Tuesday, 8 October 2013

The Richest People In Africa 2013

Nigeria, South Africa and Egypt lead the pack with the highest number of billionaires at 20, nine and eight respectively. Algeria, Angola, Zimbabwe and Swaziland only have one billionaire each. In all, there are 10 African countries represented on the list. Three women made it into the rankings. The richest of them is Folorunsho Alakija, a Nigerian fashion designer and oil tycoon worth some $7.3 billion by our estimates. Isabel Dos Santos, an Angolan investor and the daughter of Angolan President, Eduardo Dos Santos, together with Mama Ngina Kenyatta, the widow of Kenya’s first President, also made the cut. The youngest billionaires are Mohammed Dewji of Tanzania and Igho Sanomi, a Nigerian oil trader. They are both 38 years old. See full list below

1.

Aliko Dangote $20.2 billion Industry: Manufacturing Country Of Citizenship: Nigeria Age: 56 Marital Status: Married Africa’s richest man started building his fortune three decades ago after taking a business loan from his maternal uncle to begin trading in commodities such as flour, sugar, rice and cement. In the early 2000s, he started producing these items himself. His Dangote Group is now the largest manufacturing conglomerate in West Africa and owns sugar refineries, salt processing facilities, a beverage manufacturer and a string of cement plants across Africa. In October 2012, Dangote sold a controlling stake in his flour milling company to Tiger Brands, a South African manufacturer of consumer goods. He pocketed $190 million from the sale. Dangote’s biggest asset is Dangote Cement, a $20-billion (market cap) cement manufacturer with operations in 14 countries and an annual production capacity of 30 million metric tonnes. In June this year, South Africa’s Public Investment Corporation acquired a 1.5-percent stake in the company for $290 million. Dangote is also Africa’s most generous philanthropist. Within the last 12 months, he has given away over $100 million to causes ranging from youth empowerment to flood relief, religious causes and education. His younger brother, Sani Dangote, is Vice Chairman of Dangote Group. Allan Gray

2. Allan Gray $8.5 billion Industry: Financial services Country Of Citizenship: South Africa Age: 75 Marital Status: Married This media-shy South African moneyman controls two investment companies that collectively manage over $50 billion in assets. After Gray received an MBA from Harvard, he worked for eight years at Fidelity Management and Research in Boston before returning to Cape Town in 1973, when he founded Allan Gray Limited, now the largest privately owned asset manager in South Africa. It is also the most successful with assets under management at approximately $30 billion. According to inside sources at the company, Allan Gray’s global mandate share portfolio has achieved an average annual return of 28 percent since 1974. Keys to success include rigorous research and the consistent application of Allan Gray’s ages-old and time-tested investment approach of buying heavily into companies whose share price is less than their intrinsic value. Gray is also the founder of Orbis, an asset manager in Bermuda, which he founded in 1989. Orbis has over $21 billion under management. Gray’s son, William, is President of Orbis and equally serves as portfolio manager of the Orbis Funds. Gray and his family are the controlling shareholders of Allan Gray Limited and Orbis. In 2007, Gray endowed his Allan Gray Orbis Foundation with $130 million, the single largest charity gift in Southern Africa at the time. The foundation funds scholarships for poor but promising South African high school students. Mike Adenuga

3. Mike Adenuga $8 billion Industry: Oil, telecoms Country Of Citizenship: Nigeria Age: 60 Marital Status: Married Nigeria’s second richest man made his first fortune in his mid-twenties by distributing lace fabrics and Coca- Cola, and by handling lucrative government contracts during the regime of former Nigerian military President, Ibrahim Babangida. In the early nineties he founded Conoil Producing, an indigenous oil exploration and production outfit that was the first Nigerian company to strike oil in commercial quantities. Today, Conoil Producing’s assets produce more than 100,000 barrels of crude a day. Adenuga’s other holdings include Globacom, a Nigerian mobile telecommunications network that boasts more than 25 million customers in Nigeria and Republic of Benin. He also owns a 74-percent stake in Conoil PLC, a petroleum marketing outfit listed on the Nigerian Stock Exchange.

4. Folorunsho Alakija $7.3 billion Industry: Oil Country Of Citizenship: Nigeria Age: 62 Marital Status: Married Africa’s richest woman sits atop Famfa Oil, a Nigerian oil company that owns a 60-percent stake in OML 127, one of Nigeria’s most prolific oil blocks located at Nigerian offshore Agbami deepwater field. Daily production at OML 127 stands at over 200,000 barrels per day. Alakija studied fashion design in England in the eighties, returning to Nigeria to found Supreme Stitches, a Nigerian fashion label which enjoyed patronage from the more successful women in Nigerian high society. One of her clients was Maryam Babangida, the wife to former Nigerian military President, Ibrahim Babangida. Alakija is believed to have ridden on the crest of this relationship to acquire an oil block in 1993 at a relatively inexpensive price. Famfa immediately entered into a joint venture agreement with Star Deep Water Petroleum (a subsidiary of Chevron and Brazil’s Petrobas), ceding a 40-percent stake to the two companies. Famfa owned a 60-percent interest in the block until 2000, when the incumbent Nigerian president, Olusegun Obasanjo, forcefully acquired a 50-percent stake in the block, transferring it to the Nigerian National Petroleum Corporation – a government-owned oil company. Famfa Oil immediately went to court to challenge the acquisition in a case that dragged on for 12 years. In May 2013, the Nigerian Supreme court reinstated the 50-percent stake to Famfa Oil. Alakija also owns $200-million of real estate in the United Kingdom.

5. Nicky Oppenheimer $6.5 billion Industry: Mining, investments Country Of Citizenship: South Africa Age: 68 Marital Status: Married Diamonds are not forever. In November 2011, Nicky Oppenheimer made the momentous decision to sell off his family’s stake in De Beers, the world’s largest diamond producer, to mining behemoth Anglo American. The landmark $5.1-billion deal ended the Oppenheimer family’s eight-decade control of De Beers, which began when Nicky’s grandfather, Sir Ernest Oppenheimer, took over the firm in 1927 and consolidated the company’s global monopoly over the world’s diamond industry. In 2011, E Oppenheimer & Sons, the family-owned investment firm which Nicky controls, partnered with Temasek, the investment firm of the Government of Singapore, to form Tana Africa Capital, a $300-million private equity fund that invests in the fast moving consumer goods (FMCG) and agriculture sectors.

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6. Johann Rupert $6.1 billion Industry: Luxury goods and retail Country Of Citizenship: South Africa Age: 63 Marital Status: Married Johann Rupert is the chairman of Swiss-based luxury goods company, Compagnie Financière Richemont SA, which owns premium brands such as Cartier, Dunhill, IWC Schaffhausen, Piaget and Vacheron Constantin, among many others. It is the sixth largest company on the Swiss stock exchange and the third largest luxury goods company in the world. Johann’s father, Anton Rupert, founded a small cigarette manufacturing operation, Rembrandt, in his garage in 1941 with a £10-investment. Rembrandt became incredibly popular among young South African smokers and by the 1950s, was already one of the leading tobacco firms in the continent. Anton, ever the visionary, diversified from tobacco into the industrial and luxury branded goods sectors, splitting Rembrandt into two divisions: Remgro (an investment company with financial, mining and industrial interests) and Richemont (the Swiss-based luxury goods group). Johann is chairman and the largest individual shareholder in both companies. He also owns two of South Africa’s best-known vineyards, Rupert & Rothschild and L’Ormarins, and founded the Franschhoek Motor Museum, which houses his personal collection of over 200 antique motor vehicles.

7. Nassef Sawiris $5.2 billion Industry: Construction Country Of Citizenship: Egypt Age: 53 Marital Status: Married Nassef Sawiris is the youngest of the three sons of Egyptian billionaire and founder of the Orascom conglomerate, Onsi Sawiris. He heads Orascom Construction Industries (OCI), one of the largest companies in the North Africa region. In January this year, Nassef announced that OCI was exchanging all global depositary receipts of the company for newly issued shares of OCI NV on the NYSE Euronext in Amsterdam or in exchange for cash. A consortium of investors, including Microsoft founder Bill Gates, provided the $1 billion in fresh capital required to pay off investors. The overwhelming majority of the shareholders accepted the buyout offer, which subsequently led to the company’s delisting on the EGX. Nassef also serves as a director at Lafarge, the French cement giant, and the Dubai international Financial Exchange.

