News - Afrikan Heroes

Resource-rich Africa has no excuse to remain poor, says African Development Bank president

November 30, 2023

President of the African Development Bank Akinwumi Adesina

With $6.2 trillion worth of natural resources, 65 percent of the world’s uncultivated arable land, and a vibrant youth population, Africa has no excuse to be poor, African Development Bank Group President Dr Akinwumi Adesina (http://www.AfDB.org) said on Tuesday.

He said the continent must look inward urgently to solve its many challenges and urged citizens to hold governments accountable for poverty.

The Bank President made the call in Lagos where he delivered a lecture to mark the 40th anniversary of The Guardian, Nigeria’s foremost independent newspaper. The lecture was held under the theme, For the World to Respect Africa.

Adesina, who won The Guardian’s ‘Man of the Year’ Award in 2021, stressed that Africa should not be where it is today and urged its resource-rich nations to strengthen good governance, transparency, accountability, and sound management policies to turn things around.

He said considering the vast natural resources that Africa has, it must become a continent that grows inclusive and well-distributed wealth.

“If we manage our natural resources well, Africa has no reason to be poor. We have $6.2 trillion in natural resources,” he said. “So how in the world are we still poor? We simply need to pull up our socks, stamp out corruption, and manage our resources in the interest of our countries and our people,” added Adesina.

He explained further: “Saudi Arabia has oil, as does Nigeria. Kuwait has oil, as does Nigeria. Qatar has abundant gas, as does Nigeria and other countries. Yet, Nigeria is the country with the largest share of its population living below the extreme poverty line in 2023 in Africa. Clearly, there is something fundamentally wrong in our management, or rather mismanagement, of our natural resources.”

As an example, the Bank president cited South Korea, which raised its GDP per capita from $350 in the 1960s to approximately $33,000 by 2023. “That is the kind of quantum leap that we need,” Adesina said: “We must ask ourselves, when will we make the shift that South Korea made, from being a country that was once on the low end of the development ladder to the rich, industrialised nation that it is today.”

“I am optimistic about Nigeria. I am optimistic about Africa. I believe in Africa,” he added.

Adesina said: “Africa needs the right policies, investments, infrastructure, logistics, and financing…We must make sure that this is driven by a highly skilled, dynamic, and youthful workforce,” he told the audience of ministers and other senior government officials, former state governors, business leaders, academics, and media at The Guardian event.

The Bank President commended The Guardian, for continuing to “guard the truth”.

He said: “Over the years, this world-class publication has set a benchmark for journalistic excellence. It has helped to shape public discourse, champion accountability, and serve as a people’s watchdog. In doing so, The Guardian has justifiably earned the respect of Nigerians and readers across the world.”

The Guardian’s Chairman and Publisher, Lady Maiden Alex-Ibru, described the Bank President as “one of Nigeria’s greatest exports to the world.”

The World’s Breadbasket

Adesina said Africa could play a leading role in resolving not only its own challenges but global ones. “While we must deal with bread-and-butter development issues, we must think strategically as we set ourselves on a path to becoming wealthy nations. Our countries must become great contributors to global wealth and development financing for others.”

He highlighted the African Development Bank’s interventions to drive inclusive development in Africa, including boosting food security.

The African Development Bank has invested about $8 billion in agriculture over the past seven years, improving food security for 250 million people across the continent. In response to Russia’s invasion of Ukraine, which disrupted wheat and maize supplies to Africa, the Bank rapidly approved a $1.5 billion emergency food production facility for countries across the continent.

“Today, this facility is supporting 20 million farmers in 36 countries to produce 38 million tonnes of food valued at $12 billion. This is 8 million tonnes above the 30 million tonnes of food Africa was importing from Russia and Ukraine,” Adesina said.

“But even as we do this, we must do more than simply producing more food and agricultural commodities,” Adesina added. “The export of raw commodities is the door to poverty. The export of value-added products is the highway to wealth.”

The African Development Bank and its partners have provided $1.6 billion to develop 25 Special Agro-Industrial Processing Zones to support private sector processing and add value to commodities across 15 countries.

With partners, the Bank this month launched a $3 billion Alliance for Special Agro-Industrial Processing Zones to support the development of these zones in 11 more countries.

Ahead of the 2023 UN Climate Change Conference starting on 30 November in Dubai, Adesina said the African Development Bank will amplify Africa’s calls for climate justice and greater investment in climate action, including adaptation.

The Bank has launched a $1 billion Africa Climate Risk Insurance Facility for Adaptation to scale up climate risk insurance for African countries.

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry

Troubling Pledges: Past, Present, and Possibly, Future

NJ Ayuk, Executive Chairman at the African Energy Chamber.

By NJ Ayuk

As we embark upon the 28th session of the Conference of the Parties (COP28) to the UN Framework Convention on Climate Change (UNFCCC), as the executive chairman of Africa’s preeminent advocacy group working toward a just energy transition for our continent, I find myself compelled to deliver some clarity on where we stand at this place and time amidst humanity’s quest to achieve net-zero.

