Africa Business News

Liberian President Joseph Boakai has signed an executive order to establish the country's first war crimes court, more than 20 years after the end of two civil wars which killed 250,000 people. Mr Boakai said Liberia had endured downpours of agony. The 1989-2003 conflicts saw atrocities including mass killings, rape and the forced recruitment of child soldiers. Critics in Liberia have opposed the creation of the court, saying it risks reopening old wounds however Mr Boakai says the court would help ferret the causes and effects of the violence and bring about justice and healing.

Chad is set to become the first of Africa's current junta-led states to move to democratic rule with Monday's presidential vote. It will end a three-year transition imposed after the sudden death of long-serving leader Idriss Deby Itno while fighting rebels. Prime Minister Succès Masra is among his nine challengers and is seen as his biggest rival. Ten other politicians who had been hoping to run, including two prominent figures, Nassour Ibrahim Neguy Koursami and Rakhis Ahmat Saleh, were excluded by the constitutional council because of irregularities.

The Federal Airports Authority of Nigeria says it has concluded plans with the Office of the National Security Adviser to reduce the number of security checkpoints at the country’s airports. The Managing Director of FAAN, Olubunmi Kuku says the agency and the office of the NSA have agreed to carry out short and long-term measures to address the issue. Kuku noted that the issue of multiple security checkpoints was the first challenge she took up upon the assumption of office. The FAAN MD added that she has had productive conversations with the National Security Adviser, Nuhu Ribadu to craft viable solutions to the issue.

The Socio-Economic Rights and Accountability Project has filed a lawsuit against the Minister of the Federal Capital Territory, Nyesom Wike before the Federal High Court in Abuja. Also joined in the suit were the 36 state governors over over their failure to account for and publish the agreements of the N5.9 trillion and $4.6 billion loans obtained by their states and the FCT, respectively. SERAP Deputy Director, Kolawole Oluwadare, says the group asked the court to direct and compel the governors and Mr. Wike to account for N5.9trn and $4.6bn loans obtained by their states and the FCT and to publish copies of the loan agreements, location of projects executed with the loans.

Governor Abba Yusuf has laid the foundation for a ₦15bn three-layer interchange bridge at Kofar Dan’agundi in a move to transform Kano into a mega city, and alleviate traffic congestion, Governor Yusuf emphasised the significance of enhancing traffic flow to elevate Kano’s status to that of a mega city. The project, awarded to CCG Nigeria Limited in December 2023, boasts a completion period of eighteen months. It is part of a comprehensive initiative that includes another high-impact interchange bridge at Talidu roundabout, strategically positioned to mitigate traffic congestion. Gee Wang, Project Manager of CGC Nigeria Limited, expressed confidence in meeting the project’s timeline.

The Japanese yen has slumped to a 34-year low against the United States dollar. The yen on Monday sank to 160.17 per dollar, the lowest since April 1990, prompting speculation that Japanese authorities would intervene to prop up the currency for the first time since late 2022. The yen has been on a continual slide since early 2021 as the Bank of Japan (BOJ) has maintained ultra-low interest rates, while the US Federal Reserve and other central banks have hiked borrowing costs. The downward spiral has continued in recent weeks despite the BOJ raising interest rates last month for the first time in 17 years, as expectations of interest rate cuts in the US fade amid above-target inflation. The Japanese central bank kept its benchmark rate unchanged at 0-0.1 percent. BOJ Governor Kazuo Ueda says that exchange-rate volatility would only affect monetary policy if there was a significant impact on the economy.

Dubai has started work on a $35bn airport terminal that is set to have the world’s largest capacity upon completion, the emirate’s ruler has said. Dubai’s Prime Minister and Vice President Sheikh Mohammed bin Rashid Al Maktoum said that the new terminal would be five times the size of the current Dubai International Airport and handle up to 260 million passengers annually. Sheikh Mohammed says All operations at Dubai International Airport will be transferred to the newer Al Maktoum International Airport over the coming years.

Burkina Faso’s media regulator has suspended more international media outlets over their coverage of a report accusing the Burkinabè army of killing civilians. The military government has now banned the French network TV-Cinq and the websites of Le Monde and the Guardian, as well as the German broadcaster, Deutsche Welle. The suspension comes days after the Burkinabè authorities imposed a two-week ban on BBC and US public broadcaster Voice of America for covering the same Human Rights Watch report. The Superior Council for Communication says that the coverage of the HRW report by the newly suspended outlets "constitutes disinformation likely to bring discredit to the Burkinabè army". The media regulator also reiterated a warning to all media outlets against covering the report, threatening sanctions.

Several African leaders are gathering in Kenya's capital, Nairobi, for the World Bank's International Development Association (IDA21) summit. The two-day summit aims to address development challenges on the continent and work towards creating prosperous, inclusive, and sustainable economies. The IDA is the part of the World Bank that helps the world’s 75 poorest countries, 39 of which are in Africa. Among presidents attending the summit include Andry Rajoelina (Madagascar), Julius Maada Bio (Sierra Leone), Lazarus Chakwera (Malawi), Samia Suluhu Hassan (Tanzania) and Hassan Sheikh Mohamud of Somalia. Others include Évariste Ndayishimiye of Burundi, Mohamed Ould Ghazouani of Mauritania and Comoros' Azali Assoumani.

