News - Afrikan Heroes

VAT Increase To Take Effect In Nigeria From January 2, 2020

December 1, 2019

Nigeria ’s Minister of Finance, Zainab Ahmed, has said that the new finance bill, which recommends a 50 per cent increase on Value Added Tax (VAT) passed by the Senate will take effect from January 2, 2020.

According to Ahmed the intent of the new tax regime was not to hurt businesses but to grow the country’s non-oil sector contribution.

“The Nigerian economy is characterised by structural challenges that limit the country’s ability to sustain economic growth, create more jobs and achieve significant poverty reduction.

“One of the biggest challenges of all is our high dependence on oil for our economic activities, fiscal revenues and foreign exchange earnings.

“In 2016, Nigeria fell into recession due to its vulnerability to oil.

“Although the oil and gas sector accounted for just about 10 per cent of the GDP, it represented 94 per cent of export earnings and 62 per cent of government revenues (federal and state) in 2011–2015.

“This narrative is changing but we still have much more to do to get to our desired revenue to GDP ratio of 15 per cent by 2023, which we anticipate to come from non-oil revenues.

“We must grow our tax to GDP ratio from the current six per cent as of 2018.”

The minister observed that the country is still short of the Sub-Saharan African average of 19 per cent.

Experts have argued that the country should have focused on increasing the tax net as the burden of paying more taxes will fall on a formal economy, which is segmented in few states like Lagos, Abuja and Rivers.

The government has however, placed some reliefs such as a zero increase on food items in the finance bill to mitigate against the shocks many Nigerians will feel on their disposable income.

The House of Representatives has so far held its assent to the bill.

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

Africa is the Future, Says Twitter CEO

November 30, 2019

Twitter and Square CEO Jack Dorsey has hinted that he will spend most of next year in Africa because Africa is the best kept secret that will define the future in virtually every aspect of e-commerce. The Twitter chief who said he has set his sights set on Africa said that he felt a tinge of sadness leaving the continent after his visit promised that he will be in the continent for 3-6 months from mid 2020. Grateful I was able to experience a small part.

Uganda Introduces e-Commerce Tax

Dorsey who has been visiting Ethiopia for a business meeting with entrepreneurs and cryptocurrency professionals while he also paid a visit to Nigeria, Ghana, and South Africa was in Ethiopia to hold talks on bitcoin and blockchain which he said has a great future in the continent. He tweeted that his move will be more focused on the business around cryptocurrency. It is unclear whether the work will be more tailored to Twitter or Square.

Analysts say that Africa has been on priority for many top CEO’s of tech firms from across the world basically because the continent offers great opportunities, the youngest populations, and huge head room for growth as these form parts of the bigger trends top tech companies are looking to explore in various countries within the continent.

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

Georgette Sakyi-Addo Elected President of Africa Women in Mining (AWIMA)

The African Women in Mining Association (AWIMA) has elected Ghanaian national, Mrs. Georgette Barnes Sakyi-Addo, a mining services entrepreneur as next President of the Africa Women in Mining Association (AWIMA). Her election which takes immediate effect will run for two years. The election which took place at the General Assembly of the Africa Women in Mining Association (AWIMA) was under the auspices of the African Forum on Mining which took place in Accra Ghana over the week. The event which was organized by the African Union (AU) attracted members from across the 54 African countries.

AWIMA, a continent-wide organization which advocates for increased representation for women in the mining sector in Africa has been making inroads in getting more women across the continent to participate in roles that before now were regarded as men’s, and it has helped in no small way to equip more women professionally and also at executive levels.

Mrs. Sakyi-Addo who incidentally is the President of Women in Mining (WIM) Ghana, will serve with an Executive Committee comprising representatives from North, East, Central, West and Southern Africa to execute AWIMA’s Pan-African mandate.

