Brussels, Belgium, April 11, 2019— At a time when Europe’s relationship with Africa is high on foreign policy and developmental agendas and with the European Union beginning to deliver on its 2017 External Investment Plan, targeted at attracting investment and job creation in Africa, the Tony Elumelu Foundation brought together leading stakeholders in the development finance sector, at a case study session in the EU capital, Belgium. The convening demonstrated that Africa also had solutions to bring to the table and platformed the Foundation’s unique approach to catalysing entrepreneurship in scale across the continent.

Themed “A Convening on Africa’s Economic Transformation: A Case Study of the Tony Elumelu Foundation”, the event presented the results of the first five years of the Foundation’s Entrepreneurship Programme a unique programme, which has trained, mentored and seeded 4,470 African entrepreneurs with 3,050 newly announced to receive seed funding, and drawn over 200,000 applications to its 2019 cycle. Tony Elumelu’s $100m investment in entrepreneurial philanthropy was held up as an example of how vital capital could be targeted efficiently and effectively, at African businesses best able to create significant economic and developmental impact.

Opening the event, Mr. Koen Doens, Deputy Director General, DEVCO, EU, said: “Africa needs to create jobs by the millions to match the needs of its exponentially growing population. It will achieve this only if it unleashes a generation of empowered entrepreneurs. The Tony Elumelu Foundation contributes to this massively. The European Union wants to play its part and contribute to this endeavour.”

During an indepth question and answer session with EU-Africa relations expert, Annie Mutamba, Founder, Mr. Tony O. Elumelu CON, highlighted the growing interest in the Tony Elumelu Foundation and its unique approach, while welcoming a new type of intervention in Africa. “We very much believe in collaboration, mutual respect and a shared commitment to transform Africa. Africa is ready but we need to do this through the right sustainable manner, that enables our people to become self-reliant, and independent, instead of perpetuating dependency. We need to implement practical solutions on ground through entrepreneurship, which empower people economically and addresses issues of extremism, migration, and insecurity.”

Minister Phillippe De Backer, Minister for Digital Agenda, Telecommunications and Post, Belgium, also commented: “There is an increasing desire in Europe to engage Africa, including its grassroots in a structure and targeted approach with the right processes. The Tony Elumelu Foundation offers this platform.”

The Tony Elumelu Foundation, which last month in March announced 3,050 selected entrepreneurs for its 2019 cycle, continues to grow in scale, ambition and impact, and now actively leverages technology to support entrepreneurs through TEF Connect – a digital hub designed to link entrepreneurs across Africa, and which already has 500,000 users.

On the Foundation’s future plans, he stated: “We want to make sure that we impact more, reach more, touch more lives and get more women involved. We want to see more Northern Africa participation. We would like to reach 10,000 a year, with support from partners to empower additional entrepreneurs. We want to eradicate poverty and create wealth in a sustainable way. Ultimately, \we want a larger and broader entrepreneurship ecosystem, that supports young Africans, and we want to deepen our engagement with government to create the enabling environment to support these Africans to succeed – the right investment climate, training, education, access to capital and most importantly creating the right investment culture.”

Other dignitaries at the event included: Carl Michiels, Director, European Centre for Development Policy Management (ECDPM); Bruno Wenn, Former CEO/Chairman at DEG-German Investment and Development Company, and Advisory Board Member, Tony Elumelu Foundation; Mr Viwanou Gnanssougou, Assistant Secretary General, African, Caribbean and Pacific (ACP) at the European Council of the European Union, and Ifeyinwa Ugochukwu, CEO of the Tony Elumelu Foundation.

Birthday Greetings

Happy Birthday Greetings goes to you Amin Kef (Ranger), the Publisher and Managing Editor of the fastest growing newspaper in town, The Calabash Newspaper and also a renown blogger.

As you celebrate another Natal Day on Friday 12th April 2019, May God Almighty grant you all your heart desires and blessings. We hope you will continue to make meaningful contributions to humanity.

We also wish you celebrate many more birthdays to come.

Have a blast!

From your family members, your dearest & nearest, Staff of The Calabash Newspaper, The Times Newspaper and your numerous friends here and abroad.

