An investigation by The Sentry, a renowned international watchdog, has exposed a vast and secretive business empire controlled by Zimbabwe’s Central Intelligence Organisation (CIO). This empire generates additional income for the spy agency through a diverse portfolio of companies involved in tourism, coal mining, and hemp farming. The CIO’s extensive business interests include stakes in Terrestrial Holdings, Terrestrial Mining, Whitelime Mining, Chimanimani Logistics, Sino Zim Development, Sino Zim Cotton, and Sino Zim Diamonds. However, registration records for some of these companies are mysteriously missing, raising concerns about transparency and accountability. The Sentry report, published on June 6, urges the…
Author: Oyewole Oluwafemi
In a significant milestone, Somalia has been elected to a non-permanent seat on the United Nations Security Council, marking a major achievement for the country after decades of civil war and political instability. This historic election marks the first time Somalia has held a seat on the council since the 1970s, and solidifies its position as a key player in regional and international affairs. As a member of the Security Council, Somalia will play a crucial role in shaping the UN’s responses to global conflicts, and its experiences in battling terrorism and rebuilding its government make it a valuable contributor…
Nigeria has received a significant boost to its economy with an additional $925 million loan from the African Export-Import Bank (Afreximbank). This latest disbursement brings the total funded facility size to $3.175 billion, building on the success of the first accordion tranche of the $3.3 billion facility. The loan, coordinated by Afreximbank, involves a consortium of crude oil off-taker lenders, including the Oando Group and Sahara Energy Resource Limited. The funding aims to support Nigeria’s macroeconomic stability, long-term economic growth, industrialization, and trade development efforts. Afreximbank’s President and Chairman, Prof. Benedict Oramah, emphasized the bank’s commitment to supporting African economic…
Zimbabwe’s authorities have been cracking down on the unofficial market for the country’s new gold-backed currency, the ZiG, in a bid to stabilize the economy. The government has imposed fines for transactions not conducted at the official exchange rate, forcing street dealers to abandon their usual spots and switch to mobile phone messaging platforms to avoid detection. The crackdown has resulted in a significant decline in visible parallel market activity, according to Lawrence Nyazema, president of the Banker’s Association of Zimbabwe. Lenders are seeing an increase in formal market activity, indicating a shift towards official channels. The ZiG, introduced in…
On Wednesday, June 5, Russian Foreign Minister Sergey Lavrov arrived in N’Djamena, Chad, marking the final leg of his African tour, which had previously taken him to Guinea, the Republic of Congo, and Burkina Faso. As part of his official visit, Foreign Minister Sergey Lavrov held talks with his Chadian counterpart, Abderaman Koulamallah, to discuss bilateral cooperation. Historically, France has maintained significant influence in Central and Western Africa, but Lavrov reassured that Russia’s diplomatic engagement with Chad is not intended to undermine relations with other nations, instead focusing on strengthening mutual ties. “I can guarantee you that our friendship with…
Opposition politician and lawyer, Fadzayi Mahere, has reduced her claim for damages from $1 million to $50,000 in her ongoing legal battle with author, Petina Gappah. Despite Gappah’s recent apology and retraction of her statements, Mahere is proceeding with the case, alleging that the apology is insincere and that Gappah continues to make defamatory statements. Mahere’s lawsuit against Gappah stems from allegations made by Gappah about Mahere’s university placements and personal relationships. Gappah had accused Mahere of securing university placements through her father’s influence, and also alleged that Mahere tried to seduce the father of her child. Mahere has denied…
Russian Foreign Minister Sergey Lavrov has arrived in the Republic of Congo for negotiations with the country’s leadership, according to Russian Foreign Ministry Spokeswoman Maria Zakharova. The talks, scheduled for today in the city of Oyo, come as the two nations celebrate the 60th anniversary of diplomatic relations. In July 2023, Russian President Vladimir Putin met with Congolese President Denis Sassou Nguesso at the Russia-Africa summit, highlighting the effective collaboration of Russian companies like Lukoil, Yandex, and Rosatom in Congo. The meeting is expected to focus on boosting trade and economic ties, following a significant 85% increase in trade turnover…
The Independent Electoral Commission (IEC) officially announced on Sunday evening that the African National Congress (ANC) has won 159 seats out of a total of 400 in the National Assembly in the 2024 general elections. The official election results as released by the IEC at the Results Operation Center (ROC) in Midrand, Johannesburg, show that the Democratic Alliance (DA), the main opposition party, secured 87 seats in the National Assembly, followed by the uMkhonto weSizwe (MK) Party with 58 seats and the Economic Freedom Fighters (EFF) with 39 seats. During the announcement of the final results, IEC Chairperson Mosotho Moepya…
The Kenya Economic Update, released by the World Bank, projects Kenya’s economic growth to slow down to 5% in 2024. This moderation is attributed to ongoing fiscal consolidation efforts, tight monetary policy, and fading tailwinds from the agricultural rebound. Despite this, the World Bank characterizes the outlook as “stronger” compared to its previous projections in December 2023. The bank had earlier estimated Kenya’s GDP to expand by 4.5 to 5.2% in December last year. The improved macroeconomic conditions following the issuance of the February Eurobond have contributed to this outlook. READ ALSO: World Environment Day 2024: UN Urges Global Land…
The Federal Government and Organized Labour have reached a breakthrough in their negotiations, agreeing to work towards a new national minimum wage exceeding N60,000. A tripartite committee will convene daily for the next week to finalize the figure. Labour leaders will consult with their members on Tuesday to decide whether to suspend the ongoing nationwide strike, following the government’s commitment to a higher minimum wage. The agreement also ensures that workers who participated in the strike will not face reprisals. READ ALSO: Nigerian Labour Unions Declare Indefinite Strike Over Minimum Wage Dispute