Mrs. Sakyi-Addo who founded Georgette Barnes Ltd, a wholly Ghanaian-owned mining and exploration services company also established the WIM Ghana in 2015 as an advocacy body for all women working in the mining sector. She is also President of Accra Mining Network that brings together professionals in the mining sector to “meet, learn and earn.”

WIM offers training programs for its members, mentorship for female students in secondary and tertiary institutions, enables networking and undertakes research projects. It is funded by voluntary contributions and run by volunteers. Speaking on her election, Mrs. Sakyi-Addo reiterated her commitment to achieving the WIM’s mandate, saying that she looks forward to working with sister WIM organizations throughout Africa to improve opportunities in mining for women.

“We will work together so we can travel far,” referencing the African proverb; “If you want to travel fast, go alone; but if you want to travel far, go together.”

In 2016, Mrs. Sakyi-Addo was selected among 100 Global Inspirational Women in Mining by WIM UK. In 2018, she was awarded the Female Entrepreneur of the Year by Invest in Africa (IIA), a non-profit organization, which champions African-owned SMEs across the Continent.

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

Ghanaian Central Bank Introduces New Bank Notes Next Week

The Ghanaian government has taken further steps to stem inflation, and also bring its monetary policy in line with fiscal policy by the introduction of new bank notes into the system. The new bank notes according to the Bank of Ghana will be introduced into the system by next week.

The denominations introduced are the GH¢100 and the GH¢200 notes which will be infused into the country’s currency denomination mix. Equally introduced is the GH¢2 coins. According to the Governor of the Bank of Ghana, Dr. Ernest Addison, the apex bank is taking the decision of introducing the new notes to complement the existing series to ensure customer convenience and bring about efficiency in the printing of currency to generate savings for the country.

Governor of the Bank of Ghana, Dr. Ernest Addison

He added that these new higher value denominations will only restore partially the dollar value of the higher denomination GH¢200 to about US$40, not quite close to levels in 2007, but high enough to significantly reduce the deadweight burden and high transaction cost in making high-value purchases in a cash-based economy like Ghana.

Speaking on the development, the Deputy Governor of the Bank Dr Maxwell Opoku Afari said that the systems are being calibrated and the banks will start getting these species moved to their various branches starting from next week Monday. He added that it will be demand-based as to how many people want to demand that because it is mostly going to store value and also for high-value transactions.

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 Should be Allowed to Use its Resources –African Energy Chamber.

November 29, 2019

Against the backdrop of the climate change debate, Africa finds itself in an unfortunate position where it is required by the global energy industry to slow down its progress and not explore its hydrocarbons potential to its fullest. This has been described as unfavourable to the continent’s quest for development using its vastly endowed natural resource wealth.

African Energy Chamber’s Executive Chairman Nj Ayuk

In a statement from the African Energy Chamber, the group pointed out that while it does not deny the impacts and severity of climate change, it equally recognize the role and significance of the Paris Agreement which over 30 African countries have signed. However, “we believe the energy transition should be gradual and considerate of the power gap that exists in Africa”, the statement said.

The group further maintained that the foremost obligation as industry leaders in Africa is to ensure that Africa’s people have access to energy. “We are determined to address the everyday issues that the continent is faced with”. Noting that energy poverty is Africa’s most critical concern, “for us, it is a life and death situation. In Africa, over 600 million people still do not have access to power. And, we remain a net importer of energy yet we boast 125 billion barrels of proven oil reserves, accounting for 7.3 percent of global oil reserves and, 509 tcf of gas – accounting for 7.2 percent of global reserves”.

African Energy Chamber’s Executive Chairman Nj Ayuk said that “our natural resources are important for our development. We cannot ignore what the continent needs, in the interest of supporting global trends when our economies remain underdeveloped. Our hydrocarbon potential is vast and Africa is home to a number of emerging economies who are steadfast on taking their rightful place in the global energy sector, our time to industrialize is now”, he added.

Continuing, he said that we applaud our brothers, sisters and friends in the west such as Norway and Germany for having used their oil and gas resources to develop their countries and build thriving economies. But, Africa deserves the same opportunity to build world-class economies.

