Connect with us
Anglostratits

Business

President Oramah delivers 8th Goddy Jidenma biennial lecture

Published

on

afreximbank

AFREXIMBANK President, Benedict Oramah, says Africa’s economic progress depends on its response to unprecedented de-globalisation

Egalement disponible en Françaisتتوفر أيضا في العربية

LAGOS, Nigeria, February 26, 2024/APO Group/ — 

How Africa and the rest of the developing world manoeuvre the emerging challenges presented by the unprecedented de-globalisation of the world could potentially make or mar their economic progress in the years ahead, Prof. Benedict Oramah, President and Chairman of the Board of Directors of the African Export-Import Bank (Afreximbank) (www.Afreximbank.com), said on Friday.

Delivering a lecture titled “The Trade Route to Poverty Reduction in Africa in a De-globalising World” at the Eighth Biennial Lecture of the Goddy Jidenma Foundation in Lagos, Prof. Oramah noted that the world economy had changed significantly in recent years and had become more fractured and fragmented while the core pillars that supported global growth and poverty reduction had almost been dismantled.

“Indeed, the world is de-globalising at an unprecedented pace, and the implications for developing countries could be dire,” he warned.

Prof. Oramah told guests that the African Continental Free Trade Agreement (AfCFTA) provided an opportunity for Africa to take its destiny into its own hands by opening regional supply chains that would foster economic growth and development.

Citing estimates by the World Bank, the President said that the AfCFTA would lift 30 million Africans out of extreme poverty and boost the incomes of nearly 68 million others who live on less than $5.50 a day; boost Africa’s income by seven per cent to $450 billion by 2035; increase Africa’s exports by $560 billion, mostly in manufacturing; spur a 10.5-per cent wage gain for women and 9.9-per cent for men; and boost wages for both skilled and unskilled workers.

Noting that 54 countries had signed the Agreement, and 47 had ratified it, he announced that Afreximbank and the AfCFTA Secretariat had established an AfCFTA Adjustment Fund to provide compensation to eligible countries for tariff revenue losses as a result of the implementation of the AfCFTA. The adjustment fund will also provide funding to countries and businesses to enable them to adjust in an orderly manner to the new trading regime.

Indeed, the world is de-globalising at an unprecedented pace, and the implications for developing countries could be dire

Prof. Oramah argued that to avoid falling victim to the discontent that negatively impacted globalisation, the AfCFTA needed to be complemented by free movement of Africans across the continent, with the right to work, adding that to address the impediment posed by lack of access to trade and investment information, Afreximbank was offering an artificial intelligence-enabled trade information platform under the brand name Tradar Intelligence. For the same reason, the Bank was collaborating with the African Union Commission (AUC), the AfCFTA Secretariat and others to host the biennial Intra-African Trade Fair whose first three editions held since 2018 attracted over 70,000 visitors, 4,000 exhibitors and about $120 billion.

Furthermore, as a solution to the 42 fragmented payment systems across Africa,  Afreximbank, in partnership with the AUC and the AfCFTA Secretariat, had launched the Pan-African Payment and Settlement System (PAPSS), which domesticates all intra-African trade payments. Afreximbank was supporting that system with a $3-billion settlement fund. By May 2024, an African currency trading platform would also be launched under the auspices of PAPSS.

“It is now becoming possible for a small farmer in Malawi to use his cell phone to purchase a Nollywood streaming movie and to pay in the Malawian Kwacha while the seller in Nigeria receives Naira,” said Prof. Oramah. “We are nearing the stage when an Egyptian can buy shares on the Nigerian Stock Exchange, paying in Egyptian Pounds.”

It was also necessary to aggressively fill the intra-African trade financing gap, estimated at over $50 billion annually, he added, saying that Afreximbank’s Intra-African Trade Division disbursed over $40 billion since 2016, with about $11 billion outstanding, accounting for about 28 per cent of the Bank’s loan portfolio. 

