BFA Becomes First Angolan Bank to Sign on to Afreximbank’s Trade Facilitation Programme

As part of efforts to expand its facility across the African continent, African Export and Import Bank (Afreximbank) has signed a Trade Facilitation Programme worth $50 million with the Banco de Fomento Angola (BFA). With this development, the BFA becomes the first Angolan financial institution to sign up to Afreximbank’s Trade Facilitation programme (AFTRAF) for an initial $50-million line of credit.

Oramah
Dr Benedit Oramah, president, AfriExim Bank

The AFTRAF was instituted with the aim of supporting African banks to bridge the gap created by the withdrawal of international correspondent banks from the continent. Thus the BFA will use the AFTRAF line of credit to confirm letters of credit and to issue guarantees, avalisation and other trade enabling products, said Afreximbank in an announcement in Cairo today. The line could also be increased based on demand from the Angola market.

According to Afreximbank, the AFTRAF programme provides access to a global network of confirming banks and complements the capacity of African banks to provide trade financing solutions by providing risk mitigation in new or challenging markets where trade lines may be constrained.

The AFTRAF programme is expected to help African importers and exporters to increase their trade volumes with African counterparties and internationally and to enhance confidence in the settlement of international trade transactions for critical imports into Africa while ensuring access to trade finance at reasonable cost.

So far, 100 Banks from 26 Afreximbank member countries have signed on to the AFTRAF

The signing of the AFRAF facility by BFA is part of ongoing cooperation between Afreximbank and BFA as both are actively engaged in other areas in support of the Angolan economy.

 

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 First 5G Network Launched In South Africa

Rain South Africa, a data-only network provider in South Africa has launched South Africa’s first 5G network in parts of Johannesburg and Tshwane, and it is offering prices that make fibre connections seem slow.

In a statement on Wednesday (18 September), Rain’s chief marketing officer Khaya Dlanga said that the service will first launch in parts of Johannesburg and Tshwane, with access being made available to select customers. Other interested users can apply for 5G through Rain’s website, and will be alerted once it is available in their region.

Here Is All You Need To Know

  • Selected customers in Rain’s 5G coverage area have been invited to be the first to purchase ultra-fast 5G, unlimited internet from R1,000 per month, according to Khaya Dlanga.
  • Rain will then deliver a state-of-the-art 5G router to a customer’s home. No installation is required, the router is simply plug-and-play and you will connected immediately.
  • The speed and capacity of the 5G network, together with the latest Wifi 6 technology in the router, will enable rain users to stream high-definition video to multiple devices simultaneously.
  • Khaya Dlanga said the company has achieved speeds of 700 Mbps during testing, but the typical client will see speeds around 200 Mbps.
  • By comparison, a 40 Mbps fibre line at Telkom costs R1,199 a month, and you will pay R1,067 a month for a 50 Mbps fibre line via Afrihost.
  • Dlanga said that the initial offering aims to provide fast, affordable and easy to install wireless connectivity to homes and businesses as an alternative to ADSL fibre and fixed-LTE.
  • During the course of the next year 5G coverage area will be extended to Durban and Cape Town, Dlanga said.
  • 5G is the latest iteration evolution of wireless data standards, and promises to be roughly 10 times faster than the current state-of-the-art 4G used by cellphone networks, while also being more reliable.

Read Also: How 5G Connectivity Will Boost The Output Volume of African Startups

South Africa And 5G Network

Vodacom and MTN have both said they could launch 5G locally in 2019, but have been restricted by a lack of access to the necessary radio frequency spectrum.

Vodacom already launched a 5G network in Lesotho in 2018.

In a policy discussion document released in August, South Africa’s national treasury said data prices could decline by as much as 25% if the appropriate spectrum is released in South Africa.

The release of spectrum, Treasury said, would reduce the cost of doing business in SA and contribute up to 0.6% in economic growth.

Communications Minister Stella Ndabeni-Abrahams in July issued a policy directive to Icasa to release additional spectrum.

If implemented, that would be the first time in 14 years that additional spectrum is released for use, after the state repeatedly missed its own deadlines to do so.

You can find out more about the service here.

 

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’s Constitutional Court Outlaws Spanking of Children

The South African Constitutional Court today delivered what many South Africans see as its most controversial judgments to date; making spanking of a child illegal in the country. Many civil society organizations are protesting already. The Constitutional Court earlier today upheld a South Gauteng High Court ruling in 2017 to eliminate the common-law defence of reasonable chastisement when spanking a child.

