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[South Africa] Absa separation from Barclays 69% complete, on track for completion in 2020

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Absa Group, one of the largest financial services providers in Africa, told the investors that its programme to separate from Barclays is 69% complete, with 184 of the 266 projects having been successfully delivered, two years into the three-year programme.

The separation comprises the gradual replacement of services, primarily involving operational and information technology, provided to Absa by Barclays PLC, which reduced its shareholding in the African financial services group to a minority stake in 2017.

The separation also includes transitioning from the Barclays brand to ‘Absa’ in 12 countries, a process that is underway with South Africa having been completed during 2018.

“Very few programmes of this level of complexity are being undertaken in the financial services industry today,” said Paul O’Flaherty, Chief Executive: Engineering Services, at Absa Group. “We have passed several milestones, but there are hard yards still to come,” he said. The successful migration of core banking platforms in African regional operations in April and digital channels in African regional operations in May are significant recent milestones, he added.

The 266 projects in the separation programme have an average 18-month duration and several run concurrently. More than 1,000 Absa employees and about 800 contractors are working to deliver the separation.

The separation presents a strategic and operational opportunity to effect improvements with half of the systems being replaced being transformational in nature and the other half being a hybrid of refreshed systems with transformational elements.

Barclays PLC made a R12.6 billion contribution towards the separation programme in 2017. Of this figure, R8.5 billion has been spent to date.

While capital expenditure will peak in the current calendar year, the separation programme is running on time and within budget. 

www.absa.co.za

[Nigeria] Union Bank shareholders approve ₦54.4bn share premium reduction

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Shareholders of Union Bank of Nigeria have approved the proposed reduction of ₦54.4 billion from the Bank’s Share Premium Account in a bid to restructure the Bank’s balance sheet for optimal performance. 

The Shareholders endorsed the move during the Bank’s Extra-Ordinary General Meeting (EGM) which held recently in Lagos.

Union Bank’s financial position as at December 31, 2018 indicated a deficit of ₦ 54.458 billion, representing accumulated permanent losses from legacy transactions. In a bid to offset the negative retained earnings, the Bank’s Board of Directors proposed the Share Premium Reduction in accordance with sections 106 and 107 of Companies and Allied Matters Act (CAMA).

The transaction which is subject to confirmation by the Federal High Court, will have no impact on the Bank’s creditors or its shareholders’ funds but instead, is expected to pave the way for the payment of dividends to shareholders.

Commenting on the development, the Chairman of the Board of Directors, Mr. Cyril Odu highlighted the Bank’s focus on delivering value to its stakeholders. He said;

“Union Bank is on course towards delivering its 2019-2021 strategic objectives. As we continue our push towards being Nigeria’s most reliable and trusted banking partner, we remain focused on improving the profitability of our business and delivering value to all our stakeholders – shareholders, customers, business partners and employees.” 

Following the successful execution of the Bank’s debut local currency bond issue to raise N13.5bn and the tightening up of its loan portfolio, Union Bank remains well positioned to continue executing key business priorities in 2019 and beyond.

www.unionbankng.com

Voith gets contract to manufacture equipment for hydropower plant in Burundi

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The technology group, Voith, has won an order to design, manufacture and supply the complete electromechanical equipment for the small hydropower plant Kabu 16 in Burundi.

The company will also supervise the installation and commissioning of the plant. The Voith scope includes two vertical Francis turbines with a capacity of 10 MW each, valves, generators, the governor and automation system as well as the mechanical and electrical balance of plant systems. 

The order for the small hydropower plant was placed in February 2019 between Angelique International Limited on behalf of the Ministry of Hydraulics, Energy & Mines of the Republic of Burundi and Voith. Construction works on the new plant are already in progress since March this year and expected to be finished in autumn 2020. The project is of high national importance, as it will provide significant benefits to the people in Burundi in terms of improved power supply, employment generation and infrastructure improvement.

“The small hydropower plant Kabu 16 in Burundi will definitely contribute to the economic and social development of the region”, says Mr. Saurabh Sharma, Vice President & Business Head Small Hydro of Voith Hydro India. “I am proud that Voith can support the project with a complete water to wire solution. The future plant operator will also benefit from a plant with a long performance time and low maintenance requirements.”

