Electron Native

Another African leader has been return to office in West Africa. With 58 percent of votes cast in last Sunday’s poll, Senegal President Macky Sall won re-election according to provisional results announced by the official counting body on Thursday. bbc The majority win hands Sall a second term without a run-off vote. Opposition candidate Idrissa Seck came second with 21 percent of votes, while Ousmane Sonko placed third with 16 percent. Despite complains from rights groups concerning Sall's squeezing out rivals, his popularity was hinged on modernising efforts during his first term that propelled Senegal’s economic growth to more than six percent - one of the highest in Africa. Since Sunday’s vote, opposition candidates have rejected reports of an out-right victory for Sall, saying their tallies point to a second round of voting. Seck and Sonko have not yet commented on the National Vote Counting Commission’s results, which are preliminary until validated by the c...

A repeat of 2015 when investors left the country due to delays in economic policies may occur in Nigeria again if concrete actions are not taken. Poor performance of Nigeria’s most liquid 10-year bond which fell by 40 basis point to 13.9 percent on Thursday is an indication of the final outcome of the proposed litigations due to the announced election result could affect the nations earning.  Source: nta.ng Yields on the benchmark 2028 paper, which is most traded, have been falling with investors locking in attractive rates. The bond dropped to 14.3 percent in the previous day’s trade, its lowest in six months, from 14.5 percent the day before and 14.75 percent the day before Saturday’s election. This follows  Wednesday’s trading, the Naira  gained N1 to exchange at N358 to the dollar at the parallel market in Lagos, stronger than N359 it traded on Tuesday. The Pound Sterling and the Euro closed at N470 and N408, respectively. Trading at the Bureau...

Community participation has scored another win. In this regard, the World Health Organisation (WHO) says the engagement of community informants for surveillance of suspected cases of polio in hard-to-reach and crisis ridden parts of Borno is yielding positive impact in the state. Source: The Guardian Nigeria The WHO Regional Director for Africa,  Dr Matshidiso Moeti,   made this known in a statement in Abuja, that many local government areas in the state have become access-compromised following nearly a decade of insurgency. Moeti said that this has made it difficult for the local population to access basic and quality health services, adding that infants have been one of the main victims to this development. According to her, health workers in some areas have been unable to distribute vaccines or provide needed routine immunisation services and children are particularly at risk of vaccine-preventable diseases such as polio. Moeti said that as surveillance ...

The re-election of President Muhammadu Buhari has a positive economic outlook. The most recent report from Reuters shows that the government bonds rose to 5-7 months high on Wednesday after the final results were announced.  Credit: The Cable This is the second term of President Buhari as the leader of Africa's largest economy according to PriceWaterCoopers. Nigeria depends on oil for its foreign exchange and has beens selling bonds to finance many of its infrastructure projects in the past three years. The country’s longer-dated bonds were up as much as 0.8 cents in the dollar to extend a more than 10 cents rally since the start of the year. 

Dangote Cement Industries Plc has continued to make Nigeria proud across Africa. On Wednesday, the firm announced  that it sold a total 23.54 metric tonnes (MT) of cement across Africa for the financial year ended Dec. 31, 2018. businesstimesafrica.net The company gave this information as part of its financial performance released on the Nigerian Stock Exchange (NSE) that the figure represented an increase of 7.4 per cent when compared with 21.92 MT sold in 2017 It stated that Nigerian operations accounted for 14.18 MT representing an increase of 11.4 per cent over the volume of 12.72 MT sold during the preceding year. The company said that it maintained dominance in the Nigerian market having accounted for 65 per cent of the total volume sold in the domestic cement sector in 2018. ”The company also exported 800,000 tonnes of cement to West African countries, strengthening Nigeria’s position as a cement exporting country, creating jobs in the economy, and earning f...

The Debt Management Office (DMO) says the Federal Government’s February bonds received over N234 billion from investors for the N150 billion that was offered. A statement obtained from the DMO website on Wednesday in Abuja said that the auction had three instruments, for five, seven and 10-year tenors. Debt Management Office (DMO) Source: Voice Of Nigeria “Total bids received from investors for the bonds exceeded N234 billion, with a total subscription level of 156 per cent. “The focus of investors was principally on the 10-year bond which had a subscription level of 392 per cent. “Successful bids were allotted at rates notably lower than those at the January auction, with 14.52 per cent for the five year, 14.79 per cent for the seven year and 14.93 per cent for the 10-year bond.” It added that the DMO allotted the full N150 billion offered to successful bidders across the three tenors. The statement also said that the over subscription was a continuos trend, judgin...

