Major International Business Headlines Brief ::: 24 June 2025

[Bulls n Bears]

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Major International Business Headlines Brief :::  24 June  2025 

 


 


 


 <mailto:info at bulls.co.zw> 

 


 

 


 

ü  Nigeria: Govt to Raise N100bn With Fresh Bond Issuance

ü  Nigeria: NPA Promotes 1,500 Staff, Says Human Capital Strategic to
Sustaining Superior Performance

ü  Nigeria's Foreign Reserves Soar to $38.448b in June - Reps

ü  Africa: Business Summit Aims to Spotlight Opportunities for U.S.
Companies in Africa

ü  Niger Republic Moves to Nationalize Power Utility Nigelec

ü  Angola: American Firm Hydro-Link And Mitrelli Partner On a $1.5 Billion
Investment for a Critical African Power Transmission Line

ü  South Africa Signs U.S.$1.5 Billion Loan With World Bank

ü  Nigeria: NNPC Increases Petrol Price

ü  Somalia Launches Ambitious Century Vision Plan 2060 to Transform the
Nation Into a Prosperous, Unified Middle-Income Country

ü  Nigeria's Tax Reforms Are Promising but Who Will Hold the (New) Nrs
Accountable?

ü  Africa-U.S. Business Summit Kicks Off in Luanda

ü  African Finance Ministers Shouldn't Be Making Bond Deals - How to Hand
Over the Job to Experts

 


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Nigeria: Govt to Raise N100bn With Fresh Bond Issuance

The Federal Government of Nigeria (FGN) through the Debt Management Office
(DMO) has offered green bonds valued at N100 billion for subscription at
N1,000 per unit.

 

The DMO announced the offer on its Twitter handle yesterday.

 

DMO explained that the latest offer consists of a N50 billion five-years
re-opening bond due in April 2029 and a N50 billion (new) seven-years bond
due in June 2032 , both at an interest rate of 19.3 percent semi-annually.

 

The agency said the auction date is June 23, while the settlement date is on
June 25.

 

The announcement reads: "DMO On behalf of the FGN offers for subscription by
auction and is authorized to receive applications for N50,000,000,000.00 -
19.3 percent FGN APR 2029 (5-Yr Re-opening)* N50,000,000,000.00 - FGN JUNE
2032 (7-Yr New)*

 

"Auction date is June 23, 2025 and settlement date: June 25, 2025.

 

"N1,000 per unit subject to a minimum subscription of N50,001,000 and in
multiples of N1,000 thereafter.

 

"For re-openings of previously issued bonds, (where the coupon is already
set), successful bidders will pay a price corresponding to the
yield-to-maturity bid that clears the volume being auctioned, plus any
accrued interest on the instrument.

 

"Qualifies as securities in which trustees can invest under the Trustee
Investment Act.

 

"Qualifies as Government securities within the meaning of Company Income Tax
Act ("CITA") and Personal Income Tax Act ("PITA") for Tax Exemption for
Pension Funds amongst other investors.

 

" Listed on the Nigerian Exchange Limited and FMDQ OTC Securities Exchange.

 

" All FGN Bonds qualify as liquid assets for liquidity ratio calculation for
banks.

 

"FGN Bonds are backed by the full faith and credit of the Federal Government
of Nigeria and are charged upon the general assets of Nigeria."

 

DMO urged interested investors to contact the Access Bank Plc, Citibank
Nigeria Ltd, Coronation Merchant Bank Ltd, Ecobank Nigeria Ltd, FBNQuest
Merchant Bank Ltd, First Bank of Nigeria Ltd, First City Monument Bank Plc,
FSDH Merchant Bank Ltd, Rand Merchant Bank Nigeria Ltd, Guaranty Trust Bank
Ltd, Stanbic IBTC Bank Ltd, Standard Chartered Bank Nigeria Ltd, United Bank
for Africa Plc and Zenith Bank Plc.

 

Read the original article on Vanguard.

 

 

 

 

Nigeria: NPA Promotes 1,500 Staff, Says Human Capital Strategic to
Sustaining Superior Performance

As the Nigerian Ports Authority (NPA) promoted 1,500 staff, the Authority's
managing director, Dr. Abubakar Dantsoho, said human capital development
constitutes the key strategy for creating and sustaining superior
performance under his watch.

 

Responding when he received commendation by the Maritime Workers Union
(MWUN) and the senior Staff Association of Statutory Corporations and
Government Owned companies (SSASGOC), for clearing the age-long problem of
employee stagnation, Dantsoho said the only way the authority can meet and
exceed Stakeholders' expectations is to deepen competencies of authority's
human resources.

 

Dantsoho said, "Talent development constitutes a critical success factor for
the actualisation of the big, hairy, audacious goals we have set for
ourselves, especially in the area of Port competitiveness."

 

"The only way we can meet and indeed exceed Stakeholders' expectations is to
deepen the competencies of our human resources assets and boost their
morale."

 

Speaking further Dantsoho commended the Minister of Marine & Blue Economy,
Adegboyega Oyetola, for approving the strategic proposal of the Authority's
Management team that solved the over a decade-long problem of lack of
promotion that had fuelled industrial disharmony.

