The United Kingdom is positioning itself to be the ‘investment partner of choice’ for Africa, holding a summit with leaders of 21 African countries on Monday, days before it leaves the European Union (EU).

Britain’s prime minister, Boris Johnson, who secured the country’s January 31st departure from the EU trading bloc is determined to enter into new agreements with other countries.

British companies run several projects on the African continent including smart street lighting in Nigeria and environmentally friendly breweries in Kenya. They have reportedly signed deals worth more than $7.8 billion ahead of Monday’s summit.

The UK government says it has signed 11 trade agreements with African countries, and is expected to unveil a new strategy for development in Africa, focusing on infrastructure and trade.

The Department for International Development says it is now focusing on digital technologies, green energy and women entrepreneurs.

Source: Africa News

MTN Group announced that Gordian Kyomukama has been appointed as the new MTN South Sudan CEO, effective 21 January. Kyomukama is a seasoned telecoms executive, with close to 30 years of experience in the sector, most of which has been with MTN. He started at MTN Uganda as part of the operator’s pioneer team and has also undertaken secondment opportunities in Rwanda, Cameroon and Ivory Coast, in the course of his tenure. Prior to returning to Uganda, he was Chief Technology and Information Officer of MTN Liberia.

In other changes, MTN Cameroon CEO Hendrik Kastee, will be leaving MTN at the end of March, due to personal reasons. He will serve out his notice over the next two months, and a successor will be announced when finalised. 

Source: Telecompaper

Tower Resources has been given more time to explore at the Thali license in Cameroon.

Tower said Wednesday that the country’s authorities had granted it a one-year extension to the initial period of the exploration phase of the Thali PSC as requested by Tower.

AIM-listed Tower further said that it has spent the last couple of weeks with finalizing preparations with Geoquip Marine for the MV Investigator geotechnical drillship vessel to conduct the site survey on the NJOM-3 drilling area prior to the start of drilling operations.

The MV Investigator vessel is already in Cameroon, where it has been performing some routine maintenance, and the vessel is expected to start work on the survey shortly, Tower said.

“When the survey report is complete the company will discuss the survey results with the drilling company COSL, with whom it executed an LOI announced on 28 August 2019, before finalizing arrangements for the well itself,” Tower added.

Jeremy Asher, Chairman & CEO, added: “We would like to thank His Excellency the President of the Republic, His Excellency Prime Minister Dr. Joseph Dion Ngute, His Excellency the Minister Gabriel Dodo Ndoke, together with their respective staffs, and of course the Société Nationale des Hydrocarbures, for their continued commitment to us and to the Thali project.”

The NJOM3 well is planned to be drilled to a total depth of 1,100 meters intersecting at least three reservoir zones already identified by the NJOM1B and NJOM2 discovery wells drilled on the Njonji structure by the previous operator Total.

The well is designed to confirm the greater reservoir thicknesses observed on the reprocessed 3D seismic in the up-dip area of the structure, and also evaluate additional reservoirs that were not present in the areas where Total’s wells are located.

The NJOM3 well is designed to supplement Total’s well data with a suite of measurement and logging tools and drill stem test (DST) flows to surface. The company’s intention is then to suspend the well with a view to subsequent completion as one of four initial production wells on the structure.

Source: Oedigital

The Kuwait Fund for Arab Economic Development (KFAED) sealed a loan agreement worth KD 5 million (around $17 million) to Cameroon yesterday. KFAED’s Deputy Director-General Nedhal Al-Olayan and Cameroonian Minister of Economic Alamine Ousmane Mey signed the agreement.

The deal was signed in the Cameroonian capital of Yaoundé, and the loan will be used in bankrolling a road project in this African country, the fund said in a press release. The project is intended to spur and stimulate economic and social development in Cameroon by means of revamping the road network in central and southern provinces, it said.

The loan makes up roughly 19 percent of the project’s total costs estimated at KD 26 million ($88.4 million), according to the release. It is the eighth loan provided by the KFAED to Cameroon as it had offered seven loans valued at a total KD 33 million ($78 million), it said, adding that the duration of the loan is 22 years with a grace of five years.

