Africa - Afrikan Heroes

Airtel Africa Is Prepared To List Today On The Nigerian Stock Exchange

July 9, 2019

Barring any last minute changes, Airtel Africa Plc is now set to list its shares on the floor of the Nigerian Stock Exchange today, Tuesday 9th July 2019. The Nigerian Stock Exchange (NSE) has officially disclosed that the postponed Airtel Africa listing on its platform has been rescheduled for Tuesday, July 9th, 2019.

This Listing At A Glance

Ahead of its secondary listing on the NSE, Airtel Africa, at the weekend, unveiled plans to distribute 80 percent of its free cash flow as dividend to shareholders.
The telecom company had earlier announced the postponement of the much-expected shares listing slated for Friday, July 5, 2019.
It was expected to conduct cross-border secondary listing of 3,758,151,504 ordinary shares of Airtel Africa Plc on the NSE after its London Stock Exchange (LSE), primarily listing at an offer price of 80 pence per ordinary share.
A secondary listing is when securities, already listed on a primary exchange, are subsequently listed on other securities exchanges, with the Issuer not subjected to the full requirements applicable to listing on the other securities exchange(s) at which it seeks a secondary listing.
The telecoms giant said the postponed listing was to ensure that the company meets all the post NSE approval pre-requisites for listing on the exchange.

A Breakdown Of Facts

Airtel Africa is made up of Airtel Chad; Airtel DRC; Airtel Gabon; AirtelTigo Ghana; Airtel Kenya; Airtel Madagascar; Airtel Malawi; Airtel Niger; Airtel Nigeria; Airtel Congo; Airtel Rwanda; Airtel Seychelles; Airtel Tanzania; Airtel Uganda; Airtel Zambia);

The company had a net profit of $83mn in the fourth quarter of the 2018–19 year to March, driven by its Airtel Money platform, after a loss of $49mn in the year-earlier quarter.
Investors including Warburg Pincus, Temasek, Singtel, SoftBank and the Qatar Investment Authority (QIA) have invested $1.45b in Airtel Africa through primary equity issuance, with the proceeds being used to reduce debt.
Indian broker Motilal Oswal, in research on May 7, forecast that the Airtel Africa’s mobile subscriptions will increase by 10.7% for the full year 2019–20, while wireless traffic minutes will show growth of 18%.
India’s Bharti Airtel established its presence in Africa by buying Kuwait-based Zain’s Africa operations for $10.7 billion in 2010. The company has grown to become Africa’s second-largest telecoms company, with over 94 million customers, and is in the top two carriers in most of the countries where it operates.
According to Ovum’s Africa Digital Outlook 2019, mobile revenue in Africa will increase from $54.9b in 2017 to $68b in 2022. Non-SMS mobile data revenue — from mobile broadband access and mobile digital services — is expected to more than double to $32.1bn over that period.
See Also: Preparing For July 4 Airtel IPO in Nigeria: Quick Facts You Need To Know

Points To Have In Mind When Investing In Stocks of Companies

Own at least 10–30 different stocks, preferably in different industries: Don’t put all your money in one company/mutual fund/industry and invest in a wide variety of them.
Invest in established leaders in the industry, preferably companies in the top 25% or 30%: Choose great and stable companies. Remember: We’re investing in businesses, not gambling on racehorses.
The Company you’re buying should have a Long, Unbroken Record of Dividend Payments: If a company gives good dividends to their stockholders, it means it has actual earnings to pay it.
Choose companies with a 7-year Price-to-Earnings (P/E) Ratio of Less than 25 (and less than 20 in the past 12 months): Choose good companies with a moderately low P/E Ratio (less than 25).

NB: These points were postulated by Benjamin Graham, author of the classic “The Intelligent Investor

Additionally,

Set a maximum limit of the amount you can invest in companies.
Invest in companies that are making profit or has all the metrics to make profit.

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.

Facebook: https://web.facebook.com/Afrikanheroes/

How Cameroon ‘s First Drone Was Built By A 26-Year-Old With No Degree In Robotics

July 8, 2019

At only 26, William Elong has already written his name in the book of African geniuses by launching the first drone made in Cameroon. William Elong created this feat by launching the first civilian drone service made in Cameroon.

