Major International Business Headlines Brief::: 10 March 2025

[Bulls n Bears]

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Major International Business Headlines Brief:::  10 March 2025 

 


                                                                                  

 


 <mailto:info at bulls.co.zw> 

 


 

 


 

ü  Nigeria: Let Tetfund Be, Until Fiscal Reform Supports an Effective Alternative

ü  Uganda: Johnnie Walker Honors 'Fearless Women' Shaping the Future of Marketing.

ü  Nigeria: Why Anambra Pulled Out From World Bank Loan Arrangement - Soludo

ü  Nigeria: Kaduna Pays N97m Counterpart Funding for Bus Transit Project

ü  South Africa: People Living in Abandoned Cape Town Building Face Eviction

ü  Nigeria: Exclusive - How Sterling Bank Opened Account, Received Billions for Unregistered Firm

ü  Uganda: A Small Clique Is Destroying Uganda's Future - Bobi Wine

ü  Egypt: Prime Minister Meets With the Governor of the Central Bank to Follow Up On Several Issues

ü  Rwanda Moves to Regulate Virtual Assets With New Draft Law

ü  Nigeria: Reps Secure $37.4m Owed to Govt By 7 Oil Companies

ü  North Korean hackers cash out hundreds of millions from $1.5bn ByBit hack

ü  Trump says US economy in 'transition' as trade war escalates

ü  The 'anti-Trump' numbers man who may force the UK to take a side

ü   

 


 <mailto:info at bulls.co.zw> 

 


 

Nigeria: Let Tetfund Be, Until Fiscal Reform Supports an Effective Alternative

"Government should actually take the funding of education with all the seriousness it truly deserves in the public interest."

 

An overhaul of Nigeria's tax template will subject monies accruable to the Tertiary Education Trust Fund (TETFUND) to graduated cuts for five years, beginning this year, if a legislative seal is given to a proposed plan of the Tinubu administration. This would certainly vitiate its interventionist role in the tertiary education sector. What is more, the agency is now programmed to get zero direct funding in 2030, and thereafter.

 

As embedded in the Tax Reform Bill 2025 under consideration in the National Assembly, the agency will receive 50 per cent of its funds in 2025 and 2026; and 66 per cent in 2027, 2028 and 2029. Its loss from this arrangement would be gained by the newly created Nigerian Education Loan Fund (NELFund). Others to be gainers are the National Information Technology Development Agency (NITDA) and the National Agency for Science and Engineering Infrastructure (NASENI). These are expressly stated in Section 59 (3) of the tax bill from the executive arm of government.

 

 

Miffed by this, the Academic Staff Union of Universities (ASUU) has called on the President of the Senate, Godswill Akpabio, and his House of Representatives counterpart, Tajudeen Abass, to halt the proposal, drawing their attention to its inherent danger, amid the gross underfunding of higher education in the country. ASUU's statement on the matter said, it was its "considered view that abrogating the TETFund Act of 2011 by design, or default, will be a great disservice, not just to education but to Nigeria as a nation." It added that, "...giving zero allocation of Development Levy to TETFund as from 2030 is a technical way of abrogating the agency." PREMIUM TIMES understands the union's concern, as virtually all the infrastructural support financing that public universities receive are from TETFund.

 

 

But the Special Adviser to the President on Information and Strategy, Bayo Onanuga, in a spirited rebuttal said that, "Government agencies like NASENI, TETFund and NITDA will continue to be funded through budgetary provisions supported by company income tax and other levies paid by businesses, which are currently overburdened by special taxes." There is an attempt to obfuscate or confuse issues by the presidential spokesman, with his statement underscoring that the tax bills "do not propose that NASENI, TETFund and NITDA will cease to exist in 2029, following the bill's passage." This is clearly not the point.

 

At issue are the suggested decreased funding of TETFund between 2025 and 2029 and its zero allocation from the development fund in 2030, and thereafter, which he avoided commenting on. Therefore, the denial misaligns with the provisions of the Tax Bill and ASUU's response to this. Guile such as this signals doubts about the government's sincerity of purpose.

 

 

While our tax system should be progressively reformed in the best interest of the nation, which we had robustly supported in an earlier editorial, "Let the tax reforms bills be," of 9 December 2024, but the component on dissipating accruals to the TETFund in the next five years, seems to us as ill-advised, and at odds with the progress of tertiary education in the country.

 

Nigeria's present fiscal reality does not support annual budgetary provisions as a dependable source of funding tertiary education. TETFund was established precisely because the government was unable to adequately fund the university system in earlier years. Several other sectors have not fared better, as can be seen in the 2024 fiscal cycle. The Minister of Health and Social Welfare, Ali Pate, for instance, recently decried the release of only 15.06 per cent of the ministry's capital expenditure. This represents just N26.55 billion out of the N233.69 billion outlay in the 2024 budget. Also, the ministry is yet to collect a kobo from its N57.39 billion multilateral and bilateral loans for capital projects in the same budget.

 

This scenario is suspect. There is a N13 trillion deficit in the 2025 budget, an increase of N4 trillion from the N9 trillion in 2024. A rational deduction to make from this is the likelihood of an annual spike. With the N6.04 trillion used for servicing debts in the first half of the same year, as against N3.58 trillion used for the corresponding period in 2023, government should hold its breath on TETFund's fiscal alteration.

 

TETFund was created out of ASUU's ingenuity and perennial strikes for better funding of tertiary education in Nigeria. Set up in 1993 under the military through a decree as the Education Trust Fund, this fiat law was repealed and re-enacted in 2011 by the National Assembly. From the original 2 per cent as education tax deducted from the profit of companies as its source of funding, this was reviewed to 2.5 per cent in 2021 and then to 3 per cent in 2023. These spikes were not without reasons.

 

TETFund's imprints are all over public universities, polytechnics and colleges of education across the country, in their infrastructural projects such as the building of classrooms, students' hostels, establishment of libraries and furnishing them with books, in addition to the underwriting of academic staff training abroad and research.

 

Between 2009 and 2013, the agency reportedly spent N300 billion in transforming tertiary institutions, while 800 academics benefitted from its postgraduate training sponsorships. And from 2011 to 2024, it spent N1.838 trillion on funding tertiary education, with universities gulping N918.7 billion, according to the Executive Secretary of TETFund, Sunny Ochono.

