West Africa - Afrikan Heroes

West African Countries to Adopt Technology for Disease control

September 21, 2019

The spate of communicable diseases (CDs) and other tropical diseases within the West African sub region is giving both governments and health authorities a lot of concern. To mitigate on this, the West African Health Organisation (WAHO), made up of the 15 member countries of ECOWAS are leveraging technology that will help to prevent hem prevent cross-border outbreaks of epidemics including Ebola, cholera, yellow fever, Lassa fever, measles, onchocerciasis and meningitis. This was made known yesterday after the presentation of range of health systems aimed at strengthening solutions in Nigeria and West Africa by representatives of BroadReach Consulting during the just concluded Nigeria Implementation Science Alliance conference in Abuja. This will be achieved by employing the Regional Actions Through Data known as RAD program which is funded by the United States Agency for International Development (USAID).

Speaking on the development, the Acting Program Director Regional Actions Through Data at BroadReach Consulting Dr Uchenna Nwokenna, said that every year, infectious diseases such as Ebola and malaria claim the lives of about five million Africans, and the inability to monitor and share information at scale has been a major set-back in the control of outbreaks. He further noted that these outbreaks have major, far-reaching implications for the communities they affect. He added that “we believe that the prevention and control of infectious disease outbreaks is possible when you combine human ingenuity and technology.”

BroadReach Consulting with headquarters in Cape Town, South Africa is the implementing partner of Vantage Technologies, a Swiss registered software development company, works with various partners in many African countries, including the PEPFAR-funded grant for USAIDS’s five-year epidemic control program in South Africa, called APACE (Accelerating Program Achievements to Control the Epidemic). Vantage Technologies leverages big data to help strengthen healthcare systems in emerging economies.

That is why WAHO is exploring innovative uses of technology to support improvement of the production, dissemination and use of health information through weekly and quarterly epidemiological bulletins, regional health profiles and a regional statistical yearbook. It also hopes to use it to strengthen cross-border health and epidemiological surveillance through the cross-border health mapping, monitoring of epidemic-prone diseases (EPDs) vaccination and HIV programmes, and cross-border collaboration.

RAD is using the ‘Disease Threat Management Solution’ of BroadReach Consulting, which leverages Vantage technology to track and analyse data for major infectious diseases, including Ebola, Onchocerciasis and Cholera, in each country.

Vantage collates and digests a large amount of indicator data from different countries to produce a weekly Epidemiology Bulletin. The weekly bulletin is circulated among senior health officials and, should there be a risk of an outbreak or an actual occurrence in a border region, the relevant agencies are alerted and guided to mobilise resources and take effective action to prevent or contain the outbreak.

The ‘Disease Threat Management Solution’ is a breakthrough in the control of disease outbreaks because it utilises multi-source and multi-country data for expedited response and decision making. Previously, when an outbreak occurred in one country, a neighbouring country might have learnt of the risk only after it emerged within its borders. The inability to monitor and share information at scale has been a major set-back in the control of infectious disease outbreaks, until now.

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.

Smile Train Partners West African College of Surgeons to Launch Cleft Surgical Certification Program in West Africa

September 17, 2019

The world’s leading cleft organization, Smile Train announced today that it has entered a partnership with the West African College of Surgeons (WACS) to launch Smile Train-WACS Cleft Surgical Certification. The Certification will grant six surgeons per year over the next five years the opportunity to specialise in cleft care across West Africa.

Smile Train is a global organization that empowers local medical professionals with training, funding, and resources to provide free cleft surgery and comprehensive cleft care to children globally. It engages in the advancement of a sustainable solution and scalable global health model for cleft treatment, drastically improving children’s lives, including their ability to eat, breathe, speak, and ultimately thrive.

This development was made known by Smile Train’s Public Relations and Communications Manager, Africa, Emily Manjeru, who informed the media that the one- year Post-Graduate Program will commence in February 2020. WACS will identify accredited centres to serve as training sites in Nigeria, Ghana and French West Africa for the program. The Certification she said is open to applicants in all West African and CEMAC zone countries with priority being given to trainees from countries without significant Smile Train presence.

