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</o:shapelayout></xml><![endif]--></head><body lang=EN-ZW link="#0563C1" vlink="#954F72"><div class=WordSection1><div align=center><table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width=916 style='width:687.2pt;border-collapse:collapse'><tr><td width=910 colspan=4 valign=top style='width:682.8pt;padding:0cm 5.4pt 0cm 5.4pt'></td><td width=6 style='width:4.4pt;padding:0cm 0cm 0cm 0cm'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'> <o:p></o:p></span></p></td></tr><tr><td width=910 colspan=4 valign=top style='width:682.8pt;border:solid #BFBFBF 1.0pt;border-top:solid #D9D9D9 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt'><p class=MsoNormal style='text-indent:33.35pt;line-height:105%'><span lang=EN-US><a href="https://bullszimbabwe.com/"><span lang=EN-ZW style='font-family:"Verdana",sans-serif;color:windowtext;mso-fareast-language:EN-ZW;text-decoration:none'><img border=0 width=246 height=120 id="Picture_x0020_5" src="cid:image001.png@01DC3843.848B05A0"></span></a></span><span lang=EN-US style='font-family:"Verdana",sans-serif'><o:p></o:p></span></p></td><td width=6 style='width:4.4pt;padding:0cm 0cm 0cm 0cm'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'> <o:p></o:p></span></p></td></tr><tr><td width=910 colspan=4 valign=top style='width:682.8pt;border:solid #BFBFBF 1.0pt;border-top:none;padding:0cm 5.4pt 0cm 5.4pt'><p class=MsoNormal style='margin-left:32.1pt;text-indent:7.5pt;line-height:105%'><b><span lang=EN-US style='font-family:"Verdana",sans-serif;color:#002060'><o:p> </o:p></span></b></p><p class=MsoNormal style='margin-left:32.1pt;text-indent:7.5pt;line-height:105%'><span lang=EN-US><a href="http://www.bullszimbabwe.com"><b><span style='font-size:8.0pt;line-height:105%;font-family:"Verdana",sans-serif;color:#0070C0;text-decoration:none'>Bullszimbabwe.com </span></b></a></span><b><span lang=EN-US style='font-size:8.0pt;line-height:105%;font-family:"Verdana",sans-serif;color:#0070C0'> </span></b><span lang=EN-US><a href="mailto:info@bulls.co.zw?subject=View%20and%20Comments"><b><span style='font-size:8.0pt;line-height:105%;font-family:"Verdana",sans-serif;color:#0070C0;text-decoration:none'>Views & Comments</span></b></a></span><span class=MsoHyperlink><b><span lang=EN-US style='font-size:8.0pt;line-height:105%;font-family:"Verdana",sans-serif;color:#0070C0;text-decoration:none'> </span></b></span><span lang=EN-US><a href="https://bullszimbabwe.com/category/blogs/bullish-thoughts/"><b><span style='font-size:8.0pt;line-height:105%;font-family:"Verdana",sans-serif;color:#0070C0;text-decoration:none'>Bullish Thoughts</span></b></a></span><span class=MsoHyperlink><b><span lang=EN-US style='font-size:8.0pt;line-height:105%;font-family:"Verdana",sans-serif;color:#0070C0;text-decoration:none'> </span></b></span><span lang=EN-US><a href="http://www.twitter.com/BullsBears2010"><b><span 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style='font-size:8.0pt;line-height:105%;font-family:"Verdana",sans-serif;color:#0070C0;text-decoration:none'> </span></b></span><span lang=EN-US><a href="https://chat.whatsapp.com/CF6wllAfScU9Wr6dXxoQnO"><b><span style='color:#70AD47;mso-fareast-language:EN-ZW;text-decoration:none'>WhatsApp</span></b></a></span><span class=MsoHyperlink><b><span lang=EN-US style='color:#70AD47;mso-fareast-language:EN-ZW;text-decoration:none'> </span></b></span><span lang=EN-US><a href="mailto:bulls@bullszimbabwe.com?subject=Unsubscribe"><b><span style='font-size:8.0pt;line-height:105%;font-family:"Verdana",sans-serif;color:#0070C0;text-decoration:none'>Unsubscribe</span></b></a></span><span class=style30><span style='font-size:8.0pt;line-height:105%;color:#00B050'><o:p></o:p></span></span></p></td><td width=6 style='width:4.4pt;padding:0cm 0cm 0cm 0cm'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'> </span><o:p></o:p></p></td></tr><tr><td width=910 colspan=4 valign=top style='width:682.8pt;border:solid #BFBFBF 1.0pt;border-top:none;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt'><p class=MsoSubtitle style='margin-left:32.1pt;text-indent:7.5pt;line-height:105%'><span class=style30><b><span style='color:black'><o:p> </o:p></span></b></span></p></td><td width=6 style='width:4.4pt;padding:0cm 0cm 0cm 0cm'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'> </span><o:p></o:p></p></td></tr><tr><td width=910 colspan=4 valign=top style='width:682.8pt;border:solid #BFBFBF 1.0pt;border-top:none;padding:0cm 5.4pt 0cm 5.4pt'><p class=MsoNormal style='margin-left:32.1pt;text-indent:7.5pt;line-height:105%'><span class=style30><b><span lang=EN-US style='font-family:"Verdana",sans-serif'>Major International Business Headlines Brief ::: 10 October 2025 </span></b></span><b><span lang=EN-US style='font-family:"Verdana",sans-serif'><o:p></o:p></span></b></p></td><td width=6 style='width:4.4pt;padding:0cm 0cm 0cm 0cm'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'> <o:p></o:p></span></p></td></tr><tr><td width=910 colspan=4 valign=top style='width:682.8pt;border:solid #BFBFBF 1.0pt;border-top:none;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt'><p class=MsoNormal style='line-height:105%'><span class=style30><b><span lang=EN-US> </span><o:p></o:p></b></span></p></td><td width=6 style='width:4.4pt;padding:0cm 0cm 0cm 0cm'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'> </span><o:p></o:p></p></td></tr><tr style='height:3.0pt'><td width=910 colspan=4 valign=top style='width:682.8pt;border:solid #BFBFBF 1.0pt;border-top:none;padding:0cm 5.4pt 0cm 5.4pt;height:3.0pt'><p class=MsoNormal style='line-height:105%'><span lang=EN-US><a href="mailto:info@bulls.co.zw"><span lang=EN-ZW style='color:windowtext;mso-fareast-language:EN-ZW;text-decoration:none'><img border=0 width=804 height=268 id="Picture_x0020_4" src="cid:image002.jpg@01DC3843.848B05A0"></span></a></span><span class=style30><b><o:p></o:p></b></span></p></td><td width=6 style='width:4.4pt;padding:0cm 0cm 0cm 0cm;height:3.0pt'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'> </span><o:p></o:p></p></td></tr><tr style='height:10.05pt'><td width=910 colspan=4 valign=top style='width:682.8pt;border:solid #BFBFBF 1.0pt;border-top:none;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:10.05pt'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p></td><td width=6 style='width:4.4pt;padding:0cm 0cm 0cm 0cm;height:10.05pt'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'> <o:p></o:p></span></p></td></tr><tr style='height:10.05pt'><td width=910 colspan=4 valign=top style='width:682.8pt;border:solid #BFBFBF 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style='mso-margin-top-alt:auto;margin-left:72.0pt;mso-add-space:auto;text-indent:-18.0pt;line-height:115%;mso-list:l0 level2 lfo2;background:white'><![if !supportLists]><span style='font-size:10.0pt;line-height:115%;font-family:Wingdings;mso-fareast-language:EN-ZW'><span style='mso-list:Ignore'>ü<span style='font:7.0pt "Times New Roman"'> </span></span></span><![endif]><b><span style='font-size:10.0pt;line-height:115%;font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>South Africans Now Pay More for Electricity Than Most of the World<o:p></o:p></span></b></p><p class=MsoListParagraphCxSpMiddle style='mso-margin-top-alt:auto;margin-left:72.0pt;mso-add-space:auto;text-indent:-18.0pt;line-height:115%;mso-list:l0 level2 lfo2;background:white'><![if !supportLists]><span style='font-size:10.0pt;line-height:115%;font-family:Wingdings;mso-fareast-language:EN-ZW'><span style='mso-list:Ignore'>ü<span style='font:7.0pt "Times New Roman"'> </span></span></span><![endif]><b><span style='font-size:10.0pt;line-height:115%;font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>Madagascar: Deadline Looms for Rajoelina as Madagascar Unrest Grows Over Shortages<o:p></o:p></span></b></p><p class=MsoListParagraphCxSpMiddle style='mso-margin-top-alt:auto;margin-left:72.0pt;mso-add-space:auto;text-indent:-18.0pt;line-height:115%;mso-list:l0 level2 lfo2;background:white'><![if !supportLists]><span style='font-size:10.0pt;line-height:115%;font-family:Wingdings;mso-fareast-language:EN-ZW'><span style='mso-list:Ignore'>ü<span style='font:7.0pt "Times New Roman"'> </span></span></span><![endif]><b><span style='font-size:10.0pt;line-height:115%;font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>Kenya Has Increased Shareholding in Trade and Development Bank By $100mn<o:p></o:p></span></b></p><p class=MsoListParagraphCxSpMiddle style='mso-margin-top-alt:auto;margin-left:72.0pt;mso-add-space:auto;text-indent:-18.0pt;line-height:115%;mso-list:l0 level2 lfo2;background:white'><![if !supportLists]><span style='font-size:10.0pt;line-height:115%;font-family:Wingdings;mso-fareast-language:EN-ZW'><span style='mso-list:Ignore'>ü<span style='font:7.0pt "Times New Roman"'> </span></span></span><![endif]><b><span style='font-size:10.0pt;line-height:115%;font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>Ghana Earns U.S.$370.3m From Petroleum Revenue 1st Half 2025 - Piac<o:p></o:p></span></b></p><p class=MsoListParagraphCxSpMiddle style='mso-margin-top-alt:auto;margin-left:72.0pt;mso-add-space:auto;text-indent:-18.0pt;line-height:115%;mso-list:l0 level2 lfo2;background:white'><![if !supportLists]><span style='font-size:10.0pt;line-height:115%;font-family:Wingdings;mso-fareast-language:EN-ZW'><span style='mso-list:Ignore'>ü<span style='font:7.0pt "Times New Roman"'> </span></span></span><![endif]><b><span style='font-size:10.0pt;line-height:115%;font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>Morocco's CMGP Group to Acquire 92.5 Percent of Cpcm in Mad 1 Billion Deal<o:p></o:p></span></b></p><p class=MsoListParagraphCxSpMiddle style='mso-margin-top-alt:auto;margin-left:72.0pt;mso-add-space:auto;text-indent:-18.0pt;line-height:115%;mso-list:l0 level2 lfo2;background:white'><![if !supportLists]><span style='font-size:10.0pt;line-height:115%;font-family:Wingdings;mso-fareast-language:EN-ZW'><span style='mso-list:Ignore'>ü<span style='font:7.0pt "Times New Roman"'> </span></span></span><![endif]><b><span style='font-size:10.0pt;line-height:115%;font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>Rwanda's Vaccine Production, Economic Inclusion Get €95 Million Boost From EU<o:p></o:p></span></b></p><p class=MsoListParagraphCxSpMiddle style='mso-margin-top-alt:auto;margin-left:72.0pt;mso-add-space:auto;text-indent:-18.0pt;line-height:115%;mso-list:l0 level2 lfo2;background:white'><![if !supportLists]><span style='font-size:10.0pt;line-height:115%;font-family:Wingdings;mso-fareast-language:EN-ZW'><span style='mso-list:Ignore'>ü<span style='font:7.0pt "Times New Roman"'> </span></span></span><![endif]><b><span style='font-size:10.0pt;line-height:115%;font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>Ethiopia: Taxing the People, Leaking the Budget: Ethiopia's Fiscal Reform Demands More From Citizens, Overlooks Inefficient Spending<o:p></o:p></span></b></p><p class=MsoListParagraphCxSpMiddle style='mso-margin-top-alt:auto;margin-left:72.0pt;mso-add-space:auto;text-indent:-18.0pt;line-height:115%;mso-list:l0 level2 lfo2;background:white'><![if !supportLists]><span style='font-size:10.0pt;line-height:115%;font-family:Wingdings;mso-fareast-language:EN-ZW'><span style='mso-list:Ignore'>ü<span style='font:7.0pt "Times New Roman"'> </span></span></span><![endif]><b><span style='font-size:10.0pt;line-height:115%;font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>West Africa: Ecowas Moves to Fill Vacancies After Exit of Niger, Burkina Faso, Mali Nationals<o:p></o:p></span></b></p><p class=MsoListParagraphCxSpMiddle style='mso-margin-top-alt:auto;margin-left:72.0pt;mso-add-space:auto;text-indent:-18.0pt;line-height:115%;mso-list:l0 level2 lfo2;background:white'><![if !supportLists]><span style='font-size:10.0pt;line-height:115%;font-family:Wingdings;mso-fareast-language:EN-ZW'><span style='mso-list:Ignore'>ü<span style='font:7.0pt "Times New Roman"'> </span></span></span><![endif]><b><span style='font-size:10.0pt;line-height:115%;font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>Ethiopia Begins Shipment of Goods Under AfCFTA Trade Deal<o:p></o:p></span></b></p><p class=MsoListParagraphCxSpLast style='mso-margin-top-alt:auto;margin-left:72.0pt;mso-add-space:auto;text-indent:-18.0pt;line-height:115%;mso-list:l0 level2 lfo2;background:white'><![if !supportLists]><span style='font-family:Wingdings;mso-fareast-language:EN-ZW'><span style='mso-list:Ignore'>ü<span style='font:7.0pt "Times New Roman"'> </span></span></span><![endif]><b><span style='font-size:10.0pt;line-height:115%;font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>Ethiopia and EU Sign Global Gateway Partnership to Boost Investment in Key Sectors</span></b><b><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p></o:p></span></b></p></td><td width=6 style='width:4.4pt;padding:0cm 0cm 0cm 0cm;height:10.05pt'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p></td></tr><tr style='height:10.05pt'><td width=910 colspan=4 valign=top style='width:682.8pt;border:solid #BFBFBF 1.0pt;border-top:none;padding:0cm 5.4pt 0cm 5.4pt;height:10.05pt'><p class=MsoNormal style='mso-margin-top-alt:auto;line-height:115%;background:white'><span lang=EN-US><a href="mailto:info@bulls.co.zw"><span lang=EN-ZW style='color:windowtext;mso-fareast-language:EN-ZW;text-decoration:none'><img border=0 width=804 height=268 id="Picture_x0020_3" src="cid:image003.jpg@01DC3843.848B05A0"></span></a></span><b><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p></o:p></span></b></p></td><td width=6 style='width:4.4pt;padding:0cm 0cm 0cm 0cm;height:10.05pt'><p class=MsoNormal align=center style='text-align:center;line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p></td></tr><tr style='height:10.05pt'><td width=910 colspan=4 rowspan=3 valign=top style='width:682.8pt;border:solid #BFBFBF 1.0pt;border-top:none;padding:0cm 5.4pt 0cm 5.4pt;height:10.05pt'><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><b><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>Kenya: NACADA's Midnight Raid in Korogocho Unleashes Fury On Illicit Trade<o:p></o:p></span></b></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>Nairobi — In a dramatic midnight strike, a joint security force descended upon the heart of Korogocho's Grogon B area, turning the tide in a fierce war against the toxic brews crippling communities.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>The operation, conducted in the early hours of October 10, 2025, saw NACADA enforcement teams, backed by the National Police Service, dismantle a sprawling illicit distillery, destroying over 1,000 litres of the lethal illicit drink known as Kangara.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>The raid, part of a nationwide Rapid Results Initiative directed by the Cabinet Secretary for Interior, Kipchumba Murkomen, resulted in the apprehension of one suspect, with exhibits of Kangara and Changaa secured for prosecution.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>The suspect is set to be arraigned at the Makadara Law Courts.In a stern message to those poisoning the nation, NACADA Chief Executive Officer, Anthony Omerikwa, issued a powerful warning.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>Keep up with the latest headlines on WhatsApp | LinkedIn<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>"To the merchants of death peddling this poison, your time is up," he declared.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>"This operation is not an isolated event. It is a sustained, nationwide crackdown. We are coming for the distilleries, the distribution networks, and the sellers. We will hunt you down in your dens, and the full force of the law will land on you. Your choice is simple: abandon this trade now or face the dire consequences in a court of law."