Jack Ma has agreed to fund the Africa Netpreneur Prize Initiative (APNI). The competition which starts in March is open to digital entrepreneurs on the continent. The contest worth 10 million dollars is primarily focused on empowering the next generation of African technology based start-ups whose founders are either women or youth. Jack Ma Taking A Selfie Source:  xinhuanet .com APNI said in a statement released in Nairobi it will be hosting an annual contest for Africa’s technology based enterprises in the next decade where 10 finalists will compete for 100 million shillings (1 million dollars) in total prize money. “The Netpreneur Prize Initiative has brought together a strong ecosystem of players to support both technology driven and traditional businesses,” said Sam Gichuru, Founder and CEO of Nairobi-based innovation hub Nailab. The 10 finalists are expected to receive grant funding from Jack Ma Foundation alongside access to the Netpreneur community of Af...

Another sad news for the United Kingdom manufacturing sector as Japanese carmaker Honda plans to  closure its only British car plant in 2022 with the loss of 3,500 jobs, a lawmaker said, as Brexit approaches. Honda built just over 160,000 vehicles at its Swindon factory in Southern England in 2018, where it makes the Civic and CV-R models. Honda UK This accounted for a little more than 10 per cent of Britain’s total output of 1.52 million cars. But it has struggled in Europe in recent years, and the industry faces a number of challenges including declining diesel demand and tougher regulations alongside the uncertainty over Britain’s departure from the EU, due in March. Justin Tomlinson, a Conservative lawmaker for Swindon, who voted for Brexit in 2016, said he had met with the business minister and representatives from Honda, who had confirmed the plans. “They were due to make a statement tomorrow, it’s obviously broken early,” Tomlinson, lawmaker for North Swind...

Nigerian Breweries Plc has recorded a 41 per cent drop posted in profit after tax for the financial year ended December 31, 2018. This the firm blamed on increased excise duty rates. Nigerian Breweries Plc NB's Company Secretary/ Legal Director,  Uaboi Agbebaku said in a statement in Lagos that increased excise duty that came into effect during the year under review adversely affected its audited result. “The 2018 results were adversely impacted by the increased excise duty rates that came into effect during the year and a challenging operating environment,” agbebaku said. He said that the company during the period under review posted profit after tax of N19.4 billion against N31.6 billion achieved in the corresponding period, a decrease of 41 per cent. According to him, the revenue also dipped by six per cent to N324.4 billion from the N344.5 billion recorded in 2017. Agbebaku said that the company recommended a total dividend of N19.4 billion, translating to N2...

Facebook is still in the eye of the storm. As a result of dissemination of fake news on its platform. UK lawmakers are accusing the Tech giant of intentionally breaching data privacy and competition law with other big tech companies. Now the British lawmakers are seeking a new regulator to protect democracy and citizens’ rights. The recent damning report singled out Facebook CEO Mark Zuckerberg for what has been described as a failure of leadership and personal responsibility, the British Parliament’s Digital, Culture, Media and Sport Committee said tech firms had proved ineffective in stopping harmful content on their platforms. This included disinformation, attempts by foreign countries to influence elections, and risks to personal data. “We need a radical shift in the balance of power between the platforms and the people,” Committee Chairman, Damian Collins, said. Collins said the age of inadequate self-regulation must end, following an 18-month investigation that conc...

The Philippines Department of Health (DOH) reports 8,443 cases of measles  and 136 deaths in the country from this past weekend. Philippines DOH declares measles outbreak Photo GMA Netwok The first Measles outbreak occurred on February 6, more Filipino children are getting sick of measles, according to the DOH. The number of measles cases is already 253 per cent higher than the number of cases recorded in the same period in 2018. Also, the number of deaths represents an increase of 491 per cent from the same period in 2018. Most of the cases recorded this year are children below four years old, and half of the cases and nearly 60 per cent of the deaths are in Metro Manila and Calabarzon region. The DOH adds that the initial outbreak occurred in Metro Manila, but it later spread to other areas of the Philippine main Luzon island and Central and Eastern Visayas in the central Philippines. Philippine Health Secretary, Francisco Duque, said he expected cases to con...

Alcoholic beverages are doing well with consumers. For example Ghana made Alomo Bitters, whic is a herbal alcoholic drink produced by Kasapreko Limited,  sold 13.9 million bottles in the Nigerian market in 2018. The Nigerian Sales Representative, Kasapreko, John Adesoye, confirmed the sell of 580,000 cartons of the product in 2018. According to Adesoye, the product which sells for between N150, N250 and N850 comes in 100ml, 200ml and 750ml bottles, and are called Kasapreko Alomo, Kalahari K20 and Alomo Sachet. wethinkhub.blogspot.com Alomo Bitters was introduced into the Nigeria market in 2014. The drink, which is mostly taken by men to enhance their sexual performance and virility, is also acclaimed to have   plants and herbs that are good for blood circulation, with anti-malaria and anti-fever properties. The sales representative said that Alomo Bitters’ popularity and high demand led to counterfeiting of the product which halted the compa...