Past conferences bore witness to numerous claims and pledges. While some were plausible and their initiatives feasible, others remain divorced from the objective reality at ground level.

Currently, the African Energy Chamber (AEC) is dismayed to see what appears to be an increasing disregard for Africa’s vast, untapped hydrocarbon resources and their potential to serve as a crucial link between the global energy crisis of today and the emissions-free yet economically prosperous tomorrow we’re all supposedly striving for.

I am also concerned by the pervasive indifference toward certain facts and relevant progress indicators that has taken hold throughout the international community most closely engaged with halting and reversing the adverse effects of climate change and improving the lives of people in developing nations across the globe.

Past Pledges Assessed

Building on the structures erected by the Montreal Protocol of 1987, the UNFCCC of 1992, and the Kyoto Protocol of 2005, the Paris Agreement, adopted by 196 parties during COP21 in December 2015, defined otherwise nebulous goals with hard numbers against which participating nations could measure their progress.

By committing to the targets of capping global warming at 1.5 degrees Celsius above pre-industrial temperatures by the end of the century, a greenhouse gas emissions peak before 2025, and a 43% reduction by 2030, participants signed on to a legally binding agreement meant to curb the flooding, droughts, heatwaves, and other disastrous weather events climate scientists predict would both worsen and become more frequent if current emission level increases continued unabated.

Organizations like the Council on Foreign Relations argued that the terms of the Paris Agreement are inadequate for producing the kinds of results they were designed to and were so even at the time of their adoption — a factor that led many signatories to submit stronger pledges in the years that followed in an effort to come closer to the initial targets. Despite some revisions doubling their original commitments, as did President Joe Biden’s update of the United States’ pledge, in the end, the measurable effects of the Paris Agreement will likely fall short of its goal.

In addition to the Global Methane Pledge and the Declaration on Forests and Land Use, which call for a 30% reduction in methane emissions and a halt to deforestation by 2030, the Glasgow Climate Pact of 2021 was the main outcome of COP26 and the impetus behind many of the strengthened Paris Agreement pledges. The pact outlines provisions for reducing greenhouse gas emissions including a phasedown of unabated coal use, an increase in renewable energy investments, and a “phase-out of inefficient fossil fuel subsidies.” (Environmentalists were not the only ones with grievances about COP26: the pledges listed above, particularly the commitment to phase out fossil fuel subsidies, made securing investment in African exploration and production projects significantly more challenging.)

A year later, COP27 proved more of a disappointment for environmental activists as they perceived their issues to be overshadowed by Russia’s aggression against Ukraine, the sabotage of the Nord Stream pipelines, and the effects the fallout from these events has had on the global energy industry. These activists regard COP27 as no more than a rehash of the points covered by the previous year’s conference, with the added insult of having admitted advocates for a just energy transition in Africa.

Often not cited among COP27 developments are the launch of the Africa Carbon Markets Initiative (ACMI) and the Africa Just and Affordable Energy Transition Initiative (AJAETI), which aim to develop a bustling voluntary carbon market in Africa while facilitating the expansion of clean energy access and the eventual transition to energy fully sourced from renewables.

The Common Denominator

Pushback against the slim headway achieved through the efforts of the African energy industry at COP27 has taken the form of calls for commitment to even more severe phaseouts of fossil fuels.

Founded in the Marshall Islands, the aptly named High Ambition Coalition, which counts numerous other island states and several European nations as members, recently called for an end to all international public financing for fossil fuel development and generation, even going so far as to discount the role of abatement technologies like carbon capture and storage in their statement.

The United Kingdom and the European Union have also reportedly joined in the chorus of voices demanding a ban against developed nations providing subsidies for fossil fuels.

Other expectations for this year’s conference include calls for member states to formally commit to triple their renewable energy capacity and double their energy efficiency across the board by 2030.

The thread tying all these pledges together, with respect to our work at the AEC, is that none of them bode very well for any future success stories from the African energy economy.

If Truth Be Told

At the AEC, we recognize oil and gas as finite resources. We agree that climate change is a genuine phenomenon with detrimental repercussions, and we acknowledge that human activity is partially, if not mainly, responsible for its manifestation.

However, in this era of near rabid demand for total upheaval in the global energy industry, we feel compelled to present an alternate view.

As environmental groups like Just Stop Oil are seemingly upping the frequency of their protests, defacing monuments, vandalizing great works of art, and blocking roadways — engaging in increasingly violent clashes with motorists and the police — we must ask, “What is your solution?”

Our insinuation, of course, is that they do not have one.

After all, even Greta Thunberg, arguably the most visible climate activist in recent memory, conceded early on in her rise to fame that the role of her movement is merely to demand solutions to the alleged climate crisis rather than offer any of its own.

While we are many years removed from former U.S. Vice President Al Gore’s warnings of an ice-free north pole, but only four years into U.S. Representative Alexandria Ocasio-Cortez’s countdown to the end of the world, it is a fair guess that the average citizens of this planet are experiencing an amount of climate fatigue inflicted upon them by their leaders.

