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+{"doc_id": "01a221cec51c6aa8fda824e0297d50db", "text": "Travel agencies under the auspices of the National Association of Nigeria Travel Agencies (NANTA) have called on airline operators in Nigeria to reduce the prices of flight tickets following the Central Bank of Nigeria (CBN) announcement that it has cleared all “verified” foreign exchange backlogs of these foreign airlines.\nNANTA, in a press statement made available to BusinessDay on Wednesday, announced its position, warning these airlines, in particular the foreign airlines, to quickly adjust their flight ticket prices or face intense pressure if they fail to do so.\nThe pressure group had welcomed CBN’s strategic intervention, emphasising the role it played alongside the International Air Traffic Agencies (IATA) to release trapped funds valued at over $700 million, the highest amongst the 130 IATA member countries.\nNigeria, being one of the most expensive outbound countries for flight ticket prices, had the trapped funds as one of the major motivating factors behind its decision, says IATA and numerous foreign airlines.\nDue to the trapped funds situation, NANTA had accepted the exorbitant flight ticket prices in the past as a justifiable reason but insisted that it should be immediately reversed now that the CBN had fulfilled its pledge.\nIt stated that “NANTA, therefore, holds a firm position that, with ROE at NGN 1421 and backlogs cleared by CBN, airlines have no further reason and justification to restrict inventory in the Nigerian market. We at NANTA view further restrictions of lower inventory as excessive, profiteering, and unsupportive of the Nigerian Government/Market in the face of our economic challenges.\n“NANTA has made a request to IATA, to prevail on all airlines operating in the Nigerian market to release all lower inventories latest by Friday 2nd February 2024. Reminding IATA that NANTA was cooperative and collaborative when the request was made by IATA.\n“Anything short of full release of inventory by all airlines is now unexplainable, leading NANTA to view that there is more to the actions of airlines in our market.\n“The National President made NANTA’s position clear to IATA that if full inventories are not released by all airlines by Friday, 2nd February 2024, NANTA would address a World Press Conference next week, on the unexplainable, unreasonable, unjustifiable, and unsupportive actions of airlines in Nigeria.”\nMeanwhile, IATA has welcomed CBN’s announcement of its release of an additional $64.44 million in blocked airline funds, but admitted that “it was consulting with our airline members to verify the release of their revenues, noting that about $700 million remains trapped in the country.”", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://businessday.ng/aviation/article/travel-agencies-challenge-airlines-to-release-cheap-tickets-following-cbn-intervention/"}

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+{"doc_id": "01fe4d6cc63b653ebc2404a25c0d8b0d", "text": "The Government is back to the global money market asking for loans between Sh150 billion and Sh300 billion to refinance existing loans.\nBorrowing for worthwhile projects must be encouraged. However, certain quarters have cautioned Treasury’s rate of borrowing, pointing out it is damaging Kenya’s credit rating.\nThe Government could be more transparent about the use of the borrowed funds. The moment citizens question the use of loan proceeds, then there is doubt as to whether it is a worthwhile exercise.\nIt is almost certain that the Eurobond issue will be successful because investors always look for borrowers. In any case, financial institutions whether local or global are in the business of generating income by lending money to businesses, government and individuals. The advantage of lending to the State, unlike to individuals and business is that they are unlikely to default.\nThe principal economic function of banks in any economy is to finance consumption and investment. However, even at an individual level, if you keep on borrowing, then you risk losing your borrowing capacity.\nYou are also likely to be denied credit in future or made to pay higher interest on the same amount borrowed.\nThe analogy can be found in the credit arrangement between banks and Central Bank. A bank that keeps on borrowing at higher discount rates is likely to face investigations.\nThe assumption is that those who borrow to repay earlier loans are in financial difficulties and are likely to default.\nKenya is an emerging economy and unlike developed economies, the lending process is subject to careful monitoring.\nGRADE SECURITIES\nIt appears Kenya is entering a stage where its creditworthiness is being questioned. This is derived from the lack of agreement about her credit rating by three agencies - Fitch, Moody’s and SRP. Banks in developed economies do not lend to countries that have a history of defaulting.\nSuch banks are allowed by their governments to only invest in investment grade securities rated at least BAA or BBB to protect depositors from excessive risk.\nBanks are particular about credit risk and rely on credit-rating agencies such as Moody’s. A credit-rating agency rates the borrower’s ability pay back debt, making timely interest payments while determining the likelihood of default.\nIn terms of market share, Moody’s Investors Service and Standard & Poor (S&P) together control 80 per cent of the global market while Fitch’s ratings control around 15 per cent.\nMoody’s is the bond credit rating wing of Moody’s Corporation, a firm that tells investors their potential losses on lending to a particular institution, private or government.\nStay informed. Subscribe to our newsletter\nMoody’s measures the expected losses in case there is a default, but S&P and Fitch advise the investors whether the borrower will default or not. Moody is the opinion that our credit rating has declined; they are questioning the impact of current borrowing on Kenya’s debt capacity.\nMoody’s has downgraded Kenya’s credit rating from B1 grade to B2; and if that is the actual position, then Kenya will have to pay higher interest on future loans.\nHowever, Treasury ignored Moody’s rating and turned to Standard & Poor (S&P) and Fitch that rated Kenya’s debt capacity favourably. The danger to Treasury is that they have solicited for the services of S&P and Fitch, paid them, setting the platform for conflict of interest because both must choose between rating securities accurately and serving their customer.\nIn this case, it is the Government that needs high ratings to be able to sell bonds to investors to raise the required funds.\nInvestors appear to be wary of solicited credit ratings as they might not be as objective as they ought to be.\nThe US leans more towards unsolicited credit rating. S&P issues credit rating of private institutions and governments and is a nationally recognised.\nIt is not unusual for S&P to downgrade government bonds. In 2011 the firm lowered the US’s sovereign long-term credit rating from 3 A’s to 2A’s due to their dissatisfaction with the Budget Control Act of 2011.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.standardmedia.co.ke/article/2001270366/why-the-jury-is-still-out-on-kenyas-latest-credit-rating"}

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+{"doc_id": "034736df0953ee5756ef916b7e5fea4a", "text": "Less than three years ago, Boris Johnson led the Conservatives to their biggest election victory since 1987.\nNow, the prime minister has lost the support of his MPs and is set to resign. How did it come to this?\nThe Chris Pincher affair\nOn Wednesday 29 June, the MP Chris Pincher - at the time, the Conservative deputy chief whip - went to a private members' club in London. In his words, he \"drank far too much\" and \"embarrassed himself\".\nHe was accused of groping two men, which led to flurry of allegations, some dating back years. It set off a chain of events that ended with the prime minister's downfall.\nFirst, Downing Street said Mr Johnson was not aware of \"specific allegations\" about Mr Pincher before appointing him as deputy chief whip in February. Ministers later reiterated this line - even though it turned out to be inaccurate.\nOn 4 July, the BBC reported Mr Johnson had been aware of a formal complaint. The next day, a former civil servant - Lord McDonald - said the prime minister had been told of the complaint in person.\nMr Johnson then admitted he had been told in 2019, and apologised for appointing Mr Pincher as deputy chief whip.\nIn April this year, the prime minister was fined for breaking lockdown rules, after attending a gathering on his birthday in June 2020.\nHe also apologised for going to a \"bring your own booze\" party in the Downing Street garden during the first lockdown.\nMore widely, the Metropolitan Police issued 126 fines to 83 people for breaking lockdown rules in Downing Street and Whitehall.\nAnd a report by Sue Gray - a senior civil servant - described a series of social events by political staff that broke lockdown rules.\n\"The senior leadership at the centre, both political and official, must bear responsibility for this culture,\" she wrote.\nLast December, Mr Johnson told the Commons that \"all guidance was followed completely in No 10\". He is now being investigated by a Commons committee over whether he knowingly misled Parliament.\nThe cost of living crisis - and a tax rise\nInflation has risen sharply in 2022, to the current rate of 9.1%.\nMany of the reasons were outside of Boris Johnson's control. Russia's invasion of Ukraine, for example, has led to rises in oil prices and the cost of food.\nAnd, while the government has taken some steps - for example, by cutting fuel duty by 5p per litre - it also went ahead with a tax rise in April. National Insurance went up by 1.25 pence in the pound.\nThe government said the tax rise would pay for health and social care, and changes that kicked in this week softened the blow - but anyone earning more than £34,000 a year will still pay more.\n\"In the middle of the worst cost of living crisis for decades,\" said Labour leader Sir Keir Starmer in April, \"the government chooses to increase taxes on working people\".\nOwen Paterson row\nIn October 2021, a House of Commons committee recommended a 30-day suspension for then-Conservative MP Owen Paterson.\nThe committee said he broke lobbying rules, to try to benefit companies who paid him.\nBut the Conservatives - led by the prime minister - voted to pause his suspension, and set up a new committee to look at how investigations were carried out.\nAfter an outcry, Mr Paterson ended up resigning. Mr Johnson later admitted he had \"crashed the car\" in his handling of the case.\nLack of focus - and ideas\nBoris Johnson won his thumping majority on the back of a clear, easy-to-follow policy - Get Brexit Done.\nBut since then, his critics said, there was a lack of focus and ideas in Downing Street.\nHis ex-adviser turned chief critic, Dominic Cummings, repeatedly accused him of being an out-of-control shopping trolley, veering from position to position.\nOthers questioned the prime minister's philosophy - or, indeed, if he had one. In June, Conservative MP and former minister Jeremy Hunt accused Mr Johnson of lacking \"integrity, competence, and vision\".\nMr Hunt was speaking before a confidence vote, which Mr Johnson won - but the complaints were getting louder.\nThe by-election defeats kept coming. After the latest, Mr Johnson said he would not undergo a \"psychological transformation\".\nBut that, now, is not the concern of Conservative MPs. They have spoken, and the prime minister is going.\nLatest Stories\n-\nParis 2024Q: 21 players involved in Black Queens second training session ahead of Zambia qualifier\n-\nSpintex Medical Centre begins Virtual Reality treatment to alleviate patients’ pains\n-\nGhana’s LNG Project on target for year-end completion – NPA\n-\nAsantehene asks new Finance Minister to work closely with MoF staff to address economic hardships\n-\nThe essential guide to run rate analysis\n-\nPhotos: Ghana hold eventful opening ceremony for 2024 Africa Zone 3 IHF Male Championship\n-\nSouth Africa headteacher shooting: Arrested pupil may be tried as adult\n-\nLion kills zookeeper at Nigeria’s Obafemi Awolowo University\n-\nSeamlessHR: ¢4 Billion payroll processed for customers, enhancing business efficiency\n-\nHow some countries are restoring wetlands for improved livelihoods\n-\nWAEC releases provisional results for 2023 WASSCE private candidates\n-\nFinance Minister pledges swift completion of Ashanti Region projects\n-\nCOCOBOD claims loss of 150,000 metric tonnes of cocoa in 2023 due to smuggling\n-\nYaw Nsarkoh – Understanding why the Free SHS scheme seems not to have made a drastic impact on literacy levels\n-\nThomas Partey returns to training after long injury lay off", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.myjoyonline.com/boris-johnson-resigns-5-things-that-led-to-the-pms-downfall/"}

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+{"doc_id": "05d52b6101741d051882a5e922525a64", "text": "The Executive Board of the International Monetary Board (IMF) has completed the third review of Guinea’s performance under programmes supported by the Extended Credit Facility (ECF).\nA report of the executive board on Monday in Abidjan said it also approved the immediate disbursement of 28.2 million dollars to Guinea.\nAccording to the report, the latest approval brings the total disbursement to Guinea under the ECF arrangement to about 112.8 million dollars.\nThe report said that Guinea’s economy went through a difficult period in 2013 due to the fragile socio-political situation and a sharp slowdown in investment in the mining sector.\n“As a result, growth is estimated to have slowed to 2.5 per cent, sharply below the programmed 4.5 per cent expansion. Inflation fell to 10.5 per cent at the end of 2013, international reserves were maintained at a satisfactory level, and the exchange rate remained broadly stable,’’ it said.\nThe report further said that Guinea’s performance under the ECF facility was satisfactory in spite of the shortfall in government revenue and increase in energy subsidy.\n“Strong adjustment measures have kept the fiscal deficit on track. Guinea’s macro-economic prospects for 2014 remain positive. Real GDP growth has tendency to rebound to 4.5 per cent, also assuming a gradual acceleration of investment in the mining sector,’’ the report said.\nIt said that Inflation is projected to further decline to 8.5 per cent, adding that fiscal targets should include increase in public investment and external assistance.\nIt called on the authorities to focus structural reforms on public financial management, civil service reform, the mining sector, the business climate, agriculture and the electricity sector.\nNAN", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://businessday.ng/africa/article/imf-approves-disbursement-of-28-million-to-guinea/"}

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+{"doc_id": "05e3203eccf4a2c3a1cbdcace5f140dd", "text": "•NSE All-Share Index Sheds 14.5%\n•Nigerian equities now cheapest in Africa\nGoddy Egene\nAffected by weak investor sentiments and sluggish economic growth, the Nigerian equities market closed 2019 on a negative note, thereby posting the second consecutive yearly decline.\nThe Nigerian Stock Exchange (NSE) All-Share Index (ASI), which is the benchmark barometer to measure the performance of the market, declined 14.5 per cent at 26,842.07, from 31,430.50. The decline is lower than the 17.8 per cent fall posted in 2018.\nBut unlike 2018 when the NSE equities market capitalisation fell by 13.8 per cent, market capitalisation rose 10.5 per cent or N2.038 trillion from N11.731 trillion to close higher at N12.958 trillion in 2019 due to the listing of MTN Nigerian Communications Plc and Airtel Africa Plc.\nThe two telecommunications giants boosted the market capitalisation by N3.265 trillion. Without the two firms, the market capitalisation would have dipped by 17.3 per cent to N9.693 trillion.\nHowever, the decline, which is the highest in Africa, has made the Nigerian bourse to parade the best valuations across African markets, thereby making the market the best investment destination for now.\nWhile Nigerian equities prices are trading at an average multiples of 7.0x, that of Ghana Stock Exchange is 15.4x, Egypt 12.0x, Kenya 12.4x and South Africa 15.9x. This indicates that the bear run that ravaged the market throughout the year has depressed the prices of Nigerian stocks significantly, with some declining more than 50 per cent.\nAlthough most of the listed companies have strong market fundamentals, investors were discouraged from the Nigerian market due to political risks that came with the general election in the first quarter of the year. While the elections were successful and President Muhammadu Buhari sworn in for his second term, investors were still reluctant to return to the Nigerian market. Instead, they moved towards developed markets that have less risk and relatively higher yields.\nCommenting on the performance of the market, analysts at Vetiva Capital said the market experienced a slow start in the year, mostly due to pre-election uncertainties.\n“Further to this, a general risk-off sentiment towards Emerging and Frontier Markets further hampered investment activity not only in Nigeria, but across Sub-Saharan Africa and the Middle East. In Nigeria, despite the merger of Access Bank and Diamond Bank at the end of first quarter (Q1) driving some interest in the banking sector, the resultant activity did not filter into the broader equity space over time, as the market closed Q1’19 in the red.\nOverall, the most positive period for the year followed the listing of MTNN, which drove the market into positive territory in May,” they said.\nOn his part, an investor and shareholder activist, Mr. Moses Igbrude of Independent Shareholders Association of Nigeria (ISAN), said stock prices were generally poor and extremely undervalued throughout 2019.\nMeanwhile, following the low valuations of the stocks, analysts at FSDH Research has urged investors to take advantage of the opportunity to buy into the market in the New Year.\nAccording to them, they expect the various monetary policies the Central Bank of Nigeria (CBN) initiated to boost economic activities and lead to increased liquidity that can flow to the financial market.\n“This assumption is based on the availability of complementary fiscal measures that will de-risk the economy, the absence of which may limit the ability of the monetary policies to achieve the desired objectives. FSDH Research believes the current bearish trend in the equity market is an opportunity for strategic investors to take positions in the market. In addition to the capital gain that investors enjoy in the equity market, investors could also benefit from dividends that companies pay and the bonus issue (additional shares that investors earn, for which they do not pay),” the analysts said.\nFSDH Research added that it expected the low yields on fixed income securities in Nigeria to provide an opportunity to source long-term debt capital for infrastructure development in Nigeria that will improve the Nigerian business environment.\n“Government and corporates can also leverage on the high appetite for debt securities to issue discount bonds. Meanwhile, we see attractive investment opportunities in the following sectors of the equity market: consumer goods, industrial goods, banking and oil and gas,” FSDH stated.\nAlso speaking, the Managing Director/CEO of Network Capital Limited, Mr. Oluropo Dada, said the market, more than ever before, presented an overwhelming buy opportunity for all investors in the face of the attractive valuations and CBN’s policy banning local corporates and individuals from investing in treasury bills (TBs).\n“The market fundamentals, despite the persistent illiquidity, are still very strong and prices of quoted securities can only go up, which will be triggered by both arbitrage income and dividend income. Based on the third quarter results released by the quoted companies, especially the banks, the market is where to be now,” Dada said.\nAccording to him, the market will be bullish this year, noting that fundamentals of the quoted companies remain strong despite the harsh macro-economic variables.\nIn his opinion, the CEO, InvestData Limited, Ambrose Omordion, said low interest rate regime, increased credit to the real sector and early assent of the 2020 budget would impact positively on the market.\n“The market in 2020 looks promising as factors that will shape the economy and stock market are on the increase, in spite of the continuous downgrade by rating agencies. The early implementation of capital expenditure would have multiplier effect on the economy,” Omordion said.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.thisdaylive.com/index.php/2020/01/01/nigerian-equities-decline-for-second-consecutive-year"}

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+{"doc_id": "06ac3300f298219cede3a873bf73f5b4", "text": "It is not always that an election in one part of the world can function as a mirror in another part of the globe. Societies differ in demographics, political and historical evolution, and the general economic issues that shape elections. The general election in Kenya that took place on Tuesday 9th August is in many ways a mirror of the forthcoming 2023 elections in Nigeria. This mirroring is primarily evident in their shared democratic characteristics, current economic climate, and socio-political milieu.\nKenya, resemblant to Nigeria, is a former British colony practising multiparty democracy and is multi-ethnic with three dominant ethnic groups vis Kikuyu, Luhya, and Kalenjin. Kenya, like Nigeria, has a young population, with 75 percent being under 35years. Nigeria and Kenya in their different constitutional provisions require a candidate to obtain 50 percent plus one vote to win the presidential race, with 25 percent spread in 24 of 47 Counties. Like our president Buhari, the incumbent president is not a candidate in this election.\nFour significant candidates were Raila Odinga, William Ruto, David Mwaura and George Wajackoya. Two, however, are candidates of the major coalition parties. Like most third-world countries, Kenya faces coordination and network challenges in election management.\nThe two countries have similar core issues that will define the election. The presidential campaign in Kenya was centred on three issues economy, corruption, and unemployment. The only difference with Nigeria will be the addition of how to tackle the menace of insecurity bedevilling our country.\nThe electoral laws and regulations are beginning to provide a level playing field for all parties and voters. Power resides with the people and not local oligarchs somewhere\nIn most economic indices, Kenya is better than Nigeria. Kenya’s inflation at 7.9 percent on election month is better than Nigeria’s 18 percent by June 2022. Public debt is as high as Nigeria’s, and the unemployment rate is spiralling. On the positive side, Kenya is a regional economic giant in East Africa, while Nigeria is a continental giant. Corruption is endemic and deep-rooted in the private and public sectors. These similarities give us the impetus to pay close attention to the Kenyan elections and learn from the outcome.\nKenyan election brought three fundamental issues for consideration: First, the new increased level of electoral transparency occasioned using technology and the increase in deepening democratic tenets among Africans. Democracy, although young in most African countries, is gradually becoming accepted. The new school of thought in Africa favours democracy and assumes that only a few bent on circumventing democracy are the culprits of democratic disorder that often leads to electoral violence and crisis. Elections are not only free and fair than in the past, but most are beginning to accept the results of the polls leading to less violence and more acceptance of the electoral outcomes.\nSecond, it is evident that incumbency is no longer an iron ceiling that is almost impossible to break. Incumbent to non-incumbent transition is a sign of maturity of democracy and is anticipated to happen if the incumbent loses many people’s backing. Anybody or party can lose an election if they lose the political patronage of the people. In the past, votes did not count, and election results were manipulated, written, and imposed on the people by the incumbent party or government.\nThe third is that Africans are beginning to jettison personality politics and focus more on issues that affect their lives. Insecurity, bad economy, and corruption are quickly becoming the thematic thrust of election campaigns, and the people are getting more likely to vote on their conviction of how candidates will tackle issues plaguing the country than relying on the cult of personality that is more ethnic and religious oriented.\nRead also: Access to financial services sign of development in Nigeria – experts\nAt the end of the Kenyan elections, three patterns have emerged that are instructive to Nigerian politicians, the election management body (INEC) and the electorate. The first pattern is technology’s positive influence on electoral outcomes. Technology deepens electoral transparency, enhances free and fair elections, and reduces rigging. The root of electoral violence in Africa is the lack of trust by stakeholders in the electoral process. Somaliland was the first to use iris recognition for voter accreditation and followed it up with electronic voting. Somaliland went from a war zone to a respected nation in a credible electoral process.\nOn the other hand, Kenya, which witnessed violence in its 2017 elections, deployed technology to add credibility to the electoral processes. It deepened the application of technology in 2022 using a specially designed Kenya Integrated Electronic Management System (KIEMS), and this reduced the 3-prong evil of violence, rigging and result disputation to its minimum. South Africa and Ghana are other African countries that have taken maximum advantage of technology to deliver free, fair, and credible elections with minimal or no disputation of results.\nBVAS, introduced by the electoral commission in Nigeria, like Kenya KIEMS, is an advanced voter identification technology that will be hostile to election riggers, effectively ending the old order. We saw this in recent elections at Anambra, Ekiti and Osun, and nobody challenged the results based on the number in each of those elections. BVAS, according to INEC, promises to deliver elections that reflect the people’s wishes.\nThe second pattern is that influence of the incumbent on the electoral outcome is beginning to wane. The use of state resources to influence voters will soon be history. Social media and citizens’ vigilance combine to rub government officials of secrecy to deploy state resources at will. Voters who are sure they can cast their votes in secret will vote according to their conscience. Voters are more informed, enlightened, and ready to defend their votes and voices at all costs.\nThey are more active and less fearful of state apparatus wielding power when deployed to influence elections. It is common knowledge that when incumbents deploy considerable resources to influence voters, many collect the financial inducements and yet vote for candidates most qualified to lead. The third pattern is that the quality of electoral laws and rules are beginning to impact on quality and outcome of elections. We saw this with the electoral reforms in Kenya. The electoral laws and regulations are beginning to provide a level playing field for all parties and voters. Power resides with the people and not local oligarchs somewhere.\nEven stakeholders are beginning to buy in on the issue of transparency in elections. It is worthy of note that in the last Kenya elections, the media are becoming unbiased and partisan. For instance, the two leading candidates held simultaneous final rallies in Nairobi, and the police did not interfere. Newspapers, TV, and radios gave balanced and equal coverage to the campaigns. The campaign coverage was a pleasure to watch. To gain support among a disaffected electorate, politicians have had to hinge their campaigns or movement on the country’s pressing economic issues, prompting a shift away from the country’s ethnic and personality-driven politics toward issue-based campaigns.\nTuesday’s polls were peaceful, with isolated violence cases in the northern region. The corrosive ethnic politics that framed previous electoral contests is ebbing. The critical question in the coming days is not only who won the race but whether the loser will accept defeat. This is a sign of maturity of the political players. It is evident from developments in Kenya that the train of history has left Kikuyu hegemony and dynastic politics.\nSimilarly, Nigeria may witness the end of ethnic politics in 2023. The critical issue in Nigeria, as we saw in Kenya, will be who among the candidates can secure the welfare of the majority. Poverty and hunger have no ethnic colouration. So, hunger and poverty are weaponised to push the electorate to vote for candidates that seem in tune with the economic and corruption realities and usher hope and belief in their future.\nKenya is leading the way in Africa in gender equity in politics and must be emulated by Nigeria and other African countries. According to IFES FAQ on the 2022 Kenyan elections, “Kenya’s legal framework includes firm principles of gender equity. According to the 2010 Constitution, no more than two-thirds of the membership of any elective body in Kenya may be of the same sex. In this respect, the National Assembly reserves forty-seven seats for women and the Senate reserves sixteen for women, with two more Senate seats reserved for women representing youth and persons with disabilities.” Interestingly, three out of the four presidential candidates chose female running mates. Similarly, the country believes in the twinning principle.\nAnother exemplary provision in Kenyan electoral law is the out-of-country voting provision. According to IEBC, out-of-country voting is allowed for the presidential election only.\nKenyan voters outside the country may only vote from twelve countries, chosen based on the number of Kenyans who live there. These voting took place in Tanzania, Uganda, Rwanda, Burundi, South Africa, South Sudan, Germany, United Kingdom, Qatar, United Arab Emirates, Canada, and the US.\nIt is quite unfortunate that despite the enormous contributions of Nigerians in Diaspora to the country’s economy and image laundry, they have no say in determining the political leadership of their homeland except they take the cumbersome option of travelling down to Nigeria to register and later to vote.\nFinally, it can only be hoped that free and fair elections are not seen as ends in themselves. Instead, free and fair elections should produce governments that can end illiteracy, poverty, unemployment and limited enlightenment. Only by so doing can democracy improve and entrench itself to become an integral part of the value and cultural reality of tomorrow’s Africa.\nAll eyes are now on Angola (August 2022), Chad (September 2022), Lesotho (Oct 2022), Somaliland (Nov 2022), Sudan (December 2022) and Nigeria (Feb 2023) to deliver free, fair, and credible elections, deepen democracy, promote political transformation, increase prosperity and give Africa hope of a bright future. Nigeria must show leadership and use the 2023 election to highlight democratic resilience and deep-rooted principles in the Nigerian democratic culture.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://businessday.ng/backpage/article/from-nairobi-to-abuja-kenyan-election-as-a-mirror-for-nigeria/"}

