AFR Business Media

AFR Business Media

Ad example

AFR Business

Emirates seeks greater co-operation with Ethiopia

by

Ethiopia and the United Arab Emirates (UAE) signed a raft of agreements on a number of fields after their leaders held talks over enhancing bilateral ties through sustainable development initiatives last week.

UAE President Sheikh Mohamed bin Zayed Al Nahyan is on an official visit to Ethiopia as part of efforts to strengthen bilateral cooperation.

Prime Minister Abiy Ahmed and a high-level delegation accorded a warm welcome to the UAE President upon his arrival at Addis Ababa Bole International Airport.

Later, Abiy and Al Nahyan held a bilateral meeting, during which both leaders acknowledged the ever-strengthening ties between Ethiopia and the UAE.

They also expressed commitment to build stronger bridges for the benefit of both peoples, the PM Office says.

“The growing relations between our two countries is rooted in deep mutual respect and a shared vision for mutual progress,” PM Abiy said. “We will continue collaborating in pursuit of sustainable development.”

The two leaders later presided over a signing ceremony of 17 agreements involving various sectors, including industry, agriculture, investment, and finance.

The late Sheikh Zayed bin Sultan Al Nahyan and the late Ethiopian Prime Minister, Meles Zenawi, established the foundations of Emirati-Ethiopian relations.

Since then, the ties between the two countries have grown stronger, especially after the opening of the Ethiopian Consulate in the UAE in 2004, followed by the UAE Embassy in Addis Ababa in July 2010 and the Ethiopian Embassy in Abu Dhabi in 2014.

These steps have boosted the two countries’ cooperation in various fields, including political, economic, investment, and cultural spheres.

UAE Minister of State for Foreign Trade Thani bin Ahmed Al Zeyoudi told Emirates News Agency (WAM) that his country’s leadership had directed the country to strengthen its relations with African nations, especially Ethiopia.

The two countries traded non-oil goods worth US$1.4 billion in 2022, and the UAE invested $2.9 billion in Ethiopia especially in chemicals, food and beverages, aluminum, and pharmaceuticals sectors, per the Minister.

In Addis Ababa, President Al Nahyan said his latest discussion with Abiy aimed to further strengthen bilateral ties to serve the “aspirations of our peoples through economic and sustainable initiatives.”

“The UAE is committed to building bridges of cooperation that foster prosperity and stability for all,” the UAE President said in a tweet.

Also read: Ethiopian and Boeing sign landmark aircraft parts deal
Per WAM, the memoranda and agreements signed between the two sides are:

– Agreement on mutual assistance in customs matters signed by Ali bin Hammad Al Shamsi, Head of the Federal Authority for Identity, Citizenship, Customs and Ports Security, and from the Ethiopian side by Debele Kabeta, Commissioner of the Ethiopian Customs Commission.

– Memorandum of Understanding (MoU) for Government Development and Modernisation Experience Exchange signed by Mohammad bin Abdullah Al Gergawi, Minister of Cabinet Affairs; and Alemtsehay Paulos, Ethiopian Minister of Cabinet Affairs.

– MoU between Abu Dhabi Ports and Ethiopia Investment Holdings signed by Mohamed Jumaa Alshamsi, CEO of AD Ports Group; and Meleket Sahlu Denbu, Deputy Chief Executive Officer, Ethiopian Investment Holdings.

– MoU between Oumlat Security Printing and Ethiopia National Bank signed by Faisal Abdulsamad Ahmed, Director of Operations at the UAE Central Bank; Mamo Mihretu, Governor of the National Bank of Ethiopia.

– MoU in the Field of Industry and Advanced Technologies signed by Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology; and Melaku Alebel, Ethiopian Minister of Industry.

– MoU between the Ethiopian Investment Commission and the Federation of Sharjah Chambers signed by Abdullah Sultan Al Owais, Chairman of the Sharjah Chamber of Commerce and Industry; and Lelise Neme, Commissioner of the Ethiopian Investment Commission.

– MoU between the Ethiopian Investment Commission and the Federation of Abu Dhabi Chambers of Commerce and Industry signed by Dr. Ali bin Harmal Al Dhaheri, First Vice Chairman of the Chamber; and Lelise Neme, Commissioner of the Ethiopian Investment Commission.

– MoU between Etihad Export Credit Insurance and the Commercial Bank of Ethiopia (CBE) signed between Raja Al Mazrouei, CEO of Etihad Credit Insurance, and President of CBE Abie Sano.

– MoU on UAE Standard for Good Delivery of Gold signed by UAE State Minister of Foreign Trade Dr. Thani bin Ahmed Al Zeyoudi and Mamo Mihretu, Governor of the National Bank of Ethiopia.

– Letter of Intent between the Ministry of Agriculture of Ethiopia and Abu Dhabi National Oil Company (ADNOC), signed by Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology; and Dr. Girma Amente, Ethiopian Minister of Agriculture.

