News : Industry

South Africa: Prasa Ordered to Pay Security Companies Plus Punitive Costs

[GroundUp] On Friday in the Western Cape High Court, Judge Thandazwa Ndita ordered that PRASA pay the security companies it fired in November 2019. It also ordered PRASA to give the court reasons for its non-compliance with the court order set down by Judge President John Hlophe on 19 November 2019. (AllAfrica)

Zimbabwe: Court Orders Zimra to Refund Firm $545k

[The Herald] The High Court has ordered the Zimbabwe Revenue Authority to refund Benchman Investments (Pvt) Ltd $545 058 it paid 14 years ago as unjustified duty-fee for its imported vehicles. (AllAfrica)

Zimbabwe: Survival Strategies for Zim SMEs

[The Herald] Businesses in Zimbabwe are operating in an unstable environment, and in such an environment, SMEs tend to be victims particularly when the economic crisis becomes prolonged. Research has shown that such an environment offers both threats and opportunities to different types of businesses, including SMEs. (AllAfrica)

Zimbabwe: Council in U.S.$37 Million Morton Jaffray Scam

[The Herald] Harare City Council has come under spotlight over the US$144 million Chinese loan facility following revelations that it gobbled US$37 million on administrative costs and allocated US$55 million for water treatment at Morton Jaffray water works. (AllAfrica)

Zimbabwe: Tongaat Hulett Caught Out in Asset Disposal At Hippo

[Zimbabwe Independent] A TRAIL of confidential e-mails reveals that executives at embattled Johannesburg Stock Exchange-listed Tongaat Hulett were manoeuvring to dispose of key assets held by Hippo Valley Estates, in which it holds a 50,3% stake, to offset a US$291 million (R4,5 billion) debt accrued in South Africa, it has emerged. (AllAfrica)

Zimbabwe: Geologists Nabbed While Prospecting for Gold in Nyanga National Park

[New Zimbabwe] Mutare -Two geologists from a Russian mining corporate, Alrosa who were arrested for illegally prospecting for gold in the Nyanga Park and washing the ore in Nyangombe river, were acquitted by a local magistrate. (AllAfrica)

Namibia: Six More Students Study With Sanlam Bursaries in Relevant Fields At Local Universities

[Namibia Economist] Sanlam announced last week it has awarded another six bursaries this year bringing the insurer's total number of bursary students to nine. This continues Sanlam's 18-year tradition of direct support for tertiary education. (AllAfrica)

Ghana: Naara Rural Bank Introduces New Products

[Ghanaian Times] Navrongo -The Naara Rural Bank under its five-year strategic plan has introduced special innovative products tailored at meeting the needs of customers in the Upper East Region. (AllAfrica)

Nigeria: Ijegbulem Is New Company Secretary of Meyer PLC

[Daily Trust] Mrs Jane Ijegbulem has been announced as the newly appointed company secretary of Meyer plc. The Board of Directors of Meyer Plc who made this announcement noted that she was to replace former company secretary, Mrs Ifetola Fadeyibi, who exited the company in February. (AllAfrica)

Zimbabwe: 'Cosatu's Debt Relief Plan for Eskom Could Work'

[The Herald] Eskom is in a "classic utility death spiral" and a special purpose financing vehicle proposed by the Congress of South African Trade Unions to address its growing debt could work, energy expert Anton Eberhard has said. (AllAfrica)

Nigeria: MTN Records 6.1 Million Mobile Subscribers in One Year

[This Day] MTN Nigeria achieved the highest turnover in mobile subscriber number for voice calls on its network in 2019, despite the challenges it passed through in the past two years. (AllAfrica)

South Africa: Part One - Are South Africans Safe With Huawei? It's All About the Risk

[Daily Maverick] Millions of South Africans depend on Huawei to stay connected through its mobile network equipment, like base stations and fibre optic cables. But the United States insists the company will spy for the Chinese government. On 28 February 2020, the US - itself notorious for conducting electronic espionage on a global scale - passed the so-called 'rip and replace' bill, which provides for a fund to replace Huawei equipment in American networks. Meanwhile, President Cyril Ramaphosa firmly backs the Chinese gia (AllAfrica)

South Africa: Eskom Debt Relief in Sight, but Elsewhere It's a Sticky Mess

[Daily Maverick] An instrument to ease Eskom's R450bn debt - most likely a special purpose vehicle - could be finalised by the end of March. But as progress is made on this front, it emerged in Parliament on Wednesday that little, if anything had shifted to tackle the R26.8bn that municipalities owe Eskom. (AllAfrica)

South Africa: Rebosis and Delta Ponder Future As Bid to Create SA's Largest Black-Owned Real Estate Group Collapses

[Daily Maverick] For the second time in five years, real estate titans Sisa Ngebulana of Rebosis Property Fund and Sandile Nomvete of Delta Property Fund have failed to cement a merger. Both companies now face an uncertain future as they wrestle with uncomfortable debt levels and worsening SA economy. (AllAfrica)

South Africa: The Eskom Pension and Provident Fund Overpays for Underperformance At the Expense of Eskom Employees