<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>The operation signals a new, uncompromising front in the fight against substance abuse, directly targeting the supply chain at its source.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>For the residents of Korogocho and similar hotspots across the country, the message is clear: liberation from the scourge of illicit brew is underway.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>Read the original article on Capital FM.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><b><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></b></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><b><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>Nigeria: Unending Toll - How Highway Extortion Fuels Soaring Food Prices in Nigeria<o:p></o:p></span></b></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>Across Nigeria's highways, extortion has become as predictable as potholes. >From Kano to Lagos, from Enugu to Port Harcourt, from Ibadan to Ilorin, multiple truck drivers say they spend huge sums of money at checkpoints mounted by various security agencies.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>Barely three minutes into its journey from Ilaro to Sango-Ota in Ogun State, a vehicle carrying fresh maize was stopped at a police checkpoint along the Ilaro-Papalanto road. It was in the first half of June, and the midday sun burnt the skin gently. The 2001 Sedan vehicle had no side mirrors, and the police officers, rifles slung over their shoulders, waved the driver aside. They exchanged a knowing smile. The driver knew the drill. Without argument, he slipped a folded N500 note into a waiting palm. The barrier was lifted, and the vehicle moved on toward Papalanto.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>By the time the vehicle arrived in Sango-Ota, the driver had paid almost N4,000 in illegal fees and "tolls" at nearly a dozen checkpoints. From Ilaro through Papalanto, Ifo, Singer, Iyana-Ilogbo, Joju and Sango, "tolls" were paid in different amounts depending on the bargaining nature of the 'toll collectors'.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>"Sometimes it's the police, sometimes soldiers or local government task forces and sometimes road safety officers," the driver, Baba Igbesa, who had driven the route for over a decade, told PREMIUM TIMES.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>"If you don't pay, they delay or seize your vehicle. It's even better here; it's worse along Idiroko road because of the border route."<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>Adijat Abolaji, a produce trader who owned the bags of maize and travelled alongside this reporter, told PREMIUM TIMES that those "invisible payments", multiplied by thousands of trucks and vehicles carrying food items across Nigerian roads daily, form a hidden tax on every bag of rice, basket of tomato, tuber of yam, and bag of maize that reaches the market.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>"People rarely talk about it, but that's also a major reason why food prices are high," she explained in Yoruba.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>The toll that never ends<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>Extortion has become as predictable as potholes across Nigeria's highways. >From Kano to Lagos, Enugu to Port Harcourt, Ibadan to Ilorin, multiple truck drivers say they spend vast sums of money at checkpoints mounted by various security agencies.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>Truck drivers, food produce off-takers and farmers lament that they are squeezed by a chain of illegal levies, multiple security checkpoints, and corrupt officials who demand "settlements" before agricultural produce can be transported to big markets and cities.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>Experts say the ripple effect is a steady rise in the cost of transporting food and, ultimately, the retail price of foodstuffs in the market, a burden eventually borne by the final consumers.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>Between April and August, PREMIUM TIMES travelled with some agro traders and food produce off-takers across Oyo, Osun, Kwara, Ogun, and Lagos States to document their plight and establish if road extortion affects the retail prices of food items.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>At Ipata Market in Ilorin, the capital of Kwara State, Kawu Abdulrahman, a driver, lamented the high cost of transporting grains and other agricultural produce from the north through Jebba.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>"We pay too much money to security agencies on the road and traders have no choice but to transfer the cost to consumers," Mr Kawu, who has plied the roads from Ilorin to Niger State and parts of Kaduna for years, explained.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>At Kulende and Mandate markets, both in the heart of the city, multiple traders told PREMIUM TIMES that the cost of transportation had risen sporadically as the security situation worsened along the northern corridors and security officials extorted truck drivers.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>Meanwhile, along the road linking Zango and Kwara State Polytechnic, this newspaper observed that the Federal Road Safety Corps (FRSC) mounted a checkpoint and some wads of notes exchanged hands between the officers and many compliant bus drivers, tricycle and Okada riders.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>The road, which leads to Kulende Market, connects Ilorin with a section of the northernmost part of the state considered Kwara's food and agricultural hub. Many drivers, tricycles, and Okada riders who transport food produce to Ipata and other markets in the central part of Ilorin told this newspaper that they paid varying amounts in illegal tolls depending on the officers involved.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>"If you don't wear your helmet, and even if you carry foodstuff along that road, the FRSC officers will charge you at least N2,000 on the spot, unreceipted. Otherwise, you may be taken to their office and charged way higher, so our people prefer to pay," said an Okada rider at Maraba Park junction who identified himself simply as Gani because of fear of victimisation.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>"If your papers are complete and you wear a helmet, they will collect a small amount, like N200, from you. But that amount will also be factored into the transport cost for the trader you are delivering food items to in the central markets, and they will also push it to consumers."<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>Mr Kawu said the amount paid is higher for vehicles carrying heavy agricultural produce.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>The situation is not different in Osogbo, the capital of Osun State.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>Earlier in May, when PREMIUM TIMES first visited the city via the Gbongan-Osogbo road, this newspaper observed that police officers collected bribes from an agric produce off-taker on two different occasions along the road, first at a checkpoint after Gbongan and later at Owode-Ede.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>Later in June, when PREMIUM TIMES' reporter posed as a co-traveller with another agricultural produce supplier and got to JerryPaul Roundabout in Osogbo, too many "officials" besieged the vehicle conveying bananas and other fruits, demanding sundry "papers" and threatening to delay the vehicle if they weren't "settled."<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>At the junction were officials of the Osun Internal Revenue Service (OIRS), those of the "Emission Control Scheme", and some others who identified themselves as "EDL Marshal", who claimed to be representatives of an organisation working to support and reform education and rehabilitate out-of-school children in the state.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>The driver eventually "settled" the group with N1,000, unreceipted, and was allowed to move the agricultural produce past the junction.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>"That's what we experience every day here. The extortion is too much, and one has to factor them into the final prices for consumers," Binta Oyedele, an agric produce off-taker, said.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>Efforts to reach the Osun State Government on the officials' conduct were unsuccessful.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>Ms Oyedele explained that traders struggle to make a profit from their businesses due to the high cost of transport and logistics caused by highway extortion.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>"If I buy agricultural produce of N30,000 and cough out almost the same amount to transport it from Iwo to Ibadan, how do I make a profit? So, the final consumer bears the brunt because fruits and food items I could have sold in units of N500 each will be pushed up to N1,000."<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>Some kilometres from JerryPaul Roundabout, along the Ibadan-Iwo Road, another group of "officials" representing the "Emission Control Scheme" emerged, demanding bribes and threatening to stop the vehicle. An additional N1,000 was paid to the group, too.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>"By the time we get to Bodija or Iwo Road, I would have paid more than N10,000 in illegal tolls, especially if it's in the morning or evening when they (security officials) usually mount barricades and stand on the road," the driver said.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>Complicit drivers?<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>At the Bodija Market, Hassanah Ajisefini, an off-taker, lamented that the drivers of vehicles conveying agricultural produce from villages to cities are also complicit.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>"Many drivers, too, are guilty as they don't have the right vehicle documents. So, they need to pay bribes so security officials can look away," Mrs Ajisefini, a pepper and tomatoes trader and off-taker at the market, told PREMIUM TIMES.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>In Ilaro, PREMIUM TIMES observed that some drivers conveying food items fall prey to extortion schemes because their vehicles and trucks are sometimes in bad condition.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>But Baba Igbesa, who had to pay regular bribes to police officers and some FRSC officials because his vehicle did not have a side mirror, explained why he did not fix the mirror.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>"If you renew all your papers, you pay bribes; if you don't renew, you pay... if your vehicle is in good condition, you pay; if not, you pay... so why bother yourself?" he said, with a tinge of sarcasm.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>Northern Nigeria<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>In many parts of the north, the country's food and agricultural hub, the situation is worse for drivers conveying food items to major southern markets such as Lagos, Onitsha, and Port Harcourt. Most drivers plying the north-south route who spoke with PREMIUM TIMES did so in frustration and fear for their safety.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>Nura Ibrahim, a Kano-based truck driver frequently transporting grains to the south, said drivers set aside a huge amount of money for security agents at checkpoints.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>"The security agents can delay your movements if you delay giving them the money. Some will deliberately ask you about your particulars and even threaten to offload the goods if you are not cooperative in giving them the money.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>"They will say they suspect you are carrying illegal goods, adding, 'Can you offload the goods so that we can investigate?' As a driver, you are in trouble once you allow it to reach this level. If they intend to collect N1,000 from you, the charges will change to a bigger amount.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>"I do budget like N30,000 to N40,000, depending on the checkpoints. If you give a small amount, they will ask you to park aside, and they won't attend to you for a long period."<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>He said that due to the perishable nature of some of their produce, they pay security officials "road money" for easy, quick passage, and the cost is ultimately transferred to the final consumer.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>Another driver, Ibrahim Uba, said bribing security agents at checkpoints is a safety and security ritual, especially for many who travel for days and drive at night.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>"Once you don't give them, they will mark you. If you come back again, they will create a problem for you, and you must pay for the previous ones you defaulted on.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>"I spend over N30,000 on the security checkpoints starting from the extortion by the Kano State Road Traffic Agency (KAROTA) manning the city traffic up to security forces on the main highway," he said.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>At Mile12 International Market in Lagos, Saliu Adamu, a pepper trader, told PREMIUM TIMES that highway toll could be as high as N100,000 or more for a truck conveying tomatoes and other perishable food items from places like Kano.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>"When we factor that cost into the price of a basket of tomatoes, Lagosians will complain, but they don't know what we go through on the road. If you remove highway extortion, food prices will moderate slightly downward," Mr Adamu said.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>Extortion meets inflation<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>The effect of these illegal payments ripples through the food value chain: transporters add them to freight charges; wholesalers transfer them to retailers; and retailers pass them on to consumers.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>Nigeria's headline inflation rate eased for a fifth straight month in August, helped by a slowdown in food inflation, according to official data from the National Bureau of Statistics (NBS). The decline to 20.12 per cent year on year from 21.8 per cent in July encouraged the Central Bank of Nigeria to cut the interest rates at its monetary policy meeting in September. Food inflation, a key driver of the headline rate, stood at 21.87 per cent year on year in August, compared with 22.74 per cent the month before, partly due to the change in the methodology.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>Although the food inflation rate still raises concerns for many analysts, the government said the slowdown is a sign of better days compared to November 2024, when the food inflation rate stood at 39.93 per cent.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>While the government often blames insecurity and high energy costs, food transporters and off-takers say corruption on highways is a critical but overlooked factor.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>Nigerian farmers and off-takers already record losses and face challenges in insecurity, rising fertiliser prices, erratic weather that threatens yield, and post-harvest losses. But even getting produce to market remains a herculean task.