Other interventions by Afreximbank include the launch of an African Collaborative Transit Guarantee Scheme that makes it possible to use one transit bond to cross multiple borders, thereby addressing the challenges faced by the continent’s 16 landlocked countries; support for harmonisation of trade standards through the African Regional Standards Organisation (ARSO), which has seen about 155 standards harmonised, as well as the establishment of the Africa Quality Assurance Centre (AQAC), an indirect subsidiary of the Bank, which was developing testing, inspection, and certification centres in countries where quality infrastructure was weak.

The Bank was also supporting the emergence of export trading companies (ETCs) across Africa to act as aggregators in order to create a sizeable volume of trade to attract greater value and withstand competition, he said. Since SMEs in Africa and other developing regions that participate directly in global trade must compete with multinationals and significantly large corporates, they are left with marginal, if not zero, chances of success or survival, he explained.

The biennial Goddy Jidenma Lecture is held to honour the memory of Goddy Jidenma, a leading Nigerian architect who died in 2006. 

Previous speakers have included Prof. Ali Mazrui, an internationally celebrated African political scientist, Prof. Elaigwu, President of the Institute of Governance and Social Research, Jos, Nigeria, Prof. Pat Utomi, Founder and CEO of the Center for Values in Leadership, Prof. Kingsley Moghalu, a former Nigerian presidential candidate, Prof. P.L.O. Lumumba, a notable Pan-Africanist, and Prof. Attahiru Jega, a former Chairman of Nigeria’s Independent National Electoral Commission.

Distributed by APO Group on behalf of Afreximbank.

Energy

High-Level Minister Roundup to Headline African Energy Week 2026

Published

on

African Energy Chamber

African Energy Week 2026 will convene ministers from Algeria, Ghana, Senegal, Zambia and Niger to spotlight oil, gas expansion, reforms and investment opportunities continentwide

CAPE TOWN, South Africa, March 13, 2026/APO Group/ –A high-level ministerial roundup will take center stage at this year’s African Energy Week (AEW) 2026 – taking place in Cape Town from 12–16 October –, convening some of the continent’s most influential energy leaders at a defining moment for Africa’s oil, gas and power sectors. As hydrocarbon expansion converges with accelerating energy transition strategies, the gathering is set to spotlight real-time project execution, regulatory reform and cross-border infrastructure that are actively reshaping Africa’s energy future.

 

Confirmed ministers to date include Algeria’s Minister of Energy and Renewable Energies Mourad Adjal, Ghana’s Minister for Energy and Green Transition Dr. John Abdulai Jinapor, Senegal’s Minister of Energy, Petroleum and Mines Birame Soulèye Diop, Zambia’s Minister of Energy Makozo Chikote and Niger’s Minster of Petroleum Hamadou Tinni.

 

Fresh from a March OPEC+ decision to lift output to 977,000 barrels of oil per day (bpd), Algeria enters AEW 2026 amid a $60 billion sector transformation. The country is also advancing a 500-well exploration drive and accelerating its 1.48 GW “Project of the Century” solar rollout. Gas exports to Europe remains central to the country, supported by hydrogen corridor planning and refinery expansion aimed at boosting capacity to 50 million tons by 2029.

 

Following license extension for Jubilee and TEN to 2040 and the late-2025 restart of the Tema Oil Refinery, Ghana is pushing a $3.5 billion upstream reinvestment plan while settling $500 million in gas arrears. A 1,200 MW state thermal plant and expanded gas processing at Atuabo anchor its gas-to-power shift, alongside a renewed upstream push in the Voltaian Basin.

The participation of these distinguished ministers underscores the scale of opportunity unfolding across Africa’s energy landscape and the urgency of aligning policy with capital

 

Senegal’s delegation comes on the back of strong production momentum, with the Sangomar oil field delivering 36.1 million barrels in 2025, outperforming forecasts, while the Greater Tortue Ahmeyim LNG development ramped up to 2.9 million tons per annum following first gas. Dakar is now prioritizing domestic gas through refinery upgrades at the SAR refinery and preparations for Sangomar Phase 2 to push output beyond 100,000 bpd.

