United Nations Sends Former President Obasanjo To Liberia.

The United Nations, UN Secretary-General, António Guterres has announced that he is sending former President Olusegun Obasanjo to support Liberia to peacefully transfer of power to a democratically-elected president.

The UN Scribe, who made the announcement yesterday in New York through his spokesperson, Stephane Dujarric, also welcomed the peaceful conduct of the second round of the presidential election in Liberia.
Liberians on Tuesday elected former football star George Weah as President making it the first time the West African country will peacefully transit from one democratically-elected leader to another in more than 70 years.

The statement by Dujarric read;

“The Secretary-General hopes that the will of the Liberian electorate will be respected and that a seamless transfer of power will take place within constitutional timelines”.

Guterres had requested Obasanjo, a member of the Secretary-General’s High-Level Advisory Board on Mediation, to travel to the capital, Monrovia, from Thursday, Dec. 28 to Saturday, Dec. 30 Dec.

Obasanjo, who is one of 18 global leaders, senior officials and experts on the high-level board created earlier this year to advise the Secretary-General on mediation and back those efforts around the world, has participated or led in mediation efforts in Angola, Burundi, Mozambique, Namibia and South Africa, among others.

Weird: Erosion collapses Cameroon highway into two, leaves travelers stranded

 

Many travelers were seen stranded after heavy downpour which led to erosion divided the Yaounde- Douala road situated about 70KM from Boumnyebel.

The erosion which took place ywsterday, have seen several journey cancelled, while the stranded travelers have been posting photos on social media, where a huge white truck can also be seen struck to the divided highway.

Dangote Has Been Rated Among 100 Most Powerful People In The World

Africa’s richest man, Mr. Aliko Dangote, President of Dangote Group, was among among the 100 most powerful people in the world rated weekend by Forbes Magazine.

Dangote, who is Africa richest man was listed at number 71 just above the top Republican Party contender for the US presidency, Donald Trump, who was listed at number 72.

President of Egypt, Abdel el-Sisi, was the only other African listed apart from Dangote and he was placed at number 49, under the defiant North Korean leader Kin Jong-un who was placed at number 46, while Igor Sechin of Rosneft and Ma Huateng were placed at 47 and 48 respectively.
The Russian Prime Minister, Vladimir Putin, sat conspicuously on the number one spot followed by the Prime Minister of Germany, Angela Merkel, who made the number two spot, pushing Obama to an embarrassing third position.

The list had other powerful people like Pope Francis occupying the fourth position just under Obama, while the Chinese Prime Minister, Xi Jinping, was number five on the list.

The world’s richest men, Bill Gates and Warren Buffet, were placed at number six and 13 respectively, while Christine Lagarde of the International Monetary Fund (IMF) placed 23rd on the list.

Last month, Dangote was named among the 50 world most influential personalities by Bloomberg, the renowned United States-based news media known for business and financial news reporting.

The group of personalities, chosen by the Bloomberg Market, consisted of CEOs, world leaders as well as religious leaders. As expected, Obama, Merkel and Pope Francis made the list with Dangote at number 41.

According to Bloomberg, those on the list “build companies and assemble fortunes.”

They run banks or hope to disrupt them. They shape economies and spread ideas. They manage money and wield the clout that goes with the billions of dollars they invest.

The Bloomberg said of Dangote: “The founder of Dangote Group, Africa’s most successful businessman, built his fortune in sugar, textiles, and cement in his native Nigeria where, today, he is a political as well as a financial power broker. He is expanding in other countries and may list his cement company in London Stock Market.”

Source: jumpfon

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Africa Produces Just 1.1% Of Global Scientific Knowledge

When Abdoulaye Djimdé returned to his home city of Bamako, Mali, after receiving a grant to set up his first lab, he naturally went to see the university’s finance office.

The conversation was not what he expected. Frustratingly, the grant, which had been transferred to the University’s bank account, had been mixed up with funds from various other sources. Eventually, after a small percentage had been deducted to cover the institution’s running costs, Djimdé was handed the remaining amount – some $20,000 (£13,000) – in cash.

That was 2001. Djimdé had returned to Mali after completing a PhD in malaria genetics at the University of Maryland. During his time in the United States he had authored ground-breaking research identifying the first genetic markers for chloroquine-resistant malaria, and a method for tracking drug-resistant malaria parasites in the field.


He was a world-class scientist, but obtaining access to his research funds had been an uphill battle and, with no systems for research procurement or accounting in place at the University of Bamako, Djimdé was tasked with setting up an internationally recognised genetics lab virtually unaided.

Nevertheless, Djimdé and many other leading researchers are convinced that the best place to do malaria research is in sub-Saharan Africa, where the disease is a massive health burden and there is a pressing need for better methods of prevention and new treatments. A key partnership for the lab was with the Wellcome Trust Sanger Institute in Cambridge, which meant that although the resources locally were scarce, he was able to sequence malaria parasite DNA by sending back samples to the UK.

Following the same logic, we should be doing Ebola research in Sierra Leone, basic science on HIV in South Africa, and malaria genetics in Mali. Why then are we more used to seeing the latest developments in these areas being pioneered in the universities of California, Oxford or Zurich, rather than KwaZulu-Natal, Accra, or Harare? Inevitably, it is down to lack of investment, by both governments and the international community, in research infrastructure, training and programmes. Djimdé is one of many African scientists who have gone to study at a non-African university, and – crucially – he’s one of the very few to have come back. It is common for a scientist to move around the world to do research, but not to move to Africa to set up a research base.

The figures are stark, and the task of developing African science and its future scientists is daunting. Government money is spent on development and security, not research and innovation. According to the World Economic Forum, Africa produces only 1.1% of global scientific knowledge. The continent has just 79 scientists per million of inhabitants compared to countries like Brazil and United States where the ratio stands at 656 and 4,500, respectively. Worst of all, of those scientists and engineers who are trained in Africa, most work elsewhere due to the lack of infrastructure and resources.

Under-investment has knock-on effects, both on the stability of the healthcare systems, as we saw in West Africa during the Ebola epidemic, but also on the economy. There are clear links between investment in basic science and innovation in the form of spin-outs and large-scale commercial research and development. Similar arguments are made all over the world, but so far in Africa they are not being won.

