Ghana had warned that its determination to join the West African currency, The Eco which is backed by France and promoted by the UEMOA states is based on economic factors not politics, insisting that it will however, oppose the pegging of the Currency to the Euro.
President Nana Akufo-Addo
President Nana Akufo-Addo indicated that “we, in Ghana, are determined to do whatever we can to enable us (to) join the Member States of UEMOA, soon, in the use of the eco, as, we believe, it will help remove trade and monetary barriers”, noting that Ghana opposed plans to keep the eco pegged to the euro, urging regional authorities to work quickly toward “adopting a flexible exchange rate regime”.
With Ghana’s adoption of the new currency, it will become the bloc’s largest economy, ahead of neighbour Ivory Coast even though it is not part of the West African Economic and Monetary Union (UEMOA) which is mostly made up of former French colonies that uses the CFA franc while Ghana has its own currency, the cedi, redominated few years ago.
Ivorian President Alassane Ouattara and French President Emmanuel Macron announced this month that West Africa’s monetary union had agreed to cut some financial links with Paris that have underpinned the region’s common currency since its creation soon after World War Two.
Under the deal, African countries in the bloc will not have to keep half of their reserves in the French Treasury and a French representative will no longer sit on the currency union’s board.
The countries due to change from the CFA franc to the eco are Benin, Burkina Faso, Guinea-Bissau, Ivory Coast, Mali, Niger, Senegal and Togo – all former French colonies except Guinea-Bissau.
The group is aiming to have the new currency up and running by the end of 2020.
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
The lead contractor handling Nigeria’s major gateway, the Apapa-Oshodi Expressway which leads to one of Africa’s busiest ports, Dangote Industries Limited has promised that when complete d, the road will last for four decades.
Minister of Works and Housing, Babatunde Fashola
This was made known today as the Group President/CE of Dangote, Aliko Dangote took the Minister of Works and Housing, Babatunde Fashola on an inspection tour of the 35-kilometer Apapa-Oshodi-Oworonsoki-Ojota highway currently under construction by Dangote Industries Limited.
The work began in 2018, as part of a bargain between the company and the Federal Government to enjoy a 10-year tax rebate that accrues to N72.9 Billion. The road has been subject of heavy traffic flow. An initial attempt to work on the road fell apart, it was approved for N15 Billion in 2013, work on the road stopped after the 2015 general elections.
During the inspection, Fashola told members of the press, “The Federal Government is dedicated to the speedy completion of the highway to provide a lasting solution to the problems of bad roads, and gridlocks”
Previous efforts by both Federal and State governments to solve this bottleneck have been unsuccessful. Group President/CE, Dangote Industries Limited, Aliko Dangote during the inspection said;
“We expect that by the end of 2020, the entire road network will be finished, you will have a road that will last for 40 years.”
Speaking on Dangote Industries Limited’s struggles, Dangote complained about the congestions at the ports, the gridlock which cost the company about N25 billion in revenue between 2017 and 2019 financial year.
Praising the quality of the road been constructed, Dangote assured that it will revive commerce around the Apapa area. “This road will actually open up the economy. It will bring a lot of jobs and a lot of factories that have moved out will be able to move back.”
The road is on track to be concluded before the end of 2020. This is the first attempt to rehabilitate the busy road since it was first completed in 1978. Fashola also spoke about the economic revival of the Apapa area,
“Businesses have started coming back on Liverpool Road because the road closed earlier is now back. You will see more of that. All of the businesses that are shut on Creek Road will come back. We expect to see property redevelopment and property renewal once the road is completed.”
Fashola also explained that the project will be creating wealth around the surrounding areas as trucks will be needed to convey different materials to the site of the construction, and also labor to help with the process. The project has also seen over 600 people directly employed.
Speaking of how President Buhari plans to bring 100million people out of poverty, Fashola explains that the economy around the construction will provide jobs and opportunities for Nigerians.
“Once the economy of Apapa returns, all the clearing and forwarding, shipping, newspaper companies and all others doing business will resume fully and the economy will bounce back.’’
He lauded the private/public partnership scheme with Dangote and pointed out that section two of the project, which was not part of the original contract was already showing signs of failure, due to heavy traffic.
While inspecting the road around the Oshodi area, Fashola had this to say
“We are at the Oshodi area now and one side has been concluded and opened to traffic and this is how we intend to continue to complete and open until we finish the entire road,”
Dangote said: “What I can also assure you is that this road will be finished before the end of next year.’’