Significant small hydropower potential in Africa

Small hydro power plants are an important component of the African energy mix. However, only a small percentage of the small hydropower potential on the continent has been exploited yet. Especially in the Central African countries with low electrification rates, there is extensive potential for future developments. The expansion of small-scale hydropower can help to supply the population with electricity. Especially in remote and mountainous regions, small hydropower plants deliver electricity to thousands of people. Rural societies running small-scale industries can benefit from well-interlinked small hydropower plant networks. This kind of power generation can accelerate the development of local economies and decrease greenhouse emissions at the same time.

www.voith.com

Limited voters’ registration exercise takes off

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The Electoral Commission (EC)’s limited voters’ registration exercise yesterday took off on a rough note as unstable internet connection and computer breakdowns became a hindrance to the smooth take-off of the exercise.

As a result of the internet interruptions, registration officers at the centres the Ghanaian Times visited had to switch from online to offline mode in order to register the huge numbers that had turned up to have their names captured onto the voters’ roll.

Some of the centres the Ghanaian Times visited included the Okaikwei, Ablekuma and Krowor electoral districts where the governing New Patriotic Party and the opposition National Democratic Congress were the only political parties to have deployed their members to monitor the exercise.

At the time of the Ghanaian Times’ visit, there were long queues at the centres as a gamut of people from far and near thronged the centres to register.

At the Okaikwei registration centre near the Kaneshie Market for instance, some registrants from the three constituencies under the district, namely;Okaikwei Central, South and North, had to come from as far as Achimota, Kisseiman, and Christian Village among others to converge at the Kaneshie office of the Commission to have their names captured.

At the Ablekuma centre which caters for voters in the Ablekuma West, South, Central and North constituencies, of the six machines deployed to the centre, only four; operating offline, were functional at the time this paper visited the centre.

The story was not different at the Krowor District office, Nungua, where prospective voters in the Krowor and Ledzokuku constituencies had to endure the slow pace of the process in order to be registered.

As at 3:10 pm, only 187 people had registered across the four constituencies in the Ablekuma area, with hundreds more in four different queues waiting to be registered.

Mr Emmanuel Paemkah Jnr, the Ablekuma District Registration Supervisor, told the Ghanaian Times that “many people have even gone back home.”

According to him, the internet connection started fluctuating less than two hours into the exercise forcing his men to switch to manual mode as has been anticipated by the Commission.

Admitting that the internet unreliability was affecting a smooth exercise, Mr Paemkah Jnr said his outfit was doing all what it could to register as many people despite the blip.

The Member of Parliament for Ablekuma Central, Ebenezer Nii Narh Nartey, who was monitoring the exercise, said the huge turnout was as a result of high expectations of registrants.

He urged the EC to deploy more machines to areas with high voter concentration so as to avoid the long queues that had characterised the centres and commended the party agents for cooperating to good effect for an incident-free exercise.

From Tamale Yakubu Abdul-Majeed reports that the limited voters’ registration exercise which commenced yesterday Monday came to a halt at the Tamale Metropolitan office of the EC as the New Patriotic Party (NPP) and National Democratic Congress (NDC) registration agents refused to allow the EC officials to register the first time voters offline.

The refusal of the party agents to allow the offline registration had frustrated the more than 100 people who had gone there to register.

However some of the frustrated people also supported the stands of the party agents and appealed to the EC officials to fix the network challenge in order to register them.

“No network, no registration exercise here,” this was the stance of the agents of the two parties at the Tamale metropolitan office.

According to the parties the EC was very emphatic that the limited registration was going to be done online and therefore could not understand why the offline registration now.

When the Ghanaian Times visited the Tamale Metropolitan office of the EC at about 12:25 pm only 10 people had registered.

The EC official who gave his name as only Musah refused to talk to the Ghanaian Times with the excuse that he was not mandated to speak on the issue and the media could contact his superiors.

However, he confirmed that the limited voter registration exercise had actual halted as the party agents protested against the offline registration.

Mr Abdul-Hamid Tofik, NDC agent in an interview with the Ghanaian Times stated that the party would never be part to offline registration.