 

Despite all this, the level of decay in our tertiary institutions is most embarrassing, and as a result, they cannot compete or be reckoned with globally. ASUU is routinely on strike, as it keeps up its demand of a better national academic environment. This had climaxed in the Federal Government/ASUU Agreement of 2009, renegotiated in 2012, which required the injection of N1.3 trillion, in N200 billion tranches, into the system over a five-year period. Unfortunately, this was observed in the breach. Consequently, no year has passed since then without three to six months of strike. That of 2020 spanned nine months, with a full academic year ultimately lost.

 

As far back as 2012, the Federal Government set up a committee to study the "Needs Assessment of Nigeria's Universities," which revealed a shocking deficit of 32,000 PhD holders, the minimum qualification to teach at that level. In 2013, the report was presented to the Federal Executive Council (FEC) on 1 November. It highlighted that "Students cannot get accommodation; where they get, they are packed like sardines in a tiny room," and there is "No light and water in hostels, classrooms and laboratories," among other challenges.

 

It is tempting to assume that 12 years later, significant improvement would have been made with TETFund's role. While this has helped, it is not enough still, as the government creates new universities and many universities admit students beyond their carrying capacities, and run courses that are not accredited. In some universities, more than 700 students are enrolled in a course, making lecture halls overcrowded, without seats and a lot of students standing outside and peeping through windows when lectures hold.

 

This is where ASUU and our tertiary institutions impair the system they seek to salvage. There have been cases of the so-called new universities engaged in sleights of hand, presenting staff from older universities as theirs, in order to scale through accreditation processes. This is unethical and irresponsible.

 

Yet, for TETFund, the N200 billion reckless disbursements by its past officials, which irked President Muhammadu Buhari and made him halt its 2016 budgetary allocation until further notice, are eye-openers to the many abuses that it could be susceptible to. The then Executive Secretary of the Fund, Abdullahi Baffa, had noted then that only N50 billion was properly released. It was a period "when special intervention fund was turned into something else." These are issues that need to be forestalled and critically addressed, going forward. The agency certainly needs cleansing, to provide a guardrail to its salient mandate.

 

New thinking and greater commitment to well-funded education should influence policy directions of government. Ignoring these imperatives is a recipe for worsening an already bad situation. The ugly experience of the University College Hospital (UCH), Ibadan, going for over 100 days without electricity and water, because it could not pay its bills, makes the concerns around the funding of education in the country starker. Its medical students, anguished by this disorder, were on the streets in protests a few weeks ago. Government should actually take the funding of education with all the seriousness it truly deserves in the public interest and not subject it to wiles of policy flip-flopping, indicative in the move towards a gradual undoing of TETFund.

 

Read the original article on Premium Times.

 

 

 

 

 

Uganda: Johnnie Walker Honors 'Fearless Women' Shaping the Future of Marketing.

Kampala — Johnnie Walker Uganda, through its She Walks initiative, celebrated International Women's Day on March 8th by spotlighting the resilience and leadership of women in marketing. The themed "Bold and Brilliant: Good Girls Don't Get the Corner Office," brought together accomplished and emerging marketers from diverse industries, including finance, FMCG, telecommunications, media, tech, hospitality, and creative sectors. The evening was dedicated to empowering women to take bold steps toward leadership and redefine success in their fields.

 

A distinguished panel of women leaders, including Belinda Agnes Namutebi, Coach Pamela Babirukamu, Mercy Sande Ainomugisha, and Emma Mugisha, led insightful discussions on navigating corporate challenges, overcoming self-doubt, and ensuring visibility in competitive spaces.

 

 

The panelists emphasised the importance of mentorship, continuous self-improvement, and the power of entrepreneurship, encouraging women to create their opportunities and leverage their marketing expertise to build businesses.

 

Speaking at the event, Catherine Ndungu, the Marketing Director at Uganda Breweries Limited, applauded the resilience of women in marketing, recognizing their unwavering commitment to breaking stereotypes and redefining leadership in a traditionally male-dominated industry.

 

"Marketing is a field that demands creativity, agility, and unwavering perseverance. Women in this space have faced challenges head-on, reinventing themselves, adapting to change, and proving time and time again that they belong at the top. Their resilience is a testament to their brilliance, and we at Johnnie Walker are proud to celebrate their journeys, "she said.

 

Echoing her sentiments, Christine Kyokunda, Brand Manager for Johnnie Walker Uganda, reaffirmed the brand's commitment to empowering women and creating platforms for them to thrive.

 

"Marketing is an art and a science, and the women in this room have mastered both. The leadership journey is not a straight path, but by owning our brilliance and boldly stepping forward, we shape the future of the industry. Johnnie Walker is proud to walk this journey with you."

 

Adding a touch of vibrancy to the night, dancer and choreographer Valentino Richard Kabenge led an electrifying session, teaching the attendees dance moves to Vinka's Bailando hit. The energy in the room was palpable as the women let loose, celebrating their achievements and embracing the power of movement.

 

The ladies were also taken through a whisky mentorship session by UBL Reserve Brand Ambassador Melanie, who equipped the audience with knowledge on how to best enjoy their whisky.

 

This edition of She Walks marks the third leg of the program, which kicked off last year with a mission to highlight and celebrate women making a difference in various fields.

 

"As Johnnie Walker continues its journey of championing women, the She Walks program remains a beacon of inspiration for those daring to step forward and take up space," an official said.

 

Read the original article on Independent (Kampala).

 

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Nigeria: Why Anambra Pulled Out From World Bank Loan Arrangement - Soludo

The Governor of Anambra State, Prof. Charles Soludo, has stated that he pulled the state out of the World Bank loan arrangement because it was a bad deal for the people of the State.

 

Soludo made this revelation over the weekend when the leadership of the late Ifeanyi Ubah political groups, along with some Nollywood actors and actresses, toured the ongoing construction of the Government House in Awka North Local Government Area.

 

Addressing the groups, the Governor said that Anambra State is the only state to have pulled out from the existing World Bank loan arrangement in Nigeria.