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>"We work hard to grow crops, but by the time the goods reach the city, transport and extortion have swallowed our profit," a yam farmer in Makurdi, Gloria Adaji, told PREMIUM TIMES on the telephone. "Sometimes we leave produce to rot because it's not worth the stress."<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>According to experts, post-harvest loss in Nigeria ranges between five and 20 per cent for grains, 20 per cent for fish, and between 50 and 60 per cent for tubers, fruits, and vegetables.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>Farmers and transporters told PREMIUM TIMES that extortion, though rarely captured in official figures, is one of the most corrosive factors driving losses.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>Across highways in the country, PREMIUM TIMES observed that spoilage is common. Trucks carrying perishable items -- tomatoes, vegetables, fruits -- are delayed at checkpoints. By the time they arrive at their destination, part of the produce would have gone bad.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>"You can lose 10 to 15 baskets of tomatoes in one trip if you are not careful," a driver said.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>Muted enforcement<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>In September, Kailani Muhammad, the chairman of a group called the "Harmony Corps of Nigeria," said that the corps had received the Nigerian government's mandate to flush out touts from the nation's highways.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>He said the move was designed to "check the collection of illegal taxes and levies on the highways" and promote cheap food items in the country.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>"Our operations will cover from Abuja to Lokoja to the South-west, South-east, and South-south. From Abuja to Kaduna, Zaria, Kano, Maiduguri, and all over the country," he said.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>"We are already identifying all the checkpoints where these dubious people operate. We are going to bring out the blueprint as soon as possible. We are also establishing a control room to ensure that we track all the trucks leaving one state or the other to their destination."<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>In telephone interviews with this newspaper, two drivers and produce off-takers likened the announcement to the usual promise by the various Inspectors-General of Police to dismantle illegal checkpoints.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>"They remove the checkpoints during media coverage," Morufu Bolajoko, a trader at the Mile 12 International Market, told PREMIUM TIMES. "After two weeks, the roadblocks are back again."<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>The Nigerian police have repeatedly urged their personnel not to collect bribes. The police have sanctioned many police officers caught on camera collecting bribes in different Nigerian roads. However, the problem still persists.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>From highway toll to hunger<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>The removal of fuel subsidies by President Bola Tinubu in May 2023 led to an increase in the transportation costs for agricultural produce, which some analysts believe fuelled inflation. Mr Tinubu said ending fuel subsidy and unifying the nation's multiple exchange rates were painful but necessary for the country's economic revival.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>In the short term, the policies led to a rise in the prices of essential goods, including food items. Last year, mobs looted food warehouses and hijacked food trucks in parts of the country. Last December, dozens died as they scrambled to get free food at different charity events. Amid the melee, farmers and produce off-takers face enormous challenges and pay through their noses to transport food items across the country.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>Bola Oyeleke, the national president of the Tomato and Orchard Producers Association of Nigeria (TOPAN), lamented the impact of highway extortion on traders and farmers who deal in perishables.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>"Sometimes, they pay N5,000; it depends on the truck you carry," Mr Oyeleke told PREMIUM TIMES in an interview.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>Apart from illegal taxes across different local government areas, Mr Oyeleke said members of his association complain about the huge bribes paid to security agencies.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>"Most of the trucks that carry our food are complaining. They pay up to N20,000 before getting to Lagos or more than N50,000 from Kano to Lagos," he said.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>"If you are going to Port Harcourt, you will pay more. That is why they have to increase the cost of transportation."<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>Mr Oyeleke called on the government to take drastic measures to eradicate the extortion.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>For now, the trucks keep moving, and so do the bribes. The cost is passed on to millions of Nigerians already struggling to eat.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>This reporting was completed with the support of the Centre for Journalism Innovation and Development (CJID)<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>Read the original article on Premium Times.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><b><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></b></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><b><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>Nigeria: MTN Deepens Digital Transformation Investment, Backs Accountants' Capacity Building<o:p></o:p></span></b></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>MTN Nigeria has reaffirmed its commitment to driving Nigeria's digital transformation through strategic investments in professional capacity building and partnerships that empower the nation's workforce for the future.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>Speaking on the sidelines of the 55th Annual Accountants Conference of the Institute of Chartered Accountants of Nigeria (ICAN), the Chief Financial Officer of MTN Nigeria, Mr. Modupe Kadri, said the company's sponsorship of the event reflects its belief in equipping professionals with the technological tools required to thrive in a data-driven economy.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>Kadri noted that MTN's support for the accounting profession forms part of its broader agenda to strengthen Nigeria's human capital base amid a global shift toward artificial intelligence (AI), cloud computing, cybersecurity, and fintech innovations.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>"At MTN, we see digital transformation not just as a business strategy, but as a national imperative," Kadri said. "Our partnership with ICAN is about preparing Nigeria's finance professionals for the Fourth Industrial Revolution. Accountants are key to economic stability, and their ability to adapt to new technologies will determine the strength of Nigeria's financial ecosystem."<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>He emphasised that retooling and continuous learning have become critical for all professionals, including those in accounting. "Everybody needs to upskill themselves," he said. "What we were taught in school is no longer enough. Cloud skills, artificial intelligence, cybersecurity -- those are the tools that will define tomorrow's economy."<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>Also, the President of ICAN, Mallam Haruna Nma Yahaya, commended MTN for its sustained partnership and investment in professional development. He described the conference theme -- "Building Resilience: Aligning Reforms for Nigeria's Development" -- as a timely reflection of the country's urgent need for reform and innovation.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>Read the original article on This Day.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><b><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></b></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><b><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>Kenya: Nairobi Securities Exchange Launches Banking Sector Index<o:p></o:p></span></b></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>Constituents include KCB Group, Equity Group, Co-operative Bank, Absa Bank Kenya, NCBA Group, Stanbic Holdings, I&M Group, Diamond Trust Bank (DTB), BK Group, and HF Group<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>The Nairobi Securities Exchange (NSE) has launched a Banking Sector Index to track the performance of Kenya's 11 listed lenders, starting October 1, 2025.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>The market-capitalization-weighted and float-adjusted index will serve as a transparent benchmark for investors and pave the way for Exchange Traded Funds (ETFs) and other index-linked products focused on Kenya's financial sector.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>Constituents include KCB Group, Equity Group, Co-operative Bank, Absa Bank Kenya, NCBA Group, Stanbic Holdings, I&M Group, Diamond Trust Bank (DTB), BK Group, and HF Group, among others.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>NSE CEO Frank Mwiti said the initiative reflects the exchange's strategy to diversify investment products and attract institutional and retail participation. The launch follows a strong earnings performance by Kenyan banks between January and September 2025, driven by digital innovation, asset growth, and improved profitability.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>Daba is Africa's leading investment platform for private and public markets. Download here<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>Key Takeaways<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>The introduction of the NSE Banking Sector Index marks a key milestone in deepening Kenya's capital markets and improving transparency for investors. By offering a real-time performance benchmark for one of the country's most profitable industries, the index is expected to enhance portfolio diversification, sector research, and product innovation -- particularly ETFs and derivatives tied to financial stocks. Kenya's banking sector remains a cornerstone of the economy, contributing over 25% of total market capitalization on the NSE and showing consistent growth amid a challenging macroeconomic environment. The move aligns with the NSE's broader modernization agenda under CEO Frank Mwiti to position Nairobi as a regional financial hub, while also aligning local market infrastructure with global best practices for sectoral benchmarking and passive investing.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>Read the original article on Daba Finance.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><b><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></b></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><b><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>South Africans Now Pay More for Electricity Than Most of the World<o:p></o:p></span></b></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>South Africans are paying some of the highest electricity prices in the world - and it's only going to get worse.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>Since 2007, Eskom has raised power tariffs by 800%, and new hikes of 9% are already planned for both 2026 and 2027.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>Independent energy analyst Pieter Jordaan says South African households now pay the seventh highest electricity prices in the G20, about $186 (R3,600) per megawatt-hour (MWh). That's more expensive than in the United States and just below Japan, BusinessTech reported.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>Only a few countries, like Italy where electricity costs $422/MWh, are worse.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>Strangely, South Africa's businesses have it easier. Commercial users pay $93/MWh, making it one of the cheapest rates in the G20. In most countries, companies pay more than households, but here, it's the opposite.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>Eskom claims ordinary people still pay too little for electricity. But critics say the real problem is inside the power utility - pointing to inflated salaries, corruption and wasteful contracts that drive prices higher for everyone.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>Jordaan compared power prices using a version of the Big Mac Index, showing how many burgers people could buy for the same price as 1MWh of electricity.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>In South Africa, it equals just 67 Big Macs which is the same as Italy.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>He also calculated how long people must work to afford 1MWh of power. For South Africans, it's 11.3 days, compared to 0.8 days in the US and half a day in Saudi Arabia.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>Businesses fare slightly better, needing 5.4 working days for the same amount.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>Read the original article on Scrolla.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><b><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></b></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><b><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></b></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><b><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></b></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><b><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>Madagascar: Deadline Looms for Rajoelina as Madagascar Unrest Grows Over Shortages<o:p></o:p></span></b></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>Mass protests in Madagascar over power cuts, water shortages and alleged corruption have put President Andry Rajoelina under growing pressure, with a youth-led movement giving him until Wednesday night to meet its demands or face a nationwide strike.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>The ultimatum was issued by the Gen Z Madagascar collective, which has spearheaded almost two weeks of demonstrations. The group is demanding the removal of Senate president Richard Ravalomanana, a former police general, and investigations into businessman Mamy Ravatomanga, a close ally of the president.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>"We reject all attempts at political diversion, notably the appointment of a new prime minister," the collective said in a statement.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>It warned that if Rajoelina does not respond by the deadline, it will call a national general strike.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>Keep up with the latest headlines on WhatsApp | LinkedIn<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>In a post on the movement's verified Facebook page, protesters also described the new prime minister's appointment as a "cosmetic manoeuvre".<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>The protests began on 25 September over chronic power and water shortages but have grown into a broader anti-government movement.