 

"I must especially appreciate our amiable minister for graciously approving
the multi-pronged stratagem we deployed that cleared all outstanding cases
of employee stagnation by conducting examinations in one fell swoop and
instituted timelines to forestall a recurrence of such anomaly."

 

Speaking on behalf of the joint maritime labour unions, the President of
SSASCGOC, Comrade Bodunde expressed appreciation for the increase in
productivity bonuses for the staff.

 

"In addition to clearance of the backlog of stagnated promotions, we also
wish to express our appreciation for the increase in productivity bonuses,
provision of end-of-year welfare packages for staff, and the revision of the
Financial Guide to the Condition of Service, which now addresses our
members' concerns about inflationary pressures."

 

The NPA's general manager Corporate & Strategic Communications, Ikechukwu
Onyemekara, stated that the nation's seaport infrastructure and equipment
modernisation drive will go hand in hand with continuous staff welfare
improvement.

 

Read the original article on Leadership.

 

 

 

 

Nigeria's Foreign Reserves Soar to $38.448b in June - Reps

Niger's foreign exchange reserves rose from $32.9 billion at the end of 2023
to over $38.448 billion in June, 2025, the Chairman, House Committee on
National Planning and Economic Development, Prince Gboyega Nasir Isiaka, has
disclosed.

 

Isiaka, who represents Yewa North/Imeko-Afon federal constituency, also
hinted that the federal fiscal deficit has narrowed significantly, signaling
stronger financial discipline and improved economic management.

 

The rep member said this in Abeokuta, Ogun State, while giving account of
his stewardship, adding that President Bola Tinubu's economic reforms
anchored on "difficult yet necessary decisions", have been yielding positive
results.

 

Isiaka, an economic analyst, said, "From the removal of fuel subsidies to
the unification of foreign exchange rates, these measures have begun to
yield measurable outcomes.

 

"Also, our exchange rate policy has yielded a stable and predictable
exchange rate that enhances planning and encourages greater direct
investment flows into the economy. While inflation, which had previously
risen to alarming levels, is now beginning to trend downward. The recently
passed Tax Reform Bill represents a major step forward, optimising revenue
collection, reducing leakages, and enabling more sustainable investments in
infrastructure and social services."

 

Responding to questions on the hardship that greeted some of the policies,
Isiaka insisted that, "The essence of leadership is to take you through the
best route that will give you desired results."

 

Read the original article on Daily Trust.

 

 

 

 

Africa: Business Summit Aims to Spotlight Opportunities for U.S. Companies
in Africa

An estimated 1500 delegates are gathered in Luanda for the 17 U.S.-Africa
Business Summit organized by the Corporate Council on Africa and hosted this
year by the Government of Angola. Expected participants include heads of
state and government from Algeria, Botswana, Burundi, Cape Verde, Central
African Republic, Democratic Republic of the Congo, Eswatini, Ethiopia,
Gabon, Madagascar, Mauritania, Namibia, and Sao Tome and Principe, along
with President Joao Lourenco from the Summit host.

 

Others taking part include business leaders from Africa and the United
States, senior government officials and policy experts for a program focused
on building stronger economic ties between Africa and the United States.

 

The announced list for the official U.S. delegation includes Ambassador Troy
Fitrell, who heads Bureau of African Affairs at the State Department; Massad
Boulos, Senior Advisor for Africa; Conor Coleman from the U.S. International
Development Finance Corporation (DFC); James Burrows, from the Export-Import
Bank of the United States (EXIM Bank); Constance Hamilton, Assistant U.S.
Trade Representative for Africa; and Thomas R. Hardy, acting director of the
U.S. Trade and Development Agency (USTDA).

 

In April, Fitrell unveiled  the Trump administration's new commercial
diplomacy strategy for sub-Saharan Africa "based on what we've seen that
actually works."  The strategy makes commercial diplomacy the "core focus of
U.S.-Africa engagement, with U.S. Ambassadors "now being evaluated on how
effectively they advocate for U.S. business and the number of deals they
facilitate," he said in a speech in Abidjan.

 

Sessions at the Summit in Luanda will focus on a range of opportunities for
expanding U.S.-Africa trade, investment and business relations built around
the theme "Pathways to Prosperity: A Shared Vision for U.S. - Africa
Partnership".

 

"I'm fully invested in this summit because of its proven impact and its
potential to drive development across Africa," said John Olajide, CCA
chairman, a Dallas-based Nigerian entrepreneur who heads Axxess, a
healthcare technology company, and Cavista Holdings Limited, an investment
firm engaged in technology, agriculture, hospitality, fintech, and energy.

 

CCA has played a critical role in promoting U.S.-Africa trade and investment
since it was established in 1993 by American companies with African
interests. Since the first " 'Attracting Capital to Africa.' Summit was held

 

Since 1997, the Summits have been held in Washington, DC and several other
U.S. cities - Dallas in 2024 - and in Addis Ababa, Cape Town, Gaborone,
Maputo and  Marrakesh.