It is well past time to consider some additional inconvenient truths.

The promise of universal clean energy is real, but the technology that would provide it is not yet available.

As exemplified by Germany’s dismantling of a windfarm to make way for the expansion of the Garzweiler coal mine earlier this year and Prime Minister Rishi Sunak’s recent revisions of the UK’s net zero pledge, when faced with reality, developed countries are quick to compromise. The time to experiment with, and eventually perfect, alternative energy sources is a luxury afforded to them by their financial stature.

Things are also not as bad as they seem, or as bad as the 24-hour news cycle would lead you to believe.

In the U.S., thanks to improvements in energy efficiency technology, waste and soil management practices, and the carbon intensity of energy fuel choices, greenhouse gas emissions have been on the decline since 1990.

Around the world, despite a four-fold increase in population, there’s been a 92% drop in fatalities from natural disasters over the last century.

While the electrical grids of the industrialized nations may still lack the capacity to adequately supply all-electric commuter populations, and cities may want to reconsider wholesale bans on gas appliances, globally, a significantly more climate-friendly future really isn’t that far off.

In the meantime, the world will still need oil and gas to power its way there, and Africa is primed to deliver it. The hydrocarbon-bearing nations on our continent deserve to enjoy the same benefits the developed nations reaped when they extracted and monetized the fossil fuels beneath their soil and off their shores. African states also need their fossil fuels, natural gas in particular, to help alleviate the debilitating energy poverty impacting more than 600 million people.

The people of Africa have waited long enough for the advantages and opportunities of modernization. Since the AEC’s inception, and always with an eye toward an eventual energy transition, we have offered Africa guidance on negotiating this process. Now that we are on the cusp of achieving our goals, we ask that the international community stand with us as we offer our support in this global effort.

NJ Ayuk, Executive Chairman, African Energy Chamber (www.EnergyChamber.org).

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry

Africa Calls for Attention on Climate Finance as Conference of the Parties (COP28) Kicks Off

November 29, 2023

African countries will once again highlight the huge disparities that exist with the climate finance issue as the African Development Bank plans to mobilize financing for climate action at this year’s UN Climate Change Conference, COP28, and amplify Africa’s calls for robust commitments by wealthy countries to meet the continent’s urgent needs in addressing climate change.

The Bank Group, led by its President, Dr Akinwumi Adesina, will launch and cement several climate action initiatives during the global event taking place in Dubai, United Arab Emirates, from November 30 to December 12.

The delegation, including vice presidents, senior management and sector experts, will aim to increase the Bank’s visibility within the global climate change community, and mobilize additional resources for climate funds and facilities.

During the two-week conference, the Bank will advance partnerships and resource mobilization for its Africa Climate Risk Insurance Facility for Adaptation (ACRIFA) as a vital tool to raise the billions needed to foster climate adaptation, resilience, and sustainable development within Africa’s agricultural sector.

The Bank will also join its partners in launching the Global Battery Energy Storage System Consortium, a joint initiative with the Rockefeller Foundation, in which the Bank plays a leading role through its 10 GW Desert-to-Power solar energy initiative. The Consortium aims to secure 5 GW of commitments by the end of 2024 and mobilize more than $4 billion to significantly reduce the cost of renewable energy technologies.

During COP28, the African Development Bank will also cement funding commitments for its $10-billion Alliance for Green Infrastructure in Africa (AGIA).

In addition, the Bank will leverage COP28 to advance the Bridgetown initiative (https://apo-opa.co/47UJho9), a climate and development plan, by hosting a high-level session to advocate for channelling IMF special drawing rights to multilateral development banks and announce pledges.

The COP annual meetings are the single global platform for nations to negotiate an internationally agreed way forward to tackle climate change. The gathering also brings together major stakeholders engaged in climate change: governments, the private sector, youth and civil society. This year’s conference has the theme ‘Unite, Act, Deliver’.

Africa, which accounts for less than 4% of global carbon emissions, is seeking more climate finance from wealthy, high-polluting countries, including through a new “loss and damage” fund due to be set up at COP28 and carbon taxes on sectors like fossil fuels, maritime transport and aviation.

In its latest African Economic Outlook report, the Bank estimates that the continent requires as much as $2.8 trillion through 2030 to implement its climate commitments set out in countries’ national targets under the 2015 Paris Agreement.

However, Africa’s climate finance inflows remain very low, at 3% of global climate finance, and tend to focus on small-scale, fragmented and uncoordinated operations, primarily in middle-income countries.

Ahead of the global meeting, Dr Adesina called for bold and transformative action to prioritize Africa. “The global climate financial architecture must be changed to prioritize the needs of Africa. At the national level, we must accelerate actions on climate adaptation,” he said in his opening speech at the recent Africa Climate Summit.

“That is why the African Development Bank has committed to providing $25 billion towards climate finance by 2025. We have also launched the African Adaptation Acceleration Program, together with the Global Center on Adaptation, the largest climate adaptation program in the world.”

