<h2 class="wp-block-heading" id="h-south-african-airways-saa-is-poised-for-growth">South African Airways (SAA) is poised for growth </h2>



It has now been nearly two years since SAA emerged from its business rescue process in 2021, a process that led to an extensive restructuring in all key areas of the business. This reorganisation and subsequent changes are beginning to bear fruit.&nbsp;



After emerging from the business rescue process, SAA resumed flights in September of the same year, beginning with just three routes (which grew to ten routes by the end of December last year). SAA has since operated nearly 9,000 commercial flights, delivering more than 1.2 million seats.&nbsp;



The one key point that stands out is customer affinity to our brand, SAA is a strong brand across the globe and our presence was missed. We do not take for granted the return of our customers and the SAA team is committed to providing the customer experience attached to our national carrier status, SAA is truly the spirit of our nation.&nbsp;



It may certainly be difficult for those outside the airline to see just how dramatically SAA has shifted. I am saying this cognisant of various analyses and views, most of which are highly negative. But, from where I am sitting, SAA is well poised for survival and growth in the medium term.&nbsp;



<h2 class="wp-block-heading">We are not talking about the same airline</h2>



Are we the same airline that we were before we went into business rescue in December 2019? No. Not in terms of the size of our fleet, our route, or our staff complement. And in many ways, that is a good thing.



SAA the airline now has a staff complement of approximately 1,000 people &#8211; a fraction of the pre-business rescue staff size. We have seven aircraft, and since December, we now operate ten routes, excluding the destinations we reach through our codeshare agreements.&nbsp;



The massive, unwieldy giant has been replaced with a smaller airline that expands cautiously. In a departure from the SAA of the past, every new route is considered carefully to ensure profitability and long-term sustainability.



<h2 class="wp-block-heading">Our finances tell a promising story of recovery</h2>



Our financial performance has improved significantly and the third quarter financial results of SAA the airline were positive. It is important to note that SAA is a group of companies, the different companies’ results are consolidated and were marginally negative at the end of quarter 3, while the airline entity results were positive. There appears to be confusion in terms of whether SAA has posted positive results or not, the question is which SAA we are talking about.&nbsp;



It is an important milestone to achieve positive results, considering the airline had posted significant losses for several years and was the very entity that was placed in business rescue, nearly leading to the collapse of the entire airline group.&nbsp;



The airline business is capital intensive and it is important that it generates cash on an ongoing basis to fund working capital and capex. This aspect remains a balancing act, but we are glad that in the 2023 Budget Speech, Finance Minister, Enoch Godongwana announced R1bn allocation for SAA. Of course, this will be used to cover outstanding business rescue-related liabilities, specifically those relating to the final dividend payment to creditors and the refund of legacy un-flown tickets to affected passengers &#8211; which date back to the period when SAA was placed in business rescue in December 2019. The airline will continue to negotiate with National Treasury for the balance of the funds and ensure the airline meets all the conditions that may need to accompany the flow of these funds.



As with many airlines, at SAA we plan to increase our fleet size as we pursue growth and return to destinations we once serviced and/or new destinations.&nbsp; The growth in fleet and routes will contribute to the improvement of the bottom line as any increase in flying activities will enable offsetting the existing already optimised overhead structure without overly increasing the costs.&nbsp;



<h2 class="wp-block-heading">SAA is more than just an airline</h2>



Next year, SAA will celebrate 90 years in the sky. That is nearly a century of excellence in aviation, an unparalleled track record, and &#8211; it must be emphasised &#8211; a contribution to growing critical aviation skills on the African continent. Indeed, there are not many pilots and aviation professionals in South Africa, who have not, at some point, worked at SAA.



It is not an understatement to say that SAA has probably contributed to the growth of aviation on the continent more than any other airline &#8211; nurturing a cohort of expert pilots, housing rare skills and connecting places in Africa, that, in some cases, did not enjoy direct air connections before. From connecting governments on diplomatic missions to business engaging to striking game-changing deals, the impact of SAA cannot be underestimated.



This is a role that SAA has always played, and while it has admittedly diminished as we work to rebuild and streamline the airline, it is the space that we will undoubtedly reclaim in years to come.&nbsp;&nbsp;



It is the more intangible, but nevertheless important part of the story when we talk about the meaning of SAA. As we build on the finances and profitably &#8211; let us not forget that in many ways, SAA is more than just an airline.&nbsp;

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Why the ‘new SAA’ can (and will) succeed, writes SAA Interim Chief Financial Officer, Fikile Mhlontlo

<figure class="wp-block-image size-large is-resized"><img decoding="async" loading="lazy" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/04/Wemabank22854-2-1-820x547.jpg" alt="" class="wp-image-424029" width="344" height="229" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/04/Wemabank22854-2-1-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/04/Wemabank22854-2-1-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/04/Wemabank22854-2-1-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/04/Wemabank22854-2-1-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/04/Wemabank22854-2-1-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/04/Wemabank22854-2-1-scaled.jpg 2048w" sizes="(max-width: 344px) 100vw, 344px" /></figure>



Wema Bank Plc hereby announces Moruf Oseni as the substantive Managing Director and Chief Executive Officer effective April 1, 2023. After serving in acting capacity since January 1, 2023, Oseni will be succeeding Ademola Adebise, following approval by the Central Bank of Nigeria (CBN).



Oseni&#8217;s journey with Wema Bank began in 2012 when he joined as an Executive Director. Before his appointment as MD/CEO, he served as Deputy Managing Director for the last four years, a role where he demonstrated the capacity to lead the bank to even greater heights as it continues to evolve into a financial powerhouse.



With over 25 years of experience, including more than 16 years at senior to executive management levels, Oseni was the MD/CEO of MG Ineso, a principal investment and financial advisory firm. He had also served as Vice President at Renaissance Capital and was an Associate at Schroder Salomon Smith Barney/Citigroup Global Markets in London.



Oseni&#8217;s credentials speak for themselves, with an MBA from the Institut European d&#8217;Administration des Affaires (INSEAD) in France, a Master&#8217;s in Finance (MIF) from the London Business School, and a B.Sc. in Computer Engineering from Obafemi Awolowo University (OAU). He is also an alumnus of the Advanced Management Program (AMP) of the Harvard Business School and King&#8217;s College, Lagos.



In addition to Oseni&#8217;s appointment, the CBN also approved the appointments of Wole Akinleye as Deputy Managing Director, and Tunde Mabawonku as Executive Director. Wole Akinleye previously served as the Executive Director in charge of Corporate Banking and the South-West Business, while Tunde Mabawonku served as the Bank’s Chief Finance Officer. The Board is confident that these new appointments will be crucial to the continued transformation and growth of the Bank as it positions itself as a market leader in Nigeria&#8217;s banking industry through technology and innovation.



All appointments are effective from April 1, 2023.

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Moruf Oseni takes over as the MD/CEO of Wema Bank Plc

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In the midst of a global oil-and-gas crisis, Africa must take charge of its own energy destiny, and use its rich resource assets for the benefit of its own people.



This is the call from former Nigerian president Olusegun Obasanjo. His comments come as the world scrambles to find <a href="https://www.cnbc.com/2022/06/29/europes-plans-to-replace-russian-gas-are-deemed-wildly-optimistic-and-could-hammer-its-economy.html">new sources</a> of oil and gas to meet its energy needs following Russia’s invasion of Ukraine.



In this context, Obasanjo says African countries cannot be beholden to the unrealistic ideals of the Global North for an exclusively renewables-driven economy. He says this is particularly true when the developed world is itself accepting the need for hydrocarbons.



“Like the rest of the world, Africa must follow energy policies that promote socio-economic development and sustainable hydrocarbon use,” he says.



“Africa is the lowest producer of greenhouse-gas emissions and needs to lift nearly half-a-billion citizens out of poverty,” says Obasanjo. “Responsible management of our hydrocarbons and investment in our economies is necessary to ensure a just energy transition and sustainable growth for our people.”



The European Union has said it intends to cut <a href="https://edition.cnn.com/europe/live-news/russia-ukraine-war-news-05-31-22/index.html">Russian-supplied oil</a> by up to 90% by the end of 2022, and the announcement has already caused global energy costs to soar.



Africa is one of the potential new sources of energy to replace this supply, with an estimated <a href="https://www.woodmac.com/news/the-edge/africas-energy-challenge/">61 billion BOE (barrel oil equivalent)</a> being discovered in the region over the past 10 years.