Speaking during the signing of the Memorandum of Understanding (MoU) which took place at The College in Lagos, Smile Train Program Director of West and Central Africa, Mrs. Nkeiruka Obi noted that the care for cleft patients required more capacity building for surgeons, hence will leverage the College resources to elevate the surgical expertise for local surgeons in the region.

“Smile Train’s sustainable model provides training, funding, and resources to empower local medical professionals to provide free cleft surgery and comprehensive cleft care in their own communities. Through this ground-breaking investment, we will enhance our interventions by establishing centers of excellence across West Africa,” noted Mrs. Obi.

Alongside Mrs. Obi, the President of WACS, Professor Serigne Magueye Gueye welcomed the partnership and expressed commitment to ensuring that the local surgeons from the Certification match the global quality standards of cleft care set forth by Smile Train.

“We are dedicated to ensuring that we not only equip the local surgeons handling cleft, but also aim at establishing connections in developing other program areas of comprehensive cleft care such as speech therapy and orthodontics. Our highly skilled faculty will be sourced from local cleft surgeons and adjunct lecturers from relevant departments in the hospital in which the programme will be running,” said Professor Gueye.

Globally, every three minutes a baby is born with cleft. A cleft occurs when certain body parts and structures do not fuse together during fetal development. Clefts can involve the lip and/or the roof of the mouth, which is made up of both hard and soft palate. To-date, Smile Train has supported more than 113,000 cleft surgeries across 38 countries in Africa. In addition to cleft surgery, they actively support training of nurses, anesthetists, surgeons, speech therapists and orthodontists in cleft care, nutrition programs, speech therapy and orthodontics.

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.

Inequalities in West Africa the worst on the continent, says report

August 2, 2019

West Africa suffers the most inequalities on the continent but many governments prefer to ignore problems despite economic growth, a report by Oxfam and Development Finance International reads.

According to the “West Africa Inequality Crisis” report, six of the 10 fastest-growing economies in Africa are in West Africa, with the Ivory Coast, Ghana, and Senegal among the world’s 10 fastest-growing economies. “In most countries, the benefits of this unprecedented economic growth have gone to a tiny few,” the report reads.

“Inequality has reached extreme levels in the region, and today the wealthiest 1% of West Africans own more than everyone else in the region combined.” The report reads the vast majority of West Africans are “denied the most essential elements of a dignified life, such as quality education, healthcare, and decent jobs”.

In Nigeria, for example, the wealth of the five richest Nigerian men combined stands at $29.9bn — more than the country’s entire budget in 2017, the report reads.

Rather than tackle inequality, some of the region’s governments are underfunding public services, such as health and education, and failing to tackle corruption, Oxfam’s regional director Adama Coulibaly said.

The report called on governments to do more to promote progressive taxation, boost social spending, strengthen labour market protection, invest in agriculture and strengthen land rights for smallholders. For example, it said the region loses an estimated $9.6bn annually because of corporate tax incentives offered by governments to attract investors.

But not all governments are tackling inequality the same way. Cape Verde, Mauritania, and Senegal are among the most committed to reducing inequalities, it said, while Nigeria, Niger, and Sierra Leone are among the least.

Ivory Coast farmers expect bigger cocoa crop as rains beat average

Above-average rainfall last week in most of Ivory Coast’s cocoa-growing regions will boost the October-to-March main crop, but more sun is still needed, so says Ivorian Cocoa farmers. The mid-crop, which lasts from April to September in the world’s top cocoa producer, is coming to an end as few beans were leaving farms and producers focus on the main crop.

Farmers said they were happy with the rains, which would bring many pods to be harvested from mid-September to November. But more sun would be needed over the coming weeks to avoid diseases in plantations and help pods grow bigger, they said.

In the center-western region of Daloa, which produces a quarter of Ivory Coast’s cocoa, growers said they were confident the start of the coming main crop harvest would be abundant and of good quality. “Everything is going well on the cocoa trees.

A lot of pods have grown well and within a month and a half we will start harvesting,” said Marcel Kamenan, who farms near Daloa. “We still need good rains and sunshine (in August),” Kamenan said. Data showed rainfall in Daloa, including the region of Bouafle, was 58.2mm last week, which is 35.3mm above average.