Constitutional court
The Constitutional Court in Johannesburg South Africa.

In its ruling, the Court maintained that there are effective ways to discipline a child without needing to resort to corporal punishment. This case has dragged for two years after following earlier ruling by the High Court that reasonable chastisement was unconstitutional in a matter related to a father who was found guilty of assaulting his 13-year old son for watching pornography.

Read also:

First Set of Nigerians from South Africa Arrives Wednesday 11th September

Reports say that a civil society group Freedom of Religion SA (FOR SA), sought to have the high court ruling set aside claiming that parents should be allowed to practice “reasonable” and “moderate” chastisement on their children, and that there was a difference between administering discipline and abuse. The group opposed the ruling of the Constitutional Court that declared corporal punishment at home unconstitutional.

Reacting to the unanimous Constitutional Court judgment, FOR SA said the ruling effectively meant “parents who physically correct their children – no matter how light or well-intentioned – will be committing the crime of assault and open themselves up to the full penal machinery of the state”. Speaking through its attorney Daniela Ellerbeck, FOR SA maintained that the ruling seriously eroded parents’ rights to religious freedom. Ellerbeck added that it is disturbing, however, that the right of parents to raise their children according to their own convictions and what they believe to be in the best interests of their children, has not been upheld lamenting that this development holds a very dangerous precedent in that the State can dictate to people of faith how to read and live out the scriptures.

The group further stated that this ruling will leave many people with no choice but to obey God rather than the law. As a result, good parents of faith who only want what is best for their children will potentially see their families torn apart as is happening in other countries where physical correction has been banned. They added that this ruling will destroy families as the bedrock of our society.

Reacting to the development, Save the Children South Africa (SCSA) welcomed it and called on parents to respect it. According to Divya Naidoo, Programme Manager of SCSA, this is a historic judgment, and a victory in the ultimate bid to end violence against children. “As we commemorate heritage month, this judgment reflects on the important legacy that we will leave for children in South Africa,” she said.

Naidoo also called for the government’s financial investment in positive discipline and parental support interventions. “As a pathfinder country, we need interventions to educate and raise awareness on positive parenting and to help equip parents with skills to raise their children without using violence and help do away with the belief that corporal punishment is the best solution,” Naidoo said.

“Corporal punishment may result in immediate compliance, but it does not lead to self-discipline. Instead, it often results in repeated misbehaviour. Positive discipline, on the other hand, is about guiding and teaching a child to develop understanding, self-discipline and long-term changes in behavior, the group said.

Small Businesses Bear the Brunt of Nigeria’s Border Closure

 

Nigeria’s indefinite shutdown of its borders is taking its toll on small and medium scale businesses especially those that depend on cross border transactions. This was the findings of our Correspondent who visited two key border towns of Seme and Idiroko over the weekend. Many business people this Correspondent spoke with lamented that the closure has negatively impacted their businesses as what they thought would be just for two weeks or less has become indefinite leaving them in limbo.

Hameed Ali
Col. Hameed Ali, comptroller general, Nigeria customs service

Nobody seems to know when the border will be reopened even as the ECOWAS Parliament has urged the Nigerian government to reopen them. Speaking on the development, the Comptroller General of Nigeria Customs Service (NCS) Col. Hameed Ali (Rtd) said that Nigeria’s borders will remain closed until the country and its neighbours agree on existing ECOWAS protocol on movement. He stated that there is no specific time for opening the borders adding that “if they agree with us tomorrow on the existing laws, then we sign and update the existing protocol of transit, that’s all”. The Comptroller General informed that there is the likelihood that a meeting would soon take place as efforts are on top gear to have a round table discussion over the sticky issues relating to reasons why Nigeria had to shut its borders.

The Nigeria Customs Service said that it has made tremendous seizures of contraband products in recent times which necessitated government’s decisions to shut down the borders because it felt that efforts at growing the economy through import substitution is being sabotaged by people engaged in nefarious activities using the borders. Noting that by closing the borders, Nigeria was able to completely block the importation of contraband.