Kuwait Fund for Arab Economic Development (KFAED) is the first institution in the Middle East that took an active role in the international development efforts. The Kuwait Fund extends Loans on concessionary term to finance development projects in the developing countries. The Fund also provides technical assistance to finance the costs of the feasibility studies of projects, as well as the training of nationals of the borrowing countries.

Source: Kuwaiti Times

Cameroon has bowed to pressure from truckers and is dismantling illegal roadblocks and check points from the country’s port city of Douala to the Chadian capital of N’Djamena.  For more than a week, truckers refused to drive the route because of extortion at the checkpoints. Drivers have resumed full activity now that officials are listening to their complaints.

Cameroonian truck driver Ngaibai Bassirou drives his semi-trailer carrying building material out of the Ngaoundere truck stop in northern Cameroon on his way to the Chadian capital.

Ngaibai said after grounding his truck for 10 days he and 90 other truck drivers decided to resume deliveries because authorities in Cameroon are dismantling some of the illegal check points that extort money from him and his peers.

He said what made them very angry and stop transporting only basic goods like food and medication to Ndjamena was that they were spending up to $500 to pay their way through the many Illegal check points between Douala and Ndjamena and a similar amount on their way back.

Bassirou said truckers were surprised that after complaining to the government several times last year, the number of check points increased, and the money collected from truckers skyrocketed.  

The truckers began their protest on January 2.

Aashir Issa, vice president of Chad’s National Trade Union of Truck Drivers, said Cameroon should not only dismantle the illegal check posts but should also make sure people who create such posts are punished.

He said the government should make sure the police, gendarmes and customs officers who mounted the illegal check points answer charges in courts of law. He said the dismantling of 15 unauthorized control posts in a distance of 70 kilometers within 12 hours indicates how truck drivers were severely exploited and that they are ready to indicate to the governor so many other illegal check points where transporters are harassed to give money without receipts.

Kildadi Tagueke Boukar, governor of Cameroon’s Adamawa region, where Ngaoundere is found, supervised the clearing of the check points. He said some of them were created by Cameroon security services for what they described as strategic reasons, but that such reasons cannot undermine a decision taken by Cameroon and Chad to regulate transport between the two countries.

In January of last year, Chad and the Central African Republic dispatched senior customs officials to Cameroon to look into the problem of the illegal checkpoints.

Chad and C.A.R. businesses threatened to start importing and exporting goods through Cotonou in Benin, although Douala is the nearest ocean gateway for the landlocked countries.

In March 2019, the transport ministers of Cameroon and Chad signed an agreement recognizing only one security check point on the road between Douala and Ndjamena.

Cameroon’s ministry of transport said it has reduced the number of check points along the road by 75 percent, and officials have promised to dismantle the rest. 

Source: VOA

 The Bank of Ambazonia (BoA), the central bank for the Federal Republic of Ambazonia, today announced that it has constituted its Board of Governors and would soon begin financing strategic projects for the security and welfare of the Ambazonian people. The BoA is an all-inclusive, semi-autonomous informal financial structure, with credible representatives from the 13 Ambazonian counties and other constituent components of the Ambazonian revolution.

 “The response to the launch of the Ambazonia Freedom Bonds has been quite enthusiastic and the Board has just created a project committee, which will begin scrutinizing strategic projects for financing,” said Dr. Asa’na Akoh, Chair of the Board of Governors. “We are very pleased with the composition and quality of our Board members; who not only have financial, legal, management, communication and other technical skills; but above all, are completely dedicated to the liberation of our country.” 

 The Federal Government of Ambazonia (FGA) Treasury Bonds, popularly known as the “Ambazonia Freedom Bonds,” are fixed-interest rate public debt-based investments. Money is loaned to the Interim government by individuals or institutions in return for an agreed interest rate of twenty percent (20%). This debt security provides an investment avenue for Ambazonians and other willing investors to invest in the future of our nation. The minimum investment is two hundred fifty dollars ($250.00) and having a maturity of five years after independence. The bond will be payable in US dollars by the Treasury of the Federal Republic of Ambazonia to bond holders.

 The Bank of Ambazonia has floated three types of bonds – Defense, Humanitarian, and Diplomatic bonds. Each of these bonds costs $250.00 and yields the same dividends; but gives the investor the opportunity to finance any aspect of the Ambazonian revolution. 