The Office of the Surveyor General of the Federation has pledged to deploy a Geographical Information System expert for the Border Communities Development Agency to help establish its GIS unit. The Surveyor General of the Federation, Abuduganiyu Adebomehin, reassured the agency of his support and collaboration in the areas of mapping, identification, and information regarding border communities across the country. He noted that it was one thing to have imagery and another to be able to read it.

President Bola Tinubu has insisted that his administration’s decision to remove the petrol subsidy was vital to prevent the country from going bankrupt. Tinubu justified the petrol subsidy removal, maintaining that it was needed to reset the economy. He says Nigeria is immensely consistent with the belief that economic collaboration and inclusiveness are necessary to engender stability in the rest of the world. He added that the subsidy removal was necessary for the country not to go bankrupt, to reset the economy and pathway to growth.

President Bola Tinubu has secured a $600m investment from Danish shipping and logistics firm A.P Moller-Maersk with a deal to help in expanding port infrastructure to accommodate more container shipping services in Nigerian ports. Presidential spokesman Ajuri Ngelale says there was a need to expand the port infrastructure, especially in Lagos, where they need a bigger hub for logistics services. Chairman of A.P Moller-Maersk, Mr Robert Maersk Uggla, says they believe in Nigeria and will invest $600 million in existing facilities and make the ports accommodating for bigger ships.

President Joe Biden has been urged to ban imports of Chinese-made electric cars to the US. The chair of the Senate Banking Committee, Senator Sherrod Brown, wrote that Chinese electric vehicles are an existential threat to the American auto industry. The White House earlier said the US was opening an investigation into whether Chinese cars pose a national security risk. Senator Brown says China will not be allowed to bring its government-backed cheating to the American auto industry. China's vice finance minister, Liao Min, says China's competitive advantages are due to its "large-scale market, complete industrial system and abundant human resources.

Togo's parliament has given final approval to a new constitution extending the president's term after critics denounced the move as a coup. The West African country will move from a presidential to a parliamentary system. President Faure Gnassingbé's supporters argue the changes reduce his powers by transforming the presidency into a ceremonial role. The opposition however says the reforms remove limits on his stay in office and the removal would enable him to remain president until 2031.

Gauteng province, home to South Africa's major cities of Johannesburg and Pretoria, has officially scrapped tolls on freeways, ending more than a decade of public defiance. Gauteng Premier Panyaza Lesufi says that removing the charges would bring much-needed relief to the people of Gauteng who have had to bear the brunt of paying e-tolls. Transport Minister Sindisiwe Chikunga says that motorists with outstanding fees are expected to clear it, but the ministry does not yet have a mechanism for enforcing the payments.

Military leaders in the West African nation have sought closer ties with Russia since seizing power in a coup last year. The US also announced that it had agreed to close down its drone base near Agadez, in the Sahara Desert. The US has relied on Niger as its primary base for monitoring regional jihadist activity. Niger has also distanced itself from local democracies and sought stronger regional alliances with fellow junta-led nations Burkina Faso and Mali.

Ethiopia's first-ever sexual violence registration system is in the works and set to start operations next year, the government has said. The system which aims to prevent and respond to sexual violence against women and children is hoped to make an impact in a country where prosecuting gender-based violence is a major challenge. The anticipated system will hold sex offenders accountable even after they serve time for their crimes. The women's rights and protection executive in the Ministry of Women and Social Affairs Seleshi Tadesse says when it's operational, it will exclude registered sex offenders from working in schools, orphanages and other children's institutions.

The Nigerian Institute of Electrical and Electronic Engineers has called on the Federal Government to audit all power infrastructure assets in the country. President, Felix Olu advised against the backdrop of the recent poor electricity supply in the country despite an increment in electricity tariff recently announced for Band A customers by the Nigerian Electricity Regulatory Commission. The institute stated that the problems in the power sector were systemic, requiring a redesign of market rules to address issues of reliability and market imbalance. He says the problems within the power sector include transmission infrastructure capacity, inefficient quality service, and the unwillingness of DISCOs to accept loads.

The President of the Nigeria Labour Congress confirmed that the new wage of N615,000 monthly was reached after consultations between the NLC and the Trade Union Congress. The labour unions say the current minimum wage of N30,000 can no longer cater for the well-being of an average Nigerian worker, lamenting that not all governors are paying the current wage award which will expire by April, five years after the Minimum Wage Act of 2019 was signed by former President Muhammadu Buhari. The unions say inflation has affected the cost of living for an average Nigerian worker, noting that state governors can afford to pay every public servant because they now get more monthly revenue allocation by the Revenue Mobilisation Allocation and Fiscal Commission.

The Nigerian government plans to commercialise the Federal Mortgage Bank as part of efforts to enhance housing delivery efficiency for Nigerians. The FMBN Managing Director, Shehu Osidi, says the focus was shifted to repositioning and recapitalisation after a series of engagements with the Bureau of Public Enterprise on the need for the bank to stay true to its mandate of affordable mortgage financing. He says the task of advancing the goals of affordable housing and urban development is a major assignment to be solved by all means. He added that the amendments to the FMBN and NFH Acts had also commenced in the National Assembly, noting that the grey areas that hindered the assent to the bill had been rectified.