 

 

According to him, the terms and conditions of the World Bank loans were not favorable for the people of Anambra, so he decided to pull out.

 

"When I came in as governor and looked at the terms and conditions of those loans, I said it was not favorable to our people. This is a bad deal for my people. However, one could say, 'Let me collect the loans; after all, it is the next generation that will pay.' I don't have that kind of conscience. I felt the terms were a bad deal for Ndi Anambra, and I told them we don't need it.

 

"Late last year, they shared 438 million dollars among 35 states in Nigeria, but Anambra State was the only state that did not collect. We don't need to continue to mortgage the state with such loans," he said.

 

Soludo emphasized that he needs money to fund government projects, but not the kind that mortgages the future of the state and its unborn children.

 

He also pointed out that Anambra State is the only state in Nigeria where the governor's lodge is located outside the capital, and the government house has been in a makeshift building provided by a construction company for 34 years.

 

According to him, the present government house is owned by the company that constructed the Enugu-Onitsha expressway.

 

Soludo further stated that for 34 years, Anambra had no government house and no governor's lodge.

 

However, today, the state is building one of the best government houses, with 34 buildings sitting on 23 heactres of land, noting that those building can last for 250 years without touching them.

 

He also disclosed that he has not borrowed any money to fund the construction of the ongoing government house and other projects in the state. He noted that he vowed that any money handed to him on behalf of the state must be judiciously utilized for the good of the people of Anambra State.

 

Read the original article on Daily Trust.

 

 

 

 

Nigeria: Kaduna Pays N97m Counterpart Funding for Bus Transit Project

The Director General of the Kaduna State Transport Regulatory Authority (KADSTRA), Engineer Inuwa Ibrahim has disclosed that the government has released N97 million as counterpart funding for the Kaduna Bus Rapid Transit Project (KBRT), which will kickstart soon to ease mobility.

 

He further disclosed that the state has allocated N699 million in the 2025 budget to accelerate the execution of KBRT.

 

Addressing a press conference in Kaduna, he said, "In the 2025 budget, Governor Uba Sani has made a budgetary provision of N30 billion, with N5 billion set aside as part of the counterpart funding, reinforcing the commitment of his administration to seeing the project through to completion."

 

 

While expressing the commitment of Governor Uba Sani to modernising urban transport in the state, he noted that the project is a cornerstone of the Governor Uba Sani's urban mobility agenda, designed to modernise public transportation, decongest city roads, and enhance the overall quality of life for the residents.

 

He explained that the "Transformative project will introduce a 24-km dedicated transit corridor from Kawo Bridge to Sabon Tasha, with well-structured bus stations and shelters strategically placed along the route.

 

"More than just an infrastructural development, KBRT represents a shift towards a modern, efficient, and environmentally friendly transportation system that will enhance mobility, stimulate economic growth, and create job opportunities for Kaduna residents," he added.

 

Read the original article on Daily Trust.

 

 

 

 

South Africa: People Living in Abandoned Cape Town Building Face Eviction

104 Darling Street in Central Cape Town is owned by the Department of Public Works, which is releasing the property and accepting proposals for its future use.

Eviction notices issued by the department state that the building is unsafe. The building has been declared a "problem building" by the City of Cape Town.

But residents say the building is still safer than elsewhere and that they do not want to move.

Unathi Mangali's daughter was a baby when they moved into 104 Darling Street in the Cape Town city centre twenty years ago. Today her daughter is 22 years old. They are among about 30 people facing eviction from the property.

 

 

The three-storey building is owned by the National Department of Public Works and Infrastructure. It is one of 24 state-owned buildings across the country being released by the department. Eviction notices were issued to residents in February.

 

When Mangali and her family moved into the building, a shop was still operating from the ground floor, where her mother worked as a cleaner and a cook.

 

Residents used to rent their rooms from the previous tenant of the building, who was evicted, but the people living in the building were not included in the eviction order. The building was abandoned by the department. In the years since, more people have moved in.

 

"In 2016, the electricity was cut off. Since then we have been in the building without electricity. Things started getting worse," Mangali told GroundUp. She said some people left after a fire on the top floor of the building in 2017.

 

 

GroundUp visited the site last week. The burned roof of the top floor has been fixed. Several rooms have been boarded up to keep rats out. Windows are broken. Someone has erected a corrugated-iron shack in the hall.

 

Outside the building, in what used to be the parking lot, there are about 15 informal structures.

 

Mangali said she was frustrated by the eviction notice. "The unemployment rate is so high. I was retrenched. It's easier to get a job now because I'm in the city."

 

Safety Concerns

 

One of the main reasons the department wants to evict the residents is that the building has been declared unsafe. A site inspection was conducted in July 2024 and the site was officially named a problem building by the City of Cape Town last year.

 

 

In court papers, the department said it would seek an urgent eviction application on 9 April. The department contends that trees surrounding the building pose a fire hazard and that the "dilapidated building could collapse". The department owes R100,000 to the municipality for rates and taxes on the building.

 

"The building has no running water, no electricity, no proper ventilation and no ablution facilities. These living conditions are a health hazard, making the occupants and the children prone to illness," the court papers read.

 

Lennox Mabaso, Department of Public Works and Infrastructure spokesperson, said the building will likely be demolished. "It is evident to anyone that the current state of the property is not fit for human occupation," he told GroundUp.

 

During a site visit in September, officials from the City and the department did not go inside the building, citing safety concerns. Mangali said she saw them from her balcony.

 

She says it is still safer in the building than elsewhere. "We just want to be inside. We are not prepared to go anywhere. This is our home. We managed to fix the roof."

 

But she added that the building often acts as a hiding place for criminals. Mangali says there is no access control, so anyone can enter the building.

 

Grace Shauli, who moved into the building during the Covid lockdown, says it was a tough time. "There was a problem with water and the toilets. These skollies steal stuff and get inside. We have been fighting them for a long time."

 

"Even though there have been a lot of problems, we manage. If they chase me out it would be a problem to get another place to stay."

 

Shauli previously worked at a coffee shop in town which has gone out of business.

 

Request for proposals

 

In December Public Works Minister Dean Macpherson announced the release of 24 state-owned properties across the country. Public and private entities have been asked for proposals. The deadline for proposals is March 13.