He added: “Africa is blessed with the largest sources of renewable energy in the world, renewables from solar, hydro, wind and geothermal. But we cannot power Africa with potential. We must fully unlock Africa’s renewable energy potential. That is why the African Development Bank is implementing the $20-billion Desert-to-Power initiative, to harness the power of solar and deliver electricity for 250 million people.”

COP28 will feature the first Global Stocktake that will provide a comprehensive assessment of progress since the adoption of the Paris Agreement, under which countries committed to setting targets, known as Nationally Determined Contributions (NDCs), to contribute towards the Agreement’s goal of limiting global warming. The stocktake aims to align efforts on climate action, including measures to bridge the gaps in progress.

The summit will also see the launch of the Africa and Middle East ‘Scaling-up Agriculture and Food Systems Transformation for Economic Development’ initiative. The program seeks to mobilize at least $10 billion to address the climate and food security nexus of the two regions. The Bank will contribute to this initiative via its flagship Special Agro-Industrial Processing Zones (SAPZ) program.

African experts are optimistic that the continent could become more resilient against climate change and food insecurity. With significant solar, hydro, and geothermal energy resources, it has the potential to meet its renewable energy needs and share them with other regions.

Pioneering interventions

Since 2011, the Bank has deployed climate finance amounting to $23 billion, of which 80% comes from the Bank’s financing instruments. Co-financiers and external climate finance providers such as the Global Environment Facility, the Green Climate Fund, and the Climate Investment Funds provide the 20%.

The Bank is working with the Global Center on Adaptation to mobilize $25 billion to scale up climate-resilient actions under the Africa Adaptation Acceleration programme (https://apo-opa.co/3RomXy0). So far, $4 billion has been raised for 43 projects in 36 countries in agriculture, resilient infrastructure, sustainable water and sanitation, youth and jobs, and innovative adaptation finance.

During COP27 in November last year, the Bank and its global partners launched the Alliance for Green Infrastructure in Africa (AGIA) (https://apo-opa.co/46CdsiM) to boost the bankability of green infrastructure projects and generate up to $10 billion in investment opportunities for the private sector. The Bank has also rolled out several multi-pronged initiatives using technology to boost food production and nutrition across Africa. These include the SAPZs and the Technologies for African Agricultural Transformation (TAAT) (https://apo-opa.co/49UavNr).

At COP28, the African Development Bank will help reshape the global narrative on key issues such as energy transition, nature-based solutions, adaptation finance, reform of multilateral development banks, carbon markets and restitution for loss and damage.

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry

UK Announces Investment in South African Wind Farms

British International Investment has announced a $6.7 million investment in two 140MW wind farms in the Northern and Eastern Cape of South Africa. The new funding was trailed at a business reception in Cape Town hosted by BII and the UK’s development finance institution (DFI) and impact investor, while they celebrated 75 years of investing for impact in Africa.

This is part of a three-project cluster co-developed by H1 Capital and EDF Renewables. Currently under construction, the two wind farms are expected to reach completion in 2024 and will provide clean, affordable energy to South Africa.

BII has invested in at least 150 South African businesses since 1995, amounting to over $2bn committed to South Africa, and its portfolio companies have supported over 54,500 jobs a year since 2014. By the end of 2022, BII’s portfolio value in South Africa had expanded to approximately $285 million.

South Africa faces a severe energy crisis, which affects the safety and productivity everyday life. In 2022, electricity cuts averaged eight hours per day. Outages experienced by South Africa cost the continent 2- 4% of its gross domestic product annually, according to the findings of the AfDB study.

Supporting a just energy transition, BII’s has partnered with H1 Holdings, a South African Broad-based Black Economic Empowerment (BBBEE) renewables investment and development company, and Scatec to launch three solar and battery storage facilities in Kenhardt under South Africa’s Risk Mitigation Independent Power Producer Procurement Programme (RMIPPPP).

Its backing of strategic energy platforms including Globeleq, Gridworks, ACWA and Redstone demonstrate the UK’s focus on actively helping economies to reduce emissions and maximise the delivery of consistent and clean power to South Africa’s cities, villages, townships, businesses and farms – providing a major boost to productivity and economic growth.

BII also hosted a gathering for the African venture capital community, Innovation for Impact, in Cape Town. The event brought development finance institutions, investors, fund managers, multinational corporations, venture capital firms, start-ups and founders together to advance the use of African venture capital in combating key development challenges and deepening collaboration across Africa and South Asia.

BII recognises that investing in digital infrastructure, digitally enabled businesses and tech-led innovation can have a disproportionately positive effect in addressing key development challenges. Particularly in South Africa where the digital gap is significant with broadband in only 10% of households. The DFI has partnered with South African based Liquid Intelligent Solutions which has 100,000km of fibre network Africa and Tyme Bank, South Africa’s leading digital bank that brings crucial banking services to the underbanked populations.

Digitalisation also advances climate technologies with renewable power, such as solar, wind, and battery energy storage systems (BESS). Marking its commitment to meaningfully increase energy access, last year, nearly half of BII’s investments were in climate finance, valued at £591m.