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>At least 22 people have been killed in clashes with security forces, according to the United Nations, though local authorities dispute that figure. A further 100 people have been injured, the UN said.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>How Gen Z is taking the fight for their rights from TikTok to the streets<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>Military appointment criticised<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>In an effort to calm the unrest, Rajoelina last week dismissed his entire government. On Monday he appointed army General Rufin Fortunat Zafisambo as prime minister and gave him six months to improve basic services and curb corruption.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>The move failed to ease tensions. Firaisankina, the main opposition platform, called the choice "a provocation to the Malagasy people" and said the general could not represent "the total change of system" demanded by many.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>"The president wants to convey that this is military power and civilians must stay in line," Princia Rakotontraibe, a 26-year-old medical intern, told the French news agency AFP at a rally in the capital Antananarivo on Tuesday.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>Police later used tear gas to disperse the demonstrators.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>Dozens of protesters marched in the capital on Tuesday, according to privately owned digital news platform 2424.MG – a sharp drop from previous demonstrations, which have seen hundreds gather in cities across Madagascar.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>Some told AFP they did not see the appointment as a sign Rajoelina was genuinely ready to tackle their demands.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>"Changing the president halfway won't make a difference," Rakotontraibe said before the protest was dispersed.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>Morocco Gen Z protests enter sixth day with calls to oust government<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>National dialogue planned<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>Rajoelina has launched a series of consultations since early October, meeting business leaders, senior officials and church leaders.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>On Wednesday he was due to hold what he called a "national dialogue and consultation" at the Iavoloha presidential palace with spiritual leaders, students, youth representatives and others including journalists and cultural figures.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>"Together, we must unite to fight against these evils and to build a new society founded on solidarity and mutual respect," Rajoelina said in a message on Tuesday on his office's Facebook page.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>The talks would be held "to listen to people's concerns and to develop lasting solutions to the issues that affect us", he added.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>But Gen Z Madagascar, which was not invited as part of the "vital forces" chosen by the president, has refused to participate until its demands are met. The Solidarité syndicale de Madagascar, the country's main labour coalition, has taken the same stance.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>Around 300 civil society organisations have accused the government of trying to present a façade of dialogue while continuing to suppress protests.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>"The consultation commits to nothing," Christiane Rafidinarivo, a political scientist and associate researcher at Sciences Po, told RFI.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>She added that it could nonetheless be a signal to international partners that the president is open to dialogue.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>Shift in demands<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>The Gen Z movement's ultimatum no longer includes its earlier call for Rajoelina to resign.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>Some protesters say the shift reflects concerns about destabilising the country. In the past, demonstrators have called for Rajoelina to leave office, apologise to the nation and dissolve the senate and the election commission.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>Ketakandriana Rafitoson, a political scientist, told AFP the protesters' new list of demands "provides a clear direction for the political aftermath of the crisis".<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>Inspired by similar Gen Z marches in Kenya and Nepal, the protests are the largest wave of unrest on the Indian Ocean island nation in recent years, giving voice to discontent over rampant poverty and high-level corruption.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>Madagascar, where nearly three-quarters of the 32 million population lived below the poverty line in 2022 according to the World Bank, has a history of political upheaval and military rule.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>Rajoelina himself was installed as interim president by the military in 2009 following a popular uprising.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'> <o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>Read or Listen to this story on the RFI website.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><b><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></b></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><b><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>Kenya Has Increased Shareholding in Trade and Development Bank By $100mn<o:p></o:p></span></b></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>Nairobi — Kenya has increased shareholding in Trade and Development Bank (TDB) by $100 million, an African multilateral financial institution, President William Ruto has announced.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>Additionally, he said Kenya had also committed $50 million to Afreximbank as share capital, demonstrating the country's commitment to empowering African financial institutions.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>As a result of Kenya's enhanced shareholding in TDB, Kenya can now access long-term financing to be repaid in up to 25 years at interest rates as low as 2 per cent.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>The President explained that African-led financial institutions are proving to be the continent's true partners in progress.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>"By strengthening and capitalising these entities, we are deepening regional financial integration and ensuring that Africa's development is financed on terms that reflect our realities, our priorities, and our aspirations," he said.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>President Ruto made the remarks during the official opening of the 24th COMESA Summit of Heads of State and Government at the Kenyatta International Convention Centre, Nairobi, on Thursday.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>Presidents Évariste Ndayishimiye of Burundi and outgoing COMESA chair, Azali Assoumani (Comoros), Emmerson Mnangagwa (Zimbabwe), and Prime Ministers Ahmed Abiy (Ethiopia), Russell Mmiso Dlamini (Eswatini), and Mustafa Madbouly (Egypt) were present.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>Others were African Union Commission Chair Mahmoud Youssouf, COMESA Secretary-General Chileshe Mpundu Kapwepwe, and Secretary-General of the African Continental Free Trade Area Wamkele Mene.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>The President explained that the most viable pathway for Africa and regional economic blocs like COMESA is to strengthen African homegrown multilateral financial institutions.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>These include the TDB, Afreximbank, Africa Finance Corporation, Shelter Afrique, Africa Reinsurance, the African Trade and Investment Development Insurance, and PTA Reinsurance Company (ZEP-RE).<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>"These institutions embody our collective determination to mobilise African capital for African priorities," he said.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>President Ruto noted that Africa's development objectives hinge on access to equitable, affordable, and sustainable financing mechanisms that promote inclusive growth and long-term transformation, not cycles of debt and dependency.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>The President explained that the global financial system remains trapped in the architecture of a bygone era.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>"Institutions such as the IMF and the World Bank, conceived in the aftermath of the Second World War 80 years ago, continue to be dominated by wealthy nations, resulting in persistent inequities and a limited voice for developing countries," he said.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>President Ruto called on African states to work together towards continental integration that goes beyond trade agreements and shared markets to the free movement of people, goods, and services.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>The President explained that for intra-African trade to increase, the continent must address visa restrictions that continue to hinder the free movement of people.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>He said it was disappointing that Africa contributes only 3 per cent to global trade, and only 14 per cent to intra-African trade, compared to intra-European trade which is at 70 per cent and Asia at 60 per cent.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>"The reason why we are not trading with ourselves is because we have unlimited barriers," he said.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>In the European Union, he pointed out, 27 countries have a single visa, and their citizens can move more freely. On its part, COMESA too has 27 countries but with 27 visas.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>"How are we going to catch up with the rest of the world?" he asked.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>He explained: "We must move from competition among ourselves to cooperation and collaboration, and from exporting raw materials to building value chains that retain wealth within our borders," he added.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>The President said Kenya had removed travel restrictions for Africans to the country and, consequently, visitors to the country have since doubled.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>He called on other African countries to remove visa restrictions to allow free movement of people across the continent.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>"We are optimistic that our sister countries across the continent will take similar bold steps so that, together, we may unlock the full potential of a borderless, connected, and prosperous Africa," he said.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>The President noted that this year's theme, 'Leveraging Digitalisation to Deepen Regional Value Chains for Sustainable and Inclusive Growth', is not only timely but also relevant to current global challenges and opportunities.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>He appealed to COMESA Member States to invest in digital infrastructure, data governance, and human capacity building to empower citizens to thrive in the digital economy.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>At the same time, President Ruto took over the chairmanship of COMESA from President Ndayishimiye.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>The President commended President Ndayishimiye for driving remarkable progress under his leadership.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>"You have advanced our shared vision of integration and cooperation with diligence and dedication. For this, we owe you our collective appreciation and deep respect," he said.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>The President pledged to build on his achievements and work with every Member State as a committed and collaborative partner.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>"In accepting the chairmanship of this great common market, I pledge to serve as a dedicated, energetic, and collaborative partner, working with each of you to advance the COMESA vision of shared prosperity, integration, and transformation," he said.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>On his part, President Ndayishimiye commended COMESA Member States for their support during his tenure.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>He assured President Ruto of his support and that of his government, pointing out that he was confident that, under the leadership of President Ruto, the vision of COMESA as an integrated and competitive bloc that transforms lives, will be realised.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>The vice-chairmanship will be held by Zimbabwe under the leadership of President Mnangagwa.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>President Mnangagwa called on COMESA members to harness their collective strength and leverage the opportunities available to propel the regional bloc to new heights.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>"Together, let us deliver on the promise of a better future for our people and our mother continent Africa," he said.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>Prime Minister Abiy said Africa must take advantage of regional blocs like COMESA and work with a common purpose to unlock the continent's vast potential.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>"For Africa, now is not the time to wait and watch. We have the people, creativity, and natural wealth to build a prosperous and fair future," he said.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>Read the original article on Capital FM.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><b><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></b></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><b><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>Ghana Earns U.S.$370.3m From Petroleum Revenue 1st Half 2025 - Piac<o:p></o:p></span></b></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>Ghana earned a total of US$370.3 million in petroleum revenue during the first half of 2025, according to the latest semi-annual report released by the Public Interest and Accountability Committee (PIAC).<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>The report, which covered the period from January to June 2025, was unveiled at a media briefing in Accra yesterday.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>Vice-Chair of PIAC, Odeefuo Amoakwa Buadu VIII, said the figures reflected Ghana's continuing earnings from petroleum production, even though total revenue dropped sharply compared to the same period in 2024.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>According to him, the amount was generated from five main sources -- carried and participating interest, corporate income tax, royalties, Petroleum Holding Fund income, and surface rental.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>He said carried and participating interest contributed the largest share of US$178.5 million, followed by corporate income tax amounting to US$149 million.