Going (for) Broke, Prime Murder Mystery and a Champion's Homecoming

“Between stimulus and response, there is a space. In that space is our power to choose our response.”

- Viktor Frankl

Nigeria has less than 49 years to figure things out.

According to the country’s Department of Petroleum Resources (the “DPR”), Nigeria will run out of oil in 49 years. This is based on the current estimated reserves available for the country, but there is the possibility these reserves could increase if more investment is allocated towards exploration.

This is interesting when we consider that the Nigerian government receives more than 70% of its revenue from the sale of oil through the Nigerian National Petroleum Company. One thing that is assured is oil is not the future of Nigeria. This begs two questions: (i) What will Nigeria do without oil? and (ii) Is the government preparing adequately for that future?

The European Union is planning to tighten the procedures for getting a Schengen Visa for Nigerians. They have accused the Nigerian government of failing to play its part in the return and readmission of its nationals staying illegally in Europe. Read more here.

Anthony Oluwafemi Olaseni Joshua, OBE - two-time unified heavyweight champion. Welcome home.

The good people at Stears Business have analyzed the results of the Nigerian Living Standards Measurement Study. Check out the in-depth read!

Desert locust swarms the size of cities are threatening millions of people with hunger in East Africa.

Experts say the most damaging infestation of the insects in decades is destroying crops and pastures at a voracious pace, and the situation will probably get worse before it gets better. Whole communities rise early in the morning to try chase off the insects, banging on plastics containers and pots and pans, blowing whistles and honking motorcycle horns. 

In Issue #42 and Issue #43, we reported on how the Lagos state government officially banned motorcycles and tricycles in most parts of the State. Bike-hailing companies such as ORide, MAX.ng, and Gokada have been affected by this ban. It has also been reported that Lagos State plans on going after ride-hailing apps, like Uber and Bolt (a recent protest by Uber drivers in response). As a result, jobs have been lost, traffic has worsened, and innovation has been stifled.

Let us compare with what has been going on in South Africa. This week, the South African Competition Commission (the Commission) produced a report on competition in the taxi industry. Their report showed that ride-hailing apps were consistently cheaper than metered taxis. This was primarily because, among other things, the apps were not subject to pricing regulations and the price-setting mechanism that the Minister of Transport used to determine the fare structure for metered taxis.

Did they decide to ban ride-hailing apps? Or introduce strict regulation on them? Surprisingly, no. They recommended that, among other things, the pricing regulations and price-setting mechanism be removed in order to level the playing field, catalyse competition, and improve consumer welfare.

#GodWhen?

Safaricom, owner’s of MPesa and a big player in East Africa’s telecoms space, will consider contracting Huawei to engineer its 5G network this year. The United States government has expressed concerns over China’s lead in the development of 5G technology. However Michael Joseph, Safaricom’s CEO, doesn’t think Africa has to be caught up in the ongoing wahala. “We will use Huawei in 5G. What will we do in terms of the American statements about not using Huawei? We don’t have that situation in Africa”.

The Chinese company previously built Safaricom’s 2G, 3G and 4G networks. MPesa, Safaricom’s flagship product, is also based on Huawei’s mobile money platform.

Lesotho’s Prime Minister, Thomas Thabane, is to face a murder charge over the death of his estranged wife, Lilopelo Thabane. Lipolelo, 58, had reportedly refused to divorce her husband and won a court battle to retain her privileges as first lady until any formal separation. 

Thabane remarried two months after her death. His second wife, Maesaiah, 42, was charged with murder this month after briefly fleeing the country.

The above is some of the wildest news this year, however, the fact that an African leader can be punished for his crimes gives hope for the continent as a whole.

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