Mr Nick O’Donohoe, BII CEO, highlighted the DFI’s special relationship with South Africa and reiterated BII’s ambition to help solve pressing development challenges in South Africa including reliable clean energy.

Commenting on BII’s long term commitment to partner with promising businesses and ambitious entrepreneurs in South Africa, Nick O’Donohoe, CEO, BII said: “We committed over $5.5 billion to Africa in our last five year strategy period*. BII’s strategic objective in South Africa is to invest its patient, long-term capital to continue to meet the needs of those whose mission and purpose strive for equality, inclusive economic growth and a more sustainable future.”

British High Commissioner to South Africa, Antony Phillipson said:“The work the UK is doing with BII to help grow businesses in South Africa and in turn create thousands of local jobs, is absolutely fundamental in supporting our shared ambition with South Africa to build an inclusive, sustainable future for all.”

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry

United States Collaborates With African Development Bank to Accelerate Africa’s Digital Transformation

The United States Commercial Service and the African Development Bank have announced a new strategic collaboration in a move to drive digital transformation across Africa. Unveiled on the sidelines of the Africa Tech Festival held in Cape Town, South Africa, this collaboration paves the way for a series of dialogues on how U.S. digital innovation can support development goals across Africa.

The discussions will focus on key themes such as embracing new technologies, improving internet access, enhancing skills, and creating a regulatory environment conducive to innovation. Both parties will explore how African governments can collaborate with American technology firms to grow their economies and how U.S. businesses can tap into new opportunities in Africa’s emerging markets.

Ashley Ndir, senior U.S. Commercial Liaison to the African Development Bank, emphasized, “We are at a turning point in Africa’s technological advancement. By bridging insights from the U.S. private sector with Africa’s vibrant markets, we aim to drive innovation and economic growth. This partnership is a testament to that mission.”

Head of ICT Operations Nicholas Williams from the African Development Bank said, “Africa has made significant investments in pivotal infrastructure and policy enhancements to create an innovative digital economy. As Africa’s premier development finance institution, the African Development Bank will help push Africa’s digital boundaries even further by forging strategic relations, building on historical investments and, more importantly, tapping into the energy of our young population, who are digital natives. We value the insights that the U.S. private sector may bring.”

The initiative builds on the African Development Bank’s $2 billion investment in digital infrastructure, which includes regional and national broadband development, creating favourable policy environments for private sector investments, scaling digital skills, and nurturing innovative enterprises. The Bank’s efforts have reduced the cost of internet access, enhanced digital literacy, and fostered a conducive business and policy environment. It will also benefit from the U.S. Commercial Service’s experience in fostering international trade.

This collaboration promises to champion the digital transformation in Africa, aiming for a future where technology empowers growth and prosperity. With this partnership, both the U.S. Commercial Service and the African Development Bank reaffirm their commitment to not only elevates digital capabilities in Africa but also to ensure that the continent’s potential is fully realized in the digital era.

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry

Africa Must Invest in Rugby or Outsiders Would Own What is Ours – Herbert Mensah

November 28, 2023

Herbert Mensah, the newly elected President of Rugby Africa (www.RugbyAfrique.com), the continental governing body for rugby in Africa, has warned that there is need for Africa to invest more in the sports. Speaking on why that should be the case, Mr. Mensah said that “The best athletes in the world are from Africa, whether they are playing for France or for England or for whoever, you find so many Africans, and I think it sends the message that we are the best. If we get the right investment, we can show consistently that we are world-beaters.

Africa has already shown they have the greatest sportsman go to the NBA people of African extract UFC is it in Ngannou is it Usman it goes on and on if it is from the UFC, is it boxing, I don’t have to speak, is it a long distance runners, go to East Africa, it will be a Kenyan, a Somalian, an Ethiopian, a Ugandan, who will win at the Olympics this year, if it is football, I’ve already explained, so Africa has what the rest of the world does not have. My point is that we need to get the investment into Africa now.

If you don’t invest now you will find somebody from Europe from America from China coming to own what is yours. It will be like God gave you the gold but you don’t have the gold Refinery, you have the Coco but you have no Chocolate Factory, you have the oil but not the best oil refineries.

Talking about investment, World Rugby pays up to $5 billion to each European rugby nation to promote the sport, while the entire African continent received just $2.5 million (for 39 countries), which limits the promotion of the sport on the continent. But the price of an air ticket from Dakar to Madagascar is maybe 1,500 dollar, in Europe from Rome to London, Paris to London, maybe 60 dollar…”.

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry

African Leadership Magazine Unveils Nominees for the African Persons of the Year 2023

Following the call for nominations which ended recently and attracted submissions from Africans across the continent and in Diaspora, the African Leadership Magazine (ALM) is pleased to unveil a shortlist of nominees for the 12th African Leadership Magazine Persons of the Year 2023. Subsequently, public voting is now open and the general public is therefore invited to visit the ALM website (www.africanleadershipmagazine.co.uk) to vote for their choice nominees on the different categories in the ALM Persons of the Year (POTY) Awards 2023 polls, as the voting closes on Thursday, 14 December 2023, at midnight (CAT).