The promoter of the Cameroonian startup Will & Brothers and Algo Drone, whose holding company is based in Germany, wants to challenge the giants of the sector in the international sky. To achieve this, the young entrepreneur who graduated in strategy and economic intelligence from the Paris School of War announced last January that the startup had raised of 2 million euros, a little over 1.3 billion CFA francs in funding.

No Degree In Robotics

William Elong was categorical when he spoke with the French online magazine, Sputnik on the sidelines of the week digital innovation in Yaoundé recently, that he had no previous background in robotics.

“I have absolutely no degree in robotics or embedded system,’’ he said. ‘‘I did business studies instead. However, I worked for companies in the security sector for a few years: Nexter (a manufacturer of armored vehicles) where I was an economic intelligence consultant and Thales Cameroon that offers cyber security services. It is through these field experiences in the field of security that I understood what were the issues related to the issue of drones and the management of satellite data; which allowed me to start my own business.

When it comes to evoking his passion for robotics, William Elong said that:

“It’s like asking someone who loves the piano where his passion for the piano comes from. Sincerely, I do not know. The environment maybe, because I had a lot of chances to be interested very early in everything related to robotics. It was done alone. I would say its innate.“

The well-nourished passion allowed Elong to embark on entrepreneurship as early as 2015. To make his ambition happen, he created Will & Brothers, a startup specialized in economic intelligence and specialized technological innovation; then Drone Africa to realize his dream of developing drones 100% Cameroonian.

“Apart from the Startup Will and Brothers, there is another named Algo Drone which was originally called Drone Africa. It has become a company present in several countries. So we set up an office in Germany, which allowed us to reach Europe and not just focus on Africa, because we think the global market is large, “he said.

Thanks to the creation of these two structures, William Elong finally realized his dream of developing the Drone Africa app: launching the first civilian drone service in Cameroon. This innovation earned him a place as one of the most formidable African geniuses. In 2016, he was among the top 30 most promising young African entrepreneurs, in a ranking published by the famous American magazine Forbes.

“Drone Africa is a team work made up of young engineers recruited from some of the Faculties of Industrial Engineering in Douala and others in Yaounde. It is gets a lot of self-learning through lessons available on Youtube and Open Source. From this workforce and our skills, we have embarked on a production phase. We also knew a lot of failures, but we got up and today our service offer is functional, “he said.

The drone surveillance service offered by William Elong is increasingly adopted in various sectors of activity in Cameroon, particularly in agriculture, tourism, communication, meteorology, defense or mapping.

“More than 80% of our activity is carried out with institutional actors. For example, farmers who want to do mapping on several hectares with the drone. Others solicit us for the promotion of tourist sites. We have covered sites of some stages of the African Cup of Nations in Cameroon. I can mention the Olembe stadium, which we shot during the construction. We also have clients in Congo or Senegal. In Africa the solicitations are going well, “he said.

Concerning the components of his devices, the promoter however specified that all the parts are not manufactured in Cameroon.

“I am often asked if the components of my drones are made in Cameroon. No, of course. Even when you buy your phone made in France all components are not manufactured in France. We have components that come from different suppliers around the world and sometimes assembly is done in Cameroon. The important point is the know-how that we sell to our customers, “he reassured.

”The size of the market and the scale of the needs in Africa are elements that have attracted our first funders”

But William Elong is also an ace of crowdfunding. To succeed in these different challenges, Will & Brothers was able to mobilize $ 200,000 from various investors at the launch of his project. In January 2019, the young entrepreneur managed to raise 2 million euros (1.3 billion CFA francs) of funds announced in early 2018. Funds that come mainly from foreign investors even if William would have liked more involvement of Cameroonian partners

“I submitted my project to investment funds that could be interested in our sector of activity. It works pretty well. Unfortunately, we have very few local investors. Too bad. The size of the market and the scale of the needs in Africa are elements that have attracted our first funders and still attracting today, “he told Sputnik

Among the difficulties encountered by the young entrepreneur in the development of his drone and artificial intelligence services is the newness of this technology in Cameroon.