But one new organisation hopes to turn this story around. AESA (the Alliance for Accelerating Excellence in Science in Africa), of which I am the director, has been founded by the African Academy of Sciences and the African Union’s New Partnership for African Development as a body that will award research grants to African universities, advise them on financial best practice and develop a science strategy for Africa. Our vision is to make research an attractive, recognised career option in Africa, creating scientists who stay in the continent and can win their own grants to address local problems.

Initially we have been working in partnership with the Wellcome Trust, the Bill and Melinda Gates Foundation and the UK Department for International Development to develop our resources and capacity. The Wellcome Trust and BMGF are working towards handing over control of their African research funding programmes to AESA. The active grants in these portfolios total more than $70m (£45m). But the real story is the step-change in governance. AESA will be directing the strategy for future funding, convening decision-making committees of international experts, and providing advice on finance and grant management – all of which is desperately needed if money is going to be reliably spent on research.

Abdoulaye Djimdé is one of the first awardees. The University of Bamako has made great strides in the past 15 years, and Djimdé will be using a $7m award to bring sequencing capacity to Mali and regionally, creating the first permanent genomics hub in sub-Saharan Africa, and training the next generation of biomedical scientists across nine African countries.

But this is just the beginning. We are in discussions with African governments, African NGOs, the World Bank, European Union funders and others who are interested in committing expertise and resources to AESA. Our ultimate vision is to develop science across Africa, and, in turn, a knowledge-based economy. Djimdé, and the other world-leading researchers receiving research awards this year, are at the forefront of a revolution in African-led science. This time, no cash will swap hands.

(Tom Kariuki, an immunologist and biomedical scientist, is the director of the African Academy of Sciences’ Alliance for Accelerating Excellence in Science in Africa based in Nairobi, Kenya.)

Alassane Ouattara Wins Second Term In Ivory Coast Election

Ivory Coast’s President Alassane Ouattara has won a second five-year term with nearly 84% of the vote, electoral commission officials say.

Mr Ouattara won a total of 2,118,229 votes, or 83.66% of votes cast, the commission said. Turnout was 54.63%.

Several opposition candidates pulled out of the campaign, complaining that it was not free and fair.

The last vote in 2010 was bitterly contested and resulted in a civil war in which 3,000 people lost their lives.

Mr Ouattara required more than 50% of the vote to avoid a run-off. His closest opposition rival, Pascal Affi N’Guessan, got just 9%.
In the 2010 vote Mr Ouattara defeated then-President Laurent Gbagbo, whose refusal to step down triggered months of violence in which thousands of people were killed.

Mr Ouattara’s campaign this year centred around his economic programme. Critics accused him of failing to foster reconciliation or reduce poverty.

The 54% turnout was down from the 2010 first-round turnout of about 80%.

Source: jumpfon

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MTN Nigeria Fined $5.2billion For Poor SIM Card Registration Lessons Quality Of Service

MTN Nigeria has been fined US$5.2 billion for poor SIM card registration and its resultant poor quality of service due to congestion on the MTN network. The fine has already had a ripple effect on the share price of the entire MTN Group. Rightly so because MTN’s brand value was recently put at US$4.7 billion, so a $5.2billion fine is enough to make current and potential shareholders nervous.

Following the whopping and unusual US$5.2 billion fine, shares in MTN reportedly dropped more than 12%, which is the worst fall in more than 10 years. The fall is said to have wiped 44 billion rands (US$3.2 billion) off the company’s market value. That is a big blow to any company, not matter how huge.
It is unimaginable to think that the telecoms regulator in Ghana, would slap such a gargantuan fine on any telco in Ghana for whatever offense. The simple reason is telcos in Ghana are not as big as those in Nigeria. The population of Nigeria is huge so the telcos there have big subscribers numbers and they make way bigger money than those in Ghana. But the reason for the fine in Nigeria was bad SIM card registration, and that is where a line can easily be drawn between Nigeria’s and Ghana’s telecoms industry.

In Ghana today, vendors of telecoms SIM cards sell both unregistered and pre-registered SIM cards to people and the telcos are fully aware but they do not do much to stop it. It is not uncommon to find a vendor who offers pre-registered and activated SIM cards for a higher price and unregistered ones for a lower price. They know some people are not willing to go all the way to the offices of telcos to register their SIM cards, so the vendors have pre-registered and activated SIM cards in the names of unidentifiable persons (very often Nigerian names) and they sell to customers at higher prices.

But usually when they sell those cards, they would inform the buyer that if there was any problem with the card, the user cannot take it to the respective telco’s customer service centre for help because it would be discovered that the card was not registered in the user’s name. This is not a secret, and the telcos cannot pretend they are not aware their vendors are doing this. As a telecoms journalist, this writer has had several people reporting such issues to him, and he on several occasions reported to the telcos to deal with the issue as and when. But it keep recurring.

A simple REGULAR MYSTERY SHOPPING by the telcos could help them to put the fear of God in these recalcitrant vendors and stem bad sim registration. But they will not do it because those SIM cards are fetching them revenue, and they are comfortable, so proper sim registration can go to the dogs, who cares.

SIMBOX fraud

SIMBOX fraud is not a problem in Nigeria, but it is a huge problem in Ghana, denying the telcos and government tens of millions of dollars every month. It is largely blamed on the legally mandated 19 cents floor price for a minute of incoming international call. But the industry regulator, National Communications Authority (NCA) also maintains that one of the major reasons SIMBOX fraud thrives in Ghana is the loose customer acquisition practices of telcos, and that boils down to bad sim registration. The NCA’s argument is that if the telcos do proper sim registration, it will be difficult for the fraudsters to use local sims to terminate incoming international calls, even if they are motivated by the 19 cents.

Every SIM card is supposed to have an easily identifiable and traceable user. But with what the telcos vendors do, it is not easy to trace the persons behind a lot of SIM cards. That is however the smallest part of the problem. The bigger problem is how SIMBOX fraudsters get loads of SIM card in series activated on the networks of the telcos without proper registration. The telcos deny direct involvement in the activation of loads of SIM cards for SIMBOX fraudsters, but it is also true that not once has any telco named anyone whose name was behind a bad sim. They have also never named and shamed any vendor or staff identified to have helped in the activation of loads of SIM cards for fraudsters.