Obasanjo’s call for Africa to assert its energy sovereignty comes ahead of the <a href="https://africa-oilweek.com/Home">Africa Oil Week</a> (AOW) conference in South Africa, where energy companies, investors and governments will meet to negotiate deals that will shape the continent’s future.



The African Petroleum Producers&#8217; Organization (<a href="https://apposecretariat.org/d41d8-home/">APPO</a>) has also called on member countries and other global institutions to use petroleum as a catalyst for energy security, sustainable development and economic diversification in Africa through collaboration and partnerships.



Both Obasanjo and APPO have called for accelerated dialogue on the sustainable development of hydrocarbons, and the role of Africa as a supplier of global energy needs.



“There has been much talk at forums such as the <a href="https://www.weforum.org/agenda/2022/05/first-global-energy-crisis-how-to-fix-davos-2022/">World Economic Forum in Davos</a> about a just energy transition,” says Obasanjo. “However, we must not allow Africa to be dictated to. “The discussions at <a href="https://africa-oilweek.com/Home">AOW</a> will be pivotal in charting a new energy course for Africa. We will decide what is best for us.”



Paul Sinclair, VP of Energy and Director of Government Relations&nbsp;for AOW, says Africa is committed to a just and equitable transition to renewables.



“Critics make the mistake of thinking that Africa has abandoned renewable energy strategies. That is not the case,” says Sinclair. “The energy transition is exactly that, a transition that is part of Africa’s goal to reach net zero. However, oil and gas are required for the foreseeable future.”



Sinclair says Obasanjo’s comments must be seen against the socio-economic challenges many African economies face.



Obasanjo has been a major leader of Africa’s post-colonial period, having overseen Nigeria’s transition to representative democracy. Since his move out of the government sphere, he has been a senior statesman, active on defining geopolitical issues – including energy.



Obasanjo also helped to <a href="https://theconversation.com/new-law-will-make-nigerias-petroleum-industry-attractive-to-investors-166860">shape</a> the modern Nigerian oil industry, inaugurating policy reforms which have seen the country become an energy superpower on the African continent.



&#8220;Creating an African oil industry that benefits Africa’s people needs strong policy and regulation,” says Obasanjo. “During my time in government, we launched oil-and-gas policy reforms that helped to build a modern oil and gas hub. There were many learnings that we can apply across the wider region. I look forward to discussing these opportunities for Africa.”



Africa continent remains one of the most under-explored places on earth for oil and gas deposits. Yet, the ongoing <a href="https://www.news24.com/fin24/companies/mining/its-an-absolute-monster-another-major-oil-discovery-made-in-namibian-waters-20220224">discovery of new energy resources</a> suggest the continent holds great value beneath its surface.



According to the <a href="https://unctad.org/press-material/facts-and-figures-7">United Nations</a>, an estimated half-a-billion Africans live below the poverty line, while at the same time Africa is only responsible for <a href="https://worldpopulationreview.com/country-rankings/co2-emissions-by-country">3.8%</a> of global CO2 emissions. Many African countries argue they must be allowed to tap into their natural resources through low-carbon management strategies while developing renewable energy sources at the same time. This will require countries to develop an energy mix suitable for growth and progress.

‘Africa will decide its energy future’ – Obasanjo

<figure class="wp-block-image size-full"><img decoding="async" loading="lazy" width="762" height="650" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/07/IMG-20220711-WA0002-1.jpg" alt="" class="wp-image-418384" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/07/IMG-20220711-WA0002-1.jpg 762w, https://cms.cnbcafrica.com/wp-content/uploads/2022/07/IMG-20220711-WA0002-1-300x256.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/07/IMG-20220711-WA0002-1-106x90.jpg 106w" sizes="(max-width: 762px) 100vw, 762px" /></figure>



Paris – Monday, 11 Jul 2022



Abdul Samad Rabiu, Founder and Chairman of BUA Group, one of Africa’s largest foods, mining, manufacturing and infrastructure companies, has been re-appointed as President of the France Nigeria Business Council by President Emmanuel Macron of France. This was announced at the July 2022 Meeting of the France Nigeria Business Council held in Paris.



Addressing the council, Abdul Samad Rabiu thanked members for coming and remarked that it was a personal honour for him to be a part of the France Nigeria Business Council, and also a privilege to serve as the pioneer President of the Council which was inaugurated just over a year ago and now, be reappointed as President. He also thanked President Macron for his support and, for reappointing him as well as Jean Haas of Relais (France) as President of the Council, and Head of the Secretariat respectively.



The France Nigeria Business Council brings together the top businesses in Nigeria and France with a goal of improving business relations between Nigeria and France whilst ensuring routine cooperation that will bring about immense economic benefits for both countries.&nbsp; French members of the council include the Global Chief Executives of Total Energies, Dassault, Axens, Accor, CMA, amongst others and on the Nigerian side, Dr Mike Adenuga of Globacom &amp; Conoil, Jim Ovia of Zenith Bank, Gilbert Chagoury of Chagoury Group, Aliko Dangote of Dangote Group, Tony Elumelu of UBA, Heirs Holdings and Tony Elumelu Foundation, Dr. Herbert Wigwe of Access Bank Group, Dr. Philip Mshelbila of NLNG, Sen. Daisy Danjuma of Sapetro and May &amp; Baker, and Abdul Samad Rabiu of BUA Group &amp; the Abdul Samad Rabiu Africa Initiative (ASR Africa) who is the current president.&nbsp;



Speaking further, Abdul Samad Rabiu praised the progress that has been made by the France Nigeria Business Council since its inauguration and the commitment of members &#8211; despite slow global recovery, in pushing forward with various partnerships. These include plans by some of Nigeria’s biggest banks to set up subsidiaries in France, and BUA’s partnership with Axens of France to build a 200,000bpd refinery in Akwa Ibom, Nigeria amongst other key projects by members. Abdul Samad also encouraged members of this council to keep seeking for partnership opportunities, whilst planning, working together and adding value to each other so that successes already being created can be escalated for the mutual economic benefit of Nigeria, Africa’s biggest economy and, France &#8211; a global economic leader. It is also expected that Rabiu’s current tenure will see the creation of working sub-committees and sectoral groups to enhance the council’s effectiveness.

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BUA’s ADBUL SAMAD RABIU REAPPOINTED AS PRESIDENT, FRANCE NIGERIA BUSINESS COUNCIL BY FRENCH PRESIDENT, EMMANUEL MACRON

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“Africa can no longer outsource its healthcare security to the benevolence of others” – Akinwumi Adesina



Abidjan, 27 June 2022—The African Development Bank’s Board of Directors has approved the establishment of the African Pharmaceutical Technology Foundation, a new groundbreaking institution that will significantly enhance Africa’s access to the technologies that underpin the manufacture of medicines, vaccines, and other pharmaceutical products.



African Development Bank Group President, Dr. Akinwumi Adesina said: “This is a great development for Africa. Africa must have a health defense system, which must include three major areas: revamping Africa’s pharmaceutical industry, building Africa’s vaccine manufacturing capacity, and building Africa’s quality healthcare infrastructure.”



During the African Union Summit in Addis Ababa in February 2022, the continent’s leaders called on the African Development Bank to facilitate the establishment of the African Pharmaceutical Technology Foundation. Adesina, who presented the case for the institution to the African Union said: “Africa can no longer outsource the healthcare security of its 1.3 billion citizens to the benevolence of others.” With this bold initiative, the African Development Bank has made good on that commitment.



The decision is a major boost to the health prospects of a continent that has been battered for decades by the burden of several diseases and pandemics such as Covid19, but with very limited capacity to produce its own medicines and vaccines. Africa imports more than 70% of all the medicines it needs, gulping $14 billion per year.



Global efforts to rapidly expand the manufacturing of essential pharmaceutical products including vaccines in developing countries, particularly in Africa, to assure greater access, have been hampered by intellectual property rights protection and patents on technologies, know-how, manufacturing processes and trade secrets.



African pharmaceutical companies do not have the scouting and negotiation capacity, and bandwidth to engage with global pharmaceutical companies. They have been marginalized and left behind in complex global pharmaceutical innovations. Recently, 35 companies signed a license with America’s Merck to produce Nirmatrevir, a Covid-19 drug. None of them was African.



No institution exists on the ground in Africa to support the practical implementation of Trade Related Intellectual Property Rights (TRIPs) on non-exclusive or exclusive licensing of proprietary technologies, know-how and processes.



The African Pharmaceutical Technology Foundation will fill this important and glaring gap. When fully established, it will be staffed with world-class experts on pharmaceutical innovation and development, intellectual property rights, and health policy; acting as a transparent intermediator advancing and brokering the interests of the African pharmaceutical sector with global and other Southern pharmaceutical companies to share IP-protected technologies, know-how and patented processes.



Adesina said “Even with the decision of the TRIPS Waiver at the World Trade Organization (WTO), millions are dying -and will most likely continue to die &#8211; from lack of vaccines and effective protection. The African Pharmaceutical Technology Foundation provides a practical solution and will help to tilt the access to proprietary technologies, knowledge, know-how and processes in favor of Africa”.



The World Trade Organization and the World Health Organization, respectively, welcomed and lauded the African Development Bank’s decision to establish the African Pharmaceutical Technology Foundation.



The Director-General of the World Trade Organization, Dr. Ngozi Okonjo-Iweala, said “The African Pharmaceutical Technology Foundation is innovative thinking and action by the African Development Bank. It provides part of the infrastructure needed to assure an emergent pharmaceutical industry in Africa”.



The Director-General of the World Health Organization, Dr. Tedros Ghebreyesus, said “Establishing the African Pharmaceutical Technology Foundation, by the African Development Bank, is a game changer on accelerating the access of African pharmaceutical companies to IP-protected technologies and know-how in Africa”.



The African Pharmaceutical Technology Foundation will prioritize technologies, products and processes focused primarily on diseases that are widely prevalent in Africa, including current and future pandemics. It will also build human and professional skills, the research and development ecosystem, and support upgrading of manufacturing plant capacities and regulatory quality to meet World Health Organization standards.



While the African Pharmaceutical Technology Foundation is being established under the auspices of the African Development Bank, it will operate independently and raise funds from various stakeholders including governments, development finance institutions, philanthropic organizations among others.



The Foundation will boost the African Development Bank’s commitment to spend at least $3 billion over the next 10 years to support the pharmaceutical and vaccine manufacturing sector under its Vision 2030 Pharmaceutical Action Plan. The Foundation’s areas of work will also be an asset to all other current investments into pharmaceutical production in Africa.



Rwanda will host the African Pharmaceutical Technology Foundation. A common benefits entity, the Foundation will have its own governance and operational structures. It will promote and broker alliances between foreign and African pharmaceutical companies.



The African Pharmaceutical Technology Foundation will strengthen local pharmaceutical companies to engage in local production initiatives with systematic technology learning and technology upgrading at the plant level.



The Foundation will work with African governments, research and development centers of excellence to strengthen the regional pharmaceutical and vaccine innovation ecosystem for Africa and build skills of the kind needed for the pharmaceutical sector to flourish.



It will also promote closer coordination of the various ongoing medicines and vaccines’ manufacturing initiatives at the regional level to increase collaborative linkages, leverage synergies and partnerships in a pan-African context.



The African Pharmaceutical Technology Foundation will work closely with the African Union Commission, European Union Commission, the World Health Organization, the Medicines Patent Pool, the World Trade Organization, philanthropic organizations, bilateral and multilateral agencies and institutions, and will foster collaboration between the public and private sectors in developed countries and developing countries. 



Contact: Communication and External Relations Department, media@afdb.org

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African Development Bank’s Board approves landmark institution: Establishment of African Pharmaceutical Technology Foundation to transform Africa’s pharmaceutical industry

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Championing African Business: 15 And Counting

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07 December 2021 Johannesburg – The ongoing Covid-19 pandemic may have created additional challenges for disadvantaged communities during 2021, but focused partnerships between Old Mutual, its partners and stakeholders has helped sustain and build communities in need. The third annualOld Mutual Partnership Awardsceremonywas held this week to honour and celebrate those partners who have risen to the occasion, bringing change and hope to many across Africa.



Tabby Tsengiwe, Old Mutual Limited GM Public Affairs &amp; Sustainability, said that this year’s awards strongly emphasised that where partnerships are solid, focused, and innovative, not even a pandemic can stop determined people and organisations from conquering complex social issues.



“Today, we are proud to honour all those who have worked with us to positively impact the lives of stakeholders, customers and various communities across the African continent. Our Partnership Awards offers us the opportunity to recognise those who have helped build positive futures, despite the complexities involved in working around restrictions and regulations imposed during the year.”



“Africa is a continent of promise. We have the economic and social foundations in place to reinforce our standing as a leading force in the family of nations. However, we also have to acknowledge that we have long-standing as well as new issues that have to be addressed before we can reach our full potential”.



Identifying and reacting to needs meant that partnerships, to be effective, had to be diverse and composed of dedicated team members working together to achieve a common objective. Old Mutual, as an institution that has been part of Africa for 176 years, recognises that although it can be a catalyst for change, its strength to effect change is tied to the partners with whom it works, Tsengiwe said.



This year, Old Mutual received more than 100 entry nominations from employees nominating the work done by this year’s finalists hailing from Botswana, Ghana, Kenya, Malawi, Namibia, Nigeria, South Africa, South Sudan and Zimbabwe.



The ‘Top-Three’ winners s were selected from an initial list of 18 finalists in six partnership categories, namely:



<ul><li>Small to medium-enterprise</li><li>Corporate social investment</li><li>The private sector</li><li>The public sector</li><li>Industry bodies, and;</li><li>Strategic initiatives</li></ul>



The three winners are:



<h2 class="wp-block-heading" id="h-overall-winner-and-old-mutual-limited-s-partner-of-the-year">Overall winner and Old Mutual Limited’s Partner of the Year:</h2>



Octogen, an Old Mutual Finance partner since 2009 which is now represented by Financial Wellbeing Officers in 39 of Old Mutual’s retail branches across South Africa. &nbsp;Since 2014 Octogen has assisted 179 010 customers referred to them for guidance on financial wellbeing.



<h2 class="wp-block-heading">First runner-up</h2>



The National Education Collaboration Trust (NECT) who have partneredOld Mutual in two vital areas: the Old Mutual Education Flagship Project (OMEFP) and the Covid-19 Response Plan of the Department of Basic Education (DBE). The OMEFP supported several NECT programmes, including the School and District Improvement Programme and the National Reading Coalition.



<h2 class="wp-block-heading">Second runner-up</h2>



Old Mutual’s partnership with the African Leadership Institute (ALI) empowers school leadership with the skills and knowledge to develop human and social capital, increase productivity and improve the delivery of education. Since 2007, 411 leaders of 14 regions in Namibia completed the training to be transformational leaders within the Ministry of Basic Education, Arts, and Culture.



“As we celebrate these achievements, we must also acknowledge that making a sustainable difference depends on continued efforts being made to improve the circumstances facing challenged communities and individuals.”



“We need to enter 2022 realising that the Covid-19 pandemic could remain part of our lives for some time to come. Working around restrictions imposed by this reality will involve seeking out innovative ways of delivering solutions that can make a difference,” says Tsengiwe.



“As a financial services provider&nbsp; we are&nbsp; proud of the ongoing work we do to fulfil our purpose of championing mutually positive futures. By working together with our great partners across Africa, we are developing African solutions to African challenges and helping to build sustainable futures for the people of our continent,” says Tsengiwe.



To learn more about the Old Mutual partnership Awards link: <a href="https://www.oldmutual.co.za/partnership-awards/">https://www.oldmutual.co.za/partnership-awards/</a>, or to watch the award ceremony please <a href="https://bit.ly/2V3J9PN">click here</a>

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Old Mutual celebrates partners keeping hope alive with 2021

<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/12/Dr-Abdourahmane-Diallo-CEO-RBM-Partnership-to-End-Malaria-820x547.jpg" alt="" class="wp-image-413976" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/12/Dr-Abdourahmane-Diallo-CEO-RBM-Partnership-to-End-Malaria-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/12/Dr-Abdourahmane-Diallo-CEO-RBM-Partnership-to-End-Malaria-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/12/Dr-Abdourahmane-Diallo-CEO-RBM-Partnership-to-End-Malaria-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2021/12/Dr-Abdourahmane-Diallo-CEO-RBM-Partnership-to-End-Malaria-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/12/Dr-Abdourahmane-Diallo-CEO-RBM-Partnership-to-End-Malaria-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2021/12/Dr-Abdourahmane-Diallo-CEO-RBM-Partnership-to-End-Malaria-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption>Dr Abdourahmane Diallo, CEO of the RBM Partnership to End Malaria</figcaption></figure>



While COVID-19 has rightly dominated headlines across the world over the past two years, another – much older and deadlier – disease arguably presents a more urgent challenge for Africa.



Today, the World Health Organization’s (WHO) annual World Malaria Report revealed the most accurate picture to date of the impact of malaria on the continent. Tragically, more people died of malaria in Africa in 2020 than from COVID-19.



Dating back millions of years, malaria remains the greatest and most persistent threat to public health across the continent, with Africa accounting for 96% of the 627,000 lives claimed by the disease globally in 2020. Disruptions to malaria programmes due to COVID-19 also caused two-thirds of additional malaria deaths, with a 12% overall increase in malaria deaths in 2020 compared to revised 2019 figures. Most malaria victims are children under the age of five.



However, the picture could have been much worse. Countries, partners and community health workers worked tirelessly to prevent the worst-case scenario – a potential doubling of malaria deaths that could have resulted from the pandemic disrupting life-saving malaria prevention and treatment programmes in sub-Saharan Africa last year alone. Long-term and new investments and close collaboration with countries and partners were critical to helping minimize COVID-19’s impact on malaria.



Today, nearly two years into the COVID-19 pandemic and after several years of sluggish progress, we are at a precarious junction. Now, more than ever, we must remain steadfast in our efforts to eradicate malaria, while at the same time helping countries build resilience to withstand future health emergencies.



Funding for global malaria control and elimination interventions fell drastically short of last year’s US$6.8 billion target, reaching only US$3.3 billion in 2020. This shortfall has resulted in thousands of lives lost to a preventable and treatable disease and means even greater investment is now needed if we are to achieve the 2030 targets for malaria.



But we should not be deterred, as our track record of past successes show that our strategy works. Since 2000, strong political commitment, an unprecedented injection of funding, and new and effective interventions have saved the lives of 10.6 million people and prevented 1.7 billion new malaria infections. In that time, 23 countries from every region worldwide achieved three consecutive years of zero malaria cases, with seven certified malaria-free by WHO in the last five years, despite the pandemic, proving that eradication is possible. More and more African countries are rolling out Zero Malaria Starts with Me campaigns and launching national End Malaria Councils and Funds to mobilize domestic resources in the fight against malaria.



We have a wide range of tools in our armoury that can be deployed to defeat malaria. WHO’s recent approval of the RTS,S vaccine for widespread use in children in high-burden settings, especially in Africa, will help save tens of thousands more children. The Gavi Board’s recent decision to fund malaria vaccine programmes will bring new vigour to the malaria fight. More and more high-burden countries are applying sub-national tailoring and using real-time data to ensure smarter and more effective surveillance that enables us to better target resources.



We have a robust pipeline of innovations &#8211; from next-generation nets to antimalarial medicines, to new malaria vaccines such as BioNTech’s mRNA vaccine &#8211; that, if accelerated, could deliver more effective and transformative tools within the decade. By maintaining these efforts, we can once again start to see a rapid decline in malaria deaths and infections while building resilience throughout local health systems.



These are just a few of the reasons why we must now see a significant increase in annual global malaria investments. We know that Africa shoulders the vast majority of the global burden, with some countries spending up to 40% of their health budgets on the fight against malaria. Eradicating malaria would free up resources and give them the capacity to deal with other existing and emerging diseases.



The return on this investment can be measured in economic terms too. A study by WHO showed that a country’s GDP could be boosted by 0.3% for every 10% reduction in malaria cases. This rises to an almost 2% increase in GDP for high-risk high-burden countries. The same study showed that malaria is responsible for an annual loss of US$12 billion dollars in productivity each year in Africa alone, drastically impeding the continent’s economic growth potential.



If we seize the opportunity and act with urgency, we can repeat and extend the success of malaria efforts in the early 21st century, saving millions of lives and driving economic recovery across the world’s most impoverished regions. The systems we put in place, the infrastructure we build and the innovations we develop and bring to scale will cement resilience against future disease outbreaks and pandemics. By doing so, we will usher in the end of malaria within a generation.

Dr-Abdourahmane-Diallo-CEO-RBM-Partnership-to-End-Malaria

Why the world must once again mobilize against malaria

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The EU-African SME Summit 2021 Sets the Framework for Collaboration between SMEs in Africa and Europe

<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="820" height="460" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/11/IMG-20211118-WA0009-820x460.jpg" alt="" class="wp-image-413574" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/11/IMG-20211118-WA0009-820x460.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/11/IMG-20211118-WA0009-300x168.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/11/IMG-20211118-WA0009-160x90.jpg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2021/11/IMG-20211118-WA0009-768x431.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/11/IMG-20211118-WA0009.jpg 1024w" sizes="(max-width: 820px) 100vw, 820px" /></figure>



Silverbird Group and AAA Entertainment are entering into a partnership to develop and produce a slate of cinematic African feature films on the continent. AAA Entertainment will bring to the partnership an experienced film development, financing and production team, facilities and partnership network, while Silverbird Group brings its cinema exhibition and distribution infrastructure and experience in West Africa and the rest of the continent, as well as its studio facilities and network in Los Angeles. The deal is valued at $50 Million and will focus on the African Export Import Bank’s (Afreximbank) USD500 million Creative Industry Programme for financing. This partnership agreement was signed today at the Afreximbank pavilion at the Intra African Trade Fair (IATF) in Durban South Africa and was witnessed by Afreximbank’s Augustine Chukwuemeka Uzoh , Manager Trade and Corporate Finance (Intra-African Trade Initiative) .



AAA Entertainment has distributed and executive produced some of the top South African box office hits and is looking to expand that success to the rest of the continent. Their experience in the distribution and sales of African content locally and globally, combined with Silverbird Group’s reach and understanding of the rest of the African cinema market, will ensure that a slate of well-developed and produced films can reach a global audience, while being relatable and entertaining for the domestic African market.



“We are excited about this partnership as it provides an opportunity to create great content between the two biggest markets on the continent, namely Nigeria and South Africa, and allows us to access pan African private equity and state funding.”- Mayenzeke Baza, Head of Distribution and Financing at AAA Entertainment



“Silverbird has a long history in the Nigerian Media and Entertainment sector. We began our journey as a live entertainment events company and expanded that into a network of Television and radio station properties. We have successfully built the premiere West African film distribution &amp; exhibition company and now it is with excitement that we pivot into the feature film production sphere by announcing our partnership with AAA Entertainment.” &#8211; Ben Murray-Bruce, Founder at Silverbird Group



The partnership will be working exclusively with African and African American talent, looking to bridge the two markets and talent communities, and the first talent collaboration initiated by the Silverbird Group is with Grammy award winning producer, songwriter and board member of the Creative African Advisory Group Vincent Berry II, who was present at the signing of the partnership at the Afrexim Bank stand at the IATF.



“I am so grateful to be partnering with AAA Entertainment &amp; The Silverbird Group to produce music for the films that will showcase African talent and serve as bridge between talent across the diaspora and the continent.” &#8211; Vincent Berry II, Founder &amp; CEO at Media Farms INC.