“The NDC party would never agree to any offline registration exercise in the metropolis,” he insisted.

Mr Tofik maintained that it was ready to support to ensure smooth registration exercise but stressed that they would not do any offline registration.

He wondered why the EC would resort to offline registration exercise when everything was going to be done online and that the party would not support offline registration.

Tofik pointed out that the offline registration exercise would not support the cause of the party and therefore they would not allow it.

“If the system is not on, surely we would have to wait for the system to be fixed before we can continue the exercise,” he added.

BY JULIUS YAO PETETSI

Frank Adjei, others honoured for job creation in Ghana

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Renowned businessman and philanthropist, Mr Frank Adjei, has been honoured with a doctorate degree by the Ternopil National Economic University in Ukraine and Bureau of Research on Governance, Commerce and Administration (BORGCA).

The honour is in recognition of Mr Adjei’s support for orphanages, schools, deprived communities, villages, scholarship for students and support for petty traders.

He was given the honour at a short ceremony in Kumasi yesterday, and will be officially decorated on July 13 at the Kwame Nkrumah University of Science and Technology (KNUST).

According to the university, Mr Frank Adjei’s  immense contribution to the formation of the Ghana National Chamber of Banker to Banker Lotto Operators and Agents, Lotto and Lotteries Company Limited, and National Association of Private Lotto Operators and Agents in Ghana has created employment and jobs for many people.

“You are a worthy model magnate, a well-founded philanthropist and a beacon of hope to the Ghanaian and the entire African continent,” the University said in a citation. 

The citation was presented by Dr Osei Konadu Brown, Pan African Sickle Cell Ambassador, Lawyer Maurice Ampaw, Legal Consultant and Isaac Rockson, Communication Strategist and Director of International Relations for BORGCA on behalf of the Ukrainian University. 

Mr Frank Adjei is a God-fearing, humble and successful businessman in Ghana. He has investments in lottery, commerce, real estate, hospitality, transport, among other sectors.

He expressed his gratitude to the university for the honour done him and gave thanks to God for giving him the strength to contribute to the development of his country. 

He said the award would motivate him to do more to help society and create more jobs for Ghanaians, especially the youth.

By Times Reporter                   

Pokuase Interchange redesigned into 4-tier

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The $84-million Pokuase Interchange project in the Ga West Municipality in the Greater Accra Region has been redesigned from a three-tier to a four-tier stack interchange.

The new four tiers design

The move is to facilitate more vehicular movement and enhance traffic flow on the interchange.

Mr Kwabena Bempong, the Associate Vice President of Associated Consultants Limited, a consulting company for the project, who disclosed this to the Ghanaian Times last Friday, said the redesigning of the project followed the ‘value engineering’ of the design for the project.He said the new design was technically superior from the initial design and was meant to ease traffic on the road and to improve the time for the construction and reduce the cost of the project.

“The new design will not increase the cost of the project but rather reduce it and will improve the efficiency of the project,” Mr Bempong said.

He said the new design would require no traffic lights unlike the previous design and would allow vehicles to flow freely; adding that the current design has a lane for traffic from Accra to Kumasi, second tier for traffic from Accra to Awoshie.

 

According to him, the third tier would accommodate traffic from Awoshie to Nsawam and Kwabenya to Accra and the fourth tier to handle traffic from Awoshie to Kwabenya.

Some of workers at the project site.

Mr Bempong said the project was currently 45 per cent complete and would be completed before the end of 2020.

He said the contractor had requested for additional six months extention for the completion of the project and was yet to be approved by the government.

The project was originally scheduled to be completed in April 2020.

Mr Bempong said currently the contractor had completed 250 out of 478 piles (deep foundation) to carry the piers (the columns for the interchange).

In addition, the consultant said the contractor had almost completed the Pokuase local and adjoining roads.

The construction of the Pokuase and adjoining town roads was to improve the lives of the people in the adjoining communities and help divert traffic when the contractor enters the main road.

Furthermore, Mr Bempong said the project was 45 per cent complete as of last Friday.