Read also : Seme Border Shutdown Threatens Economic Growth of West African Region in 2019

Reacting to the claims made by the Customs, some business people who spoke with this Correspondent said that it is a very wrong assumption by the Customs and the Nigerian government to see every product and business transactions across the borders are illegal or contraband because many businesses engage within the ambit of the law. They call on the federal government to resolve as soon as possible, whatever disagreement they have with the neighbouring countries and open the borders for businesses engaged in legal transactions.

Mr. Olufemi Johnson, a licensed customs agent said that what the government should do is to tighten the noose on smugglers while businessmen engaged in legal transactions should be allowed to continue with their businesses instead of such a blanket closure.

The Customs boss however insisted that the closure has helped Nigeria tremendously as it has led to the complete blocking of the influxes of illicit goods, and most importantly, stopped the exportation of petroleum product which is the biggest problem the country has. Also through the measure, the importation of foreign rice has stopped and the market for local varieties has risen.

 

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.

Time For Kenyan Businesses To Be On High Alert As Kenya Gets Ready To Dump Its Old Sh1000 Notes 

As the September 30 deadline for the phasing out of Kenya ’s old Sh1000 notes draws nearer, a point would simply be that those who have bitten more than they could swallow from the old currency would be looking for where to deposit their impending liabilities. 

“With the September 30 deadline approaching, financial institutions should be even more careful of attempts to circumvent the Anti-Money Laundering requirements, in exchanging or depositing old Sh1,000 notes,’’ CBK has warned in statement to banks,’’ Kenya’s Central Bank has already warned in statement. 

Here Is How The New Currency Policy Has Pushed Some Kenyans To Tight Corners 

Under Kenya’s new currency regime, some of the country’s currency would be replaced with a new generation of banknotes. To that effect, Kenyans must return their old 1,000 shillings ($10; £8) notes to banks before 1 October, 2019 in a bid to fight money laundering, counterfeits, and corruption).

To effectively implement the new policy, the Central Bank of Kenya has issued some tough guidelines on how to exchange the old Sh1000 currency for new notes.

  • To this effect, those without a bank account are not able to exchange more than Sh1 million of old currency with the new notes without CBK’s approval.
  • Even with a new bank account, it is reported as a suspicious activity if the holder all of a sudden credits his account with more than Sh1 million, or seeks to exchange it in cash and walk away without proper documentation on proof of source of funds.

There is an alleged feeling of desperation among those suspected to be hoarding money acquired illegally and who are hence unable to bank it as they cannot openly declare its source. Such individuals are faced with the challenge of losing the money when it is devalued on 1st October as Kenya officially moves on to the new currency as is dictated by the 2010 Constitution, reports Kenya’s Investment Company Soko Directory.

New Guidelines Warning Stakeholders By CBK

In its most recent circular, KCB warned it would take action against any commercial bank that fails to, neglects or omits to comply with relevant regulations.

The regulator reminded lenders of their obligation under the Crime and Anti-Money Laundering Act, 2009, saying they should undertake due diligence on customers’ transactions and ensure effective monitoring of all accounts and transactions.

Source: Kenyan Ministry of Industry, Trade and Cooperatives

In March 2019, CBK also directed all commercial banks, microfinance institutions, and mortgage finance companies to nominate “an independent and competent external third party” to evaluate the institution’s compliance to anti-money laundering and combating the financing of terrorism programs.

The appointed parties evaluate the institution’s customer due to diligence measures, its risk assessment for cases of money-laundering and terrorism financing, check the firm’s internal controls against such financial crimes, and their monitoring process.

The fight against money laundering was one of the Kenya ’s reasons to phase out old Sh1000 notes, which CBK said was becoming increasingly easier to imitate.

Speaking during the Madaraka Day celebrations, CBK governor Patrick Njoroge said the new Sh1,000 notes will help address the growing concerns of illicit financial flows in the country.

The Most Direct Implication of This Is That By October This Year, All Those In Possession of The Old Ksh1000 Notes Will Not Be Able To Use Them

This is directive of the Central Bank of Kenya. CBK governor Patrick Njoroge also revealed that 100 million pieces of the old Sh1,000 note had been returned by end of August 2019 out of 217 million pieces or Sh217 billion in circulation.

This means the public has only 10 working days to exchange some of the remaining bulk.

With the deadline fast approaching, businesses have started blocking usage of the old Sh1000 notes.