In the western region of Soubre, at the heart of the cocoa belt, farmers said they were expecting as healthy a crop as last season’s if the weather remained adequate in August. “We have a lot of big pods on trees, and flowers and cherelles are still proliferating. It’s a good sign,” said Kouassi Kouame, who farms near Soubre. “Sunshine is average,” however, he said.

Data examined by Reuters’ show rainfall in Soubre, which includes the regions of Sassandra and San Pedro, was 33mm last week, 14.5mm above the five-year average. Farmers were optimistic about the main crop in the southern region of Divo, which had 43mm of rain last week, 28.6mm above average.

In the central region of Bongouanou, the rain was at 28.7mm (13.2mm above average) while the central region of Yamoussoukro saw 38.6mm of rain, 22.7 mm above average. In the western region of Man, farmers were concerned heavy rains would bring diseases, after rainfall reached 75.9mm last week, 45.8mm above the five-year average.

“If it keeps raining like this over the coming weeks, we fear insects and diseases will spread on the plantations,” said Moussa Kone, who farms near Man. Rains were below average in the southern region of Agboville and in the eastern region of Abengourou but farmers there reported no damage. Average temperatures ranged between 23.9°C and 26.2°C.

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/

Paradise Game opens the largest video game, e-learning and edtech center in West Africa

July 27, 2019

The center has the latest types of equipment and focuses on the promotion of esports in Africa.

Paradise Game Center officially opened its doors on Wednesday, July 24th, 2019. Located in the neighborhood with the largest population of the Ivorian capital, the first floor of the new shopping center Cosmos Yopougon, is now home of the largest video game venue of West Africa.

With 1200 sq. meters of space, the center has the latest pieces of equipment and focuses on the promotion of esports in Africa through tournaments and esports players training for international competitions. Video game fans can now enjoy the latest games while preparing for the upcoming FEJA, the largest esports event in Africa.

Starting in September 2019, a dedicated room of 80 m² will host middle school and high school students for training sessions on computers, robotics, and the development of video games.

In 2020, the game center will host the first « edtech & e-learning program » of Yopougon where startups, teachers, students, and entrepreneurs will work together on creating future educational tools for Africa.

These two initiatives are aimed at getting the youth to join the new technology wave and be abreast of robotics, artificial intelligence, and virtual reality.

Paradise Game provides entertainment for children and parents as well. Through various games and activities, they will learn how to build a stronger parent-children relationship.

For the opening of the game center, the entire month of August will be dedicated to celebration activities both inside and outside the Cosmos Yopougon shopping center. From video game crash courses to learning poems and playing board games, the community will be able to discover everything Paradise Game Center has to offer.

« We ambition to transform the entertainment industry in Africa by using games as a way to learn and by allowing young Africans to discover the video game field, robotics, and virtual reality », declared Sidick Bakayoko, founder of Paradise Game.

With more than 500 000 visitors expected per year, Paradise Game Center is positioning itself as a platform to entertain, educate and empower young Africans.

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/

ECO: As West Africa Takes the Single Currency Plunge

July 10, 2019

Analysts have started exploring opportunities inherent in the proposed single currency for the West African region; The Eco. It could be recalled that leaders of the 15 member states of the Economic Community of West African States (ECOWAS) met in Abuja, Nigeria, and formally agreed on the name of the planned common currency the “ECO” The currency according to a release from ECOWAS Secretariat Abuja, would be based on a flexible exchange rate regime, coupled with a monetary policy framework focused on tackling inflation.

Observers say there seems to be a sense of urgency in this latest efforts, maybe being buoyed by the recently signed Africa Continental Free Trade Agreement (AfCTA). This is because the target launch date for Eco has been postponed several times; in 2005, 2010 and 2014; since the concept first arose in 2003. Now the Economic Community of West African States (ECOWAS) is planning to launch the currency in 2020, with member states agreeing to name it the ‘ECO’ there seem to be a new sense of urgency.

Reports indicate that governments in the region are keen on more integration and a single currency will facilitate trade, lower transaction costs, and payments amongst ECOWAS’ 385 million people.

Currently, eight of ECOWAS countries i.e. Benin, Burkina Faso, Guinea-Bissau, Ivory Coast, Mali, Niger, Senegal, and Togo jointly use the CFA franc while the remaining six members have their own independent currencies.