“At the African Energy Chamber, we understand that issues of climate change are important but, this new drive for environmental colonization bullies African countries to leave their resources and depend on the sun,” NJ Ayuk said. In the past, Africa has been far too reliant on foreign aid and while in some ways it has been extremely helpful and beneficial, it has also taken away our independence. In several instances, Africa has always taken the passenger seat when it comes to deciding its future but, it must end now.

“Our continent needs to be left alone to decide its own fate”, he urged. The African Energy Chamber he noted, strongly stands against the idea that Africa should ignore its potential and ability to leverage its resources as a means to drive growth, create opportunities for investment and development.

He further stated that as the voice of the African energy industry, we are proud to announce our counter-campaign on the insistence that the continent should pursue a less carbon-intensive energy future as a way to support global interests which Africa has not yet benefited from.

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

Our People Are Our Greatest Assets, Says Aliko Dangote

Africa’s most admired brand and leading industrial conglomerate, Dangote Industries Limited has highlighted the importance of showing appreciation to members of staff who have kept faith with the organization through its journey. This according to the Group President of Dangote Group Mr. Aliko Dangote is at the core of the company’s organizational values because people are its greatest assets. The staff numbering about 160 who were presented with long service award in recognition of their commitment, loyalty, exceptional service and invaluable contribution to the growth of Africa’s most admired brand have worked for over a period of 10 to 30 years and above. Also there were Post-humous awards for ex-employees who lost their lives during their time of service at the organization.

The Group Executive Director, Logistics and Distribution, Dangote Industries Limited, Alhaji Abdu Dantata, emerged the highest living awardee for his 36 years of service, while the Group Managing Director, Mr. Olakunle Alake, who gave the welcome remarks, was given an outstanding ovation for his 29 years of loyalty in service to the organization.

During the ceremony, 29 staff were awarded with 10 – 14 years’ of service awards; 85 employees with 15 – 19 years’ of service; 29 employees with 20 – 24 years’ of service; 13 employees with 25 – 29 years’ of service and 4 employees were also honored with 30 years’ of service awards. Remarkably, 12 staff who had passed on while in active duty to DIL, were eulogized and post-humous awards were given to their families for their dedicated service ranging from 10 to 39 years.

In his keynote address, the Group President/CE of Dangote Industries Limited, Aliko Dangote, commended all the awardees for their loyalty, commitment and dedicated service over the years; all of which had contributed to elevate the company from a trading concern founded in 1981 to one of the largest manufacturing conglomerates in Africa today, with a household name in Nigeria and a global brand to boot. He noted that employees, especially the awardees, were crucial part of the global success story which Dangote Industries has become today.

According to him, “I want to say a very big thank you to all of us here tonight. Indeed, loyalty is royalty and the successful growth of our company is a direct result of your excellent service. Your loyalty upholds our core principles and our continuous growth is based on a culture of resilience and loyalty.

“Today, we celebrate your individual and collective successes and our breakthrough was due to your investment of many years of loyal service. I encourage you to remain dedicated and committed. We deeply appreciate you and your efforts. Thank you very much”, Dangote added.

Africa’s wealthiest and foremost philanthropist, who personally presented the awards to all the awardees that have served DIL for 25 years and more and to the families of all the post-humous awardees, was likewise presented with a surprise gift of a framed picture of himself with the names of all the 160 awardees embedded by the organizing committee led by the Group Managing Director, Mr. Olakunle Alake.

Their overall gratitude at the award, gift and honor was aptly captured by a staff in the security department, Mr. Samanja Umaru, who was rewarded for his 20 years of service to the company. Samanja, who effusively narrated how Dangote has transformed his life and family, pledged his undying loyalty to the organization which has given him so much.

