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Angola Ends Partnership With Portugal
LISBON – Angola has broken off its “strategic partnership” with Portugal. This has rattled Lisbon, which is now trying to salvage a promising export market that had gained in signifcance during the eurozone crisis. In recent years relations between Portugal and Angola had become close and intense. The former colony was exuding new-found economic strength and the former colonial master, battered by the financial crisis, was looking for new markets for its ailing businesses.
A “strategic partnership” between the two seemed an ideal solution and the idea was initially vigorously pursued by the governments of the two Portuguese speaking nations. But on Tuesday (15.10.13) Angolan President Jose Eduardo dos Santos dashed any hopes Portugal might have had about the future of that partnership. In his annual state of the nation address to parliament in the capital Luanda, he declared that it was all over.
Angola now had stable relations with almost every country in the world and these partners’ confidence in Angola was growing, dos Santos said. “But with Portugal, unfortunately things are not going well. There have been misunderstandings at the highest level of state and the current political climate does not advise the implementation of the strategic partnership.”
Angolans were investing billions of dollars in Europe, but were accused by the continent of being corrupt, dos Santos complained. The president used his 45 minute speech to settle old scores with Angola’s critics. “In the battle against corruption, the anti-corruption organizations in the West are deliberately creating misunderstandings in order to intimidate Africans who are generating wealth and who want to get access to it. They are creating the general impression that a rich African is invariably a corrupt one,” dos Santos thundered.
Angola offended by Portuguese judicial inquiries
The president was particularly annoyed by the investigations that Portugal’s chief public prosecutor Joana Vidal had launched into the activities of several unnamed members of the Angolan business and political elite.
In September, the Portuguese foreign minister Rui Machete apologized for those investigations on Angolan radio. This prompted the Portuguese opposition to call for his resignation; they said he had violated the independence of Portugal’s judiciary. Machete withdrew his apology. “I am sorry and have no trouble admitting that I was not happy about it (the apology),” he said.
This volte-face by the Portuguese foreign minister had evidently annoyed dos Santos and in parliament he broke into a tirade about Western economic interests. “Elementary research in the oil sector would reveal that American, English and French firms, as well as companies and commercial banks from Portugal are extracting annually from Angola two digit billion (dollar) sums. Why should they be allowed to own such huge corporate firms that are denied to us Angolans,” he said.
Former Marxists
Dissenting voices raised against this outburst were not heard or expected. The MPLA, the ruling party and former liberation movement, won 175 of the 220 seats in parliament at the elections last year. The MPLA dominates economic and political life in Angola, where GDP has risen more than tenfold, from $11 billion (8 billion euros) to $114 billion, since the end of the civil war in 2002.
Although the MPLA was originally a Marxist organization battling colonial masters, a few families from the nomenklatura and a number of influential generals have amassed vast fortunes. Meanwhile, two thirds of the country’s population of 20 million live on less than $2.
According to Forbes magazine, the president’s daughter, Isabel dos Santos, is the world’s richest female African and the continent’s first woman billionaire. She has invested a large part of her fortune in Portugal and owns stakes in the ZON Multimedia holding company, as well as in the BES bank and the Portuguese Investment Bank.
The need for friendly ties
In 2012, Angola was Portugal’s fourth largest export market after Spain, Germany and France. Last year goods worth 3 billion euros – that’s 7 percent of Portuguese exports – were sold to Angola. “It is a very important trading relationship,” said Jose Cantiga Esteves, professor of economics at the Lisbon economics institute ISEG. “That applies to both countries, but specially to Portugal in view of the economic crisis it is going through at the moment,” he said.
Portugal has therefore done all it can in recent years to cultivate friendly ties with its former colony, irrespective of whichever party in Portugal was in power.
Nuno Magalhaes, head of the parliamentary group of the Democratic and Social Center – People’s Party (CDS-PP), the junior partners in government, said that his party had avoided doing anything which might harm the interests of the 150,000 Portuguese who live or work in Angola or of the 10,000 firms that do business with Angola.
Magalhaes said recent developments made him uneasy and he hoped that Portugal and Angola would soon return to the cordial relations they previously enjoyed.
“We know that if Portugal doesn’t occupy privileged space in Angola, then somebody else will,” he said.
The Social Democrat PSD, the senior partners in government with the CDS-PP, are equally concerned. Parliamentary group leader Luis Montenegro also hopes that the economic and cultural ties that have been forged with Angola and the Angolan people will once again regain their old momentum.
– DW
Dangote Cement, Ibese Plant at the weekend extended the frontier of its social investments in the wellbeing of its 17 host communities when it hosted the senior citizens in the communities offering them free medical services and mobility equipment, including wheelchairs.
The company, in a statement explained that the gesture was aimed at complementing the effort of the government in improving the lives of the people of Ogun State especially those in whose territory it operates.
Tagged “A Day-Out with Senior Citizens 2024”, the well-attended annual event saw the elderly ones being led in physical exercise, receiving health talks, medical checks, free drugs and other food and household items like rice, semo, honey, beverages, bathing soaps, detergent, clothing and cash gifts.