The ALM Persons of the Year Awards is Africa’s premier vote-based endorsement, reserved annually for the leading Africans who are contributing towards promoting the continent’s progress, and positively altering Africa’s perceived negative image. It has a 2-step selection process, which provides a unique opportunity for Africans from all over the world to be part of the process of selecting winners for the various categories of the African Leadership Magazine Persons of the Year Awards. The call for nomination sets the stage for the series of activities that culminate in the gathering of Africa’s finest leaders from all walks of life; while the second step is a call for voting for the nominees in an online poll.

The nominees for the 2023 edition of the ALM Persons of the Year Awards are leaders from diverse spheres of society who have shown resilience, ingenuity and resourcefulness in the year under review and beyond, with remarkable achievements and commitment to harnessing untapped potentials, leveraging knowledge, skills, and home-grown innovative solutions to Africa’s development challenges, as well as contributing towards building more resilient African economies, creating wealth and prosperity for the African people.

Based on the results of the online poll, the winners of the ALM Persons of the Year Awards for the year 2023 will be announced and invited to a formal presentation of the awards and other instruments of the honour during the ALM Persons of the Year Awards Ceremony 2024, which is scheduled to hold on February 22 – 23, 2024 at the Ethiopian Skylight Hotel in Addis Ababa, Ethiopia, a country that occupies a strategic position as the headquarters of the African Union (AU). The event will be held in partnership with the Ethiopian Customs Commission (ECC), with the theme-Building Resilient African Economies.

The ALM Persons of the Year (POTY) awards presentation ceremony is a flagship annual event of the African Leadership Magazine, which has been held consecutively over the past 12 years, convening policymakers, private sector leaders, civil society leaders, thought leaders and all stakeholders from across Africa and the rest of the world to discuss issues bothering on Africa’s socio-economic growth and development. The event has also become a prestigious platform for honouring people-centred leadership and Africans who are pursuing a pan-African agenda in their chosen fields of endeavour.

The ALM POTY 2024 nominees are in the 10 categories

African of the Year

This recognition is for an African whose actions have positively impacted the continent in the year under review, helped shape their immediate society, and whose work inspires Afro-positivism globally.

H.E. William Ruto, President of Kenya

H.E. Hakainde Hichilema, President of Zambia

Prof. Benedict Okey Oramah, President, Afrexim Bank

African Female Leader of the Year

This recognition is open to an African woman who has defied the odds and risen above the patriarchal systems in the continent to positively affect the continent or influence women to aspire for excellence in various fields.

H.E. Mariam Chabi Talata, Vice President of Benin

Martha Karambu Koome, Chief Justice of Kenya

Winnie Byanyima, Executive Director, UNAIDS

Nonkululeko Nyembezi, Chairman, Standard Bank Group, South Africa

Naseem Lahri, Managing Director, Lucara Diamonds, Botswana

African Educationist of the Year

This recognition is for an African whose contribution to the growth of education, and deepening knowledge has been second to none in the year under review. It is also reserved for a member of the academic whose research or policy has contributed to shaping their country’s economic growth and development.

Matsie Angelina Motshekga, Minister of Basic Education, South Africa

Prof. Olufemi A. Peters, Vice Chancellor, National Open University of Nigeria

Prof. George Openjuru, Vice Chancellor, Gulu University, Uganda

Prof. Kwamena Kwansah-Aidoo, Vice-Chancellor, University of Media, Arts and Communication, Ghana.

African Political Leader of the Year

This recognition is open to an African, whose contribution has immensely contributed to deepening democracy and democratic values in the continent.

H.E. Samia Saluhu, President of Tanzania

H.E. Abdelmadjid Tebboune, President of Morocco

H.E. George Weah, President of Liberia

African Peace & Security Leader of the Year

Criteria: This recognition is open to defence and security heads across the continent, with visible strides in protecting lives and property in their countries and the larger society. Nominees are also expected to subscribe to high standards of personal accountability in pursuing their vision.

H.E. Adama Barrow, President of The Gambia

H.E. Jakaya Kikwete, former President of Tanzania

Kwame Asuah Takyi, Comptroller-General, Ghana Immigration Service

African Industrialist of the Year

This recognition is for an African whose actions, policies, and business have helped create jobs for Africans in the year under review.

Said Salim Bakhresa, Founder & Chairman, Bakhresa Group, Tanzania

Mostafa Terrab, Chairman/CEO, OCP Group, Morocco

Patrick Bitature, Founder & Chairman, Simba Group, Uganda

Alhaji Musbahu Bashir, Chairman, Althani Group of Companies, Nigeria

António Mosquito MBakassy, Founder & Chairman, GAM Group, Angola

African Philanthropist of the Year

This recognition is open to an African who has given more to support a charitable cause, social justice and promote social good.