 

"We are hoping to use these properties as an example of what can be achieved with underutilised state-owned properties country-wide. This process signals a shift from the department that previously hung onto properties despite serving no purpose. With this programme, the era of state-owned buildings standing empty, attracting crime to communities and chasing away investment is ending," Macpherson said in a statement.

 

After a visit to 104 Darling Street in September, Cape Town Mayor Geordin Hill-Lewis said in a statement that a new joint technical committee would help fast-track resolutions to problem buildings owned by the state.

 

"There are several rundown state-owned buildings in Cape Town that are a source of crime, and a blight on neighbourhoods ... Some of these buildings and land parcels could be released for affordable housing, while others should simply be demolished or sold so that they can be put to more productive use," he said.

 

Read the original article on GroundUp.

 

 

 

 

 

Nigeria: Exclusive - How Sterling Bank Opened Account, Received Billions for Unregistered Firm

The ICPC says Sterling Bank allowed the Kaduna State Government to make huge payments into an account owned by an unregistered entity.

 

Sterling Bank opened an account for Indo Kaduna MRTS JV Nigeria Limited--a joint venture entity set up in 2016 by the Kaduna State Government and some Indian business people--and received billions of naira on its behalf before the company was legally registered.

 

The development raises concerns about regulatory lapses in Nigeria's banking sector.

 

An Independent Corrupt Practices and Other Related Offences Commission (ICPC) investigation uncovered the alleged diversion of N1.37 billion from the N11 billion paid by the Kaduna State Government under the immediate past governor, Nasir El-Rufai.

 

 

The payments were made with respect to the state's now-abandoned light rail project.

 

The commission found that Mr El-Rufai's government made payments to Indo Kaduna MRTS JV before it was officially registered as an entity.

 

This directly contravenes banking regulations that require corporate accounts to be opened only for legally incorporated businesses.

 

Under the Central Bank of Nigeria's (CBN) Know Your Customer (KYC) guidelines, financial institutions must verify the legal status of corporate entities before opening accounts for them.

 

The rules explicitly warn against processing transactions for "brass plate" companies whose controlling figures cannot be identified. Banks are required to confirm a company's registration number, official corporate name, directors, shareholders, and principal trading address through official documents and searches at the Corporate Affairs Commission (CAC)."Because of the complexity of their organisations and structures, corporate and legal entities are the most likely vehicles for money laundering, especially those that are private companies fronted by a legitimate trading company. Care should be taken to verify the applicant's legal existence (i.e., the company) from official documents or sources and to ensure that any person purporting to act on behalf of the applicant is fully authorised.

 

 

"Enquiries should be made to confirm that the company is not merely a "brass plate company" where the controlling principles cannot be identified.

 

"The identity of a corporate company comprises its registration number; its registered corporate name and any trading Names used; its registered address and any separate principal trading addresses; its directors; its owners and shareholders; and the nature of the company's business," the manual read in parts.

 

 

The ICPC alleged that the Kaduna State government made substantial payments to Indo Kaduna MRTS JV before its legal incorporation, which breached public procurement regulations.

 

It alleged that the entity did not meet the necessary requirements when its account was opened. It was only formally registered with the Corporate Affairs Commission on 10 May 2017, despite Mr El-Rufai approving payments as early as December 2016.

 

Between December 2016 and January 2017, the then-governor authorised N11.1 billion in payments to the entity, raising questions about Sterling Bank's due diligence.

 

Standard procurement procedures require contracts to be awarded to legally recognised businesses, with proper verification of their operational status.

 

Sterling Bank's requirements

 

Sterling Bank's corporate account requirements, as published in its guidelines, include submitting a certificate of incorporation, a board resolution, a list of directors (Form C07), a shareholding structure (Form C02), tax identification number, bank verification numbers (BVN) of all directors, and corporate references.

 

Indo Kaduna MRTS JV's ability to secure an account and process transactions before its legal registration raises concerns about breach of these requirements.

 

Additionally, the CBN's KYC framework mandates a risk-based approach to corporate account openings, requiring banks to verify that applicants are not shell companies or vehicles for money laundering.

 

Financial institutions are also expected to conduct searches at the CAC to ensure that a company is not in the process of being dissolved, struck off, or wound up.

 

El-Rufai's Administration's defence

 

Reacting to the allegations, former members of the Kaduna State Executive Council (2015-2023) rejected allegations of financial mismanagement in the project, describing the ICPC move to seize N1.3 billion as unjustified.

 

In a rebuttal, the officials explained that the project was conceived in 2015 as a Public-Private Partnership, with Indian firm Skipper securing the contract. The state committed 15% of the estimated $600-700 million cost while seeking an 85% loan from India's EXIM Bank. They claimed that a feasibility study conducted by French firm Systra and GTA Engineering cost $2.8 million (N890 million) and was duly approved by the state government.

 

According to them, the project stalled when the federal government declined to provide a sovereign guarantee, leading to the recall of funds. A forensic audit later confirmed the refunds. However, the ICPC initially alleged N13 billion was missing before forcing Sterling Bank to deposit N1.3 billion--including the feasibility study cost and accrued interest--into an escrow account with the Central Bank of Nigeria.

 

The former officials accused ICPC of bypassing due process and acting under state government influence to push for an unjustified forfeiture.

 

They maintained that all transactions were legal, transparent, and properly documented, warning that the commission's actions could deter foreign investment and undermine trust in legitimate public-private partnerships.

 

Speaking on the specific allegation of paying money into the account of a yet-to-be-registered company, they argued that there were divergent opinions as to whether they should use a limited liability company registered with the Corporate Affairs Commission or a company established by the State House of Assembly.

 

"It took some time to go with Skippers' preference for a limited liability company. In any case, opening an account in the name of a company pre-incorporation is not a crime under our laws. It only means that the signatories to the account are personally liable for pre-incorporation activities. Meanwhile, the same joint venture company, Indo Kaduna MRTS-JV Nigeria Limited, was registered in India.

 

"That was why the Indian NEXIM Bank agreed to transact with the Kaduna State Government. But for the Sovereign Guarantee that could not be secured from the Federal Government, the Kaduna Light Rail Project would have been completed or be nearing completion," the statement said.