 

 

 

Niger Republic Moves to Nationalize Power Utility Nigelec

The decision, confirmed at the June 19 Council of Ministers meeting,
transfers all capital and assets to the state and dissolves NIGELEC's Board
of Directors

The government aims to regain strategic control of the electricity sector,
which is considered vital to national development

The Nigerien government has announced the full nationalization of the Niger
Electricity Company (NIGELEC), ending its status as a mixed-ownership firm.
The decision, confirmed at the June 19 Council of Ministers meeting,
transfers all capital and assets to the state and dissolves NIGELEC's Board
of Directors. Minority shareholders will be compensated.

 

NIGELEC, previously over 99% state-owned with minor stakes held by local
banks, cities, and staff, had a capital base of over 76 billion FCFA.
Despite this, the company struggled with structural deficits and weak
operational performance. Overspending and lax internal controls contributed
to persistent financial fragility.

 

The government aims to regain strategic control of the electricity sector,
which is considered vital to national development. Officials say the
nationalization will allow for more coherent energy policy direction and
effective oversight.

 

NIGELEC had previously undergone several reforms and privatization efforts
without lasting results. This new phase is intended to restructure
governance, eliminate inefficiencies, and establish a more sustainable
foundation for electricity production and distribution in Niger.

 

Daba is Africa's leading investment platform for private and public markets.
Download here

 

Key Takeaways

 

Niger's decision to nationalize NIGELEC underscores deeper challenges in its
energy sector. Despite decades of partial liberalization and repeated reform
attempts, the state utility remains financially weak. Structural deficits
persist despite government bailouts and investment, while internal
governance has failed to enforce budget discipline. Employee benefits--such
as steep electricity discounts, bonuses, and gifts--have added to costs. The
firm's credibility has eroded among creditors, investors, and even
customers. Its chronic inefficiency is emblematic of broader public utility
struggles in West Africa, where infrastructure gaps, rising demand, and weak
institutions constrain delivery. Electricity access remains a major
bottleneck to economic development in Niger. According to the World Bank,
just 20% of Niger's population had access to electricity in 2022, among the
lowest rates globally. Load shedding, high technical losses, and limited
rural access are common. By bringing NIGELEC fully under public control, the
state aims to reset the sector's governance model.

 

Read the original article on Daba Finance.

 

 

 

Angola: American Firm Hydro-Link And Mitrelli Partner On a $1.5 Billion
Investment for a Critical African Power Transmission Line

In a move that heralds new interest in Africa as an investment destination
by the American company, HYDRO-LINK, a New York-based energy investor, to
build a 1,150-kilometer (720 miles), approximately $1.5 billion electricity
transmission line between Angola and the Democratic Republic of the Congo
(DRC) today signed a Memorandum of Understanding (MoU) with Swiss-based
Mitrelli Group, which has joined as a major investor and partner, bringing
decades of experience in Angola to help deliver the project. Additionally,
HYDRO-LINK is expected to sign the MoU with the Government of Angola
tomorrow, underscoring this important infrastructure collaboration between
Africa and a US private sector investment.

 

Announced during the Corporate Council on Africa's 17th U.S.-Africa Business
Summit in Luanda, this is the first of three foundational MoU's that will
underpin investment in new power transmission infrastructure to unlock the
economic potential of the DRC's mineral wealth.

 

Shortages of electricity in the DRC are commonplace. System unreliability
disrupts the mining and processing of critical minerals and rare earth
elements. Meanwhile, Angola enjoys a surplus of energy at its hydroelectric
power plants, with additional capacity due to come online soon. Aligning
supply with demand across borders, the project will channel the abundant
hydropower potential of the Kwanza River to supplement power delivery in
Angola and extend it to the energy-hungry Copperbelt region of southeastern
DRC.

 

Scheduled for completion in 2029, HYDRO-LINK will serve both African and
American strategic interests. The transmission line will promote regional
energy integration, provide energy security to the DRC, support the
development of industrial hubs for local manufacturing and mineral
processing, and create thousands of local construction jobs. While primarily
designed to power mining operations, the line will also connect to load
centers in both Angola and the DRC supplying much-needed electricity for
public use.

 

Mitrelli brings to HYDRO-LINK full turnkey capabilities — from project
development and financing to on- the-ground execution. Their track record of
delivering energy and infrastructure solutions at national scale, combined
with strategic alignment with government stakeholders, financial
institutions, and the

 

UN Sustainable Development Goals, positions Mitrelli as a key force in
ensuring HYDRO-LINK meets its promise of transforming regional energy access
and powering economic growth across Angola and the DRC.

 

 

HYDRO-LINK

Paul Hinks, Chairman & CEO HYDRO-LINK (left); Rodrigo Manso, CEO, Mitrelli
(right) signing a Memorandum of Understanding (MoU) in Luanda at the
U.S.-Africa Business Summit.

The HYDRO-LINK project is a private sector investment that will place large
manufacturing orders with factories in several U.S. states – a shift from
the common practice of sourcing from other parts of the world for
infrastructure projects in Africa. HYDRO-LINK has also signed an MoU with
Sargent & Lundy, a global leader in engineering and design for the power
industry, who will provide Owners Engineer and Independent Engineering
services.

 

HYDRO-LINK's high U.S. content makes it a truly American endeavor that will
serve as a model for future energy infrastructure projects on the African
continent.