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>"Royalties added US$40.1 million, Petroleum Holding Fund income brought in US$2 million, and surface rental contributed US$863,000, making up the total of US$370.3 million," he said.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>He explained that crude oil production for the first half of the year amounted to 18.4 million barrels, representing a 25.9 per cent decline from the 24.8 million barrels recorded in 2024.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>The Vice-Chair said the Jubilee Field contributed 11 million barrels, accounting for 60 per cent of total output, while the TEN Field produced 2.9 million barrels (16 per cent), and the SGN Field contributed 4.4 million barrels (24 per cent).<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>Odeefuo Amoakwa Buadu VIII said Ghana's total crude production since the beginning of commercial oil production has now reached 675.1 million barrels. However, he expressed concern that the country's output has been falling steadily since its highest level of 71.4 million barrels recorded in 2019.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>On raw gas production, he said Ghana produced about 130,466 million standard cubic feet during the first half of 2025. Of this, Jubilee accounted for 26 per cent, SGN 53 per cent, and TEN 21 per cent.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>"In terms of how the gas was used, 44.6 per cent was exported for processing, 40.2 per cent was injected back into the wells, 4.58 per cent used as fuel, and 10.61 per cent was flared."<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>"This showed an improvement in environmental performance as gas flaring fell from 11.53 per cent in the same period last year to 10.61 per cent in 2025. Although Ghana earned some profit from petroleum production, the overall performance revealed worrying trends," he said.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>He noted that total petroleum receipts declined by 56 per cent from the US$840.7 million recorded in the first half of 2024 to US$370.3 million in 2025. The fall was mainly attributed to lower production and lower crude oil prices.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>Odeefuo Amoakwa Buadu VIII also revealed that the average achieved price by the Ghana National Petroleum Corporation (GNPC) for crude oil sold on behalf of the Ghana Group fell by about 13 per cent, from US$86.12 per barrel in 2024 to US$74.93 per barrel in 2025.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>He further observed that Ghana has not signed any new petroleum agreements since 2018 -- a development the committee said showed a lack of new investment in the country's upstream petroleum sector.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>He called on the government to act urgently to attract fresh investment and reverse the consistent decline in oil production.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>Another issue he raised was the accumulation of surface rental arrears, which increased to US$2.82 million as of June 2025, compared to US$439,000 in 2024.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>He urged the Ghana Revenue Authority, the Petroleum Commission, and the Ministry of Energy to work together to recover the outstanding arrears and noted that the allocation of petroleum revenue to the Ghana National Petroleum Corporation for operations and capacity building had been reduced from 30 per cent to 15 per cent.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>He urged the government to strengthen GNPC with adequate resources and a revised legal framework so the corporation can effectively lead the exploration and development of Ghana's petroleum resources.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>On the use of petroleum revenue, Odeefuo Amoakwa Buadu VIII commended government for focusing the Annual Budget Funding Amount (ABFA) solely on infrastructure development, saying it would help avoid spreading resources too thinly across many projects.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>However, he cautioned that infrastructure development remains broad and could still lead to scattered spending if not carefully managed.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>Read the original article on Ghanaian Times.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><b><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></b></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><b><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>Morocco's CMGP Group to Acquire 92.5 Percent of Cpcm in Mad 1 Billion Deal<o:p></o:p></span></b></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>CMGP Group (BVC: CMG) has signed an agreement to acquire 92.5% of Compagnie de Produits Chimiques du Maroc (CPCM) from historical shareholders ABC Holding and Khalid Lahlou, valuing the target at about MAD 1 billion ($98 million). The company said it may raise its stake to 100% at a later stage.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>The acquisition expands CMGP's footprint in crop protection, water treatment, and industrial chemicals, aligning with its long-term strategy of building a diversified agribusiness platform. CPCM is projected to generate MAD 500 million in revenue in 2025, which would lift CMGP's consolidated turnover to nearly MAD 3 billion, excluding synergies.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>Keep up with the latest headlines on WhatsApp | LinkedIn<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>This marks CMGP's third major acquisition after CAS in 2021 and Agrosem in 2024. The deal, pending approval from the Competition Council, is expected to create strong industrial and export synergies.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>Daba is Africa's leading investment platform for private and public markets. Download here<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>Key Takeaways<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>CMGP's acquisition of CPCM represents one of Morocco's most significant consolidation moves in agribusiness and industrial chemicals. The transaction reinforces CMGP's strategy of vertical integration -- combining irrigation, fertilizer, and chemical production -- to strengthen supply resilience and expand exports across Africa. With agriculture contributing roughly 14% of Morocco's GDP, CMGP's diversified model positions it as a key enabler of the country's agricultural modernization and sustainability agenda. CEO Youssef Moamah said the move builds on the company's ambition to serve "agriculture and beyond," reflecting a shift toward broader industrial capabilities such as water management and chemical processing. Pending regulatory approval, the acquisition will also enhance CMGP's competitiveness in regional markets, supporting Morocco's wider industrial policy goals of developing value-added agricultural exports and local manufacturing capacity.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>Read the original article on Daba Finance.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><b><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></b></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><b><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>Rwanda's Vaccine Production, Economic Inclusion Get €95 Million Boost From EU<o:p></o:p></span></b></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>Rwanda's efforts to advance vaccine production, economic inclusion, and medical innovation have received a major boost after the European Union (EU) committed a new €95 million (over Rwf 160 billion) investment to support the initiatives.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>The funding was announced on Thursday, October 9, by Ursula von der Leyen, President of the European Commission, following a meeting with President Paul Kagame in Brussels, Belgium. The announcement took place on the sidelines of the Global Gateway Forum, which Kagame is attending.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>We welcome the agreement between Rwanda and the DRC supported by @POTUS. The EU is ready to support the peace process, President @PaulKagame. Because it will pave way for regional integration - and investment. Starting right now. Global Gateway supports Rwanda's ambition to... pic.twitter.com/6BdfnLvqCb-- Ursula von der Leyen (@vonderleyen) October 9, 2025<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>The package also includes investments in health and the economic inclusion of refugees. The agreement was signed by von der Leyen and President Kagame, while Uğur Şahin, CEO of BioNTech, and Nadia Calviño, President of the European Investment Bank, were in attendance.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>According to the EU, the support aims to help Rwanda achieve its ambition of becoming a regional hub for vaccine manufacturing and medical innovation.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>In a post on X, von der Leyen also welcomed the agreement between Rwanda and the Democratic Republic of Congo, supported by U.S. President Donald Trump, saying the EU is ready to back the peace process "because it will pave the way for regional integration and investment."<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>Rwanda's vaccine production drive began in 2023 with the inauguration of BioNTech's first African manufacturing site in Kigali. The EU has been a key partner in the journey, having already invested more than €93 million in the initiative to strengthen local research and development, nurture biotech start-ups, and build the country's scientific and technical talent pool.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>Read the original article on New Times.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><b><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></b></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><b><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></b></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><b><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>Ethiopia: Taxing the People, Leaking the Budget: Ethiopia's Fiscal Reform Demands More From Citizens, Overlooks Inefficient Spending<o:p></o:p></span></b></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>Addis Abeba — In recent years, the Ethiopian government has introduced a series of fiscal measures designed to strengthen revenue collection from both tax and non-tax sources in order to finance its rapidly expanding annual budget, which currently stands at 1.93 trillion birr. For this fiscal year, the government expects to cover 57% of its expenditure by generating 1.1 trillion birr in tax revenue and an additional 270 billion birr from non-tax sources. To meet these targets, authorities have expanded the scope of taxation by imposing excise duties and Value Added Tax (VAT) on a wider range of goods and services, including electricity, water consumption, and animal feed, while also introducing new levies.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>Petroleum products have been identified among the items subject to these taxes. Although the decision to apply both excise and VAT on fuel imported into the country was first announced three months ago, it gained renewed public attention last week following the release of the Ministry of Finance's "Citizen's Budget" document, which confirmed plans to fully implement a 15% excise tax in addition to a 15% VAT on fuel during the current fiscal year. The official budget document indicates the government's intention to generate an aggregate of 173.5 billion birr through indirect taxation in the current fiscal year. Specifically, the projections detail a planned collection of 92.8 billion birr from VAT, with the remaining 80.7 billion birr anticipated via the imposition of excise tax on petroleum products.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>While such revenue-enhancing initiatives are part of a broader fiscal reform strategy--intended to strengthen the government's capacity to meet its expanding budgetary needs--reports reveal that they are placing an additional financial burden on low- and fixed-income households. Already contending with persistently high inflation and stagnant wages, these groups remain especially vulnerable to further increases in the cost of living.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>Of particular concern is the combined effect of excise and VAT on petroleum products, which is expected to drive up the prices of already expensive fuels. Regular gasoline currently sells for 122.53 birr per liter, while diesel and kerosene each cost 116.49 birr per liter. Under the present circumstances, it is evident that the repercussions of any price increase will extend well beyond the fuel pump. Given fuel's pivotal role in Ethiopia's economy--as a key input in transportation, agriculture, manufacturing, and power generation--higher fuel costs are likely to ripple through the entire supply chain. Consumers will bear the burden directly through increased prices at the fuel station and indirectly through higher costs for goods and services, from food and household essentials to public transport and utilities. This dual pressure threatens to deepen the strain on household budgets already stretched thin by persistent inflation and stagnant incomes.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>Despite this, the ongoing fiscal reforms underscore the government's determination to press ahead with new tax measures. The government's commitment to intensifying revenue collection was explicitly articulated by Finance Minister Ahmed Shide while defending the 2025/26 budget proposal during parliamentary debates in July 2025. He framed the fiscal reforms not as a matter of policy choice but of urgent necessity. With the government having halted borrowing from the central bank and significantly curtailed its access to low-interest domestic credit, Minister Ahmed stated that ramping up tax revenue has become "a matter of life and death."<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>Yet, even as officials reaffirm their commitment to extracting greater revenue from the public--effectively drawing funds from the pockets of millions of Ethiopians whose living standards are already declining rapidly--the government appears to give little priority to addressing systemic inefficiencies and wasteful spending within its own budget.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>Currently, there is a conspicuous absence of urgency--or any tangible commitment--from authorities to tackle long-standing problems of ineffective expenditure and the misallocation of public funds. Repeated calls for greater fiscal discipline have not been matched by concrete actions to eliminate redundant programs, streamline operations, or enhance transparency in how public money is spent. This inaction fuels growing public concern that the weight of fiscal adjustment is being placed almost entirely on ordinary citizens, rather than being shared through meaningful reforms in public sector accountability and expenditure efficiency.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>Even as officials reaffirm their commitment to extracting greater revenue from the public...the government appears to give little priority to addressing systemic inefficiencies and wasteful spending within its own budget."