It is true that telcos are also losing money through SIMBOX fraud so it is hard to pin fraud directly on them as institutions. But the seeming laxity in the sim registration practices of the telcos’ vendors is not helping matters for their reputation and quality of service. Indeed, poorly registered SIM cards used in SIMBOX fraud usually create congestion in the surrounding communities of locations where the fraudsters hide their simboxes. The reason is, the SIM cards in the simboxes are usually in regular use and they interfere with other people’s calls getting through. That harms the quality of service and creates a bad reputation for the telcos, which could lead to sanctions by the regulator eventually. So the telcos have every motivation to invest a little time into wiping out bad vendors engaged in poor sim registration. It is important to repeat that a simple REGULAR MYSTERY SHOPPING will put the fear of God in such vendors and they will quit.

Consumer social responsibility

In Nigeria, it was consumers’ outcry and demands for sanctions that pushed the regulator to act decisively and harshly. In Ghana, the consumer is easily accused of being socially irresponsible because the average Ghanaian consumer would rather buy a pre-registered and activated sim at a higher price, rather than insisting on a properly registered one at the stipulated price. Secondly, the Ghanaian consumer does not raise the alarm strongly enough to push the regulator to act in a way that deters the telcos from sitting by and watching SIM cards registered badly.

The media can play a major role in this respect, but there is a symbiotic business relationship between telcos and the media, which often gets in the way of genuine consumer complaints through the media. Telcos are often given loads of “paid for” media space and airtime to make wild claims about their services without providing hard evidence. But consumers’ complaints are often either stifled or scrutinized meticulously for evidence, often with the telcos business with the respective media house in mind. The benefits media houses derive from telcos, by way of adverts, tend to override the real role of the media, which is to seek the interest of the poor consumer who cannot pay.

ICH

In a situation where telcos maintain such loose sim registration practices, and such relationships with media houses that largely over ride consumer interest, the regulator is fashioning ways to nib simbox fraud in the bud and thereby ensure improved quality of service. One of the ways the regulator proposes to do that is through the interconnect clearinghouse (ICH) policy, under which a clearinghouse is being established for all across-network communication traffic, with additional responsibility of revenue assurance for the state.

The revenue assurance role of the clearinghouse include practical and rigorous steps at fighting simboxing to ensure that even the loosely registered SIM cards being used in SIMBOX fraud would be detected much quicker and deactivated to stop the revenue leakage through bad sims.

The selected ICH operator, Afriwave Telecoms Ghana, recently explained to the Parliamentary Select Committee on Communications that they will use a three-step approach to deal with SIMBOX fraud. The steps are the test calls, CDRs profiling and localization approach. The test calls approach, which is the most aggressive, will involve generating 400,000 test calls from abroad to terminate in Ghana every month. All calls that terminate through a loosely registered SIM card in a SIMBOX will be deactivated.

This does not take away the 19 cents motivation for the fraudsters, but it is more aggressive than all of the five GSM telcos’ efforts put together. The five GSM telcos together, reportedly make less than 120,000 test calls a month, so 400,000 is more than three times what the telcos do, and therefore promises to get a much better result.

But the work of the ICH cannot start now because there is a court action against the implementation of the policy, and that has stalled any effort at shipping in the core infrastructure to install at the ready data centre to start work.

Speaking of opposition to the ICH, the telcos have publicly registered their opposition to the ICH and the way it is being implemented. They have raised several issues, which have been discussed in several previous articles. It would appear telcos in Ghana enjoy raising objections to almost every major step the regulator takes in the interest of the state. Telcos had issues with mobile number portability, then with sim registration, and now with ICH. Some of the issues telcos raise are genuine, but the seeming regular opposition to state policies is not helping the image of the telcos. The opposition to sim registration, for instance, seem to have influenced their whole posture to the bad registration practices by their own vendors.

It is time for the NCA to start getting tough again, particularly on the poor sim registration. If the telcos are failing to do simple regular mystery shopping to send the message to recalcitrant vendors that they cannot keep selling pre-registered SIM cards, then the NCA must hire people to do that and start sanctioning telcos whose sims are sold already pre-registered. If that starts happening the telcos will get down unto the streets and start putting the fear on God in their recalcitrant vendors. That will go a long way to stem the bad practice.

As a keen stakeholder in this industry, this writer is willing to assist in stemming this bad sim registration if only the lead stakeholders are willing and committed to the fight. It is a street fight.

By Samuel Dowuona

The Mobile Money Will Holds Huge Potential For Ghana - Derek B. Laryea

The Head, Research and Communications at the Ghana Telecoms Chamber, Mr Derek B. Laryea, has said the future of mobile money holds huge potential for Ghana if the current trend continues.

He said mobile money had already proven to be viable and sustainable, as awareness had increased, and additional payment options were being developed every day.

He said the growth of the service in the country would contribute to economic growth because it offered convenience and consumer protection while lowering the risks inherent in the informal economy and widespread use of cash.
Mr Laryea, speaking in an interview with Graphic Business, said mobile money would also act as a catalyst for formalising the economy and enable the government to have a broader view of transactions within the economy. The patronage of mobile money continues to gain momentum, as for the third year running the value of transactions saw an astronomical jump — from GH¢2.4billion as at 2013 to about GH¢11.6billion in 2014, according to the Bank of Ghana (BoG). The number of transactions has almost quadrupled since 2012; from 30 million to about 106.4 million in 2014.

Registered mobile money customers have also increased from 3,303,837 in 2013 to 5,424,650 in 2014, representing a 64- per cent increase, while the total number of subscribers also increased from 20,346,016 in 2013 to 21,721,814 in 2014.

Mobile money not replacing banking

A banking consultant, Nana Otuo Acheampong, also in an a separate interview, said mobile money was filling the gaps in the banking sector but not replacing banking.

“It will be economically suicidal for any bank to open a branch in a community of about 500 people whose major source of income is farming. Mobile money has, therefore, come to provide people in such communities a platform to send and receive money,” he stated.

He believed this was why people living in especially the rural areas had embraced the transfer of money through mobile networks since it was introduced in 2009.

He said mobile money had helped people living in urban areas to transfer funds to friends and families with ease within and outside their communities.

