramount Holding is one of contractors Malawi government through Ministry
of Education awarded for the construction of the prestigious Inkosi ya
Makosi M'mbelwa University's (IMMU) formerly known Mombera University which
was abandoned for years after former President Peter Mutharika presided over
the project's ground-breaking ceremony in 2015.

 

PHL recognition comes barely two weeks after Business In-Deals Magazine
(BIM) on Friday, May 3 this year named Paramount Holding as the best
Malawi's Yamaha products Importer and seller.

 

Receiving the award, PHL Executive Director Prakashi Virjl Ghedia minced
words by attributing the recognition to hard working staff members at the
institution.

 

Ghedia says, "The continuous and numerous recognitions just show how
efficient our company is in quality service delivery to both public and
private sector.

 

"I dedicate the award to my working team which does not sleep to get work
done in time. We therefore are assuring the general public of total
commitment towards quality service delivery".

 

In her remarks, Minister of Labour Agnes Nyalonje alongside Trade Minister
Sosten Gwengwe who graced the event lauded the PHL for great role is playing
in construction industry by offering jobs to many Malawians.

 

 

"The ministry is impressed with PHL workforce offered to Malawians by
creating and providing jobs to our citizens. This fosters economic
stability," lauds Nyalonje.

 

Echoed the same, Trade Minister Gwengwe assured local and international
companies for conducive environment towards business boom for maximum
revenue collection.

 

Gwengwe however emphasized the need for company to invest more in
value-added production for export that generates much needed forex.

 

In his remark, NPM Director Arthur Chinyamula said the event gives an
opportunity to companies, individuals showcasing products through
continental media platform.

 

Chinyamula disclosed that the magazine has gone SADC level whereby regional
companies are embracing the publication.

 

"The Product Magazine is now a regional publication that companies from
Zambia, Mozambique, Zimbabwe, Kenya are showcasing their products in the
paper. This just shows how reliable we are becoming," lauds Chinyamula.

 

In the 105th edition of Product Magazine features President Lazarus
Chakwera, Malawi successful entrepreneur and businessman Thomson
Mpinganjira, Mozambique President Nyusi and other notable business gurus in
the region.

 

- Nyasa Times.

 

 

 

Namibia Loses More Than N$5b Through Natural Resources

Namibia lost over N$5 billion in recent years to illicit financial flows due
to the exploitation of its natural resources, Namibia Revenue Agency (Namra)
commissioner Sam Shivute says.

 

He addressed the 39th Regional Steering Group and 30th Governing Council
Meetings of the World Customs Organisation East and Southern Africa (WCO
ESA) at Swakopmund yesterday.

 

Shivute said these illegal financial activities were depriving the country
of vital funds needed for national development.

 

"We are now aware that illicit financial flows (IFFs) are really happening
in Namibia. There are people making money here and finding means to take the
money outside Namibia," he said.

 

 

Shivute said loopholes are being closed as Namra collaborates with other
experts and international bodies such as the United NationsDevelopment
Programme and Tax Inspectors Without Borders.

 

"I can safely say it's more than N$5 billion worth of IFFs, but the final
figures are yet to be confirmed, and the Cabinet will be properly briefed as
well.

 

"We have evidence, and we've seen it in our work. Those who have been doing
it must just know it has to stop," he warned.

 

Shivute said Namibia welcomes investors who reinvest in Namibia.

 

"We are ready to fight and to help protect the financial integrity and the
financial architecture of our beautiful country," he said.

 

Shivute said Africa is losing on average over US$50 billion (about N$910
billion) a year to IFFs.

 

He said the African Continental Free Trade Area agreement has the potential
to drastically increase intra-African trade and lift millions out of
poverty.

 

 

"We now have the opportunity to be open to a market of 1,3 billion people,"
he said.

 

To realise the benefits of this agreement, Shivute called for enhanced trade
facilitation and regional integration.

 

"For this initiative to be successful, customs administration is a very
strong pillar."

 

Shivute pointed out practical barriers such as customs regulations that
hinder trade within Africa.

 

"Most of the tariffs and customs duties that have to be waived have already
been agreed upon, but we need to work with all stakeholders to ensure that
everyone is aware of what is expected of them."

 

Erongo governor Neville Andre at the event said: "As we discuss issues of
strengthening cooperation at our borders and improving systems, let us think
of creating opportunities for young people and supporting women through
trade between our neighboring countries.

 

"Only then can we proudly say we are moving towards the Africa we want."

 

Larry Liza, the director of the WCO ESA's regional office for capacity
building, raised a critical issue often overlooked in the customs agenda -
the well-being and mental health of customs officials.

 

- Namibian.

 

 

 

 

Nigeria: Navy Hails Personnel for Tackling Oil Theft, Increasing Production

Nigerian Navy has recorded remarkable feats in the fight against oil theft
since "Operation Delta Sanity" was re-launched in January 2024.

 

The service said the arrest of several suspects and vessels had led to an
increase in Nigeria's oil production and export.

 

The chief of policy and plans, Rear Admiral Joseph Akpan, at a press
briefing heralding the Navy's 68th Anniversary in Abuja on Monday citing
Organisation of Petroleum Exporting (OPEC) records said Nigeria's crude oil
export rose to 1.28 million barrels per day (bpd) in April from 1.23 million
bpd in March.

 

He attributed the feats to personnel doggedness and government's commitment
to fleet renewal and other platforms.

 

According to the Navy, some of the arrested vessels included MT KALI, MT
SWEET HARBOUR SPIRIT, MT SAISNIL, MV TOKITO, MT VINILLARIS and MT SWEET
MIRI, among others.

 

He said, "Under the current NN leadership, the NN has attained the highest
state of operational readiness in the discharge of its constitutional roles.
In particular, the fight against Crude Oil Theft has been a huge success
under the auspices of OPERATION DELTA SANITY which was re-launched in
January 2024.

 

"In the nine months of its existence, the operation has led to the arrest of
various suspects and vessels involved in COT. Some of these vessels include
MT KALI, MT SWEET HARBOUR SPIRIT, MT SAISNIL, MV TOKITO, MT VINILLARIS and
MT SWEET MIRI, among others. This has impacted positively on Nigeria's crude
oil production.

 

Akpan also said the Navy has established an operational base in Enugu to
curb insecurity ravaging many parts of the South-East.

 

He said the Navy had taken delivery of new platforms including two
helicopters and was expecting the delivery of another before the end of the
year.

 

Akpan said, " In terms of fleet renewal, the NN has taken delivery of
various platforms which have supported its Anti-piracy, Ant-COT, Anti-IUU
and Anti-illegal drug trafficking among others. Notably, the NN has taken
delivery of its second offshore survey vessel, 2 x 32m FPBs, and 2 x
Helicopters. The NN is On the activities lined up for the service's 68th
anniversary, Akpan said a special Juma'at prayers will be held on Friday and
an interdenominational church service on Sunday.

 

He added that Medical Rhapsodies and Naval Officers' Wives Association
activities will be held simultaneously on May 27, 2024 in some NN host
communities across commands.

 

- Leadership.

 

 

 

 

 

 


 


 


 Invest Wisely!

Bulls n Bears 

 

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

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

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LinkedIn:           Bulls n Bears Zimbabwe

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www.facebook.com/BullsBearsZimbabwe



 

 

 


 

INVESTORS DIARY 2024

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


 

 

 

 

 


Old Mutual Zimbabwe

AGM

 

22 May 2024 | 3pm

 


Nampak

EGM (to approve the change of auditors to Axcentium)

Virtual

23 May 2024 | 9am

 


 

Africa Day

 

25 May 2024

 


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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