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8. Gilbert Chagoury & Family $4.2 billion Industry: Construction Country Of Citizenship: Nigeria Age: 67 Marital Status: Married The Nigerian-Lebanese industrialist and diplomat is a co-founder of the Chagoury Group, a large, multi-faceted Nigerian conglomerate with interests in manufacturing, construction, real estate, hospitality and healthcare. Gilbert was born in 1946 in Lagos by Lebanese immigrant parents. After studying at the College des Freres Chretiens in Lebanon, he returned to Nigeria where he kick-started his business career. In 1971 he started GrandsMoulins du Bénin Flour Mills, a milling company in Cottonou, Republic of Benin, which formed the foundation of the Chagoury Group. Today, the Chagoury Group owns five flour-milling companies in Nigeria and Republic of Benin. Chagoury’s milling operations collectively produce over 3,700 metric tonnes of wheat flour every day. The Chagoury Group also owns a glass bottle manufacturing plant and a plastic bottle manufacturing operation. Other assets include Eko Hotel, a five-star Hotel in Lagos, and Hotel Presidential, a five-star hotel in Port Harcourt. One of the newer companies within the group is South EnergyX, a real estate development company that is developing Eko Atlantic, a new $6-billion metropolis on land reclaimed from the Atlantic Ocean. When completed, Eko Atlantic is expected to provide residential accommodation for up to 250,000 people. Chagoury’s property portfolio also includes Ocean Parade, a series of 14 tower blocks overlooking a lagoon in Banana Island, Nigeria’s priciest residential community. Gilbert Chagoury’s career has not been without controversy. In 2001, in a British court, he admitted to helping the family of deceased Nigerian dictator, Sani Abacha, transfer $300 million into foreign accounts. He returned the money and was indemnified of charges.

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9. Nathan Kirsh $3.6 billion Industry: Real Estate, Distribution Country Of Citizenship: Swaziland Age: 82 Marital Status: Married Nathan Kirsh made his first fortune after he founded a successful corn milling business in Swaziland. He deftly reinvested his profits in food distribution and real estate. The bulk of his fortune is held in various property and distribution companies. His investment company, Kirsh Holding Group, owns a 50-percent stake in Swazi Plaza Properties – the company that owns the largest shopping mall in Swaziland. He also owns a 29-percent stake in Minerva, a London-based property developer, and a 63-percent stake in Jetro Holdings, which operates Jetro Cash and Carry stores and Restaurant Depots in the New York City area. Jetro enjoys a near monopoly in supplying wholesale goods to small stores and restaurants in the New York City area and had revenues of over $6 billion in 2013. Kirsh is also the largest individual shareholder in Magal Security Systems, a developer and supplier of control systems and intruder detection systems.

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10. Christoffel Wiese $3.4 billion Industry: Retail Country Of Citizenship: South Africa Age: 72 Marital Status: Married The South African businessman is the chairman and greatest individual shareholder of Shoprite, Africa’s largest discount retailer. After studying Law at the University of Stellenbosch, Wiese took up a job as an executive director at Pep Stores, a discount clothing chain his parents co-founded. In 1979, Pep Stores diversified into groceries through its acquisition of Shoprite, a small South African retail chain. When Wiese became chairman of the company in 1981, he changed the company’s name to Pepkor and made a series of acquisitions including Ackermans, a prominent clothing chain. He went on to list Shoprite on the Johannesburg Stock Exchange. He owns a 15-percent stake in the $7-billion (market cap) company. While his Shoprite stake remains his biggest asset, he also owns significant stakes in other Johannesburg Stock Exchange-listed companies, including Invicta Holdings, PSG Holdings, Tradehold, and private equity firm, Brait. Other assets include a private game reserve in the Kalahari and Lourensford Wine Estate.

Wednesday, 25 September 2013

A British national has been detained in the Kenyan capital of Nairobi, the UK Foreign Office has confirmed

A British national has been detained in the Kenyan capital of Nairobi, the UK Foreign Office has confirmed.

A spokeswoman said the FCO was "making contact to offer standard consular assistance".

It comes after reports in the Daily Mail that a man was stopped at Jomo Kenyatta Airport on Monday.

The paper said the man, who was stopped by passport officials, had bruising to his face.

Tuesday, 24 September 2013

#Kenya: Business Activities Dip After Westgate Attack

AFRICAN MAIL -Business activities have been paralysed in Nairobi’s Westland area following the recent attack at Westgate Mall over the weekend. According to local reports, many businesses –especially those close to the affected mall- remain closed while those that opened on Monday have reported traffic, forcing business owners to close shop early. This downturn in business activities could cost Kenya millions of Shillings in revenue. Business District Association Chairman, Daniel Gachuru said although Westland (which has since been declared a security zone) is the most affected area experiencing productivity drop; the whole Nairobi will be affected. “People might be back to work in other part of the city but productivity will be low as there are uncertainties hanging around,” Gachuru added. Meanwhile, shopping malls that opened on Monday have tightened security, as village markets closed down on Saturday for security reasons. Security concerns have been brought to the forefront as Westgate Mall – which is known for its attraction of shoppers, expatriates as well as middle and high income earners – was on Saturday subjected to attack by Somali militant group –Al-Shabaab. In the recent Global Competitiveness Index report, Kenya was ranked 131 out of the 148 countries examined in terms of guaranteed security business-wise. The attack may have a rippling effect on businesses in the country for a while. Already, the number of earning derived from tourism (one of Kenya’s main economic sector) has dipped to Sh96bn ($1.1 billion) in the 2012/2013 financial year compared to Sh103.9bn ($1.2 billion) recorded the previous financial year. Analysts warned that tourists may be discouraged from visiting Kenya in the coming months as a result of the attack. Kenya will therefore need to spend more on security to put investors at ease in order to promote economic development

Thursday, 19 September 2013

Egypt Spends $40m On International Tourism Campaigns

AFRICAN MAIL – Marred by a protracting political crisis, Egypt has set aside $40 million yearly to internationally market its resilient tourism industry which contributes about 6 percent of its GDP.

Since January 2012, the Ministry of Tourism has spent $10 million to drive publicity for the industry though the recent tensions and socio-political volatility aggravated by Morsi’s ouster have forced the Ministry to stop the release of fresh campaigns till the end of the year.

According to Daily News Egypt, newly elected tourism minister Hisham Zaazou had disclosed that the Ministry plans to attract 13.8 million tourists by the end of 2013, but lamented that meeting the target has become increasingly difficult since the overthrow of former President Mohamed Morsi in July.

In the month, Egypt witnessed a 24.5 percent year-on-year decline in tourism, with primary indicators increasing to 75 percent in August, according to report.

To rebound, Zaazou pledged in a strategic meeting with officials of UK-based holiday charter airline Thomas Cook, and Discover Egypt, that the Ministry would assist foreign organizations with their Egypt tourism marketing campaigns.

“We are studying the directives of Zaazou to support international companies with their marketing campaigns for Egyptian tourism, in addition to asking the Minister of Civil Aviation to decrease take off and landing fees at airports used for tourism,” said an official of General Authority to Stimulate Tourism.

The annual $40 million international marketing budget is funded by the private sector-created Tourism Fund.

Source : Ventures Africa

Wednesday, 18 September 2013

Nigerian wins World Muslim beauty pageant

JAKARTA (AFP) – A Nigerian woman tearfully prayed and recited Koranic verses as she won a beauty pageant exclusively for Muslim women in the Indonesian capital Wednesday, a riposte to the Miss World contest that has sparked hardline anger.

The 20 finalists, who were all required to wear headscarves, put on a glittering show for the final of Muslimah World, strolling up and down a catwalk in elaborately embroidered dresses and stilettos.

INDONESIA, JAKARTA : The newly crowned the Muslimah World 2013 Obabiyi Aishah Ajibola (C) of Nigeria speaks to audience during the Muslimah World competition in Jakarta on September 18, 2013. The finale of a beauty pageant exclusively for Muslim women was set to take place in the Indonesian capital on September 18, in a riposte to the Miss World contest in Bali that has drawn fierce opposition from Islamic radicals. AFP PHOTO But the contestants from six countries were covered from head to foot, and as well as beauty they were judged on how well they recited Koranic verses and their views on Islam in the modern world. After a show in front of an audience of mainly religious scholars and devout Muslims, a panel of judges picked Obabiyi Aishah Ajibola from Nigeria as the winner. While the event in a Jakarta shopping mall paled in comparison to Miss World on the resort island of Bali, in which scores of contestants are competing, Ajibola was nevertheless overwhelmed. Upon hearing her name, the 21-year-old knelt down and prayed, then wept as she recited a Koranic verse. She said it was “thanks to almighty Allah” that she had won the contest. She received 25 million rupiah ($2,200) and trips to Mecca and India as prizes. Ajibola told AFP before the final that the event “was not really about competition”. “We’re just trying to show the world that Islam is beautiful,” she said. Organisers said the pageant challenged the idea of beauty put forward by the British-run Miss World pageant, and also showed that opposition to the event could be expressed non-violently. Eka Shanti, who founded the pageant three years ago after losing her job as a TV news anchor for refusing to remove her headscarf, bills the contest as “Islam’s answer to Miss World”. “This year we deliberately held our event just before the Miss World final to show that there are alternative role models for Muslim women,” she told AFP. “But it’s about more than Miss World. Muslim women are increasingly working in the entertainment industry in a sexually explicit way, and they become role models, which is a concern.” Hosted by Dewi Sandra, an Indonesian actress and pop star who recently hung up her racy dresses for a headscarf, the pageant featured both Muslim and pop music performances, including one about modesty, a trait the judges sought in the winner. The pageant, which also featured bright Indonesian Islamic designer wear, is a starkly different way of protesting Miss World than the approach taken by Islamic radicals. Snowballing protest movement Thousands have taken to the streets in Indonesia in recent weeks to protest Miss World, denouncing the contest as “pornography” and burning effigies of the organisers. Despite a pledge by Miss World organisers to drop the famous bikini round, radical anger was not appeased and the protest movement snowballed. The government eventually bowed to pressure and ordered the whole pageant be moved to the Hindu-majority island of Bali, where it opened on September 8. Later rounds and the September 28 final were to be held in and around Jakarta, where there is considerable hardline influence. But there are still fears that extremists may target the event — the US, British and Australian embassies in Jakarta have warned their nationals in recent days of the potential for radical attacks. More than 500 contestants competed in online rounds to get to the Muslimah World final in Indonesia, one of which involved the contenders comparing stories of how they came to wear the headscarf. The contest was first held in 2011 under a different name and was only open to Indonesians, Shanti said, but after the media began comparing it to Miss World, it was rebranded as a Muslim alternative to the world-famous pageant. Because of its popularity, organisers accepted foreign contestants this year for the first time, with Iran, Malaysia, Bangladesh, Brunei, Nigeria and Indonesia represented.