Mr Laryea, commenting on this, said mobile money was complementing banking and not competing with banking.

“Banks will continue to be banks while Telco’s will play their role as telecom companies. Thanks to the rigorous supervision of the regulator and the new Electronic Money Issuers (EMI) and Agent Guidelines, both sectors can play their respective roles and complement each other”, he stated.

The BoG recently issued new user guidelines which give the mobile money outfits of the various telecom companies some autonomy from their banking partners.

Under the new guidelines, the mobile money operators would be required to go for new licences that would make them independent financial institutions rather than just departments of the respective telcos.

The mobile money licences which were issued to banks to partner with the telecom companies will now be issued directly to the mobile money operators, and they will use the banks only as deposit agencies.

The mobile money brands will become separate financial institutions registered under different names but still owned by the respective telecom companies.

Mr Laryea said banks, however, still had a major role to play while the mobile money industry also had its role in the Ghanaian economy.

He believed there was enough room for both to co-exist as banks generally relied on traditional ‘brick & mortar’ infrastructure which creates a struggle to serve low-income customers profitably, particularly in rural areas.

“Mobile money can be seen as a cheaper option of expanding traditional banking to the unbanked using devices that are already in the hands of consumers”, he stated.

Source: Graphic

Ghana Rated Best Place To Buy A Fairly Used-Cars At A Reduce Prize

Ghana has been rated as the most price-friendly country when it comes to buying a used-car in Africa, despite the high rate of import duties and an unstable currency.

The average price of a used-car in Ghana is US$17,654, making it cheaper than Senegal’s US$18,923, Congo’s US$25,093, Cameroon’s US$29,598 and Rwanda’s US$34,259.

Carmudi, an online vehicle market place with offices in about 20 countries worldwide, analysed about one thousand used-cars listings in order to find out how much consumers are spending on used vehicles globally.
The study looked at used-car models aged 2008 to 2013 to provide insights into price differences across Carmudi countries.

The number of vehicle registrations doubled year on year between 2000 and 2010. During that period, Ghana’s economy grew at an annual rate of six percent. The current growth in car sales in the country stands at a total of 0.6 percent.

With the most competitive car prices in the region and significant economic growth, the study revealed that Ghana is experiencing positive developments in car sales.

The study attributed the boom in used-car sales to the country’s political and economic stability, saying: “Both Senegal and Ghana are rare examples of political and economic stability in an otherwise unstable West Africa. This translates into a positive environment for auto commerce.

“This domestic stability means that in Ghana, despite minor inflation problems, car dealerships will continue to be a major import industry for years to come.”

The study also revealed that buyers increase demand as they have extra income or can find lenders for car purchases to locate their dream vehicle. It said auto dealers are able to keep prices low for consumers due to predictable import duties.

Aside from a positive political and economic climate, resulting in competitive car prices, the purchasing experience too can be made better through new methods of online browsing and sales.

“With our website and mobile app, we see ourselves as providing an enhanced purchasing experience for buyers throughout Asia. With us, buyers are able to easily compare prices and find the best deal for them,” Kobina Amoo, the Managing Director of Carmudi Ghana said.

Source: B&FT
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Africa’s Richest Man, These Are The Five Things You Can Learn From Aliko Dangote

With a net worth of $16.5 billion, Aliko Dangote, of Lagos, Nigeria, is the richest man in Africa. To get a sense of just how staggering that figure is, consider that Dangote’s fortune is 2.9% of Nigeria’s gross domestic product. For comparison, the richest man in American history, John D. Rockefeller, had a net worth of 1.5% of the U.S. GDP in 1937. Take it a step further, and if an American had a net worth of 2.9% of the U.S. GDP today, that person would be worth $500 billion.

How does someone build such a massive net worth built, and what lessons can we learn?
1. Invest in what you know


Dangote learned from one of the oldest investing lessons in the book. Born in 1957, he was exposed to the entrepreneurial spirit at a young age. He was raised in Kano State, Nigeria, by his grandfather, who himself became one of the wealthiest men in the area selling commodities.

After graduating from Egypt’s Al-Azhar University, the 21-year-old took a $3,000 loan from his uncle and set out on his own, but he didn’t stray far from the family business. Dangote used the loan to import rice, sugar, and cement from overseas at wholesale prices and then sell locally at significant markups. This was a business Dangote understood thanks to his grandfather, and he was able to make the venture an immediate success. According to Warren Cassel at Investopedia, Dangote Group “had grown into one of the largest trading conglomerates operating in the country” by 1990.

2. Find companies that create value

Dangote’s business flourished for 20 years, but he saw the opportunity to shift directions, fulfill a dire need. and grow even more. Nigeria was at the end of a 15-year stretch of military rule, and the new president, Olusegun Obasanjo, had promised to protect local industry, which set the stage for Dangote to make his move. “In a country where imports constitute the vast majority of consumed goods,” the Dangote Group website states, “a clear gap existed for a manufacturing operation that could meet the ‘basic needs’ of a vast and fast growing population.”

Having begun as an importer and trader of commodities, Dangote already had a strong distribution network, so he had a distinct competitive advantage as his company transitioned into manufacturing flour, pasta, and sugar.

3. Harness the power of brands

The distribution network was an important piece of the puzzle, but as Dangote has said, “[T]o succeed in business you need to build a brand and never destroy it.” Whether it was a Donald Trump-like flair or a desire to capitalize on name recognition built from his years as a commodities trader, Dangote branded the products with his name.


SOURCE: DANGOTE GROUP WEBSITE.

The brand would be built on high-quality products at affordable prices — which is something that works as well in Africa as it does everywhere else in the world — and is now one of the most recognizable brands on the continent.

4. Focus on strong capital allocation

Building and maintaining a brand requires substantial investment. And if there’s one thing that stands out about Dangote, it’s his ability to successfully plow money back into his businesses. He has created the economies of scale that allow his company to sell products at cheaper prices than his competitors do. That’s something many CEOs attempt to do but only a handful do well. Warren Buffett and Jeff Bezos are two names that come to mind.

