As a way of cementing ties between the UK Metropolis and the Freetown Metropolis, Steven Wilson, has paid a courtesy call on His Excellency President Julius Maada Bio at his State Lodge residence, Hill Station in Freetown.
Mayor of the Freetown City Council, FCC, Yvonne Aki Sawyer, who presented the visiting team to President Bio, said that the Mayor from UK was in the country as part of celebration of forty years of twinning between the FCC and the City of Hull. She said the twinning relationship started back in 1979 by a female Mayor.
She noted that as a female Mayor herself, it was an honour to welcome the delegation from their twin city, adding that the FCC was pleased to be working on strengthening the relationship between the two cities.
Mayor Steven Wilson of Hull City said it was an honour to meet the President and thanked him for the time accorded his delegation. He said Freetown was very much in the thought of the people of Hull and that their twinning with Freetown was considered valuable than any other twinning.
He disclosed that upon his return he would pass on his experience in the country to Hull City. He said they were aware of the Transform Freetown Initiative and that it was a pleasure and an opportunity to get a first-hand experience which they would report to their City Council in the UK.
In his response, President Bio said he was happy to receive the visiting team in the country. He said Freetown had relationships with other cities across the world; however, he described the one with the City of Hull as unique.
“We are very pleased that you have been able to be here. After years of relationship, we want to see how we can strengthen and deepen the relationship for the benefit of our two cities,” he said.
An incisive investigative undertaking mounted recently, in light of the recent rumoured fuel shortage a lot was unearthed in relation to some of the challenges that most of the country’s petroleum marketers especially the leading one, the National Petroleum Sierra Leone Limited have been and are still facing.
Starting with NP -SL Limited it was learnt that the company recorded a massive loss from January to May 2019 to the tune of over 96bn Leones as a result of the huge difference between the actual price PLATTS and average purchase price of USD $ to the Leone when matched against that of the Petroleum Regulatory Agency Pricing Formula.
It was further understood that presently some of the teething challenges NP is daunted or encumbered with range from variations in the actual price quoted on PLATTS and the PRA Pricing Formula, variation in the actual market price of USD and PRA pricing Formula, variation in the actual market price of USD and PRA pricing formula. Currently, the company is paying an average of Le9, 000/1USD as compared to Le8, 600/1USD to effect transactions. What this situation has put the company into is that it owes its suppliers over $42m which they are very much challenged to honour.
It could be recalled that in the past when the Petroleum industry in the country had been rocked by challenges and to avert public indignation that have the propensity into degenerating to crisis, Governments stepped up to subsidize the prices of petroleum products. Such a move ensured that pump prices are at affordable prices which the populace will settle with.
However, what now obtains is that Government has increased the pricing regimes to reflect the real market prices of petroleum products in our market place. As it is of now it is the oil marketing companies that are subsidizing virtually all sectors in the industry to the detriment to their very survival of these companies. “This situation must be seriously reversed,” an expert in Petroleum issues admonished.
What again shed light on this is the nature of the petroleum business in this country which is such that importation of the product is in US Dollars but on the flipside sold locally in Leones. Interestingly, NP continues its buy and sell processes all over again even at its own detriment.
Regrettably, the company is finding it extremely difficult to procure dollars in the market although they have been receiving tacit support from the Bank of Sierra Leone but even at that the amounts received are not adequate.
Though, indeed it is not the business of Government to provide foreign currency for businesses yet it could be prudent on the part of the Central Bank to develop a mechanism where foreign exchange is provided for oil marketing companies to enable them to pay for badly needed petroleum products in our market place considering its fluidity.
It is understood that NP strongly believes in the digital revolution which is why they welcomed the ASYCUDA software in their operations. Lamentably, however, its implementation is impacting negatively on their speed to market initiatives. Therefore it is recommended that the relevant authorities should build solid capacity amongst their team to ensure seamless flow of products that are free of interruption due to the implementation of the ASSYCUDA system.