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
Egypt and Uber has entered an agreement for the acquisition of Careem, a ride-hailing firm that has operated in Egypt since 2014. The agreement on Uber Technologies Inc.’s acquisition of Careem Inc came with clauses that sets price caps and other measures designed to keep the local market competitive.
The decision was made after studying data on 270 million trips as well as Egyptian and international precedents, the Egyptian Competition Authority said Sunday in a statement.A
Amongthe commitments the authority placed on the acquisition contract is that any raising of passenger prices has to comply with cap imposed by the ECA.
Also a cap was placed on pricing such that surgepricing, wherein rides temporarily become more expensive due to increased demand, will be limited to 2.5 times the normal trip cost. While companies won’t increase the commission they deduct from drivers beyond current rate.
It was also agreed that the r growth of new competitors will be encouraged by allowing them access to Uber’s mapping and trip data, plus letting them obtain user data from Uber and Careem applications, after obtaining users’ consent
Uber in March announced its $3.1 billion purchase of its Dubai-based competitor Careem. Both companies have operated in Egypt since 2014, with their services in the Arab world’s most populous nation including app-hailed passenger vehicles, buses and deliveries.
Analysts see this as a new strategy by Uber to acquire competitors especially in Africa.
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
The ageing Nigerian husband and father is facing a silent revolt – a gang-up against him by wives and children who have chosen to remain abroad.
If you are observant enough, you will notice him in markets – an ageing, cosmopolitan gentleman haggling with the market woman pricing pepper, fish, okro and vegetable oil. His age, generally 50 and above.
Bisi Olawunmi
At other times, you see him in the high brow areas of major cities doing his shopping at the mall. If he is no longer in paid employment, he spends much of his time at the Club house. There is a club patronised by such elderly live-alone men in old Bodija in Ibadan. He lives a relatively quiet life at home – no chattering or running around of children. Except, perhaps, for the occasional female visitor, that is for those still with libido, the house environment has an unnerving serenity.
The irony of it all is that it is the successful husbands and fathers who are mostly in this bind. Men took different routes to this common destination of loneliness in their twilight years. Many had travelled abroad, often to Europe, the US and Canada in their youth in search of the golden fleece, got married either to fellow Nigerians or ladies in their countries’ of residence, acquire higher education, raise families and look forward to a life of bliss thereafter.
While some returned home immediately after their education, others stayed back to also get their children educated before returning home.
Some went abroad as employees of government agencies or international organisations with their families or raised families at their duty posts and either returned after their tenure or stayed back.
Some men returned while the wives stayed back – different strokes.
We have a large number of stay-back wives in Maryland, New York and Atlanta, all in the US, among others.
There is a third category of those who went abroad under the US Visa lottery.
In all, going abroad were happy moments, then, and in some cases, all the children of many couples ended up going abroad. Many fathers of such children are no longer smiling. Yet, the rush to America and Europe continues.
With Nigeria’s worsening economic problems, those who never came back stayed put while the problems forced the children of many returnees back to the countries where many are citizens.
Meanwhile, the returnee parents are getting older as well as those who never went abroad but had children there. The returnees and the locals are now in the same boat. In their active, younger days, many parents travelled abroad on vacations to see their children. Now retired or approaching retirement age, many parents are either financially or physically not able to make the journeys again, while some refused to visit to protest the children’s non reciprocation.
Then, the music changed, bringing about current woes of many men, in spite of some putting a bright face to it.
This time, wives started travelling abroad, ostensibly to help take care of their grand children abroad. That was when husbands’ problems began. You would think there was a National Conference for Diaspora-bound Grandmothers at which a road map was distributed. This is because experiences of many marooned husbands are similar: initially when the first grandchild is born, the wife travels abroad and spends about three months. She returns home, spends about nine months to a year and when the second grandchild is born, she either spends six months or stays back permanently. For those who come back after the second trip, the third is for a permanent stay.
Welcome to the phenomenon of the husband ‘bachelor’.
What I have found amazing about this category of men living alone, following their wives’ relocation abroad, is that many are not contemplating taking a second wife.
Even those in their early 50s who are still randy avoid serious relationships while those who contract temporary marriages soon abandon the venture. I was to learn that the decision against taking a second wife, for many, is generally financially based, given the rising cost of education. “How do you expect me to start training a child from kindergarten at this age”, noted a 60-year-old Ibadan resident whose wife and children are in the US. He says he draws inspiration from more elderly people who are in their 70s and in similar situation. He, however, concedes that he feels the absence of his family most during festive seasons when the loneliness hits him. Some not so solvent again take consolation in the dollars and pound sterling from their Diasporan children.