Saturday, 7 September 2013

Steve Jobs Broke Every Leadership Rule. Don't Try It Yourself

Joe Nocera observes in The New York Times  that Steve Jobs
violated every rule of management. He was not a consensus-builder but a dictator who listened mainly to his own intuition. He was a maniacal micromanager. He had an astonishing aesthetic sense, which businesspeople almost always lack. He could be absolutely brutal in meetings: I watched him eviscerate staff members for their “bozo ideas.” . . . He never mellowed, never let up on Apple employees, never stopped relying on his singular instincts in making decisions about how Apple products should look and how they should work.

Likewise, Adam Lashinsky recalled in Fortune a few months ago the moment in 2008 when Jobs gathered the team that had developed the MobileMe e-mail system and demanded to know

“Can anyone tell me what MobileMe is supposed to do?” Having received a satisfactory answer, he continued, “So why the fuck doesn’t it do that?”

For the next half-hour Jobs berated the group. “You’ve tarnished Apple’s reputation,” he told them. “You should hate each other for having let each other down.”

Lashinsky went on to observe that “to Apple’s legion of admirers, the company is like a tech version of Wonka’s factory, an enigmatic but enchanted place that produces wonderful items they can’t get enough of. That characterization is true, but Apple also is a brutal and unforgiving place, where accountability is strictly enforced, decisions are swift, and communication is articulated clearly from the top. . . . Apple’s ruthless corporate culture is just one piece of a mystery that virtually every business executive in the world would love to understand: How does Apple do it?”

Not according to the usual rules, that’s for sure. In the words of Jeffrey Pfeffer, a Stanford University professor, “Most books about leadership read like the Scout manual: CEOs and top managers should be authentic, considerate, sensitive, and modest, as well as creative, smart, and strategically brilliant. All true –but not very useful in the real world, where the person in the corner office might be as approachable as the junkyard dog. Exhibit A: Steve Jobs.”

There’s a reason Steve Jobs is Exhibit A, and not even B or C. It is because his exceptional and unique vision and certainty of what he saw excused his tyrannical behavior. Or, no, they didn’t excuse it but made it necessary. And the power of his personality and the sweep of what he achieved meant that even after all his punishment of disappointing staff and others, all his berating of many of those around him, people at Apple were heartbroken to see him step down from the chief executive’s job this week.

Go ahead and behave the way he did yourself, as a CEO—as long as you’ve got all of Steve Jobs’ charisma, revolutionary vision, and innovative genius, along with his relentless drive and temper

Source : Forbes

Wednesday, 4 September 2013

Spar Group To Open Shop In Angola

South African retailer Spar Group Limited, says it will partner with an Angolan company in opening a store in the country’s capital, Luanda, in the next six months.

According to the group’s chief financial officer, Mark Godfrey, the group – the third largest retailer in South Africa – would be mostly responsible for product supply and logistics management.

Mr Godfrey said that the group’s board of directors decided that plans to effectively enter other African markets should involve a local partnership, which could offer key intelligence on domestic activities.

“We should make use of local partners without whom we’d be wasting time,” he explained.

The Pinetown-based group already boast a significant presence across Southern Africa with stores in Swaziland, Namibia, Mozambique and Botswana. It also controls 35 percent of Spar Zimbabwe, which is expanding to Zambia.

The South African Retail sector is the largest on the African continent Global Retail Development dominated by retail giants such as Pick n Pay, Shoprite, Woolworths and Spar. However, a margin squeeze on traditional retail products, driven by fierce competition in Africa’s largest economy’s retail industry has forced operators to turn towards neighbouring market in search of new markets.

Source Ventures Africa

CFC Stanbic Keen On Investing In South Sudan

CFC Stanbic, a subsidiary of South Africa-based Standard Bank Group, is keen to establish itself in the South Sudan private sector by providing core banking solutions needed to stimulate economic activities in the growing nation.

The bank which officially commenced operations in the war-ridden country mid last year revealed that its decision to enter the developing market was centred on plans to secure capital –via a rights issue – to fund expansion projects.

“We have a strong and long relationship with the people of South Sudan and its government and see our branch opening in South Sudan as a vote of confidence in the country’s future,” noted Greg Brackenridge, MD of the bank.

According to Sudan Tribune, the bank plans to offer a range of basic banking services, while creating new relationships with customers, organizations and investors as well as solidifying and enhancing existing ones.

CFC Stanbic, which has its roots in Nairobi, Kenya, has had several dealings with South Sudan’s government including occupying a major role in an $11 million credit line deal for state-owned Nile Petroleum Corporation (Nilepet), which enabled the firm to continue its importation of fuel into the country. It also signed a $100 million trade and foreign exchange credit recently with the government to boost economic activities across the country.

Analyst therefore believe the NSE-listed bank’s plan to fully enter the baby-economy will not only stimulate growth in the banking industry but also provide the needed skills and resources for diversifying the economy through investments in the Energy, infrastructure and Agricultural sectors

Global Competitiveness Index: Mauritius Beats SA As Africa’s Most Competitive Economy

Mauritius moved up nine places this year out-pacing South Africa in the Global Competitiveness Report 2013-2014, as the most competitive economy in Africa.

The country benefits from relatively strong and transparent public institutions with clear property rights, strong judicial independence, and an efficient government. Financial markets also deepened based on the improved access to different modes of financing and financial services.

Mauritius which ranked 45th globally is followed by South Africa (53rd), Rwanda (66th), Botswana (74th) and Morocco (77th) – as the most competitive economy in Africa.

Seychelles, Tunisia, Zambia, Kenya, Algeria, Libya, Gabon, Senegal, Ghana, Cameroon and Gambia ranks 80, 83, 93,96,100,108, 112, 113,114,115 and 116th positions respectively.

Egypt dropped 11 places from last year’s index, to the 118th spot while Nigeria dropped six placed to the 120th position globally.

Cape Verde, Lesotho, Swaziland, Tanzania, Cote d’Ivoire, Ethiopia, Liberia, Uganda, Benin, Zimbabwe, Madagascar all occupied the 122th to 132nd position accordingly while Mali, Malawi, Mozambique maintained the 135th, 136th and 137th positions.

Burkina Faso and Mauritania ranked 140 and 141 most competitive nation globally while Sierra Leone stands at number 144.

Angola re-enters the Index this year at number 142 while Burundi, Guinea, and Chad (all African countries) were ranked as the least competitive countries of the 148 countries surveyed.

Conversely, among low-income economies, Kenya makes the biggest improvement, rising by ten places while Nigeria continues to be ranked low, highlighting the need for it to diversify its economy.

Although the report indicated that great efforts need to be made to improve Africa’s competitiveness, it says Sub-Saharan Africa continues its impressive growth rate of close to 5 percent in 2012, providing something of a silver lining in an otherwise uncertain global economy.

Globally, Switzerland remains the most competitive country in the world for the fifth consecutive year

Tuesday, 3 September 2013

TOP 10 MOST BANKABLE/RICHEST ARTISTS IN AFRICA by FORBES & CHANNEL O

Channel O and Forbes Africa presents the top 10 most bankable/richest artistes in Africa. This list was put together using factors such as endorsement value, popularity, show rates, Sales, awards, YouTube views, appearance in newspapers, investment, social media presense, Influence and so many other factors.
The list shows the African artistes making the most money in Africa.