The Dangote Cement, Ibese Plant Director, Roy Uttam said the event was aimed at increasing the level of socialisation, engagement, emotional and mental wellbeing among the elderly around its host communities.
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Uttam, pointed out that the management of Ibese Plant remained deeply committed to its responsibilities under the Community Development Agreement signed in 2022, saying “we will continue to prioritise the transfer of both economic and social benefits to our host communities, focusing on areas such as health, education, infrastructure, and empowerment.
“It is gratifying that our social investment strides are making meaningful impact in the lives of people across the host communities. We are determined to keep improving and broadening our initiatives, as we work together for the benefit of all.
“As elders who have devoted your youthful lives to the growth and development of your communities, the focus now should be on your health and well-being and the overall goodness of the society. This event is designed with your health in mind, as well as to offer an opportunity to reflect and connect with one another to promote longevity,” he said.
On the success of the maiden edition last year, Uttam recalled that “we hosted 50 elderly members of our host communities for the first time in the history of this Plant. It was a memorable event filled with activities that demonstrated deep recognition for this all-important people in our society and promoted healthy living among them. It was a significant milestone for the Plant and the communities.
“We have made significant improvements this year, including the identification of five persons with disabilities from our host communities, who will each receive mobility aids to enhance their quality of life. This is just one example of how we continue to expand the scope of our social investments to create even greater impact”.
Uttam assured the host communities that the Plant would continue to live up to its responsibilities as regards the execution of the existing Community Development Agreement (CDA) even much more beyond saying some of the social investment initiatives of the Plant when well appraised, go beyond the letters of the signed CDA.
The Dangote Cement boss noted with nostalgia that the company’s social investment strides are making meaningful impact in the lives of people across the host communities and promised that the management was “determined to keep improving and broadening our initiatives, as we work together for the benefit of all.”
The Plant Director noted that in line with the company’s local content initiative, it had retained the services of Novia Hospital Services, a local healthcare provider, to assist in making this event a success. He assured the people of Dangote Cement’s continued support and believe that with the people’s cooperation and collaboration, the management will continue to build on “our shared vision of peace and prosperity”.
On his part, the Group Head of Social Performance, Dangote Cement Plc, Wakeel Olayiwola said the whole idea about hosting the elderly ones in the host communities bordered on carrying along the old ones who are the foundation upon whom the new generations are building on.
“They also need to be active in their old age”, he stated.
Responding on behalf of other elders, a beneficiary, Pa Michael Oderinlo from Ijako-Orile host community thanked the management of Dangote Cement for the gesture especially for reaching out to the elders which he said was not a common practice among business organizations.
Said he:” it is a very rare gesture by a business organization to take special interest in the old people and cater to their wellbeing”.
Also another beneficiary of the wheelchair, Modupeola, Olaoluwa Bankole described the wheelchair donation as very touching and timely saying she now has a new lease of life with the mobility aid andtanked the Dangote Cement management for coming to her aid.
The World Bank has uncovered $32 million in unaccounted funds linked to a water infrastructure project in Nigeria, raising concerns about financial mismanagement in donor-funded initiatives.
The discovery was highlighted in the bank’s recently published FY2024 Sanctions System Annual Report, which revealed significant discrepancies in the project’s financial records.
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The missing funds were earmarked to bolster Nigeria’s water infrastructure, but irregularities in accounting prompted an investigation by the World Bank’s Integrity Vice Presidency (INT).
“INT followed up on risks identified regarding a project in Nigeria’s water sector and flagged to operations the risk, which was associated with $32 million of unaccounted funds,” the report noted.
In response, the World Bank engaged with key stakeholders, including the project’s task team leader, operations manager, and financial management specialist, to recover the funds and safeguard the project’s integrity.
As part of the resolution, the Central Bank of Nigeria has been requested to reimburse $22 million. Meanwhile, $6 million remains in the project’s account to cover ongoing operational costs.
The findings underscore the importance of transparency and robust financial oversight in large-scale infrastructure projects, particularly those funded by international institutions.
The Central Bank of Nigeria (CBN) has issued a stern warning to Deposit Money Banks (DMBs) over the illegal sale of mint Naira notes to currency hawkers.
The apex bank, in a circular signed by the Acting Director of Currency Operations, Mr. Solaja Olayemi, on Friday, emphasized that erring banks would face stringent penalties.
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As part of its efforts to curb the abuse of the national currency, the CBN announced plans to conduct nationwide checks to seize mint notes sold by hawkers.
Banks found to have released such notes will be required to pay a fine of 10% of the value of the affected cash withdrawn from the CBN on the date in question.
Subsequent violations will attract an additional penalty incrementally increased by 5%.
The CBN also reiterated its commitment to enforcing the Clean Notes Policy, warning that banks involved in hoarding, diversion, or any actions that disrupt efficient cash distribution would face appropriate sanctions.
With the festive season fast approaching, the apex bank urged DMBs to enhance internal controls to ensure transparent cash distribution.
It highlighted the need for proper utilization of Automated Teller Machines (ATMs) to ensure easy access to new notes by the public.
Furthermore, the CBN disclosed plans to intensify its mystery shopping and spot checks, working closely with law enforcement agencies to clamp down on any practices that undermine the integrity of the Naira.
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