“Given that we are specialized in a high-tech sector like artificial intelligence and drones, the general public has a hard time really understanding what we are doing. To fight against this basic incomprehension, we organize information and awareness workshops to demystify the subject. Because of the technical complexity, we are often faced with misinformation. Each time, we have to go back over certain points to better enlighten them and make them understand,’’he said.

With this local experience, William Elong is now eyeing the international sky.

“We are actively preparing for the conquest of the international market with our drones. However, there are other areas of activity that we are aiming to explore. I can speak in particular about Finetech, it is an area that interests us particularly, cybersecurity especially. Because there is only one step between drones, data transmission and cybersecurity issues, “he said.

Besides his many activities, this geek also works to share his experience with young people in Cameroon.

“We accompany young people to encourage them to start their own businesses. In this sense we have set up an association called “Cameroon Flying Lab”, an association that promotes robotics among young people through actions in schools, universities and others. I can also talk about the “Phoenix Lab” a non-profit organization based in Douala that offers support to young entrepreneurs who are looking for capital, “he said.

As he continues his rise to conquer the international market, William Elong firmly believes that artificial intelligence can contribute to the digital transformation of Africa and its development.

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.

Facebook: https://web.facebook.com/Afrikanheroes/

Here Is The Nigerian Central Bank ’s Guidelines On How To Access Creative Industry Loan

Recall that the Nigerian Central Bank (CBN) in collaboration with the Bankers’ Committee recently introduced the Creative Industry Financing Initiative (CIFI) to improve access to long-term low-cost financing for entrepreneurs and investors in the Nigerian creative and information technology (IT) sub-sectors, as part of efforts to boost job creation in Nigeria, particularly among the youth.

The Bank has gone ahead to announce the modalities for the implementation of the initiative.

In Summary, The Procedure For Accessing The Loan Is As Follows:

Any person interested in accessing the loan should:

Approach any bank of his/her choice with a business plan or statement detailing how much is needed for his/her business.
The bank provides an applicant with the documentation requirements for accessing any of the loan types.
The documentation requirement shall be acceptable by the respective bank for credit requests for its customers.
The bank carries out due diligence of the application and documentation submitted.
Successful applications are issued offer letters, which shall have therewith repayment schedules in accordance with the business dynamics
The successful applicants shall accept the offer as well as meeting all the conditions specified in the offer letter precedent to draw down.
The bank forwards successful application with copies of the offer letter to the Director, Development Finance Department, Central Bank of Nigeria for consideration and release of an aggregate of the facility amount to the bank for lending to a successful application.
The bank disburses funds to successful applicants within ten days of receipt from the CBN
The bank bears the credit risk and shall be responsible for the performance of the facility.

Where Could The Loan Be Accessed From?

Interested persons should visit any money deposit bank in Nigeria — commercial, micro-finance bank, etc.

Nigeria’s Access Bank has already commenced disbursement of loans to beneficiaries in the entertainment industry, under this Creative Industry Financing Initiative of the Central Bank of Nigeria.

The bank said the first tranche of the CIFI loans worth N20bn, would be made easily accessible to the borrowers in the sector.

Other banks are also ready to disburse the loan to prospective applicants.

What Businesses Are Covered And How Much

The businesses that are covered are existing enterprises, startups and students of higher institutions engaged in software development.

Creative Industries Covered are:

Businesses in the fashion (including designing) industry
Businesses in the Information Technology (including e-commerce, online payment solutions, software engineering, etc.)
Businesses in the Nigerian movie industry (including movie producers, movie distributors)
Business in the Nigerian music industry (whether as record labels, music artists, etc.)