Ibrahim Mahama, Founder, Engineers and Planners, Ghana

Ahmed Abou Hashima, Founder, Egyptian Steel

Dr Precious Moloi-Motsepe, Cofounder & CEO, Motsepe Foundation

Tein T.S Jack-Rich, Founder & President, Belemaoil Producing Limited, Nigeria

Young African Leader of the Year

Criteria: Must be between the ages of 18-45; Young persons of African descent, making a difference globally via diverse sectors such as business, IT, entertainment, sports, etc., remaining a positive role model and re-defining creativity, resilience; hard work and ingenuity of the continent’s young people.

Salamu Amadu, Chairman, Afro-Arab Group, Ghana

Jesca Nkwabi, CEO, KOM Group, Tanzania

Akol Ayii, Founder & Chairman, Founder and Chairman of Trinity Group

Tosin Eniolorunda, CEO & Co-founder, Moniepoint Nigeria

African Public Sector Leader of the Year

This recognition is open to Heads of Government institutions that combine political leadership presence with a technocratic approach, exemplifying excellence, integrity and transparency to address the needs of the populace, as well as drive change, policy innovation, extraordinary value and exceptional leadership.

Simbi Wabote, Executive Secretary, Nigerian Content Development and Monitoring Board (NCDMB), Nigeria

Mustapha Abdul-Hamid, CEO, National Petroleum Authority (NPA) Ghana

Ernest Rubondo, Executive Director, Petroleum Authority of Uganda (PAU)

Saptieu Elizabeth Saccoh, Administrator & Registrar-General of Sierra Leone

Ella Mokgalane, CEO, South African Council For Educators

African Public Health Leader of the Year

This award is for an African who is making outstanding contributions to public health in Africa, by protecting and promoting the well-being of the people of Africa and building strong healthcare systems and infrastructures at the community and national levels.

The Hon. Dr Kailesh Jagutpal, Minister of Health and Wellness, Mauritius

Matshidiso Moeti, Director, WHO Regional Office for Africa

H.E. Dr. Khalid Atef Abdul Ghaffar, Minister of Health and Population, Egypt

H.E. Dr. Ali Mrabet, Minister of Health, Tunisia

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry

Accounting and Financial Professionals Must Lead Africa’s Transition to Sustainable Development

November 27, 2023

Accountants must be fit to lead Africa’s inclusive sustainable growth and economic recovery ensuring the continent’s place in the global arena, says ACCA, (The Association of Chartered Certified Accountants) as it readies for its annual conference held for the first time in South Africa.

Hundreds of accounting professionals from across Africa are expected to gather at the Sandton Convention Centre, Johannesburg, for the fourth Africa Members Convention (AMC 2023) from December 6-8. Themed Empowering Finance Professionals for Sustainable Development in Africa the conference will develop earlier conversations on innovative technologies, integrated thinking for sustainable business practice, international sustainability reporting to drive accountability, developing trade competencies towards supporting intra-Africa trade and enabling members develop careers toward building a better world.

fourth Africa Members Convention (AMC 2023)

“The accountancy profession has a fundamental role to play in the transformation of Africa’s economy, as outlined in Africa’s Agenda 2063 – The Africa We Want – which prioritises inclusive social and economic development, continental and regional integration, democratic governance and peace and security amongst other issues, “ said Jamil Ampomah ACCA Director Africa, responsible for implementing ACCA’s strategy in the region and managing ACCA’s relationships with key African stakeholders – governments, regulators, policy makers, employers, international agencies and regional organisations.

Several African governments have issued policies toward meeting their sustainability commitments underpinned by environmental, social and governance (ESG) considerations. Their adoption indicates the increasing importance of the sustainability agenda in both the private and public sector in Africa.

The conference will look at sustainability from many angles including financing sustainable development programmes, ethics and professionalism; technology and AI; support of developmental policy, corporate social responsibility and developing accounting career for the future.

The programme line-up brings together senior commercial and government financial professionals, from across the globe, including the World Bank’s International Bank for Reconstruction and Development, and South Africa’s Deputy Auditor General.

Jane Ohadike, Regional Head of Public Affairs for ACCA – Africa, responsible for setting the strategy for public sector and governments across the region said: “Accountancy and finance professionals are important agents of change and we have identified seven priority areas in which accounting professional has a role. There are building resilient economies, developing the talent of tomorrow, driving sustainable business, advancing standards and regulation, transforming the public sector, supporting entrepreneurial growth and strengthening ethics and trust.

“I really want to encourage accounting and financial professionals to attend the 2023 ACCA Conference to share their expertise and thinking while also using this platform to network and make strategic business connections.

Registration is now open and more information can be found online at Africa Members Convention (https://apo-opa.co/47suIsj).