A pyramid scheme Qnet it was understood seems to be taking swathes of the country by storm. A sierra Leonean who is operating a small fleet of Kekeh’s informed that a couple of his riders have been fooled to part with their hard earned Le6,500,000 which he said is the membership fee to Qnet on the promise that if they successfully recruited more members their rewards would increase. “They are enticed with potential payments in dollars which is conditional on them successfully spreading the word,” he further revealed.
He furthered that in the 80’s, a pyramid scheme known as 729 crashed spectacularly in Sierra Leone with people losing their hard earned cash, some people losing a fortune. It was disclosed that the scheme may be legal in some jurisdictions; in others it is strictly prohibited.
As a matter of fact it is based on the scheme’s ability to generate sufficient level of membership in order to maintain the cash inflow part of which is then redistributed. In some parts of the world it is referred to as multi-level marketing, binary tree, pyramid scheme or Ponzi scheme.
The scheme seems to be taking hold in Sierra Leone because of the way it is being marketed. Participants are being promised fantastic benefits which may or may not be deliverable.
According to investigations it was found out that people are gullible and because of greed and lack of ability to be objective and sceptical. The bulk of people who are sucked into this scheme lack the financial sophistication for them to be able to challenge the assumptions contained in the selling pitch.
They fall for the scheme hook, line and sinker. It is presented as an effortless way to make lots of money in a relatively short period of time. (A fool and his money are soon parted).The product that is being used to generate the sale is rather opaque. None of the participants that this medium contacted were able to produce the dollar receipts they were promised and some were still struggling to entice people to join the scheme.
Some of the questions people are now asking are:
1) Is pyramid selling legal in Sierra Leone?
2) Is there legislation in place to cover this type of financial activity?
3) Are there sufficient safeguards in place to ensure that the promises made by Qnet are valid and legal?
4) Which body has oversight of these types of companies?
5) Are these companies accounts open to public scrutiny?
6) Are these companies required by law to provide a prospectus which outlines the objectives of the company?
7) If the subscribers are unable to recruit more members what happens to their membership fees?
8) Is there a cooling off period? Normally when people are invited to buy a financial product there is usually around a 14 day cooling period, within which they are entitled to change their mind.
9) Are these types of organisations governed by a code of conduct be it mandatory or voluntary?
10) Is there an investment Protection Scheme?
11) Is this type of activity covered by any Consumer Protection Scheme?
It was again learnt that another company called Rolling Point Network Limited with similar profile is already operating in Sierra Leone. This time the membership fee is slightly lower around Le1, 000,000 promising massive profits that would be returned to the subscribers. The product in this case is BITCOIN which is claimed to be highly sought after and very profitable.
People are getting into debt to fund their membership, others are selling valuable assets like land, prized possessions, family silver whilst others exhaust their life savings for this get-rich quick scheme.
Qnet operations are littered with controversy.
As stated in Wikipedia, in Kazakhstan cheating by Qnet has been exposed where people are told about building the network by finding two people. To earn a stable profit, the pyramid up to 7 levels consisting of 64 people need to be reached. It has been calculated mathematically that 87.5 percent do not make a profit.
Qnet is also banned in 8 countries including the US.
The Fatwa council at Dar al-Ifta al-Misriyyah declared that the binary form of transaction adopted by Qnet is prohibited under Sharia law.
Many have expressed the hope that those who are in the corridors of power should take swift and robust action as a matter of priority as the consequences of failure are too profound to contemplate. .
QNet, the main subsidiary of the QI Group of Companies, was founded by Vijay Eswaran and Joseph Bismark in Hong Kong in 1998. The company, first known as GoldQuest and QuestNet, made custom-commissioned commemorative coins and later began selling jewelry and watches. In 2000, QNet was the official distributor of the Sydney Olympic Games commemorative coins and was also a distributor
In a related development on the 10th April 2019 the Bank of Sierra Leone revealed that it has not license or permit any business(es) or financial institution(s) to take deposit for the purpose of investing or trading in cryptoassets (for example bitcoin) in Sierra Leone.

The Banking Act, 2011 and the Other Financial Services Act, 2001 provide that no person shall engage in banking business, take deposits or issue financial products to the general public unless that person holds a valid licence issued by the Bank of Sierra Leone.