Check out the top10 list
1. AKON – CEO of Konvict Music, opened doors with other African artiste
2. DON JAZZY - Producer. CEO Mavin Records, Influential producer, MTN, Samsung and Loyal Milk endorsement. D’Banj, Kanye West, Beyonce and Jay Z on production credit.
3 P SQUARE – Music Duo. Featured on Forbes Africa twice, sold out concert, presidential guest in at least 5 African countries, they fly private jet…
4 D’BANJ – Music Artiste. International music brand, GO D Music deal, Sony Entertainment deal
5. WIZKID – Music Artiste. EME artiste, Starboy CEO, affiliation with Disturbing London, several international collaboration, highest paid Pepsi ambassador in Africa, ambassador of MTN
6. 2FACE IDIBIA – Music Artiste. 10million disc and at least 7million digital sale, multiple ambassador, one campaign… associated with Guinness, Haven Homes, Airtel Worldwide and philantropist – 2face foundation
7... ANSELMO RALPH - Music Artiste Samsung and Coca Cola ambassador, Angola prince, Perfume line, clothing label, multi million dollar tour bus, Sony artiste

8. SARKODIE – Rapper. Presidential youth ambassador Ghana, Sark clothing, Samsung ambassador, fan milk Ghana
9. ICE PRINCE – Music Artiste. Six million downloads, 2 studio owner, one foundation member, Plug N Play ambassador, Zamani foundation
10. BANKY W – Music Artiste. Co owner EME, Samsung Ambassador, Philanthropist, multiple award winner

(Published 01-September 2013) Do you agree with the list? Share your thoughts.

Tuesday, 27 August 2013

Barclays Agrees To $13m Kenya Oil Exploration Deal

AFRICAN MAIL–With Kenya on its way to becoming the first East African oil producing nation after discovering oil last year, petroleum exploration companies are vying for a position in the race to secure local production fields.

This became evident as Barclays bank agreed to fund, Marriot Drilling Africa Limited (MDAL), an oil exploration company and subsidiary of UK-based Marriot Drilling Group in a $13 million oil exploration financing agreement and said the funds will be used to acquire an oil drilling rig.

“Signing a financing agreement of this value reflects the ability and commitment of Barclays Bank to shoulder its responsibilities in financing the projects of leading companies which have a clear strategy,” the managing director Jeremy Awori said Friday in a statement.

According to Business Daily, the 5 year deal makes Barclays bank the first in East Africa to finance an oil exploration project, though other investment houses have struck deals to finance other oil support servicing projects.

Recently, Kenya-based multi business investment company, TransCentury, provided a Sh1 billion ($11.43 million) war chest for its engineering Civicon Group, to provide oil field services (OFS) support.

Similarly, Nigeria’s GT Bank acquisition of 70 percent stake in Fina Bank can be linked to a strategic foresight into penetrating Kenya’s oil and mineral sectors.

These alliances will help fasten the growth rate of the East African oil and gas industry as well as provide financial institution sand oil firms with a mutually beneficial collaboration.

It is also expected to shore up the fortunes of the financial houses such as Barclays – which recorded a H1 profit fall of 13 percent – and provide oil firms, which currently lack the funds to begin exploration.

Source : Ventures Africa

(SHOCKING)Two Kenyan Men have signed an Agreement To "Marry" The Same Woman

The woman had been having affairs with both men for more than four years and apparently refused to choose between them.

The agreement sets out a rota for Sylvester Mwendwa and Elijah Kimani to stay in her house and states they will both help raise any children she bears.

Mr Mwendwa told the BBC he loved the woman and said the contract would “set boundaries” and “keep the peace”. Lawyers said the “marriage” would only be recognised if they could prove polyandry – a woman having more than one husband – was part of their custom.

The BBC’s David Okwembah in the capital, Nairobi, says polyandry is not practised by any community in Kenya.

People have reacted with shock to the “marriage”, arguing that it is not acceptable in terms of their culture, religion or the law, he says.

Defending the “marriage”, Mr Mwendwa told the BBC Focus on Africa programme that while he may acting in breach of the law, he had decided to enter into a contract with Mr Kimani to end their rivalry.

“It could have been very dangerous if the other man would have come to her house and caught me… So our agreement is good as it sets boundaries and helps us keep peace.” ‘No jealousy’

Community policing officer Adhalah Abdulrahman persuaded the two men to marry the woman after he saw them fighting over her in Mombasa county, the local Daily Nation newspaper reports.

“We have agreed that from today we will not threaten or have jealous feelings because of our wife, who says she’s not ready to let go of any of us,” the agreement says, Kenya’s NTV station reports.

“Each one will respect the day set aside for him. We agree to love each other and live peacefully. No-one has forced us to make this agreement,” it adds.

Mr Mwendwa said her parents had given their blessing, while he is planning to pay the bride price.

The woman, a widow with two children, did not want to be named.

Mr Mwendwa told the BBC he did not marry the woman simply to satisfy his sexual desires but because he loved her and, most of all, her children.

“I have never been called a dad and her two children call me daddy,” he said.

He said he hoped to have his own children with the woman, but she would have to decide.

“She is like the central referee. She can say whether she wants me or my colleague,” he added.

Kenyan family lawyer Judy Thongori told the Daily Nation that the law does not explicitly forbid polyandry.

“The laws we have do not talk about it but for such a union to be recognised in Kenya, it has to be either under the statutory law or as customary marriage. The question we should ask now is whether these people come from communities that have been practising polyandry,” she is quoted as saying.

Sunday, 25 August 2013

Pastor Biodun Fatoyinbo Speaks On Ese Walter's Allegations Today In Church

Here is what the pastor said on the alter as reported by one of his church members, Seun Salami when he mounted the alter to preach this morning. Click below to see his tweets, but read from down upwards

Friday, 23 August 2013

Who Do You Think Would Win The Big Brother Africa  reality show?

The most popular TV reality show in Africa ends tonight,who do you think would win The Big Brother Africa  reality show? Melvin , beverly,Cleo, Dilish or Elikem

The winner goes home with $300,000

Wednesday, 21 August 2013

(AFROBASKETBALL )Talented Senegal team defeats Egypt on opening day

The 2013 FIBA Africa Championship tournament got underway Tuesday with a four-game slate featuring some of the weaker teams in the tournament. Both Senegal and Cote d'Ivoire are considered to have a chance to advance to next year's FIBA World Cup, however -- the worldwide competition and 2016 Olympic qualifying tournament.

Groups A and C were in action on Tuesday as the first of three round-robin games before the 16-team knockout tournament begins next Monday. There won't be any teams eliminated during group play, but seeding will be decided based on win-loss records throughout the rest of the week.

Mozambique 70, Central African Republic 66 --Neither team is expected to make much noise in next week's knockout tournament, but Mozambique used a 28-12 third-quarter advantage to pick up the victory in the first game of this year's tournament.

Mozambique had three players score in double-figures, led by Augusto Matos with 13 points and three assists. Veteran forward Octavio Magolico scored 13 points while competing in his fifth AfroBasket tournament and Fernando Mandlate rounded out the double-digit scorers with 11 points and six rebounds in 18 minutes of action.

The Central African Republic's team was led by Max Kouguere with 20 points. Kouguere played in France the past two seasons and enjoyed a brief stint on the roster of the New Orleans Pelicans' Summer League squad before taking over as CAR's top option in the AfroBasket tournament. Interesting fact about Kouguere? His nickname is actually "Air Congo" ... but, alas, he represents Central African Republic in international competitions, not his native Congo. Johan Grebong, a 19-year-old big man, scored 18 points and added seven rebounds as CAR's only other double-digit scorer.

Senegal 72, Egypt 70 -- Senegal was outscored 23-14 in the fourth quarter of their game against Egypt, but still hung on for a two-point victory. Ibrahima Mbengue hit a game-winning shot with just one second left in regulation as Senegal won their opening game in round-robin play.

Former NBA D-League role player Mouhammad Faye scored a game-high 20 points for Senegal to lead all scorers. Maleye Ndoye and Mamadou Ndoye, Senegal's two oldest players at 33, added 11 points apiece to round out the double-figure scorers.

Senegal features a few recognizable names in the front court, but none of them found success on Tuesday. Former NBA lottery pick Saer Sene had two points and five rebounds in 22 minutes, former Washington Wizards big man Hamady Ndiaye added four points, three rebounds and a block and former Cincinnati Bearcats big man Ibrahima Thomas picked up four fouls in 12 minutes.

Egypt was led by current Minnesota State-Mankato standout Assem Marei with 16 points and nine rebounds while Rami Ibrahim added 11 points on 3-of-5 shooting from beyond the arc.

Cote d'Ivoire 64, Algeria 47 -- The team more commonly known as hailing from the Ivory Coast coasted to a 64-47 victory over Algeria in their first game of round-robin play despite shooting worse than 38 percent from the field.

Former Rutgers center Mamadou Lamizana scored 13 points, grabbed six rebounds and added three blocks for the Ivory Coast while 6'2 guard Kinidinnin Konate found his way to a double-double with 11 points and 10 rebounds in just 19 minutes (much more efficient than the use of the letter N in his first name). Jonathan Kale, who played his college basketball at Providence, added 11 points in the win.

Algeria was led by Mohamed Harat with 14 points and eight rebounds while Sedik Touati added 12 points and 14 boards of his own.

Angola 75, Cape Verde 50 -- Angola took a 25-8 lead after the first quarter and never looked back, routing Cape Verde in a game they were expected to win.

Carlos Morais came off the bench for Angola to score 21 points and grab six rebounds, making five of his 10 attempts from beyond the arc. Carlos Almeida, Eduardo Mingas and Felizardo Ambrosio all added at least 10 points as well. Reggie Moore, a former Oral Roberts standout that has played in Angola since 2009, had three points, three rebounds and three assists before taking it easy in the second half.

