🔅 "The Flu Kept Me Away From Protests" says opposition leader, & Mali's Mining Companies Make it Rain
Plus, India's On the Come Up in Africa & the Rise & Fall of Ex-Nigerian Governor James Ibori
Photo of the day: Maputo, Mozambique
Markets: Year-to-Date
🟢 Nigerian SE: 65,003.39 (+26.83%)
🟢 Johannesburg SE: 76,826.63 (+5.17%)
🟢 Ghana SE: 2,870.72 (+17.46%)
🔴 Nairobi SE: 110.65 (-13.20%)
🟢 US S&P 500: 4,536.34 (+18.62%)
🟢 Shanghai Composite: 3,167.74 (+1.64%)
IMF Releases Funds to DRC | The IMF has come to the rescue of the Democratic Republic of Congo with a $43 million bailout. The funds will help the country maintain macroeconomic stability and strengthen economic recovery amid high food inflation, lower oil prices, and tightening financial conditions.
*Data accurate as of the close of markets across the continent
Brief & Bright: Africa's Top Five Highlights
🇰🇪 Raila Odinga: "Bad Flu" Kept Me from the Streets | Kenyan opposition leader Raila Odinga is “down for the count” after catching a bad flu—which, conveniently enough, has kept him from taking part in the three-day street protests he called for over the cost of living and tax hikes. Meanwhile, the police's response to the protests has been criticized, with many people staying home out of fear of violence, leading to fewer demonstrators than expected. Indeed, some police officers say they have been ordered not to report deaths during a crackdown on protests, but an independent watchdog said Thursday that police shot dead at least six people this week and 27 in previous weeks. It wasn’t clear who issued the order.
🇳🇬 The Rise and Fall of Ex-Nigerian Governor James Ibori | From shoplifting in London to a corrupt stint as the Governor of Delta State, James Ibori's story is a wild ride. Ibori had a humble start in the early 90s, when he and his wife were caught trying to steal goods from a home improvement store he worked at. He was also convicted of possession of a stolen American Express card. His luck changed, however, when he made a connection with the Chief Security Officer to General Sani Abacha, the military dictator of Nigeria. He soon found himself in politics and business, and was elected governor of Delta State in 1999. But his good fortune could not last long, though. In 2005, he became the subject of a joint investigation by Nigeria's Economic and Financial Crimes Commission and London's Metropolitan Police. The investigation revealed that Ibori owned properties all over the world and had a lavish lifestyle, which he was able to maintain by bribing the investigators. In 2010, Ibori fled to Dubai, but he was soon extradited to London and sentenced to 13 years in prison. He was released in 2016 and returned to Nigeria in 2017, but Britain is now seeking to confiscate 101.5 million pounds from Ibori for his crimes.
🇲🇱 Mali's Mining Companies Make it Rain | Gold mining is one of Mali's most important economic activities, so when it rains, it pours. Last year, the West African country raked in a record 763.7 billion CFA francs ($1.3 billion) in gold mining revenues—a 35% year-on-year increase. With major mining companies like Barrick Gold, B2GOLD, Resolute Mining, and Hummingbird Resources operating in Mali, gold mining accounts for almost 9% of the country's GDP. The government's decision to end some tax exemptions and its push for a new mining law (which would increase state and private Malian interests in new projects to 35%) will surely help going forward. The military-led government is still in talks over the proposed changes.
🌍 India's On the Come Up in Africa | India is making moves in Africa, and they’re coming in the form of cold hard cash. The Export-Import Bank of India just announced that they’ve loaned out about $12 billion to 42 African nations over the last decade. That corresponds to 38% of all credit extended by the country. While that’s impressive, it still pales in comparison to China’s investments in the continent. India’s playing catch-up with China, and it looks like they’re well on their way.
🇷🇼 Kigali is the New Home of the African Medicines Agency | Africa is taking charge of its health needs. After the African Union adopted a treaty establishing the African Medicines Agency (AMA) in 2019, Rwanda just signed an agreement to host the agency's headquarters in Kigali. The AMA's main mission is to lower the continent's dependence on foreign-supplied pharmaceuticals, which makes up 97% of the products needed in Africa. Plus, they want to harmonize this market on the continent, tackle counterfeit medicine trafficking and increase African-made pharmaceuticals. The AU Commissioner for Health, Minata Samaté Cessouma, said this agency is a way to create African solutions for pandemics after Covid-19. In 10 days, the 23 countries that have ratified the AMA treaty will gather in Kigali to talk about staff recruitment and make this new African Union body operational.
Food for Thought
“Telling a secret to an unworthy person is like carrying grain in a bag with a hole in it.”
— Ethiopian Proverb.
Are we hitting the mark?
Enjoying Baobab's updates? Spread the joy and share us with friends and colleagues — we'd be thrilled to have them join!
Feedback or thoughts? Just hit reply. We're all ears!