 

Commenting on the signing of its MoU with Mitrelli, Chairman and CEO of
HYDRO-LINK, Paul Hinks said: "Angola and the DRC's minerals are essential
commodities in today's global economy and they drive the technology of the
future. Today, the DRC's mining sector is being constrained by unreliable
electricity supplies and together with Mitrelli, HYDRO-LINK will help
improve output by providing reliable, affordable power."

 

Haim, Taib, Founder and President of Menomadin and Mitrelli Group said:
"This partnership with HYDRO-LINK is a strategic move to jointly advance
regional economy and reflects our long-standing commitment to sustainable
development in Africa. Beyond enabling trade and industrial growth, we
believe infrastructure must serve the people, ensuring that energy access
empowers communities, supports local development, and creates new
opportunities for the millions living along this vital route in Angola."
Rodrigo Manso, Mitrelli CEO, added: "Our deep local knowledge, experienced
teams, and on-the-ground execution capacity allow us to deliver
infrastructure that works technically, socially and economically. We're
proud to bring these capabilities to HYDRO-LINK and help drive lasting
impact across the region together."

 

FACT SHEET

 

About HYDRO-LINK

HYDRO-LINK is a Special Purpose Company and investment vehicle created to
deliver a landmark $1.2 billion energy infrastructure project between Angola
and the Democratic Republic of Congo (DRC). Backed by leading power
engineering firms with decades of experience in Africa and other emerging
markets, HYDRO-LINK is developing a high-voltage transmission line of over
1,100 kilometers to deliver excess hydropower from Angola's Kwanza River to
major mining operations in the DRC. The project will also supply electricity
to businesses and underserved communities along the route, supporting
inclusive growth and regional development through sustainable energy access.
Learn more at hydro- link.us

 

 

HYDRO-LINK

L - R: Alex van Hoeken, partner HYDRO-LINK; António Henriques da Silva,
partner HYDRO-LINK; Haim Taib, Founder and President of Menomadin and
Mitrelli Group; Paul Hinks, Chairman and CEO, HYDRO-LINK; Rodrigo Manso, CEO
Mitrelli

About Mitrelli

Mitrelli, a Swiss-based international company, with more than a decade of
profound impact and over 100 national-scale projects across the continent,
is committed to driving sustainable economic and social growth. Through
strategic partnerships with African governments, financial institutions, and
communities, we provide transformative, turnkey solutions supported by
diverse funding models that support the United Nations' Sustainable
Development Goals (SDGs). We deliver customized solutions across six sectors
– urbanization, water & food security, energy, education, healthcare, and
technology – transforming millions of lives. With 10 locations across 4
continents, Mitrelli fosters local employment, domestic sourcing, and
collaboration to build a more sustainable tomorrow. For more information,
visit www.mitrelli.com and follow Mitrelli on LinkedIn .

 

About Sargent & Lundy

Sargent & Lundy is one of the world's longest-standing full-service
architect engineering firms. Founded in 1891, the firm is a global leader in
power, energy and decarbonization with expertise in grid modernization,
renewable energy, energy storage, nuclear power, conventional power,
environmental services, carbon capture and hydrogen. Sargent & Lundy
delivers comprehensive project services – from consulting, design and
implementation to construction management, commissioning and
operations/maintenance – with an emphasis on quality and safety. The firm
serves public and private clients in the power, energy, gas distribution,
industrial and government sectors. For more information, visit
sargentlundy.com and follow the firm on LinkedIn .

 

Potential communities and mining areas targeted:

 

Angola: Saurimo, Cuango, Lucapa, Luena, and numerous mines.

DRC: Dilolo, Kisenge, and Kolwezi and numerous mines.

Technical specifications:

 

Voltage & Design: 400kV AC, double circuit, quad conductors per phase

Length: Approx. 1,150 kilometers

Transmission Towers: ~3,500 steel lattice towers

Insulators: US-manufactured 400kV polymer (Hubbell Power Systems - TBC)

Conductors: ACCC® carbon core, US-patented, high-capacity wire.

OPGW: 24-fiber Optical Ground Wire for telecommunications, leasing fibers.

Substations: Air-insulated 400kV with 15kV–400kV step-up transformers and
132kV feeders

STATCOMs: Static Compensators which are reactive power management stations
in both Angola and the DRC

SCADA System: Full network control via fiber-connected remote stations

 

 

 

 

South Africa Signs U.S.$1.5 Billion Loan With World Bank

The South African government and the World Bank have signed a US$1.5 billion
Development Policy Loan Agreement that will assist in unlocking key
infrastructure bottlenecks, particularly in the energy and freight transport
sectors.

 

In a statement on Monday, the National Treasury explained that the loan is
aimed at supporting critical structural reforms to enhance the efficiency,
resilience, and sustainability of the country's infrastructure services.

 

The loan support is anchored on three key pillars of structural reform:
improving energy security, enhancing the efficiency and competitiveness of
freight transport services, and supporting South Africa's transition toward
a low carbon economy.

 

These reforms are critical enablers of inclusive growth and job creation.

 

"This partnership marks a significant step towards addressing South Africa's
pressing economic challenges of low growth and high unemployment.

 

"The financing forms part of the government's broader efforts to implement
structural reforms that strengthen public institutions, crowd in private
investment, and improve service delivery across priority sectors of the
economy," National Treasury said.

