The board of Kenya Pipeline Company (KPC)
has extended by six months the contract of acting managing director Hudson
Andambi who was appointed to run the company last December after the arrest of
the firm’s top brass. Mr. Andambi, whose contract now runs until October 6, was
appointed by the Ministry of Petroleum and Mining in consultation with board
chairman John Ngumi last December and his contract was to expire on April
6.Former managing director of the scandal-dogged company Joe Sang and four
other officials were arrested over alleged corruption involving construction of
the Sh1.8 billion Kisumu oil jetty. Mr. Andambi’s appointment was initially set
to end on April 6 but it has now been extended by the board until October 6,
Mr. Ngumi told the Business Daily yesterday. “We are now ready to recruit. An
advert will be out in the papers in the next few days with all the details
required from the next substantive MD,” said Mr. Ngumi.
Kadogo economy rules retail sector:
More than 70 percent of fast-moving-consumer
goods (FMCG) purchases are of products priced below Sh55, indicating that the
informal market, known as ‘Kadogo Economy’, is still king in Kenya. This is
according to findings by market insights firm Nielsen whose retail measurement
report released yesterday indicates that traditional trade (kiosks and
groceries) accounts for bulk of retail sector transactions. “Most transactions
in the retail sector are still below a dollar (Sh103) and this explains the
growth of the traditional trade,” said Nielsen East Africa, Consumer Insights
Lead, Pauline Achayo. The traditional trade, according to Nielsen, accounted
for 66.3 percent of the total FMCG spend in the year ending March 2019, a 10.7
percent growth when compared to a similar period the previous year. Modern
trade (supermarkets) accounted for 33.7 percent (Sh94.1 billion), a 0.4 percent
growth over a similar period.
Kenya deports 17 foreign directors of betting firms:
Kenya’s war on betting reached new heights on Wednesday when its interior ministry ordered the deportation of 17 foreign directors of betting firms operating in the country. The deportation order comes almost a week after ordering telecoms firm Safaricom to stop processing payments for sports betting firms. Online sports betting companies such as Sport Pesa have grown rapidly in the East African nation in recent years, riding a wave of enthusiasm for sports, with the government putting their combined revenue at 200 billion shillings ($2 billion) last year, up from 2 billion shillings five years earlier. However, that has raised government concern about the social impact of betting. In May, the country introduced new gambling regulations, including banning advertising outdoors and on social media. The interior ministry said on July 1 that regulator Betting Control and Licensing Board had declined to renew licenses of 19 firms while it reviewed their operations and shareholding structures. “The cabinet secretary (minister) signed 17 deportation orders for directors of betting companies,” said Wangui Muchiri, the head of communications at the interior ministry. She declined further comment.
Note:
Kindly note that the above mentioned news have been
extracted and googled thru the various local news papers from African continent
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Wandile Sihlobo: From Land reform to job creation, here’s how we should
boost SA’s small towns:
SA’s small towns hold great economic
potential, and agribusiness could help unlock it, says Wandile Sihlobo. Drawing
from conversations with farmers in the region, these are among the factors that
keep some farmers up at night: climate change, biosecurity, water regulations
and – last but not least – land reform. Fortunately, most of these matters are
within the regulators’ or government’s control – and I hope the above-mentioned
parties will continue to have close cooperation with organized agriculture
groups while pursuing the necessary transformation objectives.
Hilton Hotels to open first upscale African Canopy in Cape Town:
Western Cape farmers have built Africa’s first commercial floating solar park – that now let’s them tackle load shedding and drought. They say it’s a better investment than a new orchard. Hilton Hotels has announced the signing of a management agreement with Growth point Properties, South Africa’s largest real estate investment trust (REIT), to open a hotel under its lifestyle Canopy by Hilton brand. The 150 guestroom Canopy by Hilton Cape Town Long Kloof is expected to open in 2021 and will be the brand’s debut property in Africa. It will be located at Long Kloof Studios on the corner of Park Road and Kloof Street.