<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>The resulting imbalance--between demanding greater sacrifices from a struggling populace and failing to demonstrate equivalent rigor in managing public resources--has become a focal point of public discontent. Without a credible and parallel effort to root out mismanagement and improve the efficiency of government spending, the burden of fiscal consolidation will continue to fall disproportionately on households already grappling with soaring inflation and stagnant wages. Addressing this asymmetry is not only a matter of economic prudence but also of fundamental fairness and democratic accountability.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>Fiscal disarray, budget mismanagement<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>To grasp the true scale of government expenditure inefficiency--and the persistent waste embedded within it--one need look no further than the government's own audit reports, which the Office of the Federal Auditor General presents annually to Parliament. In a damning report presented to lawmakers in late June 2025, Auditor General Meseret Damtie exposed that the federal government continues to grapple with deep-rooted fiscal mismanagement. Her assessment of spending during the 2023/24 fiscal year painted a sobering picture of chronic inefficiency, unresolved financial irregularities, and staggering sums of public money left idle or unrecovered. According to the report, federal agencies collectively failed to utilize 14.5 billion birr of their allocated budgets, a significant lapse in budget execution that underscores systemic planning and implementation failures.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>The problem extended across multiple institutions, with the report identifying 32.9 billion birr in uncollected public revenues, with the Ministry of Health accounting for a substantial portion of this shortfall. Furthermore, the Ministry of Agriculture was found to have left an astonishing 7.8 billion birr in capital funds unspent. The Customs Commission also allowed 574 million birr to remain idle, while Arba Minch University presented a striking contradiction: it overspent its allocation by 210 million birr even as it left another 420 million birr unutilized. This paradox exemplifies the broader disarray in institutional financial planning, cash flow management, and spending discipline across the public sector.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>The Auditor General's report for the previous fiscal year painted an equally troubling picture of financial mismanagement across the federal government. The audit uncovered widespread irregularities during the 2022/23 fiscal year, including substantial overdue government receivables, persistent tax revenue arrears, and unaccounted--and in some cases illegal--expenditures involving 162 federal agencies. Specifically, the report identified unaccounted expenditures amounting to 43.5 million birr across 11 federal institutions, among them the Federal Police Commission. In addition, it revealed illegal disbursements totaling 16.7 million birr carried out by 30 separate institutions.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>Yet perhaps the most alarming finding was the sheer scale of overdue accounts receivable--amounting to 14.1 billion birr. This figure represents funds owed to the government that remain uncollected, often for extended periods, undermining both fiscal discipline and revenue performance. Notably, 124 government institutions were implicated in this failure to recover outstanding receivables, highlighting a systemic weakness in financial oversight and accountability mechanisms.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>Those responsible for overseeing budgetary institutions frequently fail to attend parliamentary sessions where the Auditor General's reports are being presented."<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>Beyond the evident failure of government institutions to adhere to established regulations, what is even more alarming is the persistent absence of accountability among officials entrusted with upholding it. Those responsible for overseeing budgetary institutions frequently fail to attend parliamentary sessions where the Auditor General's reports are being presented--despite being duly notified in advance. Such absenteeism signals a deeper governance problem--one that erodes public trust and hampers the effectiveness of fiscal management. Strengthening accountability mechanisms and enforcing attendance at such sessions are therefore essential to ensure transparency and restore integrity in public financial governance.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>Ballooning budget, mounting waste<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>Over the past five years, Ethiopia's annual budget nearly quadrupled, rising from 561 billion birr to 1.9 trillion birr. This substantial increase has been driven by the growing demands of recurrent expenditures--such as salaries, administrative costs, and debt servicing--as well as the need to finance critical capital projects in infrastructure, education, health, and other priority sectors. However, without meaningful reforms to address deep-rooted inefficiencies, redundancies, and waste in public expenditure, this ever-expanding budget risks becoming a vehicle for greater fiscal leakage rather than transformative development. Simply allocating more funds year after year will not yield better outcomes for citizens if the underlying systems for planning, procurement, monitoring, and accountability remain unchanged. In such a scenario, larger budgets may only amplify existing weaknesses, diverting scarce public resources away from the very people they are intended to serve.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>Currently, Ethiopia contends with significant challenges in public financial management, characterized by pervasive inefficiencies, weak oversight, and budgetary waste that collectively erode fiscal sustainability and undermine crucial development outcomes. Contemporary studies and international assessments consistently pinpoint systemic issues spanning budget execution, public procurement, and essential accountability mechanisms.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>According to the International Budget Partnership's Open Budget Survey, Ethiopia's performance on budget transparency is notably low, scoring only 38 out of 100, placing it well below the global average of 47. Furthermore, the nation scores 41 on public participation, indicating severely limited opportunities for civil society to meaningfully influence or monitor budget processes. This pervasive opacity is a significant factor contributing to resource misallocation and consequential waste.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>In its economic update, the World Bank indicates that Ethiopia's actual budget execution rate frequently fails to meet allocated figures, resulting in underspending in critical social sectors such as health and education. Conversely, capital projects often suffer from significant cost overruns and protracted delays, consequences attributed to inadequate planning and substantial procurement bottlenecks. The International Budget Partnership further identifies "weak expenditure control and monitoring" as critical fiscal risks, citing instances of off-budget spending and deficient cash management practices that consequently distort accurate fiscal reporting.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>Public procurement remains a central and persistent source of budgetary waste. Multiple comprehensive assessments have concluded that procurement is not only a dominant driver of public spending but also a major vulnerability for financial loss and systemic inefficiency. Studies indicate that public procurement represents a substantial share of government spending. Consequently, any weaknesses within the procurement system significantly amplify fiscal losses. Deficiencies in procurement design, a lack of transparency, and persistent capacity gaps consistently lead to inflated costs, project delays, and the delivery of substandard goods and services.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>Procurement-related bottlenecks--including weak institutional capacity, delayed tendering processes, and difficulties in contract execution--are repeatedly highlighted by various studies as primary causes of time and cost overruns on critical infrastructure and service contracts. These delays and weak contract management practices inflate unit costs, frequently precipitate payment disputes, and, in some cases, result in projects that deliver less than their intended scope, all of which represent direct and avoidable budgetary waste. Therefore, strengthening procurement capacity and improving operational timelines is a high-impact reform area. Adding to this concern, a 2022 study by the Ethiopian Economics Association estimated that up to 20% of public procurement contracts in infrastructure projects involved inflated costs or substandard delivery, a finding largely attributable to limited competition and inadequate audit capacity.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>Government spending inefficiencies and budget waste in Ethiopia are also evident across multiple dimensions, most notably in the disproportionately high share of the budget allocated to recurrent expenditures--particularly administrative and operational costs. A significant driver of this trend is the substantial amount of public funds allocated to non-essential or excessive official expenditures. These include the procurement of luxury vehicles for senior officials, unnecessary domestic transport, costly overseas travel for both official duties and medical treatment, and lavish spending on conferences, workshops, and meetings--many of which yield limited tangible returns.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>Ethiopia's fiscal reform cannot succeed by relying predominantly on extracting more from taxpayers."<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>Although the government has repeatedly pledged to curb such expenditures and redirect resources toward more productive and developmental priorities, these costs have continued to rise. Rather than declining, they are increasingly consuming a larger slice of already constrained public finances, diverting funds that could otherwise support critical public services such as health, education, and infrastructure. This persistent pattern not only undermines fiscal sustainability but also erodes public trust in the government's commitment to prudent and accountable stewardship of national resources.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>Ethiopia's fiscal reform at crossroads<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>Ethiopia's current fiscal trajectory reveals a deepening tension between the government's strong determination to expand revenue collection and its persistent failure to address systemic inefficiencies and waste within public spending. While the imperative to finance a rapidly increasing annual budget is undeniable, the chosen path places an undue burden on ordinary citizens. Authorities have moved decisively to widen the tax net--notably through the introduction of excise duties and VAT on essential goods and services. However, this resulting burden has fallen disproportionately on households already strained by high inflation, stagnant incomes, and escalating costs of living.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>The public's willingness to accept these fiscal sacrifices is fundamentally undermined by the government's demonstrated inability to resolve profound and enduring inefficiencies within its own financial management. Damning reports from the Federal Auditor General, which routinely chronicle billions in unutilized budgets, uncollected revenues, and illicit expenditures, reveal a system plagued by fiscal indiscipline. This glaring asymmetry--demanding greater financial contributions from the populace while tolerating massive waste and mismanagement--erodes the social contract and severely undermines the moral foundation of the government's revenue-raising campaign.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>Furthermore, assessments conducted by international financial organizations consistently indicate that Ethiopia lags significantly in key areas such as budget transparency, expenditure control, and public participation in fiscal processes. Weak procurement systems, recurrent cost overruns, and inflated contracts amplify budgetary waste and cause delays in critical development projects. This chronic lack of efficiency not only squanders scarce public resources but also severely impedes the country's capacity to achieve sustainable growth and equitable development outcomes.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>To restore public confidence and enhance fiscal sustainability, it is imperative that the government complement its revenue-raising measures with robust expenditure-side reforms. Priority must be accorded to strengthening procurement capacity, tightening expenditure controls, and institutionalizing transparency and accountability throughout public financial management. Moreover, enhancing the capacity of oversight bodies and expanding audit follow-up mechanisms are crucial steps toward ensuring that resources are allocated effectively and that financial mismanagement is curtailed. Additionally, targeted reforms aimed at reducing recurrent and non-essential spending--such as excessive administrative costs and luxury expenditures--would not only alleviate fiscal pressures but also signal a stronger commitment to principles of equity and fairness.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>Ultimately, Ethiopia's fiscal reform cannot succeed by relying predominantly on extracting more from taxpayers. The success of the government's fiscal reform agenda depends not only on effective revenue mobilization but, critically, on restoring trust between the state and its citizens. A government that demands greater sacrifices from its people must demonstrate an equal, if not greater, commitment to credible reforms designed to eliminate budget waste, enforce financial accountability, and channel resources into high-impact development priorities. Only by coupling aggressive revenue mobilization with genuine reform in expenditure management can Ethiopia lay the stable foundations for sustainable growth, social equity, and resilient public finances. AS<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>Editor's Note: Samson Hailu, the author of this commentary, holds a Master of Business Administration with a specialization in finance and a Bachelor of Arts in economics. He can be contacted at [email protected]<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>Read the original article on Addis Standard.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><b><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></b></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><b><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>West Africa: Ecowas Moves to Fill Vacancies After Exit of Niger, Burkina Faso, Mali Nationals<o:p></o:p></span></b></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>The Economic Community of West African States (ECOWAS) has taken steps to fill the vacant positions available, following the exit of the nationals of the AES countries - Burkina Faso, Mali and Niger, from the regional bloc.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>ECOWAS Commission, which is saddled with this responsibility has made a request to the ECOWAS Council Ministers on Recruitment for ECOWAS Institutions to provide it with guidelines on equitable distribution of the vacant positions among all the Member-States, without sacrificing competence.