AFR Business Media

AFR Business Media

Ad example

AFR Business

Angola and Brazil sign Cunene Valley action plan

by

Angola and Brazil signed last week night the action plan 2023/2025, as part of technical cooperation and development of irrigated regions and policies to support family farming in southern Angola.

The plan is part of the "Vale do Cunene" (Cunene Valley) Programme, an initiative whose direct beneficiaries are the population of the Vale do Cunene, a semi-desert region, an experience also lived by the population of the Vale de São Francisco, in Brazil.

The initiative is coordinated by the Brazilian Cooperation Agency (ABC), by the Ministry of Foreign Affairs, involving other institutions of that South American country.

The Work Plan was signed by the deputy director of ABC Luísa Lopes and by the director of the Study and Statistics Office of the Ministry of Agriculture and Forestry of Angola Anderson Jerónimo.

The plan sets 25 priority actions, such as the elaboration of policies for family agriculture, training of Angolan staff and development of agricultural and livestock research.

The Vale do Cunene programme is a response to a request from President João Lourenço, who guides the authorities of the two countries (Angola and Brazil) to work together to diversify the agricultural production base in that region (Vale do Cunene).

The move is meant to stop depending on oil as the main export product for raising foreign exchange.

The project is integral and involves, in addition to the experience of knowledge and public policies, the attraction of investments in the production and inclusion of family farming.

The Cunene Valley project is similar to that of the São Francisco Valley, in Brazil, managed by Development Company of San Francisco Valley, which, in addition to family farming, was transformed into a region for large-scale diversified production, ensuring surplus for export.

The idea is to replicate in the extensive region of the Cunene Valley, with the irrigation channels being completed and expanded, a model that has been successfully implemented in Brazil.

Fidelity Bank records highest earnings per share on NGX for H1 2023

by

[FIdelity Bank EPS, Fidelity Bank]

For the second year running, leading financial institution, Fidelity Bank Plc, has emerged the company with the highest earnings per share on the Nigerian Exchange Limited (NGX) based on half year financial figures.

According to a report by BusinessDay, Fidelity Bank, Seplat Energy, Total Energies, Okomu oil, Presco, Dangote Cement, MTN Nigeria, BUA Foods, First City Monument Bank (FCMB) and Geregu Power emerged as the companies with the highest earnings per share within the review period.

Earnings per share (EPS) is a company’s net profit divided by the number of common shares it has outstanding. It also indicates how much money a company makes for each share of its stock and is a widely used metric for estimating corporate value. A higher EPS indicates greater value because investors will pay more for a company’s shares if they think the company has higher profits relative to its share price.

Fidelity Bank recorded an earnings per share of N184 in the first half of 2023 from N79 in the first half of 2022. The shares outstanding stand at 32.01 million, with a price which stood at N7 and a traded volume of 32.15 million as of 12:59 p.m. on Friday.

The bank’s profit for the period stood at N53.3 billion in the first half of 2023 from N22.84 billion in the similar period of 2022. Fidelity Bank’s cash and cash equivalents rose to N501.54 billion in the first half of 2023 from N276.07 in the first half of 2022.

The bank’s shareholders recently approved a capital raising exercise via a Public Offer for up to 10 billion Ordinary Shares and Rights Issue of up to 3.2 billion Ordinary Shares representing one new share for every 10 shares held to new and existing shareholders respectively.

US president Biden condemns racism on 60th anniversary of MLK speech

by

US President Joe Biden called for an end to racist shootings, saying silence meant complicity, on the 60th anniversary of the march where Martin Luther King delivered his "I Have a Dream" speech.

United States President Joe Biden spoke out against racial injustice Monday after a racially motivated attack in which three Black people were killed over the weekend.

Biden was also speaking on the 60th anniversary of the historic march on Washington where Martin Luther King Jr. delivered his historic "I Have a Dream Speech," in which he called on the US government to guarantee and uphold the rights of Black people.

Biden, seated at the head of a table, meets with civil rights advocates and the family of Martin Luther King Jr. in the White House, August 28, 2023.Biden, seated at the head of a table, meets with civil rights advocates and the family of Martin Luther King Jr. in the White House, August 28, 2023.

Biden said at a meeting at the White House with civil rights advocates and the children of Martin Luther King Jr. that they "can’t let hate prevail, and it’s on the rise."

He called for an end to the type of "hate-fueled violence" that authorities said motivated a white man to fatally shoot three Black people at a Florida store.

The shooter, a 21-year-old white man, wore a mask as he opened fire at Black people at a Dollar General store in what authorities said was a hate crime.

Police said the shooter, who had also posted racist writings, then killed himself.

Biden said they could stop hatred by "talking directly to the American people because I think the vast majority of the American people agree with this table," referring to the civil rights advocates in the room.

US Vice President Kamala Harris, the first Black person elected vice president, was also at the meeting and said Americans had more in common than what divided them.

"Yet there are those who are intentionally trying to divide us as a nation and I believe each of us has a duty, a duty to not allow factions to sever our unity," she said.

After the meeting, King’s son lamented the state of racial affairs in the US, saying, "We are at a very challenging and difficult time."

In an opinion piece written for the Washington Post, Biden said the administration is working to advance King’s dream of a society in which people don’t judge others by their skin color.

Guatemala’s election agency upholds Arevalo’s victory

by

Bernardo Arevalo secured a decisive victory during the runoff vote in the presidential election. There were reports his party had been disqualified, but the electoral tribunal reaffirmed his win.

