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We bring you various leading news from across Africa, on business, economy, market, and politics. Towards A Profitable Africa.

Tue, 20 Aug 2019 19:44:02 GMT

Tanzania's Maize Flour Failed to Meet Kenyan Export Quality

 Tanzania’s quest to export maize flour to Kenya, is being hindered by the difference in standard and low capacity. Agriculture PS Hamadi Boga has said. On capacity, Prof Boga said Tanzania’s largest miller has a capacity of 100 metric tonnes a day compared to Kenya’s total daily capacity of 16,000 tonnes. Kenyan flour is fortified, which is a requirement by the Kenya Bureau of Standards (Kebs), while most of the Tanzanian commodity is not, making access to the local market difficult. “These factors of standards and low output makes the plans of importing flour from Tanzania unviable,” he told the Daily Nation in an interview. “Maize flour from outside the country must be attuned to the consumer preferences in Kenya.” 

Wed, 21 Aug 2019 15:47:18 GMT

Davido, X3M, United Capital Plc and Others Among Tax Defaulters As Announced Today by Nigerian Tax Agency

 The Federal Inland Revenue Service (FIRS) has published a list of tax defaulters with their different bank accounts it placed under lien for owing taxes. The revenue agency listed not less than 19,901 accounts that were yet to regularize their tax status. 

Some of the accounts published belong to Citiroof Aluminium Co. Ltd, Coldstone Creamery Limited (Yaba), Davido Music Worldwide Ltd, Grand Square Supermarket and Stores Ltd, Iyiola Omisore & Par, Open Heavens Bliss Enterprises and The Assemblies of God Nigeria. Also listed are X3M Music Limited, Tiger Foods Limited, Slot Enterprises, Payporte Technology Limited, Visionscape Sanitation Solutions Limited, Erisco Foods Limited Milk Cube account, God is Good Motors (Vehicle sales account), Hubmart Stores Limited, Obasanjo Farms Nig. Ltd (Feedmill), United Capital Plc, amongst others. The tax regulator placed the bank accounts under lien as a result of the failure of the owners to regularize their tax status. To place a lien on the bank accounts simply means the owners of the accounts may not withdraw or transfer funds from their bank accounts. Nairametrics had reported that the FIRS had given a 30-day ultimatum to those whose bank accounts were published to regularise their tax status. In the event of non-compliance, the tax regulator stated that it would recover the tax liabilities from directors, managers, secretaries and other management staff of such companies. 

Wed, 21 Aug 2019 16:03:37 GMT

Move to Tax online Transactions Generates Panic in Nigeria

 Concerns have been raised concerning the Federal Government of Nigeria's  plans to enforce a 5 percent Value Added Tax deduction on all online transactions in the country. Stakeholders have said it poses a major challenge to the e-commerce sector of the economy. Implemented, a deduction of 5 percent will be made on every transfer, and purchase made online in the country. The Federal Inland Revenue (FIRS) boss,Tunde Fowler had previously revealed that the Federal Government's part of plans to use the policy to generate money to fund the budget from 2020. Nigeria is fast growing in terms of cashless, digital payment, and electronic banking system services. 

Wed, 21 Aug 2019 16:21:54 GMT

Toyota Discontinues Land Cruiser and Replaces With a Cheaper and Less Quality Alternative

 Japanese automobile manufacturer, Toyota has made public it's plans to scrap it's  Sports Utility Vehicle(SUV) brand, Land Cruiser, due it's price not matching it's value. The car manufacturer said from 2022, Nigeria, and some other countries will no longer be able to purchase the SUV, which has been in existence for 10 years, as it will be pulled out of  the market.  The cheaper versions of the hybrid such as the 4Runner, and Sequoia have contributed to it's low sales, and the LandCruiser is not referred to as an
outdated piece of machinery. In a related development, in a bid to improve Nigeria's automotive industry, Toyota has opened an ancillary auto centre in Umahia, the Abia State capital. The Director of Unique Integrated Auto Centre, Jaja Ihesiaba, said the auto centre has been structured to become a leader in the automobile industry in the South-East. While outlining the feature of the centre, he said it had been equipped with state-of-the-art facilities for Toyota products. Ihesiaba also said the centre is the biggest showroom in Abia State, and it will directly source and acquire genuine spare parts from Toyota International, and it will be a provider of many job opportunities for both skilled, and unskilled residents of the state

Wed, 21 Aug 2019 17:25:41 GMT

Cameroonian Farmers' Move to Cultivate Strawberry, Dares Mother Nature

 Farmers in Cameroon have taken up the challenge of cultivating Strawberry. It is widely believed that the
fruit cannot grow in the country, and this has caused an economic vacuum, as the demand is higher than
the supply. A company that specialises in modern agricultural techniques, Green House Ventures, owned
by Roland Fomundam, a US-trained agricultural engineer,is however bridging the gap by carrying out
mass cultivation of the nutritious fruit. This, in addition to other fruits and vegetables such as beetroots,
cucumbers and tomatoes. Roland says his company is ready to step up to what other farmers have been
able to do, by increasing the production of Strawberries to meet up with the demands of the
Cameroonian market. 

For years now, consumers of strawberry in Cameroon have been frustrated by the lack of this exotic fruit
in the market. They blame this on the lukewarm nature of local farmers towards the cultivation of the
crop. The majority of farmers believe that such crops cannot do well on Cameroonian soil. Market
analyses show that 90% of strawberry in the Cameroonian market is imported, and this has made it
difficult for locals to enjoy the nutritional, and health benefits of the fruit which contains antioxidants
that help prevent heart diseases, cancer, and many others. 