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+{"doc_id": "082bd616019cb924a63b002e9771ba09", "text": "Exchange, NGCL to create standardised derivatives market\nAhead of the planned launch of Exchange Traded Derivatives (ETDs) in the Nigerian capital market, the Nigerian Exchange Limited (NGX) and NG Clearing (NGCL), on Wednesday, engaged the Trading License Holders (TLHs) on how to create a standardised ETDs market\nAt the session, the Divisional Head, Trading Business, NGX, Jude Chiemeka said in its quest to be Africa’s preferred Exchange hub, the NGX recognises the importance of a well-developed derivatives market and has worked assiduously to build the regulatory, technology framework, and competence required to support the launch of a world-class ETDs market.\nAn Exchange Traded Derivative (ETD) is merely a derivative contract that derives its value from an underlying asset that is listed on a trading exchange and guaranteed against default through a clearinghouse.\nDue to their presence on a trading exchange, ETDs differ from over-the-counter derivatives in terms of their standardized nature, higher liquidity, and ability to be traded on the secondary market. ETDs include futures contracts, options contracts, and futures options.\nChiemeka said the derivatives market will complement existing cash markets and provide investors and other market players with the necessary tools for tactical asset allocation, risk, and cost management tools for effective portfolio management.\nHead, Derivatives Markets, NGX, Mrs. Chidinma Chukwueke-Okolo spoke on the roles, as well as the minimum operating standards for participating in the Derivatives market.\nShe listed areas TLHs must show a high level of competence to include, manpower and equipment, organisational structure and governance, effective processes, global competitiveness, and technology.\nThe Chief Operating Officer, NGCL, Ayokunle Adaralegbe pointed out that the derivatives market remains the largest single segment of the global financial market and has been estimated to be more than five times larger than global equity and bond markets.\nHe said local and international players in the derivatives market space anticipate the launch of ETDs in the market and are keeping a keen eye on the activities of NGX in this regard.\nGet the latest news delivered straight to your inbox every day of the week. Stay informed with the Guardian’s leading coverage of Nigerian and world news, business, technology and sports.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://guardian.ng/business-services/exchange-ngcl-to-create-standardised-derivatives-market/"}

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+{"doc_id": "0af623ab6a1cf5826e3135dbfc514207", "text": "NAHCO Aviation Academy, a wholly–owned subsidiary of the Nigerian Aviation Handling Company Plc (Nahco Aviance), has been accredited as an Approved Training Organization (ATO) by the Nigeria Civil Aviation Authority (NCAA).\nThe accreditation which came after a rigorous and painstaking process conducted by the regulatory body saw the new company excel in all aspects of evaluation.\nIn a letter to the Head of the Academy dated March 21, 2023, the NCAA declared that having met all the requirements set forth before accreditation can be enabled, “NAHCO Aviation Academy has met the requirements for approval as an approved training organisation in compliance with the Nig. CARs.”\nThe approval of the Aviation Academy as an ATO is in line with NAHCO ‘s commitment to provide the industry with highly trained manpower for next-generation aviation services.\nAs an ATO, the Academy is now authorised to offer a wide range of courses to airlines, ground handling services providers, licensed customs agents, providers of security service in aviation and members of the public aspiring to obtain aviation certifications.\nRead also: Ethiopian Airlines increases Korea-Africa services\nThe Academy is accredited to provide training in all aspects of the following areas: Operations Assistant/Officer\nCargo Services Assistant/Officer Flight Services Officers (Load Controllers), Ground Support Equipment (GSE) Operatives (Cat A,B & C) Passenger Handling Personnel.\nSpeaking on the new development, Emmanuel Illah, Senior Manager, New Business, NAHCO Plc, said “these comprehensive training programmes are designed to cater to key stakeholders in the aviation value chain and individuals aspiring to pursue a career in the aviation industry.”\nIllah stated that NAHCO Aviation Academy’s team of highly experienced internal and external Faculty members will offer training in key aspects of the industry even as efforts are being made to ensure the sustenance of state of the art facilities which impressed the NCAA’s team.\nSpeaking on the motive for the establishment of the training school, Illah said it became imperative for NAHCO, a big industry player in the country and the West Africa sub-region to begin to think of the future of the industry and to provide quality manpower that would not only sustain the industry but elevate it to the next level.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://businessday.ng/aviation/article/nahco-aviation-academy-gets-ncaas-approval/?utm_source=auto-read-also&utm_medium=web"}

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+{"doc_id": "0c386e1667cd1c9696b882e23c43f5a0", "text": "All banks met the minimum regulatory liquidity ratio (LR) of 30 percent at end-June 2013, according to the Central Bank of Nigeria (CBN). The industry liquidity ratio at the end of June 2013, stood at 67.8 percent, compared with 62.7 percent at end-June 2012.\nConsequently, the industry ratio of non-performing loans (NPLs) to total loans at end-June 2013, stood at 3.7 percent, compared with 4.3 percent at end-June 2012. This was within the maximum threshold of 5 percent set by the CBN. The reduction in the NPL ratio was attributed to the intervention of Asset Management Corporation of Nigeria (AMCON) in the industry and improved risk management practices by deposit money banks (DMBs).\nThe CBN’s 2013 half year Economic Report revealed that the health of banks in the system further improved in the first half of 2013. All the banks, with the exception of one, met the regulatory minimum capital adequacy ratio (CAR) of 10 percent in the first half of 2013. The affected bank had commenced a private placement of new shares aimed at raising N20 billion fresh capital and an additional capital injection of N20 billion from a core investor. Overall, the average CAR in the industry was 19.1 percent, compared with 8 and 17.7 percent minimum international standard and the level at the end of the corresponding period of 2012, respectively.\nHowever, the report shows that the total credit to the priority sectors of the economy, comprising agriculture, solid minerals, exports and manufacturing, was N3,266.2 billion at the end of the first half of 2013, accounting for 37.2 percent of the total, compared with 37.1 percent in the corresponding half of 2012. The less priority sectors (real estate, public utilities, transport and communications, finance and insurance, and government) accounted for 40.2 percent of total claims on the private sector, while the unclassified sectors accounted for the balance.\nAccording to the report, short-term maturities continued to dominate the credit market in the first half of 2013. Outstanding credits maturing within one year accounted for 57.1 percent, compared with 57.4 percent at the end of the second half of 2012. The proportion of the medium-term (≥1yr and < 3yrs) and long-term (3yrs and above) maturities stood at 19.7 and 23.2 percent, compared with 17.9 and 24.7 percent, respectively, at the end of the second half of 2012.\nSimilarly, deposits below one year constituted 96.9 percent of the total, of which 75.9 percent had maturities of less than 30 days. Long-term deposits constituted only 3.1 percent, slightly higher than the 2.6 percent recorded at the end of the second half of 2012. The near-absence of long-term deposits continued to constrain the ability of banks to create long-tenored risk assets crucial for economic development.\nThe AMCON continued to discharge its function as a multipurpose resolution vehicle empowered to purchase toxic assets from banks and inject needed funds through the issuance of appropriate securities. At the end of the first half of 2013, the Corporation had a total bond liability of N5,410.0 billion (face value), the first tranch was due on December 31, 2013.\nDuring the first half of the year, the Corporation commenced the process of divestment from Enterprise Bank, Keystone Bank and Mainstreet Bank, with the placement of a public notice in the dailies; and the engagement of a financial adviser to oversee the process of divestment from Enterprise Bank. Furthermore, a Resolution Cost Trust Fund Deed, which would replace the existing MoU on the Banking Sector Resolution Cost Sinking Fund was drawn up for execution by the CBN and DMBs during the review period. A key provision of the Deed was the increase in the annual contribution of the DMBs from 30 basis points of their total assets (per audited annual financial statements of the previous year) to 50 basis points of total assets and 33.33 percent of off-balance sheet items.\nIn addition, the Corporation proposed amendment to its enabling Act to the National Assembly, to include the Sinking Fund contribution and its management in the Act.\nBy: HOPE MOSES-ASHIKE", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://businessday.ng/banking/article/banks-npl-reduction-linked-to-amcon-improved-risk-management/"}

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+{"doc_id": "0c5e0bb60363f0c725adcf195ed9e4a3", "text": "The signing by former President Muhammadu Buhari of the Petroleum Industry Act (“PIA” or the “Act”) into law on 16 August 2021 was welcomed with mixed feelings among citizens of Nigeria as well as local and international investors and other global energy industry analysts and minders. Two years on, we take stock of the journey, examining the highs and lows, the promises fulfilled, and the challenges that lie ahead.\nConversion of licenses and leases\nThe PIA enables holders of Oil Prospecting Licences (OPL) and Oil Mining Licenses (OML) to convert their existing interests into Petroleum Prospecting Licences (PPL) or Petroleum Mining Leases (PML) through Conversion Contracts. This conversion process, which had an 18-month window that closed in February 2023, grants them access to the fiscal terms of the new regime.\nTo facilitate this transition, the Commission introduced the Conversion and Renewal (Oil Prospecting License and Oil Mining Leases) Regulations. These regulations outline the application procedure for OPL and OML conversion. They also extend to the conversion of producing marginal fields into PML, which concluded on 15 February 2023, as well as the conversion of non-producing or developing marginal fields into PPL. This regulatory framework sets the stage for the issuance of PPLs and PMLs under the PIA, aligning with the transition to the new fiscal framework.\nCommercialization of the defunct NNPC\nThe Act ushered in the commercialization of the former NNPC, now Nigerian National Petroleum Company Limited (“NNPC Limited”), a limited liability company. NNPC Limited, incorporated under Companies and Allied Matters Act (“CAMA”) within six months of the commencement of the PIA, has its shares held by the Ministry of Finance Incorporated and Ministry of Petroleum Incorporated on behalf of the Federation. Share transfers require Federal Government approval and National Economic Council endorsement, with sales subject to fair market value and competitive bidding.\nRead also: Nigeria’s petroleum industry ripe for indigenous crew change – Okoroafor\nThe Minister of Petroleum and Minister of Finance are tasked with transferring NNPC’s assets and liabilities to NNPC Limited within 18 months of the Act’s effective date. In the transition period, NNPC Limited was acting as NNPC’s agent for winding down assets, interests, and liabilities.\nNNPC Limited was successfully incorporated on 22 September 2021, few weeks after the enactment of the Act, and on 17 February 2023, all assets and liabilities of the defunct NNPC were confirmed to have been transferred to NNPC Limited and/or its subsidiaries. This transition enables NNPC Limited and its subsidiaries to operate as commercial entities, following the provisions of the CAMA and PIA, without recourse to government funds, declaring dividends to its shareholders and retaining 20% of its profits to grow its business.\nNUPRC V NMDPRA crude oil export terminal regulatory conflict\nThe Petroleum Industry Act triggered a complex dispute within Nigeria’s petroleum sector, primarily due to jurisdictional ambiguities between the Nigerian Upstream Petroleum Regulatory Commission (“NUPRC” or “Commission”) and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (“NMDPRA” or “Authority”). This dispute highlights the critical need for regulatory clarity in the industry.\nThe PIA designates the NUPRC as responsible for upstream petroleum operations, including exploration, development, and production, granting it the power to issue certificates for quality and quantity to exporters of crude oil, natural gas and petroleum products from integrated operations and crude oil terminals established prior to the Act’s effective date. The Act further provides that the Commission shall have the power to monitor and regulate the operations of crude oil terminals. However, the discretion in defining “integrated operations” has led to uncertainty, especially for onshore operations, causing jurisdictional disputes.\nConversely, the NMDPRA regulates midstream and downstream petroleum operations, covering storage facilities and export terminals for petroleum liquids, including crude oil export terminals.\nThe confusion arises from the overlapping roles in regulating crude oil exports, necessitating approvals from both regulators. This dual approval process raises industry costs and introduces potential inconsistencies.\nRead also: FG gazettes five regulations to guide stakeholder operations in upstream petroleum industry\nThe jurisdictional dispute has raised concerns about efficiency and clarity, with no clear framework for its resolution despite a number of attempts from the two regulatory bodies. President Bola Ahmed Tinubu has responded by providing directives to NUPRC and NMDPRA to clarify their roles and ensure operational stability until necessary PIA amendments are enacted.\nFor the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), the President’s directives are summarized as follows:\n1. NUPRC will exclusively regulate technical and commercial aspects of upstream petroleum operations and facilities. This includes licensing, administration, and monitoring of petroleum facilities connected from extraction to the crude export terminals and the entry point of the natural gas processing plant.\n2. Integrated upstream and midstream petroleum operations, as defined by Section 318 of the PIA, will be considered upstream petroleum operations. Therefore, NUPRC will have sole jurisdiction over the technical and commercial regulation of integrated petroleum facilities for upstream operations.\n3. The determination of whether facilities qualify as integrated will solely rest with NUPRC. Clear guidelines and criteria will be established by NUPRC to ensure consistent application of these criteria.\nFor the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), the directive is as follows:\n1. NMDPRA will exclusively regulate technical and commercial aspects of petroleum operations and facilities from the exit of crude export terminals to the entry gate of the natural gas processing plant.\nIn accordance with the Act, the directive is subject to a review process by the Authority and the Commission and the outcome of the review process will guide compliance.\nThis decisive action by President Tinubu underscores the government’s commitment to providing clarity and a stable regulatory environment for the oil and gas sector, ensuring efficient operations, attracting investments, and promoting sustainable growth in Nigeria’s energy landscape.\nEliminating NNPC’s monopoly with the issuance of crude oil importing licenses\nThe Authority is the body responsible for issuing licenses for entities to undertake importation of crude oil or petroleum products. In line with this, the Authority issued the Midstream and Downstream Petroleum Operations Regulations to provide procedures for the grant of license, permits, authorizations for importation, exportation, shipping and landing of petroleum, petroleum derivatives and petroleum products. This ends the monopoly previously held by the NNPC Limited as the exclusive importer of petroleum products into Nigeria.\nLater in June 2023, the Federal Government granted licenses to six new companies to import petroleum products into the country. This development was marked by Emadeb Energy’s recent reception of a 27 million-litre petrol shipment on 19 July 2023, and marks a noteworthy shift in the country’s fuel supply dynamics.\nIn the present scenario, where crude oil prices stand at around $85 per barrel and the Nigerian naira has experienced considerable depreciation against the US dollar, the cost of importing petroleum products remains elevated. Consequently, the financial burden extends to consumers, resulting in sustained retail prices that are above N600 per litre.\nRead also: Petroleum Industry Act: Impact on indigenous oil & gas companies and NNPC\nWhile the liberalization of importation offers prospects for increased competition and potential market benefits, the interplay between global oil prices, currency fluctuations, and local economic conditions continues to exert a significant influence on the dynamics of fuel pricing.\nLaunch of the NMDPRA oil and gas service portal system\nThe PIA has led to the introduction of a digital application portal system for Midstream and Downstream Industry Oil and Gas Service Permits (MDOGISPs) by the Authority. These permits are now mandatory for entities engaged in midstream and downstream activities, such as gas suppliers, petroleum liquid transporters, and bulk gas storage companies. Failure to obtain valid permits through this platform results in penalties, including fines, facility closure, and equipment confiscation.\nThis move streamlines the permit application process, enhances transparency, and strengthens regulatory monitoring. It also aligns with the PIA’s objectives and complements the publication of new regulations for the midstream and downstream sector.\nFor more information and access to the MDOGISP portal, visit www.mdogisp.mndpra.gov.ng.\nNUPRC and financing the Frontier Basin Exploration Fund\nThe Petroleum Industry Act (PIA) introduces the Frontier Exploration Fund (the “Fund”) to support exploration and development in Nigeria’s frontier acreages. These areas include regions like Anambra, Dahomey, Bida, Sokoto, Chad, and Benue where hydrocarbon exploration is yet to occur or remains undeveloped.\nThe PIA assigns the Commission with several responsibilities, including promoting frontier basin exploration, developing exploration strategies, and increasing knowledge about petroleum resources in these areas. The Fund, constituting 30% of NNPC’s “profit oil and profit gas” from various contracts, will finance exploration and development activities in these frontier acreages.\nIn June 2023, the Commission issued Frontier Basins Exploration Administration Regulations, outlining its duties and those of the state-owned oil company (NNPCL) concerning Frontier Basins. These regulations clarify roles to prevent conflicts with respect to the functions of the NNPC Limited in administering the Fund and establish a Frontier Basin Exploration and Development Plan Committee. This Committee is tasked with creating a comprehensive Frontier Basin Exploration and Development Plan (FBED Plan), serving as a vital roadmap for resource development.\nThe provision that the financial proposal will be the basis for appropriation requests to the National Assembly underscores the importance of legislative oversight in energy policy. It ensures transparent allocation of public funds for Frontier Basin development, ultimately driving economic growth and energy security.\n2022 mini-bid round for deep offshore assets\nThe NUPRC initiated the 2022/23 Mini Bid Round (MBR) under the PIA to boost exploration in deep waters offshore Nigeria. This round included seven offshore blocks, covering around 6,700 km2 in water depths ranging from 1,150m to 3,100m. The MBR aimed to attract global investors with deep-water expertise.\nOn April 1, 2023, the Commission extended the submission deadline for Technical/Commercial bids to May 19, 2023, and the contract negotiation deadline to 28 July 2023. This extension was designed to complete the process before the transition to a new government and promote collaboration between qualified indigenous companies and multinationals. Notably, 34 petroleum companies and consortiums were pre-qualified to participate in the bid round.\nFuel subsidy removal\nIn May 2023, President Bola Tinubu officially phased out Nigeria’s longstanding petrol subsidy regime, a significant move in the energy sector mandated by the Petroleum Industry Act (PIA). This decision, while lauded by some, has generated mixed opinions, particularly regarding the government’s efforts to mitigate the economic impact on the public.\nUnder the PIA, petroleum product pricing is now entirely market-driven, marking a crucial shift. New licenses have been issued to facilitate product importation and distribution within the country. However, the pace of implementing supportive measures to address challenges arising from subsidy removal has raised concerns about the decision’s sustainability and its ability to maintain the intended support as outlined in the Act.\nImpact of the Finance Act 2023 on PIA tax regime\nThe Finance Act 2023 introduces several amendments to existing tax provisions for petroleum companies, providing clarity on tax obligations and deductions. Here are the key amendments:\ni. Amendments to Petroleum Profit Tax Act\nThe PIA repeals the Petroleum Profit Tax Act (“PPTA”) subject to certain conditions. The PPTA remains in effect for licenses under the old regime (OPL, OML) unless there is a voluntary conversion or renewal of licenses. Hence, it is essential to align the relevant PPTA provisions with the Petroleum Industry Act.\n1. Decommissioning and abandonment deduction: Section 15 of the Finance Act amends Section 10 of the PPTA to recognize Decommissioning and Abandonment contributions as tax-deductible expenses. To claim this deduction, companies must provide the Commission with an approved statement of account for the Decommissioning and Abandonment fund.\n2. Fiscal oil price by the Commission: The Finance Act further amends PPTA provisions relating to the assessment of chargeable tax on barrels of crude oil for any accounting period of a company. It provides that the total value of the chargeable oil for a company shall be the sum of the multiplications of volume and fiscal oil price as established by the Commission at the measurement point. Prior to the amendment, the chargeable oil value was determined based on the posted price (PP) established through agreements between oil companies and the Government of Nigeria. Disputes frequently arose due to disagreements on price assumptions. The PPTA amendment shifts the responsibility of determining the fiscal price to the Commission, incorporating independently obtained and operator-supplied data.\n3. Filing obligations for pre-production phase: Before the amendment, companies in the pre-production phase, meaning those that hadn’t initiated “petroleum operations” as defined in the PPTA, were exempt from submitting tax returns. However, Section 30(3) of the PPTA is now amended to introduce mandatory filing requirements for these companies, accompanied by severe penalties for failure to comply. The submission deadline varies, allowing 18 months from incorporation for new companies and five months after December 31 for others.\n4. Increased penalties: The Finance Act also introduces higher penalties for failure to file and late filing of PPT returns, with penalties as high as ₦10 million in the month of default and ₦2 million for subsequent days of default. Convictions may result in penalties of ₦15 million/₦20 million and an additional 1% of undeclared or undercharged taxes.\nii. Amendments to Tertiary Education Tax (TET)\nThe Finance Act 2023 increases the TET rate from 2.5% to 3% for companies, excluding small companies. This higher rate applies to assessable profits of all companies registered in Nigeria, including petroleum companies.\niii. Amendments to Companies Income Tax Act (CITA)\nExpanded Capital Allowances: In the past, complete offsetting of capital allowances against assessable profits was exclusively available to agricultural and manufacturing companies. However, the Finance Act 2023 brings a crucial alteration to this rule. It extends the privilege of offsetting capital allowances to companies engaged in upstream and midstream gas operations.\nFuelling the gas revolution\nThe Act introduced a comprehensive framework that would redefine the nation’s approach to harnessing its abundant natural gas resources, enhancing energy sustainability, and promoting economic growth.\nTo expedite the development of gas infrastructure, the PIA introduced the Midstream and Downstream Gas Infrastructure Fund (Gas Infrastructure Fund). This fund is to serve as a catalyst for investments in crucial gas infrastructure projects, facilitating the expansion of infrastructure for alternative fuel sources like Compressed Natural Gas (CNG) and positioning natural gas as a viable alternative to traditional petroleum products.\nThe PIA also introduces the Domestic Gas Delivery Obligation which compels upstream gas producers to allocate a portion of their gas production for domestic consumption. This is expected to play a crucial role in coordinating and streamlining the supply and distribution of natural gas to various domestic sectors, enhancing accessibility to natural gas, and ensuring efficient delivery to industries, power plants, and households.\nThe recent partnership between NNPN Limited and NIPCO Gas Limited for the deployment of Compressed Natural Gas (CNG) and, consequently, NNPC Retail’s phased deployment of over fifty CNG stations across the country may signify a commitment to providing a cleaner and more cost-effective energy source.\nConclusion\nThe introduction of fresh regulations, permit transformations, and the well-planned initiation of regulation in the midstream and downstream segments of the petroleum industry collectively paint a picture of advancement. Within this progress, the regulatory intricacies encircling crude oil export terminals have catalysed substantial deliberation, underscoring the nuanced relationship between regulatory objectives and economic considerations.\nThe courageous decision to eliminate subsidies has set in motion a chain reaction, compelling the country to reconsider its economic trajectory. Delving into these multifaceted developments serves as a reminder that achieving sustainable energy progress necessitates not only proactive legislation and strategic planning but also an unyielding dedication to inclusiveness for all pertinent stakeholders.\nThe expected gains for all stakeholders consequent upon the passage of the PIA have not been fully actualized, but given the processes put in place in the first two years since the passage of the Act, we are still optimistic that the next few years will be better.\nOyewale and Okediya are energy policy analysts and co-founders of Fortrose Consulting. Emmanuel, an energy economist, is the CEO of Enermics Consulting.\nQUOTE: “While the liberalization of importation offers prospects for increased competition and potential market benefits, the interplay between global oil prices, currency fluctuations, and local economic conditions continues to exert a significant influence on the dynamics of fuel pricing”", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://businessday.ng/backpage/article/petroleum-industry-act-issues-arising-two-years-after/"}