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>In his remarks at the Extra Ordinary Session of the Council of Ministers on Recruitment meeting on Thursday in Abuja, President of ECOWAS Commission, Dr. Omar Alieu Touray, said it has become incumbent as the current staff regulations did not provide any guidance on how to allocate vacant positions to specific member-states for the purpose of achieving equity.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>He said: "This extraordinary Council is borne out of necessity. In the last three years, we have struggled to fill vacancies in our institutions using a staff regulation that constrains management's ability to administratively expedite the process.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>"The challenge currently, is with the processing of these applications and the scheduling of interviews. These have been slower than the rate of staff attrition, due to aging workforce with an average annual loss of staff to retirement estimated at 13 personnel.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>"The volume of applications is beyond the capacity of the recruitment firms in place, due to the largely manual method used in processing the applications."<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>The sudden departure of large number of the ECOWAS workforce who are nationals of the countries that exited from the community triggered the challenge of replacing them.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>Touray said the commission would also present a memorandum with proposals on how to achieve this equitable distribution of the positions and fast track the recruitment process, even as he assured of the Commission's fairness and even distribution of positions among member states.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>The Minister of Foreign, Republic of Sierra Leone, Alhaji Musa Timothy Kabba, in his statement, said that fairness and inclusivity should be paramount in the distribution of the positions.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>Kabba also conveyed the message of the Chairman of the Authority of Heads of State and Government of ECOWAS and Sierra Leonean President, Julius Maada Bio, to the Commission and the Members of the Ministerial Council for their unflinching support to him since his assumption of the leadership of Authority.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>"Today's Council Meeting is twofold - to discuss the allocation of statutory positions to member states, and to discuss the recruitment and status of staff from AES Countries from Grade P4 and below, which are critical barometers for gauging our institutional credibility and an affirmation of our regional solidarity.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>"However, as we deliberate, our focus should not only be on the parameters of equitable distribution of these statutory positions across member states, but also, we should be particularly concerned about fairness and inclusivity to ensure that everyone is involved with a shared vision for the future.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>"Our decisions must be grounded in due process, transparency, equity, and in alignment with the broader regional commitments, as building blocks to guarantee economic integration, regional peace and security, and our democratic tenets as a community," he said.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>Nigeria's Minister of State for Foreign Affairs, Mrs Bianca Odumegwu-Ojukwu, in her remarks, pledged Nigeria's commitment to support the commission in the discharge of its responsibilities.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>"As the host Country, we reaffirm our commitment to providing all necessary support to ensure the continued success of the Organization in all its endeavours.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>"We fully recognize the importance of this exercise as an essential undertaking aimed at ensuring that all existing vacancies are duly filled, thereby enabling the Organization to operate at its optimal capacity.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>"Nigeria remains steadfast in its role as a dependable partner, ever ready to contribute meaningfully to the strengthening of our Community institutions and to the realization of the noble objectives for which this Organization stands," she stated.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>Read the original article on Leadership.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><b><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></b></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><b><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></b></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><b><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>Ethiopia Begins Shipment of Goods Under AfCFTA Trade Deal<o:p></o:p></span></b></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>Addis Ababa — Ethiopia has marked a major economic milestone by officially starting the shipment of goods under the framework of the African Continental Free Trade Area (AfCFTA) agreement.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>The first batch of goods, including meat, fruits, and various agricultural products, was dispatched to Somalia, Kenya, and South Africa via both land and air transport.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>This move positions Ethiopia to leverage the vast and unified continental market.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>At the symbolic shipment ceremony today, Trade and Regional Integration Minister Kassahun Goffe hailed the moment as a "major milestone in Ethiopia's trade journey" under the AfCFTA framework, calling it one of the world's most ambitious trade initiatives.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>Officially launched in 2018 under the African Union (AU) framework, the AfCFTA aims to create a single continental market for goods and services, ensuring the free movement of businesspersons and investments.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>According to Kassahun, the agreement has brought together 55 African Union member states representing a combined population of more than 1.4 billion people and a GDP exceeding 3.4 trillion USD.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>As Africa's second most populous country and a gateway to the Horn of Africa, Ethiopia stands to gain significantly from the AfCFTA, especially through market expansion, access to a continental market of 1.4 billion people without prohibitive tariffs, and export diversification, he said.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>He also stressed that the AfCFTA is "more than a trade agreement; it is a cornerstone of Africa's Agenda 2063," the AU's long-term vision for a prosperous, integrated, and peaceful Africa.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>The agreement is expected to boost intra-African trade, create a single continental market, enhance industrial competitiveness, and promote inclusive development and industrialization.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>Prosperity Party Vice President and Head of the Democratic System Building Coordination Center with the rank of Deputy Prime Minister, Adem Farah, said on the occasion that the "ceremony is not merely about commencing a new trade; it is about reaffirming Ethiopia's vanguard role in African affairs --now in trade and economic matters, and confirming our partnership with our African brothers and sisters."<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>He noted that the current era demands sustaining partnerships through economic sovereignty, cooperation, trade linkages, and shared prosperity.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>By implementing the AfCFTA agreement, Ethiopia is affirming its centuries-old belief that "Africa's destiny must be determined through the cooperation of Africans", Adem explained.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>"Our national vision of building an Ethiopia where holistic prosperity prevails cannot be realized by isolating ourselves," he stated, adding that the 21st century requires the creation of interconnected markets, open and efficient logistics, and regional value chains that ensure the utilization and benefit of our citizens.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>Adem pointed out that Ethiopia's step from ratifying the AfCFTA agreement to practical implementation demonstrates the continuation of the government's culture of confirming words with actions.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>AfCFTA Secretariat Secretary-General Wamkele Mene echoed the sentiment, calling the launch "not only a national milestone but a testament to Africa's determination to turn AfCFTA from a vision to reality."<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>The Secretary-General further noted that Ethiopia has demonstrated strong political will and institutional collaboration that strengthen its partnership with the AfCFTA, a continental trade initiative that will add value to the country's resources.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>Read the original article on ENA.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><b><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></b></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><b><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></b></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><b><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>Ethiopia and EU Sign Global Gateway Partnership to Boost Investment in Key Sectors<o:p></o:p></span></b></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>Addis Ababa — Ethiopia and the European Union have signed a Global Gateway Partnership Agreement, marking a new chapter in their long-standing relations.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>The agreement was signed by Ethiopia's President Taye Atske-Selassie and Ursula von der Leyen, President of the European Commission.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>The Global Gateway Partnership seeks to boost cooperation and investment in key sectors, including digitization, renewable energy, agrifood systems, health, sustainable infrastructure, and peace and security.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>Before the signing, the two leaders held bilateral talks focused on deepening Ethiopia-EU relations and expanding cooperation in areas of mutual interest.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>During the discussions, President Taye underscored that the Global Gateway Initiative comes at a timely moment to forge a shared strategic vision and build a more resilient partnership between Ethiopia and the European Union.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>The signing of this agreement represents a significant step forward, elevating over half a century of diplomatic ties and giving new momentum to the 2016 Joint Declaration on Strategic Engagement between Ethiopia and the European Union.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>Read the original article on ENA.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='line-height:105%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p></td><td width=6 style='width:4.4pt;padding:0cm 0cm 0cm 0cm;height:10.05pt'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p></td></tr><tr style='height:10.05pt'><td width=6 style='width:4.4pt;padding:0cm 0cm 0cm 0cm;height:10.05pt'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p></td></tr><tr style='height:10.05pt'><td width=6 style='width:4.4pt;padding:0cm 0cm 0cm 0cm;height:10.05pt'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p></td></tr><tr style='height:10.05pt'><td width=910 colspan=4 valign=top style='width:682.8pt;border:solid #BFBFBF 1.0pt;border-top:none;padding:0cm 5.4pt 0cm 5.4pt;height:10.05pt'><p class=MsoNormal style='line-height:105%;background:white'><span lang=X-NONE style='mso-fareast-language:EN-ZW'> </span><i><span lang=EN-US style='font-size:10.0pt;line-height:105%;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-ZW'>Invest Wisely!</span></i><span lang=EN-US style='mso-fareast-language:EN-ZW'><o:p></o:p></span></p><p class=MsoNormal style='line-height:105%;background:white'><b><span lang=EN-US style='font-size:10.0pt;line-height:105%;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-ZW'>Bulls n Bears </span></b><span lang=EN-US style='mso-fareast-language:EN-ZW'><o:p></o:p></span></p><p class=MsoNormal style='line-height:105%;background:white'><span lang=EN-US style='font-size:10.5pt;line-height:105%;font-family:"Courier New";color:black;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='line-height:105%;background:white'><span lang=EN-US style='font-size:10.5pt;line-height:105%;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-ZW'>Cellphone: +263 71 944 1674 | +27 79 993 5557 <o:p></o:p></span></p><p class=MsoNormal style='line-height:105%;background:white'><span lang=EN-US style='font-size:10.5pt;line-height:105%;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-ZW'>Email: </span><span lang=EN-US><a href="mailto:bulls@bullszimbabwe.com"><span style='font-size:10.5pt;line-height:105%;font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>bulls@bullszimbabwe.com</span></a></span><span lang=EN-US style='font-size:10.5pt;line-height:105%;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-ZW'><o:p></o:p></span></p><p class=MsoNormal style='line-height:105%;background:white'><span lang=EN-US style='font-size:10.5pt;line-height:105%;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-ZW'>Website: </span><span lang=EN-US><a href="http://www.bullszimbabwe.com"><span style='font-size:10.5pt;line-height:105%;font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>www.bullszimbabwe.com</span></a></span><span lang=EN-US style='font-size:10.5pt;line-height:105%;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-ZW'> <o:p></o:p></span></p><p class=MsoNormal style='line-height:105%;background:white'><span lang=EN-US style='font-size:10.5pt;line-height:105%;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-ZW'>Blog: </span><span lang=EN-US><a href="http://www.bullszimbabwe.com/blog"><span style='font-size:10.5pt;line-height:105%;font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>www.bullszimbabwe.com/blog</span></a></span><span lang=EN-US style='font-size:10.5pt;line-height:105%;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-ZW'><o:p></o:p></span></p><p class=MsoNormal style='line-height:105%;background:white'><span lang=EN-US style='font-size:10.5pt;line-height:105%;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-ZW'>Twitter (X): @bullsbears2010<o:p></o:p></span></p><p class=MsoNormal style='line-height:105%;background:white'><span lang=EN-US style='font-size:10.5pt;line-height:105%;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-ZW'>LinkedIn: Bulls n Bears Zimbabwe<o:p></o:p></span></p><p class=MsoNormal style='line-height:105%;background:white'><span lang=EN-US style='font-size:10.5pt;line-height:105%;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-ZW'>Facebook: </span><span lang=EN-US><a href="http://www.facebook.com/BullsBearsZimbabwe"><span style='font-size:10.5pt;line-height:105%;font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>www.facebook.com/BullsBearsZimbabwe</span></a></span><span lang=EN-US style='font-size:10.5pt;line-height:105%;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-ZW'><o:p></o:p></span></p><p