Cape Verde was led by 10 points apiece from Kevin Coronel and Aldevino Lima. The team as a whole made just 2-of-20 attempts from beyond the arc, however, and was outrebounded by 13 -- seven of those coming on the offensive end.

***

The teams that competed won't be in action again until Thursday. Wednesday's games will instead feature eight new teams as Groups B and D play their first round of pool-play.

Tuesday, 20 August 2013

AngloGold battles costs at loss-making Ghana mine

ACCRA — The cost structure at AngloGold Ashanti’s flagship Ghana gold mine is unsustainable and the company is looking to make cuts to counter rising costs and falling production, CEO Srinivasan Venkatakrishnan said this week.

Production costs per ounce have more than doubled since 2008 at Obuasi, Ghana’s largest mine. A fall in gold prices this year has added to the financial strain and the Ghana unit is relying on its parent for funding. "Obuasi is currently making losses at the operating level," Mr Venkatakrishnan said.

AngloGold, Africa’s biggest gold producer, swung to a loss in its second-quarter results issued this month.

The company will spend $30m-$40m this year on a long-term plan to build a ramp to improve access to the ageing Obuasi mine and speed up mechanisation in a bid to raise production volumes and lower costs. "We are looking across the business at reducing costs and improving productivity by investing capital in the new ramp access," Mr Venkatakrishnan said.

The mine’s biggest expenses are payroll and electricity. Mr Venkatakrishnan said the company wanted to eliminate wasteful expenditures and was also considering worker layoffs.

Ghana is the second-largest gold producer in Africa and Obuasi is its most prominent mine. Mining is the top source of government revenue. The country exports gold, cocoa and oil.

"Government is very concerned about what is happening. They (AngloGold) came up with various options that are being considered and so we are waiting to hear what they intend to do," President John Mahama said in an interview on Monday.

Mr Venkatakrishnan said Obuasi produced 58,000oz during the second quarter at a total cash cost of $1,560/oz. It produced 357,000oz at $633/oz in 2008 and 280,000oz at a total cash cost of $1,187/oz last year.

The Ghana Mineworkers’ Union said AngloGold had notified it of 450 job losses to come out of a total workforce of more than 5,000 people, said senior union official Erik Gyima.

AngloGold merged with Ashanti Goldfields in 2004 but found maintaining the century-old mine cost more than expected, says a former AngloGold executive.

Tunisia PM warns opposition over anti-government demos

Tunisia's prime minister warned Tuesday that he would not tolerate any attacks on state institutions during planned protests to call for his Islamist-led government's resignation, state media reported.

"Ali Larayedh said there would be no hesitation or restraint faced with those who by terrorism, anarchy or rebellion carried out attacks on institutions of the state," the official TAP news agency said.

He was commenting on the week-long protests which the opposition are planning to hold.

Tunisia was plunged into crisis last month by the assassination of opposition MP Mohamed Brahmi, with a coalition of opposition factions calling for the formation of a non-partisan national unity government.

Larayedh's ruling Islamist Ennahda party has rejected the call.

The opposition National Salvation Front group plans to step up its campaign with nationwide protests demanding the coalition government step down, with what it has dubbed a "week of rage" from Saturday.

The planned rallies come amid political turmoil in Egypt where the army's decision last week to forcefully disperse supporters of ousted Islamist president Mohamed Morsi from the streets of Cairo left hundreds dead.

A leading figure in Tunisia's loose opposition group, Hamma Hammami, insisted at a press conference on Tuesday that the planned protests would be peaceful.

"We have not called for violence... just for peaceful sit-ins to get rid of the coalition in power and of officials appointed for their political affiliations and not their competence."

He said the opposition coalition would continue its protest campaign, adding that the authorities would be to blame for any violence.

Islamist officials in Tunisia have accused the opposition of trying to repeat what happened in Egypt, where Morsi's ouster in a July 3 popularly-backed military coup unleashed a wave of deadly violence and repression, notably of the deposed president's Islamist supporters.

The Tunisian opposition charges Ennahda has failed to take strong enough action against Muslim extremists accused of murdering Brahmi and another prominent secular politician, Chokri Belaid, in February.

But it also accuses the Islamist party of failing to improve the economic situation, a key criticism levelled against Morsi by millions of Egyptians who took to the streets before the coup calling for his resignation.

Kenyan male prostitution causes rise in sale of pampers – Police

Some tourists are believed to target young Kenyan boys for sex.

The Police in Kenya said Tuesday said they were battling to contain a new trend of commercial gay-sex tourism that targets young boys in the coastal towns of the country, the News Agency of Nigeria reports.

The reports monitored from a local radio station, quoted the police as saying the trend had caused the rise in the sale of pampers in the region due to the rising health problems among boys indulging in the act.

Malindi sub county Deputy Police Commissioner, Joshua Nkanatha, told Kenya local radio that boys from poor families were being lured into the trade by rich male tourists.

The Police official said the situation had lead to an increase in number of cases of HIV/AIDS spread in the area.

“A survey we conducted shows that boys engaging in sexual activities with male tourists are buying pampers because they can no longer hold their stool,” Mr. Nkanatha said.

Mr. Nkanatha, who spoke during a Public Baraza at HGM primary school, Malindi said male prostitution had become high in Malindi and contributing to increased cases of HIV and AIDS.

He urged educated and concerned members of the public to take up the responsibility of enlightening the youth about the health risks of engaging in the vice.

Malindi is a resort town on the outskirt of Nairobi, the Kenyan Capital which attracts Tourists from within and outside Africa.

(NAN)

Monday, 19 August 2013

Ten African Internet Millionaires To Watch

Africa may not yet have an Internet billionaire, but there are a handful of savvy African entrepreneurs who’ve built 7-and 8-figure fortunes by identifying and taking advantage of the opportunities on the continent’s web space.

Here’s a basic truth: In the next five to seven years, there’ll be an unprecedented explosion of Internet millionaires. A billionaire or two may even crop up. You never know. The signs are there. Massive broadband fiber optic cables are being laid everywhere from the West cost to the East, North and the South. Hungry techies everywhere from Nigeria to Ghana, Kenya and South Africa are building web-based companies providing simple solutions for some of our most daunting challenges and inconveniences. Some of the world’s most important investors are taking notice, and making huge bets. New York-based hedge fund Tiger Global Management, Swedish investment firm Kinnevik and Australia’s Seek.com.au have each made multi-million dollar investments in the continent’s Internet space, reinforcing the notion that the next gold mine could be Africa’s tech space.

A few people have gotten an early jumpstart on this, and they’ve made millions in the process. Here are ten people you should watch closely:

Abasiama Idaresit,Nigerian

Source: digital marketing

Idaresit, a Nigerian-born digital marketing expert, is the founder and CEO of Wild Fusion,one of Africa’s leading digital marketing agencies. Idaresit founded Wild Fusion in 2010 with no external funding and with a bootstrapped budget, transforming the company into a $6 million (annual revenues) digital marketing firm offering Internet marketing and digital strategy solutions to some of the largest international corporations operating in in sub-Saharan Africa. Wild Fusion’s clients include Visa, Vodafone,Samsung and Unilever as well as several large Pan-African corporations. Wild Fusion, which is on track to make $10 million in revenues this year, also has operations in Kenya and Ghana. Wild Fusion was also Google’s first Adwords certified partner in West Africa.

Justin Clarke & Carey Eaton, South African, Kenyan

Source: One Africa Media

Justin Clarke and Carey Eaton co-founded One Africa Media (OAM), Africa’s largest online classifieds group. OAM owns some of Africa’s most prestigious and lucrative online properties, including PrivateProperty.co.za, South Africa’s leading property website; Jobberman.com, West Africa’s leading job website; Cheki.com,West and East Africa’s largest online auto marketplace; and SafariNow, South Africa’s leading travel and accommodation booking website. In June 2013, Seek, Australia’s largest recruitment portal, acquired a 25% stake in OAM for $20 million, valuing the company at $80 million. OAM’s three major shareholders are Justin Clarke, Carey Eaton and Tiger Global Management, a New York-based hedge fund.

Jason Njoku, Nigerian

Source: Nigerian movies

Jason Njoku is the founder of iRokoTV, the world’s largest distributor of Nigerian movies, which has been dubbed the ‘Netflix of Africa’. iRokoTV operates a service that streams Nigerian and Ghanaian movies online for free, while users who want to gain access to newer content have to pay a monthly subscription fee of $5. The service has been successful so far and iRoko has over 500,000 registered subscribers. iRokoTV has raised over $10 million in venture funding from Tiger Global Management, a New York-based private equity and hedge fund run by billionaire Chase Coleman,and $2 million from Swedish investment firm Kinnevik.

Herman Heunis,Namibian

Source: messaging services

Heunis was the original founder of MXit, Africa’s largest social network and the continent’s first mobile instant messenger. About 20 million people in more than 120 countries across the world now use MXit. The service runs on multiple mobile and computing platforms. In September 2011, World Of Avatar, an investment company founded by South African millionaire Alan Knott Graig Jr., acquired MXit from Herman Heunis for over $50 million.