According to Samanja, “Dangote is a blessed man and Dangote (DIL) is a good company. I began working with Dangote way back in 1981 at the warehouse where we were paid N10 daily. God bless Alhaji Dangote. He carries everybody along, whether Hausa, Yoruba, Ibo, anyone. Alhaji Dangote changed my life. He is a blessed man”

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

Mobile Money Operators and Fintechs in Ghana Must get license Before June 2020

Mobile Money Operators, fintechs and businesses engaged in online digital transactions in Ghana have been ordered by the Bank of Ghana (BoG) to acquire business licenses before June 2020 to enable them operate in the electronic payment space, or be forced out of business. This directive according to the apex bank is in line with is one of the requirements in the country’s Payment Systems and Services, 2019 (987Act).

The Act which was passed in March this year is to ensure effective monitoring and regulation of digital transactions following an increase in such services. Although critics say that this may stifle business especially start-ups who may not have the funding to pursue the strident registration process, analysts say it is necessary to achieve a certain level of sanity within the system.

In a bid to monitor real time all electronic transactions of banks in the country, the Ghanaian central bank introduced the database monitoring application called the Vizor which has helped to step up the monitoring of digital transactions within the system.

Statistics from the Bank of Ghana shows that while mobile money accounts have increased to 32 million, Bank accounts currently stand at 12 million with a lot of them being inactive. According to the Head of Payment Systems Department at the Bank of Ghana, Dr. Settor Amediku, consumer protection issues have gained prominence in the digital financial service on account of complexity of digital ecosystem. For this reason, regulatory guidance is required for effective consumer protection.

Head of Payment Systems Department at the Bank of Ghana, Dr. Settor Amediku

Dr. Amediku says they are already in talks with the banks to facilitate the introduction of the database. “Vizor will provide end-to-end solution which permits the bank to collect, process, store as well as report on macro and micro prudential data, statistical data or any other data required as part of the supervisory process” he added.

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

Equatorial Guinea Promotes Corporate Social Responsibility in Oil & Gas Sector

Ahead of the 2nd Gas Exporting Countries Forum taking place in Malabo, Equatorial Guinea starting tomorrow, the country launched a handbook on corporate social responsibility highlighting key achievements in corporate social responsibility projects within Equatorial Guinea’s oil and gas sector. The book which will be circulated free to delegates at the gas summit captured notable projects in the country including the Bioko Island Malaria Elimination Project, Bioko Biodiversity Protection Program and former Program for Education Development of Equatorial Guinea. Government sources say that apart from distributing the book at the Gas Exporting Countries Forum International Gas Seminar, it will be further distributed throughout the 2020 Year of Investment international events and roadshows.

Director of Local Content for the Ministry of Mines and Hydrocarbons Jacinto Owono

The Book which was launched by the country’s Ministry of Mines and Hydrocarbons documented the country’s key corporate social responsibility projects, spearheaded by public-private partnerships.

Equatorial Guinea: Achievements in Corporate Social Responsibility in Oil & Gas highlights the impact of investment in social projects on malaria reduction, healthcare, access to clean water and infant mortality rates. Notable projects include the Bioko Island Malaria Elimination Project – which recently received the P3 Impact Award at the 2019 Concordia Summit for its high impact and degree of success; the Bioko Biodiversity Protection Program; the Baney District Hospital Project; the Ver Bien project; Tuberculosis Control Project and the construction of water wells throughout the country.

Speaking at the book presentation earlier today, the Director of Local Content for the Ministry of Mines and Hydrocarbons Jacinto Owono said that the book demonstrates the contributions of the oil and gas sector to the people of Equatorial Guinea, who continue to remain the country’s highest priority. He further noted that what has been done in the past 25 years, in terms of the elimination and prevention of malaria on Bioko Island, teacher training and access to education, the Program for Education Development of Equatorial Guinea, distribution of clean water to rural communities, the construction of schools and parks throughout the country, and more “speaks to what we can and will accomplish in the next 25 years”.