Wed, 21 Aug 2019 18:26:28 GMT

"Journalism That We Need is One That is Developmental, One That Provides Hope and Inspiration" Frank Aigbogun -Journalist/Publisher BusinessDay Nigeria

The inspirational and accomplished Journalist and Publisher/CEO of BusinessDay Nigeria, he speaks on the inspiration behind CEO Apprentice as he seeks to groom a new breed of business leaders in Nigeria and Africa. CEO Apprentice is a summer boot-camp where 50 selected teenagers would be taken through the various processes of developing business ideas. The participants would be thought a range of business practices such as how to develop business models, segment customers, and analyze the competition.


During the boot-camp, the participants would be in teams and tasked with developing new business ideas which they will eventually present in a sixty seconds elevator pitch. The business models will be examined by a select group of judges made up of successful entrepreneurs, CEOs, advocates, and business professionals. The winning team will receive seed capital to develop their business idea.


Mr. Frank also speaks about business journalism and the type of Journalism that Africa needs at this time, as technology begins to permeate different aspect of human endeavors.  


In his words, "the journalism that we need in Africa is one that provides hope and inspiration for the teeming population"

Tue, 20 Aug 2019 19:44:02 GMT

Tanzania's Maize Flour Failed to Meet Kenyan Export Quality

 Tanzania’s quest to export maize flour to Kenya, is being hindered by the difference in standard and low capacity. Agriculture PS Hamadi Boga has said. On capacity, Prof Boga said Tanzania’s largest miller has a capacity of 100 metric tonnes a day compared to Kenya’s total daily capacity of 16,000 tonnes. Kenyan flour is fortified, which is a requirement by the Kenya Bureau of Standards (Kebs), while most of the Tanzanian commodity is not, making access to the local market difficult. “These factors of standards and low output makes the plans of importing flour from Tanzania unviable,” he told the Daily Nation in an interview. “Maize flour from outside the country must be attuned to the consumer preferences in Kenya.” 

Mon, 19 Aug 2019 14:00:14 GMT

South Africa's White Supremacist Political Party Gets Desperate, Calls for Privatization of SOEs

Democratic Alliance party of South Africa has made a call for desperate measures to be put in place to check the downward spin of the economy in the country. Members of the party's executive met over the weekend in Johannesburg to discuss the way forward. They surmised that the unemployment rate in the country has reached an all time high since 1994, breaking the 10 million mark for the first time, and posed a great threat to the country's economic future.  

The party also accused the South African president, Cyril Ramaphosa of making the economic decline worse, as his tenure has not made any infusion to stir the economy towards growth, and shows support  for damaging policies. 

The concluded that the country's biggest economic threat, Eskom,  South African electricity public utility, established in 1923 as the Electricity Supply Commission be privatised, and split into 2. The party also wants the Independent Electricity Management (IEMA) Bill passed so the Integrated Personnel and Pay System (IPPS) can be implemented to checkmate the exploitation in the electricity sector. 

Mon, 19 Aug 2019 15:46:29 GMT

Nigerian Startups to Receive 500 Million Naira - CEO of SPAC Initiative Africa Discloses

As one of the Sponsors of the 2019 CEO Apprentice in Lagos Nigeria, Thelma Osadebay is the CEO and Africa Lead of SPAC initiative. Thelma discloses what SPAC initiative has in stock for Nigerian entrepreneurs before the end of this year. SPAC initiative is a Nigeria focused impact investment fund that endeavors to adjust the economic aim from curing poverty in Nigeria to investing in Human capital by empowering the youth through financing and training. These will be achieved through the initiative's fund and accelerator. Take a listen and see how your can access the different opportunities that SPAC initiative has in stock for Nigerian entrepreneurs.

Mon, 19 Aug 2019 18:51:00 GMT

Nigerian Gov. Denies Banning Importation of Agric Products; Blue Chip Stocks on Nairobi Bourse Suffer Decline........More on the Headlines

 Nigeria's government has debunked reports that it banned importation of agric products.; Leading payment platform, Paga hits N1.5 million professionals in transaction; Nigeria's tech company, Bluechip technologies debuts in Kenya Stock market prices in Nairobi take a fall; Asia's stocks pick up on Monday.

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News Updates

  • Tanzania's Maize Flour Failed to Meet Kenyan Export Quality

  • Davido, X3M, United Capital Plc and Others Among Tax Defaulters As Announced Today by Nigerian Tax Agency

  • Move to Tax online Transactions Generates Panic in Nigeria

  • Toyota Discontinues Land Cruiser and Replaces With a Cheaper and Less Quality Alternative

  • Cameroonian Farmers' Move to Cultivate Strawberry, Dares Mother Nature

  • "Journalism That We Need is One That is Developmental, One That Provides Hope and Inspiration" Frank Aigbogun -Journalist/Publisher BusinessDay Nigeria

  • Tanzania's Maize Flour Failed to Meet Kenyan Export Quality

  • South Africa's White Supremacist Political Party Gets Desperate, Calls for Privatization of SOEs

  • Nigerian Startups to Receive 500 Million Naira - CEO of SPAC Initiative Africa Discloses

  • Nigerian Gov. Denies Banning Importation of Agric Products; Blue Chip Stocks on Nairobi Bourse Suffer Decline........More on the Headlines