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+{"doc_id": "0d065c16a716b2229f3dd495709ccae7", "text": "Advertisement\nInvest now so you don’t come begging in future – Rudeboy tells celebs\nPaul Okoye, popularly known as Rudeboy from the iconic Psquare duo, has sounded a clarion call to his fellow celebrities in the entertainment industry, to wisely invest their earnings while they are still in the spotlight.\nRudeboy emphasised that such situations were tarnishing the prestige of the entertainment industry, and it was high time for celebrities to take their finances seriously.\nHis advice comes in the wake of several industry veterans grappling with financial challenges and underscores the need for proactive financial planning among celebrities.\nThe Reason With Me hitmaker shared in an Instagram post : \"Seriously, a lot is going on in the industry, including depression and all. But, abeg, if e reach your turn to shine, abeg, try to invest. E no easy at all. Avoid story that touches. Me sef don taya to the hear stories. E come be like na loose guard industry,\" Paul wrote on his Instagram story.\nRelated stories:Nollywood comic icon, Mr Ibu’s appeal for medical support: The story so far", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.graphic.com.gh/entertainment/showbiz-news/invest-now-so-you-dont-come-begging-in-future-rudeboy-tells-celebs.html"}

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+{"doc_id": "0ed6df42096d3de4d67544b17433f7ac", "text": "Last week, we wrote an article aimed at helping civil servants looking to choose a bank to open an FCA account with.\nThe article had account opening, debit card issuance and service fees for over 10 banks but it seems its use has been diminished since the government has intervened and announced that civil servants will be able to open these accounts at a reduced cost.\nPresidential Spokesperson George Charamba is reported to have said the following regarding the cost of opening these bank accounts;\nSome civil servants are asking, “how do we open Foreign Currency Accounts, how do we do this inexpensively, by way of the cost of opening an FCA and also by way of doing so”. His Excellency the President gave a directive to the Ministry of Finance and Economic Development and the Reserve Bank to say the execution or implementation of this facility of US$75 and US$30 should not have the unintended effect of demeaning the welfare threshold of civil servants.\nI also happen to know that the Governor last week met with the bankers, the Governor met with retailers on the instruction of the Finance Minister who was responding to a directive from the President.\nThe whole idea is to make sure that opening an FCA is at the least cost, the transaction is also at least costs and that it brings greater value and convenience to the civil servants.\nA meaningless statement\nThe statement by the President’s spokesperson is confusing for a number of reasons;\n- It’s not clear if the directive issued has already been adopted by banks;\n- He says opening FCA accounts is going to be “at the least cost” but there are no specifics in regards to what the thresholds actually are and whether all banks will be adopting this;\nThe fact that there isn’t much in the way of transparency means this declaration doesn’t protect civil servants at all.\nA civil servant going to open an FCA account will just be told that whatever opening fee they are quoted is actually “the least cost” and because they don’t have a figure to reference they really can’t argue with the bank.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.techzim.co.zw/2020/06/civil-servants-opening-fca-accounts-will-be-charged-less-by-banks-says-george-charamba/"}

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+{"doc_id": "0f09f2ca6c6def4a5301771a41bd658d", "text": "Nigeria’s Green Africa Airways has committed to order up to 100 Boeing 737 MAX 8 aircraft, from U.S based Boeing Company, a deal which will cost up to $11.7 billion and shake up Nigeria’s struggling airline industry.\nThe deal is the largest aircraft agreement from Africa, and will be reflected on Boeing’s orders and deliveries website, once finalized Boeing said today.\nGreen Airways announced in June, 2018 that it completed its Series A round of financing with private Equity firm Kuramo Capital, a Pan African investment firm based in New York.\nThe new airline has received an Air Transport License (ATL) from the Nigerian Government and commenced its Air Operating Certificate (AOC) process, it said then.\nBabawande Afolabi is the Founder and CEO of Green Airways Africa.\nGreen Airways is headquartered in Lagos, Nigeria.\nIFEOMA OKEKE", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://businessday.ng/aviation/article/kuramo-capital-backed-green-airways-shakes-up-nigerias-aviation-with-11-7bn-boeing-order/"}

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+{"doc_id": "13b64f2428f60492ad79fc24b1f47359", "text": "Onome Ohwovoriole has a degree in Economics and Statistics from the University of Benin and prior to joining Nairametrics in December 2016 as Lead Analyst had stints in Publishing, Automobile Services, Entertainment and Leadership Training. He covers companies in the Nigerian corporate space, especially those listed on the Nigerian Stock Exchange (NSE). He also has a keen interest in new frontiers like Cryptocurrencies and Fintech. In his spare time, he loves to read books on finance, fiction as well as keep up with happenings in the world of international diplomacy. You can contact him via onome.ohwovoriole@nairametrics.com\nBusiness News | Stock Market | Money Market | Cryptos | Financial Literacy | SME |", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://nairametrics.com/2017/01/18/implications-of-the-cbn-circular-on-virtual-currencies-vc-operations-in-nigeria/"}

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+{"doc_id": "170b86dd058eb8bd653adb4109540c9d", "text": "With all its glamour of being a decentralized currency and appreciating in value to over $20 000, you probably didn’t know Bitcoin’s mining process consumes a lot of energy.\nMining basically is a competitive process in which different users(miners) on the bitcoin network get into a race to add a transaction record to the system(blockchain). The winning miner would have generated a winning number among a vast amount of losing numbers generated by the computer. So, to generate a winning number first depends on a computer’s processing power (hash rate) and a bit of luck. In return for winning the competition, the winning miner is rewarded in bitcoin by the bitcoin system and that’s how bitcoins are added to the circulation.\nThe carbon footprint as a result of this mining process is shocking. According to an index maintained by Digiconomist, just doing a single transaction of Bitcoin miners use electricity that can power as much as 27 houses.\nShocked?…..Check out these stats as well\nIf Bitcoin was a country it would have been consuming as much energy as Israel on an annual basis. That means the electricity used to mine bitcoins for a year by all the miners in the world can power Israel for a year.\nWhat will the miners be actually doing?\nAs I explained previously, miners must find a certain winning number by generating numbers at\nrandom continually to win newly minted bitcoins. Because fast computers can generate these random numbers more quickly, this creates an incentive for miners to use increasingly powerful computers to mine bitcoins. Hence these powerful computers use lots of energy.\nIn fact, the evolution of Bitcoin mining is similar to the way gold mining has changed over times. At one-time mining gold could be done by a person panning in a riverbed, but now mining is performed by large companies with expensive drills that require lots of power.\nThe world of cryptocurrency mining is battling with this problem hence solutions are being proposed such as the departure from using processing power(hash rate) as a basis for mining to using bandwidth(the amount of data that can be transmitted in a fixed amount of time) to mine.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.techzim.co.zw/2018/03/one-transaction-of-bitcoin-powers-27-homes-for-a-single-day-shocking/?amp=1"}

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+{"doc_id": "1779b64fc26d396db148af546648932f", "text": "A controversial high yield investment program (HYIP) is raising red flags at a South African bank.\nCapitec clients who are linked to MMM South Africa have reported that their accounts are being frozen, causing a backlash on social media.\nMMM was started by convicted Russian fraudster, Sergey Mavrodi, who was found guilty of running one of Russia’s biggest pyramid schemes in the 1990s, in which millions of people lost their life savings.\nThe exact same scheme is now running locally, trading as MMM South Africa,\nIn September 2015, MMM South Africa was listed as one of the potential pyramid schemes under investigation by the National Consumer Commission in South Africa.\nThe group’s hook is the promise of high returns on investments – as much as 30% per month – along with “testimonials” from clients who claim to have achieved great success with the scheme.\nHere is a testimonial from an “MMM captain”, who claims to have received R1 million after a R10,000 payment through the scheme.\nRaising red flags\nDespite its reputation for being exactly that – the group claims it is not a HYIP, saying it is merely a “community of helpful citizens”.\nAs transactions are “person to person” and there is “no formal organization” and “no central bank account”, the group claims to be “perfectly legal”.\nHowever, the Consumer Protection Act describes any scheme that offers returns 20% above the repo rate (6.25%) as a “multiplication scheme” – otherwise known as a Ponzi scheme.\nFurther, despite its advertisements promising high returns, the group says explicitly that it does not guarantee anything, warning users that they might not be paid at all, and indeed, could lose all their money.\nThe scheme also works with its own internal currency that members buy into, and operates on a”leader” and “referral” bonus – typical traits of a pyramid scheme.\nA number of reports and releases from financial groups have warned against signing onto schemes such as MMM.\nFraud prevention\nCapitec said it could not comment on specifics, as it would not be in the best interest of clients affected.\nPreviously, in discussing its fraud prevention technologies, Capitec noted that its systems act on suspicious transactions.\nIn these cases, dubious transactions through accounts could result in a “soft-freeze”, until more clarity is obtained about the origin of the transaction.\n“We do this to protect our clients and comply with the rules and regulations of the SA Reserve Bank,” Capitec said.\nMMM denies any links to cheating or fraud, saying users are fully informed of how the scheme works before signing on.\nMeanwhile, users of the scheme say the scheme works just like a stokvel, and that the banks should not get involved in how they spend their money.\n“Capitec bank should stop freezing people’s money. This is our hard earned cash how we spend its none of your business. It’s our decision to donate to each other to reach our goals! Capitec hands off our accounts,” one client said.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://businesstech.co.za/news/banking/109899/russian-ponzi-scheme-raises-fraud-flags-at-sa-bank/"}

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+{"doc_id": "1795b6a5f4c6e97ee139a00b42b91024", "text": "ECB\n28 Oct\nThe European Central Bank left interest rates at 4%, snapping a record streak of 10 rate hikes. Weak earnings have plagued eurozone countries as inflation smothers spending.\nLatest\n2 hours ago\nFollowing the fire outbreak at Agbado Road, Toyin Bus Stop, Iju Ishaga on Tuesday night, GuardianTV decided to visit the scene to get more information. Here's what people had to say.\n2 hours ago\nThe Al Ula event saw individual men and women, as well as teams of up to four, spend 8 hours running, jumping, climbing, crawling, and swinging over a trail in the middle of the desert. British athlete Jon Albon took the men's individual honors with Australian Ryan Atkins finishing second and American Mark Batres third.\n2 hours ago\nAs shoppers await price cuts, retailers like Home Depot say their prices have stabilized and some national consumer brands have paused price increases or announced more modest ones. Yet some industry watchers predict deflation for food at home later this year.\n1 day ago\nGerman bishops are concerned about right-wing extremism and have explicitly positioned themselves against the populist Alternative for Germany. An unusual move, as they are usually loath to comment on political parties.\n1 day ago\nNeither side has gained significant ground in the war started by Russia's invasion of Ukraine nearly two years ago. DW's Nick Connolly visited Ukrainian artillery units near Bakhmut, who are into their second winter on the front lines.\n1 day ago\nIn wake of Russia’s attack on Ukraine, Germany is re-examinig compulsory military service. The defense minister has called for the draft's return. A 2023 poll showed broad support - also for including women.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://tv.guardian.ng/tag/ecb/"}

clean/cc/188de4b8209d11e6057b005e093d6060.json

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+{"doc_id": "188de4b8209d11e6057b005e093d6060", "text": "Advertisement\nTowards fiscal discipline: Let’s change course of economy — Business leaders urged\nAn indigenous business leader in the petroleum industry in Ghana has advocated a strong force of business people to undertake an aggressive advocacy that can help to change the course of the economy to benefit the masses of the people and not just the few political elite.\nAccording to the Chief Executive Officer of Petrosol, Michael Bozumbil, like others within the sub-region, Ghana also deserved to have the crème of business people whose voice will be heard at all times by politicians to help shape and implement policies capable of accelerating the economic transformation of the country\n“As business people, we do not have to play into the hands of politicians to dictate to us what we have to do with our business. We must collectively lead the discourse in neutrality, thinking about the sustenance of our businesses even after a change in government, he proposed at the Graphic Business/Stanbic Bank Breakfast Meeting in Accra last Tuesday.\nSpeaking on the theme “Fiscal Discipline: Breaking the Political Business Cycle in 2024”, he said the indiscipline exhibited by politicians over the years can only be broken by a unified front of business owners whose ideas wear no political colour”.\nOver the years since the inception of the 1992 constitution, governments have overrun the national budgets on the altar of political expediency.\nThis phenomenon has taken the country to the International Monetary Fund (IMF) 17 times, with the worst of the bailout being felt under the current government, which has forced domestic investors to take a heavy haircut on their investments in a bid to reduce the country’s over-bloated debt presently described as highly unsustainable.\nDebt restructuring\nFor instance, to return to a path of debt sustainability, from a Debt to GDP ratio of 89 per cent, Ghana, in December 2022, commenced the implementation of a nerve-racking restructuring programme covering both domestic and external debt to achieve a 55 per cent Debt to GDP ratio and 18 per cent revenue to GDP ratio over the medium term.\nGhana completed the first phase of what has become the infamous Domestic Debt Exchange Programme (DDEP) in February 2023, where some GH¢82,994.51 million of old domestic notes and bonds were exchanged for new bonds.\nThese new bonds have longer maturities and an average coupon of about 9.1 per cent, achieving a participation rate of about 84.9 per cent, which is still not enough at the moment. While there are concerns and calls on the government to live within its means by cutting its expenditure, the 2024 Budget State and Government Economic Policy laid before Parliament last week points to a determination to overspend.\nTotal revenue and grants are projected at GH¢176.4 billion (16.8 per cent of GDP) and are underpinned by permanent revenue measures, largely tax revenue measures amounting to 0.9 per cent of GDP. By way of resource allocation for 2024, the government is projecting a total expenditure (commitment) of GH¢226.7 billion (21.6 per cent of GDP).\nMuch as this projection reflects a reduction of 6.1 percentage points of GDP in total expenditures (commitment basis) relative to the outturn in 2022, there are worries about the deficit when the signs on the ground are not the best.\nThe overall budget balance to be financed is a fiscal deficit of GH¢ 61.9 billion, equivalent to 5.9 per cent of GDP.\nHistory of deficits\nIn 2004, despite the country just benefiting from the HIPC initiative which led to a total debt relief of US$3.5 billion, Ghana still recorded a budget deficit of 3.2 per cent of GDP against a target of 1.7 per cent. In 2008, which was another election year, the budget deficit went into double digits and more than double what was budgeted for, recording 11.5 per cent of GDP against a projection of four per cent.\nThe story was no different in 2012, as the country recorded a budget deficit of 12 per cent against a target of 6.7 per cent. In 2016, despite being under an IMF programme, the government still missed its budget deficit target.\nThe overall budget deficit on a cash basis was equivalent to 8.7 per cent of GDP against an IMF programme target of 5.3 per cent of GDP. On a commitment basis, the fiscal deficit was 10.3 per cent of GDP. In 2020, COVID-19 expenses, coupled with election-year spending, led to the missing of the deficit target.\nThe overall budget deficit on a cash basis was 11.7 per cent of GDP against a revised target of 11.4 per cent of GDP.\nChanging the narrative to surplus\nDescribing the deficit as unfortunate, Mr Bozumbil wondered when a government in the country will announce a surplus, saying: “We can make a surplus if we are determined to do so. It is not beyond us.\nThis is where we, as business people, must lead the discourse to prove to the politicians who run our economy that what makes our businesses survive and profitable can also make the economy return a surplus and not a deficit”.\nHe said much as business owners deserve the right to support a political party at any time, what should be done to sustain the economy for their business to thrive must not be sacrificed, because we must “be mindful of the fact that the moment we sacrifice our business to openly and recklessly support a political party, a defeat in an election will be the end of that business and there are many examples to guide us”.\nMr Bozumbil bemoaned instances where businesses sacrifice the pay rise of their workers, evade taxes, and default on workers' pension contributions among many others to fund political parties, saying that “these are dangerous acts we must avoid”.\nHe warned that those engaged in such practice needed to be aware that, immediately after an election, the authorities will come after them and will not take any excuses for defaulting on their obligations to the state. “Pay your taxes as an obligation to the state. Pay your workers’ pension contributions and abide by regulatory requirements governing the sector you play in and that is enough to ward off politicians who may come at you to take your money to support their campaign and leave your business to suffer.\n“The worst of it is when they lose an election,” he said.\nCompliance\nMr Bozumbil said as business people, the best way to stay truly independent and contribute to economic success is through compliance. He said once the business person is tax compliant, and works in tandem with the regulatory processes, being tracked down by politicians could be an impossibility.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.graphic.com.gh/business/business-news/towards-fiscal-discipline-lets-change-course-of-economy-business-leaders-urged.html"}

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+{"doc_id": "19fc89f90c62da72104b40027f45413b", "text": "The government has drafted a Bill to fight off the destructive effects of climate change, enabling investors to earn money from the global carbon market by engaging in projects that reduce emission of carbon dioxide.\nThe draft Climate Change Bill 2010 is intended to provide directions on how Kenya will lessen the effects and adopt to climate change.\nEnergy efficiency\nThe proposals require that the government release guidelines on better land use to prevent destructive practices. It also requires publication of an energy management plan and setting of mandatory energy efficiency targets for companies.\nThe Energy Regulatory Commission (ERC) recently announced it will release new regulations for industrial, commercial and institutional organisations in a move expected to open new lending opportunities for commercial banks, as firms seek to replace or upgrade their machines. The energy management regulations will guide organisations on investments they should make to conserve energy by using efficient machines and diversifying into renewable energy like solar, biogas and wind power.\nBernard Osawa, the director of renewable energy at the ERC, said a key requirement of the new proposed Energy (Energy Management) Regulations 2010 is that a company must do its energy audit every three years.\nThe proposed Climate Change Bill 2010 requires update of planning and building regulations to ensure buildings to not emit unnecessary greenhouse gases. The updates include the recent requirement that all new buildings in towns should have solar water heating systems — expected to ease pressure on electricity generated from non-renewable sources like diesel.\nThe government will also prepare and enforce waster prevention and management plans for commercial and residential premises through the National Environmental Authority (Nema). There will also be regulations that reduce packaging of products to the minimum to reduce waste. Other rules will require retailers to include a deposit fee in an article to encourage consumers to return items like soda bottles and get a refund of their deposit.\nThe draft Climate Change Bill 2010 also proposes that six months after it becomes an Act, the government will establish a National Clean Energy Development Mechanism Authority to give directions on trading of carbon emission reductions.\n“The authority will evaluate projects to find out which qualify for investments. Projects with higher sustainable development benefits and which are likely to succeed are accorded higher priority,” notes the draft bill.\nThe authority will complement the proposed climate exchange platform planned to facilitate trading in carbon credits and open up financing for generation of renewable energy and afforestation.\n“Kenya is better placed to emerge as a regional carbon emission trading hub,” said Treasury PS Joseph Kinyua. “We have started a process of establishing a trading scheme in Nairobi to pioneer the carbon market in Africa.”\nTreasury officials said the formation of the exchange was being fast-tracked because of the high number of inquiries received from foreign banks that wanted to partner in carbon credits trading.\nThe draft bill was released on a day global food security experts warned that climate change could deal a catastrophic blow to food security in poor countries.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.businessdailyafrica.com/bd/corporate/industry/kenya-s-carbon-emissions-control-draft-law-out--1973646"}

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+{"doc_id": "1a958ac716361f36c89218954314c2c5", "text": "15 Feb\nA senior lecturer at the University of Lagos (UNILAG), Dr Victor Odumuyiwa, has urged students in the nation’s tertiary institutions to strive to push their boundaries in a bid to come up with ideas that would change the norms.\n15 Feb\nThe Committee of Vice Chancellors of Nigerian Universities (CVCNU) has again, urged the Federal Government to yield to the last agreement reached with university teachers to avert another round of industrial crisis in tertiary institutions.\n15 Feb\nThe old students of St. Luke’s Grammar School, ‘87 set, have donated projects worth N2.7 million to their alma mater.\n15 Feb\nThe Vice Chancellor, Trinity University, Yaba, Lagos, Prof. Clement Kolawole, has emphasised the need for students to develop good values to enhance their preparedness for higher education.\n15 Feb\nTo address the challenges of brain drain and the exodus of medical practitioners, a neurosurgeon at the University of Nigeria, Nsukka, (UNN), Prof. Enoch Uche, has tasked the Federal Government to equip hospitals with necessary facilities that would enhance the performance of doctors and other healthcare workers.\n8 Feb\nThe West African Examinations Council (WAEC) has announced that a total of 8,285 candidates from across the country registered for the inaugural Computer-based model of the West African Senior School Certificate Examination (CB-WASSCE).\n8 Feb\nTo change learning narratives in technology education in the country, the Nigerian University of Technology and Management (NUTM), Lagos, has emphasised the need to prioritise problem solving and practical learning skills for students.\n8 Feb\nA student of Grace High School, Gbagada, Lagos, Oluwateleola Sogbanmu has won the overall first position at the 24th edition of the Martin Luther King speech competition organised by the American Consulate in Lagos.\n8 Feb\nFor their entrepreneurial excellence, students from Kosofe Senior College, representing Nigeria at the Junior Achievement Africa Company of the Year (COY) competition held in Kigali, Riwanda, has won two awards.\n8 Feb\nThe Vice Chancellor, Crawford University, Igbesa, Prof. Reuben Jiya Kolo has tasked students to use the knowledge acquired in solving societal problems.\n8 Feb\nThe phenomenon of Japa is a natural response to individuals seeking opportunities beyond what is currently available to them in Nigeria, to improve their lives and families. This inclination aligns with Maslow’s hierarchy of needs, where the motivation for change is driven by unmet basic human needs.\n8 Feb\nA university teacher, Prof. Omare Otote has blamed the prevailing lavish lifestyle of Nigerian youths for their inability to settle for a dignified vocation.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://guardian.ng/category/features/education/page/3/"}

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+{"doc_id": "1c0fb06bf0eb59334fd524a986e919a6", "text": "Cape Town - The move to lockdown Level 4 has, to an extent, eased difficulties for small businesses but the sector continues to face incredible hardship, says the Cape Chamber of Commerce and Industry.\nChamber president Geoff Jacobs said Level 5 had a hugely negative impact on the private sector by confining business owners, managers, administrators and workers to their homes. After five weeks of lockdown, it was obvious that the small business sector had taken the biggest hit.\nJacobs said the owners of many enterprises had continued to pay their workers - sometimes even forgoing their own pay - but could no longer do so, having fallen between regulatory cracks by not being deemed formal enough to qualify for aid, or through simply being unable to wait any longer for their applications to be processed.\n“Other enterprises are left in limbo, unable to get clarity on whether they and their workers can or cannot get back to work. In their case, the fault often lies with the sloppy, hurried drafting of the new permissions,” Jacobs said, which he added was the result of confusion in the official decision-making process.\nHe said the Western Cape had twice been the victim of regulations, either by design or by accident. “Sensible lobbying reversed the first ban on wine exports - much to the relief of the Treasury, one suspects.”\nJacobs said the province had again been a victim, though it “shared the pain” with other provinces through the Level 4 ban on the resumption of private construction projects, while “public works projects” were allowed to continue.\n“It simply does not make sense that public civil engineering and construction projects are permitted during Level 4 but not private-sector developments or building projects,” he said.\nJacobs said if that restriction did not stem from an ideological dislike\nof the small business owner, and if it was not the result of successful anti-competitive lobbying, it made even less sense.\nBudget Justice Coalition chairperson Zukiswa Kota said it was especially problematic that informal traders were still not on the streets to offer more affordable alternatives, and the major retailers were positioning themselves to exploit the financial distress experienced by existing spaza shops by opening their own spaza outlets in townships.\nNational Small Business Chamber founder and chief executive Mike Anderson said a disturbing challenge facing small businesses was their inability to access relief funding. He said a recent survey revealed that of the 53% of small businesses that applied for relief funding, only 6% were successful.\n“Reasons cited for this range from poor or no response, unnecessary qualifying criteria and lengthy, tedious processes. At least 94% of small businesses said they were either in cash-flow crisis or would be within the next 30 days. The government urgently needs to remove red tape, speed up relief-funding processes and make this funding available to all small businesses through the nation.”\nAnderson said the chamber's plea to the government was to communicate more effectively, eliminate confusion and clarify how and when small businesses could resume operations.\n@SISONKE_MD", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.iol.co.za/news/south-africa/western-cape/despite-move-to-lockdown-level-4-small-businesses-still-face-hardship-47657134"}