Terms & Conditions

For these businesses, the terms and conditions are as follows:

SN	BUSINESS TYPE	MAXIMUM AMOUNT Per Applicant (₦	Interest Rate/ Length of Year Before Repayment
1	Student Studying Software Development	3 million	9% per annum/ 3 years (monthly repayment)
2	IT Businesses	Payment For Equipment Purchase/ Rental Fees	9% per annum; 10 years (quarterly repayment)
3	Movie Production	50 million	9% per annum; 10 years (quarterly repayment)
4	Movie Equipment Financing	50 million	9% per annum; 10 years (quarterly repayment)
5	Movie Distribution	500 million	9% per annum; 10 years (quarterly repayment)
6	Music	Payment For Equipment Purchase/ Rental Fees	9% per annum; 10 years (quarterly repayment)
7	Fashion	Payment For Equipment Purchase/ Rental Fees	9% per annum; 10 years (quarterly repayment)

For further terms and conditions, including guarantors and securities, download, open and read the CBN modalities by clicking on this link

Further inquiries on the modalities may be referred to the Director, Development Finance Department, Central Bank of Nigeria, Abuja.

Why Focus Is On the Creative Industry

The CBN appears to have focused on the creative industry for the following strategic reasons:

The film industry sector contributed 2.3 percent (N239 billion) of Nigeria’s Gross Domestic Product (GDP) in 2016 alone.
In the same year, Nigeria’s music industry grew by 9 percent to reach a value of 39 million dollars and is set to grow by 13.4 percent CAGR by 2021, with an estimated worth of about 73 million dollars.
Information Technology: The gaming industry in Nigeria, according to a PwC study on gaming, benefited from a broadening customer base, mostly the large and youthful population, with Nigeria’s video game industry’s value put at $150 million USD as at 2016. It is also estimated that mobile gaming in Nigeria would surpass $147 million USD by 2020
Aware of this, the Bank of Industry (BoI) in 2015 unveiled plans for members of the Nigerian Creative Industry to access its facilities, as intervention fund to the sector hit N2 billion.

This writer advises that you check out your local banker in Nigeria for more information on how to access the loan.

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.

Facebook: https://web.facebook.com/Afrikanheroes/

This Moroccan Investor Is Looking To Invest Over $250k In Startups From Around World

Newly launched zero-equity Moroccan Impulse Accelerator is looking to offer tech startups that pitch at its demo day a share of $250 000 in cash prizes.

Impulse Accelerator At A Glance

The accelerator is located in El Kelaa of Sraghna, about 100km from Marrakesh, Western Morocco.
The accelerator was launched last month by University Mohammed VI Polytechnique (UM6P) in partnership with the OCP Group and its subsidiary OCP Africa.
The accelerator’s 12-week program was designed by global accelerator organization MassChallenge.
The program is aimed at startups in the agritech, biotech, mining tech, materials science and nanoengineering verticals that have a proof of concept or a minimum viable product (MVP).

How To Obtain The Funding

Interested persons desirous of participating in the program can do so by applying to through the investor’s online portal.

Applications for the accelerator program opened last week and will close on 1 October.
Startups from around the world are eligible to enter

What The Startups Stand To Benefit

In a statement on the Moroccan Impulse Accelerators’ website last month, UM6P successful startups stand to benefit from access to financing through a set of national and international investment funds and business angels.
Startups that take part in the program will also have access to UM6P’s infrastructure and laboratories, study trips to Boston in the US and Lausanne, Switzerland, as well as a 430m² co-working space.
In addition, the startups will also benefit from mentorship and coaching from OCP experts UM6P professors and doctoral students, as well as mentors of the MassChallenge network.
Additional benefits include access to business opportunities via OCP Group, OCP Africa and UM6P networks.

OCP Group and Mohammed VI Polytechnic University will help successful companies obtain visas for the duration of the programme.

Timeline Of Events

Between now and September, the accelerator will hold an Africa roadshow during which it will hold information sessions in Ethiopia, Ivory Coast, and Nigeria.
Thereafter startups selected to join the accelerator will be announced in November, with the accelerator set to start on 15 January.
Impulse Accelerator will hold its US and Switzerland boot camps in March next year, with a demo day and awards ceremony set to take place in April.

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.

Facebook: https://web.facebook.com/Afrikanheroes/

Nigeria joins AfCFTA as Buhari signs agreement at AU summit

Nigeria officially joined the African Continental Free Trade Area (AfCFTA) as President Muhammadu Buhari signed the Agreement Sunday in Niamey at the opening of the African Union (AU) Summit.