The book also focuses on efforts in education and sustainability activities, including training and giving scholarships to students in and outside of the country, as well as the construction of an education infrastructure. Key projects include the former Program for Education Development of Equatorial Guinea; the construction of the National Technological Institute of Hydrocarbons of Equatorial Guinea; the construction of primary schools throughout the country and the Books for Bioko project.

Under the official endorsement of the Ministry of Mines and Hydrocarbons, the book includes commentary from H.E. President Teodoro Obiang Nguema Mbasogo, Minister of Mines and Hydrocarbons H.E. Gabriel Mbaga Obiang Lima and Jacinto Owono, Director of Local Content for the Ministry of Mines and Hydrocarbons.

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 Will Not Join the 5G Internet Soon, Says Telecoms Chamber

November 28, 2019

Ghanaians who reacted to the news of Nigeria’s test run of the 5G internet network great expectations that their country may follow suit are in for a shocker as the country’s chamber of telecommunications said they will have to wait a bit longer as such venture requires huge investment. Speaking on the development, the CEO of the telecoms chamber Ken Ashigbe said Ghana will have to put in more to experience the superfast internet service.

CEO of the telecoms chamber Ken Ashigbe — Ken Ashigbe, CEO of the telecoms chamber

The CEO said that it will take a little while to have 5G in Ghana because the country will need to move the 4G network to about 80% before moving to 5G. At present, Ghana has just 6% investment in 4G, and moving to 5G requires a lot and so it might take a little more time, he added.

He also noted: “The valuation of spectrum should be based on market conditions. We pray that government will price the spectrum such that it can be purchased easily. We should be able to follow some countries who do not sell the spectrum too high. It is sold such that government does not lose in selling it as well. We need to definitely look at the price of spectrum”.

5G is the fifth generation of cellular network technology. 5G can support up to a million devices per square kilometer, while 4G supports only up to 100,000 devices per square kilometer. The top countries with 5G include South Korea, the United Kingdom, Germany, and the United States. Swedish telecoms giant Ericsson has predicted that 5G internet will cover up to 65% of the world’s population by the end of 2025.

In a recent report by a global telecoms equipment supplier, 5G would handle 45% of global mobile data traffic within six years.

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

DHL: 50 Years of Disrupting the Parcel Delivery Industry

November 27, 2019

Founded in San Francisco in 1969 when three friends came together to take what was then described as the biggest risk in parcel delivery business with hope to shake up an industry monopolized by national postal services. The three entrepreneurs Adrian Dalsey, Larry Hillblom, and Robert Lynn used the initials of their last names to form the name of the company-DHL.They initially started by transporting customs documents by air and as a result, the time taken for customs to process freight shipments was dramatically reduced.

Adrian Dalsey, Co-Founder DHLAdrian Dalsey, Co-Founder DHL

With the initial success, DHL started circumventing bureaucracy with an innovative new service to deliver documents by air overnight. Since then, DHL has grown into a globe-spanning family of DHL companies with about 380,000 employees in over 220 countries and territories that covers the entire spectrum of logistics and supply chain services. DHL’s customer-centricity and can-do culture have fueled five decades of innovation – from the DHL 1000, one of the first word processing computers in the world, to using the purpose built StreetScooter, an environmentally friendly delivery vehicle powered by an electric drive and developed by Deutsche Post DHL Group. With the Mission 2050 commitment to reach zero group-wide emissions by 2050, DHL is continuing to be a trailblazer in the logistics industry.

Today, the company offers an unrivaled portfolio of logistics services ranging from national and international parcel delivery, e-commerce shipping and fulfillment solutions, international express, road, air and ocean transport to industrial supply chain management. DHL connects people and businesses securely and reliably, enabling global trade flows. With specialized solutions for growth markets and industries including technology, life sciences and healthcare, energy, automotive and retail, a proven commitment to corporate responsibility and an unrivaled presence in developing markets, DHL is decisively positioned as “The logistics company for the world”.

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