 

What it means

 

Financial analysts have raised concerns about Sterling Bank's role in facilitating transactions for Indo Kaduna MRTS JV before its legal incorporation, describing it as a clear violation of banking regulations.

 

Paul Alaje, chief economist and partner at SPM Professionals, said the findings of the ICPC report highlight systemic regulatory failures in Nigeria's financial sector.

 

"If the ICPC report is accurate, it is not just disappointing but deeply embarrassing. It shows the inequality of the law--where powerful entities operate above regulations while ordinary businesses are held to strict standards," Mr Alaje said.

 

He explained that corporate accounts should only be opened for legally registered businesses with verified documentation.

 

"Before a corporate account can be opened, a company must be legally incorporated with the Corporate Affairs Commission (CAC). This includes registration, tax compliance, and the submission of key documents such as the Memorandum and Articles of Association. A registered company is issued a certificate, which is the legal proof of its existence," he said.

 

Banks must verify a company's legal status before processing transactions under the Central Bank of Nigeria's Know Your Customer (KYC) guidelines.

 

Mr Alaje said that Indo Kaduna MRTS JV's ability to secure an account and receive payments before its official registration raises concerns about Sterling Bank's adherence to due diligence procedures.

 

"Banks must verify incorporation details before opening an account. If Indo Kaduna MRTS JV was not legally registered at the time its account was opened and payments were made, then, legally speaking, the company did not exist," he said.

 

He likened the situation to a "revenant"--a company that was effectively "dead" at the time of the transactions but later came to life after receiving billions of naira.

 

"This kind of regulatory lapse should not happen in a properly functioning financial system," he added.

 

Call for regulatory clarity

 

Economist Ilias Aliyu emphasised the need for a clear regulatory framework to address inconsistencies in business registration requirements, particularly concerning financial transactions involving unregistered entities.

 

Mr Aliyu said that while some pre-registered companies exist, the absence of a structured framework has created uncertainty. "We should have a regulatory framework that sets out the basic requirements, but it must not be overly complex," he said.

 

He suggested that the framework accommodate different types of entities, including limited companies, non-limited companies, business names, and informal groups, ensuring that all participants operate within a defined legal structure.

 

He further observed that banks sometimes engage with entities that are not formally registered despite existing regulations. "There is a gap that needs to be covered to prevent such occurrences in the future," he added.

 

Efforts to get a response from Sterling Bank were unsuccessful, as attempts to reach bank officials yielded no result. Multiple phone calls and text messages sent to officials of the bank were not attended to.

 

Dapo Martins, group chief marketing officer of Sterling Financial HoldCo, did not respond to WhatsApp messages and multiple calls.

 

Jumoke Adekoya of the bank's marketing communications unit initially responded to a WhatsApp message requesting the purpose of this newspaper's inquiry. However, upon being informed of the concerns raised, she declined to comment on the issue.

 

Read the original article on Premium Times.

 

 

 

 

 

 

Uganda: A Small Clique Is Destroying Uganda's Future - Bobi Wine

National Unity Platform (NUP) leader Robert Kyagulanyi, alias Bobi Wine, has accused a small group of powerful individuals of plundering Uganda's resources and pushing millions into poverty.

 

As the race for the Kawempe North by-election intensifies, Kyagulanyi addressed supporters in the constituency, citing recent remarks by Inspector General of Government (IGG) Betty Kamya.

 

"Out of the 49 million Ugandans, only about 35,000 people have access to public funds and can make decisions. They are the ones who steal over 10 trillion shillings each year," he said.

 

He blamed this elite group for widespread corruption, which he said has crippled essential services.

 

"They are the ones who have turned Uganda into one of the most corrupt countries in the world. They have ensured we have no functional schools, hospitals, or factories," Kyagulanyi stated.

 

He also highlighted the economic hardships that have forced many young Ugandans to seek employment abroad.

 

 

"They are the ones responsible for the mass exodus of young unemployed Ugandans who go to Arab countries to serve as maids," he noted.

 

Kyagulanyi also accused the same group of stifling dissent and using state security forces to silence critics.

 

"They are the ones who send the impoverished military and police to beat up those who speak against corruption," he added.

 

With elections approaching, the NUP leader urged Ugandans to take a stand.

 

"As we face the Kawempe North election and next year's general elections, we are asking the people of Uganda where they fall. One has to be among the 49 million oppressed tax-payers or part of the 35,000 oppressors."

 

Kyagulanyi was in Kawempe North rallying residents to support NUP's candidate, Elias Luyimbazi Nalukoola, in the upcoming by-election.

 

The Kawempe North seat became vacant following the passing of MP Muhammad Ssegirinya on January 9.

 

Ssegirinya won the constituency for NUP in the 2021 general election, making it a stronghold for the opposition party.

 

The by-election is scheduled for March 13, with NUP widely expected to retain the seat.

 

Read the original article on Nile Post.

 

 

 

 

 

Egypt: Prime Minister Meets With the Governor of the Central Bank to Follow Up On Several Issues

Dr. Mostafa Madbouly, Prime Minister, met this evening at the government headquarters in the New Administrative Capital with Mr. Hassan Abdullah, Governor of the Central Bank, to follow up on several issues.

 

Mohamed Al-Homsani, the official spokesperson for the Prime Minister's Office, stated that the meeting between the Prime Minister and the Governor of the Central Bank addressed the updates regarding dollar inflows from various sources. In this context, it was confirmed that the country's foreign exchange reserves are available at very reassuring levels.

 

Al-Homsani added that it was emphasized during the meeting that the adequate provision of dollar resources has positively reflected on the availability of various essential goods for citizens, alongside providing production requirements for factories.

 

The official spokesperson for the Prime Minister's Office indicated that the meeting confirmed the ongoing efforts to increase dollar revenues and the continued coordination between the government and the Central Bank to ensure the maintenance of a flexible and unified exchange rate for foreign currency.

 

In this context, Dr. Mostafa Madbouly expressed his gratitude to the Governor of the Central Bank for the efforts made during the past period and the continuous coordination regarding the provision of dollar needs, to ensure a reassuring stock of various goods, petroleum products, and production supplies for factories.

