Business Drive

Rwandan authorities have banned traders from selling meat that has not been refrigerated for at least 24 hours, according to a report. The National Agency for Quality Control, Competition and Consumer Protection says fresh meat that has not been refrigerated contains cells that may transmit diseases to consumers. Some local traders, however, said the order would cause them losses because some customers prefer fresh meat.

The largest oil and gas field financing transaction of about $1.1bn – Oil Mining License 17, owned by billionaire business tycoon, Tony Elumelu, is currently under investigation following the uncovering of an illegal oil bunkering facility connected to it. The investigation was necessitated after the Nigeria Security and Civil Defence Corps uncovered an illegal local refinery at Otamiri-Etche, Etche Local Government Area of Rivers State. The illegal refinery steals crude from OML17 fields operated by Heirs Holding Oil and Gas Limited.

The National Identity Management Commission says Nigerians applying for passports will be charged N1000 in Nigeria for the verification of their National Identification Number. The Head, of Corporate Communications, Kayode Adegoke, says the fee is to improve the quality of service, accuracy, and speed of passport services through timely verification of NIN. It stated that it agreed on this framework with the Nigerian Immigration Service. The commission says Nigerians will pay N1000 for NIN verification in Nigeria, $5 in other African countries, and $15 in other countries.

The Federal Government through the Ministry of Aviation is looking at ways of collecting landing fees from helicopters operating in Nigerian airspace. The Minister of Aviation, Hadi Sirika inaugurated the latest batch of trained Helicopter Monitoring Officers at the International Wing of the Port Harcourt International Airport in the Rivers State capital. The minister reiterated the resolve of the Federal Government to improve revenue collection of helicopter landing charges.

The Central Bank of Nigeria says old N200, N500, and N1,000 banknotes remain legal tender till December 31, 2023. The apex bank’s Acting Director of Corporate Communications, Isa AbdulMumin says in compliance with the established tradition of obedience to court orders Deposit Money Banks operating in Nigeria have been directed to comply with the Supreme Court ruling of March 3, 2023. The highest court of the land had on March 3 ordered that old N200, N500 and N1000 notes remain valid till December 31, 2023. This was after 16 states of the Federation instituted a suit to challenge the legality or otherwise of the introduction of the policy.

China's parliament approved changes to a law that would allow it to pass emergency legislation more quickly. The amendment to the Legislation Law, which governs how legislation is enacted, gives the highest body of the national parliament, the roughly 170-member National People’s Congress Standing Committee, special powers to pass laws after just one review session.

The French Senate has approved President Emmanuel Macron’s unpopular pension reform plan as hundreds of thousands of protesters rallied in cities across the country to oppose the changes. Senators voted late on Saturday to adopt the reforms by 195 votes to 112, bringing the package whose key measure is raising the retirement age by two years to 64 closer to becoming law. Prime Minister Elisabeth Borne says she was totally committed to ensuring the text will be definitively adopted in the coming days.

The US government says People and businesses who have money deposited with failed US bank Silicon Valley Bank will be able to access all their cash from Monday. A statement from the US Treasury, the Federal Reserve and Federal Deposit Insurance Corporation said depositors would be fully protected. The statement says the taxpayer will not bear any losses from the move as SVB was shut down by regulators who seized its assets on Friday. The Federal Reserve says it would offer assistance through a new Bank Term Funding Program, making it easier for banks to borrow from it in a crisis.

South Africa's anti-corruption watchdog says there is no evidence of wrongdoing by President Cyril Ramaphosa linked to the theft of $580,000 in cash from his farm. The public protector, Kholeka Gcaleka, concludes that Mr Ramaphosa did not violate an ethics code or abuse his role as head of state. The report says the president declared the theft within weeks of it taking place three years ago. it however says the head of the presidential protection service, Maj Gen Wally Rhoode, acted improperly by carrying out an unofficial investigation into the crime.

The authorities in Malawi have closed schools in 10 districts over safety concerns after Cyclone Freddy wreaked devastation in neighbouring Mozambique. Heavy rains pounding southern Malawi have washed away roads and disrupted power generation, with more rainfall expected in the next few days. Physical classes have been suspended for Monday and Tuesday in all learning institutions in the area. The education ministry says teachers and learners have been encouraged to use available online platforms and radio lessons, The death toll in Mozambique is at least 28 since the storm first made landfall.

Seplat Energy, a leading oil and gas supplier in Nigeria, has denied racism and discrimination accusations against its chief executive Roger Thompson Brown calling them vindictive". This comes after the Nigerian government revoked the work and residence permit of the British executive, following the allegations. Nigeria's interior ministry also alleged that Mr Brown was fraudulently in possession of an expatriate residence permit. The energy firm says it will be engaging with the ministry to reject the impressions created by these allegations.