Safaricom, Vodacom plan $13 million M-Pesa deal:
Kenya’s Safaricom will start a joint venture worth $13 million with South Africa’s Vodacom to acquire the intellectual property rights of M-Pesa from Britain’s Vodafone, Safaricom’s CEO said on Thursday. The two mobile phone operators will acquire the intellectual property rights to the financial services platform M-Pesa, from Britain’s Vodafone. Safaricom chief executive Bob Collymore said the deal would be used to expand M-Pesa services to more African markets, and to develop new products.
MTN’s Nigeria listing: View from the stock exchange floor in Lagos:
At exactly 2.30pm, when the stock market
closed on Thursday, MTN Nigeria’s chairperson Pascal Dozie and Ferdi Moolman,
MTN Nigeria’s CEO, excitedly clanged metal sticks on a gong on the crowded
trade floor at the Nigerian Stock Exchange (NSE) building. The room, filled
with brokers in their maroon jackets, erupted in celebration. It is April 16
and South African telecoms giant, MTN has just made history as the first mobile
telephone company to trade on the NSE. The new MTN Nigeria Plc. is putting up
20.33-billion shares valued at ?90 (R3.56) per share. The listing will see the
groups’ largest unit valued at $5-billion, putting it high on the list of firms
trading on Nigerian markets. Trade brokers in the Lagos exchange yelled their
congratulations at each other. Yellow balloons flew on the trading floor,
symbolizing the company’s yellow colors. “There’s cause to celebrate,” one NSE
broker said.
New shots fired in banking wars:
The battle of the banks continued this
week when African Bank launched its zero monthly fee account, becoming the
third bank to do so. The new banks entering the market with competitive banking
fees and interest rates — Tyme Bank, Bank Zero and Discovery Bank — have
sparked a banking war, with consumers reaping the benefits. African Bank’s new
digital product offers low fees and competitive interest rates in an increasing
cutthroat climate that is set to improve South Africans’ access to quality
services. The bank was in tatters five years ago, but has recovered to become
one of the trendsetters of 2019.African Bank’s offering of interest of 5.5% a
year on money in a transactional account is the highest, and clients will
receive 6.5% interest from the savings account. The transactional account is
current; the savings account requires one month’s notice. Until this year
Capital was South Africa’s low-fee king, not only offering a low banking
tariff, but also a high interest rate. Capital clients could earn 5% on money
in a transactional account and up to 5.6% on savings that are not fixed. Tyme
Bank, however, promises the best interest rate on savings at 10% a year, with
conditions. African Bank’s no-fee offering comes after Tyme Bank introduced its
“no fee” account at its launch at the end of February.
At that time Tyme Bank, with its cheap banking fees, ruled the roost, according
to trade union Solidarity’s Bank Charges report, released in October.
Adjusted Ayo, financial statements being audited, PIC inquiry hears:
Accounting adjustments were made to
reflect higher profits in AYO Technology Solutions’ interim financial
statements, the Public Investment Corporation commission of inquiry heard. Ayo
former chief investment officer (CIO) Abdul Malick Salie provided his testimony
to the commission which is investigating allegations of wrongdoing at the PIC,
which manages R2.2-trillion in investments on behalf of public servants. Salie
was subpoenaed to take the stand after he resigned from his position as
CIO last week due to pressures he was facing following reports on governance
issues at Ayo. The ICT company is a subsidiary of African Equity Empowerment
Investments (AEEI).The PIC invested R4.3-billion in Ayo when it listed on the
JSE in late 2017. There are allegations that the value of Ayo was misstated at
the time of its listing. Salie responded to these allegations in his
testimony. The inquiry, chaired by Justice Lex Mpati has also previously heard
from Ayo’s former chief executive Kevin Hardy that the group’s interim
financials were tampered with. Ayo has denied wrongdoing, but the JSE has
ordered an audit of the financial statements.