It was reiterated that any person(s) who contravenes the provisions of the said Acts, commits an offence and is liable, upon conviction, to a fine and/or imprisonment.

The Bank of Sierra Leone is advising the public not to place their money as deposit in any business(es) or financial institution(s) that does not hold a valid licence and has not been granted permission by the Bank of Sierra Leone to introduce cryptoassets or related products.

It further stated that the following businesses that are taking deposits for the purpose of investing in cryptoassets are not licensed by the Bank of Sierra Leone:
1.Rolling Point Network Limited at 3b Lamina Sankoh Street.
2. Wealth Gate Solution Company at 18 Ecowas Street.

In accordance with the Bank of Sierra Leone Act 2011 and the Other Financial Services Act, 2001, the Bank of Sierra Leone has issued notice to both businesses to discontinue their activities immediately.

The Bank of Sierra Leone is assuring the public of its continued commitment to maintaining financial system stability.

After Sunday 14th April 2019 the Housemates Salone Competition will become an event of the past as it is on that date the grand finale will take place. The last die will be cast and the successful winner of the Le100, 000,000 will obviously emerge.
Wednesday 10th April 2019 was another sad moment for the four unfortunate Housemates who were evicted during a tense event which commenced at 9:00 pm after public voting ended at 8:00 pm. It was an emotional experience to see these evicted Housemates sobbing, shaking and even those who survived doing same, sympathizing with them. Regardless of their unfortunate situation there was no other alternative but to accept their fate. Currently there are now only six (6) Housemates remaining in the House and voting will still continue.
The ball is now in the court of the judges who will have to quantify the cumulative votes of each of the finalists that will be announced during the breath taking, auspicious and prestigious finale event that will have to take place on Sunday 14th April 2019 which will be graced by the crème de la crème and other people from all walks of life.
The Housemates have been really doing their individual best to capture the attention of members of the public to get their votes but as it now stands it will be said only luck, prayers and past performances will see anyone of them through.
There is indeed no iota of doubt that to a certain extent the Housemates gained from various forms of empowerment platforms. They were taken through various theoretical and physical activities which obviously could have impact on their personalities and change them to become useful citizens in society. Some of them now know how to cook, sing, socialize, speak publicly and definitely the relationships that have built could be lasting.
The organizers of the 2019 Housemates Salone Contest, Africa Young Voices (AYV) Empire and Africell have both made their mark in staging such a spectacular TV Reality show. Both have once more demonstrated the strong commitment to provide a platform to unlock and tap the potentials of young talents across the country.
Ambassador Anthony Junior Navo, Chief Executive Officer of AYV is held in high esteem for continuing to raise the bar high for the youth from all walks of life. Incontestably, he is an icon in his own right which is why he continues to bag prestigious awards in and out of the country.
Africell has been one of the leading telecommunications companies in the country that has been supporting youthful initiatives and it is poised to continue in that direction.
On Sunday all roads will lead to the venue where the grand finale will take place and it is going to be BIG. Many will miss the baritone voice of Chief, the unseen instructor.
Good luck to all the finalists.

The Executive Chairman of the Environment Protection Agency – Sierra Leone, Dr. Foday Moriba Jaward during a National Environment Conference with Lawyers on addressing compliance in Sierra Leone, spoke about addressing the challenges of monitoring and regulatory enforcement for environmental sustainability and sustainable development in Sierra Leone. The national Environment Conference for Lawyers was held at the Golden Tulip, Kimbima Hotel in Freetown on the 2nd April 2019.

Dr. Jaward told a group of Lawyers and Environment Stakeholders that the world today is faced with serious global environmental challenges which threaten human existence due to the fact that people exploit the earth resources to meet immediate social and economic needs without taking into account the long term impacts of that exploitation.

He said mining activities had not only destroyed the forest covers leading to huge biodiversity loss in Sierra Leone, it had also led to the pollution of rivers and water sources that had long provided important services to Communities in the country.

While calling on Sierra Leoneans to make a change in handling the environment, Dr. Jaward said that Sierra Leoneans should change the narrative by making profound changes in lifestyles, models of production and consumption, changes in the ways institutions especially those in the environment sector implement environmental rules of law.