President Buhari appended his signature to the treaty at exactly 10: 47 a.m. in the presence of African Heads of State and Government, delegates and representatives from the private sector, civil society, and the media attending the 12th Extraordinary Summit of the African Union on Launch of the Operational Phase of the AfCFTA.

In his remarks shortly after signing the agreement, the president declared that Nigeria’s commitment to trade and African integration had never been in doubt nor was it ever under threat.

He told the summit that Nigeria would build on the event by proceeding expeditiously with the ratification of the AfCFTA.

‘‘Nigeria wishes to emphasize that free trade must also be fair trade.

‘‘As African leaders, our attention should now focus on implementing the AfCFTA in a way that develops our economies and creates jobs for our young, dynamic and hardworking population.

‘‘I wish to assure you, that Nigeria shall sustain its strong leadership role in Africa, in the implementation of the AfCFTA. We shall also continue to engage, constructively with all African countries to build the Africa that we want,’’ President Buhari said.

The Nigerian leader also congratulated Ghana on being selected to host the secretariat of the AfCFTA.

President Buhari stated further: ‘‘I have just had the honor of signing the agreement establishing the African Continental Free Trade Area (AfCFTA), on behalf of my country, the Federal Republic of Nigeria.

‘‘This is coming over a year since the AfCFTA Agreement was opened for signature in Kigali, Rwanda, at the 10th Extraordinary Summit of the African Union, on 21st March 2018.

‘‘In fact, you will recall that the treaty establishing the African Economic Community was signed in Abuja in 1991.

‘‘We fully understand the potential of the AfCFTA to transform trade in Africa and contribute towards solving some of the continent’s challenges, whether security, economic or corruption.

‘‘But it is also clear to us that for AfCFTA to succeed, we need the full support and buy-in of our private sector and civil society stakeholders and the public in general.

‘‘It is against this background that we embarked on an extensive nationwide consultation and sensitization program of our domestic stakeholders on the AfCFTA.

‘‘Our consultations and assessments reaffirmed that the AfCFTA can be a platform for African manufacturers of goods and providers of service to construct regional value chains for made in Africa goods and services.

‘‘It was also obvious that we have a lot of work to do to prepare our nation to achieve our vision for intra-African trade which is the free movement of ‘made in Africa goods’.

‘‘Some of the critical challenges that we identified will require our collective action as a union and we will be presenting them for consideration at the appropriate AfCFTA fora.

‘‘Examples are tackling injurious trade practices by third parties and attracting the investment we need to grow local manufacturing and service capacities.’’

President Buhari noted that Nigeria’s signing of the AfCFTA and its Operational Launch at the 12th Extraordinary Summit was an additional major step forward on the AU’s Agenda 2063.

Meanwhile, with Nigeria and the Benin Republic signing the Agreement at the Summit, 54 out of 55 African countries have signed the world’s largest free trade area deal, encompassing 55 countries and 1.2 billion people.

Eritrea is the only African country yet to sign the agreement.

A total of 26 African countries have deposited instruments of ratification, with Gabon being the latest after depositing her instrument of ratification during the Extraordinary Summit.

The AfCFTA Agreement entered into force on May 30, 2019, thirty days after having received the twenty-second instrument of ratification on 29 April 2019 in conformity with a legal provision.

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.

Facebook: https://web.facebook.com/Afrikanheroes/

The Story of Anthony, Akinwumi Adesina’s Adoptive Son from Madagascar

Three years ago, Anthony, then 11, showed signs of stunted growth as observed by African Development Bank President Akinwumi Adesina during a visit to Madagascar’s Bas Mangoky region. To the Bank chief, the boy looked no more than 5 years of age.

“I was transfixed by one of the children attracted by my helicopter landing. He was so small that I was convinced he could be no more than 5 years old,” recalls President Adesina.

“I asked him his name and he told me it was Anthony. But his voice was not that of a 5-year-old child. I was shocked to discover that he was 11. He was suffering from severe malnutrition.”