Another thing that was unravelled during the conduct of investigations was that NP’s working capital and cash flow are affected by what the Ministry of Energy presently owes them.
The Ministry needs to liquidate that amount owed because its negative impact hinders the company’s ability to purchase much needed petroleum products and that cannot be over emphasized. It was understood that if this is done immediately it will put the company in better stead to continue its operations.
Besides, the company pays Toll Gate fees, ASSYCUDA processing fees, Environmental Protection Agency fees, storage fees and other fees imposed by the Petroleum Regulatory Agency…and all these are having a toll on the company’s spending power.
However, despite the fact that the company has been facing all these challenges it is determinedly weathering the storm.
Other companies also interviewed outlined similar militating challenges and called for workable solutions to overcome these challenges.
Afreximbank Executive Vice President Amr Kamel (right) with Jules Ngankam, Group Deputy CEO & CFO, African Guarantee Fund, after receiving the Award plaque.
PRESS RELEASE
Afreximbank Wins African Bank of the Year Award
Media Contact: Manal Mounir (mmounir@afreximbank.com; Tel. +202-2456-4178)
Malabo, 12 June 2019: – The African Export-Import Bank (Afreximbank) yesterday in Malabo received the award for the African Bank of the Year at the African Banker Awards 2019 ceremony held on the sidelines of the Annual Meetings of the African Development Bank.
Amr Kamel, Afreximbank’s Executive Vice President for Business Development and Corporate Banking received the award on behalf of the Bank.
The award to Afreximbank was one of two big ones that went to development finance institutions as Admassu Tadesse, President of Trade Development Bank, was also named African Banker of the Year.
The organisers, in explaining the award to Afreximbank, said that, in the past 18 months, the Bank had launched a number of game-changing products. According to them, the African Bank of the Year award is presented to the bank in Africa that has demonstrated a high performance across various metrics and which has considerably changed the banking landscape by reaching out to new customers, offering new services and helping to drive growth through a stronger financial sector.
Other awards given out during the ceremony included: Central Bank Governor of the Year presented by to the awardee Tarek Amer of the Central Bank of Egypt (CBE) by Mr. Kamel; Lifetime Achievement to former First Rand Group CEO Sizwe Nxasana; African Banker Icon to Mitchell Elegbe, founder of Interswitch; Finance Minister of the Year to Romuald Wadagni of Benin; Investment Bank of the Year to Absa; and Retail Bank of the year to Ecobank.
CBE is one of the biggest beneficiaries of Afreximbank’s funded financing, especially, its Counter-Cyclical Trade Liquidity Facility under which it availed CBE financing during the recent economic reforms in Egypt.
The African Banker Awards, organized annually by IC Publications, celebrate excellence in banking and finance on the African continent.
The awards ceremony was preceded by a cocktail reception hosted by Afreximbank.
Accompanying Mr. Kamel to the ceremony from Afreximbank were Rene Awambeng, Global Head, Client Relations; Kudakwashe Matereke, Regional Chief Operating Officer, East Africa; Humphrey Nwugo, Regional Chief Operating Officer, Southern Africa; Mhamed Laraqui, Head of Equity Mobilization and Investor Relations; Andrew Alwiga, of the Treasury Services Department; Manal Mounir of the Communications and Events Department; and Farida Andrawis of the Client Relations Department.
Afreximbank Executive Vice President Amr Kamel (right) with Jules Ngankam, Group Deputy CEO & CFO, African Guarantee Fund, after receiving the Award plaque.Afreximbank Executive Vice President Amr Kamel (Left) with Tarek Amer, Governor, Central Bank of Egypt, after handing him the award for Central Bank Governor of the Year.