Even then, not all are so lucky. It’s a matter of different strokes. There are those who take in house helps, often with unpleasant experiences.
An oil company retiree with a big house in upscale Lekki area of Lagos said house helps can be so unappreciative of your assistance and can walk out on you anytime. He narrated an episode where the driver threw the car key at him in the middle of nowhere, knowing that he had not driven for a long time. A common concern among elderly husbands living alone is the health hazard, the dread of falling ill in the middle of the night with no one to assist.
There was the story of a man in the Alagbole area of Ogun State who had died three days before the door was forced open when he did not attend a Tuesday church meeting.
Many ‘single’ husbands say their wives are always persuading them to come over, that the wives wonder why the husbands choose to stay in the hell hole called Nigeria.
Although a few claim they enjoy cooking, many of the live-alone husbands say they don’t find it funny going to the market. Some husbands follow their wives abroad.
According to a FESTAC Town, Lagos resident,” When the second invitation came for my wife to come to London, I told my son he has to send tickets for two, that I can’t stay back again”. After six months, they returned home, but when the wife was to go for the third and extended stay, he declined following. “I find it very boring”, he lamented. There are some husbands who refused to allow their wives travel abroad to help take care of their grandchildren. One such husband insists: Why should they take my wife away, I raised them, they too must raise their own children.
The problem of absentee wives and lonely husbands is part of an overall trend of separation in the family. Economic factor, especially employment, has also contributed to the dispersal of the family, even at local level where, for example, a husband works in Lagos and the wife in Abuja, with dire consequences for family cohesion.
Prof. Adelani Ogunrinde, a former Vice-Chancellor, National University of Lesotho, while delivering the Second Commencement Lecture of Bowen University, Iwo on October 16, 2008, highlighted, almost in lamentation, this phenomenon of the dispersed family using his family as an example: He lives in Lesotho, the wife in Abuja and the children in North America. He died about two years later, with the family still dispersed.
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
The former President of Nigeria, Chief Olusegun Obasanjo has called on all Nigerians to contribute to national development. Speaking yesterday in Obosi, Anambra State, former President Obasanjo noted that every Nigerian has a responsibility to contribute to the national development of the country.
former President of Nigeria, Chief Olusegun Obasanjo
Chief Obasanjo, who was the special guest at a special service organised by Bishop Samuel Nkemena Memorial Anglican Church, Obosi, for the foundation stone laying for its parsonage and the turning of the sod for the church building, said that it was through His love that God made the decision to put all Nigerians together in one country with tremendous potentials.
Nigerians, therefore, had to join hands to work for the progress of the country irrespective of any differences, he said. It was by so doing that the nation would achieve its full potentials.
Chief Obasanjo said that he was in Obosi as a guest of Chief Emeka Anyaoku, the former Secretary-General of the Commonwealth.
Earlier, President Obasanjo, accompanied by Chief Anyaoku, had witnessed the foundation stone laying and turning of the sod which was performed by Dr. Owen Nwokolo, the Anglican Bishop on the Niger.
Other guests at the special service included Osita Chidoka, former Minister of Aviation; Obi Emekekwue, Director of Communications and Events at the African Export-Import Bank, Cairo; Obinna Chidoka; Member of the House of Representatives representing Idemili North and South of Anambra State; as well as several members of the Anglican clergy.
Following the ceremony, Chief Obasanjo paid a courtesy call on the traditional ruler of Obosi, Chief Chidubem Iweka, before being hosted to a reception by Chief Anyaoku.
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
Ghana ‘s government will pay customers of the country’s collapsed banks, microfinance firms 100% of their deposits. President Nana Akufo-Addo said customers of the collapsed banks in the banking sector cleanup exercise will receive a full payment for their locked up cash. This will also be the case for customers of the collapse microfinance and savings and loans companies as well.
President Nana Akufo-Addo
“Thus far, the Ministry of Finance and the Bank of Ghana have worked together to guarantee payments of 100% of deposits of customers of the failed banks which is being done. I have directed the Ministry of Finance to work with the Bank of Ghana to ensure that same applies to customers of microfinance and Savings and Loans Companies whose licenses have been revoked,” he said.
Here Is All You Need To Know
While stressing that the decision to clean up the financial sector was necessary, Akufo-Addo said the jobs of some 6,500 Ghanaians were saved as a result.
According to him, some GHS 4.6 million of depositors’ funds were also safeguarded due to the process.