Read also: What Kenyan Businesses Need To Know About The New Currency Policy In Place In The Country 

Countries That Once Toed Kenya’s Footsteps

In 2016, India changed almost all of its cash overnight, which some critics claim caused long-term financial problems. The Indian government said it was a necessary move to tackle tax evasion and terrorism funding, and in a country where 90% of transactions are in cash, to move towards a cashless society.

Nigeria introduced a similar ban on old notes in 1984 in an attempt to crack down on corruption, as did Ghana in 1982 to help with tax evasion.

This may be a big-time signal for businesses in Kenya to consider storing their cash in foreign domiciliary accounts going forward.

 

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

African Leaders Converge in Accra to Discuss Peace and Security in Honour of Kofi Annan.

african leaders

Leaders of all categories from across the African continent have converged in Accra, Ghana under the aegis of  the Kofi Annan International Peace Keeping Training Centre (KAIPTC) for the maiden edition of the Kofi Annan Peace and Security (KAPS) Forum aimed at facilitating discussions on evolving trends in peace and security in Africa. The forum was organized to honour the sterling achievements of H.E. the late Kofi Annan and to immortalize his memory.

Kofi Annan International Peace Keeping Training Centre (KAIPTC)

Themed ‘Peace Operations in the Context of Violent Extremism in Africa’, the forum was held under the Distinguished patronage of H.E. Nana Addo Dankwa Akufo-Addo, President of the Republic of Ghana and the Chairmanship of H.E. Dr. Mohamed Ibn Chambas, Special Representative of the UN Secretary-General and Head of the UN Office for West Africa and Sahel (UNOWAS).

Those attending the event are  seven former African Heads of State namely; H.E. Pierre Buyoya, Former President of Burundi and AU High Representative to Mali and Sahel (MISAHEL), H.E Catharine Samba-Panza, Former President of Central African Republic, H.E. Hassan Sheikh Mohamud, Former President of the Federal Republic of Somalia, H.E. Dr Ernest Bai Koroma, Former President of Sierra Leone, Professor Amos Claudius Sawyer, Former President of Liberia, H.E. Olusegun Obasanjo, Former President of Nigeria and H.E. John Dramani Mahama, Former President of Ghana.

Addressing the delegates at the opening ceremony, the Commandant of KAIPTC, Air Vice Marshall Griffiths S. Evans who sharing the rationale behind the forum said that it seeks to provide a platform for robust engagement on critical peace and security issues affecting the African continent. “Our actions are guided by our mission to foster peace and stability through the provision of a globally-recognized capacity and policy support for all actors on African peace and security issues”, he stated. In his address, the President of the Republic of Ghana, H.E. Nana Addo Dankwa Akufo-Addo, identified key interventions which can be implemented to tackle violent extremism. According to him, “it is important that we promote and develop, on the continent, a system and culture of accountable governance, free of corruption, whereby our people are governed in accordance with the rule of law, respect for individual liberties and human rights, and the principles of democratic accountability”, he stressed.

Throwing more light on Ghana’s counter terrorism policy to combat violent extremism, he pointed out that “our Counter Terrorism Policy seeks to prevent acts of terrorism in the country. The Counter Terrorism Policy has led to the setting up of a Counter Terrorism Unit, within the National Security Council Secretariat, to lead and co-ordinate our efforts in the fight. Ghana has adopted a well-coordinated Inter Agency Approach, which encourages the timely sharing of information and intelligence, operational coordination and joint strategy formulation, and has proved essential towards ensuring the efficient execution of the country’s Counter Terrorism Policy”, he explained.

The Kofi Annan Forum brought together over two hundred high-level delegates and diplomats from governmental and intergovernmental organizations (including the African Union and its Regional Economic Communities, United Nations and European Union). Security professionals and representatives from policy and research think tanks, development partners, training institutions and civil society groups were all present to participate in the dialogues.

The forum also seeks to deepen the collaboration between KAIPTC and international organisations such as the United Nations, African Union, Regional Economic Communities, Governments, development partners, civil society organisations and the business community.

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.

Digital Banking Startup Fairmoney Raises 10 Million Euros To Reshape Mobile Banking In Nigeria

The stage is already set for a revolution in internet banking in Nigeria. After Kuda, Nigeria’s first digital-only bank to be licensed by the Central Bank of Nigeria succeeded in raising $1.6 million pre-seed funding investment led by investor Haresh Aswani with Ragnar Meitern and other angel investors joining, FairMoney, a Paris-based fintech startup, has closed a $10 million-euro to enable the startup to reshape what banking used to be in Nigeria. 