[Daily Maverick] The Government Employees Pension Fund, and Eskom Pension and Provident Fund are respectively the largest public and private pension funds in the country, as measured by member assets under management. But Eskom's fund balance of R140-billion is dwarfed by the government fund's R1.4-trillion, yet it costs 80,000 private members more to keep the Eskom fund up and running than it does for the 450,000 participants of the public pension fund. (AllAfrica)

Nigeria: NSE Gets Members' Nod to Demutualise, Becomes Nigerian Exchange Group

[Vanguard] The dealing member firms of the Nigerian Stock Exchange (NSE), Tuesday, assented to the resolutions converting the Exchange to a public company from a mutual entity. (AllAfrica)

Nigeria: Coronation Appointed Customs Revenue Collecting Bank

[This Day] Coronation Merchant Bank has been appointed as a designated bank for the collection and remittance of all Revenue Payments (i.e. Import, Excise and other duties) by the Nigeria Customs Service. (AllAfrica)

Africa: MasterCard Drives New Wave of Digital and Financial Inclusion Across Africa

[CIO] MasterCard has released a white paper revealing that giving people the ability to pay only for what they use, as they need it, can lift millions of people across Africa out of poverty and make prosperity possible. (AllAfrica)

Nigeria: With Planned Demutualisation, NSE to Unlock Nigeria's Growth Potential

[This Day] The court-ordered meeting as well as an extraordinary general meeting of the Nigerian Stock Exchange (NSE) holding in Lagos today, will pave the way for the commencement of the process to demutualise the Exchange, thereby unlocking Nigeria's economic growth potential, THISDAY has learnt. (AllAfrica)

South Africa: Please Call Me Inventor to Lock Horns With Vodacom Once Again

[Daily Maverick] Please Call Me inventor Nkosana Makate has turned to the High Court in Pretoria to compel Vodacom to come clean on revenues it has generated from the service since it was launched in March 2001. Meanwhile, Vodacom says such records don't exist. The parties will duke it out in court next week. (AllAfrica)

Nigeria: GTBank Records N196 Billion Profit After Tax, Recommends N2.50 Final Dividend

[This Day] Guaranty Trust Bank Plc yesterday reported its audited results for the year ended December 31, 2019, showing improved performance despite the challenging operating environment. Net interest income improved from N222.433 billion to N231. Impairment charges stood at N4.911 billion in 2019, as against N4.906 billion in 2018. (AllAfrica)

South Africa: Prasa Fails to Implement Security Plan As Court Ordered

[GroundUp] The Passenger Rail Agency of South Africa (PRASA) has failed to provide a security plan or a tender for new security contracts, as required by a court ruling from November 2019. (AllAfrica)

Kenya: Nakumatt Bosses Sought Over Billions Siphoned to Dubai

[Nation] Directors of the collapsed Nakumatt Supermarkets that sank with billions of shillings in suppliers' money are on the run, with Interpol in pursuit, after it emerged that the retailer siphoned out the cash. (AllAfrica)

Nigeria: Nova Records N1.65 Billion Profit

[This Day] Nova Merchant Bank Limited has released its audited 2019 full year financial results which showed that its profit after tax increased by 44 per cent, to N1.65 billion, compared to the N1.15 billion recorded the previous year. (AllAfrica)

Namibia: Air Namibia Suspends Three Managers

[Namibia Economist] National airline, Air Namibia, has suspended three managers with immediate effect, Air Namibia's Manager: Corporate Communications Paul Nakawa announced. (AllAfrica)

Nigeria: COVID-19 - Dangote Pledges N200m to Contain Spread in Nigeria

[Premium Times] Aliko Dangote Foundation (ADF) has pledged N200 million to support federal government's effort at containing the spread of Covid-19 (CoronaVirus) in the country. (AllAfrica)

Nigeria: We'll Bring Back Warri's Glory - PSML

[Vanguard] The management of Premium Steel and Mines Limited, PSML, formerly called Delta Steel Company, Ovwian-Aladja, Delta State, has said it was doing everything possible to bring back the old glory of Warri. (AllAfrica)

Nigeria: Codvid-19 - Saipem Debunks Office Lockdown in Lagos

[This Day] Saipem Contracting Nigeria Limited has debunked the allegation circulating on social media platforms that the Italian infected by coronavirus in Nigeria visited the firm's office in Banana Island, Lagos, and that the firm is now on lockdown. (AllAfrica)

Nigeria: ALSCON - Jaja Accuses Unnamed Officials of Offering BFIG U.S.$35 Million Compensation

[This Day] The President of BFIG, the company in the centre of the protracted legal tussle over the acquisition of Aluminium Smelter Company of Nigeria (ALSCON), Mr. Reuben Jaja, has alleged that some unnamed federal government officials offered him $35 million compensation to drop his bid to acquire the controversial plant. (AllAfrica)

Ghana: Nestle to Increase Awareness On Dangers of Iron Deficiency

[Ghanaian Times] Nestle Ghana has assured Ghanaians of its commitment to increase awareness on the impact of iron deficiency, especially among children and women. (AllAfrica)

Nigeria: Turkish Flight Lands Safely With Burst Tyres At Port Harcourt Airport

[This Day] Turkish Airlines' flight with over 200 passengers was involved in serious incident when it landed at the Port Harcourt International Airport, Omagwa by 3.30a.m. with burst tyres. (AllAfrica)