 

The financing terms of the loan are in line with National Treasury's
financing strategy.

 

Specifically, the loan offers both favourable interest rates and flexible
repayment terms, contributing to minimising increase in debt service costs.

 

The financing terms of the World Bank loan are as follows:

 

Nominal value: US$1.5 billion,

Maturity: 16 years with a 3 year-grace period,

Interest rate: 6-month Secured Overnight Financing Rate (SOFR) plus 1.49%.

"The National Treasury wishes to express its appreciation to the World Bank
for its continued partnership and support in advancing South Africa's
development objectives. This agreement reinforces the strong and
constructive collaboration between the World Bank and the government of
South Africa."

 

Read the original article on SAnews.gov.za.

 

 

 

Nigeria: NNPC Increases Petrol Price

Recently, global economic uncertainties have led to fluctuations in crude
oil prices, resulting in corresponding changes in retail fuel prices.

 

The Nigerian National Petroleum Company Limited (NNPC Ltd) has increased the
price of petrol in its retail stations.

 

A PREMIUM TIMES correspondent observed Monday afternoon that NNPC Ltd
outlets in the Central area of Abuja, the Federal Capital Territory,
adjusted the pump price of petrol to N945 from N885.

 

NNPC increase comes days after Dangote refinery increased its ex-depot
petrol price to N880 per litre from N825.

 

At one of the NNPC retail outlets in Lugbe, a pump attendant told this
newspaper that the price was increased on Monday morning.

 

At the NNPC station located in the Central Business District, the station
manager confirmed the development to PREMIUM TIMES.

 

In Lagos, this newspaper observed that the price was increased to N915 per
litre from N870.

 

Other stations

 

At AA Rano outlet in Area 8, Garki, pump price increased from N910 to N955
per litre. At Conoil in the Central Area, the price was increased from N900
to N945 per litre.

 

The prices of crude oil and refined petroleum products are highly
susceptible to volatility in the international oil market. When crude oil
prices surge, it directly affects the retail prices of fuel at filling
stations.

 

Recently, global economic uncertainties have led to fluctuations in crude
oil prices, resulting in corresponding changes in retail fuel prices.

 

The Public Relations Officer, Independent Petroleum Marketers Association of
Nigeria (IPMAN), Chinedu Ukadike said the rise in price is deregulation at
work.

 

Mr Ukadike said, "The pump price is determined by a few factors. The most
significant is the price of crude oil. Then you talk about exchange rate and
other costs of operations."

 

Earlier in March, NNPC Ltd reduced the price of petrol in its retail
stations. At the time, the then NNPC Ltd spokesperson, Olufemi Soneye, told
PREMIUM TIMES that since deregulation, the company has consistently adjusted
prices in various areas in response to market dynamics. He noted that these
adjustments occur regularly, reflecting the influence of market forces.

 

Read the original article on Premium Times.

 

 

 

Somalia Launches Ambitious Century Vision Plan 2060 to Transform the Nation
Into a Prosperous, Unified Middle-Income Country

In a landmark move signaling a bold new era for Somalia's future, President
Dr. Hassan Sheikh Mohamud today officially launched the country's Century
Vision Plan 2060 in the capital, Mogadishu.

 

The plan aims to transform Somalia into a peaceful, unified, and
economically thriving middle-income nation by the year 2060.

 

Known as "Hiigsiga Qarni-jirka 2060-ka," the long-term development roadmap
is built on seven interconnected national development strategies, each
structured into five-year phases. The plan emphasizes national unity,
economic resilience, stability, and integration into the global economic
system.

 

Speaking at the high-profile event, Hassan Aden Hosow, the President's
Economic Advisor and Chair of the National Economic Council, said the
initiative marks a defining chapter in Somalia's national journey.

 

"If this vision is fully implemented, Somalia will become a prosperous
nation," Hosow told the state media, echoing the administration's optimism.

 

The plan was unveiled on Monday, June 23, 2025, during an official ceremony
held in Mogadishu, drawing high-level participation from across Somali
governance and international partners.

 

The launch drew a diverse gathering of key Somali leaders and stakeholders
including:

 

Prime Minister Hamza Abdi Barre

Ministers from across federal ministries

Members of both Houses of the Somali Parliament

Representatives from the international community

Civil society actors and distinguished guests

Somalia, a country that has spent decades rebuilding from conflict and
fragmentation, is now poised to look far ahead. President Hassan Sheikh and
his administration are aligning national policy with long-term goals for
peace, economic diversification, and regional leadership.

 

The plan outlines measurable targets for:

 

Economic growth: Expanding infrastructure, digital transformation, and
rural-urban integration.

National cohesion: Federal harmony and inclusive political dialogue.

Security and stability: Sustainable peace through governance reform.

Social welfare: Education, health, and youth employment.

In his remarks, Minister of Defense Ahmed Moalim Fiqi emphasized the
far-reaching impact of the plan:

 

"The 2060 Century Vision will bring transformative change to our country and
its people."

 

The conference will continue for three days, with technical sessions and
panel discussions focusing on:

 

Policy implementation mechanisms

Economic modeling and forecasting

International partnership frameworks

Monitoring & evaluation systems

Somalia's economy has shown signs of resilience in recent years, with
remittance flows, telecommunications, and agriculture providing key economic
lifelines. However, challenges such as political instability, insecurity,
and climate shocks have hampered sustained development.