class=MsoNormal style='text-indent:33.35pt;line-height:105%'><span lang=EN-US><img border=0 width=278 height=115 id="_x0000_i1028" src="cid:image004.png@01DC3843.848B05A0"></span><span lang=EN-US style='mso-fareast-language:EN-ZW'><o:p></o:p></span></p><p class=MsoNormal style='line-height:105%'><span lang=EN-US><o:p> </o:p></span></p><p class=MsoNormal style='mso-margin-top-alt:auto;margin-left:36.0pt;line-height:115%;background:white'><b><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></b></p></td><td width=6 style='width:4.4pt;padding:0cm 0cm 0cm 0cm;height:10.05pt'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p></td></tr><tr><td width=910 colspan=4 style='width:682.8pt;border:solid #BFBFBF 1.0pt;border-top:none;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='line-height:105%'><strong><span lang=EN-US style='font-family:"Verdana",sans-serif;color:#345883'>INVESTORS DIARY 2025</span></strong><span lang=EN-US style='font-family:"Verdana",sans-serif'><o:p></o:p></span></p></td><td width=6 style='width:4.4pt;padding:0cm 0cm 0cm 0cm'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'> <o:p></o:p></span></p></td></tr><tr style='height:3.25pt'><td width=175 style='width:131.3pt;border:solid #BFBFBF 1.0pt;border-top:none;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoNormal style='text-indent:12.6pt;line-height:105%'><b><span lang=EN-US style='font-family:"Verdana",sans-serif'>Company</span></b><span lang=EN-US style='font-family:"Verdana",sans-serif'><o:p></o:p></span></p></td><td width=207 style='width:155.5pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:105%'><b><span lang=EN-US style='font-family:"Verdana",sans-serif'>Event</span></b><span lang=EN-US style='font-family:"Verdana",sans-serif'><o:p></o:p></span></p></td><td width=353 style='width:264.7pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:105%'><b><span lang=EN-US style='font-family:"Verdana",sans-serif'>Venue</span></b><span lang=EN-US style='font-family:"Verdana",sans-serif'><o:p></o:p></span></p></td><td width=175 valign=bottom style='width:131.3pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:105%'><b><span lang=EN-US style='font-family:"Verdana",sans-serif'>Date & Time</span></b><span lang=EN-US style='font-family:"Verdana",sans-serif'><o:p></o:p></span></p></td><td width=6 style='width:4.4pt;padding:0cm 0cm 0cm 0cm;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'> <o:p></o:p></span></p></td></tr><tr style='height:3.25pt'><td width=175 valign=top style='width:131.3pt;border:solid #BFBFBF 1.0pt;border-top:none;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span lang=EN-US><o:p> </o:p></span></p></td><td width=207 style='width:155.5pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-size:10.0pt;line-height:105%;font-family:"Trebuchet MS",sans-serif'><o:p> </o:p></span></p></td><td width=353 style='width:264.7pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span lang=EN-US><o:p> </o:p></span></p></td><td width=175 valign=top style='width:131.3pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-size:10.0pt;line-height:105%;font-family:"Trebuchet MS",sans-serif'><o:p> </o:p></span></p></td><td width=6 style='width:4.4pt;padding:0cm 0cm 0cm 0cm;height:3.25pt'><p class=MsoNormal style='margin-left:72.0pt;text-indent:-72.0pt;line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p></td></tr><tr style='height:3.25pt'><td width=175 valign=top style='width:131.3pt;border:solid #BFBFBF 1.0pt;border-top:none;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span lang=EN-US><o:p> </o:p></span></p></td><td width=207 style='width:155.5pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-size:10.0pt;line-height:105%;font-family:"Trebuchet MS",sans-serif'><o:p> </o:p></span></p></td><td width=353 style='width:264.7pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span lang=EN-US><o:p> </o:p></span></p></td><td width=175 valign=top style='width:131.3pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-size:10.0pt;line-height:105%;font-family:"Trebuchet MS",sans-serif'><o:p> </o:p></span></p></td><td width=6 style='width:4.4pt;padding:0cm 0cm 0cm 0cm;height:3.25pt'><p class=MsoNormal style='margin-left:72.0pt;text-indent:-72.0pt;line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p></td></tr><tr style='height:3.25pt'><td width=175 valign=top style='width:131.3pt;border:solid #BFBFBF 1.0pt;border-top:none;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span lang=EN-US><o:p> </o:p></span></p></td><td width=207 style='width:155.5pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-size:10.0pt;line-height:105%;font-family:"Trebuchet MS",sans-serif'><o:p> </o:p></span></p></td><td width=353 style='width:264.7pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span lang=EN-US><o:p> </o:p></span></p></td><td width=175 valign=top style='width:131.3pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-size:10.0pt;line-height:105%;font-family:"Trebuchet MS",sans-serif'><o:p> </o:p></span></p></td><td width=6 style='width:4.4pt;padding:0cm 0cm 0cm 0cm;height:3.25pt'><p class=MsoNormal style='margin-left:72.0pt;text-indent:-72.0pt;line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p></td></tr><tr style='height:3.25pt'><td width=382 colspan=2 valign=top style='width:286.8pt;border:solid #BFBFBF 1.0pt;border-top:none;background:#D9D9D9;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoBodyText style='margin:0cm;margin-bottom:.0001pt;line-height:105%'><b><span lang=EN-US style='font-size:11.0pt;line-height:105%;font-family:"Verdana",sans-serif;color:black'>Companies under Cautionary<o:p></o:p></span></b></p></td><td width=353 style='width:264.7pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#D9D9D9;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoBodyText style='margin:0cm;margin-bottom:.0001pt;line-height:105%'><b><span lang=EN-US style='font-size:11.0pt;line-height:105%;font-family:"Verdana",sans-serif;color:black'><o:p> </o:p></span></b></p></td><td width=175 valign=bottom style='width:131.3pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#D9D9D9;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoBodyText style='margin:0cm;margin-bottom:.0001pt;line-height:105%'><b><span lang=EN-US style='font-size:11.0pt;line-height:105%;font-family:"Verdana",sans-serif;color:black'><o:p> </o:p></span></b></p></td><td width=6 style='width:4.4pt;padding:0cm 0cm 0cm 0cm;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p></td></tr><tr style='height:3.25pt'><td width=382 colspan=2 valign=top style='width:286.8pt;border:solid #BFBFBF 1.0pt;border-top:none;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoBodyText style='margin:0cm;margin-bottom:.0001pt;line-height:105%'><span lang=EN-US style='font-size:11.0pt;line-height:105%;font-family:"Verdana",sans-serif'><o:p> </o:p></span></p></td><td width=353 style='width:264.7pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoBodyText style='margin:0cm;margin-bottom:.0001pt;line-height:105%'><span lang=EN-US style='font-size:11.0pt;line-height:105%;font-family:"Verdana",sans-serif'><o:p> </o:p></span></p></td><td width=175 valign=bottom style='width:131.3pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoBodyText style='margin:0cm;margin-bottom:.0001pt;line-height:105%'><span lang=EN-US style='font-size:11.0pt;line-height:105%;font-family:"Verdana",sans-serif'><o:p> </o:p></span></p></td><td width=6 style='width:4.4pt;padding:0cm 0cm 0cm 0cm;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p></td></tr><tr style='height:3.25pt'><td width=382 colspan=2 valign=top style='width:286.8pt;border:solid #BFBFBF 1.0pt;border-top:none;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoBodyText style='margin:0cm;margin-bottom:.0001pt;line-height:105%'><span lang=EN-US style='font-size:11.0pt;line-height:105%;font-family:"Verdana",sans-serif'>CBZH<o:p></o:p></span></p></td><td width=353 style='width:264.7pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoBodyText style='margin:0cm;margin-bottom:.0001pt;line-height:105%'><span lang=EN-US style='font-size:11.0pt;line-height:105%;font-family:"Verdana",sans-serif'>GetBucks<o:p></o:p></span></p></td><td width=175 valign=bottom style='width:131.3pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoBodyText style='margin:0cm;margin-bottom:.0001pt;line-height:105%'><span lang=EN-US style='font-size:11.0pt;line-height:105%;font-family:"Verdana",sans-serif'>EcoCash<o:p></o:p></span></p></td><td width=6 style='width:4.4pt;padding:0cm 0cm 0cm 0cm;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'> <o:p></o:p></span></p></td></tr><tr style='height:3.25pt'><td width=382 colspan=2 valign=top style='width:286.8pt;border:solid #BFBFBF 1.0pt;border-top:none;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoBodyText style='margin:0cm;margin-bottom:.0001pt;line-height:105%'><span lang=EN-US style='font-size:11.0pt;line-height:105%;font-family:"Verdana",sans-serif'>Padenga<o:p></o:p></span></p></td><td width=353 style='width:264.7pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoBodyText style='margin:0cm;margin-bottom:.0001pt;line-height:105%'><span lang=EN-US style='font-size:11.0pt;line-height:105%;font-family:"Verdana",sans-serif'>Econet<o:p></o:p></span></p></td><td width=175 valign=bottom style='width:131.3pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoBodyText style='margin:0cm;margin-bottom:.0001pt;line-height:105%'><span lang=EN-US style='font-size:11.0pt;line-height:105%;font-family:"Verdana",sans-serif'>RTG<o:p></o:p></span></p></td><td width=6 style='width:4.4pt;padding:0cm 0cm 0cm 0cm;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p></td></tr><tr style='height:3.25pt'><td width=382 colspan=2 valign=top style='width:286.8pt;border:solid #BFBFBF 1.0pt;border-top:none;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoBodyText style='margin:0cm;margin-bottom:.0001pt;line-height:105%'><span lang=EN-US style='font-size:11.0pt;line-height:105%;font-family:"Verdana",sans-serif'>Fidelity<o:p></o:p></span></p></td><td width=353 style='width:264.7pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoBodyText style='margin:0cm;margin-bottom:.0001pt;line-height:105%'><span lang=EN-US style='font-size:11.0pt;line-height:105%;font-family:"Verdana",sans-serif'>TSL<o:p></o:p></span></p></td><td width=175 valign=bottom style='width:131.3pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoBodyText style='margin:0cm;margin-bottom:.0001pt;line-height:105%'><span lang=EN-US style='font-size:11.0pt;line-height:105%;font-family:"Verdana",sans-serif'>FMHL<o:p></o:p></span></p></td><td width=6 style='width:4.4pt;padding:0cm 0cm 0cm 0cm;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p></td></tr><tr style='height:3.25pt'><td width=382 colspan=2 valign=top style='width:286.8pt;border:solid #BFBFBF 1.0pt;border-top:none;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoBodyText style='margin:0cm;margin-bottom:.0001pt;line-height:105%'><span lang=EN-US style='font-size:11.0pt;line-height:105%;font-family:"Verdana",sans-serif'><o:p> </o:p></span></p></td><td width=353 style='width:264.7pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoBodyText style='margin:0cm;margin-bottom:.0001pt;line-height:105%'><span lang=EN-US style='font-size:11.0pt;line-height:105%;font-family:"Verdana",sans-serif'><o:p> </o:p></span></p></td><td width=175 valign=bottom style='width:131.3pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoBodyText style='margin:0cm;margin-bottom:.0001pt;line-height:105%'><span lang=EN-US style='font-size:11.0pt;line-height:105%;font-family:"Verdana",sans-serif'><o:p> </o:p></span></p></td><td width=6 style='width:4.4pt;padding:0cm 0cm 0cm 0cm;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p></td></tr><tr style='height:99.35pt'><td width=910 colspan=4 style='width:682.8pt;border:solid #BFBFBF 1.0pt;border-top:none;padding:0cm 5.4pt 0cm 5.4pt;height:99.35pt'><p class=MsoBodyText align=center style='margin:0cm;margin-bottom:.0001pt;text-align:center;line-height:105%'><span lang=EN-US><a href="mailto:info@bulls.co.zw"><span lang=EN-ZW style='color:windowtext;mso-fareast-language:EN-ZW;text-decoration:none'><img border=0 width=804 height=268 id="Picture_x0020_2" src="cid:image005.jpg@01DC3843.848B05A0"></span></a></span><span lang=EN-US style='font-size:11.0pt;line-height:105%;font-family:"Verdana",sans-serif'><o:p></o:p></span></p></td><td width=6 style='width:4.4pt;padding:0cm 0cm 0cm 0cm;height:99.35pt'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'> <o:p></o:p></span></p></td></tr><tr><td width=910 colspan=4 valign=top style='width:682.8pt;border:solid #BFBFBF 1.0pt;border-top:none;background:#1F497D;padding:0cm 5.4pt 0cm 5.4pt'><p class=MsoNormal style='line-height:105%'><i><span lang=EN-US style='font-size:8.0pt;line-height:105%;font-family:"Verdana",sans-serif'><o:p> </o:p></span></i></p></td><td width=6 style='width:4.4pt;padding:0cm 0cm 0cm 0cm'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'> <o:p></o:p></span></p></td></tr><tr><td width=910 colspan=4 valign=top style='width:682.8pt;border:solid #BFBFBF 1.0pt;border-top:none;background:#1F497D;padding:0cm 5.4pt 0cm 5.4pt'><p class=MsoNormal style='line-height:105%'><i><span lang=EN-US style='font-size:8.0pt;line-height:105%;font-family:"Verdana",sans-serif;color:white'>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.</span></i><i><span lang=EN-US style='font-size:8.0pt;line-height:105%;font-family:"Verdana",sans-serif'><o:p></o:p></span></i></p></td><td width=6 style='width:4.4pt;padding:0cm 0cm 0cm 0cm'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'> <o:p></o:p></span></p></td></tr><tr><td width=910 colspan=4 valign=top style='width:682.8pt;border:solid #BFBFBF 1.0pt;border-top:none;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt'><p class=MsoNormal style='line-height:105%'><i><span lang=EN-GB style='font-size:8.0pt;line-height:105%;font-family:"Verdana",sans-serif;color:white'><o:p> </o:p></span></i></p></td><td width=6 style='width:4.4pt;padding:0cm 0cm 0cm 0cm'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'> <o:p></o:p></span></p></td></tr><tr><td width=910 colspan=4 valign=top style='width:682.8pt;border:solid #BFBFBF 1.0pt;border-top:none;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt'><p class=MsoNormal style='line-height:105%'><span lang=EN-GB style='mso-fareast-language:EN-ZW'> (c) 2025 Web: </span><span lang=EN-US><a href="http://www.bullszimbabwe.com"><span lang=EN-GB style='mso-fareast-language:EN-ZW'>www.bullszimbabwe.com</span></a></span><span lang=EN-GB style='mso-fareast-language:EN-ZW'> Email: </span><span lang=EN-US><a href="mailto:bulls@bullszimbabwe.com"><span lang=EN-GB style='mso-fareast-language:EN-ZW'>bulls@bullszimbabwe.com</span></a></span><span lang=EN-GB style='mso-fareast-language:EN-ZW'> Tel: +27 79 993 5557 | +263 71 944 1674</span><span lang=EN-US style='mso-fareast-language:EN-ZW'><o:p></o:p></span></p></td><td width=6 style='width:4.4pt;padding:0cm 0cm 0cm 0cm'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'> <o:p></o:p></span></p></td></tr><tr><td width=910 colspan=4 valign=bottom style='width:682.8pt;border:solid #BFBFBF 1.0pt;border-top:none;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-size:8.0pt;line-height:105%;font-family:"Verdana",sans-serif'><o:p> </o:p></span></p></td><td width=6 style='width:4.4pt;padding:0cm 0cm 0cm 0cm'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'> <o:p></o:p></span></p></td></tr></table></div><p class=MsoNormal><span lang=EN-US><o:p> </o:p></span></p><p class=MsoNormal><span lang=EN-US><o:p> </o:p></span></p><p class=MsoNormal><span lang=EN-US><o:p> </o:p></span></p><p class=MsoNormal><span lang=EN-US><o:p> </o:p></span></p></div></body></html>