“Our vision is to build a holistic financial platform for underserved customers in emerging markets. We want to do that by offering an easy-to-use product to our customers and become a financial one-stop-shop for them,” said Laurin Hainy, CEO of FairMoney. “We started with credit for small business owners and individuals, and we are expanding our services rapidly. Think digital bank for emerging market consumers.”

Here Is The Deal 

  • The Series A round of investment was led by Flourish, a venture of The Omidyar Group, the partners of DST Global, and existing seed investors Newfund, Speedinvest, and Le Studio VC
  • Funds raised in this round will be used to scale the company’s engineering team in order to develop a fully-fledged mobile banking offering in Nigeria and beyond.

Why The Investor Invested

According to the World Bank, more than 2 billion people globally have limited access to financial services and working capital. Access to loans for this segment is extremely limited given that they do not have a credit score. FairMoney’s approach to underwriting credit is based on a proprietary algorithm that applies machine learning techniques to smartphone data. The average loans are 30 Euros and customers can grow their loan limits up to 400 Euros over time by showing good repayment habits.

For decades, incumbent banks have only lent to large enterprise clients and left a big part of the population underserved. New technologies have created the opportunity to include these consumers into the formal financial system for the first time. Use cases for the FairMoney loan product are diverse–more than 60 percent of customers use the loans as working capital to run small- and micro-businesses. The automatic underwriting process enables FairMoney to score clients and disburse funds within 5 minutes.

“After backing digital banks in the US, UK, Latin America and South Asia, we are excited to support one of the first companies to bring this model to Africa. We believe that customers will ask a lot more of their banks–to be relevant, banks will have to move from service providers to become financial mentors for their customers,” said Ameya Upadhyay, principal at Flourish and FairMoney’s new board member. “That’s where we see a massive global opportunity for FairMoney, which combines a top-notch banking infrastructure with a culture of obsessive customer focus.”

What FairMoney Does

FairMoney was founded in 2017 by CEO Laurin Hainy, former CEO of Venture Builder and VC fund Le Studio VC, alongside CTO Matthieu Gendreau, ex-lead developer of PriceMatch and CPO Nicolas Berthozat.

FairMoney started as a mobile app that uses alternative smartphone data to underwrite microcredit in Nigeria. Today, more than 200,000 customers use FairMoney, with a majority using the platform to finance their small business needs. Alongside the investment round, FairMoney has also introduced the in-app payment function to its users, which allows them to top up their phone subscriptions, buy mobile data, pay electricity or internet bills, among others, already facilitating more than 400 payments daily. Other features, such as digital wallet and saving account are scheduled to launch soon.

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

Afreximbank’s 20TH Trade Finance Seminar and Workshop Holds in Durban, South Africa.

The 20th Trade and Finance Seminar and Workshop hosted by the African Export-Import Bank (Afreximbank) will take place in Durban, South Africa, from 4 to 7 November 2019. This was made known today during a briefing at the Bank’s headquarters in Cairo, Egypt. The seminar and workshop series, formerly known as the Structured Trade Finance Seminar and Workshop will be organized this year in collaboration with the South African Province of Kwazulu-Natal. The Series aims to equip African financial institutions, bankers and professionals from regulatory agencies, corporates and legal firms with skills for dealing with the challenges of financing transactions in times of economic uncertainty.Afreximbank is Africa’s foremost pan-African multilateral financial institution devoted to financing and promoting intra- and extra-African trade. 

Prof. Benedict Oramah
Prof. Benedict Oramah, President Afreximbank

Announcing details of this year’s event, the Bank said said that the 2019 seminar will focus on global topical issues affecting trade and on technical aspects of structuring trade finance transactions, thus enabling participants to properly identify the risks in trade finance transactions and to structure bankable trade and trade-related finance deals of varying levels of complexity.

According to the President of the Bank, Prof. Benedict Oramah, the event has not only become an important platform for African bankers and other trade finance practitioners to meet, network and share knowledge with their counterparts, but would also bring substantial benefits to Kwazulu-Natal from a tourism perspective. This year’s speakers are drawn from among highly-rated experts from leading financial institutions and firms as well as key financial service regulators from Africa and beyond.