Habebe resigns from Eskom citing ill health:
Eskom has lost yet another chief executive, as the utility announced on Friday evening that Phakamani Hadebe would be stepping down at the end of July, due to health reasons. Hadebe had been in the role for a little over a year. After taking the helm on an interim basis last January, Hadebe was permanently appointed in May 2018.In a statement Hadebe said: “It is no secret that this role comes with unimaginable demands which have unfortunately had a negative impact on my health. In the best interest of Eskom and my family, I have therefore decided to step down.” Eskom board chairperson Jabu Mabuza, said that the Hadebe had been “instrumental in driving stability at Eskom during a very challenging period at the organization”. “Appreciating the toll that this takes on an individual, we have had to, with regret, accept his decision,” said Mabuza. Since 2010, Eskom has had no less than eight chief executives and acting chief executive, including the likes of Brian Molefe, Matshela Koko and Sean Maritz all of whom left under a cloud. High hopes accompanied Hadebe’s appointment. His experience at treasury, and time spent overhauling the Land Bank, another embattled state owned entity, as well as his work in corporate finance at Absa, meant he was cast in the role of Mr. Fixit.
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Wimmer Financial in talks to finance lithium mine in Zimbabwe:
The demand for certain natural resources
found in Africa play a key role in electric products. For example, lithium is a
much sought after commodity found in many parts of southern Africa’s Zimbabwe.
A jump in global demand for electric cars and batteries has driven demand for
mined minerals such as lithium, graphite, cobalt and copper, a key component in
electric car batteries. “We see investment opportunities across Africa in
mining, oil and gas, green energy as well as real estate. We are currently
doing a deal in the lithium space. Lithium is what you need for batteries and
electric cars,” says Per Wimmer, a former Goldman Sachs banker and the founder
of Wimmer Financial LLP, a London-based corporate advisory firm. As the demand
for electric cars and batteries increases, so does demand for what goes into a
battery, which is lithium, graphite, cobalt and copper, Wimmer explains. These
elements are vital for new technology advancements and products, and are
therefore shaping demand and supply on a global scale.
North Africa- Egyptian companies score biggest increase in rankings:
Market capitalization for the region is
down to $98bn or 13% of the total, with the bulk of the market capital supplied
by the Bourse de Casablanca in Morocco and the Egyptian Exchange. Both the
Egyptian Exchange EGX30 and Morocco’s MASI Free Float indices are down by about
16% in local currency over the year to March 2019. The outlook for Egypt
is particularly positive, with stockbroker Exotic forecasting higher economic
growth (GDP) than in 2018, and lower inflation, interest rates and deficit in
the current account. According to the International Monetary Fund (IMF), the
prospects for Egypt’s economy are good with real GDP growth of 5.5% forecast
this year, rising to 6% by 2024. Egypt scored the biggest increase with
its share of the top 250 ranking rising from 34 companies in 2018 to 39 this
year. Moroccan companies though accounted for a bigger share by market capitalization.
The new entrants include healthcare (Cleopatra Hospital at #161), building
materials (Samcrete #184), banks and capital markets companies, distributors MM
Group (#244) and Egypt Chemical Industries (#248).Many Egyptian companies
scaled the rankings including hotels, banks, food, real estate, capital markets
and telecoms. The number of Tunisian companies in the ranking has shrunk
from seven to five. However leading beverages firm Society and industrial
conglomerate Poulina – whose iconic founder passed away earlier this year –
soared up the Top 250.