 

With the unveiling of the 2060 Vision, Somali leadership seeks to set a new
trajectory--one that positions Somalia not only as a stable democracy but as
a rising force in East Africa and the Arab region.

 

The Vision 2060 initiative isn't just a strategic blueprint--it's a
declaration of confidence in Somalia's future. It reflects a growing
consensus among Somali policymakers, institutions, and citizens that the
country's next chapter must be ambitious, inclusive, and forward-thinking.

 

As the summit continues, eyes across the Horn of Africa and beyond will be
watching closely to see how Somalia turns this vision into a reality.

 

Read the original article on Radio Dalsan.

 

 

 

Nigeria's Tax Reforms Are Promising but Who Will Hold the (New) Nrs
Accountable?

One glaring omission in the bills is the failure to codify the FIRS' cost of
collection.

 

The tax reform bills represent a major opportunity to reshape Nigeria's
fiscal future. If implemented faithfully, they could usher in a more
efficient, credible, and responsive tax system. The creation of the Tax
Ombudsman in particular is a bold step toward institutional accountability.
But success will depend not on legal texts alone, but on the strength of
leadership, the quality of enforcement, and the willingness to evaluate and
adapt.

 

When I learnt that the Tinubu administration was inaugurating a Presidential
Committee on Fiscal Policy and Tax Reforms, I was cautiously optimistic. As
one who has spent nearly a decade studying tax reform in Nigeria, I've seen
too many promising initiatives stall or collapse under poor design, lack of
coordination, or political interference.

 

Take, for instance, the FIRS' protracted struggle with implementing unified
digital tax systems. Over the years, the agency has experimented with
multiple platforms, often without interoperability. Or consider the
challenge of aligning tax administration with Nigeria's fragmented identity
infrastructure - BVN, NIN, voter IDs, and others - which has undermined
reliable taxpayer tracking. These examples illustrate a broader truth:
technical solutions cannot succeed without robust, accountable institutions
supporting them.

 

So, when the committee, led by Taiwo Oyedele, the Africa Tax Leader at PwC,
was announced and its mandate laid out, I was hopeful. After months of
robust stakeholder engagement and legislative scrutiny, four significant tax
reform bills are now nearing presidential assent:

 

The Nigerian Revenue Service (Establishment) Bill

The Nigerian Tax Administration (Provisions) Bill

The Joint Tax Board (Establishment) Bill

The Nigeria Tax Reform Bill 2024

This is no small feat. But amidst the public discourse on rates, exemptions,
and thresholds, we must urgently ask: how will these reforms be implemented
and who will hold Nigeria's tax authorities accountable?

 

Power Is Still Over-Concentrated

 

My doctoral research, which included nearly a year speaking with
stakeholders of the Federal Inland Revenue Service (FIRS), demonstrates that
one of the institution's core vulnerabilities is the excessive
centralisation of power. Traditionally, the same individual has served as
both the Executive Chairman and the Chief Executive, thereby concentrating
authority and blurring the lines of accountability.

 

The Senate passed bill attempts to separate the powers by assigning the
President as Chair of the Board and introducing an Executive Vice Chairman
(EVC), subject to Senate confirmation, to head the day-to-day operations.
This is different from the original draft bill, which mostly restates the
current dual arrangement of the Executive Chairman as the Chief Executive.
Regardless of which model has been adopted by the conference committee,
neither does much in practice to decentralise power, as the president will
not be involved in daily matters. A more effective model would have created
a truly independent administrative head, perhaps appointed by the Board from
within the service.

 

One glaring omission in the bills is the failure to codify the FIRS' cost of
collection. While many assume it operates on a fixed share, the reality is
that its funding is subject to yearly appropriations by the National
Assembly. This has created space for political pressure and fiscal
uncertainty... By contrast, the Nigeria Customs Service (NCS) enjoys a 7 per
cent cost of collection enshrined in law. There is no clear reason why the
FIRS, Nigeria's premier tax institution, should not have similar legal
protections.

 

Even more concerning are reports suggesting that executive directors might
be political appointments. While the current bill provides for eight
coordinating directors to be appointed by the Board, any deviation would
deeply compromise institutional independence and professionalism.

 

Vague Removal Clauses Invite Abuse

 

The bills allow for the removal of FIRS leaders "in the public interest or
in the interest of the Service", which is a broad and subjective clause. As
Nigeria's experience with Central Bank governors shows, even institutions
that appear structurally protected can be undermined when legal ambiguities
are exploited.

 

Instead of relying on vague criteria, leadership should be assessed and, if
necessary, removed on the basis of objective, results-based metrics. The
bills could also introduce safeguards like overlapping tenures to preserve
institutional memory, and penalties for failing to meet governance
benchmarks (e.g., holding four board meetings per year or convening meetings
upon request by board members, as required by the bill).

 

Financial Autonomy: Still Not Guaranteed

 

One glaring omission in the bills is the failure to codify the FIRS' cost of
collection. While many assume it operates on a fixed share, the reality is
that its funding is subject to yearly appropriations by the National
Assembly. This has created space for political pressure and fiscal
uncertainty.