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+{"doc_id": "1cf77adc352e390058d375792437e27a", "text": "The police in Kakuma are investigating an incident where unknown suspects raided a World Food Programme (WFP) compound and stole a gun from a police reservist.\nThe suspects are said to have gained entry to the WFP yard in Kalobeyei, waylaid a guard and managed to snatch a loaded rifle before fleeing the scene.\nIt was reported that the gang accessed the compound by climbing over the gate. , No one was injured during the raid.\n“It all happened so quickly. Two suspects stormed the WFP Rubble’s facility. I saw them escape holding a gun,” said a refugee, who didn’t want to be mentioned due to fear of victimisation.\nThe armed robbery has raised significant concerns among the refugee community and locals over the safety and security of Kalobeyei village.\nIn response, security agencies have pledged to recover the lost gun and arrest the culprits behind the incident.\n“We take this incident very seriously. Our officers have launched a thorough investigation to identify the robbers and bring them to justice. We will leave no stone unturned in the pursuit of the culprits,” declared Turkana West Sub-county Commander Richard Moracha.\nTurkana West sub-county detective Charles Murithy said officers are interrogating witnesses.\n“The cooperation of the community is vital in resolving this case. We urge anyone with information to come forward and assist us in our efforts,” he said.\nResidents of Kalobeyei village, who had raised concerns over the rising crime rates in recent months, are hopeful that the investigation will yield positive results.\n“Incidents like this have shattered our sense of security. We place our trust in the authorities to apprehend the culprits and restore peace to our community,” said Sarah Ali, a resident.\nEarly this month, the police arrested a woman in Kalobeyei and recovered an AK-47 rifle in an operation to unmask a gang operating in Kakuma.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.standardmedia.co.ke/health/rift-valley/article/2001486271/detectives-probe-raid-robbery-of-reservists-gun"}

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+{"doc_id": "1f66ec211a79906195e5dec6e5575662", "text": "Launch of Islamic Corporation for the Development of the Private Sector (ICD) – London Stock Exchange Group (LSEG) Islamic Finance Development Report 2023: Navigating Uncertainty\nGreen and sustainability Sukuk represents a key theme at COP28; Global ESG Sukuk issuance totaled US$8.4 billion in 2022; Growth of total Islamic finance assets by 11% to US$4.5 trillion in 2022; Malaysia, Saudi Arabia, and Indonesia lead Islamic finance development; US$788 billion total global Sukuk outstanding last year; Multiple growth channels to drive Islamic finance industry forward.\nThe Islamic Corporation for the Development of the Private Sector (ICD), the private sector development arm of the Islamic Development Bank Group (IsDB) Group, and the London Stock Exchange Group (LSEG), the world’s leading provider of financial markets data and infrastructure, jointly launched this year’s edition of the Islamic Finance Development Report titled ‘Navigating Uncertainty’ during the 18th AAOIFI–IsDB Annual Islamic Banking and Finance Conference, supported by the Central Bank of Bahrain.\nGreen and sustainability Sukuk represent a key theme at COP28 in Dubai as a catalyst for growth in sustainability projects and ESG Sukuk issuance across developing countries. Global ESG Sukuk issuance totaled US$8.4 billion in 2022, marking yet another record year and maintaining its rapid growth since the first of such Sukuk was issued in 2017. By the end of 2022, Islamic ESG funds amounted to US$6.6 billion in value outstanding, down 14% from their peak of US$7.6 billion in 2021.\nAccording to the Islamic Finance Development Report 2023, the global Islamic finance industry increased its assets size by 11% to US$4.5 trillion in 2022 with Islamic banking holding 72 % of total industry’s assets. The industry also grew by 163% since 2012 and is expected to grow by US$6.7 trillion by 2027.\nSeveral key factors contribute to this outlook, including the strengthening of domestic Islamic finance sectors in large markets such as the GCC, Malaysia and Indonesia. Moreover, Pakistan’s initiatives to align its financial system with interest-free principles contribute significantly.\nThe report is based on the Islamic Finance Development Indicator (IFDI), which is a composite weighted index that measures the overall development of the Islamic finance industry. The data is comprehensively gathered from a universe of 136 countries and measured across more than 10 key metrics, including knowledge, governance, sustainability, and awareness.\nMalaysia led the IFDI list this year with a score of 103, followed by Saudi Arabia (70), Indonesia (58), Bahrain (54), Kuwait (54) and the UAE (53).\nEng. Hani Salem Sonbol, Acting CEO of the Islamic Corporation for the Development of the Private Sector, said: “The industry is expected to continue to grow and over the past decade, we have captured the growth of the global Islamic finance industry and its ecosystem. We are pleased to see that the indicator results are consistently cited over the years by various regulatory authorities and multilateral organizations worldwide. These citations are especially prevalent in studies and publications focused on strategies, blueprints, development roadmaps and masterplans within Islamic finance or the broader financial sector. We hope this year’s report, following in the footsteps of previous IFDI reports, will have a meaningful impact on the Islamic finance industry.”\nMustafa Adil, Head of Islamic finance, London Stock Exchange Group (LSEG) said: “The IFDI report demonstrates our continued effort towards monitoring and charting the development of the global Islamic finance industry. The report is based on the Islamic Finance Development Indicator (IFDI) that covers data on different Islamic finance sectors, asset classes and industry supporting ecosystem. The indicator was first launched in 2013 and so this year is a milestone for us. Reaching this mark reminds us of the importance of the need for continued commitment to serve the global Islamic finance industry that has expanded exponentially in the last decade.”\nTo download a copy of the report, please click here https://apo-opa.co/4afTVba\nDistributed by APO Group on behalf of Islamic Corporation for the Development of the Private Sector (ICD).\nTarek Fleihan\nGlobal Communications\nLondon Stock Exchange Group\n+971562162575\nTarek.fleihan@lseg.com\nSocial media:\nX (Previously Twitter): https://apo-opa.co/46R58vY\nLinkedIn: https://apo-opa.co/3uZ0KNW\nFacebook: https://apo-opa.co/3uWNEB6\nAbout the Islamic Corporation for the Development of the Private Sector (ICD):\nICD is a multilateral organization and a member of the Islamic Development Bank (IsDB) Group. ICD's mandate is to support economic development and promote the growth of the private sector in its member countries through providing financing facilities and/or investments in accordance with Shariah principles. Additionally, ICD offers advisory services to governments and private organizations to encourage the establishment, expansion, and modernization of private enterprises. ICD has received an AA/F1+ rating from Fitch and Aa3/P1 from Moody's.\nAbout LSEG:\nLSEG (London Stock Exchange Group) is a leading global financial markets infrastructure and data provider, playing a vital social and economic role in the world'sworld’s financial system. With our open approach, trusted expertise, and global scale, we enable the sustainable growth and stability of our customers and their communities. We are dedicated partners with extensive experience, deep knowledge, and a worldwide presence in data and analytics; indices; capital formation; and trade execution, clearing, and risk management across multiple asset classes. LSEG is headquartered in the United Kingdom, with significant operations in 70 countries across EMEA, North America, Latin America, and Asia Pacific. We employ 23,000 people globally, with more than half located in Asia Pacific. LSEG's ticker symbol is LSEG.\nGet the latest news delivered straight to your inbox every day of the week. Stay informed with the Guardian’s leading coverage of Nigerian and world news, business, technology and sports.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://guardian.ng/apo-press-releases/launch-of-islamic-corporation-for-the-development-of-the-private-sector-icd-london-stock-exchange-group-lseg-islamic-finance-development-report-2023-navigating-uncertainty/"}

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+{"doc_id": "22828ffb28eea51cb7c4f47ab1c70c75", "text": "Living Healthy Diet\nLatest\n1 hour ago\nTerrorism in 2023 has remained a global threat as a record of 8,352 deaths representing 22 per cent increase from the previous year remains the highest, since 2017.\n1 hour ago\n• NEMA denies attack on Abuja facility • Police arrest 15 suspected warehouse vandals in FCT • Shettima: Protest against hardship in a responsible manner The reality of Nigeria’s grim food insecurity exacerbated by rising food cost became apparent yesterday when hoodlums in Abuja went on a looting spree, carting away food items from public and private facilities.…\n1 hour ago\nFoundation member of All Progressives Congress(APC), Osita Okechukwu,has saidthe 36 state governors should be held responsible for the setback recorded in restructuring the country.\n1 hour ago\nHouse of Representatives Committee on Public Accounts has asked private airlines to explain how they expended N4 billion they collected from the Federal Government as COVID-19 intervention funds or refund the money to the government treasury.\n1 hour ago\nNigeria Union of Journalists has conferred its Internal Security Meritorious Award on the Chairman of Tantita Security Services, Government Ekpemupolo, alias Tompolo.\n1 hour ago\nNo fewer than 600 African and Australian governments, private sector executives, investors, multilateral stakeholders, business leaders, innovators and manufacturers are expected to gather in Melbourne, Australia from May 12 to 14, 2024 for this year’s Australia-Africa Business Summit.\n2 hours ago\nWith the increase in value for personal development, motivational experts have said self-awareness and mindset are crucial to achieving individual growth.\n2 hours ago\nNigeria Navy Dockyard Limited and its Benin Republic counterpart weekend at Yaoundé signed an agreement that would empower the Naval Dockyard to carry out repair works on six of its non-functional platforms.\n2 hours ago\nNational Institute of Credit Administration (NICA) has promised to boost awareness on consumer credit services, urging the Federal Government to enforce appropriate laws that will instill decency, discipline and honesty in Nigeria’s credit system", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://guardian.ng/category/sunday-magazine/living-healthy-diet/"}

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+{"doc_id": "229ce2a0f81bdff1bf7f74319bb83b7e", "text": "Some 15,547 candidates who scored C+ and above in the 2020 Kenya Certificate of Secondary Education (KCSE) examination snubbed universities while some opted for diploma and certificate courses like plumbing in technical institutions.\nData from the Kenya Universities and Colleges Central Placement Service (KUCCPS) shows 10,707 candidates did not apply for degree courses despite meeting the minimum qualifications.\nAnother 4,840 preferred Technical and Vocational Education and Training (TVET) colleges to pursue courses in an employment market where university graduates are struggling to get jobs.\nThe 15,547 candidates accounted for 10.8 percent of the 143,140 students who qualified to join universities.\nThe growing share of students snubbing university education is a departure from the past when degrees were viewed by many as a ticket for promotion at the workplace and getting a job, pushing the enrolment numbers to record high in recent years.\nThis has coincided with the government’s increased focus on technical colleges in the quest to feed the labour market with craftsmen and technicians.\nThe revival of the technical colleges under President Uhuru Kenyatta’s administration was a departure from the trend set by former President Mwai Kibaki of converting mid-tier colleges into universities.\nThis led to an increase in the number of graduates with liberal arts degrees in a job market that was already saturated.\nThe KUCCPS announced on Monday it had reopened its application portal to give some 32,718 qualifying candidates a chance to reapply for preferred courses.\nKUCCPS says that of the 131,833 that applied to be considered for placement in TVETs and universities, only 94,275 candidates were placed in degree courses of their choice.\n“All efforts are being made to track 10,707 candidates with C+ and above who failed to apply for courses in universities ‘in the spirit of leaving no one behind’,” said KUCCPS chief executive Agnes Wahome.\nOf the 747,161 candidates that sat the 2020 KCSE examination, 143,140 attained the minimum university entry qualification of C+.\nMore students are preferring to join TVETs, a sign that the government’s efforts to grow enrolment in the institutions is bearing fruit.\nData from the Ministry of Education shows some 2,632 candidates who scored C+ and above in the 2019 KCSE examination and qualified for placement to degree programmes opted for diploma courses in technical institutions.\nThe number has nearly doubled this year to 4,840 students.\nOver the past four years, nearly all students scoring C+ and above were admitted to the regular university programmes, reducing the pool of learners available for private universities as well as self-sponsored degree programmes in public universities.\nThe drop in the number of students pursuing the parallel degree courses whose fees are based on market rates has hurt university finances, leading the institutions to freeze hiring and slow down expansion as they struggle with debt.\nThe government has upped funding of TVETs and allowed students from poor families to access study loans at the Higher Education Loans Board (Helb).\nPreviously, Helb loans were available only to students admitted to universities.\nData from the Kenya National Bureau of Statistics (KNBS) shows the number of TVET institutions increased by 10.3 percent to 2,191 in 2019 while that of universities remained unchanged at 63 during the review period.\nEnrolment of students in national polytechnics rose by 35.5 percent to 102,078 in 2019, while that of public technical and vocational colleges increased by 32.8 percent to 112,110.\nThe 2019 Census data on formal and non-formal schooling further shows TVET education is dwarfing universities in popularity in Kenya.\nWhile 7.1 percent of Kenyans stated to have completed middle level and TVET education, 3.5 percent had attained university level of education. About half of the population reported primary school level of education as the highest attained.\nIn its latest effort to boost the popularity of technical schools, Treasury Cabinet Secretary Ukur Yatani announced tax rebates for employers that offer one-year internships to TVET graduates.\n“It is my hope that employers will take advantage of this incentive and give our young graduates from the TVET institutions opportunities to gain practical experience to expand their employability,” he said in his budget speech.\nKenya is pushing for 100 percent transition from primary school to secondary school in a move that offers hope for TVET institutions to keep getting students.\nTVETs are seen to match well with the competency based curriculum (CBC) that is phasing out the popular 8-4-4 system.\nThe new system puts more emphasis on nurturing practical skills among learners as opposed to amassing certificates based on theory learning. This dovetails with the teaching in many TVET institutions.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.businessdailyafrica.com/bd/corporate/15547-students-snub-universities-for-tvet-courses-3445880"}

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+{"doc_id": "2361eb29a51383de116c99702bef3d78", "text": "Mary Nnah writes that the crux of the recent Nigeria Education Innovation Summit organised by The Education Partnership Centre, which attracted nearly 250 high-level delegates and key players in the education ecosystem, was a call for transparency and accountability in the sector\nEducation world over is seen as the cornerstone of development. It forms the basis for literacy, skills acquisition, technological advancement as well as the ability to harness the natural resources of the environment for development and this all-important sector is faced with myriad of problems in Nigeria.\nProminent among the problem areas that brings to light the poor show of the sector are the poor quality of school products, flawed administrative procedures and lack of accountability in the school system, politicised employment and appointment of school heads, improper supervision and defective quality assurance and control mechanism. These among many others things were points of discussion at a recent summit in Lagos.\nDr. Obiageli Ezekwesili, a former Minister of Education, once said the problem with Nigeria’s education system is no more funding but accountability and transparency, adding that the fundamental challenge of education in Nigeria is the many decades of poor sector governance and entrenched dysfunction with no mechanism of accountability and performance.\nWhile education spending levels and enrollment rates in schools have increased across the developing world, a variety of research studies and datasets show that learning levels remain low. These data also shows that low learning levels have persisted over some time and are especially dire in rural areas, highlighting some of the pressing challenges facing many developing countries.\nIt was therefore in line with this fact that the UNESCO Policy and Research Expert, Dr William C. Smith; advocated for collaboration amongst all stakeholders in the education sector as the only sustainable way towards attaining the much-needed reforms in Nigeria.\nWhilst delivering the keynote address at the recently concluded 2018 Nigeria Education Innovation Summit (NEDIS), Smith who led the thematic section of the 2017/2018 GEM Report Accountability in Education: Meeting our Commitments, recommended this best practice to participants drawn from the public, private and non-profit sectors from within and outside Nigeria.\nNearly 250 high-level delegates and key players in the education ecosystem gathered in Lagos at the Nigerian Education Innovation Summit (NEDIS) 2018; a two-day convening designed to strengthen the design, implementation and scaling up of education innovations in Nigeria.\nThis year’s summit themed, ‘Accountability and Transparency in the Education Sector: Issues, Challenges and Opportunities’, hosted by The Education Partnership (TEP) Centre attracted experts and stakeholder to share knowledge and discuss issues, challenges and innovative practices pertaining to accountability and transparency in Nigeria’s education sector.\nWhen giving a brief context to the summit theme, Mr. Chinenye Mba-Uzoukwu, a steering committee member of the National Innovation Collaboration on Education, highlighted that only students are held accountable through testing because they are regarded as the weakest in the ecosystem, while other stakeholders within the ecosystem are hardly held responsible.\nPeriodic Reviews\nSpeaking on the theme of the summit during his keynote address, Smith advocated for periodic reviews and assessment studies in order to identify missing gaps and find solutions to uneven development outcomes across Nigeria’s educational system, ‘responsibility can be shared, but accountability cannot’, he added.\nExperts at the summit were of the view that every organisation either commercial or otherwise including schools are established and sustained essentially to achieve certain assured objectives, stressing that in the education system, one of the vital mechanisms to be put in place towards achieving the goals of the school and ensuring quality service delivery to the society is accountability. Accountability etiquette tends to imply that performance is related to the organisational goals.\nCollaboration\nDuring her opening remarks at NEDIS 2018, the convener; Dr. Modupe Adefeso – Olateju, Managing Director, TEP Centre, who remarked on the importance of the conference said, “Collaboration, networking and partnerships have been the biggest outcomes from this platform every year”.\nOlateju also added that adequate planning and proper reporting and verification should be imbibed in order to ensure responsibility is taken for performance and non-performance.\n“Education as an investment in human capital has become a matter of priority for both government and individuals. The general belief is that education helps to enhance the well-being of the individual and the society at large. With this socio-economic satisfaction, education in Nigeria is seen as a big industry with large investment”, Olateju noted.\nTransparency\nDelegates at the event included, Nigeria Country Director, Development Alternatives Inc. (DAI), Dr. Joe Abah; Senior Programme Officer, MacArthur Foundation, Dr. Amina Salihu; Education Adviser – United Kingdom Department for International Development (DFID), Ms. Esohe Eigbike and Executive Chairman Edo State Universal Basic Education Board (SUBEB), Dr. Joan Oviawe.\nOthers include Mr. Alhaji Ja’afaru Sani, Ms Abiose Adams; Vice-President Measurement and Evaluation, Bridge International Academies, Steve Cantrell; Nosakhare Owen Erhahon, an Edo State school teacher and many more, were unanimous about the importance of punitive measures for leaders and policy makers especially at the state levels for non- transparent and non-accountable practices.\nThey stressed that that information about transparency in education should be in the public domain to the citizens and that personal development and human capacity building should be made a priority.\nCharge to Media\nThe media was charged to be actively engaged and diligent at ensuring that citizens have a good perception of the transparency models being recommended in the education sector in order to effectively advocate for the desired change. Media professionals were told to communicate properly the vision of the educational system developed by government so it can be understood by every citizen.\nStakeholders\nStakeholders at the event expressed belief that as an investment, there are problems associated with its financing, adding that one of the factors that have contributed to these problems is the widening perception of education as the key to upward economic and social mobility. This has implication in expecting that education should be able to yield dividends in line with the need of the nation. Therefore, on societal grounds and from economic perspectives, great investments were found on societal grounds, whereas from economic perspectives, great investments in education can be justified because of its expected generous returns.\nUNESCO Report\nThe United Nations Organisation for Education, Science and Culture (UNESCO), is known for tasking governments to design accountability and transparency for schools and teachers, adding that governments should set up independent institutions to handle complaints emanating from the sector.\nWhile calling for transparency and accountability in the education sector, Manos Antoninis, Director of UNESCO, Global Education Monitoring (GEM), in his 2017 report said: ”Governments should develop credible and efficient regulations with associated sanctions for all education providers, public and private, that ensure non-discrimination and the quality of education. They should allow for democratic participation, respect media freedom to scrutinise education and set up independent institutions to handle complaints.”\nHe added that, “governments should design accountability for schools and teachers that is supportive and avoid punitive mechanisms, especially those based on narrow performance measures. Whereas transparency would help identify problems, only one in six governments publish annual education monitoring reports.”\nAntoninis stressed that strong independent bodies such as ombudsmen, parliaments and audit institutions are also needed to hold governments to account for education because lack of accountability opens the door to corruption.\nThe report argued that it is crucial to set and enforce regulations ranging from contract tendering to teacher qualifications. Fewer than half of low and middle-income countries had standards for early childhood education and just a handful had mechanisms to monitor compliance. There are no regulations on class sizes in almost half of countries.\n”No approach to accountability will be successful without a strong enabling environment that provides actors with adequate resources, capacity, motivation and information to fulfil their responsibilities,” Antoninis added.\nWhile citing Lagos State as an example, Antoninis said: ”In Lagos, Nigeria, only 26 per cent of private schools in 2010/2011 had been approved by the State Ministry of Education.”\nPointing out the danger of unapproved schools, he warned that in countries with weak accreditation processes, thousands of students would graduate with unrecognised degrees. He noted also that in Kenya and Uganda, private schools were operating without qualified teachers and with inadequate infrastructure before regulations were put in place and courts shut them down.\nHe however, advised that where formal mechanisms fail, citizens could play a vital role in holding governments to account for meeting their right to education. In Colombia, he said, a citizens’ campaign successfully challenged the government in court leading to the establishment of free education.\nThe report emphasised the importance of accountability in addressing gaps and inequalities. Globally, less than 20 per cent of countries legally guarantee 12 years of free and compulsory education. There are 264 million children and youth out of school and 100 million young people currently unable to read.\nEducation from the investment point of view, he said, is an input-output process, adding, “the process in terms of desirability is a function of cost-benefit, cost-efficiency and cost-effectiveness analysis, which is measured in terms of utilisation of real resources. The cost-expenditure in education is escalating. This trend has bugged the minds of many investors in education because of the deficiency seen in the educational products”.\nDecades of Neglect\nOver the years calls for accountability have become imperative because of the demand for constructive changes in the education system. In the schools, administrators and their subordinates have been said to neglect these essential ingredients in the performance of their administrative functions.\nThe effect is that there are neglect returns and wastages in the system. Wastage of real resources, human, fiscal and materials, is now rampant in the system, some resources are misallocated and misused. Huge direct and indirect loss involved is of great concern to investors. Obviously, administrators are confronted with enormous challenges as regards matter of accountability during their managerial function.\nAccountability in education sector has become very imperative considering the fact that the society expects very much from the school system. All operators in the school system have an obligation to live up to their responsibilities by making the education system very responsive, competitive and productive.\nRecommendation\nAn important conclusion from the summit was the clear focus on long-term planning and investment for sustainable development of the education sector in Nigeria. Speakers and delegates discouraged the short-term spending habits of public and non-state actors in education. According to them, education funding and development can only be sustained by establishing evidence-based accountability measures.\nThe fourth edition of NEDIS recommended that the quest for quality education in Nigeria can become a reality if the government provides an enabling environment for the development and implementation of sound policies and structures related to accountability and transparency.\nThe popular proverbial saying that, “No man is an Island” rings true for accountability and transparency in education because the establishment of strong accountability systems require collaborative efforts among all stakeholders.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.thisdaylive.com/index.php/2019/01/10/advocating-reforms-for-accountability-transparency"}