Some analysts are of the view that the single currency if properly implemented will improve trade by allowing specific countries to specialize at what they are good at, and exchange it for other goods that other countries in the bloc produce more efficiently.”

A report by the African Development Bank Group (Afdb) indicates that the 2020 deadline for the single currency will most like be postponed again unless the region can align with its monetary and fiscal policies.

Countries are required to meet a ten convergence criteria, set out by the West African Monetary Institute (WAMI), by the 2020 deadline. The primary four beings: a budget deficit of not more than 3%, an average annual inflation rate of less than 10%, Central Bank financing of budget deficits should be no more than 10% of the previous year’s tax revenue and gross external reserves worth at least three months of imports.

The six secondary criteria to be achieved by each member country are: Prohibition of new domestic default payments and liquidation of existing ones, tax revenue should be equal to or greater than 20 percent of the GDP, wage bill to tax revenue equal to or less than 35 percent, public investment to tax revenue equal to or greater than 20 percent, a stable real exchange rate and a positive real interest rate.

However, reports indicate that although countries may meet the criterion by the deadline they fall behind thereafter thus posing the main difficulty in inconsistencies.

As at today, only five countries, viz; Cape Verde, Ivory Coast, Guinea, Senegal and Togo of the region’s fifteen countries currently meet the single currency’s criteria of a budget deficit not higher than 4% and inflation rates of not more than 5%, as noted by Charlie Robertson, chief global economist at Renaissance Capital.

Additionally, while ECOWAS says the integration will be gradual as countries meet the criteria, it’s unlikely that a 2020 launch date is feasible as there is no significant progress in the design, production, and testing of the currency notes.

Given that various economies in the region are at “dramatically different levels of development,” the leadership of ECOWAS is being unrealistic in both its timing for the currency’s launch and expectations of what it might achieve, Robertson says. “You’ve got very different levels of debt, interest rates, and budget deficits. Trying to align these countries to operate as one is extremely difficult,” he says. “What currency policy is right for two such divergent countries like saying Ghana and Burkina Faso?”

There is also the glaring disparity in the economic size of Nigeria in the region. For example, Nigeria is 67% of ECOWAS’ GDP, so really this isn’t a single currency for 15 countries, this is the Nigerian Naira plus a few countries.

How the leaders hope to close all these gaps between now and next year remains to be seen.

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/

Nigeria joins AfCFTA as Buhari signs agreement at AU summit

July 8, 2019

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/

At Last, Nigeria Prepares To Sign African Continental Free Trade Agreement (AfCFTA)

July 3, 2019

Nigeria is preferring to laugh last here. It is bringing to the table a population of over 200 million to the African Continental Free Trade Agreement. A tweet from the Nigerian Presidency wraps up the whole debate about why Nigeria has refused to be part of the deal.

‘‘Nigeria will sign the #AfCFTA Agreement at the upcoming Extraordinary Summit of the African Union in Niamey, Niger. Recall that the Pres. Cttee on the Impact & Readiness Assessment of the Agreement Establishing the AfCFTA submitted its Report to Pres @MBuhari Thur June 27, 2019.

The tweet goes further to quote Nigerian President as saying that:

“For #AfCFTA to succeed, we must develop policies that promote African production, among other benefits. Africa, therefore, needs not only a trade policy but also a continental manufacturing agenda.” — President @MBuhari, June 27, 2019

It further stated that:

“Our vision for intra-African trade is for the free movement of ‘made in Africa goods.’ That is, goods and services made locally with dominant African content in terms of raw materials and value addition.” — President @MBuhari, June 27, 2019 #AfCFTA

10:37 PM — 2 Jul 2019

“Let me state unequivocally that trade is important for us as a nation and to all nations. Economic progress is what makes the world go around. Our position is very simple, we support free trade as long as it is fair and conducted on an equitable basis.” — President @MBuhari

10:43 PM — 2 Jul 2019

Here are The Key Points You Should Know About the AfCFTA Agreement:

The CFTA is a free trade agreement among African countries, who are signatories to the Agreement. The CFTA is consistent with the World Trade Organisation rules relating to Free Trade Agreements. A free-trade agreement is an agreement among a group of two or more countries whereby the duties and other restrictive regulations of commerce are eliminated on substantially all the trade between the countries in products originating from the countries.