 

By contrast, the Nigeria Customs Service (NCS) enjoys a 7 per cent cost of
collection enshrined in law. There is no clear reason why the FIRS,
Nigeria's premier tax institution, should not have similar legal
protections. Flexibility is important, but so is stability and independence.

 

Operational Interference Remains Unchecked

 

Another weak spot is the persistent informal interference in recruitment,
promotions, and interdepartmental postings. While formal exams exist, the
process is opaque, with staff often receiving scores without access to their
scripts. This limits transparency and opens the door to patronage.

 

Although not everything can be legislated, the FIRS can take proactive
steps: outsourcing recruitment, conducting independent departmental audits,
and providing transparent feedback at key stages in hiring. These reforms
would protect meritocracy and boost confidence within and outside the
Service.

 

Beyond legal reforms, one critical element is still missing: an independent
evaluation framework. Reforms should be assessed annually using agreed
performance metrics, both internally by the FIRS and externally by
independent research bodies or civil society organisations. These external
"shadow reports" would serve as complementary reviews of official data,
promoting transparency, encouraging public debate, and helping policymakers
identify unintended consequences or emerging challenges.

 

The Most Promising Innovation: The Tax Ombudsman

 

Perhaps the most forward-looking reform is the creation of the Office of the
Tax Ombudsman, an independent oversight body with a bold mandate. The new
bill empowers the office to, among other things:

 

Provide information and raise awareness of taxpayer rights and obligations

Identify and review systemic and emerging issues on fiscal policies

Serve as a watchdog against any arbitrary fiscal policy of the government.

These functions are critical, especially in a context where taxpayers feel
disempowered and the system lacks trust. But one flaw remains: the Ombudsman
is expected to report to the Minister of Finance. This creates a conflict of
interest, especially when the office must investigate or criticise
government policy.

 

For true independence, the Ombudsman should report directly to the President
and the National Assembly. Just as importantly, its leadership should be
drawn from institutions that have earned credibility for impartiality and
technical expertise, such as the Tax Appeal Tribunal. Appointing a generic
tax consultant with no adjudicatory experience would be a lost opportunity.

 

Evaluation: The Missing Pillar of Reform

 

Beyond legal reforms, one critical element is still missing: an independent
evaluation framework. Reforms should be assessed annually using agreed
performance metrics, both internally by the FIRS and externally by
independent research bodies or civil society organisations. These external
"shadow reports" would serve as complementary reviews of official data,
promoting transparency, encouraging public debate, and helping policymakers
identify unintended consequences or emerging challenges. Support for
independent research activities should be encouraged and promoted.

 

Conclusion

 

The tax reform bills represent a major opportunity to reshape Nigeria's
fiscal future. If implemented faithfully, they could usher in a more
efficient, credible, and responsive tax system. The creation of the Tax
Ombudsman in particular is a bold step toward institutional accountability.
But success will depend not on legal texts alone, but on the strength of
leadership, the quality of enforcement, and the willingness to evaluate and
adapt. The best laws in the world cannot preempt every future challenge.
What they can do is build institutions capable of evolving and holding power
to account.

 

That's the real reform Nigeria needs, and the one we must continue to fight
for.

 

Edidiong Bassey, a lecturer at Cardiff University, had his doctoral degree
focused on tax reform and public administration in Nigeria.

 

Read the original article on Premium Times.

 

 

 

 

Africa-U.S. Business Summit Kicks Off in Luanda

Addis Ababa, — Ethiopia is participating in the summit, which officially
began early this morning in Luanda, Angola.

 

A high-level Ethiopian delegation, led by President Taye Atske Selassie,
arrived in Luanda on Sunday for the Business Summit.

 

Upon arriving in Luanda, the delegation received a warm welcome from
high-level Angolan government officials.

 

This year's U.S.-Africa summit is unique, particularly given that it is
taking place shortly after the U.S. shifted its policy toward the continent
to focus on investment and commerce.

 

This shift highlights a transition from an aid-heavy model to one rooted in
investment, infrastructure, and deal-making as part of the "America First"
foreign policy of the Donald Trump administration.

 

The highly anticipated summit has brought together over 1,500 delegates,
including African leaders, ministers, senior U.S. and African government
officials, and business leaders.

 

Organized by the Corporate Council on Africa (CCA) in collaboration with the
Angolan government, the summit will cover opportunities for expanding
U.S.-Africa trade, investment, and business relations.

 

President Taye will deliver a keynote speech at the event and hold bilateral
discussions on the sidelines of the summit.

 

ENA has learned that other members of the delegation are expected to
participate in panel discussions and other important sessions.

 

Read the original article on ENA.

 

 

 

African Finance Ministers Shouldn't Be Making Bond Deals - How to Hand Over
the Job to Experts

Eurobonds, debts owed in a foreign currency, have become a quick and
attractive way for African countries to borrow money. They are behind a
sharp rise in commercial borrowing as a percentage of total external debt:
it has nearly doubled from 27% in 2011 to 52% in 2020. This has increased
the debt vulnerability of most African countries.

 

Recent developments, however, show that most of the bonds have not been
structured properly. As a result, African countries are paying way over the
odds relative to their sovereign risks.