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry

BİGA Home Plans Africa Expansion

İsmail Doğan, Doğanlar Furniture Group Chairman of Board

BiGA home is setting its eyes on the African continent which is part of the company’s strategies to establish itself as a prominent brand throughout the entire continent through its dealership network leaning on its experience from Senegal. Since its launch on September 12, BİGA Home (www.BiGAHome.com) has expanded its footprint to encompass 15 operational sales points as of today; BİGA Home’s year-end target is to reach 20 sales points; Doğanlar Furniture Group, through its BİGA Home brand, is set to export its products to nearly 20 countries, with a primary focus on Senegal and several African nations, including ECOWAS and Mauritania, as well as the USA.

In a short span since its establishment in Senegal in September 2023, Biga Home, a venture by Doğanlar Furniture Group, has achieved remarkable success. As of today, the brand has expanded to a total of 20 sales points, with 15 of them actively operating. Besides its dedicated mono-brand stores, the brand is also featured in dedicated corners within Senegal’s prominent home and lifestyle retail outlets.

Doğanlar Furniture Group, the parent company overseeing 6 brands, including BİGA Home, Doğtaş, Kelebek, Kelebek Mutfak-Banyo, Lova Bed, and Ruum Store, brings its 50 years of expertise in the furniture sector to the African continent with the establishment of Senegal’s first and only furniture production facility.

Currently, BİGA Home’s primary objective is to extend its presence across Senegal, leveraging not only its expanding dealership network but also the established stores of Doğanlar Furniture Group. As part of the company’s strategies to establish itself as a prominent brand throughout the entire African continent through its dealership network, the initial focus is on Senegal, followed by the ECOWAS countries. The plan includes opening BİGA Home stores in Mauritania and expanding the brand’s footprint to the United States through exports. BİGA Home earned the appreciation of Senegalese users through its high-quality, innovative products tailored to diverse tastes and styles. The brand aspires to extend the success it has attained in Senegal across the entire African continent. The annual production goal for designs under the BİGA Home brand, entirely manufactured by the factory in Senegal, is set at 200,000 units.

İsmail Doğan, Doğanlar Furniture Group Chairman of Board, expressed his satisfaction with the success of Biga Home in Senegal, commenting, “Biga Home is a crucial component of Doğanlar Furniture Group’s aspiration to become a global brand. After achieving remarkable success in Senegal within a short timeframe, we persistently strive to extend our brand to the entire African continent. In this process, we are actively exploring new dealership agreements and sustaining our rapid growth in collaboration with our investors.”

Doğanlar Furniture Group, under the BİGA Home brand, has set out with the goal of exporting its products to nearly 20 countries, focusing on Senegal and various African nations, including ECOWAS and Mauritania, as well as the USA. With a current investment of EUR 12 million and a production area spanning 10,000 square meters, the brand is steadfast in its journey towards expansion, eyeing an extensive 50,000-square-meter facility with a targeted investment of EUR 50 million in the near future. BİGA Home has commenced mass production and sales across various categories, including beds, bases, headboards, upholstered products, kitchen, and office furniture, leveraging its projected works.

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry

LockBit Saga Unfolds: Fawry Claims Live System Integrity, Acknowledges Testing Environment Breach

Fawry has successfully concluded an extensive investigation and analysis of its cybersecurity infrastructure in response to recent speculation regarding a potential breach by the ransomware attacker, LockBit.

To address the incident, Fawry enlisted the expertise of Group-IB, a renowned cybersecurity technology creator specializing in the prevention, investigation, and combatting of digital crime. The need for investigation arose when LockBit published a data sample on its dedicated leak site on November 8th, claiming it was obtained during a breach of Fawry’s infrastructure.

As of November 24, Group-IB’s Digital Forensics and Incident Response (DFIR) team has definitively confirmed that Fawry’s production segment, which encompasses the live environment hosting myfawry, banking applications, Acceptance, Retail, and Fawry Plus, remained unaffected by the LockBit ransomware attack and experienced no breach.

This confirmation aligns with Fawry’s initial announcement on November 10, asserting that its live production environment had not been compromised, and no banking or card data had been illicitly accessed or exfiltrated.

However, the investigation revealed that an isolated section of Fawry’s testing environment, designed for modeling and trialing changes to the platform and entirely separate from the production environment, had been subject to a prior attack. This attack successfully encrypted certain files and purportedly exfiltrated data.

Fawry maintains confidence that this compromised data will not impact financial transactions on its platform. Nevertheless, the company acknowledges the possibility that it may include personal details of certain customers whose information was present on the testing platform as part of system migration projects. This information encompasses contact details such as addresses and phone numbers, along with customers’ dates of birth. While these details do not pose a security risk to financial transactions, Fawry advises concerned customers to seek guidance on the Fawry.com website or by contacting the Fawry customer care center.

Group-IB has further implemented its proprietary advanced monitoring technology solution across 100% of Fawry’s server infrastructure. Both the production and testing environments have been confirmed as clean as of November 24, with no presence of LockBit. The Fawry team has executed a 100% eradication of observed LockBit code indicators, and Group-IB experts have verified the successful completion of the network cleanup.

How Saviu Ventures Will Deploy Its New $13.1M Fund in Francophone African Startups

Charles Rapulu Udoh

Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert.
As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard