Maryland's African Heritage Month Set to Boost Local Economy

The US State of Maryland, a state with a rich history of cultural diversity, has declared its first-ever African Heritage Month. This milestone event is expected to bring significant economic benefits to the state, building on the growing recognition of the African diaspora's contributions to Maryland's economy and cultural landscape.

With a thriving African immigrant community, Maryland has become a hub for cultural exchange and economic growth. The state is home to the fourth-largest share of African immigrants in the country, with many settling in cities like Baltimore and Silver Spring, creating a diverse community that has already made significant contributions to the state's economy, particularly in the fields of healthcare, education, and entrepreneurship.

The African Heritage Month declaration by governor Wes Moore is a strategic move to tap into the economic potential of this growing demographic, and by embracing and celebrating African heritage, Maryland is positioning itself as a hub for cultural tourism aimed at promoting greater economic development.

The gains from African Heritage Month are expected to be felt across various sectors as increased visitor numbers is expected to boost tourism related activities and local businesses. 

Through this laudable initiative, the state is poised to reap significant economic rewards while promoting diversity, inclusivity, and cultural understanding. 

Lagos: The Vibrant City That Never Sleeps - Ranked 6th Best for Nightlife Globally"

Lagos, Nigeria's economic hub, has earned its place among the world's top cities for nightlife, ranking 6th globally, according to Time Out Magazine's 2024 Outlook. This prestigious recognition puts Lagos ahead of notable cities like Rotterdam, Netherlands, and Manchester, United Kingdom.

Only a handful of cities, including Rio de Janeiro, Brazil; Manila, Philippines; Berlin, Germany; Guadalajara, Mexico; and Austin, Texas, USA, surpass Lagos in the ranking. This achievement is a testament to Governor Babajide Sanwo-Olu's initiatives to enhance tourism and entertainment in the city.

Commissioner for Information and Strategy, Gbenga Omotoso, attributes this success to the Governor's efforts in creating an enabling environment for nightlife, emphasizing security, technology, transportation, tourism, and entertainment. "Nightlife is alive and thriving in Lagos, contributing significantly to the city's GDP," he notes.

Statistica Research Department forecasts Lagos' direct contribution to Nigeria's GDP to reach approximately $3.4 billion by 2026, up from $0.8 billion in 2016. This growth underscores the importance of nightlife in Lagos' economy.

Time Out Magazine also recognized Lagos as the 19th best city to visit in January, surpassing Dubai and Miami. With its vibrant nightlife, Lagos is solidifying its position as a leading mega-city, thanks to Governor Sanwo-Olu's vision and initiatives.

DANGOTE INDUSTRIES CRISES COMPOUNDED BY NEGATIVE FITCH RATING

In a shocking move, Fitch Ratings has downgraded Dangote Industries Limited's (DIL) credit rating to B+ and placed it on ratings watch negative, citing concerns about its liquidity and ability to raise money. This development has sent shockwaves through the business community, particularly given DIL's significant presence in Nigeria's economy and its plans to operate Africa's largest oil refinery.

The downgrade reflects a significant deterioration in DIL's liquidity position, following lower-than-expected disposal proceeds and operational and financial underperformance compared to prior expectations.

 This is a concerning turn of events, especially considering the importance of DIL's projects, including the 650,000 barrel per day oil refinery in Nigeria.

Fitch's decision has sparked discussions about the broader implications for Nigeria's business environment and the challenges faced by the country's oil industry. The downgrade raises questions about the ability of Nigerian businesses to access capital and manage debt, particularly in the oil sector.

In a statement, Fitch revealed that Dangote Group plans to divest a 12.75% stake in Dangote Petroleum Refinery to address liquidity concerns. The proceeds from the sale will be used to service a sizable syndicated loan that matures on August 31, 2024.

 This move highlights the urgent need for DIL to address its debt concerns and improve its financial management.The implications of this downgrade are far-reaching, with potential consequences for Nigeria's economic growth and development. 

"I WANT MY OWN SHOE LINE" WORLDS FASTEST MAN TELLS ADIDAS

 

NOah Lyles

The newly crowned world's fastest man, made history on Sunday by winning the 100-meter sprint at the Paris 2024 Olympics. This victory marks a milestone in Lyles' illustrious career, which has been marked by dedication, perseverance, and a passion for speed.

Lyles' journey to the top began in his teenage years, when he started competing in local track events. His natural talent and hard work quickly earned him a spot on the US national team, and he went on to win several national championships. However, his Olympic dreams were initially put on hold when he failed to qualify for the 2020 Tokyo Olympics.

Undeterred, Lyles refocused his training and came back stronger than ever. His determination paid off in Paris, where he crossed the finish line in a blistering 9.83 seconds, becoming the first American to win the gold medal in the 100-meter sprint since Justin Gatlin in Athens 20 years ago.

Now, with his gold medal in hand, Lyles is setting his sights on a new goal: his own signature shoe line with Adidas. 

"I want my own shoe, I want my own trainer, dead serious," he declared at a news conference after the race. 

As one of the top athletes sponsored by the German brand, Lyles is eager to take his partnership to the next level and create a shoe that reflects his unique style and speed.

With his victory in Paris, Lyles has cemented his status as one of the greatest sprinters of all time. As he looks to the future, it's clear that he's just getting started. Will Adidas grant him his wish and create a signature shoe line? Only time will tell, but one thing is certain – Noah Lyles is here to stay.

Amazon Accelerates Electric Vehicle Revolution. Aims to fully electrify its 100,000+ delivery van fleet by 2030

Amazon has reached a remarkable milestone in its electric vehicle (EV) initiative, deploying 15,000 EVs since co-founding The Climate Pledge in 2019. 

The company has accelerated its timeline to fully electrify its 100,000+ delivery van fleet by 2030, a decade ahead of its initial plan.

Amazon's EV fleet has already delivered over 800 million packages in the US, with Rivian vans leading the charge. The company is also expanding its electric fleet to ocean freight service in California, introducing fully electric Volvo semi-trucks for heavy cargo containers and customer package loads.

To support its growing EV fleet, Amazon has installed over 17,000 chargers at more than 120 delivery stations across the US. 

CEO Andy Jassy emphasizes Amazon's commitment to achieving net-zero carbon emissions by 2040, with electric vehicles playing a crucial role in this strategy.

The company is exploring additional eco-friendly solutions, including electric cargo bikes and drones. With its accelerated EV timeline and innovative approach, Amazon is paving the way for a greener, more sustainable future.

Nigeria Unveils Radical Plan to Stabilize Fuel Prices Amid Chronic Shortages

Nigeria, Africa's largest oil producer, has struggled with fuel shortages and price volatility for decades. The country's refining capacity has been crippled by years of underinvestment, corruption, and mismanagement, forcing it to rely heavily on imported fuel. This has led to a cycle of shortages, price hikes, and economic instability.

In a shocking move, the Nigerian government has announced a new policy to sell crude oil to local refineries in Naira, a bold bid to stabilize fuel prices and the Naira-Dollar exchange rate. The decision aims to break the cycle of dependence on imported fuel and boost domestic refining capacity.

The unexpected move has sparked intense debate, with experts weighing in on the potential risks and benefits. 

Industry insiders warn of potential smuggling, currency devaluation, and inefficient resource allocation, while others see it as a game-changer for the economy

Proponents argue that the policy will reduce the burden of foreign exchange, increase government revenue, and stimulate economic growth. However, critics caution that the policy may not address the underlying issues plaguing the sector, such as corruption, inefficiency, and lack of investment.

DANGOTE -SINO TRUCK PARTNERSHIP SET TO ASSEMBLE 13,000 TRUCKS ANNUALLY

 

In a significant move to boost Nigeria's industrialization and economic development, Dangote Sinotruk West Africa Limited has announced plans to expand its production capacity to 13,000 trucks annually. The expansion is expected to increase the company's production capacity from 10,000 trucks annually to 13,000, making it one of the largest truck assembly plants in West Africa.

The CEO of Dangote Sinotruk West Africa Limited, Hikmat Thapa, stated that the company's vision is to assemble and produce a full range of commercial vehicles tailored to the specific needs of the market. 

The plant will fabricate diverse types of trailers and tipper bodies with the goal of achieving domestic self-sufficiency and serving the West African regional market.

He added that the majority of the fabrication and assembly lines are being handled by trained Nigerians.

Dangote Sinotruk West Africa Limited, a joint venture company with a total investment of $100 million, boasts cutting-edge facilities and machinery, enabling it to achieve a production capacity of 15-16 trucks per shift, or approximately 10,000 trucks annually, with the current capacity able to handle up to 13,000 trucks annually.

Governor Babajide Sanwo-Olu of Lagos State was among early clients as he acquired over 200 compactor trucks from the company to enhance service delivery in the state. 

Angolan Cabinda Refinery Set To Commence production

Located in the oil-rich province of Cabinda, Angola, the new Cabinda crude oil refinery is poised to transform the country's energy landscape. With a price tag of $473 million for the first phase, this modular refinery is expected to start commissioning by the end of this year and reach full production of 30,000 barrels per day by July next year.

Cabinda, a coastal provpince in northern Angola, has a rich history dating back to the 19th century when it was a Portuguese colony. The province is home to vast oil reserves, making it a crucial player in Angola's oil industry. The new refinery is strategically located in this region, leveraging its proximity to oil fields and export markets.

The refinery's CEO, Marcelo Hofke, confirmed that the project is on track, with almost two-thirds of the construction completed. The first phase will produce naphtha, jet fuel, diesel, and heavy fuel oil (HFO), with naphtha and HFO earmarked for export due to limited domestic demand.

The Cabinda refinery is a joint venture between Gemcorp Holdings (90%) and state-owned Sonangol (10%). 

Gemcorp's group chief investment officer, Felipe Berliner, expressed enthusiasm for the project's potential, citing plans to expand capacity to 60,000 barrels per day in the second phase, with a total investment expected to reach $1 billion.

Berliner noted that the original funders, including Africa Finance Corporation and African Export-Import Bank, are keen to continue supporting the project. He also hinted at the possibility of further expansion, stating that Cabinda has the potential to reach 90 or 120,000 barrels per day capacity on the same site.

The Cabinda refinery will supply 10% of the country's domestic fuel market, doubling its market share upon completion of the second phase.

NIGERIAN GOVERNMENT DEMANDS DANGOTE REFINERY'S DIESEL REPORT AMID QUALITY DISPUTE

The Federal Government of Nigeria, through the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), has requested a fresh report from Dangote refinery to confirm the sulphur content of its diesel. This move comes after the company denied allegations of producing inferior fuel, sparking a heated debate on the quality of fuel produced by the refinery and imported fuel.

According to NMDPRA spokesman George Ene-Ita, the agency has engineers and scientists embedded in the refinery, and their report will be released on Monday. The agency had previously alleged that Dangote's diesel contains high sulphur content, which the company has disputed.

The refinery has been selling diesel and aviation fuel in Nigeria for months but has not yet been licensed by NMDPRA, according to the agency's Chief Executive, Farouk Ahmed.

 Ahmed warned that relying heavily on the Dangote refinery for fuel supply could compromise Nigeria's energy security.

The company has challenged NMDPRA to compare the quality of its refined products with those imported, advocating for an impartial assessment. Dangote claimed its diesel has a sulphur content of 87.6 ppm, while imported diesel exceeds 1,800 ppm and 2,000 ppm.

The Federal Government's demand for a fresh report aims to resolve the dispute and ensure Nigerians have access to high-quality fuel

The outcome of the investigation and the report's findings will be crucial in determining the next steps in this ongoing saga.

JC BROOKS, FORMER BBC AFRICAN CORRESPONDENT, LAID TO REST

In a sorrowful and reflective ceremony, the remains of the late veteran journalist Joel Chulo Brooks were laid to rest on July 20, 2024, at his family cemetery in the Saint Virginia area of Liberia. 

The event was attended by a host of colleagues, relatives, and dignitaries, including the Liberian Minister of Communication. The atmosphere was heavy with grief as those who knew and admired him gathered to pay their final respects.

Joel Chulo Brooks, a former BBC Africa Correspondent, made a significant impact by reporting the Liberian civil war to a global audience. 

With over 3 decades of experience across various media platforms, he was regarded as one of the most experienced journalists in West Africa. His dedication to journalism and his mentorship of numerous journalists in Liberia and beyond left an indelible mark on the profession.

An advocate for social equality, JC Brooks spent most of his life working as a journalist. He served as the publisher and editor for the Monrovia Weekend News from 2009 to 2015. 

At the time of his death, he was the chief executive officer of Global News Network (GNN) Liberia, one of the leading media companies in the country.

Born on August 13, 1959, Joel Chulo Brooks passed away on June 29, 2024. His burial at the family cemetery was a poignant moment, filled with sorrow and remembrance. 

He is survived by his children and relatives, who mourn the loss of a beloved father, mentor, and friend. The legacy of Joel Chulo Brooks will continue to inspire future generations of journalists across the continent.

Vedanta Resources Ltd. Pays $246m To Regain Control of Zambia's Konkola Copper Mines

In a landmark resolution, Vedanta Resources Ltd. has reasserted its dominance over Zambia's Konkola Copper Mines (KCM) following a protracted five-year conflict. The pivotal moment came with a substantial $246 million payment to local creditors, enabling the reinstatement of KCM's board and the restoration of full management control to Vedanta, under the leadership of billionaire Anil Agarwal.

This development signifies a transformative phase for KCM, which boasts some of the world's richest high-grade copper and cobalt deposits. These resources are not only vital to Zambia's economy but also hold significant value in the global copper and cobalt markets.

The saga began in 2019 when the Zambian government took control of KCM from Vedanta, citing unmet investment commitments and operational inefficiencies. This action sparked a series of legal battles and negotiations, culminating in a settlement agreement in 2023 under the administration of Zambia's new president, Hakainde Hichilema. Vedanta's recent payment is a critical step in honoring this agreement and regaining operational rights over KCM.

KCM's mines are renowned for their high-grade copper deposits, essential for industries such as electronics, construction, and renewable energy.

 Additionally, the cobalt reserves at KCM are crucial for battery production in electric vehicles and other technologies.

Vedanta's vision for KCM includes ambitious plans to increase copper production to 300 kilotonnes per annum and boost cobalt production from 1 kilotonne to 6 kilotonnes per annum. This expansion is poised to invigorate Zambia's economy and solidify its standing in the global mining sector.

African Development Bank Approves $46.2m Grant for South Sudan's Agricultural Transformation

In a significant move to bolster South Sudan's agricultural sector, the African Development Bank Group has approved a $46.2 million grant. This funding will support the first phase of the Climate Resilient Agri-Food System Transformation Programme, aiming to enhance agricultural productivity, food security, and resilience in one of the world's most fragile nations.

Despite 95% of South Sudan's land being suitable for agriculture, only 4.5% is currently utilized. The country faces severe food insecurity, with over 7.1 million people struggling to access sufficient and nutritious food. 

This programme will deploy climate-smart technologies, strengthen value chains, promote digital agricultural solutions, and develop professional skills to create more jobs, particularly for women and young people.

Set to run from September 2024 to December 2030, the project will span nine counties in four states: Bahr el Ghazal, Eastern Equatoria, Central Equatoria, and Jonglei. It aims to produce an additional 350,000 tonnes of cereals and 2,450 tonnes of fish, creating 179,200 direct jobs.

This initiative marks a pivotal step towards achieving food self-sufficiency and improving the livelihoods of South Sudanese citizens.

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UAE Resumes Issuing Visas to Nigerians with New Conditions

In a significant development for business and travel, the United Arab Emirates (UAE) has resumed issuing visas to Nigerian passport holders following successful negotiations between the UAE and Nigeria. This move is expected to bolster the already robust economic ties between the two nations.

The new visa agreement comes with updated conditions. Nigerian travelers must now obtain a Document Verification Number (DVN), a mandatory requirement for the UAE visa application process.

 This measure, enforced by the Federal Authority for Identity, Citizenship, Customs & Port Security (ICP) of the UAE, ensures that all necessary documents are digitally verified and authenticated before the visa application process begins. The DVN processing time is approximately five working days, and individuals below the age of 13 are exempt from this requirement.