 “We are appealing to all Ambazonians and other people of good will to help us finance this new nation by investing in one of our bonds,” said Chairman Akoh. “This is an excellent opportunity to do good while earning a return on your investment. The FGA has the obligation to pay the bondholder the principal and agreed interest at bond maturity. When you buy the Ambazonia Freedom Bonds, you are lending to the FGA for a specified period of time. These bonds are backed by the ‘full faith and credit’ of the Federal Government, and resources of the nation and people of Ambazonia.” 

 About the Bank of Ambazonia (BoA): The Bank of Ambazonia (BoA) is the central bank of the Federal Republic of Ambazonia. When fully constituted and empowered, it will serve as the nation’s reserve bank or monetary authority with responsibility for managing the currency, money supply, interest rates, and the commercial banking system. In its current iteration, it is an informal financial structure, not under the purview of any licensing authority.

 About the Federal Republic Ambazonia: The Federal Republic of Ambazonia, is a nation in the process of decolonization. The territory, which was previously referred to as the British Southern Cameroons, was supposed to have gained independence from Britain on October 1, 1961; but was effectively annexed by La Republique du Cameroun on the same day. After nearly six decades of colonialism, the territory declared its independence on October 1, 2017, as the Federal Republic of Ambazonia. Upon the declaration, Cameroun began the massacre of thousands of unarmed civilians. Ambazonians now comprise the largest refugee population in Africa. Help us stop the Genocide in Ambazonia!

23 workers of the National Refining Company, SONARA are reported to be answering questions from security officials following a blunder that almost led to another fire outbreak at the facility.

Reports have it that a leakage at the refinery’s technical department almost brought back memories of the May 31, 2019 fire disaster that has since left the company in difficulties.

23 workers of the technical department comprising the Exploitation and Maintenance units have since the January 7, 2020 incident been under fire as they are being grilled at the SONARA Gendarmerie Brigade.

With every one of the accused trying to absorb themselves of any possible blame, fingers remain crossed along the corridors of the company to see which heads will roll, this time around, especially given that the report of the Prime Ministerial probe into the May 2019 fire at the refinery is yet to be made public.

“At press time, no official statement had been released by SONARA. Simo Njonou Jean Paul, General Manager of the company, who has been away in Yaounde, The SUN gathered, is expected to be presented with the reports of the investigation, upon his return this week. Simo Njonou, no doubt is one facing tough times at the helm of a company whose glorious days appear to be slowly fading away,” the Limbe-based tabloid reports.

Cameroon-info.net recalls that the May 31, 2019 fire outbreak that brought down four of the 13 production units at the National Refining Company, SONARA cost the state hundreds of millions in FCFA.

Gaston Eloundou Essomba, Cameroon’s Minister of Water Resources and Energy had personally led a 40-man team to SONARA from Tuesday, June 25 to Thursday, June 27, 2019 and spent three wholesome days at the refinery. They spent the three days sniffing through files and documents at SONARA.

The probe was at the behest of the Head of Government who is yet to make public the results of the investigations he ordered. It is not known how this new situation will affect last year’s report as the nation holds its breath.

Source: Cameroon Info.Net

Authorities in Angola have ordered the freezing of assets held by former president Eduardo dos Santos’ daughter, Isabel, her husband and a business associate as part of a corruption probe, a copy of the order seen by Reuters shows.

The asset freeze follows an injunction application by the government, which is seeking to recover around $1 billion of funds that it says it is owed by Isabel dos Santos and her associates.

It is one of the highest-profile moves in an anti-corruption drive launched by President Joao Lourenço, who ended dos Santos’ nearly 40-year grip on power when he became head of state in 2017.

The road is long, the truth will prevail.

Isabel reassures employees

Isabel dos Santos, who owns stakes in companies including telecoms firm Unitel and financial firms, has denied wrongdoing during her father’s time in office.

“I would like to leave a message of tranquillity and confidence to my teams,” she tweeted on Monday.

“We will continue, every day, in every business, doing our best and fighting for what I believe in for Angola. The road is long, the truth will prevail. United we stand stronger.”