West Africa- Region holds many star performers:
Many of the star economies for 2019 and
future years are in the region, with growth set to benefit from relative
political stability, improving prices for oil and other commodities, and ever
closer links between the economies. Top real GDP growth in 2019 is forecast for
Ghana (8.8%), Côte d’Ivoire (7.5%), Senegal (6.9%), Benin (6.5%), Burkina Faso
(6%) and Niger (6.5%). Nigeria’s election in February, won by the
incumbent Muhammadu Buhari, has not brought stock market cheer and the NGSE
Main Index has slid steadily since. In April the IMF forecast 2.1% real GDP
growth, rising to 2.6% by 2024. It will be boosted by recovering oil production
and rising private demand. Excitement about economic growth in the
Francophone economies is not reflected in the market capitalizations and the
stock exchange indices, with the BRVM-Composite Index on the regional exchange
down 28% from March 2018.The high growth economies are linked by a shared
currency, with value pegged to the euro, a shared central bank and regulator,
and a dynamic regional stock exchange shared by eight markets. Growth in
Ghana is forecast to slow by 2024, meanwhile the Ghana Stock Exchange Composite
Index shows that investors are already cautious as it is down by 28% in the
year to March, after peaking in late April 2018.
African Women build businesses:
Across sub-Saharan Africa, ambitious women
are unleashing their potential by starting businesses. Tanzeel Akhtartalks to
successful female entrepreneurs from Nigeria and South Africa to find out about
their achievements and discover what motivates them. Female entrepreneurship in
sub-Saharan Africa is rising rapidly, with a number of ambitious women defying
the odds, going solo and unleashing their potential. In an increasingly
interconnected world, the rise in technology-based businesses is playing a
crucial role in narrowing the gender gap and pushing female entrepreneurship
forward. As national economies face stiff competition for specialist market
skills and resources, a number of startups are drawing international
interest. There are also a number of global initiatives supporting and
propelling female-run businesses on the continent. Speaking in March at a
dinner held by She Means Business, an initiative designed to empower female
entrepreneurs across Nigeria, Facebook’s policy programmers head in Africa,
Sherry Dzinoreva, said that the company would be intensifying its female
entrepreneurship training. But despite the launch of such initiatives there are
still a number of challenges women need to overcome. Across Africa, women are
prevented from pursuing a career in business through overt and hidden
discriminatory practices. In sub-Saharan Africa, at least 40% of the labour
force is female, according to the Pew Research Centre. However, 74% of women’s
non-agricultural employment is informal, in contrast with 61% for men. In the
private sector, African women hold 23% of positions at executive committee level
and just 5% of CEO-level jobs, according to McKinsey. Access to capital and
exclusion from male dominated business networks constrain women’s participation
in business.
Indian Ocean oil & gas: Africa’s next energy frontier:
There have been substantial discoveries of oil and gas in East Africa and the Indian Ocean in the last decade, but the full potential of the region has yet to be realized, asTom Collins reports. When, in February, Somalia’s ambassador to Kenya found himself bundled aboard a direct flight to Mogadishu after hasty instruction from the Kenyan government, it was clear that the long-standing Indian Ocean border dispute between Kenyan and Somalia had reached a new low. With both sides laying claim to a 100,000sq km triangle containing potential offshore oil and gas, the long-standing row – which was taken to the International Court of Justice (ICJ) in 2014 – was triggered once more after Kenya accused Somalia of auctioning off four contested blocks to bidders during a conference in London earlier this year. While the Mogadishu government strongly denies this claim, Kenya’s foreign affairs principal secretary, Macharia Kamau, hit back by saying. “This unparalleled affront and illegal grab at the resources of Kenya will not go unanswered and is tantamount to an act of aggression against the people of Kenya and their resources. ”As diplomats and ministers continue to trade blows, accusing one another of undermining national sovereignty and threatening regional stability, the standoff reminds the region of its lucrative hydrocarbon reserves and the high stakes involved in their exploitation. Substantial discoveries made over the past decade have drawn the focus of large international oil companies (IOCs) – some of whom are beginning to produce at established sites along east Africa’s India Ocean seaboard – and have triggered the interest of a flurry of smaller exploration companies and eager parastatals looking to pioneer the next big find. Africa’s Indian Ocean sits directly opposite the energy-hungry Asian markets of India, Southeast Asia and China.
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