Wednesday, June 27, 2007

Election No Poisoned Chalice for New Nigerian Prez

So far so good for Nigeria’s new president, Umaru Yar-Adua. The election that brought him to power can only charitably be described as a farce. But his administration appears to have been on a roll since then.

First, an increasingly cynical Nigerian public showed little appetite for organized protest of the election results. Then he stared down a union-organized general strike against what most economists believe is a much-needed fuel price hike. Finally, his main opposition in parliament, the All Nigeria People’s Party, has decided to join his government.

Nigerian investors seem to like what they see. The Nigeria All Share Index is up 23% in US Dollar terms over the past three months.

Investing in Africa

19 comments:

Anonymous said...

The Ubuntu Group P O Box 45213, 00100 Nairobi, KENYA Tel: +254 - 20 - 3876400 Fax: +254 - 20 - 2724996 Website: www.ubuntugroup.org
29 June, 2007

Dear Investing in Africa;

RE: REQUEST TO BE LISTED IN YOUR BLOG DOMAIN

We wish to express our interest to work with you.

We are Ubuntu Investment Group, a pan-African investment outfit that primarily focuses on micro-finance, private equity and capital markets investment. As a Group we have consistently operated for over 1 ½ years using this period to horne our investment philosophy, grow our client base and expand our investment options.

The Group was recently incorparated as a limited liability company in Kenya and has since inception, received growing interest from like -minded investors (businesspeople) expressing their desire and willingness to work with the Group.

Our Website (www.ubuntugroup.org), has since its launch in September 2006 grown exponentially (by 3,570.83%) in its web traffic as shown by the stats below:

2006>>>
October - 24
November - 93
December - 152
2007>>>
January - 184
February - 202
March - 350
April - 408
May - 726
June – 881

As a Group, we are also impressed by the content and quality of your Blog and we see an opportunity for synergy in working together. We offer our website for listing on your Blog site. We expect that we will both gain from the relevance and similarity of our web content, not to mention the burst in increased web visits.

We await your response in kind.

Kind Regards,

Mwenda Ntalami.
Marketing Director,
Ubuntu Investment Group

mwamba said...

Mwenda, your old man should not be at the helm of CMA, he's a lame duck CEO and a failed stock broker who ruined Sterling securities and conned alot of people out of their money...why would you be trusted as a fidauciary of investors funds if you are a chip off the old block?

I'm not hating, just pointing out facts and expressing my views.

patriotic kenyan said...

A small axe to the Safaricom IPO
By L. MUTHONI WANYEKI
I am not the daughter of a Big Man. Neither am I married to a Big Man — or even to the son of a Big Man.

I had the good fortune to have essentially middle-class parents who worked hard to give my siblings and me a good basic education. And I had the good fortune to have a mother whose citizenship made it possible for me to attend university, courtesy of the student loans system of her country.

The student loans covered fees and accommodation. But my parents couldn’t afford to send us much money — getting $100 on birthdays and at Christmas was like getting a windfall. So I worked to supplement the student loans, from the time I left Kenya at the age of 16.

Of course, I now recognise that, despite not being associated with a big man’s family, in comparison with the majority of people in Kenya, I am not only fortunate, I am actually extremely privileged.

But, despite that recognition, having worked since the age of 16, I also know the value of my money. I have worked for what I have. This is why, for instance, I get apoplectic with rage about corruption.

Under Kenya’s ridiculously constructed tax brackets, I fall into the same top tax bracket as Kenya’s Big Men. And I get nothing for it, having to pay privately for everything—including security where I live and medical insurance. But, my privileges taken into account, I certainly wouldn’t mind paying the amounts of tax that I do pay if I felt the money went to help those with fewer privileges, not to pay the obscene salaries of those who cannot be bothered to assure the House of a quorum sufficient to pass even 10 Bills a year — or to build the “bigness” of the Big Men.

The other night, some friends and I calculated the share of Safaricom’s reported Ksh17 billion ($253.7 million) profit that would have gone to Mobitelea — the company that, according to the Public Investments Committee, is irregularly in possession of no less than five per cent of the mobile phone company’s shares, meaning that there are apparently no records of Mobitelea having paid for that shareholding.

MEANING THAT MY TAX MONEY, which went into building and sustaining Telkom and Safaricom, was essentially given away. Meaning that, coming back to our calculation, the alleged owners of Mobitelea — the son of a Big Man and the son-in-law of another Big Man under the former regime and a Big Man in this regime — earned themselves no less than Ksh850,000,000 ($12.6 million) last year alone. From doing nothing at all, except live off the profits of having stolen from us. Ksh850 million off my back (and your’s as well). Again, I am incapacitated with rage.

And yet, the Treasury insists that Safaricom’s initial public offer will proceed, regardless of the outcomes of the PIC debate within the House or any court cases that might ensue.

What?!

FRANKLY, DESPITE OUR NEWFOUND fascination with IPOs, I don’t think a single one of us should put a single shilling forward. Those of us who do work hard and honestly deserve better. If shares in Safaricom could essentially be given away to Big Men, their sons and sons-in laws, then they can be given away to us. Why should we pay for them? They’re our property in the first place, which the government was meant to hold in trust for us. If it breached that trust for three of us, then it should share the love with all of us.

It might not seem like it, but there are, in fact, victims of corruption. Those victims are you and me — every single Kenyan who dutifully pays his or her taxes. I’m furious. I’m ready for a tax boycott — the residential associations led the way and it’s time to scale up their efforts. We need to say to hell with that IPO until the issues raised by the PIC have been satisfactorily dealt with. We need to be the “small axes” that Robert Nestor Marley talked about and cut down all those “big trees.”

L. Muthoni Wanyeki is a political scientist based in Nairobi

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Investing in Africa said...

When investing in Africa - a political risk is the main think that should be on focus like in all emerging markets. And elections show an evolution of political situation in the country..

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This comment has been removed by the author.
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