 

Zambia is redefining its power mix after drought-induced hydro shortfalls. New solar capacity – including the 200 MW Chisamba expansion and 136 MW Itimpi Phase 2 – is part of a broader 2,500 MW diversification drive. Cabinet has approved major regional fuel pipelines, while the Energy Single Licensing System fast-tracks approvals. Lusaka targets 10 GW generation by 2030, with solar and wind rising to one-third of supply.

Niger’s presence reflects its emergence as a serious oil exporter, with the fully operational 1,950-km Niger-Benin pipeline now moving up to 90,000 bpd to international markets. Alongside uranium expansion and renewed cooperation with Algeria on upstream assets, Niamey is advancing digital oversight reforms and reinforcing energy sovereignty amid evolving geopolitical dynamics.

 

“The participation of these distinguished ministers underscores the scale of opportunity unfolding across Africa’s energy landscape and the urgency of aligning policy with capital,” says NJ Ayuk, Executive Chairman, African Energy Chamber. “Their leadership reflects a continent moving decisively from strategy to execution, creating a platform where investors can engage directly with the policymakers shaping Africa’s next wave of oil, gas and energy growth.”

 

At AEW 2026, this ministerial cohort will be well-positioned to offer investors direct insight into Africa’s most dynamic energy markets – where new barrels, new pipelines and new megawatts are reshaping regional growth trajectories in real time.

Distributed by APO Group on behalf of African Energy Chamber.

Continue Reading

Business

Enlit Africa 2026 Programme: 280+ speakers, African nuclear 2.0, Bruce Whitfield Business Breakfast

Published

on

Enlit Africa

The event, taking place 19-21 May 2026 at the Cape Town International Convention Centre, expects 7,200+ attendees and 250+ exhibitors, making it Africa’s largest gathering of energy and water professionals

CAPE TOWN, South Africa, March 12, 2026/APO Group/ –Enlit Africa (https://apo-opa.co/4cEX08g) has released its full 2026 conference programme, featuring 280+ speakers across 8 specialised tracks including a new African Nuclear 2.0 session covering Koeberg’s 20-year life extension and Ghana’s nuclear vendor selection process.

 

The event, taking place 19-21 May 2026 at the Cape Town International Convention Centre, expects 7,200+ attendees and 250+ exhibitors, making it Africa’s largest gathering of energy and water professionals.

Award-winning business journalist and best-selling author Bruce Whitfield will deliver the opening address at the Project & Investment Network Business Breakfast on 19 May, kicking off three days of strategic sessions, deal-making platforms, and technical masterclasses.

New programme content includes:

African Nuclear 2.0 – A dedicated session examining the transition from planning to execution, featuring:

Koeberg Nuclear Power Station’s successful 20-year life extension (Units 1 and 2 now licensed until 2044/2045)

Ghana’s progression to Phase 3 of its nuclear programme, evaluating US, Chinese, and Russian technology bids

West African Power Pool‘s 10 GW regional nuclear capacity target

Small Modular Reactor (SMR) deployment readiness across African grids

Independent Transmission Projects (ITP) – A new session exploring how private investment is unlocking Africa’s transmission bottleneck, featuring global case studies from India’s PowerGrid and lessons for scaling grid capacity across the continent.

Generation Masterclasses – Five interactive roundtables on gas-to-power, nuclear, hydro power, clean coal, and hydrogen.

AI in Africa’s Power Grid – Examining practical deployment realities, real-time analytics, and predictive maintenance applications already in operation across African utilities.

Conference sessions and technical hub sessions on the expo floor are CPD-accredited by the South African Institute of Electrical Engineers (SAIEE) and the South African Institution of Civil Engineering (SAICE).

Co-located platforms:

Water Security Africa features country playbooks from Namibia (55-year potable reuse programme), Uganda (NRW reduction from 42% to 32%), Cape Town (Day Zero recovery strategies), and sector-specific stewardship sessions with Harmony Gold, Heineken, Mediclinic, and Growthpoint Properties.