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+{"doc_id": "23d471598442232b217803d90b8dfc71", "text": "Advertisement\nGood infrastructure and investment opportunities\nThe Royal La Palm and Labadi Beach hotels are no doubt among the best hospitality facilities in Accra and for that matter the country.\nThe two have hosted and continue to host major international events apart from serving the domestic market.\nPatrons who visit these places would admit that the facilities are first class as compared to any of their kind in any part of the world - and service delivery is superb.\nThese notwithstanding, there are many who, if given the option, may prefer an alternative. The reason is simple; the beach road leading to these magnificent hotels from all directions is not customer-friendly, to put it mildly.\nFrom the Osu side, the road has developed huge potholes - some cutting across the road and leaving no room to manoeuvre.\nWhen coming from the Teshie end, the story is not different. Motorists have to indulge in acrobatics, weaving their way in a zigzag manner after crossing the bridge over Kpeshie Lagoon in order to avoid the craters in the middle of the road.\nBeachfronts in all major cities are prime zones that are developed to yield maximum returns. Unfortunately ours are not so and have rather become refuse dumps and places for open defecation.\nThe siting of Labadi Beach and Royal La Palm Beach hotels, I believe, are pioneering attempts to upgrade our coastlines and turn them into recreational and money spinning zones.\nAn addition to this effort is the high-rise apartment building under construction which will beautify the beachfront of the capital city and bring it closer to what is common in other cities of other countries.\nOne would expect that for a country that is making strenuous efforts to attract global attention for the much-needed foreign investment, such bold private initiatives would be backed by state support in the form of good road network.\nLocation and accessibility are two factors that drive the hotel industry. Therefore, no matter the quality of facilities and services, a hotel is likely to lose a big chunk of clientele if accessibility becomes a problem. I, as an individual, am disappointed by the neglect of this important road in the capital.\nIncidentally, along this same road could be found the Military Academy and Training School (MATS), the Ghana Armed Forces Staff and Command College and the Kofi Annan International Peacekeeping Training Centre (KAIPTC).\nThese are very important national institutions that require that visitors to these places should not have any doubt about the importance we ourselves attach to them. If there is any programme to give this road a major facelift, I dare say it is slow in coming.\nI have decided to use the Beach Road to illustrate the point that we cannot claim to be courting foreign investors when we fail to do some of the most basic things that would send the signal that we mean business.\nA good road network opens enormous opportunities to not only foreign investors but to local entrepreneurs and industry that will rely on good roads to access raw materials and to reach their potential markets.\nA lot of the country's tourism potentials have remained largely untapped or woefully underutilised because of bad roads or a complete lack of them.\nKotoka is the only airport in the country which links us to the outside world. It may come nowhere near those in Dubai, Istanbul, Heathrow (London), JFK (New York) and many others that are in a class of their own. But this is what we have for now and the last thing we could do is not to take good care of it.\nFor more than a week now the Cargo Village has been exuding a powerful stench which has become unbearable for workers and customers who go to transact business there.\nThe information I got was that the unfriendly odour was coming from a burst sewage pipe. Whatever the cause, this should not have been allowed to last for more than a day.\nAs if we have not shown enough disinterest in the functioning of our only international airport, livestock from the nearby police barracks have found the inner perimeter of the airport a free-range grazing ground. This cannot be the gateway to West Africa!\nGhana, our beloved country, has a lot of competitive advantage in the sub-region which it could exploit to maximum advantage but which, unfortunately, it is not able to do. Apart from the proverbial hospitality, we have a stable, if even sometimes acrimonious, political climate.\nWe have been spared almost all the misfortunes of others which include civil and religious strife. Even Ebola has passed over us (I strongly believe so). So what is our problem?\nLet us all think seriously about this. In a race, you do not look backwards to see those behind you. Instead of taking consolation by looking at those behind us, let us do the most prudent thing by aiming at those ahead of us with determination to overtake or at least be at par with them.\nWriter's email:", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.graphic.com.gh/features/from-my-roof-top/good-infrastructure-and-investment-opportunities.html"}

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+{"doc_id": "23dcc0a6f91fcb4e77c532e53e207ddf", "text": "The freefall of naira, one of the world’s worst-performing currencies last year, has sparked a bloodbath among multinational companies operating...\nThe freefall of naira, one of the world’s worst-performing currencies last year, has sparked a bloodbath among multinational companies operating...\nThe Rural Electrification Agency (REA) and Ernst & Young (EY) have concluded plans to organize a workshop to dissect ways.../p>\nNaira on Thursday appreciated across official and parallel markets as Nigeria’s external reserves rose by 0.74 percent in about two.../p>\nJohnvents Industries, a cocoa processing company, has successfully redeemed its series 4 commercial paper of N3.68 billion. It said this...\nAdedoyin Oyewole is a senior program manager at Amazon. Her desire to drive positive change and revolutionize the country’s financial...\nOgbonnaya Onwudike, a professor of Animal Nutrition and Biochemistry, is the vice chancellor of Rhema University, a faith-based university, in...\nTwo acrobatic brothers from Tanzania have won the first season of the United States reality competition America’s Got Talent (AGT):...\nNigeria international Victor Osimhen played a pivotal role in securing a draw for Napoli against Barcelona in their Champions League...\nSmaller nations in challenging regions, like Liberia and Chad, struggle with limited resources, weak financial sectors, and unfavorable tax regimes,...\nKenya’s shilling is heading for its best week in almost three decades after strong demand for a Eurobond sale boosted...\nThe global economy showcases significant disparities in national wealth and prosperity. Gross Domestic Product (GDP) per capita, a crucial indicator...", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://businessday.ng/?amp=1"}

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+{"doc_id": "251b9a3d6a24c446cb85078717b5dbd8", "text": "By Martin Mutua and Moses Njagih\nNAIROBI, KENYA: With pile up of unfinished business inside electoral body, missed deadlines, and pop-up of warning signs a crisis is building up, the question now is whether March 4 date is feasible.\nThat was the basis of the high-level talks Independent Electoral and Boundaries Commission had with top Government officials on Wednesday, and the cause of the confrontation between two Cabinet ministers.\nIEBC chairman Issack Hassan subtly justified the fear when he declared if the 15,000 biometric register kits are not delivered in the next ten days, then the entire electoral calendar could be in danger.\nWith about four months to the elections, billed to be Kenya’s biggest ever given there will be six positions to be fought for on the ballot, he could have been warning Kenyans that the March 4 date may then have to be reconsidered.\nSome of the pending business causing worry is the fact that 30,000 registration clerks have been employed, but they cannot be trained until the kits are delivered.\nSecondly, the 200 BVR kits delivered were either samples or dummies lacking key software, and yet the supplier can only proceed to assemble the kits on being fully paid, because they are assembled on order.\nIEBC sources also report internal fears that unlike previous elections, there is still a lot yet to be done. They point out the fact that even the warehouses are still to be stocked with such basic materials as stationery.\nFurthermore, the Campaign Financing Bill, which sets ceiling for monies to be spent in campaigning by candidates, and the modalities for monitoring and disciplinary measures for those who breach regulations, is not out, but parties are on the campaign trail.\nThe other factor worrying Kenyans is the massive logistical burden required to distribute the BVR kits, which in addition have to be ferried from one registration centre to another yet each kit’s battery can only be moved around on pick-ups. Worse still, despite the missed deadlines, IEBC still is expected to meet its target to register 18 million voters.\nThe seriousness of the perceived lack of adequate preparedness as well as the fear time is moving fast and there are many pending tasks, was discernible when Prime Minister Raila Odinga met IEBC team on Wednesday.\nHe invited them to discuss the perceived crisis building up, which has even triggered limited calls for elections to be pushed to August next year. A situation worsened by the absence of BVR kits this late, and in a country without a voter register yet.\nJustice Minister Eugene Wamalwa had on Tuesday made startling remarks accusing some people in the Treasury of sabotaging the acquisition of the kits and warning this was a plot to scuttle elections.\nIn addition, IEBC’s ‘line minister’ threated he would name and shame the people he had in mind.\nPayments not made\nStay informed. Subscribe to our newsletter\nOn Wednesday it also emerged during the meeting at the PM’s office that the BVR kits have not even been paid for fully, and it was only agreed that the Treasury settles the pending bills with the overseas supplier by tomorrow for the kits to be delivered.\nHassan, whose team had earlier declared BVR mode of registration was no longer feasible and settled for a manual process, expressed doubts over the delivery of the kits.\n“We are leaving this place cautiously optimistic that the Government will pay the balance as promised so that BVR kits can be delivered,’’ he said.\nHe then unleashed the warning that should concern every Kenyan: “If we would not have got them by November 5, it could present serious challenges.”\nThe cautionary approach IEBC was taking is due to the fact that the matter is already out of its hands and squarely within the Executive, which may have interest in electoral process, including possible delays.\nRaila promised Kenyans there was no plot in Government to delay the General Election, insisting the country will go to polls on March 4, “not a day earlier. Not a day later”.\n“We are convinced that all officers involved, from the Attorney General, to the Treasury and IEBC are committed to doing all that they can at required speed to ensure everything is in place for the March 4 elections,” assured Raila.\nHe added: “There is no reason the country should mull over postponing the elections, especially when the historic opportunity awaits the ruling coalition to preside over a peaceful transition to a new democratic government.”\nThe meeting on Wednesday resolved the Treasury releases the remaining 60 per cent payment to the Canadian Commercial Corporation (CCC), to ensure the kits are delivered by October 30.\nIt is CCC, which has contracted the French company Safran Morpho to deliver 15,000 BVR kits for electronic voter registration.\nRaila promised to engage the French Government to ensure the delivery of the kits was fast tracked once payment is made.\nFinance Minister Njeru Githae fought back accusation his team at the Treasury was to blame for the delay. He argued the Government could not make payments before the AG signed the Financing Facility Agreement (FFA). He insisted it was only last Monday that the document was presented to Prof Githu Muigai’s office.\n“We had gone out of the country with the PS, but had left instructions that if the agreement was signed, the same be sent to us wherever we were so that we could sign. But it was only on Monday that the Standard Chartered Bank in Canada sent the agreement,” said Githae, who was accompanied by his PS Joseph Kinyua.\nHe added: “We have done what is humanly possible on our part. Kenyans should appreciate the fact that at the Treasury we do not do procurement, but because this was a special case we had to change our rules.”\nGithae said it was wrong for Wamalwa to issue such an alarming statement to the effect that the Treasury was sabotaging the process without getting the facts.\nHe said he was to sign the agreement on Wednesday, but rescheduled it to today after he was informed the CCC representatives would be in the country today. He added he would make payments tomorrow.\nShifting deadlines\nBut IEBC has shifted its deadlines several times on the basis of acquisition of BVR kits, which were supposed to have been acquired early this year.\nThe Government led by President Kibaki and Raila struck a deal in August to acquire the kits from Canada. They were expected to have arrived in September, but the dates have been shifted several times, with the latest projection put at Wednesday, next week.\nSeveral MPs led by the House Committee on Implementation of the Constitution warned any attempt to move the March 4 polls would be resisted.\nCIOC Chairman Abdikadir Mohammed, Education Minister Mutula Kilonzo, Government Chief Whip, Jakoyo Midiwo, and Chepalungu MP, Isaac Ruto, said there was need for the commission not only to give public assurance on the matter, but also show by action the progress of restoring public confidence.\nAbdikadir said the delayed delivery of BVR kits had caused public concern.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.standardmedia.co.ke/article/2000069192/standard-digital"}

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+{"doc_id": "267e7844b392eb5884fc7323376a689f", "text": "The lead story on the front page of BusinessDay on February 26, 2020 had the headline; Agric crowdfunding at risk of Ponzi schemes as regulation lags. Three years later, the fears expressed in that story by this reporter have sadly become reality for thousands of Nigerians who thought they were investing to support local agriculture.\nFor almost five years when the run lasted, start-ups known as Agritech platforms, offering 15 to 50 percent gave some of the best returns on investment in Nigeria. As many people have now found out, ‘return of investment is better than return on investment’. Today, tens of thousands of victims lick their wounds with heavy hearts as billions of naira remain stuck in various platforms.\nFarmers are poor, they produce so little, and at the same time, Nigeria has been facing severe food crisis for the most part of the last decade. It was on this premise that agritech platforms claimed to offer a solution to all of these in one strike. Using technology, they created websites and mobile apps to aggregate funds from the public, having identified ‘viable farming projects’ into which those funds would be invested. It was to be the perfect win-win that could change the world, starting from Nigeria.\n“We had disposable income and you have farmers and people that need investment. I have farmed in the past, I used to own a farm in Jos before I left for Lagos and I know that the returns were possible,” said Agnes who invested N10 million across three platforms; Agrilet, Farmsponsor, and Bazuze.\nThe business model of the agritech companies was similar. For instance, a maize farming project is divided into 100 units of say N20, 000 per unit with a return of 25 percent payable after 4 months. It seemed straightforward enough at the time, except there was no regulation in place to protect the investing public.\nThe companies, though different, had an iteration of ‘agric’ or ‘farm’ embedded somewhere in their names. Popular ones were Farmcrowdy (which later merged into EMFATO, then Crowdyvest in a series of smart-by-half moves), Thrive Agric, Farmsponsor, Agropartnerships (owned by Farmforte), Porkmoney, Agrorite and HoCorn (known for its aggressive, widespread marketing). There were less popular ones like Agrilet and Shopagric, and dozens more. Then those without actual corporate entities but which relied on owners that claimed and advertised on social media that they were into agriculture. A picture in a farm here, and another in what was supposedly a warehouse for harvested crops, and they would suddenly build a following, and with it, investors that later became victims of fraud. While not all defaulted, more than 90 percent did in the end.\nHow many of these companies actually invested in agriculture? This question remains unanswered, two years after they all fled the scene\nIt was often a competition among the companies to announce fund raises, and every now and then, advertise the thousands of farmers ‘being impacted’ by their operations. Suddenly, everything went quiet. But for investors, it was about to get loud. BusinessDay saw several investment certificates and other documents that gave investors assurances their funds were safe, but it all turned out to be a ruse. Not even the so-called insurance packages with reputable insurance companies in Nigeria.\nMuch of the default started in 2021, when the Securities and Exchange Commission (SEC) finally decided to regulate the space. Onyeka Akumah, founder of Farmcrowdy who made it a bragging right that his company pioneered agric crowdfunding in Nigeria had told this newspaper that the company was eager for regulations, especially to weed out the potentially fraudulent players. Other major players contacted in an article at the time echoed his sentiments.\nIn request for comments at the time, none of the companies told this newspaper they had reservations with the SEC regulations that were to commence on June 30, 2021. But as the date for regulation to commence approached, the companies disappeared from the scene. Suddenly, they claimed they were no longer into crowdfunding. And thus began the series of most defaults.\nRead also: Nigeria’s financial sector under siege: The alarming rise of cyber fraud and inadequate defenses\nA long list of victims\nNo one has documented how many Nigerians have money stuck with these platforms, but what is clear is that there are several thousands of them. Many of whom invested in more than one platform.\n“It was a shock to us in June, when a day before we were to receive our money, Agrilet sent us an email that it was unable to pay,” said Binta, who along with her husband, invested N1.74 million in a poultry farm offered by Agrilet for 20 percent returns after four months. “It wasn’t something I was expecting because there was no indication they were struggling or not using the funds for what they were meant to.”\nBinta (not her real name) had first tried Agrilet in 2020 for three months for a fish farm, and she was paid. After that, she convinced her husband to also invest, even though he was sceptical. When the default happened, “he told me ‘I told you so’,” she said. “Thank God I have an understanding husband because it is something that could have affected our marriage.”\nAccording to some investors, Agrilet had collected up to N400 million, some of which they claim the company’s CEO, a certain Victor Yunusa, had invested in other things, including real estate. BusinessDay could not reach him as phone numbers provided were not connecting and an email sent last week has not been replied. An EFCC case and another instituted with police have both stalled, as confirmed by Kayode Agbedejobi, partner, KP Legal Practitioners that was engaged to take up the case.\nLike the majority of people, that was not Binta’s only investment. Along with her husband, they had also invested N1 million each in the Farmforte Food Valley in April, 2021. The investment was to run for a year, with 20 percent returns. In the same June when she got Agrilet’s email, she also got Famforte’s email that the company was unable to make repayments to those due at that time. She didn’t panic initially as her repayment wasn’t due till the following year but when it became due, it was clear she and her husband were also not getting paid again.\nKingsley (an alias), who works in the energy industry has at least N21.5 million stuck with three platforms that he disclosed. N10 million for a poultry farm investment in Shopagric, said to be owned by a veterinary doctor, N5 million for a ginger farm in Groupfarma, and N6.5 million in Agrilet for poultry and sesame farming.\n“At some point, I went into depression,” said Kingley. “Everything just happened at the same time and even to date, there are things that I can’t afford to do.” In September of that year, his first child was going to start secondary school but his funds were not available.\nOn the home front, “there was so much bashing,” he said. “At that time, there was a serious clamour for local investment in Agriculture. I went in with the mind-set that I was supporting local economic growth.”\nFor Agnes, a mother of two who lost her job with an airline at the peak of COVID, she had invested her severance pay and funds from three pensioners she said were her relatives. Her husband’s business had also collapsed during the pandemic and they decided to invest in agriculture through the agritech platforms as a way to sustain the family, while hoping to make an impact.\nThe N10 million invested since 2021 (out of which N2.5 million belonged to the pensioners) was; N6.5 million in Agrilet for a poultry farm at 20 percent returns after six months, N1.5 million in Agropartnerships and N2 million with Bazuze, which she said later repaid 40 percent.\nRead also: Late fraud reporting fueling low stolen funds recovery – PalmPay\nApart from not working, she said the investments were made because of her special needs son. “It is very expensive to cater for a child with a special need,” she said. Instead, “I lost everything. The only money I had left was to pay the people I invested on their behalf.” She has now left Nigeria with her family and is not looking back, except to get justice and recover her money.\nEsther, another investor with Agropartnerships since 2018/19, did different cycles without issues until 2020/2021. She has N750,000 stuck in two different cycles, the last of which was N250,000 for a cashew value chain project in December 2021. Repayment was supposed to come in 2022 along with 40 percent returns, but neither capital nor interest has been paid.\nShe typically did not invest her money outside of fixed deposits or savings. “This is like my first non-traditional type of investment,” she said. But she went ahead because of how credible the company appeared.\n“I used to follow Money Africa and other pages that talked about them. They also appeared in the media, and there was an engagement with Godwin Obaseki, governor of Edo State,” she said. All of these gave confidence that “okay, let’s put money on it,” she said.\nShe also referred her younger sister and a friend to invest with the platform and they had both invested N1 million at the minimum. “That was another painful part of it,” she said.\nWanted men\nIn June, it was reported that the Economic and Financial Crimes Commission (EFCC) declared Osayi Osazuwa and Uyi Osayimwense, founders of Farmforte, wanted. In July, the investments and securities tribunal sitting in Abuja ruled that the operations of Agropartnerships (which they owned) was illegal in Nigeria. It was also reported that the court ordered a freeze of some bank accounts.\nRead also: Kano reveals alleged massive payroll fraud, including 13-year-old employee\nIn 2021, Gloria Igberaese and Muyiwa Folorunsho, were reported to have been declared wanted by the Interpol over their involvement in multi-million dollar investment fraud from their businesses which included PorkMoney and Porkoyum. They allegedly defrauded investors up to N1 billion.\nIn 2022, Harrison Osemwengie, founder of HO Corn, was reported to have been declared wanted by Interpol “over multi-billion-naira investment fraud”.\nThese are just a tiny fraction of those whose companies have committed these alleged frauds, and even till date, none has been reported apprehended. Many more remain free men, living large while their victims gnash their teeth.\n“I guess the reason why this keeps happening is because of the slow justice system,” said Agbedejobi, the lawyer.\nOn its part, Crowdyvest, which is said to be owing 3,700 crowdfunding investors ₦7.7 billion, recently offered to convert their debt into equity in the company. Much of the company’s woes emanated from Farmcrowdy, the agritech platform it was once sister companies with, when it acquired its debt.\n“I know that a lot of Nigerians will say we were greedy, but we were not. It could happen to anybody,” said Agnes. “We felt that we were helping people (i.e. farmers) as done in other parts of the world so why can’t we do it in Nigeria?”\nFor Fred (an alias), who has invested more than N10 million in Farmcrowdy (up till Crowdyvest), “this whole thing was more than regulation. Many people were victims based on trust.” He is still owed N1 million after N1.6 million was paid to him on “compassionate grounds” when he had to bury an uncle who was a father figure to him. Not many people get such courtesies, not even for life threatening cases.\nIn the end, how many of these companies actually invested in agriculture? This question remains unanswered, two years after they all fled the scene when SEC regulation that would have demanded transparency was to be implemented.\nAdditional note:\n- In May 2021, Thrive Agric reported it had completed overdue payments to its investors after a delay attributed to disruptions from the COVID-19 pandemic\n- The names of victims are used as aliases at their requests, especially for those who felt their anecdotes revealed personal information", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://businessday.ng/backpage/article/in-nigeria-agriculture-became-fraud-tech-was-the-enabler/?utm_source=auto-read-also&utm_medium=web"}

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+{"doc_id": "26e6783861dff6c7efadffc9e5f020eb", "text": "Covid-19 costs tourism US$1bn\nFarirai Machivenyika and Ishemunyoro Chingwere\nThe country’s tourism sector could lose up to US$1,1 billion due to Covid-19 travel restrictions that have crippled the travel industry.\nThe projection was spelt out by Environment, Climate, Tourism and Hospitality Industry Minister Mangaliso Ndlovu when he addressed a news conference after meeting tourism players in Harare yesterday.\nThe meeting with tourism players was meant to discuss modalities of the $500 million Bank Guarantee Facility that Government has provided to help the sector recover. The facility is meant to assist the tourism sector access working capital loans from banks and insulate their businesses from the effects of the pandemic.\nCovid-19 came at a time when the local tourism sector was already in a spot of bother as evidenced by a 11 percent decline in tourists arrivals for 2019 compared to the same period in 2018.\nDetailing the projection, Minister Ndlovu said Zimbabwe stands to lose up to US$1,1 billion if the current global travel restrictions persist up to year-end.\nThe worst case scenario is based on the assumption of an 85 percent decline in arrivals to close the year at 350 000 tourist arrivals.\nThe best case scenario could see Zimbabwe losing 30 percent in tourist arrivals and end the year with 1,6 million arrivals. This scenario works on the assumption that the pandemic will soon be contained and travel restrictions lifted by second half of the year.\n“The second is the best case (optimistic) scenario which assumes a 30 percent decline in arrivals and is based on the assumption that the outbreak will be contained by the second half of the year,” said Minister Ndlovu.\n“This may see us registering 1,6 million arrivals by year-end. The middle of the road scenario assumes a 60 percent decline in arrivals resulting from Covid-19 and this may see us registering approximately 920 000 tourist arrivals by year end.\n“The last is obviously the worst case scenario which assumes an 85 percent decline in arrivals to close the year at 350 000 tourist arrivals.\n“This is predicated on the assumption that the current status of restrictions on International travel persists until year end especially in our major source markets of Europe and the US.\n“Overally, we also anticipate a consequent fall in tourism business, with the country set to lose between US$500 million to US$1,1 billion in potential tourism revenue in 2020 from the projected revenue of US$1,4 billion,” he said.\nIn addition to the Government guarantee bank facility, Government has approved the establishment of a Tourism Revolving Fund and has injected seed capital of $20 million for tourism businesses.\nWith international tourism expected to be slow to recover, Minister Ndlovu also announced a waiver of Value Added Tax payable by domestic tourist for accommodation and services.\nThis, he said, “. . . is envisaged to significantly lower the cost accessing tourism facilities by locals,” and thus increase tourism products uptake.\nGovernment has also approved the deferment of the liquidation of foreign currency paid by international clients as well as making an undertaking to settle all its overdue bills with the tourism sector players.\nAssociation of Zimbabwe Travel Agents chairman Mr Ignatius Matungamire, thanked Government for the $500 million but urged Government to provide a grant for their members.\n“We acknowledge and appreciate what Government has agreed to give us, this $500 million as a guarantee but the travel sector is at a standstill right now and it hasn’t been operating well before Covid-19 because airlines withdrew from the market so what we are saying is that the travel industry and the travel agencies are not operating at all and there is no revenue coming in so besides what the minister has offered we would have been in a better position if part of this money had come in the form of a grant like what has happened in the South African market,” he said.\nZimbabwe youth in tourism’s director general of Mr Stewart Mutizwa said: “Given the contagious nature of the virus it is crucial that we have appropriate health and safety policy in place especially for hotel business that rely on person-to-person interaction.\n“In this context hoteliers should promote proper health and safety policy measures, which may include the following, self-service payment systems, orders through mobile applications, non-contact service and order delivery and lastly can you set us a certain percentage for youths in this tourism recovery plan.”\nSafari Operators Association of Zimbabwe president Mr Emmanuel Fundira also welcomed the Government guarantee facility.\n“The $500 million is a welcome development. My observation is that Government has to work closely with financial institutions to ensure that the terms and conditions of these facilities are accessible,” Mr Fundira said.\nHe added that they have been engaging international partners like the Safari Club International where\nmembers properly registered can prove that they are involved in conservation so that they could get a US$5 000 grant.\n“On top of that the Americans themselves, our clients and our main source market have gone even further to mobilise US$100 million to support conservation to ensure that we can continue maintaining our facilities and we can continue paying our staff,” he added.\nMr Kumbi Chiweshe, who represents the Zimbabwe Tour Operators Association, called on Government to come up with policies that would improve disposable for ordinary citizens to boost domestic tourism.\n“If you are thinking of a stimulus for the industry there is need for a thought to be given to financially relieve all households . . . so that they have disposable income to spend out there. In our rush to survive as an industry there might be need to capacitate the market so that they can have something to spend out there,” Mr Chiweshe said.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.herald.co.zw/covid-19-costs-tourism-us1bn/"}