The conference serves as an opportunity for all institutions to further discuss new ways of improving environmental compliance in Sierra Leone through addressing the challenges of monitoring and regulatory enforcement of environmental laws in Sierra Leone.

The objectives of the conference was to bring together key national stakeholders in the environment sector to discuss the numerous challenges facing monitoring and regulatory enforcement of environmental rule of law and to develop and adopt sector policy guidelines that would promote effective synergies between and among Ministries Departments and Agencies for sound environmental management that will promote inclusive socio-economic growth and economic development which will benefit both present and future generations in the country.

The Attorney General and Minister of Justice, Dr. Priscilla Schwartz also emphasized on the need for sound and sustainable exploitation of natural resources in line with best environmental practices during the National Environmental Conference with Lawyers. She said “this is the only option we have to support national growth and sustainable development.

In its quest to enhance awareness on the dangers of uncontrolled bush burning during the dry seasons in the rural communities in the country, the Environment Protection Agency – Sierra Leone has championed an awareness raising campaign to rural communities in the Southern Districts of Moyamba and Bo.

The sensitization which involved presentations of messages on the environment and wild bush burning as well as video screening was done in Moyamba Junction in Moyamba district and Bumpeh Gao and Girehun Villages in the Bo District.

The Deputy Director of National Resources Management, Mrs. Ramatu Massaquoi during the meetings with the Communities spoke about the importance of the environment and the effects of wild bush fires no the environment.

After showcasing various videos on wild bush fire in all the three Communities, the Assistant Head of IEC Department at the Environment Protection Agency of Sierra Leone Madam Fatima Bakarr Sesay also spoke about the effects of bush fire in the Communities and reiterated the efforts and mandate of the Agency which was created to help promote environmental issues in the country in ensuring that Communities live without environmental disasters.

In all the villages where the awareness and sensitizations were done, the Community people were happy to receive the information on wild bush fire. Some of the Elders of these villages admitted that indeed there are bylaws in their villages which deter wild bush burning. They said they have been using these bylaws in some cases but they have not been adhered to. They promised to be implementing these bylaws in other to add to the efforts of the EPASL in helping them to protect their Communities from homes and properties destructions through the wild fires.

While he was speaking on the dangers of bush fires, a Community member, Philip Sei informed his colleague villagers that those who are smoking should not throw their remnants to the bush which is one of the main triggers for wild bush fire. He called parents to help control their Children against bush fire and as well informed the Chiefs to enforce the bylaws in the Communities.

The Environment Protection Agency of Sierra Leone leads a team of Experts from the Global Ecovillage Network to undertake a needs assessment for the establishment of an Ecofriendly Village in Mano Dasse Chiefdom in the Moyamba District. The two Expert team members from the Eco Friendly Village are; Kosha Anja Joubert and Omar Hajji.

An Ecovillage is a traditional or intentional community with the goal of becoming more socially, culturally, economically, and ecologically sustainable. It is consciously designed through locally owned, participatory processes to regenerate and restore its social and natural environments.

The purpose of the meeting over the weekend was to assess and get a platform where Community members will highlight their problems in protecting their environment as well as underscore challenges and Community needs in other to further protect the environment.
After hours of discussions and deliberations with the Experts and staff members of the Environment Protection Agency Sierra Leone, the Community people informed the delegation that they want to embark on Inland Valley Swamp farming, fish ponds, backyard gardening and intensive Garri production in their various Chiefdoms.
Mano Dasse Chiefdom is among the few places in the country where Community members and their traditional leadership had banned logging and charcoal burning. After the assessment is done, the Chiefdom will be the first to have an Ecofriendly village in the country. Before an Ecofriendly Village is established, what the Community people are doing is to protect the environment and how they are coping or supporting each other must first be discovered.
Kosha Anja Joubert who was impressed with the initiative thanked the community people for their resilient measures in protecting the trees in their Chiefdom. She showers praises to the Paramount Chief Member of Parliament, Madam Haja Fatmata Bintu Koroma nee Meana Kajue for initiating the bylaws in her Chiefdom. Among the many Communities she had visited, she was impressed with the initiative she saw among Community members in Mano Dasse Chiefdom.
The EPA-SL’s Assistant Deputy Director Policy, Planning and Research, Beran Foster said the Agency thought of not only educating or raising awareness on the environment to the Communities but also thought it necessary to provide them with livelihoods in other to further help save the environment.
PCMP Haja Meana Kajue thanked the EPASL for considering them in their efforts towards saving the environment. As she trusts her Community in ensuring that they save the trees, she also promised to continue their efforts when the eco village is established in her Chiefdom.