The Key Targets Of The Agreement

The Agreement wants to create a single market for goods and services in Africa and to permit more people to move around any country in Africa with minimum visa requirements.
It also seeks to create a market that is less free from custom duty and tariffs.
It seeks to make the movement of money and capital across African countries freer.
The Agreement also hopes that, if it ever becomes successful, there would be established a Continental Customs Union that would make issues of customs duty and levy less demanding in Africa.
The Agreement seeks better ways of bringing more industries to Africa as well as opening up its agricultural and food sectors.

What The Agreement Intends To Disrupt for African Businesses

Free Up Trade

The Agreement, when it comes in force on July 7, 2019, would finally put an end to tariffs charged on goods imported from African countries that have signed the Agreement. Therefore, countries that have signed the Agreement are required to set out the products or goods that they are willing to forfeit tariffs on. They are also expected to list out the import duties to be charged on products or goods that they are not ready to fully forfeit tariffs or import duties on.

The Agreement, in other words, would allow the signatory countries to offer preferential treatment to goods imported from other African countries that are also signatories to the Agreement. However, the Agreement has listed some steps to be followed in making sure that this preferential treatment fully benefits any signatory country. In any case, this preferential treatment would not be applied where the goods or products in question are meant to remedy any defect in trade.

The Implication of Nigeria’s Signature

With this proposed signature, Nigeria is signaling an end to the drama of Africa’s most populous nation and largest economy refusing to sign the agreement citing abuse and destruction of its local industries. What remains is for Nigeria’s Parliament to ratify the Agreement in order to fully benefit from the Agreement.

So far, 25 African countries have deposited their instruments of AfCFTA ratification with the African Union Commission. They include Ghana, Kenya, Rwanda, Niger, Chad, Congo Republic, Djibouti, Guinea, eSwatini, Mali, Mauritania, Namibia, SouthAfrica, Uganda, IvoryCoast, Senegal, Togo, Egypt, Ethiopia, Gambia SierraLeone, Sahrawi Republic, Zimbabwe, Burkina Faso, and SaoTomé and Principe

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/

You Cannot Purchase Shares In These Nigerian Companies Now

The Nigerian Stock Exchange, Nigeria’s apex market for trade in stocks and securities has sent a bad signal to investors and dealers that the shares of the under-listed 11 Nigerian companies are now suspended from trading on the Exchange. The suspension is because the companies failed to file their accounts with the NSE within the stipulated time.

Nigeria’s NSE’s market rules states that if an issuer fails to file the relevant accounts by the expiration of the Cure Period, the bourse will first send to the Issuer a “Second Filing Deficiency Notification” within two business days after the end of the Cure Period; suspend trading in the Issuer’s securities; and notify the Securities and Exchange Commission (SEC) and the Market within 24 hours of the suspension.

A Look At The Affected Companies

The suspended companies include:

Conoil Plc

This company was also suspended last year for failing to file its audited financial statements as required by the market rules. The company declared over N1.4 billion dividends during its last financial year. The dividend declaration meant N2.00 on every 50 kobo ordinary share of the company.

Between 2012 and 2016, the company has paid a total of N8.4bn as a dividend. Conoil Plc is Nigeria’s indigenous petroleum marketing company. The 2016 revenue of the company stood at 85 billion naira. Nigerian Billionaire Mike Adenuga is the Chairman of the company.

FTN Cocoa Processors Plc

The company was also suspended last year October 8, 2018, for non-compliance with rule 3.1 of the Exchange (Issuers’ Rules) − rules for the filing of accounts and treatment of default filing. is a provider of processed agricultural commodities. The company’s market capitalization stands at NGN440m and it sold at 20 kobo per share on July 1 before the suspension.

The company is one of the few cocoa processing industries in the country. It supplies beverages to Nigeria’s leading beverage companies like Nestle Nigeria Plc and Promasidor Nigeria Limited, makers of Cowbell Milk and Cocoa products. The company has failed to convene an annual general meeting or declare a dividend for two consecutive years now. In a statement issued in March 2019, the company said it has lacked sufficient working capital to continue with production.