A new report by an economic think tank, Centre for the Promotion of Private Enterprise says Nigeria’s economy is grinding to a halt and has lost about N20tn following the over 70 per cent mop-up of cash by the Federal Government through the Central Bank of Nigeria. It says the protracted acute cash scarcity had not only crippled economic activities across the country but was now a significant risk to the livelihoods of most Nigerians. The Director, CPPE, Dr. Muda Yusuf, stated that millions of citizens have slipped into penury and poverty due to the disruptions and tribulations perpetrated by the currency redesign policy, especially the mopping up of over 70 per cent of cash in the economy.

Nigeria spent at least N2.4tn to import raw materials from other countries in 2022, according to data collated from Foreign Trade Statistics of the National Bureau of Statistics. The data also showed that Nigeria exported raw materials to the tune of N1tn, leaving a deficit of N1.4tn during the period under review. Statistica also reported that raw materials imported into Nigeria amounted to over N1.9tn in 2021, amounting to about $4.6bn. The NBS data says major imports during this period included cane sugar from Brazil, odiferous substances from Ireland and Swaziland, as well as milk preparations from Ireland and Malaysia.

The Independent National Electoral Commission says over 170,000 polling unit results of the February 25 presidential and National Assembly elections have been uploaded on its Result Viewing Portal. The Commission says the reconfiguration of the Bimodal Voter Registration Systems would be completed by Tuesday in preparation for the March 18 governorship and state assembly elections. INEC National Commissioner, Festus Okoye, stated that any BVAS that was used for the presidential and National Assembly elections that do not push to the accreditation backend, the data relating to the conduct of the presidential and National Assembly elections will not be reconfigured.

The Biden administration has backed a bipartisan bill that would give Washington the power to ban the Chinese-owned video app TikTok in the United States. The bill, introduced by a dozen Republicans and Democrats in the Senate, would allow US President Joe Biden to ban technologies deemed by the US Commerce Department to pose an undue or unacceptable risk to national security. US government and law enforcement officials have claimed that TikTok, owned by Chinese company ByteDance, could be used to spy on Americans, syphon off sensitive personal data, and manipulate public opinion. White House national security adviser Jake Sullivan says the so-called RESTRICT Act, which would also apply to technology from other US adversaries such as Russia, North Korea and Iran, would address technology-based threats to the security and safety of Americans.

Authorities have used tear gas and water cannon outside the Georgian parliament building against protesters who oppose a proposed law some see as stifling freedom of the press. The law, which has received initial approval, would require media outlets and NGOs that receive more than 20 per cent of their funding from foreign sources to register as agents of foreign influence. A majority of lawmakers in the parliament approved the draft law dubbed “On Transparency of Foreign Influence” in a first reading.

The UK government has put forward controversial new legislation seeking to stop tens of thousands of migrants reaching the country illegally in boats every year. Interior Minister Suella Braverman says the migrants would be detained on arrival and swiftly deported. Ms Braverman says this was the only way to stop people from coming to the UK. Rights groups have said the law risks criminalising thousands of genuine refugees. The minister has admitted the legislation may break human rights laws.

South Africa’s gross domestic product shrank by 1.3% in the fourth quarter of 2022, much more than was expected. Analysts had predicted a decline of just 0.4% and blamed the record blackouts for taking a significant toll on productivity. Seven of South Africa’s 10 industries experienced a decline in the last three months of 2022. The agriculture and mining industries were the most prominent victims, contracting by over 3%. Overall the South African economy grew by 2% in 2022 but is still well below the 5 to 6% target band that economists say will make a dent in the country’s 33% unemployment rate.

A German company has signed a memorandum of understanding for a $34bn green energy project in Mauritania. Egyptian and Emirati firms are also part of the deal. The facility will produce up to eight million tonnes of green hydrogen and other hydrogen-based products annually in Mauritania. The first phase is due to be completed in five years' time. Germany is involved with a number of clean energy projects in Africa as it moves away from dependency on fuel imports from Russia and tries to meet climate targets.

Kenya has imposed an indefinite ban on milk powder imports to cushion local processors and farmers from surplus production and low prices in anticipation of the long rains. The Kenya Dairy Board says it would continue to monitor the production and demand dynamics of the commodity before lifting the ban. The board has also suspended the issuance of import permits. The move is seen to go against the East Africa Community free-trade agreements on the free movement of goods and services and the common market. Uganda and Rwanda are the two leading African countries which Kenya imports its milk products from.