IMG-20211118-WA0009

Silverbird Group and AAA Entertainment Sign $50 Million Deal at IATF

<figure class="wp-block-image size-large is-resized"><img decoding="async" loading="lazy" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/10/TFGHJKL-820x774.png" alt="" class="wp-image-412577" width="739" height="698" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/10/TFGHJKL-820x774.png 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/10/TFGHJKL-300x283.png 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/10/TFGHJKL-95x90.png 95w, https://cms.cnbcafrica.com/wp-content/uploads/2021/10/TFGHJKL-768x725.png 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/10/TFGHJKL.png 844w" sizes="(max-width: 739px) 100vw, 739px" /><figcaption>&nbsp;Kabelo Makwane, Managing Executive: Cloud, Hosting &amp; Security, Business Solutions; Vodacom Business&nbsp;</figcaption></figure>



The first risk concerned job losses, with more than 110 million fewer jobs available globally and 14 million more people inactive in the job market or who aren’t seeking work in OECD countries, this painted a grim picture for long-term unemployment. The second major concern pointed out the existing social and economic divide which had been further deepened by the pandemic. Some of these imminent problems are the diminishing working hours for the lower income earners, the remote model be it for working or learning not being accessible to all, and the growing youth employment gap. The outlook also reported that approximately 3 million more youth across the OECD countries fall under its NEET (Not in Employment, Education or training) bracket, compared to 2019.&nbsp;



Attendees to the 2nd&nbsp;annual&nbsp;Future of Work Virtual Conference&nbsp;can look forward to sessions that will all reflect on what&#8217;s happening on ground and the speed of transformation, as prominent speakers engage on new work trends for the post-pandemic business. This half day conference is&nbsp;being brought to audiences, free of charge, on Wednesday 13 October 2021 from 12h30pm to 15h30pm CAT, by CNBC AFRICA in partnership with Vodacom Business, SEACOM Business and FORBES AFRICA.&nbsp;



&nbsp;“We have been hearing about the benefits of 5G for years now, but it wasn&#8217;t until remote work, video conferencing and digital collaboration became core parts of our lives this year that the need for reliable connectivity and more bandwidth became a real, concrete benefit that we could all wrap our heads around. As Vodacom, we firmly believe in a connected digital society that connects people, communities and things to the internet like never before. The conference will unpack what the impact of a 5G enabled society can do for the economy and society at large, as we all endeavor to recover from the devastating impact pf COVID-19”, says Pavesh Govender, Managing Executive of IoT at Vodacom Business.&nbsp;



“Last year, CNBC AFRICA hosted the first of its kind Future of Work Virtual Conference, in partnership with FORBES AFRICA and esteemed sponsors. The conference attracted more than 2 000 global viewers who engaged with industry experts on digital opportunities for the continent. We look forward to bring our audience, another thought-provoking half day conference this year, as we look into the future world of hybrid work, addressing critical challenges and brain-picking solutions from leaders in the industry, thanks to our valued partners; Vodacom Business and SEACOM Business.” says Roberta Naicker, Managing Director for the ABN Group. &nbsp;



The 2021 Future of Work Virtual Conference&nbsp;speaker panel topics include:&nbsp;



<ul><li>Work from Home and the Hybrid Office&nbsp;</li><li>5G as Multi-lane Communications Superhighway for the 24/7 Enterprise&nbsp;</li><li>Digital Transformation and the Role of Hybrid Cloud in Meeting the Demands of Business&nbsp;</li><li>Confidential Computing &amp; Cybersecurity&nbsp; </li></ul>



Speaker lineup: &nbsp;



<ul><li>Kabelo Makwane, Managing Executive: Cloud, Hosting &amp; Security, Business Solutions; Vodacom Business&nbsp;</li><li>Steve Briggs,&nbsp;Chief Sales and Marketing Officer; SEACOM Business&nbsp;</li><li>Pavesh Govender, Managing Executive: Internet of Things (IoT) Africa; Vodacom Business&nbsp;</li><li>Emma Luyt, Managing Director;&nbsp;Tétris&nbsp;</li><li>Ignus de Villiers, Group Head of Cyber Security; Liquid Intelligent Technologies&nbsp;</li><li>Sizwe Cakwebe, Primary Contact and Cyber Risk Manager; SHA&nbsp;</li><li>Rudi van Blerk, Principal and Recruitment Director; Boston Consulting Group&nbsp;</li><li>Eva Andrén, Vice-President and Head of Managed Services; Ericsson Middle East &amp; Africa&nbsp;</li><li>John Brodie, Head: Future of Work and Leadership Services; Deloitte Africa&nbsp;</li><li>Colin Erasmus, Modern Workplace and Security Business Group Lead; Microsoft South Africa</li><li>Lars Jeppesen, CEO &amp; Co-Founder, Tech One Global&nbsp;</li></ul>



Panel moderators: &nbsp;



<ul><li>Godfrey Mutizwa, Editor-in-Chief, CNBC Africa &nbsp;&nbsp;</li><li>Dan Adkins, Group CEO, Transnational Academic Group&nbsp;</li><li>Toby Shapshak, Editor, Stuff Magazine&nbsp;</li></ul>



Space is limited, so register now for this free-of-charge virtual conference at&nbsp;<a href="https://hopin.com/events/future-of-work-summit-africa">https://hopin.com/events/future-of-work-summit-africa</a>



For more information and event updates follow us @cnbcafrica by using the hashtags #FOW2021 #ABNEvents.&nbsp;

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JOIN THE FUTURE OF WORK VIRTUAL CONFERENCE – exploring shifting trends in a new post-pandemic hybrid world of work.

In the face of overwhelming adversity and strife, it is a natural human emotion to withdraw from the crisis. Last night, as my executive team and I at MTN ended yet another crisis update, a wave of despondency hit me, and I said out loud, to no one in particular, “I have no more words.” &nbsp;



But that doesn’t help, does it? It doesn’t help to have no words. It doesn’t help to remain quiet, to focus only on what matters to my family and the business I happen to run. &nbsp;



As I write this, MTN South Africa has closed over 100 stores mostly in Gauteng and KwaZulu Natal. Over 100 base stations are currently down, and our technicians can’t safely reach the sites for repairs, due to the ongoing unrest. Over 1000 MTN employees can’t get to work and millions of calls and queries from our customers cannot be attended to, as our primary call centre remains inaccessible. MTN South Africa directly and indirectly creates employment for over 20 000 people but we are obviously not the only business going through this. The negative multiplier effect of halted business is further crippling our economy, which was just starting to show some small green shoots of recovery, from the pandemic.&nbsp;&nbsp;&nbsp;



While the outlook has been bleak this week, I’ve found some solace reflecting on our roots, as MTN and as a nation. Our company was born out of South Africa’s democracy, which prioritised peace, diversity and inclusion over a history of division and hatred. We are a resilient people and while it might seem trite to say, “this too shall pass”, it’s true because we have been through tough times before. &nbsp;



We have confronted the most terrible of situations. We have emerged on the other side, battered and bruised, but having survived because South Africans made the conscious decision to choose peace over violence and dialogue over discord.&nbsp;



Consider some of the bleak situations we faced in the not-so-distant past. I look back at the political violence of the early 1990s as apartheid was crumbling and we were trying to usher in our hard-fought democracy. The townships were in flames, 500 people were dying every month, security forces were patrolling our streets inflaming the situation and neighbours fought neighbours. Yet we kept our eyes on the prize and ensured that democracy was not derailed. Against the expectations of the whole world, we patiently stood in the voting queues and vanquished apartheid. It was hailed as the peaceful revolution. We did that.&nbsp;



Consider how close we came to civil war when Chris Hani was assassinated one fateful Easter Saturday. But instead of heading over the precipice driven by anger into violent insurrection, we weathered the storm and ensured the peace process held firm.&nbsp;



We are currently going through one of the bleakest times in recent memory. We need to focus on what is important for us to survive as a nation. We cannot destroy all that we have fought so hard for. We cannot undermine the achievements of our democracy.&nbsp;



The future of all South Africans, rich and poor, big business and small business, profit for not-for-profit, can only be built on that ethos of democratic resilience and fortitude that repeatedly ushered us away from the precipice of ruin.&nbsp;&nbsp;&nbsp;&nbsp;



Now is a time for us to urgently reflect on what has gone wrong and how, as individuals and as one of the biggest companies and most respected brands in South Africa, we can ensure that we never fall into this pit of lawlessness and anger again.&nbsp;



South Africa’s future must be a country that belongs to all. We cannot be a nation of winners and losers, players and spectators. Education and digital infrastructure for all must be the foundation for a Mzansi that works for all its people.&nbsp;&nbsp;&nbsp;



We cannot afford to be complacent. This time we must look at the devastating economic and social conditions under which the vast majority of South Africans are forced to survive and, instead of tut-tutting about the situation, embark with purpose on a strategy and actions for meaningful and sustainable change. &nbsp;



At MTN, we are proud to provide services to, amongst many others, spaza shops, local hairdressers, small pharmacies and printers and other business services. But our commitment to those entrepreneurs, who are very often black owned and are carving out new businesses in previously under-served communities, is as unflinching as it is to our huge blue-chip clients. But the difference this week is that the blue-chips know they will survive, while the future is much less clear for the rest.&nbsp;&nbsp;&nbsp;



As big business, we have a responsibility to further prioritise the support of small businesses and I am calling for an accelerated and coordinated effort, particularly in the ICT sector, to help small businesses. A successful and sustainable South Africa needs large and small businesses prospering side by side. This requires big business to send more work the way of small and micro enterprises and we must do this not to maximise BBBEE points, but because it is one of the most impactful ways we can quickly reignite the economy. There is no time to waste. Many parts of the world are already shaking off the effects of Covid-19 and we cannot afford to once again, be left behind. &nbsp;



At MTN, we have an unshakeable faith in South Africa. We continue to invest, to build a world-class communication infrastructure, to serve our 33 million customers and we will continue to work with our business partners, regulators, government and all our stakeholders. And we do so because we remain clear that the majority of South Africans are simply seeking to achieve the most basic of human endeavours, which is to give our children better than what we ourselves received. &nbsp;



I have lived in many countries across this continent. I have witnessed the scourge of violence and have seen the long crippling effects thereof. But I have also seen countries that have chosen peace, dialogue and inclusive growth, emerge stronger. We have that. Whether it is communities clearing up debris or delivering food parcels to the needy, the relentless optimism of South Africans is already visible.&nbsp;&nbsp;&nbsp;



South Africa will survive. It always does. But as we emerge on the other side, battered and bruised, we must pledge that this will not happen again. Not on our watch. The time for action is now. &nbsp;



ENDS

Sisonke, Big business and small business need each other now more than ever

PARIS/NEW YORK, 12 July 2021 –&nbsp;“It’s been 18 months since the COVID-19 outbreak started and education for millions of children is still disrupted. As of today, primary and secondary schools are shuttered in 19 countries, affecting over 156 million students.



“This should not go on.&nbsp;Schools should be the last to close and the first to reopen.



“In their efforts to limit transmission, governments have too often shut down schools and kept them closed for prolonged periods, even when the epidemiological situation didn’t warrant it. These actions were frequently taken as a first recourse rather than a last measure. In many cases, schools were closed while bars and restaurants remained open.



“The losses that children and young people will incur from not being in school may never be recouped. From learning loss, mental distress, exposure to violence and abuse, to missed school-based meals and vaccinations or reduced development of social skills, the consequences for children will be felt in their academic achievement and societal engagement as well as physical and mental health. The most affected are often children in low-resource settings who do not have access to remote learning tools, and the youngest children who are at key developmental stages.



“The losses for parents and caretakers are equally heavy. Keeping children at home is forcing parents around the world to leave their jobs, especially in countries with no or limited family leave policies.



“That’s why reopening schools for in-person learning cannot wait.



“It cannot wait for cases to go to zero. There is clear evidence that primary and secondary schools are not among the main drivers of transmission. Meanwhile, the risk of COVID-19 transmission in schools is manageable with appropriate mitigation strategies in most settings. The decision to open or close schools should be based on risk analysis and the epidemiological considerations in the communities where they are situated.



“Reopening schools cannot wait for all teachers and students to be vaccinated. With the global vaccine shortages plaguing low and middle-income countries, vaccinating frontline workers and those most at risk of severe illness and death will remain a priority. All schools should provide in-person learning as soon as possible, without barriers to access, including not mandating vaccination prior to school entry.



“Ahead of the Global Education Meeting on July 13, we urge decisionmakers and governments to prioritize the safe reopening of schools to avoid a generational catastrophe.



“Closing schools mortgages our future for unclear benefits to our present. We must prioritize better. We can reopen schools safely, and we must.”

Reopening schools cannot wait

Hot on the heels of the launch of Access Bank South Africa, Group CEO of Access Bank Plc Herbert Wigwe was named African Banker of the Year for the second consecutive year at the prestigious African Banker Awards, held on 23 June 2021.



<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1110" height="624" src="https://cms.cnbcafrica.com/wp-content/uploads/2020/03/1571595826001_6142249659001_6142246540001-vs-19-1110x624.jpg" alt="" class="wp-image-363760" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2020/03/1571595826001_6142249659001_6142246540001-vs-19-1110x624.jpg 1110w, https://cms.cnbcafrica.com/wp-content/uploads/2020/03/1571595826001_6142249659001_6142246540001-vs-19-300x169.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2020/03/1571595826001_6142249659001_6142246540001-vs-19-768x432.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2020/03/1571595826001_6142249659001_6142246540001-vs-19-696x392.jpg 696w, https://cms.cnbcafrica.com/wp-content/uploads/2020/03/1571595826001_6142249659001_6142246540001-vs-19-1068x601.jpg 1068w, https://cms.cnbcafrica.com/wp-content/uploads/2020/03/1571595826001_6142249659001_6142246540001-vs-19-747x420.jpg 747w, https://cms.cnbcafrica.com/wp-content/uploads/2020/03/1571595826001_6142249659001_6142246540001-vs-19.jpg 1280w" sizes="(max-width: 1110px) 100vw, 1110px" /></figure>



The African Banker Awards recognises and celebrates excellence and best practices in African banking. The event for took place during the annual meetings of the African Development Bank.



As a result of its rapid growth the last decade, Access Bank has become one of the largest retail banks in Africa with over 40 million customers.&nbsp;Wigwe is noted for his continued and inspiring efforts in Access Bank’s growth across Africa, making it a financial powerhouse on the continent.



Accepting the award, Wigwe said Access Bank is focused on promoting corporate discipline, adding that the Bank wants to be in key markets on the continent, building a payment gateway and providing trade finance support.



“We want to be seen as the best bank supporting the African Continental Free Trade Area agreement (AfCFTA). In terms of diaspora remittances, we are present in key areas in the continent,” he said.



Says Bennie van Rooy, CEO of Access Bank SA: “The African Banker Awards recognise the reforms, rapid modernisation, consolidation, integration and expansion of Africa’s banking and financial system.



“To have won this award for two years in a row, in the face of stiff competition, is no mean feat. On behalf of Access Bank SA, I salute Herbert on his achievement and look forward to further success for him and Access Bank Plc as a whole.”



About Access Bank



Access Bank Plc. is a leading full-service commercial Bank operating through a network of more than 600 branches and service outlets, spanning three continents, 12 countries and 31 million customers. The Bank employs 28,000 people in its operations in Nigeria and has subsidiaries in Sub-Saharan Africa and the United Kingdom (with a branch in Dubai, UAE) and representative offices in China, Lebanon and India.



Listed on the Nigerian Stock Exchange since 1998, Access Bank is a diversified financial institution which combines a strong retail customer franchise and digital platform with deep corporate banking expertise and proven risk management and capital management capabilities. The Bank serves its various markets through four business segments: Retail, Business, Commercial and Corporate. The Bank has over 900,000 shareholders (including several Nigerian and International Institutional Investors) and has enjoyed what is arguably Africa&#8217;s most successful banking growth trajectory in the last twelve years. Following its merger with Diamond Bank in March 2019, Access Bank became one of Africa’s largest retail banks by retail customer base.&nbsp;

Herbert Wigwe, Group CEO Access Bank Plc

Access Bank’s Wigwe take top banking spot once again

*This analysis was produced by the team at Signal Risk 



After a tumultuous 2020, Lesotho’s economic, political and public health concerns have continued throughout 2021. The most topical development of late pertains to the so-called Frazer debacle, involving the Germany-based solar energy developer, Frazer Solar GmbH, and the government of Lesotho.



On 18 June, local reports confirmed that the government filed an application for a stay of prosecution in the South Gauteng High Court in Johannesburg, South Africa, in an attempt to halt further asset seizures by the German solar energy developer. In addition to the filing, the government of Prime Minister Moeketsi Majoro dispatched a ministerial delegation to South Africa to engage authorities on the matter, and to establish a commission of inquiry into the court order which permitted the asset seizure.



The Frazer fracas



The dispute with Frazer Solar is rooted in a 2018 deal between the government and the solar manufacturer, which went sour due to the actions of Basotho authorities.



Solar aspirations



Frazer Solar was contracted to provide 40,000 solar water heating systems, 20 megawatts of solar photovoltaic capacity, one million LED lights, and 350,000 solar lanterns at an undisclosed cost. The project, which was to be financed by the German government, would have formed the first phase of an initiative aimed at supporting Lesotho’s energy transformation by establishing the country as a net exporter of electricity, while improving domestic electricity security and increasing government revenues.



Sudden breaches



Specific details pertaining to how and when the deal was scuppered are limited; however, in 2019, Frazer Solar took action against the government of Lesotho through the South African legal system. At the time, the company accused Lesotho of failing to “execute the project’s financial arrangement” despite the provision of external financing by Germany.



This, according to Frazer Solar, was among a series of unexplained contractual breaches and general unwillingness by Lesotho to engage in the legal process. In a statement in May, Frazer Solar noted that &#8220;the government of Lesotho has been formally notified of these legal proceedings on 25 separate occasions over a period of 25 months since 2019”. This ultimately left the company with little option but to pursue legal action.



Arduous arbitration



In 2020, an independent South African arbitrator awarded undisclosed damages to Frazer Solar. This was affirmed in May, when the South African judiciary declared a default “arbitral award” in favour of Frazer Solar worth EUR 50 million. The judiciary also noted that the company could claim Lesotho’s assets pursuant to the awarded amount.



Reports have since confirmed that Frazer Solar has applied for enforcement of the award in several jurisdictions in which the country has assets, including South Africa, Mauritius, the United States, and the United Kingdom. Assets that are purportedly at stake include water royalties from the Lesotho Highlands Water Project, payments to the Lesotho electricity company by South Africa’s Eskom power utility, and Lesotho’s shareholding in the West Indian Ocean Cable Company.



Calculated disclosure



In the few statements that it has made on the issue, the government has either deflected or denied responsibility. Previously, the government alleged that the deal was finalised under suspicious circumstances. Specifically, Prime Minister Majoro has accused his predecessor, Thomas Thabane, of signing the agreement with no clearance from the finance and energy ministers serving at the time.



More recently, responding to the May ruling, the Majoro administration noted that: “While the government is trying to understand this issue, it urges both the public and its international partners to



remain calm pending investigations”. It also “reassured the public that as a sovereign state, its properties locally and internationally are safe and protected from seizure”.



Conventional conflict



Apart from the Frazer Solar dispute, infighting within the ruling All Basotho Convention (ABC) party continues to weigh on the country’s stabilisation efforts.



Thomas’ resurrection



The latest upheaval began as far back as 09 March, when the ABC’s executive endorsed former prime minister Thomas Thabane as its candidate in Lesotho’s next general elections, scheduled for June 2022; Thabane purportedly remained ABC leader despite stepping down from the premier position in 2020 due to his implication in the murder of his former wife.



He was picked ahead of party chairperson and prime minister, Moeketsi Majoro, and the party’s former deputy, Nqosa Mahao, who led his ouster from the premier position in 2020. Aside from its vote of confidence in the outspoken octogenarian and its faith in his ability to steer the party to victory, the ABC executive did not provide any elaborate reasons for its endorsement of Thabane, or any account of his legal entanglements.



Mahao’s departure



What the move did do however, is highlight a three-way split within the party between sections respectively loyal to Thabane, Majoro and Mahao. This came to a head on 21 April, when Mahao announced his formal split from the ABC and his decision to launch the new Basotho Action Party (BAP). According to Mahao, his decision to abandon the ABC was prompted by infighting within the ruling party, which has crippled its functionality for years; the BAP leader claimed at the time that as many as 20 parliamentarians have pledged to “cross the floor” to the new formation.



This would represent nearly one third of the ABC coalition’s parliamentary seats in the 120-member legislature. Moreover, given the 61-seat governance threshold, it could result in a hung parliament. Tellingly, Mahao pledged upon his departure that he will table a vote of no confidence against Majoro once the BAP members have formalised their split. As of 21 June, this has yet to occur.



Majoro’s fightback



Majoro has not been idle in the face of existential threats to his political aspirations. The prime minister has undertaken two reshuffles in 2021, one in February and the other in June, as he seeks to clear out loyalists to Thabane and Mahao and position his allies in key posts. Portfolios that have been subject to personnel changes include: police; law and justice; local government and chieftainship affairs; communications, science and technology; public service; education and training; and tourism environment and culture.



Big brother’s intervention



Sensing the brewing trouble in the neighbouring kingdom, South African President Cyril Ramaphosa and the Southern African Development Community (SADC) deployed the current minister in South Africa’s presidency, Jeff Radebe, as a special envoy to Lesotho in early May. Radebe engaged with key stakeholders including Majoro, Mahao and King Letsie, in a series of closed-door meetings ostensibly aimed at preventing further disintegration prior to 2022.



Assessment



Recent developments underscore broad instability in Lesotho, which could worsen as the June 2022 elections draw near. Lesotho’s political instability is rooted in the country’s chronically weak institutions and limited resources. This has bred a fiercely competitive political landscape characterised by fluid allegiances and powerplays. In all, the volatile domestic political environment has resulted in the country having had three different prime ministers since 2012, with none serving a full five-year term.



Economically, infighting within political structures and the Frazer Solar debacle will weigh on Lesotho’s recovery and stabilisation prospects. These looked promising as per data published by



the International Monetary Fund (IMF) in April. According to the IMF, output is expected to grow by 3.5 percent in 2021, after contracting by 4.5 percent in 2020. Fuelling the growth is construction activity, commodity and textile exports, inbound investment in nascent sectors such as cannabis, and the broader normalisation of economic activity. Correspondingly, the debt-to-GDP ratio will decline from 50.3 percent to 49.8 percent in the same period. However, the deficit as a proportion of GDP is expected to deteriorate from 7.6 percent to 9 percent between 2020 and 2021, as short-term expenditures outpace inflows, mostly on account of reduced receipts from the South African Customs Union. The current account balance is also forecast to experience a marginal deterioration from a deficit of 15.5 percent to 16.9 percent, alongside the country’s reserves – which are expected to decline from an average of 3.6 months to 3.4 months of import cover.



That said, this outlook faces acute downside risks. Political infighting will dampen investor sentiment at a time when the country is seeking to attract capital to emerging industries such as renewables, diamonds, aquaculture and cannabis. It will also catalyse general policy inertia as political stakeholders prioritise partisan disputes over economic arrangements. Furthermore, should the South African judiciary uphold the arbitral award to Frazer Solar, the attachment of revenues will hamper the country’s already fragile fiscal position. Of greater concern perhaps, is the reputational impact of the dispute. If the Majoro administration fails to account for the government’s actions, it could deter donors and investors from engaging with Lesotho. Finally, failure to resolve the dispute among textile workers will weigh on the productivity of the key sector, at the expense of national output.



Lesotho’s political malaise will also threaten the efficacy of the country’s coronavirus response. Of concern is the failure by government to tend to salary-related grievances among public nurses, who have also embarked on intermittent strikes since the beginning of 2021. Fortunately, the country’s outbreak has plateaued. Since April, active cases have remained between 3,900 and 4,000. This follows a peak of nearly 7,000 cases in February. On the vaccine front, Lesotho has received close to 92,000 doses of the AstraZeneca-Oxford vaccine from the COVAX facility, France and Gem Diamonds; however, only 36,759 have been distributed and less than 200 Basotho are fully vaccinated out of a population of 2.125 million. These factors leave the country susceptible to a larger outbreak, especially given the government’s reluctance to impose stern movement restrictions, and a burgeoning outbreak in neighbouring South Africa.

Signal Risk on Lesotho – Attachments and detachments

RMB CEO James Formby has commended government for finally taking the steps needed to tackle persistent power outages &#8211; but noted that it was an opportune time to capitalise on the move by taking further action on South Africa’s biggest economic challenges.&nbsp;



He also said that he was “cautiously hopeful” that the announcement of the sale of a 51% stake in SAA may result in financial independence for the airline and that its partial privatisation might even serve as a blueprint to help remove the burden other struggling SoEs have on the state’s coffers.&nbsp;



“South Africa’s future is brighter today with government announcing the Electricity Regulation Act would be amended to free up business and industry to invest in their own generation capacity.&nbsp;



“As such, we should see a material increase in new electricity supply within the next eighteen months. The economic multiplier effects associated with this will also be large. I trust processes around the registration of embedded generators and them obtaining the necessary grid connecting permits won’t get caught up in red tape”.&nbsp;



The licensing threshold means embedded generation projects can now produce up to 100 megawatts (MW), dramatically higher than the previous limit of 1MW.&nbsp;



“This, along with further progress in vaccinations, will help lift the national mood and improve investor confidence somewhat.&nbsp;



“It’s a really good time to use this momentum to grasp the nettle of our other key challenges and change South Africa’s growth trajectory.”&nbsp;



He said that a renewed policy focus on logistics was currently particularly important given South Africa is riding the commodity price boom, a rare gift to the SA economy.



<blockquote class="wp-block-quote is-style-large">“We need to ensure our exports can get out of South Africa in the most efficient and cost-effective way possible, so we can fully benefit as a country. At the moment we are hamstrung by bottlenecks in rail transport and resultant over reliance on expensive road transport.</blockquote>



“There are plans to allow greater participation of the private sector in container ports and the rail network, but plans must now turn into action.”&nbsp;



Formby said that a much more proactive approach was needed to resolve the vexed spectrum issue.&nbsp;



“All parties should be sitting around a table, not in the courtroom.



<figure class="wp-block-pullquote"><blockquote>“Speedier allocation of extra spectrum would unleash much new investment in telecom infrastructure which, among other factors, should help further reduce the cost of data and enable significant growth in this vital sector. South Africa has already waited too long for this policy change.”&nbsp;&nbsp;</blockquote></figure>



Formby also said that a plan to fix municipalities was also needed.&nbsp;



<blockquote class="wp-block-quote">“It’s a longer road but we need to re-skill municipalities to enable projects to repair ageing infrastructure alongside better financial management.”&nbsp;</blockquote>



Companies have increasingly expressed concerns about the additional costs they have to incur because of lack of delivery by municipalities. Poultry producer Astral has had long running water supply problems in Standerton, while Clover has just decided to shift their cheese plant from Lichtenburg in the North West to Queensburgh, Durban because of poor service delivery.&nbsp;



“For the current cyclical economic recovery to develop into a durable business-cycle upswing, jobs must be created, and for that to happen, fixed investment must accelerate.&nbsp;



<blockquote class="wp-block-quote is-style-default">“With increased collaboration between the public and private sector, South Africa now has an opportunity to create a sound platform which could serve us for years to come,” Formby concluded.&nbsp;</blockquote>

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Being the largest blockchain event for Africa, Africa Blockchain Week 2021 will bring together decision makers, business leaders, investors, community builders, educators and government officials to discuss how blockchain technology benefits Africa’s economic and financial development.



Africa Blockchain Week (ABCW) 2021 takes place virtually from June 28th to July 1st. The core event is the ABCW Virtual Summit which will broadcast high-level content during the days of June 28th, 29th and 30th. The hottest NFT trend is envisioned through a special Africa Artist Showcase of NFTs, including Amrita Sethi, an award-winning multimedia and tech artist.



The event is co-hosted by <a href="https://www.nexchange.com">NexChange Group</a>,a blockchain ecosystem and venture builder, and an African conglomerate <a href="http://maritagroup.com">MARITA Group</a>, with partnership and continuous support from the <a href="https://au.int">African Union</a> and its <a href="https://www.auecosocc.org">Economic, Social and Cultural Council</a>, the intergovernmental organizations that unite countries on the African continent on multiple levels. Ambassador Jalal Chalba, CIDO Director of African UNION Commission, Dr William Carew, Head of Secretariat of African Union ECOSOCC and Botho Seboko, Head of Human Resources, Science and Technology Cluster of African Union ECOSOCC are honorable participants and speakers for Africa Blockchain Week.



Africa Blockchain Week 2021 is covered by <a href="https://www.cnbcafrica.com">CNBC Africa</a>, and also enjoys partnerships with blockchain focused venture capital investor <a href="https://cvvc.com/about">CVVC</a>, and the leading think tanks in digital economy and fintech industries: <a href="https://www.goldfingr.net">Goldfingr Global Investment Club</a> and <a href="http://www.globalpolicyhouse.com">Global Policy House</a>, an investment, digital economy and blockchain solutions hub.



Moreover, 25+ media partners, 25+ supporting organisations and their communities coming from Africa, Asia, Europe, Middle East have endorsed Africa Blockchain Week.



The conference agenda combines both financial and non-financial applications of blockchain that nourish the ecosystem and help build strong ties with global blockchain hubs. From the adoption of Bitcoin and digital currencies market boom, to feasibility studies of central bank digital currencies conducted by African central banks, to blockchain based logistics and supply chains in agriculture and food provenance, to distributed digital identity systems and financial inclusion: a wide range of topics will be covered during the 3-day summit.



Speakers featured on the agenda:



<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="480" height="800" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/06/CNBC-Africa-SM2-25-featured-speakers-480x800.png" alt="native" class="wp-image-406377" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/06/CNBC-Africa-SM2-25-featured-speakers-480x800.png 480w, https://cms.cnbcafrica.com/wp-content/uploads/2021/06/CNBC-Africa-SM2-25-featured-speakers-180x300.png 180w, https://cms.cnbcafrica.com/wp-content/uploads/2021/06/CNBC-Africa-SM2-25-featured-speakers-48x80.png 48w, https://cms.cnbcafrica.com/wp-content/uploads/2021/06/CNBC-Africa-SM2-25-featured-speakers-768x1281.png 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/06/CNBC-Africa-SM2-25-featured-speakers-921x1536.png 921w, https://cms.cnbcafrica.com/wp-content/uploads/2021/06/CNBC-Africa-SM2-25-featured-speakers.png 1203w" sizes="(max-width: 480px) 100vw, 480px" /></figure>



<ul><li>Charles Hoskinson, Founder, Cardano, Co-founder, IOHK</li><li>Mamadou Toure, Founder, CEO, Ubuntu Group, Founder, Africa 2.0 Foundation</li><li>Mance Harmon, CEO, Hedera Hashgraph</li><li>Michelle Chivunga N, CEO, Global Policy House, Advisor, African Union</li><li>Nick Spanos, Bitcoin pioneer, Founder, ZAP</li><li>Michael Sudarkasa, CEO, Africa Business Group</li><li>Brian Behlendorf, Executive Director, Hyperledger, The Linux Foundation</li><li>Hamdene Ezzeddine, State Commissioner at the Tunisian High Administrative Court</li><li>Albert Isola, Minister for Digital and Financial Services, Government of Gibraltar</li><li>Ismail El Hamraoui, President, The Moroccan Youth Government</li><li>Ian Putter, Head of DLT/Blockchain, Standard Bank</li><li>John Kamara, Founder Adalabsafrica, Chairman African Blockchain Centre</li><li>Mohammad Sear, Digital Government &amp; Public Sector Consulting Leader, EY Africa, India, Middle East</li><li>Elaine Bannerman, Founder, Pan-African Tech Foundation</li></ul>



Topics include:



<ul><li>Financial Regulation: From Regulatory Goals to Legal Techniques</li><li>Cross Border Payment Infrastructures and Central Bank Digital Currencies in Africa</li><li>Distributed Digital Identity Using Blockchain Technology</li><li>DLT &amp; Trade Facilitation in Africa</li><li>NFTs: from Hype to Mainstream</li><li>Digital Media Platforms: Content and Strategies for New Generation</li><li>Blockchain Enabled Solutions for Mining &amp; Energy Industry</li><li>Blockchain Application in Agriculture: Agri-specific blockchain &amp; Food Provenance</li><li>Supply Chain Management Solutions x Blockchain</li><li>FinTech &amp; Tokenisation Strategies in Africa and Beyond</li></ul>



Africa Blockchain Week 2021 promotes blockchain technology as an enabler of greater transparency and accountability throughout many industries. The event mission is to educate the audience about benefits of blockchain technology in sectors of business, government, infrastructure providers, financial institutions, etc.



The summit will debate the latest industry trends and future innovations, and provide unparalleled access to visionaries, influencers, and disruptors in the business and tech world, bringing awareness to challenges that can be addressed with blockchain technology solutions.



NexChange Group is a venture builder and media platform specializing in Blockchain, FinTech, HealthTech, AI, and Smart Cities.



Marita Group Holding is a global company focused on:



&#8211; turnkey solutions in real estate development, theme parks, smart cities



&#8211; Renewable energy and waste recovery, hydrogen production, electric mobility



&#8211; sustainable agriculture and sustainable development



&#8211; local mining development of natural resources



&#8211; health, medical products, equipment and supplies



For more information on the registration, speakers, agenda and partnerships, please visit <a href="http://www.africablockchainweek.com">www.africablockchainweek.com</a> or contact: <a href="mailto:info@nexchange.com">info@nexchange.com</a>

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