Adii Pienaar, South African

Source: WordPress Themes

Adii Pienaar, 28, is the founder of Woothemes,a company that designs and develops customizable commercial themes and plugins for WordPress. Adii built the business with a bootstrap budget, and the company today generates over $3 million in annual revenues from the sale of its themes. Woothemes also develops and sells themes for other content management systems, including Tumblr. He is now working on PublicBeta,a service that allows very successful entrepreneurs to transfer knowledge to new startups.

Ronnie Apteker, South African

Source: Internet services

The 45 year-old South African entrepreneur founded Internet Solutions,South Africa’s first Internet service provider, in 1993 shortly after the end of apartheid. The company provides its services to more than 70% of the companies listed on the Johannesburg Stock Exchange. In 1997, Apteker sold Internet Solutions to Dimension Data Holdings, an Internet, communications and telecom services provider, for roughly $65 million. Apteker is currently an investor in South African Internet startups such as Randgo.com, which offers benefits such as discounts, preferential treatment and access to stock offerings from South Africa’s leading brands. He is also a movie producer and writer.

Gary Levitt,South African

Source: Email marketing

In 2008, the South African-born entrepreneur founded Mad Mimi,an email service that allows users create, send, share and track simple, scalable communications such as branded emails and newsletters online. Mad Mimi boasts over 150,000 corporate users and sends over 1 billion messages every month. The company has over 20 employees and annual revenues of about $6 million. Levitt is the controlling shareholder of the company.

Ayisi Makatiani, Kenyan

Source: Internet services

Makatiani made his first fortune by co-founding Africa Online,one of the earliest Internet service providers in Africa. He founded the company in 1994, and Africa Online provided dial-up, leased line and wireless connectivity services in Kenya and around East Africa. In 2000, Makatiani sold a significant chunk of his shareholding in the company to African Lakes Corporation PLC of Britain, retaining a minority stake reportedly valued at $10 million. He now runs Fanisi Capital,an African-focused private equity and venture capital fund.

Njeri Rionge,Kenyan

Source: Internet Services

Rionge now runs Ignite Consulting, a successful business consultancy based in Nairobi, but she earned her first fortune from co-founding Wananchi Online, an Internet service provider which is now East Africa’s leading cable, broadband and IP (internet-based) phone company. In 2011, Emerging Capital Partners, an American private equity firm, acquired a 50% stake in the company for $26 million.

Source: Forbes

contributor :Mfonobong Nsehe

Thursday, 15 August 2013

MTN Hits 200 Million Subscriber Base

AFRICAN MAIL –South African telecoms operator MTN Group today revealed that its subscriber base has hit 200 million, significantly boosted by its 6.5 percent increase during the first half of the year.

During the period, the company disclosed that traffic volumes increased 26.2 percent and voice revenue grew 7.9 percent, adding that voice revenue now accounts for 63.7 percent of total revenue generated by the company.

In an official statement, the operator stated that the subscriber’s growth was supported by “increased network capacity driven by competitive data offerings and the success of hybrid and classic packages.”

According to the company, revenue for the six month increased despite being negatively impacted by tariff cuts in Nigeria and South Africa.

The strategy set off in 2012 which saw the business split into the key pillars of South Africa, Nigeria and the large operating companies’ clusters, “enabled more focused management and better execution of strategies across the various business units”, said MTN Group President and CEO Sifiso Dabengwa.

“We are grateful to our customers for their loyalty and distribution to the growth of the MTN brand over the years”.

“To this end, we would make significant investments towards education over the next 2 years as part of our corporate social responsibility goals”, Dabengwa added.

Looking ahead, the chief said the company’s vision and mission has positioned MTN well for further growth into the future.

Launched in 1994, the MTN Group is considered as an emerging mobile market operator with presence in 22 countries across Africa, Asia and the Middle East

Wednesday, 14 August 2013

UoPeople And Microsoft 4Afrika 2013 Scholarship Program: Apply Now!


Applicants from all African countries are invited to apply for the Microsoft4Afrika scholarship program. This is an exciting scholarship opportunity to study towards an associate degree at the University of the People (UoP) .Through this program UoPeople and Microsoft will support 1 ,0 0 0 African students to graduate with a world-class academic degree, helping to change the lives of the students, their families and communities and ultimatelytransforming the continent. Two degrees will be available via the 4Afrika Scholarship program with UoPeople: an Associate of Science in Business Administration (AS-BA) degree or an Associate of Science in Computer Science(AS-CS)degree. Scholarship recipients will alsobe eligible to further enhance their skills and work experience through participation in additional supportprograms,including mentorship, training,internship and employment opportunities at Microsoftand their partner companies. Eligibility All admitted applicants living in an African countryare invited to applyfor this scholarship program. Students wishingto applyfor 4Afrika Scholarships to attend University of the People must be at least 18 years of age Applicants must have a high school diploma and be proficient English,as all its coursework is English-language. They must also have access to the Internet to be able to participate in the online classes. To help address the connectivityissue, the companyis making available working space in its Microsoft Innovation Centers in Tunisia, Tanzania,Uganda and Botswana for successful applicants near those locations.In addition,Microsoft is working with various partner hubs across Africa to make similar arrangements for students in other locations. How to Apply Interested applicants should complete the UoPeople online application .Upon admittance to UoPeople, applicants will be invited to submita request for financial aid from the Microsoft 4Afrika scholarship program. Scholarships will be granted on a rolling admission basis over 5 terms in the year. This scholarship will be available for eligible students beginning their studies in Term 2 , 2 013 .Students wishing to begin their studies in Term 2, 2013 should complete their entire application no later than October 3 , 2 013 and will be informed of acceptance to UoPeople by October 2 4, 20 1 3. The next registration deadline would be December 1 2, 20 13 , with applicants informed of acceptance to UoPeople by January 2, 2 014 . Don’t miss this incredible scholarship opportunity –apply today!Read the FAQ, for details before applying. Deadline: October 3 , 2013 For more information and to apply,follow this link  Click here

Application For Peace Revolution Regional Fellowships in Africa

Applications are now invited for the Africa Regional Fellowships tagged ”Be the Peace Agent”: Discover the Treasure of Inner & OuterPeace from Africa. After successfully organizing two major events, last September, in Kenya and Nigeria, Peace Revolution is coming back to Africa to organize Regional fellowships for the first time in Africa. Each regional fellowship will bring together 25 young leaders to learn and exchange during three day retreat.Each fellowship will be an opportunity to engage African young leaders and supporttheir growth as change-makers in peace-building in their communities.The fellowships will include activities, meditation and workshops providing the participants with new skills and perspectives in peace work.Its main focus shall be on youth,peace and self-development. Details For East Africa, the fellowship will take place in Kenya from1 3th – 1 5th September 2 01 3 .Participants should be from Burundi,Djibouti, Eritrea, Ethiopia, Kenya,Rwanda, South Sudan, Somalia, Tanzania and Uganda. Deadline for East Africa: 20th August 2 0 13 For West Africa, ” Soyons des Agents de la Paix” fellowship will take place in Senegal from2 7th – 29th September, 2 0 1 3. Participants should be from Nigeria, Mali, Senegal, Sierra Leone, Togo, Mauritania, Niger, The Gambia, Ghana, Guinea, Guinea Bissau, Benin, Burkina Faso, Cape Verde, Ivory Coast and Liberia. For WestAfrica: 31stAugust 2 01 3 For Southern Africa, the fellowship will take place in South Africa from4th – 6th October 2 0 13 . Participants should be from Angola, Botswana, Lesotho, Madagascar, Malawi, Mauritius, Mozambique, Namibia, Seychelles, South Africa, Swaziland, Zambia and Zimbabwe. Deadline for Southern Africa: 31st August 2 0 13 What is covered by Peace Revolution Full sponsoringof airfare Free accommodation Free catering Free local transportation Costs: Meditation retreat fee of 75USD Participants are responsible for obtaining their visas in good time before departure to the host country of their region. Applicants should be 18 -3 0 years old .Only Africans living in Africa are eligible for the fellowships, Participants should apply for the Regional Fellowship where their eligible country is where they reside (even if they don’t originate from that country) Must have completed at least 14 days of the online self-development program. Complete the confine application online before the deadline of each fellowship. Be a young leader in a local,national or international organization Be able to communicate in English Pay a commitment fee of 75USD upon arrival Deadline: August 20, 2 0 13 For more information

Click here

Nigeria: A Country Too Corrupt To Be Given Aid Money

(By Michael Burleigh)

“It is at its most blatant, perhaps,in the oil industry, where 136 million barrels of crude oil worth $11 billion (£7. 79 billion) were illegally siphoned off in just two years from 2009 to2 011,while hundreds of millions of dollars in subsidies were given to fuel merchants to deliverpetrol that nevermaterialised.“

Nigeria is not quite the most corrupt country on earth.But according to Transparency International, which monitors international financial corruption, it is not far off — coming a shameful 172nd worst among the 2 15 nations surveyed. Only countries as dysfunctional, derelict and downright dangerous as Haiti or the Congo are more corrupt. In theory, Nigeria’s 170 million-strong population should be prospering in a country that in recent years has launched four satellites into space and now has a burgeoning space programme.