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+{"doc_id": "27da07553657047ba58241a2ea13efb7", "text": "Many have argued for and against the proposed change of education system, from the current 8-4-4 to 2-6-3-3-3. Factors that have led to the perceived failure of 8-4-4 system have been raised.\nUndeniably, 8-4-4 system, which is considered the brain-child of former President Moi, was hurriedly implemented without planning. No effort was spared to assess the universal accessibility to quality technical teachers, textbooks, workshops and equipped science laboratories at primary and secondary levels.\nSecondly, the taskforce that crafted the system, led by Canadian educationist Prof McKay, did not provide transition clauses or period from 7-4-2-3 system to 8-4-4. Thirdly, the rolling out process of 8-4-4 was accompanied by myriad episodes of sycophancy by politicians resulting in ostracism of those that dared question the speedy implementation.\nIn fact, with the coming of 8-4-4 system, textbooks got merged and thus became bigger and the workload for students became bulkier.\nEducation as we know it today, had the primary purpose of safeguarding the interests of the colonialists by providing them with cheap labour and neo-colonising the minds of African children that were found brilliant by the colonial education system. The brilliant minds got lured by the so-called white collar jobs that were lowly paying while the majority of the students that got average grades or those that failed in exams got entrusted with non-white collar in jobs in agriculture as farm labourers, drivers, salesmen and merchants, as well as businessmen.\nIt was safe and easy for the colonialists to arm-twist average minds in trade given the brilliant minds had been driven into oblivion by the lure of white collar jobs from which they got peanuts as pay and consequently many could not dare engage in business as it was anathema for them given their academic brilliance!\nBy creating a false sense of security among the brilliant minds in the white-collar jobs, the colonialists managed to entrust the construction industry, agriculture, real estate, procurement, technicians and business-related trades to those considered failures from the education system. It is no surprise then that professions that drive the economy were left to the less-endowed academically while the elite of society took up jobs in the service industry as teachers, doctors, lawyers, engineers and accountants among others.\nIt is this disparity that the 8-4-4 sought to undo by encouraging citizenry to embrace careers that drive the economy like agriculture, fishing, livestock management, sports, arts, real estate, business and technology instead of focusing only on service industry jobs that form the bulk of white collar jobs.\nProgressive learning\nIn my view, we could have gotten out of the circus by realigning our development goals to our education system. For example, we could have easily succeeded if all careers did not have direct admission to degree level but instead all those joining various fields started at, say, certificate level.\nThis way, all those that we consider dropouts even at Class Eight can have a chance to do trade test, then certificate, then learn relevant subject for a year or two before embarking on diploma and thereafter higher diploma, degree, masters and PhD if they prove capable.\nWe could also get rid of the massive brain wastage that we currently engage in through the various exams that are a cutthroat competition. At the same time it will encourage our citizenry to engage in lifelong learning instead of pre-occupation with worthless grades.\nTo give credit where it is due, the 8-4-4 system helped streamline university admissions as previously only the rich could take their children abroad for university education after Form Four under the 7-4-2-3 system while those from poor families ended going up to Form Six as local universities only admitted those with that kind of education.\nThe 8-4-4, initially, created a level playing field in the university intake realm until recently when the parallel degree system was introduced to erode the gains that had been attained as those with the means can advance to university immediately after KCSE while those from humble origins are made to wait for a year or two before joining university.\nIt is such challenges that we need to address instead of advocating for a speedy change of systems.\nStay informed. Subscribe to our newsletter\n{Concerned Kenyan, Nairobi}\nKRA State agency, Njiraini hiring suspect\nRecent media reports quoted KRA board chairman Maj (rtd) Marsden Madoka arguing that KRA Act does not define authority boss’ office as a State office. Nothing could be further from the truth.\nHowever, whether the enabling statute of a public institution describes its officers as State or public servants is immaterial. These leaders serve the public and hold office in trust on their behalf.\nI have respect for Madoka as an accomplished military officer who served this country with dedication and honour before plunging into politics. However, I choose to disagree with him on the suspect KRA boss appointment procedure he seeks to defend.\nKRA is a State institution. It is, in fact, an arm of the Treasury, which collects revenue from taxpayers to help finance Government expenditure. By the nature of its position in Government, KRA cannot be construed in any other sense than that it is a State institution and, therefore, its head as well as the board members are and remain State officers.\nAddress hiring mystery\nThis is irrespective of what the KRA Act stipulates or omits. The Act is subordinate to the Constitution and must be construed in the light of its principles and objects. To this end, therefore, I submit that KRA is an institution that falls squarely within the province of State organs just as Central Bank, Capital Markets Authority, Kenya Bureau of Statistics and Government-owned banks.\nJohn Njiraini, the KRA boss designate is a brilliant accountant who spent many years teaching at the Faculty of Commerce at the University of Nairobi. I have no doubt Njiraini will make a good CG at KRA given the opportunity.\nHowever, the manner in which he was recruited raises more questions than answers. The process was shrouded in mystery because the public and the Press were denied access to the interview and evaluation sessions conducted by KRA board and Kenyans only got to know the outcome when the board chair announced the results.\nWhy was this process kept out of the public eye if, indeed, it was above board as alleged by Madoka?\nWhat will assuage Kenyans concerns that the process may have been manipulated?\nThe argument by Madoka that KRA CG is not a state officer is hollow and cannot go unchallenged.\nAll future recruitments of CEOs in the public sector must adhere to the spirit and the letter of the Constitution so that our nation can regain its lost ground on regional and ethnic diversity to ensure the large and small ethnic and regional blocs of this country find an equilibrium in the sharing of limited national resources.\n{Patrick William Kimosop, Nairobi}\nObama call for Israel, Iran diplomacy good\nUS President Barack Obama’s call for diplomacy to resolve the conflict between Iran and Israel should not be only viewed in the light of the US interests around the world.\nThe truth is the controversial nuclear reactor at the centre stage of the whole matter is not only a risk to the Middle East peace, but also have a global implication.\nAny attempt by Israeli Prime Minister Benjamin Netanyahu Government to use air strikes against Iran shall only worsen the situation by plunging the entire world into a complex social, political and economic desperation.\nAlready Iran seems to be waiting for the anticipated attack to which is gearing itself up to respond by launching attacks on all US allies around the world.\nAfrica is the most disadvantaged as the continent is always at the receiving end.\n{Masafu C Simiyu, Nairobi}\nToo many unlearned lessons on drug abuse\nThe rate at which world’s entertainment fans are losing leading music icons is alarming.\nIn June, 2009, American singer Michael Jackson died at age 50 of propofol intoxication after he suffered a respiratory arrest at his home near Los Angeles. Now pop music queen Whitney Houston has died at 48.\nUnfortunately, most of the renowned singers deads have something to do with drug and substance abuse.\nWhitney adds to the long list of Millie Jackson, Smokey Robinson, Black Moses, Glorya Gaynor, Helen Shapiro, Aretha Franklin and Rose Royce among others.\nWhitney will be missed bigtime.\n{Justin Osey Peter, Via Email}\nDate irrelevant, let’s choose fine leaders\nThe debate over the elections date seems to be taking a new dimension each passing day. While some politicians are against the dissolution of coalition by October, to allow elections in December, others are fully in support of it.\nRecent surveys have shown Kenyans are in support of December elections, but this is nothing to debate about. Whether the elections should be held in December or March next year, or weather the coalition principals dissolve it or not, it should be clear in the minds of politicians the country is in need of fresh and good leadership.\nCome the said elections, we go for leaders who prove their ability to take us to great heights of leadership.\n{Nixon Kanali, Nairobi}", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.standardmedia.co.ke/article/2000052025/8-4-4-to-go-but-challenges-remain"}

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+{"doc_id": "28fd3db5e3e57d5cfd7f8ddd4a875978", "text": "Banks flock to Gikomba\nBooming business at Gikomba market is attracting financial institutions.\nSeveral banks are opening branches near the market and offering services to traders.\nGikomba market hosts many businesses including those dealing in clothes, furniture, food and curios.\nSo far, the market has attracted seven banks with possibility of more being opened. The ones that have opened branches there include Barclays, Cooperative, Equity KCB, Family, CFC, Stanbic and Fina.\nJeremiah Mutiso, who has been running a furniture business for more than five years in the area, said scarcity of banks meant many traders kept money in their houses.\n“Many thought one could only qualify to have a bank account if they were formally employed. Almost everyone here now has an account,” he said.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://nairobinews.nation.africa/banks-flock-to-gikomba/"}

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+{"doc_id": "299472c1eaa6a68f25198950f9f1fae1", "text": "Lucky Montana, for years the driving force at the Passenger Rail Agency of South Africa (Prasa), has been suddenly sidelined. While Prasa has come under attack in recent weeks, his troubles began with the new board. Now, Prasa is without a CEO while it spends billions on new trains and with Montana promising to tell the full story, things might only get worse for the state-owned enterprise. By GREG NICOLSON.\nWhat did Lucky Montana do when Prasa was accused of blowing R600 million on trains that don’t fit the SA standards, while his chief engineer was accused of lacking qualifications, and when it was emerging that Prasa might have lost R1.3 billion because a failure in foreign currency hedging? He threw on a train driver’s uniform, accused detractors of racism, and took journalists on a train ride. It confounded the media, just enough (because if a train can cruise for 40km in a controlled environment, it must be fine, right?)\nMontana’s leadership has been characterised by such bravado as he has marched forward with transforming the rail network, but on Wednesday it was one of the key reasons, according to the board, for his “early release”.\nMontana was serving notice before leaving Prasa in December, but the board said he had served his last day on Wednesday after a breakdown in the relationship between him and non-executive chairman, Dr Popo Molefe. In the midst of multiple allegations against the Rail Agency, it leaves the parastatal without a CEO during its most important expansion.\nSpeaking on Talk Radio 702, Molefe said the board resolved to investigate some of the irregularities and wasteful expenditure featured in an interim report from the Auditor General, but claimed the decision to send Montana packing had nothing to do with claims in the media that Prasa went ahead with buying 13 locomotives from Spanish manufacturer Vosslah Espana for R600 million despite concerns they would compromise safety and damage SA’s rail infrastructure.\nMolefe said Montana resigned earlier this year after the board rejected a R2.4 billion tender “which was not done in a manner that followed process, which did not follow the Public Finance Management [Act] prescript, did not follow policy of the company”. Then he talked about insubordination. “He stood on public platforms attacking the board that he is supposed to account to, [saying] that it is a board that is not fit to lead the organisation and it cannot act in the best interests of Prasa,” Molefe said. “Here’s a man who is on his way out, he’s leaving, but he wants his last days in the organisation to be the last days where there is no stability, where there is acrimony between himself and the board. We concluded that there is no rational basis therefore to spend the next couple of months in this environment with a person who is exiting anyway; he’s leaving.”\nSpeaking in June to Financial Mail, Montana said the board could hinder Prasa from meeting its infrastructure roll-out targets. “We have the required skills but I am not convinced that the board will be able to act in the best interests of Prasa under the chairmanship of Popo Molefe and his modus operandi of interfering with the business of Prasa,” he told the magazine. The CEO seemed to have transport union Satawu on his side after it called for the board to be dissolved.\n“The board knows that it is being disingenuous, that it’s not telling the truth,” Montana told Talk Radio 702 on Thursday. He suggested the decision was unjust and he plans to give his own press briefing on Friday. The Prasa board will also brief the media Friday.\nMontana had harsh words for Molefe. “He chose to win the battle but I think that out of this he’s going to lose the war. He’s going to lose the moral fight. He knows deeply when he looks at himself in the mirror, I don’t think he will be at peace with himself until the end of time. He knows that it was a cowardly decision and he could have easily waited to discuss that with me, but he didn’t do that.” After submitting his resignation earlier in the year, Montana consulted different industry stakeholders and suggested he could stay on if needed, but the acrimonious relationship with the board appeared to make the prospect impossible.\nBoth Montana and Molefe claimed the recent allegations against Prasa did not play a role in the early departure, but it’s hard to imagine the pressure on Montana, and his regular presence in the media recently, might not have been seen by the board as an opportunity to get rid of him while public sentiment is on its side.\nRegardless, Montana’s sudden absence leaves a gap in leadership at Prasa at a critical moment. It plans to invest R123 billion over 20 years on the rolling stock renewal project. The first phase, worth R51 billion, has been awarded to Gibela, a consortium led by French multinational Alstom. Montana recently said many of the black industrialists the state plans on developing would come from partnerships between Gibela and local companies. As the last two weeks have shown, there are many opportunities for things to go wrong, and lots of money to make for those who get the right deals.\nListing the recent allegations against Prasa, Democratic Alliance shadow minister of transport, Manny de Freitas, on Thursday said releasing Montana from his position reinforces the party’s call for the parastatal and Transport Minister Dipuo Peters to account to Parliament. De Freitas said “it is so vital that the apparent rot at Prasa is halted immediately and that the allegations are answered in a transparent manner”.\nPrasa chief operations officer, also serving as Autopax acting head, Nathi Khena, will act as Prasa CEO until a replacement for Montana is appointed. His first priority will be stability – convincing the public Prasa has a handle on things, which seems questionable at the moment, and that it can handle the infrastructure roll-out. That won’t be easy as these battles are often fought with allegations of vested interests and tender fraud. With Prasa spending billions, there are plenty of allegations to go around. DM\nPhoto: Lucky Montana, former chief executive of Prasa. (Leon Nicholas, Mail & Guardian)\nRead more:\n-\nPassenger Rail Agency of SA: Danger signals in Financial Mail\n-\nLucky Montana: No passenger himself in Financial Mail\n-\nPrasa failed to hedge on locomotives in BDLive\n-\nPrasa, Transnet had concern over locomotive height in News24", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.dailymaverick.co.za/article/2015-07-17-derailed-released-lucky-montana-out-of-prasa/"}

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+{"doc_id": "2b0a705fcdf479eef79c8b57acd69855", "text": "The government’s austerity fiscal plan of slashing of budgets across departments has seen Public Works and Infrastructure (DPWI), particularly the Property Management Trading Entity (PMTE), being hard put to maintain the more than 80 000 properties portfolio worth more than R638 billion in accumulated surplus.\nThe PMTE is responsible for the development of government precincts, construction work, estate management, maintaining the asset register and management of state facilities.\nThe PMTE faces a R1.5bn deficit and has racked up more than R1.8bn from R851 million in bank overdrafts due to fellow client departments and municipalities not paying on time, citing budget cuts.\nIn the 2022/2023 financial year the PMTE has only been paid R2.9bn of the projected R5.1bn by municipalities, with the major reason for lack of payment cited being the budget cuts.\nDPWI chief financial officer Mandla Sithole said: “The revenue has not ever been 50% of what we have projected. We have a maintenance backlog of R33bn. We have to spend money to deliver services that are not paid for on time. Which is why we say we have to work harder at sweating our assets.“\nThis was at the presentation of the DPWI annual report for the 2022/2023 financial year to Parliament’s select committee on transport, public service and administration.\nSithole said state properties leased out for accommodation had a more than 70% take-up rate of the portfolio, but that the revenue did not amount to a quarter of what was expected with more than R1.7bn outstanding, principally by Correctional Services, which was in the red for R158m.\nThe PMTE has immovable assets of R149bn and current asset liabilities of R3.5bn.\nIn the reporting period, the DPWI received an R8.1bn allocation, down from R8.4bn in the previous year, and spent R7.9bn with a variance of R242m.\nA high vacancy rate, which the department is urgently attempting to fill in more than 243 senior posts, resulted in an R83m underspending in the compensation of employees.\nRecovery of arrears from municipalities is at 66%, far lower than the 91% recovery the entity realises from private sector leases and other claims which netted R5.1bn from a projected R5.4bn, a 94% recovery.\n\"If they (client departments) paid a quarter of what we are owed, we would not have to run a bank overdraft,\" Sithole said.\nThe department had come under attack from parliamentarians on the maintenance of the parliamentary villages as well as the ongoing reconstruction of the parliamentary building, which has been turned over to a private company instead of the department.\nDPWI director-general Lwazi Mahlangu said in support: “Those (departments) that complain should give us the money to be able to do wonders. Most of our clients are not paying because of the budget cuts.”\nAnother financial blunder was the DPWI’s more than R800m purchase of the Telkom Twin Towers building, which Mahlangu defended, was intended for the SAPS to collapse 15 properties and occupy one centre.\nMahlangu said the DPWI’s construction project management had been hampered by factors including interruptions by the construction mafia, late approval of funding by client departments, cancellation of bids due to bidders being unresponsive, slow progress by contractors due to poor planning and financial difficulties as well as requests for time extensions.\nMahlangu said through the expanded work programme and other initiatives, the department had created 4.6 million work opportunities, falling short of its 5 million target.\nIt had released more than 120 000 hectares in 110 plots to the land reform programme.\nBUSINESS REPORT", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.iol.co.za/business-report/companies/austerity-budget-bites-at-states-property-portfolio-a2de990c-087e-4d9c-a747-c6e6295c48ba"}

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+{"doc_id": "2b18e65125cf6971fd02d843e1ec7fe6", "text": "Lagos is the most vibrant city in Nigeria. It’s seductive charms are legendary, and for good reason.\nInviting cafes and lounges, lustrous boutiques, top notch museums, and an impressive restaurant scene make Lagos the runway model of Nigerian cities—beautiful, fashionable, confident, and inspiring envy at every turn. However, its size and scope can make it a challenge and sometimes, you are faced with certain experiences that make you wonder at a traveler’s love with such an elusive town.\nTo avoid having these experiences, Jovago.com, Africa’s No. 1 online hotel booking portal presents a list of 7 things you should never do in Lagos.\nSkip your fare in a bus\nTaking public transport, including the Moluwe and Danfo buses, may be the cheap option of transportation in Lagos, but it is not free.\nA fare is usually required and it is important you ensure you have enough cash to settle the transport fee before jumping on the bus. While it might be tempting to skip your bus fare, either because you think the conductor will not notice or you believe you can come up with a story touching enough to make them waive the fare, don’t do it. The public embarrassment and possible physical harm will not be worth it.\nSome fare-jumpers have found themselves spending quality time at the hospital, treating wounds inflicted on them for trying to play hooky.\nPut Your Wallet in Your Back Pocket\nWhile most Lagosians are nice and helpful there are always folks looking to take advantage of unsuspecting tourists (and locals!). Never place your wallet in your back pocket, as you are bound to lose it – sometimes without even knowing.\nBe smart, use common sense and keep an eye on your wallet is, particularly when you’re in crowded places such as Obalande, Oshodi and Balogun market.\nFlash cash around\nWhether it’s when paying for things on the street, counting your money or taking out a wad of cash and then asking the waiter how to figure out the bill, flashing cash is never a good move in Lagos.\nThe Nigerian currency is not hard to figure out. Always keep a running tally in your head so you do not have to whip out your cash and start counting; this will also protect you from thieves.\nTry to cut in line\nWith so many amazing things to do in Lagos, sooner or later you are going to have to wait in a line. Whether you’re queuing up to snag rush movie tickets, trying to grab a meal at a popular eatery or waiting to use an ATM in a shopping mall, you are going to have to wait along with everyone else.\nIf you stealthily try to make it to the front, you will be caught and blessed with the wrath of a crowd of scary, impatient Lagosians…and this is not something you want to deal with.\nTaste street food with no intention to buy\nIn some part of the country, street vendors will encourage you to have a taste of what they are selling, even if they know you may not end up buying.\nSome people actually eat to their fill by tasting street food from numerous vendors. However, in Lagos, if you are going to taste it, you better be prepared to pay for a portion, even if it is as small as NGN50 worth. Most street vendors will reign insults and curses on you, while some other will take a step further and cause an embarrassing scene if you refuse to make a purchase.\nPay a hawker before collecting the purchase\nDespite the ban by the state government, the traffic in Lagos ensures that there are hawkers lurking around to meet the needs of stressed and tired commuters.\nIf you are looking to buy anything from a hawker, never give them the cash before you receive the item as there is a huge chance they will disappear with your cash and the item. Also, if they need to give you some change after purchase, do not hand them the cash. Instead, ask them to return with the change you need before you make the purchase.\nCompare Lagos with life elsewhere\nThis applies mostly to visitors. Do not spend time comparing things in Lagos to things in other cities in the country or even around the world. Do not complain that it is crowded and there is traffic almost on every street or that you come from an area with cheaper transportation. It is just rude to say where you come from is better than Lagos – so why did you visit? Things are DIFFERENT in Lagos. The sooner you learn and accept this, the more enjoyable your stay will be.\nNkem Ndem Vivienne", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://businessday.ng/art-and-travel/article/7-things-you-should-never-do-in-lagos/"}

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+{"doc_id": "2be544d42199c1e4a67c2a3a553fa790", "text": "Dr. Orji Kalu\nLatest\nNOW\nAs part of activities lined up for its launch, the Support Association for Fibroids Awareness (SAFA) will provide free consultation for women living with fibroids and non-surgical fibroids removal.\n19 mins ago\nThe family of Paul Moses Akpan in Ikot Akpan Ukam in Mkpat-Enin Local Council of Akwa Ibom State have concluded arrangements to hold the final burial ceremony of their beloved father, Apostle Paul Moses Akpan\n33 mins ago\nThe House of Representatives Committee on Petroleum Resources (Downstream) yesterday read the riot act to fuel racketeers and downstream sharp practices in the country.\n33 mins ago\nThe Acting Vice Chancellor, Trinity University, Yaba, Lagos, Prof. Clement Olusegun Olaniran Kolawole, has reiterated the call to add private universities to the beneficiaries of Tertiary Education Trust Fund (TETFUND), saying this is the way to go for the advancement of education in Nigeria.\n1 day ago\nTwo women who filed lawsuits against singer Trey Songz alleging sexual assault in 2015 have voluntarily dismissed their cases, according to court documents obtained by TMZ. The lawsuits, filed in October 2023, accused Songz of non-consensual sexual acts at a party at his home. Neither party has provided a reason for dropping the lawsuits. Songz…\n1 day ago\nThe Central Bank of Nigeria (CBN) on Friday said it is considering raising the minimum capital requirements for Bureau De Change (BDC) operators to N2 billion for Tier 1 licenses while it would be N500 million for Tier 2 licenses.\n1 day ago\nApple has officially debunked the age-old myth of using uncooked rice to rescue waterlogged iPhones. The company’s advice? Don’t put your iPhone in a bag of rice. Here’s why. For years, desperate iPhone users have turned to a bowl of uncooked rice as a last effort to save their water-damaged devices. The idea was that…\n1 day ago\nSuper Falcons of Nigeria held Cameroon's Indomitable Lionesses to a 0-0 draw in Douala, in the first leg of the Paris 2024 Olympic qualifiers on Friday. The Falcons are targeting a first Olympic appearance since Beijing 2008. Since the 2008 games, the former African champions have missed three consecutive editions (2012, 2016, 2020). Friday's game…\n1 day ago\nProf. Ango Abdullahi, a member of the Northern Elders Forum, has endorsed moves by some lawmakers to return Nigeria to the Parliamentary System of Government.\n1 day ago\nAfrica’s top ten songs to hit their peak have been carefully curated for you, with each topping the charts at different times of the week. they are the most streamed on major platforms like Spotify and Billboard. Tyla’s grammy winning “Water” caps it on the Billboard dominating Nigeria's Grammy nominees, Ayra Star, Tems and Burnaboy.…", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://guardian.ng/tag/dr-orji-kalu/"}