This was on 2 August 2016 and the story could have ended there. President Adesina could have continued his tour of the region, where rice production had tripled, from two to six tonnes per hectare, thanks to the decisive intervention of the African Development Fund (ADF), the concessional window of the African Development Bank. He could have continued his rounds, proud of the Fund’s intervention, which had enabled the region to record a 141% increase in its agricultural income.

This, however, would have gone against his convictions and his personal efforts to help curb malnutrition. “Anthony said his dream was to become a doctor,” he recalls, visibly moved when he reunited with Anthony this week on the sidelines of the ADF-15 replenishment meeting in Antananarivo. The President of the African Development Bank thus decided, in agreement with his wife, to adopt Anthony and provide him with the means to live a dignified life, alongside his family, in his home environment.

And even then, Anthony’s incredible story did not end there. “I saw him again, the day before yesterday. Our son, Anthony, is growing normally. He is fine and well-fed,” Adesina says. “He is doing well in school and is one of the best in his class. I really hope that one day he will achieve his dream of becoming a doctor.” Barely half the height of his adoptive father in 2016, Anthony now seems well on track to overtake him.

Senior representatives of ADF donors are currently meeting in Madagascar to discuss the 15th Replenishment of the Fund. ADF has invested some $48 billion in low-income African countries.

For President Adesina, Anthony’s story is one of hope. Just like this young Malagasy boy, the continent can overcome its weaknesses. “Fragility is not inevitable. It can be overcome,” Adesina said in his opening speech at the second consultative meeting of the replenishment of the Fund.

“We believe in Africa! We believe in a prosperous future. We believe in its destiny!” he declared.

“The African Development Fund can continue to create hope among the least developed populations, offer opportunities to those who have nothing, and restore pride and determination,” he said, calling on donor countries to maintain their strong commitment to the continent.

President Adesina cited Cote d’Ivoire as one of the numerous success stories of ADF’s intervention.

“Côte d’Ivoire’s GDP plummeted following the political, economic and social turbulence it suffered a few years back. Thanks to the timely and decisive action of the African Development Fund, this country now has one of the most impressive growth rates in Africa, even the world.”

Just like Anthony, who is now racing ahead of the other pupils in his class.

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.

Facebook: https://web.facebook.com/Afrikanheroes/

Africa Forum to Convene a Symposium on Cameroon

One of the principal tasks of the Africa Forum (www.AfricaForum.org) of former African Heads of State and Government and other African leaders is to support the African Union as it works to guide our Continent to achieve the Objectives detailed in the Constitutive Act.

In this context, the Forum has done its best to follow the evolving but troubling situation in the Republic of Cameroon.

In this regard, it has had the privilege to convey some of its views and suggestions to His Excellency President Paul Biya of Cameroon. The Forum looks forward to further contact with President Biya on this matter.

In the meantime, the Forum has thought it very necessary that it should take all necessary steps further to inform itself about the situation in the Republic of Cameroon in as comprehensive a manner as possible.

To achieve this objective the Forum will, therefore, act to convene a Symposium on Cameroon to be held possibly in Addis Ababa, Ethiopia or any other African country which will agree with the Forum to provide a venue for the Symposium.

The Forum will, therefore, take steps without delay to contact a broad spectrum of the people of Cameroon and invite these to attend what the Forum intends must be an inclusive and open dialogue.

The Forum is convinced that the Symposium will help greatly to empower it the better to assist the Government and people of Cameroon as they work to address the challenges facing this sister African country.

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.

Facebook: https://web.facebook.com/Afrikanheroes/

AU Summit: African Development Bank’s delegation heads for Niamey as AfCFTA top summit agenda

July 7, 2019

The Bank will also participate in the meetings of the 37th NEPAD Heads of state and Government Orientation Committee.

African Development Bank Group President Akinwumi Adesina will next week lead a delegation of top Bank officials to the extraordinary summit of Heads of State and Government of the African Union (AU) in Niger’s capital, Niamey.

High on the agenda of the July 7-8 summit are discussions on the African Continental Free Trade Area (AfCFTA). President Adesina will meet African leaders to review the continent’s development issues and hold talks on the effective implementation of the AfCFTA.