eskimi.com More consequences are being reported from the recent postponement of February 16 elections. Such as previously planned social engagement like that of Rita Osawende, a bride-to be. “I have printed and distributed my invitation cards for the wedding. I am so confused,” she said. Osawende said that all arrangements for her big day had been concluded for next week. “INEC should please help me revisit this issue. “The original date was fixed for February 16, but as soon as I knew it’s elections day, it was postponed to February 23rd. “What do I do; all arrangements have been made. The Independent National Electoral Commission (INEC) has postponed the dates for 2019 elections from February 16 to February 23 and from March 2 to March 9 for the Presidential/National Assembly and the Governorship/House Assembly/FCT Area Councils elections respectively.

The UN Economic Commission for Africa (ECA) has revealed that the African continent has made considerable progress in improving health outcomes over the past few decades. UN ECA logo The Executive Secretary, ECA Vera Songwe made the comments while addressing a high-level health-themed meeting in Ethiopia’s capital Addis Ababa on Friday, which was organised by the UN World Health Organisation (WHO). Songwe added that considerable health-sector achievements were registered in Africa over the past years. According to him, from 1990 to 2015 life expectancy increased from 54 to 63 years. The ECA chief also indicated that the number of women dying in childbirth and the number of children dying before the age of five almost halved during the same period. Songwe, however, stressed that in spite of the progresses made in the healthcare sector, efforts should be strengthened so as to achieve global and continental targets. “Although this progress is commendable, it is not rapid e...

Cloud computing in South Africa just got a boost as China’s Huawei wants to build two data Centres in the country. The project is expected to start from March as part of a bigger plan to expand cloud services across Africa. Huawei Technologies Co., Ltd. “The company is working with South African partners for the construction of the data centres in Johannesburg initially and later Cape Town,” Huawei said in a statement. Its cloud service will be available to organisations in South Africa as well as neighbouring countries, it said. The Chinese firm, at the centre of global security concerns, will challenge Amazon.com Inc, which is also expanding its presence in the emerging tech hub of Cape Town in a challenge against cloud computing rival Microsoft Corp. Amazon Web Services (AWS) is the global leader in cloud computing. In the last quarter of 2018 AWS’s revenue grew 46 per cent to 7 billion dollars while Microsoft’s grew 76 per cent to 4 billion dollars to re...

Manchester United's new found lease after the exit of former manager Jose Mourinho has made the club smile to the bank. English Premier League football club has posted higher second-quarter revenue helped by a 38 per cent surge in broadcasting income and stuck to its financial targets for the year. Paris St Germain’s Dani Alves shoots from a free kick at Manchester United REUTERS/Phil Noble The club also said it had paid 19.6 million pounds ($25.10 million) as compensation to former manager Jose Mourinho and some members of his coaching staff, after the Portuguese coach was sacked in December. Revenue for the three months ended Dec. 31 came in at 208.6 million pounds, compared with 177.4 million pounds a year earlier, the club said on Thursday. The 20-time English champions said they continue to expect revenue of 615-630 million pounds and adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) of 175-190 million pounds for 2018-19.  - Re...

Thursday's full year forecast of Coca-Cola Co fell well below Wall Street expectations due to reported quarterly decline in volumes in North America, sending its shares down by three per cent. Cola-cola corporation logo Food packaging companies are facing the brunt of rising freight and commodity costs and a decline in available truck drivers leading to squeezed margins and higher costs. To counter these costs, Coke raised prices of its beverages, but that led to falling demand. Volumes, which is a key indicator of demand, fell by one per cent in North America. The company forecast full-year profit to be between 2.06 dollars and 2.10 dollars per share far below the average expectation of 2.23 dollars, blaming a stronger dollar. Net income attributable to the company’s shareholders was 870 million dollars or 20 cents per share in the fourth quarter ended Dec. 31, compared a loss of 2.75 billion dollars or 65 cents per share, a year earlier, when the company took a...

 The Nigeria Deposit Insurance Corporation (NDIC) has denied allegation of conducting a hasty liquidation process of the Fortis Micro-Finance Bank (MFB). This claim is part of a report in Daily Trust Newspaper on February 8 2019. The corporation countered the news print in a statement signed by Mohammed Ibrahim, its Head of Communications and Public Affairs Department. It added that the corporation has always been 'faithful and alive' to its responsibilities in protecting Nigerian Depositors at all times.The statement went further that, “the report relied on statements credited to one  Garba Kurfi, Managing Director of APT Securities and Fund to the effect that the CBN and NDIC should have managed the affairs of Fortis MFB rather than embark on its outright liquidation. “He added that managing affairs of the bank, its resale or the appointment of a new management would have been better for its depositors and other banks that had business relationship with Fortis a...