In 2000, the Dangote Group acquired a cement company from the Nigerian government, and by 2003, Dangote was ready to expand the business by combining a $479 million loan with $319 million of his own money to commission the largest cement plant in sub-Saharan Africa. Today, Dangote Cement Plc is valued at roughly $14 billion, which makes it the largest company on the Nigerian Stock Exchange and accounts for 25% of the exchange by market cap.

The successful reinvestment into Dangote companies is a consistent theme. It’s also happened by way of multiple expansions at Dangote Sugar, which has grown to become the second largest sugar refinery in the world. The company’s distribution network has grown from 600 trucks to over 1,500 since the late 1990s.

5. Embrace optionality

However, along with reinvesting into current business, what makes companies such as the Dangote Group special is their ability to move in multiple directions. The Dangote Group has ventured beyond its initial focus of cement, sugar, and flour and into real estate, telecom, steel, and oil and gas.

There are probably sectors Dangote won’t move into, but it seems as if nothing is off limits. That approach is what has allowed Dangote’s business — and his net worth — to grow so incredibly. Today, Dangote Group is a massive conglomerate generating $3 billion in revenue annually.

In Africa, Dangote Group is viewed as part folk hero — for reinvesting in and creating jobs on the continent — and part villain — as Dangote himself came from wealth and has potentially leveraged government relationships to establish unfair advantages. Dangote is a polarizing figure, but his story provides plenty of interesting business insights and investment advice. And since he’s just 58 years old, we can expect to hear plenty more from Africa’s richest man.


Source: The Motley Fool
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Nigeria has historically set the example; Developing E-Pay Economy

Nigeria has historically set the example for other African nations in terms of mobile adoption, internet infrastructure proliferation, and e-commerce. But the country’s mobile payment market is still in its nascent stages, despite the landscape of mobile users ripe for e-pay projects. Paga, the company at the forefront of the mobile payment market in Nigeria, has been making some investment-based moves towards elevating Nigeria’s e-pay economy, but the government is looking at ways to make it part of daily life as well.


Last week, the Central Bank of Nigeria (CBN) announced new plans to broaden its e-payment systems and proliferate mobile payments and cashless infrastructure. BizTech Africa reported that the CBN said the government is considering the introduction of mobile point of sale terminals running on carrier networks, aimed at making transactions easier. The government has started working with carriers, and targets making e-payment reliable despite varying wireless signal strength.

This work between government and carrier comes in tandem with financial investment from Paga which recently announced its completion of $13 million in series B financing. The company has been working to integrate itself with vendors and businesses so that Paga is the e-pay system through those merchants’ websites. Quartz reports that the company has grown its agent network to almost 9,000 and has handled transactions worth over a billion dollars. Its competition would be an entity like PayPal, but the youth of Nigeria’s e-pay market gives Paga the opportunity to establish itself broadly.

These moves to drive mobile payment schemes would only boost Nigeria’s already-profitable internet retail market. Jumia, one of Africa’s largest online shopping sites, is based in Nigeria and began its highly successful trajectory there. It has won awards in customer service and has set the stage for the promise of online retail in Africa, particularly as other countries expand their mobile user populations. As of 2015, Jumia has warehouses in 10 other countries: Egypt, Morocco, Kenya, Cote d’Ivoire, Uganda, Ghana, Cameroon, United Kingdom, Tanzania and Angola.

It is only a matter of time before Nigeria’s booming internet business sector adopts the mobile payment technologies needed to integrate the two. Indeed, as Africa’s largest mobile market, with high rates of mobile internet penetration, the integration seems like a no brainer. There have been obstacles to bolstering e-commerce, wireless reliability among them. But hopefully the aforementioned collaborations and investments will prove to elevate Nigeria’s e-payment market.

Source: blouinnews.com

Telecom Giant MTN Nigeria Fined A Record $5.2bn

Telecom giant MTN Nigeria has been fined a record $5.2bn by Nigeria’s Communications Commission (NCC).

MTN was fined for non-compliance with a deadline set by the NCC to disconnect all non-registered sim cards.

The move follows accusations by mobile phone users that the regulator had failed to bring operators to account for poor services to subscribers.

MTN Nigeria says it is studying the letter sent to it by the regulator and will respond soon.

MTN is one of the largest phone providers in Nigeria.
A senior official of the company said it was in talks with the regulator over the fine and hoped to resolve the matter.

Some Nigerians say they want the regulator to address poor network signals provided by telecoms companies in the country.

They want more sanctions on firms to encourage them to improve signals and the quality of service in the country.

Statistics from the NCC indicates that Nigeria, a country with estimated population of more than 170 million, has close to 150 million mobile phones.

Source: jumpfon

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Obasanjo Leads 135-Member Of ECOWAS Observer Team To Côte d’Ivoire Presidential Poll

Former President Olusegun Obasanjo is billed to lead a 135-member Economic Community of West African States (ECOWAS) Election Observation Mission to monitor the Côte d’Ivoire Presidential election scheduled for today, Sunday, October 25. The deployment of observer team is in keeping with the ECOWAS Supplementary Protocol on Democracy and Good Governance. The mission’s principal objective, according to the ECOWAS Commission, is be to ensure a smooth electoral process leading to free, transparent and credible election in that country.
The group will be supported by a technical assistance team from the Commission, which includes its President, Kadré Désiré Ouédraogo; the Commissioner for Political Affairs, Peace and Security, Mrs. Salamatu Hussaini Suleiman and the Director of Political Affairs, Dr. Remi Ajibewa. “The team will also comprise the Commission’s Head of Electoral Assistance Division, Francis Oké, and other staff of the institution. The 120-strong observation mission made up of short-term observers with varied and broad expertise from all ECOWAS Member States, except Côte d’Ivoire, will among others, consist of members of the ECOWAS Court of Justice, the Council of the Wise of the regional organisation, and Community Parliamentarians.

“The 120 short-term observers will join the other 15 long-term observers who are already in the country since October 10, 2015; thus bringing to one hundred and thirty-five (135) the total number of ECOWAS observers deployed to monitor this year’s Presidential Election in Côte d’Ivoire. The 15 long-term observers are specialists in security, gender, electoral operations, constitutional law and communication,” said a statement.

ECOWAS Commission also announced that the mission would include member states’ delegates, representatives of the region’s national electoral commissions as well as experts trained at the Accra-based Kofi Annan International Peacekeeping Training Centre.