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+{"doc_id": "2cfd04f86b992208557e81585ed40f55", "text": "Mastering Solar Power (Online Course)\nOther Events Information\nMastering Solar Power (Online Course)\nOption 1: 6, 8, 14, 15, 16 February 2024 Option 2: 22, 23, 24, 25, 28 October 2024\nCommences: 6 February, 22 October 2024\nBuilding solar power into clean, modern & flexible power systems\nA comprehensive, up-to-date and business-focused roadmap to success in delivering solar power growth, today and tomorrow.\nAttendees will gain a good understanding of the key factors from an integrated, multidisciplinary and commercial viewpoint, including: target market analysis, economic competitiveness, channels-to-market, financing influences and risk, project development processes, best practices and emerging technologies.\nThe course schedule includes illustration of key project development considerations, including energy yield, financial and other simple calculations, along with the chance to discuss key planning and market environment considerations.\nIn keeping with the business-focused theme of the course, these illustrative exercises are designed to provide time-efficient clarification of the key course takeaways, aimed at commercially-focused business developers and investors. They are therefore accessible to nonexperts, not designed to replicate the complex or in-depth detailed planning undertaken – over much longer periods! – by engineers and technical teams.\nClick here for more information\nhttps://www.infocusinternational.com/solar-online", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.businessghana.com/site/events/other-events/476553/Mastering-Solar-Power-(Online-Course)"}

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+{"doc_id": "2e676d6d159219714deb0aca95b374ab", "text": "Last month, when Econet launched the mobile phone based savings account, in an article titled, “EcoCash (Save) is the new bank account for the masses” we wrote:\nThe savings account opens up opportunity for EcoCash to launch even more services that so far have been the reserve of traditional financial institutions. Loans especially. And even the release today has a hint of that when you read that they are encouraging employers to start paying salaries into this savings account. Once a salary is being paid into an account, loans can be issued to that subscriber with enough confidence it won’t go bad. And again this doesn’t necessarily have to be the micro loans.\nIt didn’t take too long. Today, a press release from the company appeared in our mailbox. The title: “EcoCash to lend money“.\nAnnouncing the service, the mobile operator said that starting early next year, users of mobile money savings service will be able to borrow from the company’s partner financial institutions via EcoCash. So far, that financial institution partner is Steward Bank.\nThe release doesn’t have details about the service – who will qualify, amount limits, how long the loans will take to process, interests rates and so on. We’re guessing however that platform will do some kind of credit rating based on inflows into the savings account; most probably predictable inflows such as salaries. If meeting requirements, the loans will likely be processed much faster than traditional loans banks provide. The price of the money is anyone’s guess right now, but we’re guessing it’ll largely be at par with market rates.\nWe will posting more details as we get them, but in the meantime, here’s the full release:\nEcoCashSave account holders will soon be able to also borrow money, just like ordinary bank account holders. This is part of what will be called EcoCashCredit that Econet is planning to roll out early in the new year.\nEconet Wireless CEO, Douglas Mboweni, confirmed that a scheme is being developed whereby people can also borrow money from EcoCash.\nHe said the borrowing will be done through partner banks, including Steward Bank.\nHe said lending was a natural next step, adding that the plan was to lend for uses such school fees, right up to housing loans. He said more details would be released in the new year.\nMeanwhile, Mr Mboweni confirmed that the number of bank accounts held by Steward Bank on behalf of EcoCashSave now surpassed those held by all the banks put together. “We have more than 900,000 account holders, compared to 850,000 for all the banks,” he said.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.techzim.co.zw/2013/11/ecocashcredit-econet-provide-loans-via-ecocash/"}

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+{"doc_id": "2f7e7dc2fc1a5bfb8fb103a4856eb132", "text": "Getting away with murder?’: European Oil and Gas majors’ 2022 emissions alone could cause at least 360,000 temperature-related premature deaths before 2100\nDUBAI, UAE, December 5, 2023 -/African Media Agency (AMA)/- An estimated 360,000 people could die prematurely before the end of the century because of global heating caused by the 2022 greenhouse gas emissions of nine major European oil and gas companies alone, according to a Greenpeace Netherlands study.[1]\nReleased today at COP28, the study analyses the self-reported 2022 greenhouse gas emissions of nine major European oil and gas companies: Shell, TotalEnergies, BP, Equinor, Eni, Repsol, OMV, Orlen, and Wintershall Dea. Using the Mortality Cost of Carbon method developed by US researcher R. Daniel Bressler, it estimates that these companies could collectively cause an estimated 360,000 temperature-related premature deaths before the end of the century with their emissions of 2.7 billion metric tons of CO2 from 2022 alone.[2]\nPanellist and climate justice activist Vanessa Nakate said: “Fossil fuels are key to environmental destruction, especially for people in the global south. It’s no secret that burning more oil and gas worsens climate breakdown – and right now, they are already harming people’s lives in Uganda, where I’m from, in communities across Africa, and all over the world. This is a matter of climate justice. We need wealthier countries that are most responsible for the climate crisis to stop new fossil fuel projects, invest in clean energy – and help global south nations to do the same.”\nLisa Göldner from Greenpeace’s Fossil Free Revolution campaign, said: “Are fossil fuel companies getting away with murder? Just one year of emissions will create deadly ripples until the end of the century. So, if the fossil fuel industry continues extracting and burning fossil fuels at today’s scale, millions of people all over the world could die prematurely. Phasing out fossil fuels is a matter of life and death, so governments need to act now to ban new fossil fuel projects and force fossil fuel companies to rapidly cut their emissions.”[3]\nAccording to the report, the estimates are likely extremely conservative for five reasons: they only consider excess deaths caused directly by extreme temperatures and don’t assess other climate impacts like more frequent and more extreme flooding, drought, wildfires or storms or infectious disease; they don’t take into account deaths caused by air pollution resulting from burning fossil fuels, or other hazards that result from the production and use of fossil fuels; the companies’ self-reported carbon emissions could be lower than estimates applying other carbon accounting approaches; the study uses a conservative future greenhouse gas emissions scenario; and this estimate only looks at the year 2022, meaning these excess deaths will multiply year by year if fossil fuel emissions are not drastically cut. For these reasons, the true number of premature deaths attributable to the greenhouse gas emissions of the nine oil and gas companies could be larger.\nThe study, called ‘Today’s emissions, tomorrow’s deaths: How Europe’s major oil and gas companies are putting lives at risk’, is being discussed at a COP28 press conference today (Tuesday 5 December).[4]\nGreenpeace is calling on world leaders at COP28 to agree to a swift and fair phase-out of coal, oil and gas, ban all new fossil fuel extraction, and to increase taxes on fossil fuel companies to pay for climate finance and loss and damage, with developed countries who have historic responsibility for emissions leading the way. In 2022, these nine companies reportedly made enormous profits of a combined $163.07 billion. Meanwhile, developing countries are facing climate loss and damage costs of around $400bn by 2030.[5][6]\nIndependent legal experts in Europe consulted by Greenpeace Netherlands have said that there could be legal basis to prosecute fossil fuel companies for endangering both human life and the environment under their respective national criminal laws, but that the criminal justice systems have been historically under-used for this purpose.[7] Greenpeace Netherlands is calling for laws to be further tested through strategic litigation as a way to address the existential threat of the climate crisis and advocate for impacted communities.\nNotes to editors:\n[1] Read the full study “Today’s emissions, tomorrow’s deaths: How Europe’s major oil and gas companies are putting lives at risk”.\n[2] About the Mortality Cost of Carbon method: The Mortality Cost of Carbon was developed by US researcher R. Daniel Bressler to estimate the number of expected temperature-related excess deaths which will take place globally until the year 2100, caused by present day carbon emissions.\nInstead of reporting scope 3 category 11 emissions, BP introduces the category “emissions from carbon of own upstream production” in their reports which only covers part of the emissions that the other five companies report under scope 3 category 11.\n**This is the sum of cumulative temperature-related excess deaths by 2100 projected using emissions equivalent to those from each company, rounded to 2 significant figures.\n[3] Lisa Göldner is a campaigner from Greenpeace Germany.\n[4] The study is being discussed in a press conference at COP28 on Tuesday 5 December. It is being led by panellists Greenpeace Germany campaigner Lisa Göldner and Ugandan climate justice activist Vanessa Nakate.\n[5] Oil & gas companies 2022’s self-reported profits:\n● BP: $28 billion\n● TotalEnergies: $36.2 billion\n● Repsol: $4.54 billion\n● Equinor: $28.7billion\n● Shell: $40 billion (“adjusted earnings”)\n● Eni: $14.12 billion\n● Wintershall Dea: $1.01 billion (€928 million)\n● OMV: $5.6 billion (€5.17 billion)\n● Orlen: $4.9 billion (€4.54bn approx)\n– Total = $163.07 billion\n[6] Submission on the Strategic Workstream on Loss and Damage Finance\n[7] Read Greenpeace Netherlands’ response which elaborates on the concept of “climate homicide” based on the analysis of criminal lawyers from the UK, Italy, France, Netherlands and Czechia. According to the analysis, at this time, the most relevant legal avenues explored are:\n● Under Czech law, reckless endangerment of human life, and negligent homicide;\n● Under Dutch law, the endangerment of public health or the life of another;\n● Under UK law, corporate manslaughter;\n● Under Italian law, death or injury as a consequence of environmental pollution;\n● Under French law, involuntary manslaughter and bodily harm, and refraining from fighting a disaster is likely to create a danger for people’s safety.\nDistributed by African Media Agency (AMA) on behalf of Greenpeace.\nContacts\nFor more information, contact Jasmine Watkiss, International Media Coordinator, Greenpeace UK: +44 7796 947448, jasmine.watkiss@greenpeace.org. For technical questions about the Mortality Cost of Carbon methodology, R. Daniel Bressler is available for a limited number of interviews.\nPlease contact Jasmine to be put in touch.\nGreenpeace International Press Desk: pressdesk.int@greenpeace.org, +31 (0) 20 718 2470 (available 24 hours). For the latest international releases follow us on Twitter @greenpeacepress\nThe post Getting away with murder?’: European Oil and Gas majors’ 2022 emissions alone could cause at least 360,000 temperature-related premature deaths before 2100 appeared first on African Media Agency.\nGet the latest news delivered straight to your inbox every day of the week. Stay informed with the Guardian’s leading coverage of Nigerian and world news, business, technology and sports.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://guardian.ng/ama-press-releases/getting-away-with-murder-european-oil-and-gas-majors-2022-emissions-alone-could-cause-at-least-360000-temperature-related-premature-deaths-before-2100/"}

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+{"doc_id": "32305f093b5904b332cbb2b5950f9ad6", "text": "Johannesburg - DRDGold has declared a final dividend of 10c a share after bolstering gold production to 150 145 oz, which boosted operating profit 48 percent to R384.3 million in the year to June.\nDRDGold, which has one main operation - Ergo - a mine some 50km east of Johannesburg, notes this dividend is a five-fold increase on the one declared for the 2014 financial year.\nThe dual-listed company’s CEO Niël Pretorius says the improved dividend is thanks to “very satisfactory results”.\nRevenue increased by 16% to R2.1 billion as the company received a slightly higher price, 4 percent up, for its gold.\nGold miners have been battling the falloff in the price in recent months and there are fears the mining sector could shed as many as 40 000 jobs. Currently, government, labour and business are seeking to ink a deal that would save jobs across the industry, which was once the mainstay of SA’s economy.\nAfter accounting for total cash operating costs - including the negative impact of Eskom’s higher winter tariffs in the last quarter - this figure came in 13% higher at R1.7 billion.\nYield, up 14% to 0.197g/t, drove improved gold production and reflected a sharp turnaround in the performance of the Ergo plant, DRD says in a statement. This also offset slightly lower throughput, which came in at 23.75 million tons, because of the heavy rains.\nCash operating costs were stable at R372 932/kg.\nLooking ahead to the next year, Pretorius says the company’s focus will be to fully integrate the new high-grade FFG and established low-grade carbon-in-leach (CIL) circuits.\nIn its results commentary, the company says its results for the three months to June “reflect periods of challenges both tackled and successfully resolved, and of ‘things coming together' as planned”.\nAmong the highlights of 2015, DRD counts weathering the impact of “extraordinarily” heavy summer rains on its reclamation activities, and agreeing with Eskom to a way to better “deal with the vicissitudes of its load-shedding”. Internally, it developed a system to continuously monitor power consumption and could, when alerted by Eskom, turn off non essential equipment.\nDRD’s total attributable mineral reserves were 22% higher at 1.86 million ounces in 2015, while total attributable mineral resources were 37% higher at 50.73 million ounces. These increases came after it wrapped up its buyout of minorities with a stake in Ergo Mining Operations.\nHowever, DRD says its year-long bid to sell out of East Rand Proprietary Mines (ERPM) is still ongoing as some regulatory approvals are outstanding. The company is hopeful the deal can be wrapped up “in due course”.\nIOL", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.iol.co.za/business-report/companies/drdgold-bolsters-income-1908675"}

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+{"doc_id": "331b75280d1fad08b87c062ea506a0ec", "text": "The Nigerian hospitality sector saw a strong rebound in the first half of this year, after two years of pandemic-related disruptions.\nThe sector recorded 70 percent average occupancy in H1, according to stakeholders, on the back of improved business activities, boosted by the return of foreign guests and business travellers as well as increased corporate and government patronage across both independent and foreign brands.\nIn the period under review, business activities recovered to almost 2019 levels, especially across the major international brands, with Transcorp Hilton Hotel Abuja, leading in revenue growth.\nThe half-year witnessed sustained occupancy rate of between 70-80 percent across most international brands and 50-60 percent across some independent hotels, a pointer to the fast recovery of the sector from the lingering impact of the COVID-19 pandemic.\nComparing the H1 2022 with results from the same period in the two previous years, the sector witnessed the worst H1 result in history in 2020, with zero revenue during the three-month lockdown due to the pandemic that saw all hotels shut down, resulting in over N50 billion revenue losses.\nThe sector barely recovered in H1 2021 as it continued to battle the fallout of the pandemic, travel restrictions, health and safety concerns and low purchasing power to stay afloat, leaving earnings below the N20 billion mark set by industry stakeholders for the first phase of recovery in the H1 of 2021.\nHowever, the sector earned more in H1 2022 with over N30 billion revenue, almost double of H1 2021 earnings, yet the figure fell short of the 2019 levels of over N60 billion, which was adjudged the highest before the pandemic disruption.\nSpeaking on the H1 2022 result, Owen Omogiafo, president/group CEO, Transnational Corporation Plc, said the group recorded strong performance in its power and hospitality businesses, which continued to perform excellently despite the tough operating environment.\nTranscorp’s half-year results for the year ended June 30, 2022, showed an improved performance across all its major investment lines.\n“Our hospitality arm, Transcorp Hotels Plc recorded a revenue growth of 173 percent over the same period last year, demonstrating a strong and sustained recovery from the impact of COVID-19 pandemic, leveraging innovative strategies and superior customer experience,” Omogiafo said.\nRadisson Hotel Group in Nigeria also said it saw an improvement in its performance in H1 2022.\nAccording to Christophe Noel, general manager at Radisson Blu Hotel Ikeja, Lagos, business was good in the first half of the year with sustained occupancy. “So far, I cannot tell you that we have been badly affected. We have good occupancy,” he said.\nAccording to him, the flexibility in their approach, and the ability to adapt, respond, and implement measures swiftly, coupled with the Radisson Hotel Group’s five-year plan on significant investments, new brand architecture, new IT systems, new revenue management systems, and a new loyalty programme, have helped to keep guests coming and the hotel focused and afloat despite the economic headwinds in H1 2022.\nWellington Mpofu, executive assistant manager, commercial at Radisson Blu Anchorage, Lagos, said H1 2022 was good with occupancy sustained between 60-70 percent, almost the same as pre-pandemic level of 2019.\nHe attributed the improvement to “the return of normalcy in the system and the personalised service and world-class facility offerings at the hotel, which has the best waterfront in Nigeria”.\nEmmanuel Ele, CEO of Six Regions Hotel, a hospitality consulting firm, said hoteliers were back on track, opening a few hotels within the period, while some of those shut down during COVID-19 reopened in the first half of this year.\nRead also: Economy in focus as banks, organised private sector brainstorm\nBut many hoteliers are concerned that the rising operating costs, soaring inflation in the country and political risks ahead of the 2023 elections could dim the sector’s growth prospects in the second half.\nOluomo Jamiu Talabi, president of Lagos Hoteliers Association and CEO of Bosede Talabi Guest House, Ojota, Lagos, decried that the high cost of operation is impacting the business negatively, leaving many with the options of increasing rates, shutting down or converting hotels to real estate.\nFor him, the increasing cost of operation puts operators in a tight corner, while making the rest of the year uncertain because there seems to be no control over costs, especially that of diesel.\nBrain Efe, general manager of Victoria Crown Plaza Hotel, Victoria Island, Lagos, also lamented that the sector would likely face a harsher situation in H2 than the COVID-19 lockdown on the back of the sky-high price of diesel.\n“Hotels were shut down during the lockdown and the sector managed the unfortunate situation, but it will be worse when your cost of operation is so high and you cannot transfer it to the customers who are also impacted by low purchasing power,” Efa said.\nHe is worried that many suggest that increasing rates is the only way out for hotels, and wondered how much hotels will increase rates to and not lose guests.\nFor him, the second half of the year is not looking bright, considering the mounting number of economic headwinds.\nIn order to stay afloat and ensure that the guests continue to enjoy the best of hospitality offerings during their stay at any of its hotels in Nigeria, the Radisson Hotel Group plans to respond to the economic situations accordingly.\nThe Transcorp boss, however, sees a better second-half result, saying: “We do not plan to rest on our laurels, and we will continue to surpass past performances.”", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://businessday.ng/arts-and-life/article/hotels-rebound-to-pre-pandemic-levels/"}

clean/cc/33fbff0c78f33fd7ba42989e102fed38.json

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+{"doc_id": "33fbff0c78f33fd7ba42989e102fed38", "text": "Last month, the European Commission unveiled its much-anticipated blueprint for banking reform, aimed at reining in risk-taking by the European Union’s largest banks. But the proposal has met significant resistance, with some warning that it would erode European banks’ competitiveness, and others arguing that it is inadequate to mitigate banking risks effectively. How this debate unfolds will have profound implications for the EU’s future.\nAccording to Michel Barnier, the EU commissioner spearheading the reform effort, the proposed measures – including regulatory authority to divide banks’ riskier trading activities from their deposit-taking business, and a ban on proprietary trading by the largest banks – would enhance financial stability and protect taxpayers. But the draft regulation falls far short of the recommendations made by a high-level expert group in 2012, which included an impermeable wall between banks’ speculative-trading business and their retail and commercial banking activities.\nNonetheless, many claim that Barnier’s proposal goes too far. Perhaps the strongest reaction came from Bank of France Governor Christian Noyer, who called the proposals “irresponsible and contrary to the interests of the European economy.”\nThe positions taken in this complex debate do not align neatly with the traditional left-right political spectrum. Barnier is a center-right Frenchman recommending more public control over private banking activities. (Indeed, stricter banking regulation has been endorsed by all.) And, while Noyer’s position at the central bank makes him independent, he is championing banking-sector autonomy in a country led by a left-wing government. What is at stake is Europe’s capacity to avoid another financial meltdown – one that could be even more devastating than the 2007 crisis.\nOf course, to some degree, a capitalist system will always be vulnerable to shocks and crises. The question is how to respond to them to minimize the fallout, while bolstering the system’s resilience.\nIn 1929, a crisis among speculating capitalists prompted poorly conceived and excessive reactions, leading to a deep and prolonged depression. Less than four years later, US President Franklin D. Roosevelt’s newly elected government passed the Glass-Steagall Act, which prohibited commercial banks from trading securities with clients’ deposits.\nBy forbidding investment banks from holding cash deposits, Glass-Steagall helped to support more than a half-century of financial stability after World War II. This – together with the gold exchange standard, which ensured that credit did not exceed the economy’s productive capacity – contributed to sustained global economic growth.\nEverything changed in 1971, when US President Richard Nixon, unable to contain the fiscal deficit resulting from spending on the Vietnam War and expanded social-welfare programs, abolished the dollar’s direct convertibility to gold. The resulting exchange-rate, interest-rate, and commodity-price volatility continues to this day.\nThe financial sector has since made every effort to design instruments that protect against price fluctuations, to transform private debt into tradable financial securities, and to gain access to speculative markets. But these efforts were conducive to fraud and delinquency, and thus spurred a wave of new financial crises – in Europe in 1992, in Asia in 1997, and in Russia in 1998 – as well as a recession in Europe and the United States in the early 2000’s.\nTwo other destabilizing developments emerged in the last quarter of the twentieth century: a strong incentive to use debt to prop up demand, and a shift toward financing public debt through private institutions at market prices, under the pretext of fighting inflation. These trends boosted public-debt burdens, while flooding the global financial system with liquidity generated by private banking activities that were unconnected to transactions in the real economy.\nAs a result, by 2006, global liquidity amounted to more than twice the value of world GDP. Add to that the American financial sector’s untenable subprime and securitization activities, and it is not surprising that the next two years brought the global financial system to the brink of outright collapse.\nTo prevent the crash from triggering another Great Depression, governments intervened with massive taxpayer-funded bailouts, causing public-debt burdens to swell further, reaching unsustainable levels in many developed economies. Making matters worse, the US, the United Kingdom, and Japan began implementing quantitative-easing policies – that is, they began printing money – in an attempt to sustain GDP growth.\nThrough all of this, governments have strengthened bank regulation only slightly, leaving key issues like liquidity creation, exposure to derivatives, and tax avoidance largely unaddressed. Today, 98% of the $750 trillion in global liquidity is in speculative markets. Like all bubbles, this one is bound to burst.\nThe European Commission has acknowledged the danger, declaring that the only way to mitigate it is to separate the real economy from speculative markets by preventing banks from being involved in both. But, according to Noyer, such a move would not work in the eurozone, where banks’ profits depend largely on their risky activities. If those activities move to the UK, the eurozone economy will suffer considerably.\nFrom a short-term perspective, Noyer’s position is largely correct. But the profits that would be lost remain lower than the potential costs of another major financial crisis. The eurozone’s member states should never again have to face such costs.\nBy: Michel Rocard", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://businessday.ng/analysis/article/taming-europes-banks-2/"}

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+{"doc_id": "3496896a153c3b4a2de8584656078754", "text": "A UK-based Zimbabwean Lawyer, Prosper Mwedzi has created the first ‘tourism-focused’ cryptocurrency in the country. VicFalls Coin is a crypto that he hopes will be used in the tourism sector, particularly in the Victoria Falls Community (both in Zimbabwe and Zambia). Though the coin seems like a grand idea on the surface, there are many questions that remain unanswered and in its current state I’m not sure who would use the coin or why they would use it.\nThe coin runs on an already existing blockchain; Waves Blockchain. Waves is an open-source blockchain platform that allows users to launch their own custom cryptocurrency tokens. The coins are being given away on the VicFalls Coin website and if you are interested you can sign up for the coins here.\nWhy is it free?\nWell according to their website VFC is free because:\nThis token, apart from aiming at bringing tourists to Victoria Falls, it is meant to encourage the adoption of crypto-currency in the third world. Some people cannot afford to spend money on digital assetts, others are still worried about losing money in the new technology, others are simply reluctant to embrace it. Giving digital assets for free will enable the VFC Community to experiment with the asset and send it to one another without risking any money. It will enable the community to engage and feel that they are part of something and organically grow the value of the token. Lastly, there are currently too many scams on the market involving crypto-curencies, therefore if you offer something for free, you reduce the prevalence of scammers taking over the platform\nThe free coin approach seems to be a blunder because that means when someone trades their free coins and they are converted to hard currency or for another crypto then someone is going to have to pay for the coins being given away right now. Not a particularly sustainable business model unless the backers have hoards of cash that they are willing to burn through.\nBased on the quote above it seems like these guys are good Samaritans. All their aims seem very selfless and not motivated by profit. Is this the best way to run a business? Maybe the founder is willing to fund the trade of coins initially and then pull out once there is a functional ecosystem around VicFalls but this was not stated on the website, and is an assumption on my part. In terms of making profit the guys seem to be playing the long game.\nThe token will gain value… eventually\nThe creators of the coin believe it will gain value as more people use it:\nThe community as a whole will have the onus to add value to VFC by building partnerships with local business to offer discounts in exchange for the token.\nI’m not sure if this is a particularly good idea as the same people who VFC founders have already noted as being in need of convincing to adopt digital assets will now have to also rally behind the use of these same assets in their day to day lives. In an environment where even the most popular cryptocurrency (Bitcoin) is facing the same problems of wider adoption, what are the odds of a community pushing a coin that has no clear use case or backing?\nWhat’s actually backing the coin?\nUsually, crypto-currencies are either utility coins or security coins. Allow me to get a bit technical and explain the difference between utility coins and security coins.\nUtility coins allows provide holders of the coin with future access to a service or a product whilst security coins/tokens derive their value from external/tradeable assets. VicFalls Coin does not seem to fit either of the two categories as of yet because the founders have not really proposed a specific use case.\nTime will tell\nIt will be interesting to see what VicFalls Coin becomes but right now in its current state it seems like something that would appeal more to hobbyists or enthusiasts than a viable trade object. I also wonder how they will actually boost the adoption of the coin.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.techzim.co.zw/2018/04/victoria-falls-now-has-crypto-currency-coin-meet-the-cool-but-flawed-vicfalls-coin/?amp=1"}