Goldlink Insurance Plc

The company has previously been suspended in 2017 for failure to file the relevant accounts by the expiration of the Cure Period. In 2010, the company paid its investors 2 kobo dividend per share. The company has not declared any dividend since 2017.

Lasaco Assurance Plc

The insurance declared 4 kobo per share dividend last year. Its market capitalization stands at NGN2.124 Billion.

Niger Insurance Plc

The company’s annual report for the year ended December 31, 2017. The report indicated a zero dividend per share. The company has also been faced with claims of its inability to pay off its indebtedness.

R.T. Briscoe Plc

The company is the distributor of Toyota motors in Nigeria. Trading on the company’s shares were suspended in 2018 for failing to file relevant financial results and accounts as expected.

Other suspended companies include:

Resort Savings & Loans
Royal Exchange
Standard Alliance Insurance
Universal Insurance.

The Implication of The Suspension

In view of the submission of its accounts and pursuant to rule 3.3 of the Default Filing Rules, which provides that the suspension of trading in the issuer’s securities shall be lifted upon submission of the relevant accounts, provided the Exchange is satisfied that the accounts comply with all applicable rules of the Exchange, the Exchange shall thereafter also announce through the medium by which the public and the SEC were initially notified of the suspension.

Consequently, the suspension of the above-listed companies will only be lifted upon the submission of the relevant accounts and provided The Exchange is satisfied that the accounts comply with all applicable rules of The Exchange.

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/

What West African New Currency Means For West African Businesses

July 1, 2019

West African businesses can now benefit from seamless trading across West African borders. This is because the Heads of State and Government of countries in the region have finally adopted ECO as the name of the single currency to be issued in January 2020.

Here Are Things To Know About The New Currency

The currency would fully be in use from January 2020.
The currency would be used for trade across West African countries.
The ECO will work this way: shops, hotels, and restaurants, particularly in the larger cities in Ghana, for instance, may now display prices in both the Ghanaian Cedi and ECO currency and many are likely to accept payment in ECO. However, as the official currency is Ghanaian Cedi, no establishment is under no obligation to accept payment in any other currency apart from Cedi.
Consequently, the introduction of ECO may serve as an alternative to the legal tenders in the countries of West Africa who have met all the requirement to start using ECO.
In simple terms, for people living in Nigeria, this means that you can now carry, in addition to Naira, ECO, and ECO can be used to buy or sell anywhere in Nigeria as long as the other party is willing to accept so.
The West African Monetary Agency, the body of ECOWAS in charge of money and finance across the region has said the currency would be based on a flexible exchange rate regime, coupled with a monetary policy framework focused on checking inflation.

In Which Countries Can You Use The Currency?

The currency can be used across the whole of West African countries from January 2020. However, ECO would be used only in the countries that have met the requirement for its use. That is, for any country in the West African sub-region to start using ECO, it must first meet the following requirements:

It must have a single-digit inflation rate at the end of each year
It must have a fiscal deficit (liabilities) of no more than 4% of the GDP
Its central bank must have deficit-financing of no more than 10% of the previous year’s tax revenues
The country’s gross external reserves must give import cover for a minimum of three months.

Additionally, each country must:

Prohibit new domestic default payments and liquidate existing ones. (That is, all domestic debts must be paid off first)
Have a tax revenue base which should be equal to or greater than 20 percent of the GDP.
Have its wage bill to tax revenue equal to or less than 35 percent.
Have its public investment to tax revenue equal to or greater than 20 percent.
Have a stable real exchange rate.
Have a positive real interest rate.

Right now, it appears Ghana is the only country in West Africa that has met all of the above requirements.

“The single currency for 2020 vision is: let’s find two, three or four countries that are ready. Once they meet up, we follow through with the others cascading in,” said Ken Ofori-Atta, Ghana’s finance minister, at a meeting of West African ministers in Accra recently.

The seriousness of the ECOWAS leaders on ECO is buried in this communique issued after the 55th Ordinary Session in Abuja:

‘‘The single currency would be issued in Jan. 2020.’’ the communique reads. “We have not changed that but we will continue with assessment between now and then. We are of the view that countries that are ready will launch the single currency and countries that are not yet ready will join the programme as they comply with all six convergence criteria.”