About Afreximbank: The African Export-Import Bank (Afreximbank) is the foremost pan-African multilateral financial institution devoted to financing and promoting intra- and extra-African trade. The Bank was established in October 1993 by African governments, African private and institutional investors, and non-African investors. Its two basic constitutive documents are the Establishment Agreement, which gives it the status of an international organization, and the Charter, which governs its corporate structure and operations. Since 1994, it has approved more than $67 billion in credit facilities for African businesses, including $7.2 billion in 2018. Afreximbank had total assets of $13.4 billion as at 31 December 2018. It is rated BBB+ (GCR), Baa1 (Moody’s), and BBB- (Fitch). The Bank is headquartered in Cairo.
Minister of Lands, Housing and the Environment, Dr. Dennis Sandy, on Wednesday 5th June 2019, missed 2 marks and grabbed 15, as he underwent a driving test for the Quinquennial renewal of his driver’s license.
The minister, arrived at the Headquarters of the Sierra Leone Road Safety Authority (SLRSA) on Kissy Road in the east of Freetown, and took the practical, theoretical and eyesight tests in the presence of the Executive Director, Mr David Panda Noah.
The Transport Manager, DC Kaitibi, Public Relations Manager, Abdul Karim Dumbuya and a host of other staff of the all-important government’s institution were also present.
Lands Minister Sandy was able to answer 15 out the 17 questions, and it was also discovered that his eyesight is very good.
Dr. Sandy was not in high spirit, however, for missing 2 out of the 17 questions posed to him, but nonetheless, for scoring 15/17, the Executive Director and the entire management team of the SLRSA were pleased with the minister’s performance, and therefore, called on other senior state functionaries to emulate Dr. Sandy’s example.
Many Sierra Leoneans tag this latest development at the nation’s road safety authority as exemplary reform put forth by the current Executive Director which others before him had failed to institute. It is said that people with firm focus and astute sense of responsibility match their words with actions to make institutions thrive, and this is what Mr. David Panda-Noah is hammering home.
It could be remembered that when he took over as Executive Director of the Sierra Leone Road Safety Authority (SLRSA) on 20th July 2018 or thereabout, Mr David Panda-Noah professed a strong determination and commitment to serving Mama Salone in the best interest of his Sierra Leonean counterparts.
To him, the only way Sierra Leone can be mapped on the steady path to development is sanitising the transport sector so that the precious lives of Sierra Leoneans, all of whom are vulnerable road users could be protected.
Mindful of the level of lawlessness and impunity exhibited on the road in an unimaginable manner that is detestable in any decent society, Mr Panda-Noah said the laws of the land safeguarding the welfare of Sierra Leoneans must not be left on the shelves to dust and rot, but be executed and enforced to actualise a better Sierra Leone.
Less than a year today, Sierra Leoneans are seeing Noah’s exemplary leadership unfolding at the country’s Road Safety Authority, matching his words with actions.
Not only that, Sierra Leoneans who spoke to this Writer say Mr Noah is one in a million who would abandon his air-conditioned executive office and prop into the streets alongside his juniors to enforce road safety rules and regulations.
Directing the affairs of SLRSA within the strict ambits of the law in a country where favouritism because class distinction is eminent could be a daunting task which many executive directors had failed to brace up, and this is what David Panda-Noah is now dealing with squarely.
In previous years, government functionaries in high quarters such as ministers, CEOs, managers and others, even individuals that are affluent could dash into SLRSA for vehicular and driving licenses and get one without any protocol or proper screening as mandated by law. Today, a senior minister of government cannot acquire a driving license without being put to test under the directorship of a young man.
Panda-Noah deserves unflinching support from the New Direction Government to enable him do more and redeem vulnerable citizens from road crashes which are anathema to nation’s development, with latest statistics from the World Health Organization (WHO) suggesting that 1.35 million people die on the roads each year.
The new statistics also indicate that road traffic injuries are now the leading cause of death among young people, and what Sierra Leone needs to see is real high-level political will to take on the problem.
Deputy Governor of the Bank of Sierra Leone, who happens to be an Old Boy of the Albert Academy on Wednesday 12th June 2019, unveiled the Albert Academy Alumni Association Fourah Bay College Branch ultra-modern state of the art garden on the College campus.