The more than 250 expected participants will be senior executives from African banks and financial institutions, regulatory institutions, hedge funds, Africa country funds, venture capital institutions, corporate entities engaged in trade, manufacturing and privatized infrastructure projects, Afreximbank’s trade finance and project finance intermediaries, African law firms and insurance firms.

About 1,800 African trade finance professionals have taken part in the seminar and workshop series since it was introduced 20 years ago. The 2018 seminar and workshop took place in Casablanca, Morocco, following the 2017 event in Cape Verde.

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.

Outsiders Lead in Tunisia’s Elections

Preliminary results from the Tunisian general elections seem to favour outsiders in the lead as the first round of the presidential elections from the country’s 24 counties trickle in. The elections which hundreds of observers have declared as free and devoid of violence is coming at a time many Tunisians want to push forward with political reforms.

Prime Minister Youssef Chahed
Prime Minister Youssef Chahed

An election seen as a major test of the only democracy to emerge from the 2011 Arab spring has 26 candidates, many of whom are political heavy weights will be vying for presidency including  Prime Minister Youssef Chahed, Defence Minister Abdelkarim Zbidi, media mogul Nabil Karoui, and Abir Moussi, one of the two female candidates.

 According to the electoral authority, Kais Saied is leading with 19 percent of the votes cast. Also the jailed presidential candidate and media mogul, Nabil Karoui is said to be among the top contestants from the results so far released. Speaking on the preliminary results, Mr. Kais Said said that his party is waiting for the official results, “but from what has been an announced so far show that I am first and foremost. It is a huge responsibility to this country and this people”.

Similarly, supporters of Nabil Karoui who was imprisoned since last month say he has qualified for the second round of elections. His wife, Salwa Smaoui noted that “being in the top two of the presidential election, among 26 candidates, means that you were clear, insisting that “no to oppression, no to poverty and no to marginalization. You said yes to the rule of law”, she added. This was as the  Islamist party Ennahdha say they will wait till the results are officially released before commenting on the development.

“First, the only party responsible for announcing the official preliminary results is ISIE. We, at the head of Abdelfattah Mourou’s campaign, received the first results, whether from leaving the polling stations or from the results we receive as we go along, and we did not want to anticipate events,” said Samir Dilou, Abdelfattah Mourou’s campaign.

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.

West African Leaders to Raise $1 Billion for War on Terrorism

West African leaders have agreed to work together to tackle the growing menace of terrorism in the sub-region by providing the much needed financial backing to the campaign. As part of this, the leaders pledged the sum of $1 billion to acquire weaponry and provide training assistance to their military. This was made known yesterday in a communiqué signed after their meeting in Ouagadougou Burkina Faso yesterday. The United Nations warned few months ago that Islamist attacks were spreading so fast in West Africa that the region should consider bolstering its response beyond current military efforts.

Speaking on the development, The President of Republic of Niger Mahamadou Issoufou said that ECOWAS has decided that it is time to take the issue of spiraling banditry and terrorism in the region serious and to match words with action, the member countries have decided to finance the project by contributing 1 billion dollars to the financing of the joint forces and to the reinforcement of the operational capabilities and of state intelligence.

The pledge which is to be funded from 2020 to 2024 was announced on Saturday at the end of the Economic Community Summit of West African States (ECOWAS) in Ouagadougou, Burkina Faso.

West African Leaders After a Meeting

Groups with links to al Qaeda and Islamic State have strengthened their foothold across the arid Sahel region this year, making large swathes of territory ungovernable and stoking local ethnic violence, especially in Mali and Burkina Faso.

The fifteen members of the West African bloc and the presidents of Mauritania and Chad had gathered for an extraordinary summit in Burkina Faso’s capital to address the growing insecurity.

President of Republic of Niger Mahamadou Issoufou

President Issoufo blamed the international community for the crisis saying that they are the cause of the Libyan crisis and the Libyan crisis is responsible for the banditry across the Sahel and the Lake Chad basin, thus the need for the region to rise to the occasion and tackle the situation headlong. He added that the Sahel region and Lake Chad expected a bigger contribution in the fight against radical Islamists from the international community which he said caused the Libyan crisis that was putting pressure on the region.

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.