As a member of the continental Task Force, the Bank will participate in several executive discussions, including the deliberations of the 8th meeting of African Trade Ministers, as well as a meeting of the 37th Steering Committee of Heads of Commerce.

The Bank will also participate in the meetings of the 37th NEPAD Heads of state and Government Orientation Committee, as well as in the 1st mid-year coordination meeting of the AU and Regional Economic Communities.

President Adesina will share the Bank’s vision on empowering African women and on the AFAWA (Affirmative Finance Action for Women in Africa) initiative.

On the sidelines, there will be discussions between the Bank and major African private sector representatives on the AU’s 2063 vision of an integrated, inclusive and prosperous 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.

Facebook: https://web.facebook.com/Afrikanheroes/

Ethiopia Is Now $52 billion In Debt, Twice The GDP of Uganda

July 6, 2019

Ethiopia ’s debt profile is headed for another level. With over $52 billion debt, the country’s public debt is now more than 65% of the country’s Gross Domestic Product (GDP), and twice the GDP of the East African country of Uganda.

“We borrowed a lot of money but we have been unable to repay on the given time… We have borrowed significantly for infrastructure projects which really failed to achieve the desire result,” said Eyob Tekalign, State Minister of Finance of Ethiopia who presented the 11 months performance report to the Parliament.

What This Means

Although Ethiopia’s fast economic growth registered for over a decade was attributed to being driven by the public investment mainly relying on loan, the economic growth has not been able to make the country pay back its debt.
The Ethiopian government total debt from foreign and local lenders now surpasses $52.3 billion.
As a result, Ethiopia is now forced to restructure the debt repayment schedule negotiating with the major leading country — China as well as by avoiding new debts and new public investment projects

“We have already avoided commercial loans because these loans when they have matured have really created a challenge of accumulated debt,” he said explaining some of the actions undertaken by the ministry as a result of the ongoing reform launched by Prime Minister Abiy a year ago.

“…We have prioritized supply side of economic growth which means working on productive sectors including mining, tourism, manufacturing even agriculture. We are still importing wheat and edible oil which in an economy like Ethiopia is really unacceptable” the Minister said.

The Gross Domestic Product (GDP) in Ethiopia was worth $80.56 billion in 2017. This year the government expects 9.2 percent growth through the economy of the highly indebted east African country has been not doing so well as a result of the internal political crisis and instability.

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.

Facebook: https://web.facebook.com/Afrikanheroes/

Afreximbank Included in SEM-10 Index in Mauritius

The Stock Exchange of Mauritius (SEM) has announced the inclusion of the African Export-Import Bank (Afreximbank) in the SEM-10 index. An announcement by SEM listed Afreximbank among the SEM-10 Constituents for the third quarter starting 3 July 2019.

Other companies on the list are MCB Group Limited; IBL Ltd; SBM Holdings Ltd; Grit Real Estate Income Group Limited; ENL Limited (Ordinary A Shares); CIEL Limited; New Mauritius Hotels Limited; Rogers & Company Limited; and Lux Island Resorts Ltd.

The index tracks the performance of the 10 largest stocks on the SEM in terms of market capitalization and the 10 most liquid stocks in terms of average value traded and trading frequency during the preceding three months.

Being part of the SEM-10 index is expected to enhance Afreximbank’s visibility with local and international investors and, potentially, encourage institutional investors that track the index to include the Bank’s Depositary Receipts in their investment portfolios.

Ninety percent of foreign investors’ transactions on SEM-listed stocks is targeted towards companies that are included in the SEM-10 index. Moreover, some of the larger companies in the index are tracked closely by global data vendors like Bloomberg, Factset, and Refinitiv, as well as by global Index providers, such as S&P, Dow Jones, MSCI and FTSE.

The SEM-10 Index is subject to quarterly reviews and to remain in the index, companies need to ensure regular trading of their securities.

Afreximbank currently ranks as the SEM’s third best-performing stock on a year-to-date basis in 2019, with a performance of 26.5 percent.

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.