Present at the ceremony were past and present pupils, including the current National President of the Alumni, Justice John King.
Speaking at the ceremony Dr. Ibrahim Stevens disclosed that he is proud to be an Academician and further revealed that they started the Albert Academy Alumni Association Fourah Bay College Branch in the 80s.
He encouraged students to be role models and serve as mentors.” You have great roles to play for the development of the school which is why it is significant to maintain good relationships with your fellow students,” he admonished.
‘’Focus on your work and let us continue to produce good people from the school. I think it is a generation thing. My generation has reached the middle level now and it will soon pass and you will be the next generation which is why you need to continue the strong tradition of excellence the school has always maintained,’’ he added.
He concluded by encouraging students to take their studies seriously and promised to always support the Association for its growth and sustainability.
Sahid Sesay Esq as Chairman of the occasion in his opening remarks disclosed that Albert Academy has gone a long way underscoring how it has implanted an enviable footprint in the annals of academia in the world and society as a whole.
He further disclosed that he is proud to be an academician disclosing that the first set of students who were admitted at the Law Department (Fourah Bay College) after its establishment were pupils of the Albert Academy.
He ended by encouraging students to focus on their studies saying regardless of his current status; he will never see himself taller than the Albert Academy and promised to always render his service to the Alumini.
Mohamed Wurie Bah, outgoing President of the Albert Academy Alumni Association, Fourah Bay College Branch in his statement said that he is grateful for all the support that had been given to him by the entire membership of the Alumni and said he believes that the current President of the Alumni will build upon the good foundation he has laid.
‘’I want to abundantly note that this garden is not my greatest achievements. You academicians who gave me all the timely support needed are my greatest achievement,’’ he said followed by rapturous and thundering applauses.
He said that the Ultra-Modern State of the Art Garden is worth over 70 million Leones.
He ended by declaring his intension to run for the Student Union Presidency, Fourah Bay College, and called on students of the institution to cast their votes for him. He further disclosed that there is an approved budget of 60 million Leones between students of Fourah Bay College and Orange Sierra Leone Limited to construct an ultra-modern state of the Art “Airport” (The Bus Stop) on Fourah Bay College campus.
Justice Abu King, President Albert Academy Alumni Sierra Leone noted that what the Albert Academy Alumni Association Fourah Bay College branch is doing is not any big surprise to him as they are known for innovation and excellence furthering that as they are coping from the national chapter they should pay back to their school.
He registered his commitment to support the Association noting that the garden should not be used to discuss cult issues but to discuss issues for the betterment of the Association.
He encouraged students to ensure that they maintain the garden and regularly attend national chapter meetings.
The event was climaxed by a band march and singing of the school song.
A high-level delegation from the United Nations Educational, Scientific and Cultural Organisation, UNESCO, led by its Regional Director, Ydo Yao, has met with His Excellency President Julius Maada Bio at State House to pledge their support to Government’s Free Quality Education Programme.
UNESCO is a UN body that seeks to build peace through international cooperation in Education, Science and Culture. It develops educational tools to help people live as global citizens, free of hate and intolerance. The UN body also works so that each child and citizen has access to quality education.
In his presentation, the Regional Director, said his organisation was committed to supporting all efforts being undertaken by the government, especially for making education a priority. He said as the UN Agency leading education in the world, they were just responding to a call to help government achieve its set objectives for the development of education in the country.
He said UNESCO was also committed to supporting human capital development by mobilising resources to help improve technical and vocational education and to boost the literacy rate in the country. He said based on experience they had a very good approach using new technology to promote education in the country.
Head of Secretariat of the International Task Force on Teachers, Edem Adubra, said improving the quality of teachers was fundamental to the quality of education. He said in the UN Sustainable Development Goals, teachers were considered as means of implementation for all the other goals, noting that improving the quality of life for teachers was not only about improving the quality of education, rather it was about improving the quality of development in general.