The UAE and Nigeria share a dynamic economic relationship, with trade and investment flows growing steadily over the years. In 2022, the UAE exported goods worth $653 million to Nigeria, including refined petroleum, broadcasting equipment, and cars¹. Conversely, Nigeria exported $752 million worth of goods to the UAE, with gold being the top export¹.

Dubai, a key player in the UAE's economy, has invested significantly in Nigeria, with investments reaching $234 million over the past five years

. These investments span various sectors, including infrastructure, technology, and services, reflecting Dubai's commitment to deepening trade and investment relations with Nigeria.

The resumption of visa issuance under the new conditions is expected to facilitate smoother business and tourism exchanges, further strengthening the economic partnership between the UAE and Nigeria.

However, Nigerians will be requested to pay a non refundable visa application fee of 640,000 naira, which is about 300% increase.

DEATH ROUTE: Over 1,180 Persons DIED TRAVELLING THROUGH LAND ROUTES TO EUROPE - UN

The United Nations and partners report that more migrants and refugees in Africa are heading northward toward the Mediterranean and Europe, crossing perilous routes in the Sahara where criminal gangs subject them to enslavement, organ removal, rape, kidnapping for ransom, and other abuses.

A report released by the U.N. refugee and migration agencies and the Mixed Migration Centre research group estimated that land routes in Africa are twice as deadly as the sea lanes across the Mediterranean — the deadliest maritime route for migrants in the world.

New conflicts and instability in countries like Mali, Burkina Faso, and Sudan have increased the number of journeys toward the Mediterranean. 

Nigeria, Ivory Coast, and Guinea were the top countries of origin for migrants.

“Refugees and migrants are increasingly traversing areas where insurgent groups, militias, and other criminal actors operate, and where human trafficking, kidnapping for ransom, forced labor, and sexual exploitation are rife,” according to a summary of the report, which follows up on a similar study four years ago.

The authors admit there are no comprehensive statistics on deaths on the land routes in Africa. However, the UNHCR has cited a more-than-tripling of the number of refugees and asylum-seekers in Tunisia — a key transit country for migrants aiming to get to Europe — between 2020 and 2023.

The report aimed to spotlight the dangers of land routes that lead to the Mediterranean, which was crossed by over 72,000 migrants and refugees in the first half of this year, and where 785 people have died or gone missing over those six months, according to UNHCR figures.

Refugees and migrants are increasingly traversing areas where insurgent groups, militias, and other criminal actors operate, and where human trafficking, kidnapping for ransom, forced labor, and sexual exploitation are rife,”

Survivors claimed that some smugglers dump sick people off pickup trucks ferrying them across the desert or don’t go back to retrieve others who fall off.

Everyone who has crossed the Sahara can tell you of people they know who died in the desert, whereas you interview people in Lampedusa: Not that many people will tell you about people they know who died at sea,” he said, alluding to an Italian island in the Mediterranean.

The U.N.'s International Organization for Migration reported earlier this year that more than 3,100 people died on the Mediterranean crossing last year.

The authors of the report, which drew on testimonies from over 31,000 people, said international action has been inadequate and pointed to “huge gaps” in protection and help for people making the perilous journey.

“In total, 1,180 persons are known to have died while crossing the Sahara Desert for the period January 2020 to May 2024, but the number is believed to be much higher,” it said.

The risk of sexual violence, kidnapping, and death was reported by higher percentages of migrants questioned for the report compared to the previous one in 2020, and Algeria, Libya, and Ethiopia were considered by respondents as the most dangerous

 Hundreds of cases of organ removals were also reported, with migrants agreeing  to such removals as a way to earn money.

But most of the time, people are drugged and the organ is removed without their consent: They wake up, and a kidney is missing.

 

LAGOS, CIG MOTORS SIGN $260m JOINT VENTURE DEAL TO ROLL OUT 5,000 NEW SMART TAXIS

  

Governor Babajide Sanwo-Olu, on Monday, supervised the signing of another Joint Venture partnership between a State-owned corporation, IBILE Holdings Limited, and CIG Motors Company Limited for the acquisition of 5,000 brand new vehicles to the fleet of LAGRIDE, bolstering Lagos economy with $260 million investment.

In the coming weeks, the State is expected to take delivery of 2,000 units of the new vehicles in the first phase; the rest are to be delivered in tranches. The new fleet will have 1,000 electric vehicles, demonstrating the commitment of the State Government to reducing dependence on fossil fuels and pruning the carbon footprint.

Lagos Government, in 2022, launched its first LAGRIDE initiative with 1,000 brand new cars and mini SUVs, giving commuters better transportation options and riding convenience.

 

The Governor said the initiative was part of his administration’s vision to transform and modernise public transportation, giving the State an integrated urban transit system as a sustainable alternative to outdated vehicles being used for transportation.

 

Sanwo-Olu said: “This is a transportation solution that we are developing to meet all our citizens’ needs to commute safely and comfortably within the metropolis. We are using our investment arm as a vehicle to execute what will become a successful Joint Venture partnership between Lagos State Government and CIG Motor Company Limited in the acquisition of 5,000 brand new GAC vehicles for LAGRIDE initiative. 

 

“The partnership with CIG Motors started two years ago with 1,000 brand new cars and we have seen the benefits to our people in terms of job creation and economic empowerment. We are set to enhance the scope and expand the fleet in order to extend the e-hailing service to other parts of the State. Introduction of electric powered vehicles into the fleet is to change the narrative. We will begin to see the drop in carbon footprint. This demonstrates our commitment to energy transition towards sustainable energy sources.”

Sanwo-Olu said the partnership was not only about smart taxi and e-hailing taxi service, but added that the deal would also kick off car pooling services, chauffeur services and tech-driven logistics services.

The Governor said the strategic partnership would enhance safety, turnaround time and digitally enabled means of public transportation. He said the relationship with the automobile company had been mutually beneficial, urging other private players in the transportation sector to key into the market and initiate schemes that would enhance mobility in the State.

 

“We will be seeing improvement in operation, advancement in technology, improved market share, extensive research and rapid movements. We will be seeing Lagos living up to its potential as a city operating an international standard, environmentally sustainable and smart mobility system deserving of its status. We are happy with the investment decision we are making today. We believe Lagos and its residents will reap the benefits of cleaner and better mode of transportation,” Sanwo-Olu said. 

Commissioner for Transportation, Mr. Seun Osiyemi, said the deal would help LAGRIDE meet increasing demand and fulfilment ratio of customers, while also improving Fintech support solutions.

Aside creating more jobs in driving, maintenance and administrative roles, Osiyemi said the scheme would boost the local economy with increased accessibility, thereby improving the transportation systems.

 

“This is an investment in modern and sustainable transport solutions, in furtherance of the State Government’s efforts in actualising a safer, cleaner, faster, and digitally equipped transportation system under the THEMES Agenda,” the Commissioner said.

 

Managing Director of IBILE Holdings Limited, Mr. Tobi Lawal, said the collaboration would deliver benefits, including enhanced transportation infrastructure. He added that the effort would also boost tourism, improve the aesthetics and efficiency of the State’s transport system

Managing Director of CIG Motor Company Limited Chief Diana Chen, said the partnership had further built confidence and credibility in its business relationship with Lagos Government, stressing that the firm had kept all terms of its dealings with the State.

She said: “Whatever we promised, we delivered. We have kept to all terms of our previous agreements with Lagos and we will still honour the term of this new partnership. We are committed to helping Nigeria raise its GDP and economic growth. We will make LAGRIDE a Lagos’ pride.”

DONALD TRUMP SURVIVES ASSASSINATION

(Photo credit: nbcnews)

Former President Donald Trump survived an assassination attempt during a campaign rally in Butler, Pennsylvania, yesterday evening. Gunshots were fired as Trump took the stage, with one bullet grazing his ear. He was quickly ushered off stage by Secret Service agents and was unharmed.

President Joe Biden spoke to Trump shortly after the incident, expressing relief that his Republican opponent was "doing well" and condemning the violence. Biden also contacted Pennsylvania Governor Josh Shapiro and Butler Mayor Bob Dandoy, emphasizing the need for unity and the condemnation of political violence.

The shooter, identified as James Thompson, was apprehended by law enforcement. One rally attendee and the shooter died in the incident. 

The FBI and local authorities are investigating, and increased security measures are expected at future events.

WHO IS ADESUWA LADOJA, THE NEWLY APPOINTED BOSS OF LAGOS FREE ZONE?

 

Adesuwa Ladoja has been appointed as the Managing Director/Chief Executive Officer of Lagos Free Zone (LFZ) Company, a subsidiary of Tolaram, effective July 1, 2024. She takes over from Dinesh Rathi, who now assumes the role of Group Finance Director at Tolaram.

With a strong background in infrastructure development and strategic leadership, Ladoja played a pivotal role in the success of the Lekki Deep Sea Port project.

 Her leadership was instrumental from the financial close in 2020 to the completion of construction in 2022 and commencement of commercial operations in 2023.

Educated at Obafemi Awolowo University and King’s College London, Ladoja started her career as an Associate at Ajumogobia & Okeke before spending over a decade at KPMG Professional Services, specializing in Tax, Regulatory, and People Services. She is a member of the Nigerian Bar Association and holds several professional certifications.

The Board of Directors highlighted Ladoja's multifaceted expertise as crucial in driving LFZ's growth and innovation agenda.

 In her statement, Ladoja expressed gratitude for the opportunity and emphasized her commitment to sustaining LFZ's industrial ecosystem, which prioritizes sustainability and customer-centricity.

Established in 2012 and spanning 850 hectares, Lagos Free Zone is renowned as an award-winning port-based industrial zone in Lagos, attracting over $2.5 billion in committed Foreign Direct Investments (FDI). Situated in Lekki, LFZ, promoted by Tolaram, aims to become West Africa's premier industrial hub.

Adesuwa Ladoja's appointment heralds a new chapter for Lagos Free Zone, promising further growth and prominence in the region's industrial landscape.

Under Ladoja's leadership, LFZ will  continue to evolve as a symbol of efficient business operations, illustrated by its integrated Lekki Port, which enhances ease of doing business and attracts diverse industries.

Niger Withdraws Uranium Mining Rights from GoviEx

Canadian miner GoviEx Uranium (GXU.V) has faced a significant setback in its efforts to develop a uranium project in Niger. The West African country recently revoked GoviEx's mining permit for the Madaouela uranium project, situated in the Agadez region in the northern part of Niger. 

  The Niger government informed GoviEx that it no longer holds the rights over the perimeter of the Madaouela mining permit, effectively withdrawing its license.

    This decision came just weeks after the government also revoked the operating permit for French company Orano's Imouraren uranium mine.

   GoviEx expressed its intention to challenge this decision through appropriate legal channels.

   - GoviEx began operations in Niger back in 2007 and has made significant progress with the Madaouela project.

   Despite historically low uranium prices, the company completed extensive exploration work, including drilling approximately 650,000 meters to define a substantial mineral resource—one of the largest known in the world.

  The Madaouela Project was poised for development, especially with the recent recovery in uranium prices.

 The government of Niger holds a 20% stake in COMIMA SA, the Nigerien company set up to develop the Madaouela project.

   The project was expected to create up to 800 jobs over its projected 20-year mine life, along with substantial royalty payments and taxes to the government.

Niger possesses Africa's highest-grade uranium ores and ranks as the world's seventh-largest uranium producer.

   Uranium is not only a crucial fuel for nuclear energy but also finds applications in cancer treatment, naval propulsion, and nuclear weapons.

The setback for GoviEx occurred just as the company was in the process of raising approximately $200 million through debt financing to fund the Madaouela project.

Tanzania's $1.45 Billion Standard Gauge Railway Revolutionizes Regional Connectivity

The Tanzanian government is making significant strides in enhancing its rail infrastructure. The construction of the Standard Gauge Railway (SGR) is a pivotal project, not only for Tanzania but also for its neighbors in the East African Community (EAC). 

This railway network will ultimately connect the port of Dar es Salaam to countries such as Burundi, the Democratic Republic of Congo, Rwanda, Uganda, and South Sudan, serving as a vital gateway to the region. 

With a combined population of 295 million within the EAC, the SGR's reach extends to 57% of Africa's total population when including member countries of the South African Development Community (SADC) and the Common Market for Eastern and Southern Africa (Comesa). The SGR project has already created substantial socio-economic benefits. It directly employs 40,246 people and indirectly benefits an additional 150,880. 

According to reports, contracts worth a total of $1.45 billion have been awarded, stimulating the national GDP and supporting industrial policy. The railway will require approximately 35.45 million bags of cement, 4.6 million sleepers, and an estimated 226,000 tonnes of locally-sourced materials for construction. 

GSK Pays CureVac €1.45bn To Acquire Full Rights To Key Vaccines

In a bold strategic maneuver, GSK (GSK.L), one of Britain's foremost pharmaceutical giants, has announced its acquisition of full rights to several pivotal vaccines from CureVac, a leading German biotech firm. This transformative agreement, disclosed on July 3rd, marks a significant restructuring of their partnership, granting GSK exclusive control over vaccines developed jointly with CureVac.

Under the terms of the deal, GSK will initially pay CureVac €400 million ($429.44 million) and potentially up to an additional €1.05 billion ($1.13 billion) in future payments tied to development milestones, regulatory approvals, and sales achievements.

 Additionally, CureVac stands to receive tiered royalties as these vaccines are commercialized.

The partnership between GSK and CureVac was forged in 2020 amidst the throes of the COVID-19 pandemic, focusing on harnessing messenger RNA (mRNA) technology for the development of vaccines targeting infectious diseases. This collaboration has been seen as pivotal in advancing the frontier of vaccine innovation, leveraging cutting-edge mRNA platforms.

For CureVac, this transaction signifies a strategic pivot towards advancing new cancer treatments, bolstered by the substantial cash infusion from GSK. The biotech firm has faced financial challenges following significant investments in COVID-19 vaccine development, which have yet to yield anticipated breakthroughs. The upfront payment from GSK will fortify CureVac's financial position, empowering it to pursue its ambitious research initiatives in oncology.

This acquisition by GSK underscores its commitment to pioneering mRNA-based vaccines, positioning itself at the forefront of biotechnological innovation. With exclusive rights to these critical vaccine candidates, GSK aims to accelerate their development and global deployment, addressing pressing healthcare challenges on a broader scale.

The implications of this deal resonate not only within the pharmaceutical industry but also across global health landscapes, as stakeholders closely monitor the future trajectory of mRNA vaccine development. As GSK takes the reins of these transformative technologies, the world watches with anticipation for the next breakthrough in vaccine science.

WE’VE FINANCED 500,000 ENTREPRENEURS WITH N10 BILLION BUSINESS GRANT SINCE INCEPTION’ — LSETF

According to the Acting Executive Secretary of the Lagos State Employment Trust Fund, Mrs. Feyisayo Alayande, the State Government has supported no fewer than 500,000 private business enterprises operating in Lagos State, Nigeria, with a tenure-bound credit programme and seed capital through the LSETF,.

Alayande said LSETF, since inception, had organised 220,000 business sustainability trainings for thousands of entrepreneurs and it had disbursed over N10 billion in business grants to support new and existing enterprises, with 86 percent of beneficiaries meeting their loan repayment obligations.

She noted that Since inception of operations, "we have provided good support to businesses in terms of funding. We have done about N10 billion disbursement till date in terms of creating access to seed capital and business financing for enterprises across sectors

We have done about 220,000 entrepreneurial trainings for Lagosians, while supporting about 500,000 businesses.

“As at two months ago, we had over 83 per cent collection rate, which means that the majority of our loan beneficiaries have paid back their facilities. As I speak, we have moved the collection rate up to 86 per cent. This means that we have been performing better.

“Our beneficiaries are constantly reminded about their obligations to repay the loan given to them to scale up their businesses. Our goal is to achieve total repayment. Any beneficiary who defaults the loan repayment is automatically denying someone else the opportunity to benefit from the scheme.”

Lagos to Hold 3rd Employment Summit

In the face of rising employment and youth restiveness,  administrators of Lagos - Nigeria's largest city will be holding the 3rd edition of its employment summit on Wednesday, 3rd of July, 2024, with a view tovenue slated for Eko Hotel's, Lagos.

Speaking on the employment summit the Lagos State Employment Trust Fund,LSETF, Acting Executive Secretary, Mrs. Feyisayo Alayande, have come forward to confirm that:

"The event would offer a platform for stakeholders on Entrepreneurship and Employability markets to explore collaborative strategies and best practices in catalysing job creation."

"The event would explore diverse contemporary perspectives and viewpoints on job creation through curated sessions and topics"

Commissioner for Wealth Creation and Employment, Hon. Akinyemi Ajigbotafe, noted that the summit was the State Government’s strategic plan to fostering economic growth and creating sustainable employment opportunities.

LSETF Director for Strategy, Funding and Stakeholders Management, Ms. Sherifah Balogun, said the event would mark another milestone in the agency’s journey towards achieving the vision of the Governor Babajide Sanwo-Olu administration to empower people and create decent means of livelihood for Lagosians.

“We are delighted to host the third edition of the employment summit. We believe partnership is critical factor that is instrumental to LSETF’s success over the years. We are leveraging the event to bring all stakeholders from diverse sectors on common ground, thereby setting the stage for rewarding collaborations,” Balogun said.

23 DEAD, RUTO STAGGERS BACK, WITHDREW TAX HIKES

 

Kenyan President William Ruto has withdrew planned tax hikes, bowing to pressure from protesters who had launched demonstrations across the country.

This is coming after a week-old, youth-led protest that grew from online condemnation of the proposed taxes on bread and diapers and evolved into a nationwide movement calling for the scrapping of the entire finance bill including the taxes.

Thousands took to the streets of Nairobi and several other cities during two days of protests last week as the online movement gathered momentum.

Ruto announced he would not sign a finance bill including the tax increases, a day after clashes between police and protesters at the assembly and nationwide left at least 23 people dead and scores wounded, according to medics.

The International Monetary Fund who are part of the blamed entities  said on Wednesday that it was closely monitoring the situation and was deeply concerned about the unrest.

 The IMF is urging the Kenyan government to cut deficits to obtain more financing.

According to Reuters,  there were documented protests in at least 35 of Kenya's 47 counties, from big cities to rural areas - even in Ruto's hometown of Eldoret in his ethnic Kalenjin heartland.

Starlink's Affordable Pricing Shakes Up Kenya's Data Market

 Elon Musk's satellite internet venture, Starlink, is making waves in Kenya's data plan landscape with it's new offerings seeking to give competitors a run of nightmares.

The company's aggressive pricing strategy has disrupted the market, offering a 50GB monthly data package at an astonishingly low price of Ksh1,300 ($10.16). 

Starlink's 50GB package at Ksh1,300 directly challenges Airtel's similar offering priced at Ksh3,000, as Airtel, a major player in the Kenyan telecom sector, now faces fierce competition.

Also, Safaricom, the current dominant player in Kenya, has a 45GB package at Ksh2,500, is also feeling the heat as the scale continues to tilt in favour of starlink..

   Presently, the combined market share of Safaricom and Airtel stands at a staggering 95.2%, but pundits says this figure may see a drastic cut down within the next few months.

 However, while Starlink's pricing is enticing, there's a caveat. Subscribers must invest in installation hardware, which comes with an upfront cost of Ksh45,500. This hardware requirement sets Starlink apart from the traditional telcos, where users activate a SIM card without additional expenses.

Volkswagen Reveals Plans to Invest $5bn into TESLA rival RIVIAN

German car making giant Volkswagen (VW) says it has plans to invest up to $5bn in Tesla rival Rivian, to create a joint venture that will allow both companies share expertise.

This news triggered the market, and Rivian shares jumped by almost 50% following the announcement.

 

Under the agreement, VW said it will initially invest $1bn in the electric truck and SUV maker, with another $4bn to be put into the company by 2026.

Founded in 2009, Rivian has not yet posted a quarterly profit. In the first three months of 2024 the company saw a net loss of more than $1.4bn.

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The partnership will give VW immediate access to Rivian's software allowing the German car maker to use it in its cars.

China's Tsingshan $1bn steel plant in Zimbabwe starts production.

In a significant move that underscores China's growing influence in Africa, Tsingshan Holding Group, a titan in the nickel industry, has officially commenced operations at its state-of-the-art $1 billion steel plant in central Zimbabwe. 

The inauguration of the plant, known as Dinson Iron and Steel Company (DISCO), was announced by project director Wilfred Motsi on Thursday. 

The facility is poised to produce an impressive 600,000 metric tons of carbon steel annually  during its initial phase. This ambitious production target is a testament to Tsingshan's commitment to bolstering Zimbabwe's industrial capabilities and contributing to the nation's economic development³.

DISCO has already begun producing pig iron, a crucial raw material for steel manufacturing. By July, the company plans to transition to the production of actual carbon steel, marking a significant milestone in the plant's operational timeline³. While the duration of the first phase has not been disclosed, it is expected to set the stage for future expansions and technological advancements.

Tsingshan's investment in Zimbabwe extends beyond the steel plant. The conglomerate has also established operations in ferrochrome, coking coal, and lithium mining within the country. These ventures are part of Tsingshan's broader strategy to diversify its portfolio and tap into Africa's rich mineral resources¹.

In addition to its industrial pursuits, Tsingshan has demonstrated a commitment to sustainability by constructing a **50 megawatt thermal power plant** at the Dinson site. This facility will not only support the steel plant's energy requirements but also contribute 20% of its electricity needs through gas produced by its furnace³. Moreover, Tsingshan is exploring renewable energy options by planning to build a solar power plant, which will help mitigate the impact of Zimbabwe's frequent electricity shortages on its operations³.

As Tsingshan continues to expand its footprint in Africa, it is set to play a pivotal role in shaping the continent's industrial landscape.

Nigeria Ignites Energy Revolution with $550M Gas Processing Powerhouse"

With a keen vision to enhance its gas export capabilities and bolster domestic supply, Nigeria's NNPC Ltd has joined forces with TotalEnergies to funnel $550 million into the development of a state-of-the-art gas processing hub in Rivers State.

According to insider report,  this ambitious project, which includes the construction of a processing plant and an accompanying pipeline, is set to be erected on the Ubeta onshore gas field—a venture co-owned by Total and NNPC.

The facility promises to be a game-changer for Nigeria, which sits atop the continent's most abundant natural gas reserves, yet has historically flared gas due to infrastructural and financial limitations. 

With the capacity to churn out 350 million standard cubic feet of gas and 10,000 barrels of associated liquids daily, this investment is a beacon of progress for President Bola Tinubu's efforts to draw investors to Nigeria's energy landscape.

Sanlam Secures Strategic Stake in MultiChoice Insurance for $66M

Pursuing it's expansion objectives, South African leading insurer Sanlam has acquired a 60% share in MultiChoice's insurance division,  While MultiChoice retains a 40% stake in the venture.

 According to a Reuters report, the parties have agreed on a deal with an upfront payment of 1.2 billion rand (approximately $66 million), along with a potential performance-based earning up to 1.5 billion rand.

The agreement stipulates a potential earn-out based on the insurance business's performance, specifically the gross written premium by the end of 2026. Additionally, a pre-acquisition dividend of 59 million rand is set to be distributed by MultiChoice's insurance arm.

According to report, the collaboration will leverage on Sanlam's robust African network and proven success in similar partnerships, while paving the way for broader financial service offerings across Africa, facilitated through its SanlamAllianz enterprise. 

According to business Africa analysts 

MultiChoice's vast customer base spanning 21 million households over 50 African nations and Sanlam's operations across 31 countries, will make the deal a strategic win-win for both entities in the continent's burgeoning insurance market.

Following the announcement, Sanlam's shares surged by nearly 5%, with MultiChoice experiencing a modest increase.

Another EV Trailblazer Fisker Hits Financial Snag, Opts for Bankruptcy.

As the EV industry grapples with the realities of s failing market, another giant in the Electric Vehicle landscape, Fisker Inc., has declared bankruptcy amidst a dire cash crunch.

According to a Reuters report,  the company's ambitious "Ocean" SUV delivery efforts in the U.S. and Europe led to its financial downfall.

Despite manufacturing over 10,000 vehicles in 2023, Fisker only managed to deliver around 4,700 units. Henrik Fisker's brainchild signaled distress earlier this year, with failed investment negotiations from a major automaker—identified by Reuters as Nissan—precipitating a strategic pullback.

However, Fisker's Tuesday statement revealed market pressures and economic challenges as culprits for its operational inefficiencies. The firm is now pursuing asset sales under Chapter 11 and seeking debtor-in-possession financing.

With assets and liabilities estimated between $500 million to $1 billion, Fisker Group Inc's bankruptcy filing in Delaware lists 200-999 creditors.

Going forward, The company has paused production and future investments, pending an automotive partnership, alongside a workforce reduction of 15%.

Notably, the EV industry has been marred by bankruptcies, with companies like Proterra and Lordstown succumbing to financial strains and supply chain woes.

 Fisker's regulatory entanglements have further complicated its stability as the current regulatory probes into its vehicles add to the company's uncertain future.

Ethiopia Opens Banking Sector to Global Investors

In a landmark decision poised to reshape its financial landscape, Ethiopia has embarked on a significant economic liberalization effort. The cabinet has greenlit a bill that will permit foreign banks to establish local subsidiaries and enable international investors to hold stakes in Ethiopian financial institutions. This move, as reported by Reuters, marks a pivotal shift for one of Sub-Saharan Africa's largest economies, which has been largely insulated from foreign banking influence for decades.The Ethiopian government's strategy to open its doors to global financial players is a clear signal to the world's investors: Ethiopia is ready for business.

With a population exceeding 100 million, the nation's untapped market potential has long been recognized, and now, the path is set for foreign capital to flow into its burgeoning economy.

Under the new legislation, which awaits parliamentary approval, well-established and financially robust foreign banks may opt to either fully or partially own Ethiopian bank subsidiaries. They may also consider opening branches, representative offices, or acquiring shares in existing banks. A notable aspect of the bill stipulates the inclusion of Ethiopian residents, who are not shareholders, on the boards of these foreign bank subsidiaries.

To maintain a balanced financial ecosystem, the bill introduces caps on foreign ownership. Specifically, the collective foreign stake in any Ethiopian bank is limited to 40%, with direct strategic investments restricted to a 30% shareholding.

The central bank of Ethiopia has lauded these reforms as a foundational step towards fostering growth and reinforcing the pillars of credibility, accountability, transparency, and governance within the National Bank of Ethiopia.

Currently, the Ethiopian banking sector is led by the state-owned Commercial Bank of Ethiopia, with a total of 29 local entities in operation. In a forward-looking move, the central bank announced last May its intention to issue up to five banking licenses to foreign investors over the next five years, signaling a new era of financial inclusivity and international cooperation.