– MoU between Etihad Export Credit Insurance and the Development Bank of Ethiopia, signed by Raja Al Mazrouei, CEO of Etihad Credit Insurance; and Meleket Sahlu Denbu, Deputy Chief Executive Officer, Ethiopian Investment Holdings.

Also read: Ethiopia increases exporters forex retention to 50 percent
– MoU between Al Dahra Group LLC and the Ethiopian Investment Commission signed by Hamdan Al Darei, CEO of Al Dahra Holding LLC, and Lelise Neme, Commissioner of the Ethiopian Investment Commission.

– MoU between UAE’s TALC Investment and the Ministry of Agriculture of Ethiopia, signed by Mohammed Aldhaheri, Chairman of TALC Investment, and Dr. Girma Amente, Ethiopian Minister of Agriculture.

– MoU between DP World FZE and the Ethiopian Ministry of Transport and Logistics, signed by Mohammed Al Muallem, DP World Executive Vice President; and Dr. Alemu Sime, Ethiopian Minister of Transport and Logistics.

– Joint Statement between the UAE and Ethiopia on Climate Action.

– Roadmap between Masdar and the Ministry of Finance of Ethiopia, signed by Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology; and Ahmed Shide, Ethiopian Minister of Finance.

– MoU for cooperation in the field of combating terrorism, signed by Ali bin Hammad Al Shamsi, Secretary-General of the Supreme Council for National Security, and on the Ethiopian side by Temesgen Tiruneh, Director-General of the National Intelligence and Security Service.

Africa committed to boosting its human capital

by

African leaders from 43 countries have pledged to increasing investments in human capital development by signing the Dar es Salaam Declaration in early August.

The aim is to accelerate economic growth and the quality of life for the African population by maximizing investment in skills development and economic opportunities.

According to the Declaration – facilitated by the World Bank and the government of Tanzania ­– people are Africa’s most important and valuable assets, and are key enablers of innovation, productivity, resilience and growth on the continent.

African leaders have committed to increasing investments in quality education and skills development, access to affordable and quality healthcare systems, women and girl’s empowerment and in job creation.

They also pledged to develop comprehensive social protection and inclusion programs, strengthening research and development initiatives to ensure scientific breakthroughs and boosting public and private sector partnerships.

Africa’s productivity potential has only reached 40% due to a low human capital index resulting from factors such as low access to critical health and education services, the COVID-19 pandemic, climate change and conflicts, according to the World Bank.

SADC countries could benefit from Angolan satellite

by

Angola’s minister of Telecommunications, Information Technologies and Social Communication Mário Oliveira said last week in Luanda that technical work continues so that SADC countries can benefit from the services of the Angolan communication satellite (ANGOSAT 2) .

The official was speaking ahead of the 43rd Summit of Heads of State and Government of SADC, held in Luanda.

Presidents of Mozambique, Botswana, Malawi, Namibia, South Africa, Democratic Republic of Congo (DRC), Zambia and Zimbabwe, the Vice President of Tanzania and representatives of the Seychelles, Mauritius and Comoros, attended the event.

According to the minister, among the countries interested in the services, Zambia is more advanced, where technicians are perfecting their work so that this country can benefit from the signal from the satellite in orbit.

Meanwhile, other countries such as Botswana and DRC have also expressed interest in ANGOSAT 2 services.

"The process is moving forward and we hope, soon, that these countries will actually have ANGOSAT 2 services", said the Angolan official, reiterating that "the satellite is healthy and in operational conditions".

Angola has already benefited from satellite services since November 4, 2022, at 23 degrees East, its operating position.

Angola took over the leadership of the Southern African Development Community (SADC) for a one-year term ( 2023/2024).

Also read: Chevron starts manufacturing equipment in Angola
João Lourenço thus presides over the regional organisation, replacing Félix Tshisekedi, from the Democratic Republic of Congo (DRC).

The summit took place under the motto “Human and financial capital: key factors for the sustainable industrialisation of the SADC Region”.

Platform Capital’s chief executive Akintoye Akindele says he didn’t scam the Abiolas

by

The Managing Director/Chief Executive Officer of Duport Midstream Company Limited, Dr Akintoye Akindele, has opened up on a business dispute he has with the family of the late business mogul, MKO Abiola.

In a short video he released on Tuesday, the businessman said his business rivals were trying to weave unfound fraud allegations around him through cronies, describing all fraud allegations against him as untrue.

He said, “It’s about a business dispute with my former partners and a notable family in Nigeria, the Abiola family, which the police are already investigating and they will get to the bottom of it eventually.

“I believe in the rule of law and that is why I have not said anything on the matter. People that are discerning, when they hear fake news, they will know it.”

Meanwhile, a High Court of the Federal Capital Territory (FCT) in Maitama has granted a N500m bail to Akindele, who was accused of offering a N50m bribe to men of the Nigeria Police Force.