The leaders also instructed the commission to work with West African Monetary Institute and the central banks to accelerate the implementation of the revised roadmap with regard to the symbol of the single currency.

“It [the communique]further directs the commission to ensure implementation of the recommendations of the meeting of the ministerial committee held in Abidjan on June 17 and June 18 as well as preparation and implementation of the Communication Strategy for the single currency programme. The Authority takes note of the 2018 macroeconomic convergence report. It noted the worsening of the macroeconomic convergence and urges member states to do more to improve on their performance in view of the imminent deadline.”

The Benefit of Using The New Currency

Most of the eight currencies used in the 15 countries of the West Africa region are not convertible. Convertibility is defined as the possibility to freely exchange a country’s currency for foreign currencies. Where they are convertible, their rates are highly volatile ($2 in the morning, $5 dollars in the afternoon) Hence, ECO will help to address the issue of multiple currencies and exchange rate fluctuations that affect intra-regional trade.
West African countries have the least developed financial sectors in the world. The ratio of bank credit to GDP there is very low. There is no much money in their financial markets, through which money can easily flow across the region. Unlike the Eurozone where payment can be made and settled by banks using Euros and cheques. Payment and settlement systems in several West African economies are still marked by the predominance of cheques in noncash payments. In 2013, for instance, the whole money available in the West African regional market only represented 13% of GDP of the whole of the West African countries put together — this is like 8.5% of GDP for Ghana and 21% for Nigeria, against an average of about 65% for Sub-Saharan Africa. Hence, ECO will open up the market a bit.

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.

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Uber Joins Gokada To Launch Boat Taxis in Lagos and West Africa

June 28, 2019

With its over 17 million population and highly congested roads, Uber is aiming to put to an end to the perennial traffic problems in Lagos, Nigeria’s largest city.

Indeed, the competition is going to inland waterways and the sea. Gokada, a local bike-hailing startup also recently diversified to boat services. Already in talks with the Lagos state government and regulatory authorities to start Uber Boat services on Lagos’ waterways, this is not the first African country Uber would be launching its boat services in.

In 2017, Uber launched a boat service in Egypt with taxis zipping up the Nile River that dissects Cairo to bypass clogged streets. It has expanded the service to cities including Mumbai and along the Croatian coast.

“We know the traffic is a priority and we think we can help there,” Entwistle said. “We are having fruitful good discussions with the regulators right now, it is what we are doing this week, we are meeting with partners.” Uber’s Chief Business Officer Brooks Entwistle said.

He did not, however, give a timeline on when the service will begin

In Nigeria, the San Francisco-based company is taking the competition farther. It looking to partner with Lagos Bus company to provide ride services through its platform according to the CBO.
The transport company is in talks with regulators to start operations in Francophone Dakar and Abidjan, Entwistle said.

“Our strategy is in every country we going into we want to find local partners to help us with our business,” Entwistle said. “Partnership is core to our business.”

Uber Boat is not the first here. Gokada, a Nigerian bike-hailing startup also announced similar services earlier this month. According to an official Twitter announcement made by the startup, GBoat launched this June and will develop through to 2020.

Gokada@GokadaNG

Let the count down begin. GBoat is here, get ready to cruise to your destination without being bothered about the congestion in the city @Gboatng #Gboatexperience #Anewwaytoride27 10:08 PM – Jun 11, 2019 19 people are talking about this

‘‘Fifth of the landmass of Lagos is water and it is grossly underutilized. Safety and regulation need to be sorted out, of course, but this is clearly the future, ’’ a commuter was quoted as saying.

Lagos, sub-Saharan Africa biggest city is known for its traffic congestion leaving commuters spending hours in their cars. Public transport services are scarce and unreliable. Its vast waterways provide good transport options but they are hardly used.

Uber, which faces competition from Estonian-ride hailing firm Bolt, said it would seek partnership with local players for the service. It currently has 1.3 million active riders and 36,000 drivers in Sub-Saharan Africa. The U.S-based company said its franchise in Africa is still at early stages.

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.