On his part, President Bio said he was truly grateful to welcome the delegation from UNESCO, as partners in development. He said as a people Sierra Leone appreciated the value of education, adding that the country was once referred to as Athens of West Africa. He stated that over the years, the level of education in the country had gone down but that there was need to aspire again to that position not only to serve Sierra Leone but also to be a center that would impact the sub region and continent.
“We truly believe and have passion for education and it is a means to development, which we all aspire to. If we have to be part of the 21st century, we have to take education seriously. We have added quality to the education we want to provide, which means we want to provide quality and purposeful education to make our children competitive in the global market.
“I truly appreciate UNESCO as an organisation that promotes education and because we are talking about quality, teachers are at the heart of it and are the most important. We will appreciate whatever support you can give to help augment our efforts to improve on the number and quality of teachers,” he said.
Sierra Leone’s Miss Heritage for 2018, Fanta Kuyateh,
Sierra Leone’s Miss Heritage for 2018, Fanta Kuyateh, is poised to fly the country’s flag at the World Heritage Beauty Pageant slated for 11 to 20 August, 2019 in Accra, Ghana.
Speaking to this medium, Mrs. Kuyateh explained that her determination is not only to emerge victorious in the competition but to see the flag of Sierra Leone raised high.
The 2018 Miss Sierra Leone Heritage therefore appealed for support from Sierra Leoneans at home and abroad to see her emerge as the winner of the pageant.
In her contribution, one of Miss Kuyateh’s Managers, Serah V. Koroma disclosed that 50 countries including Sierra Leone will be locking horns for the prestigious award of the 2019 World Heritage Pageant for which she expressed optimism that her contender would emerge victorious. She also urged Sierra Leoneans to support her morally and financially in their own little way towards the competition.
The Independent Police Complaint Board (IPCB), has on Tuesday, 11th June, 2019, started a four-day training for 30 investigators.
Participants for the training in basic investigation, which ends today Friday, 14th June, 2019, are drawn from the Sierra Leone Police (SLP), Sierra Leone Correctional Service, Office of the Ombudsman, Human Rights Commission of Sierra Leone (HRCSL), among others.
Modules for the training include-interviewing, arrests, evidence gathering and preservations, human rights and policing, policing and politics, inter-agency relationships, etc.
The funding for the above training came from the United Nations Development Programme (UNDP).
Earlier this year, IPCB held community engagements in all regions of Sierra Leone for 560 participants on the guidelines on the conditions of arrests, police custody and pre-trial detention in Africa-dubbed the Luanda Guidelines.
Currently, IPCB’s regulations are under review.
After which, the regulations would be sent to the Ministry of Internal Affairs, which will be subsequently laid in cabinet and parliament.
The country’s leading brewer of alcoholic and non-alcoholic beverages, Sierra Leone Brewery Limited (SLBL) held its 56th Annual General Meeting (AGM) on Thursday 13th June 2019 at the Staff Canteen Hall of the entity, after prior notice was put out by the institution’s Company Secretary, Albert Ojo Ulric Collier.
Collier informed members of the date of the meeting, the venue and time, highlighting that the purpose is to receive the Report of the Directors, the Balance Sheet as at 31st December 2018 together with the Profit and Loss Account for the year ended on that date and the report of the Auditors. He also pointed out that it is geared towards re-appointing a Director since the last AGM Meeting, to re-elect Directors retiring by motion, to fix remuneration of the Directors and to re-open the Auditors and authorize the Directors to fix their remuneration.
“A member of the company entitled to vote at the meeting is entitled to appoint a proxy to attend and to vote in his stead,” he further said.
Chairman of the AGM, Jan-Kees Nieman, welcomed all to the 56th AGM noting that as it is the custom he will be presenting to members the Annual Report and Financial Statements of the company for the year ending 31st December, 2019.