Guatemala’s Supreme Electoral Tribunal on Monday reaffirmed center-left candidate, Bernardo Arevalo’s victory in the presidential election. However, another government body suspended all activities of his Movimiento Semilla, or Seed Movement party which led to confusion as to whether he would eventually be able to take office.

Arevalo said the suspension was illegal and the party would present an appeal the following day.

"The Semilla Movement will not give up," Arevalo said, slamming what he called political persecution against his party and his candidacy.

What doubts have been raised about the victory
Officials from the electoral tribunal officially declared Bernardo Arevalo as the victor during a press conference.

However, a document from the citizens registry surfaced in local media reports, which ordered a temporary suspension of Semilla’s legal registration.

Irma Palencia, the head of the electoral tribunal, clarified that the cited document originated from a lower authority.

"These are the official results, and that’s what counts in Guatemala," tribunal magistrate Gabriel Aguilera said.

Arevalo is the son of a former president Juan Jose Arevalo and emerged as a surprise frontrunner. He campaigned for social development and vowed to fight corruption.

Arevalo did not secure enough votes for a decisive win in the first vote and headed towards a second round of voting. He managed secure 60.9% of valid votes cast.to the 37.2% received by former first lady Sandra Torres,

Arevalo and other political opponents have faced legal challenges in recent days. The Organization of American States’ human rights commission had asked Guatemala to provide protection for Aravelo earlier this week, after reports emerged of an attempt to kill him.

Customs says alleged smuggler offered 50m bribe

by

The Tincan Island Port Area Command of the Nigeria Customs Service (NCS) said a suspect, Mr Boniface Ike, offered its officer a N50 million bribe for the release of some seized containers.

The Area Controller of the command, Comptroller Adekunle Oloyede, disclosed this at a news conference in Lagos on Monday, where he stated that the seized contraband was allegedly imported from India.

According to Oloyede, the suspect and one of his accomplices are detained at the command’s Enforcement Unit for investigation.

He said that the suspect, who allegedly confessed to being the importer of the seized containers, valued at N550.3 million, wanted to have a private discussion with one of the officers.

“I instructed my officers to play along; the request was granted in expectation of receiving vital information from the suspect. But to their bewilderment, the suspect pleaded for his freedom from detention and the release of the containers.

“He offered gratification to the tune of N50 million, as displayed, equivalent to $54,330 at the current exchange rate of N920. The money was collected and kept in safe custody at the enforcement unit to be tendered as an exhibit,” he narrated.

Mr Oloyede, who confirmed that the command received timely intelligence from its Customs Intelligence Unit, said the products were concealed in two 40-foot containers with bills of lading numbers 227578945 and 227898171.

“On arrival of the vessel at Tincan Island Container Terminal (TICT), the containers (MRSU 592397/0 and MRKU 553432/1) were transferred immediately to the enforcement station for 100 per cent physical examination and further investigation,” he affirmed.

The physical examination was conducted on both containers by enforcement officers, Customs Intelligence Operatives, Customs Police, and examination officers of the terminal on August 22 at about 2 pm and August 23 at about 1 pm, respectively.

It was discovered at the end of the examination that the content contradicted the bill of lading for the container numbered MRSU 592397/0.

The bill of lading (No. 227578945) stated that the contents are electricals, ceiling fan, 36 jewels (Cooper) and chilly cutters (stainless steel plastic)

“After examination, the container was found to contain five cartons of Timaking 120 tapentadol (Tramadol) hydrochloride carisoprodol capsules. Each carton contains 50 rolls; each roll contains five packets, and each packet contains 200 tablets,” he said.

Other contents in the containers were listed as 84 cartons of gastro-resistant Omeprazole capsule BP 200mg, each carton contains 50 packets, each packet contains 10 capsules; 876 cartons of CSMIX cough syrup containing codeine (each bottle 100ml) with each carton containing 200 bottles, 50 cartons of manual grater machines, with 70 pieces per carton; and one carton of a ceiling fan.

The second container, numbered MRKU 553432/1, was found to contain 10 cartons of Super Royal 225 mg (Tramadol).

Mr Oloyede said: “Each carton contains 50 rolls; each roll contains 10 packets; each packet contains 10 tablets. Other contents are 105 cartons of Omeprazole Capsule BP 200mg; each carton contains 50 packets, each packet containing 10 capsules; 754 cartons of Barcadin with Codeine 100ml, and each carton contains 200 Bottles; 50 cartons of manual grater machines, 70 pieces per carton, and one carton of compo ceiling fan.”

The unregistered pharmaceutical products intercepted, according to him, were regulated products by the National Agency for Food and Drug Administration and Control (NAFDAC).

He also said the importer had no required permits and certificates for importation or documents to ascertain the safety of the products for Nigerians.

Mr Oloyede said that the suspects, containers, and exhibits would be handed over to the agencies charged with the responsibility to regulate and prosecute the alleged offenders.

Mr Oloyede also added that the command intercepted a container found to contain frozen poultry products on August 24.

According to him, the interception followed an intensive surveillance operation on a routine examination carried out at TICT on a container numbered TTNU 804678/9, which falsely declared that its contents were tangerines.

“The goods were falsely declared as they are under import prohibition (Trade). The container has been seized for the contravention of Section 233 of the Nigeria Customs Service Act (2023),” he stated.

Mr Oloyede vowed that Customs would deploy all necessary resources and strategies at its disposal, in collaboration with other security and regulatory agencies, to curb the llegal importation of illicit and unregulated substances.