It further said: “The observers will be deployed in all regions of the country to observe and monitor pre-electoral, electoral and post-electoral operations and issue a statement on the voting process. The observation will also focus on the regularity, transparency, fairness and smooth conduct of the presidential election.
“At the end of the election, the ECOWAS Observation Mission will express its opinion and, if necessary, make appropriate recommendations to the various stakeholders in the electoral process. This will be contained in a preliminary statement to be read by the head of mission, Olusegun Obasanjo, at a press conference scheduled for 26 October 2015 in the Ivorian capital.”

ECOWAS, however, called on the candidates, political party leaders as well as their supporters and followers to ensure that the election takes place in peace, tranquility, serenity and national cohesion.

Eight of the 10 candidates have been confirmed by the Ivorian Constitutional Council to run for the presidential election.

Source: Today

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Devalue Naira, IMF Urges Nigeria

1000 Naira Note

The IMF is pressing Nigeria to further devalue its currency amid uncertainty over the political and economic outlook for Africa’s biggest oil producer and economy a news agency has reported.

The report quoted Antoinette Sayeh, the International Monetary Fund’s Africa Director who had alleged that restrictions placed on 41 items access to foreign exchange was “quite detrimental saying that in Nigerians they “are already making it harder for the average person to buy milk,” at the IMF annual meeting that ended in Peru two weeks ago.
But Mrs Antoinette Sayeh openly avoided Nigeria reporters who asked her to name one country in the world that export crude and import refined products. She was also not forth coming when asked to name one country that would import anything that could be produced locally. Her assertion that it was becoming difficult for Nigerians to buy milk in the open market did not go down well with those who are familiar with the Nigerian situation at the Africa region press briefing. She called for a review of the restrictions and for officials to “permit the exchange rate to continue to adjust.”

Nigeria’s Central Bank devalued the naira by 8 per cent in November and then fixed the official exchange rate at N198 to the dollar, though it sells at N222 at exchange bureaus. The Central Bank has defended the naira by restricting access to foreign currency for 41 items that could be produced locally.

The International Monetary Fund IMF at the same annual meeting said that Exchange-rate devaluation which countries normally use during financial crisis could cause adverse effect on countries economy. In its World Economic Outlook released in Lima, Peru, it said: “Exchange-rate depreciation has generally been a useful buffer for countries experiencing growth slowdowns – and has already been substantial – but could cause adverse balance-sheet effects where there is foreign-currency borrowing”.

In his opening remark at the World Economic Outlook Press Conference Mr. Maurice Obstfeld IMF chief economist said “No single set of policy prescriptions is suitable for every country seeking to improve growth performance or build resilience.”

Source: Vanguard

Four Years After Muammar Gaddafi Died, Post-Gaddafi Libya Haunted By The ‘Dictator’s’ Absence

Four years after Muammar Gaddafi was killed in an uprising, the dictator’s legacy continues to haunt oil-rich Libya as it struggles to find its national identity.

He was also a major player in African politics—a grandson of Nelson Mandela is even named after him, in a country that was inspired—and funded— by his revolutionary credentials in its own struggle for liberation.

Mandela was key in ending Gaddafi’s international pariah status following the 1988 bombing of an aircraft. “Those who feel irritated by our friendship with President Gaddafi can go jump in the pool,” he said.

But he also divided the continent’s opinion—backing rebel leaders in West African countries and ruffling feathers as he sought to head a mooted United States of Africa, including by bankrolling the African Union, but many saw him as an African nationalist.

At an AU summit seven years ago, he nudged African traditional leaders into anointing him the continent’s “king of kings”.

But domestically, opinion is less forgiving.

“Gaddafi chose to build the idea of a state around his personality,” said Michael Nayebi-Oskoui, senior Middle East analyst at the US-based global intelligence firm Stratfor.

The dictator ousted and slain in October 2011, “used a military funded by oil to crush any opposition to himself, rather than build state institutions that could survive beyond him,” he said.

“It will be several years if not decades for Libya to create a national identity,” he said.

Libya, a largely tribal nation, descended into chaos after Gaddafi’s fall, with two governments vying for power and armed groups battling for control of its vast energy resources.

A militia alliance including Islamists overran Tripoli in August 2014, establishing a rival government and a parliament that forced the internationally recognised administration to flee to eastern Libya.

Months of UN-brokered talks to persuade the warring sides to agree to a peace deal and form a national unity government have run aground.

Taking advantage of the chaos, the Islamic State group has gained a foothold in Libya and people-smugglers are again ferrying illegal migrants from its shores to Europe on rickety boats and contributing to thousands of deaths.

But the focus remains on Gaddafi, the flamboyant strongman who called himself “Guide of the Revolution” and declared Libya a Jamahiriya or “state of the masses” run by local committees.

“He will make headlines for a long time because the regime he consolidated will need a long time to be undone,” an official with the Tripoli-based government said.

“Everything he left behind is corrupted: politics, the economy, society even sports, and we need to change from A-to-Z, all the legislation, all the rules and all the instructions,” he added.

Captured and slain

Gaddafi was captured and killed by gunmen in his hometown Sirte on October 20, 2011. Three days later transitional authorities announced the “total liberation” of Libya.

Known for his droning speeches and flashing bedouin-style robes, he ruled Libya four decades after leading a military coup that toppled a Western-backed monarchy in 1969. He died aged 69.

“There was no institutionalised state in Libya, leading to the chaos after his removal,” said Nayebi-Oskoui.

“He pitched tribes and regions and different ethnic groups against one another for decades, which is why Libyans and the international community have struggled to create a national identity in his absence.”

The expert believes that Gaddafi’s name and the consequences of his policies will continue to make news for years to come.

Last week Scottish prosecutors said they had identified two new Libyan suspects in the bombing of a Pan Am jet over the Scottish town of Lockerbie in 1988, which killed 270 people.

Scottish media named one of the two suspects as former intelligence chief Abdullah Senussi and the other as Abu Agila Mas’ud.

Senussi was sentenced to death in July for crimes committed during the uprising along with Seif al-Islam, Gaddafi’s son and one-time heir apparent, and seven other people linked to the slain strongman.