“We have had to take painful but necessary measures to sanitize and save the banking system. A process which I know has brought discomfort to many a household. It is worthy to note however that the jobs of some 6500 workers were saved as a result instead of the 10,000 that could have been lost. In addition to the protection of funds of 4.6 million depositors.
He further stated that the government will soon make public, investigations into the circumstances that led to the collapse of some indigenous banks in the country.
According to him, preliminary investigations reveal that huge assets of the collapsed banks were diverted.
He said persons found culpable for the collapse of the financial institutions will be duly dealt with.
“Investigations into potential criminal conduct are proceeding. As it appears, there has been a massive diversion of assets of these financial institutions. I assure you that the outcome of these inquiries will be made known very soon as well as actions taken to bring those responsible to book,” the President promised.
The financial sector clean-up, commenced by the Akufo-Addo administration in August 2017, has led to the collapse of nine universal banks, 347 microfinance companies, 39 microcredit companies or money lenders, 15 savings and loans companies, eight finance house companies, and two non-bank financial institutions.
In August 2017, the Bank of Ghana (BoG) gave GCB Bank Ltd the green light to acquire two local banks UT and Capital bank due to severe impairment of their capital.
In August 2018, the Bank of Ghana consolidated five other local banks into what it calls the Consolidated Bank Ghana Limited.
The Bank of Ghana in a statement on January 4, 2019, following the expiration of the minimum capital requirement deadline, said all the 23 remaining banks have met the new minimum paid-up capital of GHC400 million.
347 microfinance companies also had their licenses revoked by the Bank of Ghana in May 2019.
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based Lawyer with special focus on Business Law, Intellectual Property Rights, Entertainment and Technology Law. He is also an award-winning writer. Working for notable organizations so far has exposed him to some of industry best practices in business, finance strategies, law, dispute resolution, and data analytics both in Nigeria and across the world
There are indications that Hilton Hotels group is set to make a comeback to the Tunisian cspital, Tunis with the landmark deal it signed this week with the Groupe Alliance. The new management agreement confirms a flagship Hilton Hotels & Resorts Property in the coastal suburb of Gammarth.
Carlos Khneisser, Vive President, Development, Hilton, Middle East and North Africa (MENA)
An extensive renovation of Le Palace hotel will now see the property re-brand as Hilton Tunis Gammarth in 2023. A phased renovation of all guest rooms, suites and public spaces (including F&B outlets) will begin in 2021. Once complete the hotel will boast 296 guest rooms and 25 suites, seven F&B outlets and ample meetings facilities including a 635sqm ballroom.
Speaking on the development, Carlos Khneisser, Vive President, Development, Hilton, Middle East and North Africa (MENA) said that this is a Hotel we have been interested in for some time and we are delighted to have found the right partner, with the Groupe Alliance. We are very confident in their ability to take the project forward and bring Hilton back to the Tunisian market in style. I look forward to working with Samir Jaieb and his team to deliver an exceptional Hilton product.”
According to Samir Jaieb, CEO of Groupe Alliance, this hotel is the start of a partnership with the Hilton Group, “we are excited to work with the hotel chain to bring the Hilton name in one of the most prestigious hotels in Tunis.”
Hilton, which has more than 5,100 hotels globally, recently marked its return to the Moroccan capital with the opening of Hilton Rabat and has a total of 35 properties open or under development in North Africa.
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
The action, which had resulted in joint border operations by a combined team of security agencies, had been greeted by mixed reactions from stakeholders
While some stakeholders had described the border closure as a move in a positive direction, others have described it as a setback for the African Continental Free Trade Agreement (AfCFTA).
Speaking during a chat with journalists on Monday in Abuja, the Minister of State for Industry, Trade and Investment, Mariam Katagum, said the Federal Government had held strategic meetings with Benin Republic and Niger to reach an agreement on modalities for the border reopening.
She said one of the fallouts of the meeting was the setting up of a joint border patrol team made up of security personnel from customs, airforce and other security agencies.
The minister said the decision to reopen the border would be based on recommendations from the patrol team on whether Niger and Benin Republic have complied with trade protocols.
She said, “We had the strategic meeting with the three countries and what we agreed with our neighbors is to activate a joint border patrol and that border patrol comprising the customs, all the security agencies and ensure to try to follow the actual protocol laid by ECOWAS.
“The committee met on November 25 and it is only when that committee is certain that all the countries are respecting the ECOWAS protocol that they will recommend a day for the opening of the border.”
The Minister of Industry Trade and Investment, Richard Adebayo, said that the ministry is currently carrying out a review of the country’s trade policy as well as the Nigeria Industrial Revolution Plan to reflect current economic realities.