Frankly, we might as well flush our cash away or burn it for all the good it’s doing for ordinary Nigerians Moreover, Nigeria is sitting on crude oil reserves estimated at 3 5 billion barrels (enough to fuel the entire world formore than a year), not tomention 10 0 trillion cubic feet of natural gas. It also manages to pay its legislators the highest salaries in the world,with a basic wage of £1 22 , 000 , nearlydouble what British MPs earn and many hundreds of times that of the country’s ordinary citizens.

The oil industry is highly corrupt, with 13 6 million barrels of crude oil worth $1 1billion (£7 .7 9 billion) were illegally siphoned off in just two years from2 0 0 9 to 20 1 1 No wonder the ruling elite can afford luxury homes in London or Paris, and top-end cars that, across West Africa, have led to the sobriquet ‘Wabenzi’, or people of the Mercedes-Benz. Yet7 0 percent of Nigerians live below the poverty line of £1 .2 9 a day, struggling with a failing infrastructure and chronic fuel shortages because of a lack of petrol refining capacity, even though their country produces more crude oil than Texas. And that poverty is not for want of assistance from the wider world.

Since gaining its independence in 19 6 0, Nigeria has received $ 4 00 billion (£25 7 billion) in aid — six times what the U.S. pumped into reconstructing the whole of Western Europe after World War II. Nigeria suffers from what economists call the ‘resource curse’ — the paradox that developing countries with an abundance of natural reserves tend to enjoy worse economic growth than countries without minerals and fuels. The huge flow of oil wealth means the governmentdoes not rely on taxpayers for its income, so does not have to answer to the people — a situation that fosters rampant corruption and economic sclerosis because there is no investment in infrastructure as the country’s leaders cream off its wealth.

Nigerian police can often be easily bribed to look the other way in a country where corruption in Nigeria is endemic Corruption in Nigeria is endemic— from parents bribing teachers to get hold of exam papers for their children through clerks handed ‘dash’ money to get round the country’s stifling bureaucracy to policemen taking moneyfor turning a blind eye. It is at its most blatant, perhaps, in the oil industry, where1 3 6 million barrels of crude oil worth $ 11 billion (£7 .7 9 billion) were illegally siphoned off in just two years from 2009 to 2011 , while hundreds of millions of dollars in subsidies were given to fuel merchants to deliverpetrol thatnever materialised. Whether the country is ruled by civilians or soldiers, who invariably proclaim their burning desire to eradicate civilian corruption, itmakes absolutely no difference.

.

The military ruled Nigeria between 1966 and 1979 and from 1 983 to 1999, but if anything, corruption was worse when they were in charge since they had a habit of killing anyone threatening to expose them. It is estimated that since 1960 , about $3 8 0 billion (£2 4 5 billion) of government money has been stolen — almost the total sum Nigeria has received in foreign aid. And that even when successive governments attempt to recover the stolen money, much of this is looted again.

In essence, 8 0 per cent of the country’s substantial oil revenues go tothe government, which disburses cash to individual governors and hundreds of their cronies, so effectively these huge sums remain in the hands of a mere1 percent of the Nigerian population. Political power is universally regarded as a chance to reap the fortunes of office by the ruling elite and its families and tribes. The most egregious example was President SaniAbacha, a military dictator who ruled in the Nineties and accrued a staggering $4 billion (£2 .5 8 billion) fortune by the time he died of a heart attack while in bed with two Indian prostitutes at his palace in the nation’s capital, Abuja, in 1 99 8 . Abacha’s business associates did nicely, too — one of them deposited £1 2 2 million in a Jersey offshore account after selling Nigerian army trucks for five times their worth. Publicoffice is so lucrative that people will kill to get it. Nigeria has 36 state governors, 31 of whom are under federal investigation for corruption. In one of the smallest states, a candidate for the governorship occupied by one Ayo Fayose received texts signed by the ‘Fayose MSquad’ — and it was clearthe ‘M’ was for ‘Murder’ when they stabbed and bludgeoned a third candidate to death in his own bed. By the end of its term of office, the British Government will have handed over £1 billion in aid toNigeria. Given the appalling levels of corruption in thatnation, this largesse is utterly sickening — for the money will only be recycled into bank accounts in the Channel Islands or Switzerland. Frankly, we might as well flush our cash away or burn it forall the good it’s doing for ordinary Nigerians. ( source :Dailymail)

Monday, 12 August 2013

IFC Ramps Up Work in Morocco, Helping Drive Economic Growth

AFRICAN MAIL —IFC, a member of the World Bank Group, has doubled its investments in Morocco during the last year, supporting the growth of the country's private sector and helping create jobs.

During the 2013 fiscal year, which ended on June 30, IFC committed around $272 million in the country, up from $138 million in the preceding 12 months. Those investments were designed to bolster the financial sector, allow Moroccan companies to expand into new markets, and provide young people with the skills they need to find jobs. At the same time, IFC ramped up its advisory work, helping companies conserve resources, combat climate change, and resolve commercial disputes quickly.

“Morocco has tremendous economic potential, and the best way to unlock that is by supporting business, both large and small,” said Joumana Cobein, IFC’s head of the Maghreb region. “At a time when governments across the region are tightening their belts, the private sector must drive growth.”

To support that process, IFC and two funds managed by the organization invested $204 million in Banque Centrale Populaire. The investment will help the bank lend to a greater number of small businesses and allow it to expand into Sub-Saharan Africa, where many entrepreneurs struggle to get credit.

During the last year, IFC also invested $7 million in the Hautes Etudes de Management, helping the business and vocational accept more students, including those from low-income households. As well, IFC is spearheading a nearly $400 million facility that will provide loans to small business across the Middle East and North Africa, including in Morocco.

The organization is also working with a local partner to show companies how they can save water, reduce waste, and limit greenhouse gas emissions.

Teams are helping businesses improve their corporate governance and internal controls, which are vital for attracting investors. At the same time, IFC is supporting the practice of judicial mediation, which allows companies to settle commercial disputes quickly and amicably, outside of the court system.

IFC has also worked with one of the country's largest microfinance institutions, Fondep, to help mirco, small, and medium enterprises access credit.

The projects are part of a country-wide effort by IFC to support the private sector and drive economic growth. Since 2010, IFC’s investments in the country have increased almost 15-fold.

About IFC IFC, a member of the World Bank Group is the largest global development institution focused exclusively on the private sector. We help developing countries achieve sustainable growth by financing investment, mobilizing capital in international financial markets, and providing advisory services to businesses and governments. In FY12, our investments reached an all-time high of more than $20 billion, leveraging the power of the private sector to create jobs, spark innovation, and tackle the world’s most pressing development challenges. For more information, visit www.ifc.org.

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Severe drought taking heavy toll in northern Namibia

The arid hills of Namibia’s northwestern Kunene Region make for a harsh environment at the best of times. With agriculture limited by the region’s dry, sandy soil, most of the local population rely on livestock farming, leading a semi-nomadic existence dictated by the search for fresh pasture for their cattle and goats. But following two years of failed rains, pasture is almost non-existent; where there used to be grass, there is now little more than dust. “The drought is killing everything,” said Teemuime Mbendura, who lives in a Himba homestead, about one hour’s drive north of the regional capital, Opuwo. The Ovahimba are indigenous to northern Namibia and have largely managed to maintain their traditional way of life, including the women’s practice of applying a mixture of animal fat and ochre to their skin and hair to achieve a distinctive reddish hue. But increasingly erratic rains - which are expected to grow even more variable in the future, according to climate change predictions - are threatening the sustainability of their pastoral existence. Mbendura does not know her age - “Maybe a thousand years,” she says - but she is certain this is the first time in her life that the rains have failed for two consecutive years. “The old men used to consult the ancestors to ask for rain, but now there are no old men left at the homestead, and the younger ones don’t do this,” she told IRIN. The younger men are noticeably absent from the homestead, which consists of huts encircled by a makeshift fence. Most have taken their cattle to distant patches of pasture in an effort to keep them alive. “My husband is at the cattle post,” said Maikotoka Mbendura, pointing towards some mountains on the horizon. “He’s been gone two months. He left us with some maize meal, but it’s not enough. The children are hungry.” Mbendura is preparing a watery porridge for her three year old, using what is left of the maize meal purchased from the sale of a few cattle. “We’re worried the rest will die from the drought; some have died already,” she said, adding that the starving cattle no longer produce milk. National emergency Although northern Namibia has been hardest hit by the current drought, the entire country has been affected, according to Hellen Likanda, deputy director of the Directorate of Disaster Risk Management, which is coordinating the drought response. “People did not harvest enough food in all the regions,” she said. President Hifikepunye Pohamba declared the drought a national emergency on 17 May after an initial assessment found that 331,000 people were in need of food aid. That figure has since climbed to over 460,000 and continues to rise, said Likanda, who admitted that the 52,000 metric tonnes of maize meal already distributed by the government was not enough.