 

Read the original article on Egypt Online.

 

 

 

Rwanda Moves to Regulate Virtual Assets With New Draft Law

The National Bank of Rwanda (NBR) and the Capital Market Authority (CMA) have introduced a draft regulatory framework for virtual assets and virtual asset service providers, a step towards governing digital financial transactions in the country.

 

Virtual assets, also known as digital assets are increasingly seen as key in the capital market. The proposed law defines them as digital representations of value that can be traded, transferred, or used for payments and investments.

 

ALSO READ: Rwanda central bank considering cryptocurrency regulation

 

The definition extends to assets represented on blockchain or similar technologies, whether cryptographically secured or not, and includes those backed by collateral to maintain a stable value.

 

 

The framework aims to foster innovation while mitigating potential risks associated with virtual assets, prevent and mitigate money laundering and terrorist financing risks linked to virtual assets, according to officials.

 

ALSO READ: Why central bank maintains caution on crypto currencies

 

Carine Twiringiyimana, Manager of Licensing and Approvals at CMA, said that one of the primary issues raised by the Financial Action Task Force, the global money laundering and terrorist financing watchdog, is the potential misuse of virtual assets for money laundering.

 

"A key concern raised by the Financial Action Task Force is that virtual assets can be used as a channel for money laundering. That's why these regulations are being introduced to mitigate such risks while also providing clear guidance to the public and virtual asset service providers," she explained.

 

 

The draft law was released to the public on Thursday, March 6, to gauge public opinion and ensure transparency in the regulatory process.

 

ALSO READ: Central Bank warns against crypto-assets related investments

 

Twiringiyimana also said that cryptocurrency is one of the most common virtual assets in Rwanda, but tokenisation, which represents physical assets, is also part of the new regulations aimed at creating a comprehensive legal framework.

 

"One main thing the law highlights is that, the use of tokens to represent the Rwandan currency is strictly prohibited, as part of the effort to ensure that virtual assets are not misused or manipulated," she said.

 

In essence, the regulations aim to provide legal clarity and oversight not just for digital currencies but also for digital representations of real-world assets, allowing for secure, transparent, and regulated transactions in both areas.

 

 

Twiringiyimana also stated that with the introduction of the regulations, buyers will no longer have to endure unregulated transactions. Sellers will now be legally obligated to deliver exactly what they have promised to the buyer.

 

According to Article 8 of the draft law, any legal entity wishing to conduct business of virtual asset services will apply for a license to the regulatory authority (CMA) and the authority will determine requirements.

 

Traders welcome regulation

 

Gaspard Nsekambabaye, who trades crypto, highlighted that the introduction of a regulatory framework could greatly help buyers who are often scammed into crypto trading.

 

According to him, buyers in the crypto market often send money to the bitcoin seller before receiving the assets they purchased. In many cases, buyers transfer funds from their bank accounts or mobile money to the seller, only for the seller to withhold the crypto.

 

"This leaves buyers, especially newcomers, losing significant amounts of money that are difficult to trace or report. I believe the registration of sellers will be a valuable step in addressing this issue," he noted.

 

Twiziyimana emphasised that individuals who are already affected by fraudulent virtual asset transactions can meanwhile seek assistance from the Rwanda Investigation Bureau (RIB), which is responsible for handling financial crimes.

 

Currently, Rwanda Investigation Bureau (RIB) is responsible for investigating financial crimes, including those related to virtual assets trading such as cryptos. But since trading of cryptos is not legal in Rwanda, victims usually find themselves struggling to get justice since investigation tends to be complex.

 

When the new regulation is approved, the rules will be clear, enabling open trading of virtual assets and bringing transparency among traders.

 

"CMA will now take on key responsibilities, including ensuring compliance, licensing service providers, and overseeing virtual asset operations," Twiringiyimana said.

 

Read the original article on New Times.

 

 

 

 

Nigeria: Reps Secure $37.4m Owed to Govt By 7 Oil Companies

The House of Representatives Committee on Public Accounts has secured the commitment of seven major oil and gas operators in Nigeria to remit a total of $37,435,094.52 (approximately ₦58 billion) to the Federation Account before August 2025.

 

This development follows the Committee's review of financial records from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), which exposed significant gaps in royalty payments and reconciliation processes in the sector.

 

According to Rep Akin Rotimi, the House Spokesperson, the pledged repayment is part of a ₦9 trillion outstanding liability flagged by the Auditor General for the Federation in his 2021 report submitted to the National Assembly. These debts, accumulated over the past four years, underscore persistent revenue leakages in the oil and gas industry.

 

 

Beyond these seven companies, the Committee's investigation has uncovered a total of $1.7 billion (₦2.5 trillion) owed by 45 oil and gas firms in unpaid royalties as of December 31, 2024.

 

The following seven companies have acknowledged their outstanding debts and agreed to settle them before August 2025:

 

Belema Oil

 

Panocean Oil Nigeria Ltd

 

Newcross Exploration & Production Ltd

 

Dubri Oil Company Ltd

 

Chorus Energy

 

Amni International

 

 

Network Exploration

 

Nine companies, with a combined outstanding balance of $429.2 million, have contested the figures and requested a reconciliation process with NUPRC to verify their actual liabilities. These companies include:

 

Aradel/Niger Delta

 

Chevron

 

STAR DEEP

 

Shore Line

 

Seplat Producing Unlimited

 

Esso Erha

 

Esso Usan

 

Eroton Exploration

 

Seplat Energy

 

The Committee has directed that the reconciliation process be completed within two weeks, after which companies must settle their confirmed debts without further delay.