Project & Investment Network (P&IN), part of the new Level 2 Executive Experience, connects project developers, investors, African utility CEOs, and DFIs through structured matchmaking, ministerial dialogues, and project briefings. Over the past two years, P&IN has facilitated $3 billion in project pitches.

Utility CEO Forum brings together 35+ confirmed utility CEOs under Chatham House Rule for candid, off-the-record strategic discussions on unbundling, prosumer management, and financial sustainability.

Municipal Forum addresses South African municipalities’ distribution, metering, and revenue challenges, including sessions on NRW management, tariff reform, Cost of Supply studies, and electrifying informal settlements.

Technical Hub sessions on the exhibition floor offer free, CPD-accredited training across Power, Renewable Energy & Storage, and Water tracks, with confirmed speakers from Eskom, ENGIE SA, ACTOM, National Transmission Company South Africa (NTCSA), RenEnergy, and Matla Energy.

Site visits on 22 May include Koeberg Nuclear Power Station and the V&A Waterfront desalination plant.

Pass options:
Free expo pass registration: https://apo-opa.co/4bl2bYu

Free expo passes provide access to 250+ exhibitors and CPD-accredited Technical Hub sessions.

Delegate Pass:
Early bird registration closes 3 April 2026. Delegate passes start at R15,100 (Silver), with P&IN Executive passes at R32,000 including access to the Bruce Whitfield breakfast, Level 2 executive lounge, and investor matchmaking.

Download the full programme: https://apo-opa.co/3NwCble

Register: https://apo-opa.co/4cEX08g

Distributed by APO Group on behalf of VUKA Group.

Continue Reading

Business

Binance Secures Second Major Legal Victory in U.S. Court Under Anti-Terrorism Act in Two Weeks

Published

on

Binance

US Federal Court in Alabama Dismisses All Claims Against Binance in Latest Lawsuit Victory

JOHANNESBURG, South Africa, March 12, 2026/APO Group/ –Binance (www.Binance.com), the world’s largest cryptocurrency exchange, announced today that a U.S. federal court in Alabama has dismissed all claims against the company in a lawsuit alleging violations of the Anti-Terrorism Act (ATA). This marks Binance’s second major legal victory in an  ATA matter within one week, following their victory in the Southern District of New York.

A Full and Complete Legal Victory

In a detailed 19-page ruling, the Court found the plaintiffs’ complaint to be legally and factually deficient. The court’s decision to dismiss every claim across the board represents a decisive legal victory for Binance.

Sanctions compliance and terrorism financing are serious matters of law – they require evidence, legal rigour, and due process

The judge described the filing as a “shotgun pleading.” The complaint failed to clearly specify the claims and improperly grouped all defendants together without distinguishing individual conduct or liability. The ruling also emphasized that the plaintiffs did not meet the basic pleading standard to provide a “short and plain statement” of their claims.

Following the ruling, the court granted the plaintiffs until April 10, 2026, to file an amended complaint addressing the deficiencies identified. However, the judge warned that failure to adequately address these issues would result in dismissal of the entire case.

Building on Momentum and Upholding Legal Integrity

“This decision reinforces our unwavering commitment to protecting Binance and our community from unsubstantiated and bad-faith lawsuits,” shared Eleanor Hughes, General Counsel at Binance. “Sanctions compliance and terrorism financing are serious matters of law – they require evidence, legal rigour, and due process. Courts have now examined these claims on two separate occasions and found them to be without merit. These outcomes speak for themselves. We will not tolerate attempts to misuse the legal system to target our industry, and we remain as committed as ever to transparency, security, and lawful conduct in everything we do”.

This latest decision follows closely on the heels of Binance’s comprehensive victory in New York (https://apo-opa.co/46Xg0ev), where the Court similarly rejected allegations that the company assisted, participated in, or conspired with terrorists. Together, these rulings reflect Binance’s strong resolve to protect its platform and community.

Binance has consistently invested in industry-leading compliance infrastructure, regulatory engagement, and legal governance. The company will continue to vigorously defend itself against any attempts to bring unfounded claims or misrepresent its operations.

Distributed by APO Group on behalf of Binance.

Continue Reading

Trending