Egypt Protesters Remain Despite Dispersal Threats

(AFRICAN MAIL) Members of the Muslim Brotherhood and supporters of deposed Egyptian President Mohamed Morsi hold a giant poster of him on the first day of the Eid al-Fitr, Cairo, August 8, 2013. Supporters of deposed Egyptian president Mohamed Morsi are continuing their rallies to call for his reinstatement, despite warnings that the government may soon move to break up their protest camps. The two camps in Cairo have for weeks been a gathering place to speak out against the military's July 3 ouster of Mr. Morsi. Western and Arab mediators and some senior members of the Egyptian government have been trying to persuade the army to avoid using force to disperse the protesters, fearing a new wave of bloodshed. Officials had signaled action against the camps could begin as early as Monday, but at daybreak there was no sign of activity by security forces. Egypt's interim leaders had warned several times they would dismantle the sit-ins after the Eid al-Fitr holiday, which ran through Sunday. The protesters say they will not leave the sites until Mr. Morsi is reinstated. Many protesters, expecting an imminent security push to clear them out, have begun fortifying their positions. Vendors at Rabaa al-Adawiya have sold hundreds of gas masks, goggles and gloves to protesters readying themselves for police tear gas. Cement and wooden barriers have been constructed by protesters to keep armored vehicles from crushing the sit-in

Kenya Airways puts loss from fire at $4m

KENYA Airways CE Titus Naikuni said the airline had so far lost about $4m in revenue as a result of last week’s fire at Jomo Kenyatta International Airport in Nairobi, local media reported on Monday. The blaze in the early hours of Wednesdaymorning destroyed the international arrivals building, forcing East Africa’s fourth-busiest airport to close temporarily. Five days after the fire, passengers are still facing long delays and cancellations. "We have lost revenues of about $4m," Mr Naikuni told journalists at the airport on Sunday. Mr Naikuni was touring tents that have been erected as a makeshift terminal outside the airport in Kenya’s capital. He said Kenya Airways handled 9,600 passengers on Saturday at the airport, slightly short of the 11,000 travellers the airline usually ferries through Nairobi’s main airport each day. "The incident also left us with a huge pile-up, but we are catching up because we are at about90% of our normal flights," Mr Naikuni said. Reuters

Saturday, 10 August 2013

Africa’s Drinking Problem: Alcoholism on the Rise as Beverage Multinationals Circle

In Kenya,depending on whom you ask, John Mututho is either a hero or a villain, but in a country consuming ever more alcohol, he is certainly a household name. In 2010, Mututho won a battle with the beverage industry to implement Kenya’s first alcohol control act. It is known as “the Mututho law,” and honors his brother, who died as a result of alcoholism. After his brother’s death in 2007, Mututho dedicated himself to the issue with a focus and vigor rare in Kenyan politicians pursuing social goals. But instead of being celebrated, Mututho was punished. In the following elections this year, he didn’t even win his party ticket. A Nairobi social worker who focuses now on mopping up the damage of alcoholism, he chuckles fondly as he tells me this story, as if it encapsulates his country today. “Do we drink because we’re Kenyan or are we Kenyan because we drink?” he ponders. “That is the question.”

His concerns are not limited to Kenya. Africa has a drinking problem. It is the new darling of multinational beverage companies looking to drive profits in an increasingly booze-saturated world. The continent has the perfect emerging market conditions: a relatively small amount of commercial alcohol is being consumed; there is a rising middle class with disposable income; a huge market of young people is about to come of age; and there is an informal “moonshine” sector, up to 4 times the size of the commercial market, that governments would like to control.

But Africa is in no shape to cope with an influx of alcohol. Primary healthcare providers aren’t equipped to deal with the health effects. There is little or no recourse for irresponsible acts like driving while intoxicated. Chronic corruption means every new control measure is an opportunity for police to solicit bribes. While average per capita consumption figures (excluding South Africa) are very low, Africa has the highest proportion of binge drinkers in the world: 25% of those who drink, drink too much, according to the World Health Organization. Beverage companies dismiss that figure as poorly-sourced, and certainly the problem is under-researched.

Then there are the problems of demographics. The “youth bulge”—where a large share of the population is made up of children and young adults–helps ensure that many young drinkers are going to be unemployed. And the alcohol industry’s goal to get moonshine consumers drinking commercial brews is, according to critics, just a different version of the same problem.

One of the most vocal of those critics is Bill Sinkele. A former alcoholic originally from the U.S., he has worked for 18-years with some of Kenya’s most marginalized groups, from prostitutes on the coast to alcoholic kids in the capital’s slums. He has just concluded research in Kenya for the World Health Organization that shows underage drinkers know what brand they’ll drink well before they hit the legal drinking age of 18. “The alcohol industry is prepping these kids!” he says. Billboards in the capital Nairobi present the “Snapp Sisters,” three shimmering women who look like a young Destiny’s Child drinking Snapp, a sugary apple-flavored alcopop. The advertisements are aimed at women, a group in which, according to Sinkele, alcoholism is rising alarmingly.

Governments are starting to address the issue, not least because it could damage their growing economies. Twelve percent of those aged between 15 and 24 are hooked on alcohol, Kenya’s President Uhuru Kenyatta announced at the country’s second alcohol and drug abuse conference in June. He says the country faces a critical challenge. But there is a disconnect between policy and implementation. Members of the audience at the conference took turns to stand up and berate a senior police officer following a panel discussion. According to industry delegates, alcoholism, protection rackets, and the fallout from 24-hour drinking “canteens” are all problems that exist within the Kenyan police force. If that’s the case, they argue, what hope is there for implementing laws? The debonair officer was unruffled: “If our officers are doing that and you’re not letting their bosses know, then you’re not assisting,” he said.

One of the things Sinkele finds most astonishing is that multinational companies are getting tax-breaks for selling beer to people on the breadline. While governments in the West are considering minimum pricing standards for alcohol, in nearly a dozen countries across Africa, amidst soaring food prices, governments are applying tax-breaks to booze, which, according to the World Health Organization, kills more people than AIDS or tuberculosis. ”It’s better assisted suicide,” Sinkele says.

In Kenya, multi-national beverage company Diageo’s second-best selling beer, Senator Keg, is served in 300 ml servings for 25 shillings (around 30 cents). The company, which reportedly controls a staggering 97% of the beer market, until June enjoyed a 100% tax exemption on Senator to keep it cheap. “This gave consumers a safer alternative to unregulated and bad quality brews which often lead to fatalities,” Diageo’s Group Corporate Relations Director Brenda Mbathi says. Sinkele says the new Government realized the tax break was nonsensical, which is why they rescinded it.

Deflecting allegations of exploitation, companies are operating a host of social enterprises, which also secure large tax-breaks. SABMiller, one of the world’s largest brewers, has pioneered “Impala,” the first beer made from cassava, a tough, drought-resistant root grown across Africa that boosts local economies. SABMiller says the product was designed to compete with illicit alcohol, not necessarily to provide a social service. SABMiller is also selling a brand of “chibuku” in ten markets, a popular fermented brew with a gruel-like texture. “If governments are looking to encourage a low alcohol society, then actually beer ought to play a substantial role in that,” SABMiller’s Nigel Fairbrass says. Beverage manufacturers don’t want alcoholics, after all–they want loyal customers for life.

Alcohol consumption is likely to increase, as seen in South Africa, one of the world’s heaviest drinking nations. The wealthier demographic, “rising” Africans, will have the means to cope with it, but the rest, those Oxford economist Paul Collier calls the “Bottom Billion,” might not. In Mathare, one of the Nairobi’s notorious slums, people are forced to pick over rubbish alongside pigs. The Mathare river running the length of the slum is not a water source but a toxic waste-laden vein. On the river’s southern bank, the largest of four illegal moonshine distilleries runs 24-hours-a-day, seven-days-a-week. “It’s the cash crop of Mathare,” says James Anunda, taking time out from manning the scalding barrels of distillate. He is only 18-years-old, but his swollen fingers attest to five years in the business.

This 50-proof moonshine, known as chang’aa, tastes filthy but nearly everybody here drinks it. The distillery exports to the neighboring province, turns over close to $1 million per year and employs more than 100 people. The lucky ones become “tycoons” and employ younger men to “cook.” Others atrophy. The filthy black mud of the riverbank is dotted with casualties of chang’aa, those either red-eyed and unsteady or fast asleep. Workers at the distillery claim never to have produced a fatal brew. It is later, they say, when it’s mixed with embalming fluid, fuel, or even anti-retrovirals, that the problems start. Police come to Anunda’s distillery every day to collect an average of 1,200 shillings, around $14.50. Occasionally they stage a raid, then return the next day for their bribe.

On a given night, little tin shacks with no windows are filled with drinkers seeking escape from their lives. A dollar buys you eight watered down shots. Drinkers measure their alcohol capacity in shillings. “I’m a hundred and fifty, then, blackout,” one man says, demonstrating it with a flourish. His regular objective, he says, is to accrue sufficient funds to reach that point.