Mas’ud is reportedly behind bars in Libya, where Senussi has been in custody since 2012.

Scottish prosecutors said they are suspects in the bombing along with former Libyan intelligence officer Abdelbaset Ali Mohmet al-Megrahi, the only other person ever convicted in the case who died in 2012 protesting his innocence.

Admitted responsibility

Libya admitted responsibility for the bombing in 2003 and Gaddafi’s regime eventually paid $2.7 billion (2.4 billion euros) in compensation to victims’ families.

Gaddafi has left behind a “fractured nation,” said Nayebi-Oskoui, who expects that the policies he formulated would “extend for decades”.

The Tripoli government official agreed.

“He is still remembered despite his death and he will stay present among us until we can overcome the 40 years of chaos he has sown,” he said.

“I hope we won’t need another 40 years.”

Outside the walls of Gaddafi’s former Tripoli compound, meanwhile, street artists have left unflattering graffiti of the dictator and drawings, including one depicting him in a trash can.

“We used to be afraid even to look at the compound,” said Ahmad, a cigarette vendor who works nearby.

“Today, things have changed, of course, but the fear we felt still reminds us of him.

“Generations will pass before we can overcome the fear he instilled in us,” he added.

Source: Mail & Guardian Africa

President Muhammadu Buhari, Chimamanda Ngozi Adiche Nominated As Forbes Africa Person Of The Year

Peace Hyde named Judge for Forbes Africa person of the Year

TV Personality and Forbes Correspondent, Peace Hyde, has been shortlisted as one of the adjudicators for Forbes Africa Person of the Year 2015 scheduled to take place in Nairobi in November.

The Judging panel also comprises Chris Bishop, Managing Editor of Forbes Africa, Methil Renuka, Editor of Forbes Woman, South African-based political commentator, Aubrey Matshiqi and Joseph Bonyo, Editorial Manager- East Africa for ABN.

Forbes Africa Person of the Year 2015 celebrates “the individual who, for better or worse, has had the most influence on events of the past year.”

The selection process has been opened to the Public for one of the most highly anticipated events in Africa. Peace Hyde who recently joined the Forbes team as the Lead.

Correspondent for West Africa is also currently part of the largest mass media campaign targeted at educating young people and their sexual health, MTV SHUGA.

According to the Managing Editor, Chris Bishop, “Forbes Africa Person of the Year 2015 is a prestigious award that draws the eyes of the world. What I love most about this award is that the winners use the status to carry out good work in Africa that improves lives.”

The Nominees for the 2015 person of the year are:

• NKOSAZANA DLAMINI-ZUMA– African Union Chairperson, working towards a united and strong Africa. She has pushed the cause of women and that of land rights in 2015.

• MUHAMMADU BUHARI– President of Nigeria, new broom launching a fight against corruption.

• CHIMAMANDA NGOZI ADICHIE– Famed Nigerian author, weaving stories that present a true African picture to the World.

• ARUNMA OTEH– New Vice President and Treasurer of the World Bank, wants to lend power to the elbow of women in Africa.

• MOHAMMED DEWJI– Entrepreneur and philanthropist who spent the year strengthening MeTl Group, his family business employs tens of thousands of Africans and trades across the continent.


Source: Livefmghana

The Nigerian Mobile Money Leader Paga To Doubling Down On Building A Payments Giant

Despite its success in other parts of Africa, mobile money has not fully taken off in Nigeria, Africa’s largest economy. With its population of 170 million people and mobile penetration of around 80%, and low credit card penetration, the Nigerian market seems to be tailor-made for mobile money. But no one has been able to fully crack it yet—except Paga.

First on the scene with a license in 2011, after it was founded in 2009 by Tayo Oviosu, Paga has overcome the early lukewarm reception to mobile money in Nigeria. Now, its persistence seems to be paying off with the completion of $13 million in series B financing. It was backed by a raft of investors led by Adlevo Capital, with participation from Omidyar Network, Goodwell West Africa, Acumen Fund, and Capricorn Investment Group to grow the Paga mobile peer-to-peer platform. Last year, former Goldman Sachs economist Jim O’Neil, famed for coining the term BRIC nations, personally invested in the business citing its potential to transform millions of Nigerian lives.

Paga has since evolved from being a regular mobile money operator into a full-blown payments company. Just as users can send and receive cash via mobile phones—or other dedicated channels like a mobile app and automated lines—merchants, business owners and SMEs can also integrate Paga checkout payment processes on their websites as well as give their customers the option of paying through Paga’s mobile services and then receiving their payments through Paga’s agent network.

Aided by consistency of its messaging, the company has grown its agent network to almost 9,000 and has handled transactions worth over a billion dollars. It has done this against a backdrop numerous initiatives by traditional banks looking to break into the mobile payments market. While it has been able to hold its own from local competition, Paga faces another long-term threat with the entry of PayPal in the Nigerian market.

Nigeria’s mobile money struggles

Despite the best efforts of banks and telecoms companies, mobile money is still not Nigerians’ first choice for payments and Nigeria’s mobile money failings are similar to South Africa’s where despite being a runaway success in Kenya and Tanzania, M-Pesa has fallen flat after three launches. In Kenya, M-Pesa, started by Vodafone-owned Safaricom, dominates a largely unbanked population which has seen the number of mobile money accounts trump bank accounts, but in Nigeria and South Africa, traditional banks have invested heavily in inclusive mobile financial services, ensuring standalone mobile money operators face stiff competition. And it is not just the banks, telecommunications firms are also wading into the market, independently and in collaboration with other banks. Paga’s success in Nigeria is significant but when compared to M-Pesa, the difference in market terrain is clear.

Oviosu, the founder of Paga, says it will invest its recently raised capital in expanding its agent network.

Paga is also looking to partner banks and offer them use of its agent network. “Paga agents will act as human ATMs and bring significant convenience to customers of the banks who need to deposit or withdraw cash from their bank accounts without traveling far or waiting in long lines,” said Oviosu.

Source: Quartz Africa

Nigerian Medical Doctor, Freeman Osonuga May Be The First Black African To Go To Space

No black African has ever been in space but that could change soon.