 

 

A total of 28 companies, collectively owing $1,230,708,293.14, have failed to respond to public notices or honor invitations by the Committee. These companies include:

 

Addax Petroleum Exploration Nigeria Ltd

 

AITEO Group

 

All Grace Energy

 

Amalgamated Oil Company Nigeria Ltd

 

Total E&P Nigeria (OML 100, 102, 52 & 99)

 

Bilton Energy Ltd

 

Enageed Resources Ltd

 

Waltersmith Petroman Ltd

 

Conoil Plc

 

Continental Oil & Gas Company Ltd

 

Energia Ltd

 

First E&P Ltd

 

Frontier Oil Ltd

 

General Hydrocarbons Ltd

 

Green Energy International Ltd

 

Nigeria Agip Exploration Ltd (NAE)

 

Neconde Energy Ltd

 

Nigeria Petroleum Development Company (NPDC) - OML 60, 61 & 63

 

Lekoil Oil and Gas Investments Ltd

 

Midwestern Oil and Gas Ltd

 

Millennium Oil and Gas Company Ltd

 

Oando Oil Ltd (OML 60, 61 & 62)

 

Heirs Holding

 

Pillar Oil Ltd

 

Platform Petroleum Ltd

 

Universal Energy Ltd / Sinpec

 

Sahara Field Production Ltd

 

Oriental Energy Resources Ltd

 

The Committee has granted these companies a final grace period of one week to submit relevant documentation and appear before the Committee. Failure to comply within this timeframe will result in strict legislative and regulatory sanctions to enforce accountability and ensure compliance.

 

Only two companies were found to have fully met their royalty obligations:

 

Shell Petroleum Development Company (SPDC)

 

Shell Nigeria Exploration & Production

 

The House Committee on Public Accounts has vowed to ensure full compliance with statutory royalty payments, in line with the Petroleum Industry Act (PIA).

 

The House of Representatives also reaffirmed its commitment to enforcing compliance and safeguarding public revenue, stating that all oil and gas firms must fulfill their statutory financial obligations to support national development.

 

Read the original article on Vanguard.

 

 

 

The 'anti-Trump' numbers man who may force the UK to take a side

Mark Carney's elevation to the top job in Canada is of particular significance at this moment when his country is at the frontline of a North American trade war. He becomes the "anti-Trump" on the US president's doorstep.

 

The former Bank of England governor chose to lean strongly into resisting Donald Trump's policies at his acceptance speech. He said the US president had brought "dark days" from "a country we can no longer trust" and that he was "proud" of Canadians resisting the US "with their wallets".

 

While on trade specifically Mr Carney vowed to keep the retaliatory tariffs "until Americans show us respect", it was clear that the general threats against Canadian sovereignty are equally as important in his thinking.

 

Trump has repeatedly said he will use economic power to encourage Canada to become the 51st state of the US, but Carney hit back. "The Americans want our resources, our land, our water, our country… Canada will never be part of America in any way, shape or form," he said.

 

Behind the scenes, Carney has been encouraging a very robust response to Mr Trump. As he told me last month in his only UK interview during his campaign to succeed current Canadian Prime Minister Justin Trudeau, it was necessary to "stand up to a bully".

 

He ridiculed Trump's allegations of Canada's involvement in fentanyl trade, and the US president's suggestion that Canada has ripped off the US. Canada's trade deficit is caused "entirely" by its exports of subsidised oil, Carney told me, and "perhaps we should ask for that subsidy back".

 

Canada's next PM Mark Carney vows to win trade war with Trump - LIVE UPDATES

Carney talks tough on Trump threat - but can he reset relations?

How Britain's former top banker became Canada's next prime minister

 

He follows in the footsteps of former Italian Prime Minister Mario Draghi as a former top central banker who became a G7 leader. It is an otherwise rare path, but it may be good timing when Canada's nearest neighbour has suggested using economic power to take over.

 

Carney has experience in this area having dealt with a number of acute political-economic crises, such as the banking crash, the eurozone crisis, sterling's sharp slide after Brexit, and the start of the pandemic.

 

He has also regularly attended G20 meetings at leader level, including in the presence of Trump, as chair of the Financial Stability Board, an international economic body. At one such meeting, the Trump team threatened to leave the International Monetary Fund.

 

Carney believes that Trump only respects power. Of any attempt to mollify Trump, he said "good luck with that". He will focus further tariff retaliation on bringing inflation and interest rate rises to Canada's "southern neighbour".

 

The Canadian election is due by October, but Carney might call an earlier one. Depending on that, he is on course to host Trump in Canada at the G7 Summit in June.

 

His rise to the top job raises the stakes for the UK. On the one hand, a more robust approach from an allied G7 leader stands in contrast to the UK's attempt to hug the White House closely.

 

On the other hand, Carney also hinted at wanting to diversify trade towards "more reliable" partners, which would include the UK and EU. Canada might send its subsidised energy to Europe, rather than the US.

 

The bigger strategic point is that Carney's background means a focus on international solidarity, and defence of the existing multilateral system. He says Canada can "stand on its own feet" but sees merit in creating a more coherent international alliance to focus the minds of Congress and tariff-sceptics in the Trump administration.

 

Canada's new leadership expects support from its Commonwealth ally, the UK. After my recent interview with him, Carney turned the camera to the portrait on the wall of the office from which he was talking to me: King Charles. The message was clear. Canada and the UK should be on the same side in this new world era.-BBC

 

 

 

 

Trump says US economy in 'transition' as trade war escalates

US President Donald Trump has refused to say whether the US economy is facing a recession or price rises in the wake of his administration's changes to tariff threats against some of its closest trading partners.

 

Asked if he was expecting a recession this year, Trump said there was a "period of transition" taking place.

 

Commerce Secretary Howard Lutnick, however, insisted there would be no contraction in the world's largest economy, while acknowledging that the price of some goods may rise.

 

It comes after a volatile week for US financial markets as investors grappled with uncertainty from his administration's U-turn on some key parts of its aggressive trade policies.

 

 

New tit-for-tat tariffs from China, which target some US farm products, came into effect on Monday.

 

Speaking to Fox News in an interview broadcast on Sunday but recorded on Thursday, Trump responded to a question about a recession: "I hate to predict things like that. There is a period of transition because what we're doing is very big. We're bringing wealth back to America. That's a big thing."

 

"It takes a little time, but I think it should be great for us," he added.

 

Last week, the US imposed new 25% tariffs on imports from Mexico and Canada but then exempted many of those goods just two days later.

 

Trump also doubled a blanket tariff on goods from China to 20%. In response, Beijing announced retaliatory taxes on some imports of agricultural goods from the US.

