Earth Finds

Earth Finds

German Energy Investors Have A Bright Future In A Post-Covid 19 Africa

On Thursday, the Germany-Africa Business Forum (GABF) is organizing an exclusive webinar to encourage new deals between German and African public and private energy stakeholders. This is an extremely timely initiative. Covid-19 has accelerated several major trends and dynamics within Africa’s energy sector which are set to significantly increase the demand for German capital and technology on the continent.

Energy has been identified by most African governments and financial institutions as a key sector able to support Africa’s economic recovery post-Covid-19. In parallel, global trends toward a cleaner energy transition are now accelerating and Africa is no stranger to the game. The reshaping of the continent from 2021 onwards provides a great opportunity for German companies and technology to fight energy poverty in Africa and support the natural gas monetization and valorization drive from Mozambique to Senegal, Nigeria, Equatorial Guinea and Tanzania.

“The African Energy Chamber is calling on Germany to work with African businesses to lower carbon emissions and support Africa’s path to a net zero future. From gas flaring to gas-to-power and cleantech, Germany has the capital and technology Africa needs to build an inclusive and sustainable energy future,” declared Nj Ayuk, Executive Chairman at the African Energy Chamber.

By engaging not only with African governments but with the continent’s entrepreneurs and private companies, German stakeholders can structure the deals who will ensure a successful future for the German-African energy cooperation. German technical know-how and technology is increasingly looked after when it comes to assessing climate change risks and opportunities in business planning, and supporting public policies embracing decarbonization.

Germany’s appetite for Africa has already translated into landmark projects and deals across the continent. In West Africa, Siemens is currently supporting Nigeria in raising its electricity capacity of 25GW under the country’s Presidential Power Initiative. Meanwhile, Voith Hydro and the Commerzbank recently joined Angola’s Caculo-Cabaça Hydropower hydroelectric project to support CGGC in completing the 2172MW power facility by 2024. An increasing number of German SMEs are also involved in landmark gas and power projects, including the Akinokien LNG receiving terminal in Equatorial Guinea.

“We need to foster a candid and constructive dialogue with a broad range of German and African stakeholders on investment, energy poverty, the creation of an enabling environment for private businesses and the implementation of free market policies that benefit the poor and emerging African middle class,” concluded Nj Ayuk.

Here Is Why Victoria University Offering 50% Discount On Tuition Fees

The management of Victoria University has announced a 50% discount on tuition fees as a response to the devastation the COVID-29 pandemic has had on the education sector in Uganda. The discount which commences September this year will benefit new and continuing students, including non-Ugandan students.

The university directors Sudhir and Rajiv Ruparelia while addressing the press conference to announce the discount emphasized the need to make education affordable and accessible.

“The decision was taken to reduce the fees because of the global pandemic that has come in. We believe that quality education should be affordable to Ugandan students. The current economic situation is not good and we have used his opportunity to give back to the society by reducing our fees," Rajiv said.

“This pandemic is not only for today, it will be here for the next 2 to 3 years so the fees structure will remain stable for long time to come and we will review it in consultation with students’ body, university council and the market but I don’t see us raising fees for the next 2-3 years” Dr Sudhir noted.

The Chairman of Victoria University Council, Atike Matovu said that the University made a decision to reduce the fees structure to ensure continuity of learning by the students at affordable rates.

“University ought to make sound and bold moves to ensure learning continues and thus cut on tuition. Victoria realized that quality education should be acceptable by all and therefore has taken a drastic positive step,” he said.

The acting Vice Chancellor, Victoria University, Bill Nkeeto noted that in order to foster innovation and create a positive social and economic impact, the reduction in the cost of education is a tailored made support to government efforts of building a better society post COVID19.

Atingi-Ego, Takes Over As New Deputy Governor BoU office

Bank of Uganda has announced that ‘Michael Atingi-Ego (PHD) assumed his role as the Deputy Governor, Bank of Uganda on August 03, 2020, following his appointment by His Excellency the President on 23 April 2020.’

The appointment of Atingi-Ego President Yoweri Museveni came after the expiry of Dr. Louis Kasekende’s contract. Efforts by Kasekende to have the president renew his contract fell on deaf ears. Allegedly, the president fell out with Kasekende because of the controversies he courted at the central bank.

Several reports by the Auditor General, parliament faulted Kasekende for ruining operations at the central bank and the entire financial sector he was supposed to regulate. Some of Kasekende actions as second in command at the central bank attraction investigation from the IGG and police.

A statement from the central bank described Atingi-Ego as ‘a seasoned Economist who has served in several capacities at various institutions and brings a wealth of experience to the position of Deputy Governor.’

He started his career at BoU in August 1984, rising through the ranks to become the Executive Director, Research. His research and publications focused on macroeconomic and financial policies and statistics, and he was an eminent resource in capacity building and a consultant on monetary operations and balance of payments in East, West, and Southern Africa.

In 2008 he took up an assignment with the International Monetary Fund (IMF) serving as Deputy Director of the African Department (AFR). While at the IMF, he was instrumental in enhancing the effectiveness of capacity development; modernising monetary policy frameworks in developing countries; and improving macroeconomic statistics in sub-Saharan Africa.

In addition, he was deeply involved in the Fund's work on data management across the institution besides providing strategic guidance to many IMF African country teams on programme and surveillance work.

From September 2018 until the date of his appointment as Deputy Governor, Bank of Uganda, Mr. Atingi-Ego was the Executive Director of the Macroeconomic and Financial Management Institute of Eastern and Southern Africa (MEFMI). MEFMI is a multinational capacity building institute based in Harare, Zimbabwe.

Dr. Atingi-Ego holds a PhD in Economics from Liverpool University (1996), an MSc. Economics in International Economics and Banking from Cardiff Business School, University of Wales (1991), and a BSc. Economics from Makerere University.

He returns to the Bank of Uganda with a wealth of regional and international experience; well-honed managerial and open communication skills; as well as the commitment to advancing the goals and governance of the Bank of Uganda through professional leadership on crucial policy & institutional issues.

 

Bank Of Uganda Director Sekabira Faces Charges

The Criminal Investigations Directorate of Uganda Police Force, in a letter dated July 27, 2020, and addressed to the Governor Bank of Uganda, summoned Benedict Sekabira, the Director Financial Markets Development at Bank of Uganda and others to help in the investigation regarding their role in the concealing of land titles and later the seize of the land titles belonging to some of the commercial banks that the central bank shut down.

The Criminal Investigations Directorate in the letter was seeking permission from the governor to release Sekabira so that he can be prosecuted. 

“The Directorate has been investigating the above matter that arose from the Committee of Commissions, Statutory Authorities and State Enterprises (COSASE) with directive to the Inspector General of police t immediately upon adoption of Special Audit Report on defunct banks seize all the land titles in possession of JN Kirkland and Associates and MS SIL Investment arising from the loan portfolio sold to Ms Nile River Acquisition Company BY bank of Uganda”

“This is to inform you that the Director public Prosecution sanctioned the matter for the suspect to appear in Court and the purpose of this communication is to request you release Mr. Benedict Sekabira to report at CID headquarters on July 30, 2020,  such that he can be produced in court for the charges of concealing titles deeds under sections 278 of the penal code” reads the letter to the governor.

According to media reports, Sekabira, despite being released by the governor Bank of Uganda, Emmanuel Tumuiime Mutebile, didn’t appear at the CID offices on July 30, as indicated in the summon letter. It is not yet known what course of action the police will take.

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