Freeman Osonuga, a Nigerian doctor, recognized for his work as an Ebola volunteer, has been shortlisted as one of three young leaders to win an all-expense paid trip to space organized by London-based talent agency Kruger Cowne in partnership with One Young World and Xcor Space Expeditions. The plan is to send the selected leader to space putting this person in the global spotlight to help lead and promote issues of global importance.

Freeman Osonuga

The trip, which can cost up to $100,000 and is scheduled for 2016 will last for about one hour and before the trip, the winner will undergo G-Force training in the Netherlands to prepare them for their experience outside Earth.

Should he be selected, the space trip will cap off a whirlwind couple of months for Osonuga who recently completed a six-month long humanitarian mission to Sierra Leone as part of the AU’s Ebola Response Team for which he was a recipient of a Meritorious Service Award from Sierra Leone’s president Bai Ernest Koroma.

As an undergraduate and without significant financial support, Osonuga started his Heal the World Foundation which now provides free medical care to orphans and children with disabilities.

Osonuga is up against Keren Jackson of Ireland and Hussain Manawer of the United Kingdom. These three finalists will be flown to Bangkok next month where they will attend the One Young World Summit and also deliver a keynote speech on their topic of choice to the thousands of delegates present as well as a panel of global business leaders after which the winner of a space trip will be announced.

“If selected, I will be making Africa proud as the first black African to go to space thereby making history in the process,” Osonuga told Quartz. “Going to space is not the overall objective of the project. It is to be able to raise global conversations on issues that affect us all as inhabitants of planet earth such as climate change, global peace and poverty.”

White South African entrepreneur Mark Shuttleworth is widely acknowledged as the first African to go to space after a trip back in 2002.

It is not certain that Osonuga would in fact be the first black African, as South African DJ Mandla Maseko, is also in the running after winning a different talent competition in late 2013. But his mission has been pushed forward to sometime in 2016.

Source: Quartz Africa

African Music icon, DBanj Demostrate In Computer Village, becomes SLOT Brand Ambassador

HIP Hop maestro, Oladapo Daniel Oyebanjo, popularly known as D’Banj last week, put all activities at the popular device market, Computer village Ikeja, to a halt when he stormed the area to sign Ambassadorship deal with Slot systems. Not even the rain which started prior to the unveiling of the man known as the Koko Master by his teeming fans, was enough to deter the multitude of music lovers who wanted to catch the glimpse of their idol.



In his typical fashion, the show master, on arrival immediately climbed the roof top of his car, displaying his ‘no long thing’ symbol to the thunderous  applause of the crowd. He was later to be whisked away by a combination of plain clothed security men and mobile policemen to be able to move down to where he penned the deal.

Managing Director of Slot Mr. Nnamdi Ezeigbo admitted that it was a great pleasure and privilege to have D’Banj pen down a brand Ambassador deal with his company.

According to him: “This event is the celebration of partnership of two great brands, SLOT and D’banj. SLOT, is a household name for top quality phones and accessories. From having just one outlet in 1998 when we started, we now have 50 top notch outlets scattered around the country, and as part of our vision to continue to be Nigeria’s number one phone seller, we have decided to partner with a true Nigerian and African music icon, Dbanj, to be our brand Ambassador”.

D’banj is a singer-songwriter, harmonica player, and businessman. He has won several music awards, including the awards for Best African Act at the MTV Europe Music Awards 2007, Artist of the Year at the MTV Africa Music Awards 2009,Best International Act: Africa at the 2011 BET Awards, Best-selling African Artist at the 2014 World Music Awards, and Evolution award at the 2015 MTV Africa Music awards among others.

D’banj is the founder of Koko Foundation for Youth and Peace Development. He is also Nigeria’s first United Nations Youth Ambassador for Peace. Dbanj is a ONE campaign ambassador; he released the song “Cocoa Na Chocolate” in support of agriculture investments. ‘The song featured 18 other African artistes and won Best African Collaboration at the All Africa Music Awards in 2014.

He was recently applauded by World Bank Chief, Jim Yong Kim for using his music power and high celebrity status to bringing attention to serious and critical issues in Africa with special focus on agriculture and poverty alleviation.  Ezeigbo said that these achievements were also part of the reasons his company appointed him brand ambassador.


Source: vanguardngr

President Muhammadu Buhari To Run Oil Ministry

President Muhammadu Buhari has said he intends to remain in personal control of the oil ministry as he pursues an anti-corruption campaign.

He won elections in March partly on his tough stance on corruption.

He has vowed to trace and recover the “mind-boggling” sums of money that have been stolen from the oil sector.
Oil exports account for around 90% of Nigeria’s foreign currency earnings and because of low oil prices, the country faces tough economic challenges.



Mr Buhari, who took office at the end of May, is expected to announce his cabinet in the coming hours.

Over the last four months, he has been dealing directly with the top civil servants, who run the ministries.

He has already split the state-owned NNPC oil company into two entities in a bid to tackle corruption.

Issue of trust
The BBC’s Will Ross in Lagos says there had been plenty of speculation that President Buhari would put himself in charge of the crucial oil ministry.

He made the announcement at the UN General Assembly in New York, confirming that a junior minister would take care of the day-to-day running of the ministry while he took overall charge of cleaning up the notoriously corrupt sector.

The Nigerian leader said that in about 18 months he would consider whether to break up the NNPC further to improve efficiency and better root out corruption, Reuters news agency reports.

“We want to see what we have done in reducing the size and redeploying most of the management. We want to see the impact of that before we decide further,” he said.

In the 1970s and 1990s Mr Buhari held key positions in the oil sector so he has some relevant experience for the job.

Some of his biographical information
The 72-year-old is first Nigerian opposition candidate to win a presidential election

Military ruler of Nigeria from 1984 to 1985 until deposed in a coup

Poor human rights record during that time and a disciplinarian – civil servants late for work had to do frog jumps

Appointed petroleum minister in 1976 and then chair of the newly created NNPC state oil firm

Under Gen Sani Abacha in the 1990s, was chair of Petroleum Trust Fund that undertook development projects

A Muslim from northern Nigeria, he is seen as incorruptible

The president wants to recover stolen money and is also keen to ensure that those responsible for the looting end up in court, our reporter says.

Some analysts suggest he does not trust anyone else to do such an important job.

His list of cabinet appointees has be presented to the Senate for approval.