He also said that the automotive policy is being reviewed, adding that a meeting would be held with stakeholders in the auto sector on January 28 to get their input to the policy.
He said after the stakeholders’ meeting, the executive would present a bill to the National Assembly for the policy to become law.
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based Lawyer with special focus on Business Law, Intellectual Property Rights, Entertainment and Technology Law. He is also an award-winning writer. Working for notable organizations so far has exposed him to some of industry best practices in business, finance strategies, law, dispute resolution, and data analytics both in Nigeria and across the world
The National Bank of Egypt (NBE) has signed three loan agreements with the European Bank for Reconstruction and Development (EBRD) to finance small and medium-size enterprises in Egypt.
NBE Chairman Hisham Okasha
The $150 million deals were signed by NBE Chairman Hisham Okasha and EBRD Executive Director Janet Hackman.
Hackman said the EBRD cooperates with the NBE in different development programmes.
Under the financial package, two programmes will be launched for the first time in Egypt to develop projects carried out by youth and hone business skills of Egyptian cadres.
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based Lawyer with special focus on Business Law, Intellectual Property Rights, Entertainment and Technology Law. He is also an award-winning writer. Working for notable organizations so far has exposed him to some of industry best practices in business, finance strategies, law, dispute resolution, and data analytics both in Nigeria and across the world
South Africa has a new draft amendment bill from the country’s Department of Sports, Arts and Culture. The aim of the bill is to bring all sports codes, clubs and fitness organisations under the direct regulatory control of the minister – which could mean bad news for South Africa’s participation in international events.
secretary-general of the department of sports, Sumayya Khan
Here Is All You Need To Know
The bill, released by the department earlier in December, has been published for written inputs from the bodies affected.
According to the department, it seeks to amend the National Sport and Recreation Act to broadly “provide for the promotion and development of sport and recreation”.
This includes establishing a Sport Arbitration Tribunal to resolve disputes between sport or recreation bodies; regulate combat sport; regulate the fitness industry; provide for the procedure in bidding for and hosting of international sports and recreation events; provide for the delegation of powers; provide for offences and penalties; and to provide for matters connected with these.
Among the many proposed changes in the bill is the removal of the independence of sports bodies, which would now have to develop ways to promote their sports in consultation with the minister, as well as giving the minister power to step-in directly in any disputes within sports.
The department also wants to assume full control of all sports codes, with its oversight extending to “any national federation, agency, club or body, including a trust, professional league, or registered company of such a national federation, agency, club or body, involved in the administration of sport or recreation at local, provincial or national level.”
This would ostensibly include fitness groups like Virgin Active and Planet Fitness, which would have to register and be certified by the department.
The department would also be empowered to hand out penalties to organisations or aforementioned clubs if they do not comply with the prescriptions in the Act, including fines and up to two years in jail.
Nationalisation of sports
According to experts and sports bodies speaking to Rapport, the move is nothing short of the nationalisation of sport in South Africa and could lead to the country being booted out of international competitions like the Olympics.
The draft amendment bill gives the minister a direct hand in practically everything to do with sports and fitness in the country, which could extend to selecting sports teams, or any other directive that falls in line with the department’s goal of ensuring “transformation in sport”.
The department will also have the final say on who qualifies for national colours in all sporting codes, and who gets to host or participate in any international competition.
A key amendment of the Act states very broadly:
“The Minister may from time to time determine and publish policy objectives to be achieved by Sports and Recreation South Africa, the Sports Confederation and sports or recreation bodies.”
In its current form, the draft amendments will cause a lot of international backlash, Rapport said, particularly as organisations such as the Olympic Committee forbid government interference.
Speaking to the paper, secretary-general of the department Sumayya Khan said that the minister’s intention is not to meddle with South Africa’s sports codes.
“(The minister) is just seeking to establish a mechanism through which the department can maintain oversight, without getting mixed up in the day-to-day running of sports bodies.”
Khan noted that there are too many sports federations that are involved in court battles in the country, and the new regulations will help the department deal with many of these conflicts internally.
However, despite the department’s stance of “not getting involved”, sports bodies are not convinced, given the government’s stated goal to push transformation in sport.
Charles Rapulu Udoh is a Lagos-based Lawyer with special focus on Business Law, Intellectual Property Rights, Entertainment and Technology Law. He is also an award-winning writer. Working for notable organizations so far has exposed him to some of industry best practices in business, finance strategies, law, dispute resolution, and data analytics both in Nigeria and across the world