 

>From today, certain US farm products going into China - including chicken, beef, pork, wheat, and soybeans - face new tariffs of 10 to 15%.

 

Han Shen Lin, China country director at consultancy firm The Asia Group, told the BBC's Today programme: "You're seeing a lot of tit for tat between both sides to demonstrate that neither side will back off easily.

 

"That said China has realised it probably can't export its way to GDP growth in the way that it used to so it is focusing a lot more on the domestic economy right now."

 

Trump expands exemptions from Canada and Mexico tariffs

Bourbon is out, patriotism is in - How Canadians are facing Trump threats head on

China retaliates against US tariffs - but it also wants to talk

Trump team hits pause on tariffs - but still sees them as vital tool

 

The US president has accused China, Mexico and Canada of not doing enough to end the flow of illegal drugs and migrants into the US. The three countries have rejected the accusations.

 

Stocks on Wall Street have fallen since Trump sparked a trade war with the US's top trading partners.

 

Investors fear tariffs will lead to higher prices and ultimately dent growth in the world's largest economy.

 

Speaking on NBC on Sunday, Lutnick said: "Foreign goods may get a little more expensive. But American goods are going to get cheaper".

 

But when asked whether the US economy could face a recession Lutnick added: "Absolutely not… There's going to be no recession in America."

 

Former US Commerce Department official, Frank Lavin, told the BBC that he thinks the trade war is unlikely to escalate out of control.

 

Tariffs will eventually "fade a bit" but still be an "extra burden on the US economy," he said.

 

Rachel Winter, investment manager at Killik & Co, told the Today programme she thought the US was likely to have a period of higher inflation.

 

"Tariffs are theoretically inflationary and the level of tariffs that Trump is imposing, I think no doubt, will have to cause inflation somewhere down the line," she said.-BBC

 

 

 

North Korean hackers cash out hundreds of millions from $1.5bn ByBit hack

Hackers thought to be working for the North Korean regime have successfully converted at least $300m (£232m) of their record-breaking $1.5bn crypto heist to unrecoverable funds.

 

The criminals, known as Lazarus Group, swiped the huge haul of digital tokens in a hack on crypto exchange ByBit two weeks ago.

 

Since then, it's been a cat-and-mouse game to track and block the hackers from successfully converting the crypto into usable cash.

 

Experts say the infamous hacking team is working nearly 24 hours a day - potentially funnelling the money into the regime's military development.

 

"Every minute matters for the hackers who are trying to confuse the money trail and they are extremely sophisticated in what they're doing," says Dr Tom Robinson, co-founder of crypto investigators Elliptic.

 

Out of all the criminal actors involved in crypto currency, North Korea is the best at laundering crypto, Dr Robinson says.

 

"I imagine they have an entire room of people doing this using automated tools and years of experience. We can also see from their activity that they only take a few hours break each day, possibly working in shifts to get the crypto turned into cash."

 

Elliptic's analysis tallies with ByBit, which says that 20% of the funds have now "gone dark", meaning it is unlikely to ever be recovered.

 

The US and allies accuse the North Koreans of carrying out dozens of hacks in recent years to fund the regime's military and nuclear development.

 

On 21 February the criminals hacked one of ByBit's suppliers to secretly alter the digital wallet address that 401,000 Ethereum crypto coins were being sent to.

 

ByBit thought it was transferring the funds to its own digital wallet, but instead sent it all to the hackers.

 

 

Getty Images Ben Zhou, ByBit CEOGetty Images

ByBit CEO Ben Zhou is hoping to reclaim some of the stolen funds through a bounty project

Ben Zhou, the CEO of ByBit, assured customers that none of their funds had been taken.

 

The firm has since replenished the stolen coins with loans from investors, but is, in Zhou's words, "waging war on Lazarus".

 

ByBit's Lazarus Bounty programme is encouraging members of the public to trace the stolen funds and get them frozen where possible.

 

All crypto transactions are displayed on a public blockchain, so it's possible to track the money as it's moved around by the Lazarus Group.

 

If the hackers try to use a mainstream crypto service to attempt to turn the coins into normal money like dollars, the crypto coins can be frozen by the company if they think they are linked to crime.

 

So far 20 people have shared more than $4m in rewards for successfully identifying $40m of the stolen money and alerting crypto firms to block transfers.

 

But experts are downbeat about the chances of the rest of the funds being recoverable, given the North Korean expertise in hacking and laundering the money.

 

"North Korea is a very closed system and closed economy so they created a successful industry for hacking and laundering and they don't care about the negative impression of cyber crime," Dr Dorit Dor from cyber security company Check Point said.

 

 

Another problem is that not all crypto companies are as willing to help as others.

 

Crypto exchange eXch is being accused by ByBit and others of not stopping the criminals cashing out.

 

More than $90m has been successfully funnelled through this exchange.

 

But over email the elusive owner of eXch - Johann Roberts - disputed that.

 

He admits they didn't initially stop the funds, as his company is in a long-running dispute with ByBit, and he says his team wasn't sure the coins were definitely from the hack.

 

He says he is now co-operating, but argues that mainstream companies that identify crypto customers are betraying the private and anonymous benefits of crypto currency.

 

 

FBI Park Jin HyokFBI

Park Jin Hyok is one of the alleged Lazarus Group hackers

North Korea has never admitted being behind the Lazarus Group, but is thought to be the only country in the world using its hacking powers for financial gain.

 

Previously the Lazarus Group hackers targeted banks, but have in the last five years specialised in attacking cryptocurrency companies.

 

The industry is less well protected with fewer mechanisms in place to stop them laundering the funds.

 

Recent hacks linked to North Korea include:

 

The 2019 hack on UpBit for $41m

The $275m theft of crypto from exchange KuCoin (most of the funds were recovered)

The 2022 Ronin Bridge attack which saw hackers make off with $600m in crypto

Approximately $100m in crypto was stolen in an attack on Atomic Wallet in 2023

In 2020, the US added North Koreans accused of being part of the Lazarus Group to its Cyber Most Wanted list. But the chances of the individuals ever being arrested are extremely slim unless they leave their country.-BBC

 

 

 

 

 

 

 

 


 


 


 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> 

 


 

 


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.

 


 

 


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