The businessman was immediately released after he met his bail conditions.

A member of Akindele’s legal team, Pelumi Olajengbesi, of Law Corridor, in a statement, also gave an insight into the matter.

The Abuja-based lawyer said, “For us the matter is essentially a civil dispute but in Nigeria some influential people prefer to criminalize civil matters believing that they can use the instrumentality of the Nigeria Police to achieve their motives speedily. Of course the Police will do their job but the law will run it course.

“This matter is just about a Claim for Shortfall in Supply of Condensate issued on the 3rd September 2021 by Duport Midstream Company Limited, Dr. Akindele Akintoye’s Company for the sum of $9,806,309.77 (Nine Million, Eight Hundred and Six Thousand, Three Hundred and Nine Dollars, Seventy-Seven Pence) against the Abiola’s family for failure in supply of crude to the company.

“Further to the above, the parties met severally and reconciled the outstanding amounts owed by both sides with the Abiola family owing Duport Midstream Company Limited, Our Client, the sum of $9,806,309.77 (Nine Million, Eight Hundred and Six Thousand, Three Hundred and Nine Dollars, Seventy-Seven Cents) as at August 2021.

“While the Abiola family is also making claims and refused to continue supply of crude, Akindele’s refinery sought alternative crude supply to enable the company to carry out its mandate.

“Dissatisfied with the action, the Abiolas by a letter dated 2nd June 2023 claimed that Duport Midstream Company Limited is indebted to their company in the sum of $5,732,407.14 (Five Million, Seven Hundred and Thirty Two Thousand, Four Hundred and Seven Dollars, Fourteen Cents).

“After the demand letter, they sought the intervention of the Police and this necessitated their petition to the Nigeria Police despite being aware a Suit No. FHC/L/CS/729/2023 on the subject matter in court and having instituted another suit also on the matter.

“This is purely simple, this is commercial dispute within the oil and gas industry and parties are bound to respect the decency of business engagement. Any other story is pettiness, which we will engage with full measure of law.”

NSIA commits $500m towards infrastructure boost

by

The Managing Director & Chief Executive Office, Nigeria Sovereign Investment Authority (NSIA), Mr Aminu Umar-Sadiq, has disclosed that the Authority has committed $500 million to domestic infrastructure, while also enabling third-party investments of over $1billion.

He said this at an investigative hearing held on Tuesday by the Ad-hoc Committee constituted by the House of Representatives to investigate the activities of the NSIA since inception.

He explained that the NSIA belongs to the three tiers of government consisting the federal government, state government, local government, including the FCT and its Area Councils.

He further reiterated that the NSIA has a robust infrastructure investment portfolio covering several critical sectors such as agriculture, healthcare, financial infrastructure, technology, innovation, and power.

Additionally, he disclosed that the Authority has also developed institutions and platforms to improve the financial market ecosystem within the country.

He said the Authority developed a 10MW solar power project, which was expected to facilitate the creation of over 500 direct and indirect jobs.

Furthermore, through its participation within the housing sector, over 13,000 affordable housing units were under construction in different states of the Federation.

Within the agricultural sector, the NSIA has supported over 236,000 farmers in different Agric projects. Under the Presidential Fertiliser Initiative (‘PFI’) the Authority has facilitated the production of 3.8 million Metric Tons of fertiliser to farmers nationwide, with 72 blending plants currently in operation across Nigeria, he added.

Umar-Sadiq also stated that the net assets of the Authority grew from N156 billion in 2013, to N1. 017 trillion at the end of 2022, and has remained profitable over the last 10 years of operation, with yearly audits performed by Independent Auditors.

He also mentioned that the net contribution has grown from the initial $1 billion to the current Net asset value of $2.27 billion as at December 2022.

Also speaking, Lateef Shittu, the representative of the Director General, of the Nigeria Governors Forum (NGF), said that local governments were notable stakeholders who were accounted for together with the State Government and represented a significant holding of the fund.
Shittu affirmed the collaboration of the Governors Forum with the NSIA, saying they were satisfied with the level of interactions and were clear about the objectives of the Authority in relation to its projects and impact on the nation.

He disclosed that in 2022, the governors requested a presentation on the operations of the NSIA from the management, adding that “we are satisfied with the presentation and what was being done”.

He reiterated that, “every single project executed by the NSIA is located within a local government, so they are beneficiaries of the NSIA projects.”

The Chairman of the Ad-hod Committee, Hon. Ademorin Kuye, said the objective of the investigative hearing was to ensure that the statutory provisions of the law establishing the Authority were adhered to.

He stated that the House wants to be able to have answers to questions from Nigerians on how the funds of the agency were being managed, adding that if the need arises, the committee would visit sites of projects being handled by the Authority to ensure value for money.

The Committee commended management and staff for the detailed responses that were provided, which alludes to its high level of governance and transparency.