 

Based on my bond price modelling expertise, it is my view that there are two
major drivers of the mispricing of African government bonds. They are
interlinked.

 

Firstly, a lack of expertise in debt management offices, whose job it is to
negotiate the terms of any debt deals and to oversee their execution. This
is a topic I explored in a recent article.

 

Read more: African countries are bad at issuing bonds, so debt costs more
than it should: what needs to change

 

The second factor, which I address here, is that in many African countries,
finance ministers have assumed primary responsibility for Eurobond issuance.
They engage directly with investment bankers, legal advisors and credit
rating agencies.

 

In my view they shouldn't.

 

Finance ministers should stay away from debt negotiations because they are
political appointees. They operate under incentives tied to electoral
cycles, not fiscal sustainability. Their short tenures and desire to fund
visible projects often conflict with the long-term nature of sovereign debt
obligations.

 

They don't have the necessary expertise to handle the technical complexity
required to get the best possible deal, either.

 

Simply calling for ministers to step aside would ignore the institutional
realities in most African countries. In particular, debt management offices
have severe capacity constraints.

 

Nevertheless, as global financial conditions tighten and African countries
seek to refinance maturing Eurobonds or issue new instruments, the risks of
politicised borrowing must be minimised. Ministers should spend their
energies on ensuring their debt management offices are well staffed with top
quality teams. They should then leave it up to these technical staff to
prepare and arrange the financing.

 

This would leave room for ministers to manage any disagreements between
technical staff and the banks when necessary. And to close the final deal.

 

Ministers versus the experts

 

Eurobond issuance involves advanced financial engineering - pricing models,
investor engagement, covenant structuring and legal compliance across
jurisdictions. It takes a deep understanding of capital markets.

 

When debt management offices are operating at their best, they are filled
with people who have this knowledge. They have a combination of financial
market and public policy skills, including debt portfolio management, risk
analysis and debt transaction processing.

 

In discussions with debt managers at the African Sovereign Debt Conference
it's become clear to me that debt managers are sidelined in the
international bond issuance negotiations. They are also sidelined in the
execution process, except for administrative support.

 

What happens instead is that finance ministers are usually key contacts of
the investment bankers. By approaching a minister directly, investment
bankers get to close their mandates faster.

 

But this minimises due diligence and bypasses internal safeguards. Ministers
may not pay attention to complex legal clauses under foreign jurisdictions,
details of investor negotiations and fee structures. They may accept
unfavourable terms, ignore sustainability assessments and obscure fiscal
vulnerabilities in pursuit of political wins and quick disbursements.

 

For example, in 2018, Ghana's then finance minister was internationally
lauded for financial stewardship. Ghana was the first African issuer of a
longest tenure and a zero-coupon bond. A year later, the country defaulted,
suggesting the bond terms weren't great for the country. The minister
nevertheless received several awards as the best and most prudent in Africa.

 

There is also the issue of conflicts of interest. When the same actor - in
this case the finance minister - proposes, negotiates and approves a debt
instrument, the system lacks accountability.

 

In many African countries, parliaments, audit institutions and civil society
have limited understanding about the technical details of bond agreements.
Ministers can easily sideline procurement rules and transparency mechanisms,
resulting in non-competitive contracts and opaque fees paid to underwriters
and advisors.

 

Investment bankers prefer this arrangement as it works in their favour.

 

Reforms that are needed

 

Before finance ministers can hand over control, debt management offices must
be equipped. This requires targeted reforms, including:

 

Capacity building through strategic partnerships: African debt management
offices should work with international issuing syndicates and development
partners to gain first-hand exposure to structuring, pricing and marketing
global bonds.

Human capital reforms: Governments must attract and retain highly skilled
debt managers by offering competitive pay, professional development
opportunities and protection from political interference.

Debt management offices must be staffed by dedicated quantitative analysts.
They must also be equipped to use real-time market intelligence systems and
formal investor relations programmes.

Gradual delegation: Authority can be shifted, starting with less complex
debt instruments.

The role of the finance minister must evolve. Ministers should provide
strategic leadership: approving borrowing strategies, ensuring alignment
with macroeconomic goals, and engaging parliament and the public.

 

Their function should shift from operational to institutional oversight and
accountability.

 

Structural reforms must embed the capacity, autonomy and transparency
required for debt management offices to lead effectively.

 

In South Africa, for example, the assets and liabilities management division
of the National Treasury department manages government's annual funding
programme.

 

Professionalising the debt issuance process is not just about avoiding
technical mistakes. It's also about creating resilient institutions that can
withstand political turnover. That fosters credibility and long-term access
to capital.

 

Ministers should remain accountable to the public, and debt management
offices must do their work based on technical merit.

 

Misheck Mutize, Post Doctoral Researcher, Graduate School of Business (GSB),
University of Cape Town

 

This article is republished from The Conversation Africa under a Creative
Commons license. Read the original article.

 

 

 

 

 

 

 

 

 

 

 

 


 


 


 Invest Wisely!

Bulls n Bears 

 

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INVESTORS DIARY 2025

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 

 


Companies under Cautionary

 

 

 


 

 

 

 


CBZH

GetBucks

EcoCash

 


Padenga

Econet

RTG

 


Fidelity

TSL

FMHL

 


 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

 


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