He said the contractor had relocated all the utility lines of PDS and GRIDCo and the contractor would soon construct underground channels for all the telecommunication companies to relocate their lines.

The consultant said the contractor would construct a large storm drain for the Ayawaso drain and outflow drains to prevent flood water from inundating the road.

Outlining challenges facing the project, Ing Bempong said the current rainfall was affecting the project but would not affect the project schedule.

The consultant engineer said the delay in compensating the individuals affected by the project was affecting the pace of work since some of the structures on the project site had been demolished.

Ing Bempong said only 25 per cent of the GH¢10 million allocated for compensation had been paid.

The groundbreaking ceremony was performed July last year for commencement of the Pokuase Interchange

The project, which is jointly funded by the African Development and Government of Ghana, is expected to be completed in two years and would ease traffic congestion and improve urban mobility along the Accra-Nsawam road.

The construction which is being undertaken by Messrs China Zhongmei Engineering Company Limited forms part of the Accra Urban Transport Projects.

The Accra-Nsawam road is an important international route that connects the south to the north of the country and other Sahelian countries such as Burkina Faso, Mali and Niger.

The completion of the road is expected to reduce the time commuters spent between Accra and their final destination.

In addition the passengers normally take two to three hours on that road which affects the economy.

The completion of the road would boost economic growth and activities between Accra and the neighbouring regions as well as Ghana and other countries.

FROM KINGSLEY ASARE & ANITA NYARKO YIRENKYI

Ghana, Jamaica waive entry visa requirements

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Ghana and Jamaica have waived entry visa requirements for their citizens with effect from July 1.

This was disclosed at a press conference addressed by the President Nana Addo Dankwa Akufo-Addo, and the Prime Minister of Jamaica, Andrew Holness, after the two held bilateral discussions in Kingston, Jamaica, on Saturday as part of President Akufo-Addo’s two-day official visit to Ghana.

Stressing the importance of Ghana-Jamaica relations, the President indicated that the two nations have an excellent opportunity to building on their strong ties, imposed by culture and history, so as to derive maximum economic value for their respective populations.

“We cannot have visas standing in the way of those relations, so the decision has been taken by my government that, as Ghanaians benefit from visa free arrangements here in Jamaica, we are also going to provide visa free arrangements for Jamaicans in Ghana, to facilitate and also make it easier for you to come and join us for the ‘Year of Return,” President Akufo-Addo added.

With the two leaders pledging to reactivate the Ghana-Jamaica Permanent Joint Commission for Co-operation, which has been dormant for some time, the President explained that, when properly structured, the Commission will serve as a legal framework for the doing of business between the two countries.

 

“Now, it has come to the time to give teeth to those relations by making sure the various areas of engagement in education, tourism and cultural activity are specifically tied down. That is really my purpose of coming here, apart from a mission to sensitise you in Jamaica about an event that we are commemorating this year,” he added.

Describing Trans-Atlantic Slave Trade as a “horrendous episode of human history”, President Akufo-Addo explained that Ghana was keen on commemorating this event, largely because a large number of slaves came through slave forts located in Ghana.

“We want to commemorate it, to be able to say together that never again will Africa and her people permit themselves to be subjugated to these types of dehumanising and inhumane events. Never again!” he added.

The President continued, “At the same time, we want to use the symbolism of this year to take concrete steps to solidify the relations of our kith and kin in the Americas and the Caribbean. The relationship that we are forming here in Jamaica will form part of the process of solidifying the relations between those of us on the continent of Africa and those of you in the diaspora, outside Africa.”

His visit to the Caribbean, President Akufo-Addo said, has been to “strengthen the relations across the water, and build the bridge that we have to build over the Atlantic so that we could find a way of strengthening each other in growing and empowering our economies, to play a more and more critical role in the new global architecture that is being drawn up now. We are going to have relations that are intimate.”

Newspaper Headlines Tuesday 18th June 2019

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Boeing’s embattled chief faces tough crowd at Paris Air Show

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Boeing CEO Dennis Muilenburg will have his work cut out for him at the Paris Air Show this week as he tries to reassure airlines and industry partners over the fate of its flagship 737 MAX plane, indefinitely grounded after two fatal crashes.