Jan-Kees maintained that it is important to throw light on few socio-economic issues that impacted on SLBL in 2018 as well as to give a report on the operations and performance of the company in the year under review.
“The business environment was very challenging in terms of currency depreciation, inflation and high cost of doing business. Both the depreciation of the Leone and inflation affected main input costs of our company,” the Chairman further said.
He underscored that taxes on imported alcoholic beverages were significantly lowered in 2018 which negatively impacted the competitiveness of their locally produced products, their performance and business case for their large investments.
However, Jan-Kees stated how SLBL delivered a positive business performance in 2018 with a net value growth by 35% from Le104.4 billion to Le 139.4 billion in 2018.
According to him the revenue growth was as a result of, among others, strong marketing campaigns, the introduction of the canned portfolio and Trenk, strong sales execution and investment in outlets and the Hawker channel.
“The operating result improved significantly from a loss of Le2.6 billion in 2017 to a profit of Le208m in 2018,”the Chairman revealed.
He said the net financing cost increased from Le14.7 billion in 2017 to Le19.5 billion in 2018 primarily driven by the exchange losses as the Leone continued to depreciate. As a result, he continued, the net loss increased slightly from a loss of Le17.1 Billion in 2017 to a loss of Le18.9 billion in 2018.
“It is worth noting that the 2017 results were restated following a review of the excise calculation,” he stated.
The AGM Chairman continued to say that in 2018 transformation and modernization of the Brewery took place with a total cost of Le85 billion. He pointed out that the investments include installation of a brand new canning line, upgrading electricity supply and the brew house. “Total investment in the Brewery and our company now amounts to Le293 billion in the last four years,” he shed light.
He stated how they also invested in a large scale training and development programs for their supply chain team to better equip them with critical skills to match the new technology they are now using in their brewing and production processes.
The Chairman said through the CREATE programme they work with local farmers to grow sorghum for use as a raw material in their production. He said last year they were able to increase the sorghum supplied and used in their recipes hence supporting the local content policy.
“We further increase sorghum availability through use of higher yielding seed variety, increase of acreage planned and through large semi commercial farms,” he disclosed.
The audited report was read by Agnes N. Sawyerr from Baker Tilly SL. The company’s auditors Baker Tilly SL also indicated their willingness to continue in office.
The following Directors of SLBL were elected after Daaf Van Tilburg – Managing Director (SLBL) called a motion for election or re-election:
Jan-Kees Nieman- Chairman (Appointed 5 October 2018)
IDA Carrol, LJT Pratt.
It happened that in accordance with Article 106 of the Articles of association Mr IDA Carrol and Mr. IJT Pratt retire by rotation and being eligible in accordance with Article 108 of the same offered themselves for re-election.
The meeting was adjourned to the next Annual General Meeting.
A delegation from the China, Ansun Angel Group, led by its Chairman, Zhan Fan, has met with His Excellency President Julius Maada Bio to present a cheque of USD 100,000 as support to Government’s free quality education programme.
In a meeting held at the State Lodge, Hill Station in Freetown, Sierra Leone Ambassador to the People’s Republic of China, Ernest Baimba Ndomahina, said the donation was to show how pleased they were that Government had prioritized human capital development.
He recalled that the donation was also in continuation to earlier donations already made to the Office of the First Lady in its “Hands of our Girls Campaign” and also financial and material support to a disabled football team in Freetown. He said the Group believes in the transformative vision of President Bio and was pleased to continue to support the New Direction Government.
Chairman of the Ansun Group, Zhan Fan, said that they were grateful to the President for welcoming them and for providing the environment to contribute to the free quality education programme. He noted that investing in education is the right step to boost development in the country.
Receiving the donation, President Bio thanked the Group for their continued support to the country. He said despite the huge cost involved, his Government had placed premium on education because of its importance to the development of the country.
He disclosed that the money would be handed over to a special basket fund that was created to support the free quality education and assured that it would be used for the intended purpose.