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+{"doc_id": "358a9a8b8ea7d3eba223ce12e30fb5c3", "text": "The Federal Airports Authority of Nigeria (FAAN) has reassured Nigerians that the planned relocation of its headquarters from Abuja to Lagos is in the best interest of the country.\nFAAN admitted that relocation wasn’t an overnight decision but was made after wide consultations by the new management with stakeholders, which also involved the unions.\nIn a statement made available to BusinessDay, it pointed out some of the reasons behind this move, stating that it is in the best interest of the authority and the country in general.\nThe airport regulatory agency said, “Those affected by the decision to move the headquarters to Abuja have since returned to Lagos as there is no office space for them in Abuja. It was ill-advised in the first place to move the headquarters to Abuja when there was no single FAAN building in Abuja to accommodate all of them at once.\n“Having returned to Lagos, the Authority would be liable to pay them DTA (Duty Tour Allowance) because technically they are working out of station as their official posting is to Abuja. The Minister has decided to stop this waste of public resources and rip-off on the public purse.\n“The other option open to the Authority was abandon the old FAAN building in Lagos to rot away and to use its scarce resources to rent an office space in Abuja for millions of naira of public money when, in actual fact more than sixty percent of its activities are in Lagos, given the huge passenger volume of the Lagos airports. The stakeholders and the Minister decided against that and to save the country this waste.\n“The Minister has rolled out plans to get concessionaires to build befitting offices for the Authority in Lagos and Abuja and until that is done, the Authority will continue to manage its old building in Lagos that can accommodate all its Directors and senior officials for now.\n“Abuja continues to have full operational offices and the Authority has not scaled down operations in Abuja one bit. It is just the technical decision of where the Authority has its ‘corporate headquarters’ that has been taken without affecting the structure of operations as they are for now in both cities.\n“In the near future, when befitting corporate buildings have been built for the Authority in both Lagos and Abuja, a final decision will be taken as to the location of the permanent headquarters, depending on the exigencies of the time.\n“The Authority wishes to assure members of the public that it will continue to act in the best interest of the public and the country.\n“The Honourable Minister is committed to taking decisions that are in the best interest of the country, especially as it concerns public funds and will not yield to ethnic or sectional sentiments that will derail this commitment.”", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://businessday.ng/aviation/article/relocation-to-lagos-its-in-the-best-interest-of-the-country-says-faan/"}

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+{"doc_id": "359cb04d856a70cdf2370beaca47501a", "text": "Africa's dream of thriving e-commerce is taking shape following the rollout of an online trade platform.\nThe initiative, launched on Monday, is part of the continent’s plan to accelerate its move towards plugging into, and reaping the rewards of, the global digital economy.\nInnovators and businesses across the continent will now enjoy a one-stop platform from the African Continental Free Trade Area (AfCFTA), which eliminates hurdles in cross-border transactions while also reducing tariffs on 90 percent of all goods traded.\nAfCFTA secretariat told Digital Business that the project also seeks to help business owners find funding for their innovations, an initiative it believes will boost trade across the continent ahead and after the January 1, 2021 timeline for the commencement of the free-trade programme.\n\"The quick launch of the AfCFTA group of apps and the Vision Challenge to resource our innovators and entrepreneurs with the key instruments to drive trade on the continent shows the unique passion being invested in this enterprise,\" said Francis Mangeni, director of trade promotion and programs at the AfCFTA Secretariat.\nThe same app is also meant to issue every organisation or business interested in benefiting from the initiative a \"trusted identity\" so that it can find partners across Africa, export and import goods under the low duty regime, and satisfy some digital identity requirements at banks and financial institutions.\nThe AfCFTA App which can be downloaded online is also a knowledge creation and sharing platform and a bridge to the upcoming African Trade Observatory.\nThis comes barely two weeks to the extraordinary Summit of the African Union Heads of State slated for December 5, 2020 that will take many critical decisions about the direction of AfCFTA.\nThe project could be Africa's \"biggest opportunity\" to transform its economy into a global powerhouse since it is now the world's biggest free trade area in terms of participating countries, with a combined population of 1.3 billion people.\nThe secretariat hopes that the app will be the enabler of its broader vision.\nThe platform is an African Union initiative in partnership with Sankoree Institute, an affiliate of AfroChampions. The two said they intend to propel the project to success with the backing of the continent's development finance institutions.\n\"It is true that Africa has seen a number of trade agreements at regional level, but AfCFTA is different because it is being set up as the ultimate programme to fulfill the dreams of the founders of the African Union: a truly single market big and strong enough to compete for the biggest of global opportunities,\" added Mr Mangeni.\nOnce fully operational, economists say AfCFTA would considerably expand intra-Africa trade whilst helping the continent move up the value chain in multiple industries, helping achieve the vision of Agenda 2063 of a united, prosperous continent relating on equal footing with its peers on the global stage.\nFounder of Harare-based technology and energy company Econet, Strive Masiyiwa acknowledges the power of digital technologies in growing businesses and African economies.\nHowever, according to him, to attain inclusive benefit from the new technologies, where all 54 nations walk at the same pace, African governments must design a workable plan.\n\"Digital tools have enabled entrepreneurs access markets and have also supported governments to deliver services more efficiently to citizens. But without visionary planning and 21st century skills training for everyone, these same technologies over time could lead to job losses and escalate financial inclusion snags,\" he cautions.\nHe gives the example of the global Artificial Intelligence (AI) market which is estimated to be worth over Sh1.8 quadrillion and this money, it emerges, will be split between the United States and China who will take up 70 percent of it.\n\"Of the remaining 30 percent, the African bloc should strive to get at least 10 percent. Let's create our own version of Silicon Valley, our own platforms whilst including everyone,\" he remarks.\nAU commissioner for Trade and Industry, Albert Muchanga recently pledged AU's commitment in utilising AfCFTA to foster digital sovereignty through innovation harnessing digital technologies but said internet penetration is still way below the global average.\n\"We have prioritised creating an enabling environment for the digital platforms to adopt the digital transformation strategy. A plan is in place for September 2021 to provide a platform to 150 youth across the continent on a competitive basis to interact with professional tech players and probably have their start-ups funded by the partners,\" he noted.\nProf Bitange Ndemo of the University of Nairobi's Business School calls for more commitment towards the actualisation of the trade bloc, to ward off vulnerability to technological manipulation by the developed world, as African states remain stuck in disjointed progress in the Fourth Industrial Revolution.\n\"Time is running out for the unification of all 55 nations. We need to enhance efforts of strengthening AfCFTA which will be a 1.3 billion people digital single market for Africa to negotiate in the global digital economy. We cannot compete as independent nations, we have to unite so that the world can listen to us,\" he remarks.\nA recent research study, E-conomy Africa 2020, released by Google and the International Finance Corporation, estimates that by 2025 the internet economy will contribute Sh19.5 trillion to the Africa's GDP, with a projection of Sh77.5 trillion by 2050.\nDriving the continent's digital transformation is a combination of modern innovations in the fields of fintech, e-commerce, telemedicine, edtech, entertainment, transport, food delivery and e-logistics.\nSince 2000, the number of people with internet access has grown to over 520 million, which is 40 per cent of the population; with 60 per cent of them accessing the internet via mobile phones.\n\"Increasing internet access to reach 75 per cent of the population could create 44 million jobs. By 2025, 167 million more people from Africa will have subscribed to mobile services, reaching 623 million users, and smartphone connections in the region will more than double,\" the report projects.\nSome 144 mobile money services are available across Sub-Saharan Africa, serving more than 469 million registered accounts, with daily transactions amounting to over Sh130 billion by the end of 2019, compared with 298 million registered accounts for traditional bank accounts in 2017.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.businessdailyafrica.com/bd/corporate/technology/inside-africa-new-plan-to-tap-power-of-e-commerce-3210002"}

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+{"doc_id": "36a753615f45388e76f394027c67b2e3", "text": "Foreign airlines are taking measures to cushion the effects of their trapped funds in Nigeria, even as those travelling out of the country are adjusting to high costs of tickets.\nAirlines have since blocked low ticket inventories, leaving highest inventories to be sold in naira only while the low ticket inventories on most airlines’ websites can only be bought with dollar cards only.\nSome passengers are already flying from Accra, Ghana to London, Canada and other frequently visited destinations in a bid to save costs as ticket prices in Nigeria have seen an increase of over 500 percent, while others are buying tickets from travel agents from other countries.\nEmirates had last week announced that it would suspend all its flights from September 1, 2022, after the airline cut its operations from Dubai to Lagos from 11 per week to seven, due to its inability to repatriate its blocked funds from Nigeria.\nIn the last six months, foreign airlines have been unable to access their funds from tickets sold in the country as a result of foreign exchange scarcity and have resorted to buying dollars from the black market for as high as N680 to a dollar against the official rate of N429 to a dollar.\nThe trapped funds have since February grown from $100 million to over $ $464 million in July, according to the International Air Transport Association (IATA), making it very difficult for airlines to operate.\nRead also: Explainer: Airlines’ trapped funds and the effects on travel\nIn a bid to mitigate the effects of the situation, foreign airlines started by blocking lower ticket inventories on their websites, making it difficult for passengers to buy affordable tickets. Ticket prices increased gradually from 50 percent to over 500 percent.\nIndustry stakeholders have said more airlines may suspend operations in the country as US airline United and Spain’s Iberia pulled out of Nigeria in 2016 when the blocked funds reached $600 million.\nKingsley Nwokeoma, president of Association of Foreign Airlines and Representatives in Nigeria (AFARN), told BusinessDay that if the government failed to work with foreign airlines to resolve the issue, it would affect the economy and would be a plus for neighbouring countries.\nHe said: “There are people who have been flying Emirates all their lives. Some of these people won’t mind going to Cotonou and still fly Emirates. For instance, Air France, KLM, and Lufthansa fly to neighbouring countries. These African countries are happy when things like this happen to us.\n“When people fly to Ghana, it will boost their economy because when Nigerians travel to Ghana, they would stay in a hotel and would decide to spend on tourism there. Emirates has set the ball rolling and other airlines may take the same decision.”\nNwokeoma advised the Central Bank of Nigeria (CBN) to sit down with the airlines and try to see how they would pay part of the money to the airlines. “Boeing will not ask the airlines if people are repatriating money or not; they want their money paid,” he added.\nThe AFARN president said the amount of money being owed by the CBN “is embarrassing because it is a business these airlines are running and if there are no funds, it will definitely affect safety”.\nHe said: “Imagine if all other countries are not repatriating, then there will be no airlines. It is still from these monies that airline staff in Nigeria are being paid. Nigeria owes close to one billion US dollars scattered all around. It is more than what IATA stated.\n“More airlines may suspend operations going forward. BA, Qatar Airways and some other airlines have reduced frequency, and if this continues, some airlines will close shop in Nigeria. The airlines are not making money and all the aircraft that are coming into Nigeria are still being paid for. These airlines have bills with Boeing and Airbus and all other manufacturers. So, if we are going to be an impediment, then they will have to stop coming here.”\nAlready airlines are taking other measures to ensure more of their funds are not trapped in Nigeria.\nFor instance, almost all airlines have blocked their low ticket inventories and are only selling high inventories, making fares very high.\nNigerians can however purchase the lower inventories using their dollar card. This implies that without a dollar card, passengers cannot get cheap tickets.\nBusinessDay’s findings show that there are over 16 foreign airlines operating in Nigeria, with almost all doing at least one daily flight into Nigeria.\nEmirates has the largest frequencies, with 11 weekly flights into Lagos which was recently reduced to seven flights, and seven weekly flights to Abuja.\nEmirates carries an average of 350 passengers per flight. For 11 flights from Dubai to Lagos, the airline carries 3,850 passengers. To operate a return flight, the airline would carry an average of 7,700 passengers weekly on the Dubai-Lagos route.\nWith the reduction of flight frequency to seven, it means the airline now carries an average of 4,900 passengers weekly on the same route.\nExperts say the remaining 2,800 passengers would have to jostle for flights on Ethiopian Airlines, Egypt Air, Etihad Rwanda and Air Peace, which fly directly to Dubai or connect passengers to Dubai.\nIf the airline suspends operations, it would mean 7,700 passengers would have to jostle for other carriers weekly with reduced frequencies and capacity, thereby causing a strain on international travel in Nigeria.\nSusan Akporiaye, president of the National Association of Nigeria Travel Agencies, told BusinessDay that if the federal government failed to wade into the situation, other airlines may also suspend flights.\nAkporiaye said IATA’s latest publication implied that more airlines may have to suspend too and this would benefit other African countries because more passengers will fly from those countries.\nIATA, on Thursday, expressed disappointment with the Nigerian government for the continued withholding of foreign airlines’ revenues, which prompted Emirates to stop flying to Nigeria.\n“IATA is disappointed that the amount of airline money blocked from repatriation by the Nigerian government grew to $464 million in July. This is airline money and its repatriation is protected by international agreements in which Nigeria participates. IATA’s many warnings that failure to restore timely repatriation will hurt Nigeria with reduced air connectivity are proving true with the withdrawal of Emirates from the market,” Kamil Alawadhi, IATA’s Regional Vice President for Africa and the Middle East, said.\n“Airlines cannot be expected to fly if they cannot realise the revenue from ticket sales. Loss of air connectivity harms the local economy, hurts investor confidence, impacts jobs and people’s livelihoods. It’s time for the Government of Nigeria to prioritise the release of airline funds before more damage is done.”", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://businessday.ng/aviation/article/airlines-travellers-adjust-as-trapped-funds-up-364/"}

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+{"doc_id": "37255b6827fc369886b1fd41af1f9efd", "text": "The International Air Transport Association predicts a reduction in Nigeria and other African airlines’ losses from $500 million in 2023 to $400 million in 2024.\nIATA, headquartered in Switzerland, forecasts global airlines to generate approximately $964 billion in revenue next year.\nDirector-General Willie Walsh, presenting the global airline industry outlook in Geneva, projects a global aviation profit of $25.7 billion in 2024, boasting a 22.7 percent net profit margin fueled by record revenues.\nThe outlook report read in part, “Airline industry net profits are expected to reach $25.7 billion in 2024 (2.7 percent net profit margin). That will be a slight improvement over 2023, which is expected to show a $23.3 billion net profit (2.6 percent net profit margin).\n“Airline industry operating profits are expected to reach $49.3 billion in 2024 from $40.7 billion in 2023. Total revenues in 2024 are expected to grow 7.6 percent year over year to a record $964 billion.”\nIATA anticipates a historic high in travel, estimating around 4.7 billion people travelling in 2024, surpassing the pre-pandemic level of 4.5 billion in 2019.\nRead also:Nigeria, Kuwait sign Bilateral Air Service Agreement\nWalsh added that, “Considering the major losses of recent years, the $25.7 billion net profit expected in 2024 is a tribute to aviation’s resilience. People love to travel, and that has helped airlines come back to pre-pandemic levels of connectivity. The speed of the recovery has been extraordinary, yet it also appears that the pandemic has cost aviation about four years of growth. From 2024 on, the outlook indicates that we can expect more normal growth patterns for both passenger and cargo.\n“Industry profits must be put into proper perspective. While the recovery is impressive, a net profit margin of 2.7 percent is far below what investors in almost any other industry would accept. Of course, many airlines are doing better than average, and many are struggling. But there is something to be learned from the fact that, on average, airlines will retain just $5.45 for every passenger carried.\n“That’s about enough to buy a basic ‘grande latte’ at a London Starbucks. But it is far too little to build a future that is resilient to shocks for a critical global industry on which 3.5 percent of GDP depends and from which 3.05 million people directly earn their livelihoods.”\nThe IATA chief mentioned how airlines fiercely compete while facing tough regulations, high costs, and complex supply chains.\nFuel prices are expected to reach $113.8 per barrel in 2024, making up 31 percent of costs at $281 billion. Although the industry is recovering well, profits are just 2.7 percent, much lower than in other industries.\nThis emphasises the need for realistic expectations despite the impressive recovery.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://businessday.ng/aviation/article/airlines-target-964bn-revenue-nigerian-african-carriers-record-losses/"}

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+{"doc_id": "37753268acce652654269b4a89d5a2d5", "text": "5 Feb\nThere is an erroneous belief in many quarters that corruption is the biggest problem militating against Nigeria’s progress. Although such insinuation may appear as the gospel truth, it is better to put issues in a proper perspective in order to correct such misconception.\n4 Feb\nThe Nigerian Transparency Council (NTC), a watchdog organisation, has ignited fresh controversy surrounding the acquisition of OVH Energy Marketing by the Nigerian National Petroleum Company Limited (NNPCL) and its retail group. In a petition submitted to the House of Representatives Committee on Downstream Petroleum, led by Hon. Ikenga Imo Ugochinyere, who represents Ideato Federal Constituency,…\n31 Jan\nNigeria has ranked 145th among 180 countries and scored 25 out of 100 points on the 2023 Corruption Perception Index (CPI).\n30 Jan\nSouth Africa's corruption perception index has dropped to its lowest in 12 years and was below the global average, global corruption watchdog Transparency International said on Tuesday.\n30 Jan\nAhiazu Patriotic Forum, a non-governmental organisation with a focus on patriotism, equity, and building public trust, has decried the many cases of misappropriation and corruption leveled against many political leaders across the local government area. This development is coming on the heels of multiple allegations of corruption involving cases of diversion of palliatives donated to…\n22 Jan\nFirst national Chairman of the All Progressives Congress (APC), Chief Bisi Akande, appears to have forgotten that corruption has crippled the country.\n19 Jan\nAlleged resistance to change by those benefiting from corruption has been identified as the major factor impeding the move for local council autonomy in Nigeria.\n15 Jan\nWith recent reports of illegal organ harvesting in the country, many Nigerians are concerned about the ugly development and are exploring measures to prevent such activities in Nigerian hospitals, both private and public.\n15 Jan\nDetails of corruption allegations emerging from government ministries, departments and agencies are shocking to Nigerians, who are consequently swooning against the fact that the Presidency of Bola Ahmed Tinubu is still very young,\n13 Jan\nProfessor Olajumoke Morenikeji is a scholar in the fields of parasitology, ecology and environmental biology in the Department of Zoology, University of Ibadan (UI). The Teen’s Pastor is Chair, Olusegun Obasanjo Presidential Library Wildlife Park and Chair, Pangolin Conservation Guild Nigeria (PCGN).\n12 Jan\nNiger State Internal Revenue Service (NGSIRS) has intensified its crackdown, resulting in the arrest of several individuals involved in the unlawful production and sale of counterfeit motor vehicle stickers and emblems. The latest arrests are the Paiko Local Government Area revenue officer and its director, who were apprehended for their roles in this illegal operation.…\n4 Jan\nCorruption clearly represents one of the most serious political, economic and societal problems.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://guardian.ng/tag/corruption/page/2/"}

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+{"doc_id": "3a38f5bbe23ee454f8c29018ba7105c2", "text": "Changing reservations on approved master plans\nPardon Gotora, Urban Scape\nShould we perpetually change land use on approved master plans? On October 22, 2019, The Herald reported that “Southerton residents have approached the High Court seeking an urgent interdict to stop the development of residential stands in a recreational park in Bexley Circle”.\nThe argument by the applicants, which, in my view was their strongest foot, was that changing the land use of the area was an infringement on their rights and that of their children who use the playground.\nAs an interested party in the urban space, I followed the proceedings from a distance with great zest and kept my eye on the ball. The sole purpose was to draw lessons from the finalisation of the case and also to gauge if residents have a voice which can be heard, regardless of gender, class, creed or race.\nTime elapsed, the judiciary system was taking its course. On Tuesday May 19, 2020, The Herald carried a story entitled “Bid to convert recreational park into stands hits snag”.\nIt took the judiciary to block City of Harare from parcelling out stands in a recreational park in Southerton.\nIn other words, the public good that was benefiting the whole of Southerton Community and beyond was intended to benefit only a handful.\nPeople need shelter, but they also need social amenities. The playground is unequivocally a necessary social amenity.\nIt is prudent to note that change of reservation is not peculiar to Harare. All local authorities do apply for change of reservation to the Ministry of Local Government and Public Works (hereinafter referred to as the Minister) who administers the Regional Town and Country Planning Act (Chapter 29:12), (hereinafter referred to as the Act).\nThe Act provides for change of reservation on a local plan, an approved master or layout plan.\nIt states that the local planning authority shall keep under constant examination and review the factors which affect or are likely to affect the planning area. In the event that, as a result of such examination or review, the assumptions upon which the master plan or local plan are based are found to be no longer valid, the authority shall consider appropriate proposals for the alteration, repeal or replacement of such plan.\nThus, in the event that there is need, the local planning authority drafts a proposal for the alteration, repeal or replacement of a master plan and sends copy of that draft, appended with a report on the study carried out in terms of section 13 of the Act, to the Minister for approval.\nThe minister may, approve the proposal, if in his opinion, the proposed alteration would not adversely affect the interests or rights of a substantial number of people.\nSo it is the extent of the negative effects and the quantum that matter for the minister to make a determination.\nHowever, the same Act demands that in formulating the contents of a local plan, the local planning authority shall take such steps as will, in its opinion, ensure that there is adequate consultation in connection with the matters proposed to be included in the local plan.\nCommunity and/or stakeholder engagement becomes fundamental in this instance. This is the stage preceding what the Act refers to as “Consideration of objections and determination of local plan”.\nIn so doing, the local planning authority is expected to consider any objection to, or representation in connection with, a draft local plan made.\nThis is how it works, when the local planning authority drafts a proposal for change of reservation or plan alteration, they place on public exhibition for two months a copy of the draft local plan with a statement indicating the time within which objections to, or representations in connection with, the draft local plan may be made to that authority.\nThey also give public notice of the place or places at which, and the period for which, the draft local plan will be exhibited and the time within which objections to, or representations in connection with, the draft local plan may be made to that authority.\nPublic notice entails placing an advertisement in a local newspaper. Without considerations of the period of when the Act was enacted, there are so many far-fetched assumptions, (i) that all stakeholders have access to a newspaper, (ii) that all stakeholders will obviously visit the council offices during the currency of the notice and take a glance at the notice board, (iii) that all stakeholders are literate and are conversant with English language, (iv) that it ignored use technology to settle bills without visiting council offices.\nThe list is endless.\nCouncils are even wiser when it comes to matters of expediency, they place very tinny advertisements in the least read editions. The general public perception is that, Thursdays and Sundays’ papers are known for advertisements, particularly jobs, so readership is allegedly higher.\nSo some local authorities with nuanced motives evade advertising change of use in these editions. As a result, few objections or representations are received.\nHowever, it does not follow that every change of reservation is “evil”. But institutional stands, wetlands, buffer zones, recreational facilities such as play grounds and parks have been decimated in this manner.\nChitungwiza provides a typical example, children are forced to dice with death and bruises to their toes kicking the tar mark, nurturing their talents on the pothole-riddled streets while dodging cars.\nA moratorium from the minister banning any pending change of reservations is germane.\n[email protected]", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.herald.co.zw/changing-reservations-on-approved-master-plans/"}