Aviation regulators meeting last month were unable to determine when the popular jet might again be allowed to fly, causing costly headaches for airlines worldwide.

“An air show is a good opportunity to connect with customers, suppliers and fellow aerospace manufacturers to strengthen our partnerships and drive industry safety,” Muilenburg posted on Twitter over the weekend.

He has already apologised and vowed to come up with a fix for the 737 MAX’s automated anti-stall system, blamed for an Ethiopian Airlines crash in March and an Indonesian Lion Air crash in October, which together claimed 346 lives.

But in comments to journalists later Sunday he acknowledged the work they still had to do.

“We have work to do to win and regain the trust of the public,” said Muilenburg.

“We come to this salon focussed on safety. We come with a sense of humility and learning, still confident in our market — but it’s a humble confidence.”

But reports that US safety regulators may have let Boeing engineers self-certify some of the plane’s equipment have battered confidence in the company.

“It’s had a very clear impact on Boeing’s brand and reputation,” said Pascal Fabre at the consulting firm Alix Partners.

The crisis has also rattled pilots as well as national aviation regulators who worry about a lack of sufficient oversight at the American heavyweight.

And on the financial front, it could provide an opening for archrival Airbus to win over new customers for its own A320 family of single-aisle jets, which constitute by far the biggest share of airlines’ fleets.

– No quick fix –

Alongside the nearly 2,500 firms descending on the Bourget airport north of Paris this week will be nearly 290 official delegations, many of which will probably want a word with Muilenburg.

He is facing calls for compensation by airlines who have had to find other planes or cancel flights outright after their 737s were grounded.

In late April, Boeing estimated the crisis would cost it $1 billion, but the bill will surely climb the longer the planes stay on the ground.

Families of the victims of the Ethiopian Airlines and Lion Air crashes may also sue for damages if Boeing is found to have been negligent.

And many of its suppliers are also seething. General Electric, whose CFM unit makes the 737’s engines with its French partner Safran, has said the groundings could cost it $200 million to $300 million in the second quarter alone.

Alexandre de Juniac, director general of the International Air Transport Association (IATA), has said certification might not come before August.

But some airlines aren’t taking any chances, with American Airlines cancelling last week all its 737 MAX flights through to September 3.

Until now global regulators have relied on a system of mutual reciprocity for certifying planes, but the EU, Canada and Brazil have indicated they will carry out their own inspection of any fix for the 737 MAX.

“Our hope is that we’ll have a broad international alignment with the FAA” on when to resume the flights, Muilenburg said at an investor conference in New York last month, referring to the US Federal Aviation Administration.

Boeing now has 140 737 MAXs parked on its tarmac waiting for delivery, and has had to reduce monthly production to 42 planes from 52 previously.

 

Source:  AFP

Nigeria Ambassador to Ghana lauds Wisconsin University

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Nigeria’s Ambassador to Ghana, Olifemi M. Abikoye, has lauded Wisconsin University for its role in training quality workforce across Africa.

According to the Ambassador, he would collaborate with the school to build an ethical and integrated society across the sub- region through quality education.

Mr Abikoye expressed the sentiment when a team from Wisconsin University, led by the Chancellor, Rev. Dr Paul Fynn and Vice Chancellor Professor Obeng Mireku paid a courtesy call on him on Tuesday.

The meeting was aimed at building a strong relationship with the Ambassador and to subsequently sustain and improve the quality of workforce at the university to foster development in Africa at large.

The Nigerian envoy said universities must make conscious efforts to develop leaders that would collaborate with other neighbouring nations to develop the continent.

“The continent would develop if the future generation could work together in unity. And universities must ensure they raise such leaders by providing quality education and it is refreshing to note that Wisconsin and other universities have taken the lead in that regard,” he stated.

Rev.Dr Fynn reiterated the university’s stance on “zero tolerance” for indiscipline among the student body and management.

He said the school was completely moving into practical teaching with the installation of modern technological gadgets in all classrooms, including the stimulators for the nurse’s skills laboratory, School of Communication Studies training studio, and acquisition of additional and hi-tech computers for the IT laboratory.

BY MICHAEL D. ABAYATEYE

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