Ranked as Africa’s wealthiest woman by Forbes, Isabel dos Santos chaired the state oil company Sonangol – a crucial pillar of Angola’s oil-dependent economy – before being sacked by Lourenço in late 2017.

The court order, dated Dec. 23, said the asset freezes applied to Isabel dos Santos, her husband, Sindika Dokolo, and Mário Filipe Moreira Leite da Silva, chairman of Banco Fomento Angola (BFA).

It freezes their personal bank accounts in Angola, as well as their stakes in Angolan firms including Unitel, BFA and ZAP MIDIA.

Reuters was not immediately able to reach dos Santos, Dokolo or da Silva for comment on Tuesday.

The order said the central bank would be responsible for ensuring that no funds leave the personal bank accounts of the three accused.

The boards of directors of the companies subject to the asset freezes are responsible for ensuring no profits are transferred to the accused directly or through intermediaries, until a court makes a further ruling.

REUTERS

Debate on the future of the CFA franc in the six-member Central African Economic and Monetary Community (CEMAC) has intensified after it was announced last week that eight West African countries agreed to change the name of their common currency to Eco. They also severed the CFA franc’s links to former colonial ruler France.

The CFA franc used by west and central African states is considered by many as a sign of French interference in its former African colonies, and the main reason for the underdevelopment of CEMAC, which remains the poorest economic bloc in Africa. 

Louis Nsonkeng, a researcher and economic lecturer at the University of Bamenda-Cameroon, says when the Eco becomes legal tender, the eight West African states will have their financial freedom from the strong grip of former colonial master France. He says the six central African states that also use the CFA franc should immediately emulate the example of the west Africans.

“In 2017, the International Monetary Fund published the [list of] 10 richest countries in Africa,” Nsonkeng said. “None of the countries was from the CFA zone and most of these countries have their own currencies. If we discover that we don’t have the resources to manage a common currency, then we should dissolve the currency area. We should dissolve it and each country should decide on their own currency.”

Cameroon, Chad, Gabon, Equatorial Guinea, Central African Republic and Congo use the CFA franc. The CEMAC member states have more than 50 percent of their financial reserves kept in the French treasury, following agreements signed in 1948.

Thomas Babissakana, a Cameroon economist and financial expert, says such agreements drain the economies of central African states because France now uses the euro, yet France still controls its currency.

It is unthinkable, he says, that a country will claim it has its independence when its currency, which is an essential instrument for its economic policies, is controlled by a former colonial master. 

The CFA franc, created in 1945, is considered by many as a sign of French interference in its former African colonies, even after the countries became independent.

The CFA franc was pegged to the French franc until 1999, when its value was fixed at about 660 CFA francs to one euro.

Daniel Ona Ondo, president of the CEMAC commission, says the six member states’ economic growth rate is estimated at 3 percent in 2019 — up from barely 1 percent in 2018 — and inflation remains under control at less than 3 percent. He says the most demanding issue is to consolidate regional integration before thinking of currency reforms.

Fourteen west and central African countries divided into two monetary unions, ECOWAS and CEMAC, use the CFA franc. 

Source: VOA
 

French brewery group Castel is planning investments in the agriculture sector. On December 20, the CEO of the group, Pierre Castel and a delegation including the French ambassador to Cameroon Christophe Guilhou was received by President Paul Biya in Yaoundé. The aim of this audience was for Castel Group to present its investment programme. 

“The new investment programme presented by the CEO of Castel group to the Head of State focuses on the development of agriculture in order to reduce the importation of raw materials used to produce brewing products,” the presidency of the republic indicated.

For the time being, Castel indicates that 30% of its inputs are supplied in Cameroon. It currently collaborates with 6,000 local farmers that supply 30,000 tons of sugar and 10,000 tons of corn to the group’s local subsidiary SABC yearly.

Despite these supplies, 70% of SABC’s input needs still remain to be covered. The group’s CEO has not yet revealed the specific details on these new investments but, it can be guessed that the targetted sub-sectors are corn and sugar used in the production of brewery products.

Castel indicates that its yearly investments in Cameroon are estimated at XAF35 billion and it generates 15,000 direct jobs and 35,000 indirect jobs.

Source: Business in Cameroon