Guinea’s military junta refuses to bow to regional pressure

On September 16th, ECOWAS took more severe sanctions against Colonel Mamady Doumbouya and his acolytes. Members of the putschist junta were thus prohibited from traveling and using their pecuniary property in banks. They were also ordered to organize presidential and legislative elections within 6 months, without the possibility of participating themselves.

The demands were on the table of negotiations during talks between ECOWAS President Akufo-Addo and his Ivorian counterpart Alassane Ouattara and officials from the National Rally and Development Committee (CNRD) in Conakry last week.

But the CNRD, who had remained silent in the face of ECOWAS sanctions and injunctions, does not seem to envisage the prospect of a short transition. “The only calendar that is worthwhile is that of the Guinean people who have suffered so much,” declared Mamady Doumbouya on Tuesday, at the start of the days of consultation.

The CNRD also indicated that ousted President Alpha Condé (who still refuses to resign) will not leave Guinea, and that no pressure will change his decision.

Read more

President Buhari directs incorporation of NNPC Ltd and appoints its board

Before his departure to New York for the U.N. General Assembly on Sunday, President Muhammadu Buhari, in his capacity as Minister of Petroleum Resources, has directed the incorporation of the Nigerian National Petroleum Company (NNPC) Limited. This is in consonance with Section 53(1) of Nigeria’s newly signed Petroleum Industry Act 2021, which requires the Minister of Petroleum Resources to cause for the incorporation of the NNPC Limited within six months of commencement of the Act in consultation with the Minister of Finance on the nominal shares of the company. As a result, NNPC’s current Group Managing Director, Mele Kolo Kyari, has been directed to take necessary steps to ensure that the incorporation of the NNPC Limited is consistent with the provisions of the PIA 2021. Under the power granted by Section 59(2) of the PIA 2021, President Buhari has also approved the appointment of the Board and Management of the NNPC Limited, with effect from the date of incorporation of the company. The Chairman of the Board will be Senator Ifeanyi Ararume, while Mele Kolo Kyari will be Chief Executive Officer (CEO) and Umar I. Ajiya will be Chief Financial Officer (CFO). Other Board Members appointed over the weekend are Dr. Tajudeen Umar (North East), Mrs. Lami O. Ahmed (North Central), Mallam Mohammed Lawal (North West), Senator Margaret Chuba Okadigbo (South East), Barrister Constance Harry Marshal (South South), and Chief Pius Akinyelure (South West).

Flutterwave and MTN forge new mobile money partnership across Africa

MTN and Flutterwave have announced a mobile money partnership that will allow businesses integrating Flutterwave in Cameroon, Côte d’Ivoire, Rwanda, Uganda and Zambia to receive payments via MTN Mobile Money (MoMo).  MTN MoMo is a fintech platform providing consumers and businesses with an electronic wallet, enabling electronic transfers and payments as well as access to digital and financial services. At the end of June 2021, it had 48.9 million active users and 581,514 merchants. MoMo enables businesses to accept and make payments within the mobile money ecosystem. This new partnership will enable Flutterwave to offer MTN Mobile Money as a payment method to its business customers. In recent years, Africa has witnessed an explosion in mobile penetration as smartphone adoption has risen rapidly. According to the GSMA, this year Africa will hit the half a billion mark of unique mobile subscribers and the continent will reach 50% subscriber penetration by 2025. Sub-Saharan Africa alone is responsible for more than 45% of the world’s mobile money accounts with the number of account holders exceeding half a billion by 2020, as shared on Statista. Through this partnership, MTN and Flutterwave will positively contribute to this trend by increasing mobile money usage and penetration in Africa to improve local economies and livelihoods as well as create opportunities for individuals and businesses across the continent. As we progress on our journey to becoming the largest fintech platform in Africa, we will empower millions of businesses to embrace e-commerce in our markets to accept digital payments from MoMo consumers. We believe this is an enabler to accelerating digitized payments in Africa. Serigne Dioum, Chief Digital and Fintech Officer, MTN Group The new partnership will further expand on Flutterwave’s previous collaboration with MTN, beyond Uganda and Rwanda – with the potential of deepening adoption of digital payments and e-commerce in Africa, a sector expected to reach $29 billion by 2022, according to Statista.