Sierra Leone should review its tax system to prevent migration of investors, the country’s Central Bank Governor has said. Professor Kaifala Muana Kallon was quoted on Monday saying while tax is crucial to raise revenue; it will be counter-productive if it drives away investors.
He said the ideal thing to do is to normalize it and bring it at per with what obtains in the rest of the sub region.
“We need to raise revenue, but at the same time we must make sure that we do not divert investment to other countries,” he told the country’s most popular breakfast show program that airs on Radio Democracy in Freetown.
Professor Kallon was speaking in the context of an ongoing public debate around the state of the economy which has been going through torrid times amidst a worrying level of depreciation of the local currency, the Leone, against the US Dollar.
Business people have complaint of high tax, with some saying they could stop their businesses if the government doesn’t act.
Last month the capital, Freetown, went without bread, the most popular breakfast diet, for about two days, due to a strike action by bakers who say they were demonstrating against high prices in imported flour.
The importers, on the other hand, blame the high price on tax.
Professor Kallon noted that when compared to the rest of the region, Sierra Leone’s tax revenue relative to GDP was quite low.
He said that’s partly the reason why the country’s commitment to the structural adjustment of the International Monetary Fund required it to raise its taxes.
But, he stressed, this must be done in a way that it doesn’t force businesses out of the country.
“The message I have been giving to government is that we have to normalize our taxes, particularly import duties with neighboring countries. If tariffs are higher than others people can transit to those countries,” he said.
Kallon also spoke on fiscal discipline, which he said the country needed to put under control the current economic hardship.
Kallon assumed the position of Governor of the Bank of Sierra Leone in August, 2018, following the sacking of his predecessor, Dr Patrick Conteh, with the change in leadership of the country.
The new government of President Julius Maada Bio has come under sustained criticism for failing to handle the issue of the Leone’s depreciation.
When Bio assumed office one year ago, in April 2018, the Leone was going for a little over Le5000 to a Dollar.
Today, it is going for about Le9000 to a Dollar.
This is all despite over three Dollar auctions by the central bank, among other short term measures.
The emphasis among economists has been that the country hadn’t been able to meet the excessive demand for the Dollar among business people.
But the Bank Governor said their experience in the Dollar actions in the last few months have proven this notion wrong.
He said after three foreign currency auctions, it has not changed anything about the depreciation.
“What that is telling us is that the traditional factors that affect the exchange rate are no longer the case…Fiscal imbalance is the final solution,” he said.

His Excellency President Julius Maada Bio has installed and inaugurated Paramount Chiefs Sadiq Kapuwa of Nongowa and Patrick Kanneh-Kabba of Nomo Chiefdoms, in the Kenema District, during a brief ceremony at State House.

After the ceremony Minister of Local Government, Anthony Brewah, expressed thanks and appreciation to the National Electoral Commission and the various security sectors for conducting free, fair and violence-free elections, adding that the polls were conducted in conformity with the Chieftaincy Act.

On his part, President Bio said he was excited to preside over his first installation ceremony since his election as President of Sierra Leone and congratulated the new Paramount Chiefs on their new roles. He said the event meant that the government had recognised them as Chiefs, which demanded a lot of responsibility on their part.

President Bio noted that as they prepare to take up their new roles much was expected of them, especially in maintaining the peace and stability of their respective chiefdoms. He also urged them to use their experience and expertise derived from their professional careers in working with the government to bring development to their chiefdoms.

“Paramount Chieftaincy is the building block to development in the country and must be able to work effectively. The culture in most settings is changing and that is making the work of Chiefs very difficult but as a government, we are trying to reconnect with the institution to ensure it is relevant again,” he assured.

While delivering the vote of thanks, Paramount Chief Sadiq Kapuwa said he was thankful to God for the opportunity he had to serve his people, saying that that was a dream he had yearned for. He commended the government for providing the platform to conduct free and credible elections, adding that they were aware of the challenges ahead and were ready to face them.