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<p>Capital imported to Nigeria’s oil and gas sector in the first quarter of the year was about 10.1 million dollars according to data by the National Burea of Statistics. The bureau also says the oil and gas sector grew by 5.06 per cent, recording an average oil daily production of 2.07 million barrels per day in the same quarter. Oyeyemi Oke, Oil and Gas Lawyer and a Partner at A02 Law joins CNBC Africa for more.</p>


COVID-19 headwinds weigh on Nigerian oil companies

<p><iframe loading="lazy" src="https://www.youtube.com/embed/bFwrzU42ThI" width="640" height="360" frameborder="0" allowfullscreen="allowfullscreen"></iframe></p>
<p>The Covid-19 pandemic has seen a decline in air pollution due to a reduction in vehicle and air traffic as well as industrial activity. How will the pandemic shape economic recovery and what are the lessons learnt? Experts in environment share their thoughts on this and more on the international day for biological diversity&#8230;.</p>


BM5000

The green economy & how it could help the global economy bounce back from COVID-19

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<p>The United Nations agency has launched a new COVID-19 Self-Diagnostic Application and Predictive Modelling digital tool for South Africa. The collaboration between the United nations Institute for Training and Research and other organisations in South Africa will be used by the Department of Health to ramp up testing and allow exhaustive health resources to use digital technology to help in the fight against Covid-19. Zviko Mudim, Operations Executive of the Rali and Mokentse Mampeule Foundation, one of the South African originations that helped to create this technology joins CNBC Africa for more.</p>


SA creates a digital COVID-19 self-diagnostic tool

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<p>Coca-Cola Beverages South Africa has launched the Ikageng Employee Share Trust which has been created for the company’s employees to have shares and direct economic participation in the business. Joining CNBC Africa for more is Velaphi Ratshefola, Managing Director of Coca-Cola Beverages South Africa.</p>


Here’s how Coca-Cola SA’s new employee share trust will work

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<p>After months of processes and thorough consideration, Abel Moffat Sithole has been appointed as the new CEO of the Public Investment Corporation. Mr Sithole is currently the Principal Executive Officer of the Government Employees Pension Fund and the Commissioner of the Financial Sector Conduct Authority. PIC Chairperson, Dr Reuel Khoza joins CNBC Africa for more.</p>


Incoming CEO to help restore confidence

Incoming CEO to help restore confidence, says PIC chair Reuel Khoza

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<p>With FDIs into the continent slowing down as a result of COVID-19, start-ups funding for many sectors have taken a backseat but is there a light at the end of the tunnel for some of these players? CNBC Africa’s Arnold Kwizera spoke to Charles Shyaka, General Manager at 250 start ups for more on this.</p>


How COVID-19 is impacting funding for African start-ups

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<p>Apollo Agriculture, a Nairobi based agri-tech start-up has raised about $6 million in its series A round of funding. CNBC Africa spoke to Benjamin Njenga, Co-Founder of Apollo Agriculture for more.</p>


Kenyan agri-tech start-up Apollo Agriculture raises $6mn in funding

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<p>Tourism is an important sector of the European economy, but lockdown measures have brought the industry to a standstill. As hotels, airlines and other businesses plan to reopen in time for the summer season, will there be enough demand to keep them afloat? CNBC&#8217;s Silvia Amaro reports.</p>
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Why your next holiday in Europe will change | CNBC Reports


<p>On Wednesday, South African Finance Minister Tito Mboweni announced the appointment of Abel Sithole as the Chief Executive Officer of the Public Investment Corporation (PIC) and Executive Director on the Board of Directors.</p>



<p>The following statement provides more details:</p>



<p><strong>APPOINTMENT OF MR ABEL MOFFAT SITHOLE AS CHIEF EXECUTIVE OFFICER (CEO) OF THE PUBLIC INVESTMENT CORPORATION (PIC)</strong></p>



<p>The Minister of Finance, Mr Tito Mboweni, is pleased to announce that Cabinet has approved that the Board of Directors of the PIC proceeds with the appointment of Mr Abel Moffat Sithole as the CEO of the PIC and Executive Director on the Board of Directors for a period of five years. The Chairman of the PIC, Dr Reuel Khoza, will elaborate on the process followed for the appointment and on the terms and conditions of the employment of Mr Sithole.</p>



<p>Mr Sithole is currently the Principal Executive Officer of the Government Employees Pension Fund (GEPF) and the Commissioner of the Financial Sector Conduct Authority (FSCA). Before joining the GEPF in 2015, Mr Sithole was a Deputy Executive Director at the Institute of Futures Research, University of Stellenbosch Business School. He also has a number of non-executive roles.</p>



<p>Mr Vuyani Hako, the Executive Head: Properties has been the acting CEO. Minister Mboweni said: “We thank Mr Hako for his contribution at the PIC, steering the organisation through very difficult times. We also congratulate Mr Sithole on his appointment as CEO and wish him well in leading the organisation and in restoring its integrity”.</p>



<p><strong>Issued by the Ministry of Finance</strong></p>


Abel_Sithole2

Abel Sithole appointed as CEO of South Africa’s PIC


<p>Report by Ayenat Mersie</p>



<p>NAIROBI(Reuters) &#8211; <a href="https://www.cnbcafrica.com/east-africa/2020/05/22/covid-19-kenya-continues-pipeline-plan-despite-drop-in-oil-prices/">Kenya</a>’s government is facing growing criticism over quarantine centres it set up to curb the spread of the coronavirus, with witnesses saying some are squalid and expose residents to the risk of catching <a href="https://www.cnbcafrica.com/videos/2020/05/26/african-bank-ceo-on-how-the-bank-is-cushioning-its-customers-from-the-effects-of-covid-19/">COVID-19</a>.</p>



<p>Since mid-March, the government has enforced a mandatory 14-day quarantine period for anyone who flies into the country or has direct contact with someone infected and lives in an area where self-isolation is not allowed.</p>



<p>Those who can pay spend the quarantine in an upmarket hotel. Others are placed in government-run facilities established in buildings such as schools or universities.</p>



<p>Demonstrations have broken out in some centres, break-outs have been reported, and the government faces two lawsuits over alleged mistreatment which it has yet to respond to.</p>



<p>Reuters interviewed 12 people who have spent time in quarantine in the government-run centres. Two said conditions were satisfactory. The other 10, who asked not to be identified to avoid stigma, described filthy conditions with bedbugs, overflowing toilets and bad food.</p>



<p>Reuters sought comment from the facilities where these people were housed, but phone and text messages sent over several weeks received no responses. Health Ministry spokeswoman Judy Sirima declined comment.</p>



<p>One woman told Reuters she was quarantined at Nairobi’s Kenya Medical Training Center for two weeks and tested negative for the coronavirus.</p>



<p>Then others at the facility, where people were crowded together at mealtimes, tested positive. She was kept another week, and then tested positive too.</p>



<p>“I got it from the quarantine,” she said. “We were sharing washrooms; we were sharing everything.”</p>



<p>Reuters could not verify where she contracted the virus.</p>



<p>A woman in quarantine at the Karen Cooperative Retreat and Conference Center said she and others received no protective gear.</p>



<p>“We are not given masks; no gloves, no sanitizer,” she said.</p>



<p>Neither facility responded to requests for comment.</p>



<h3 class="wp-block-heading">PUBLIC TESTING</h3>



<p>Kenya has reported 1,348 cases and 52 <a href="https://www.cnbcafrica.com/news/2020/05/26/mozambique-records-first-covid-19-death/">deaths from COVID-19</a>, but large-scale public testing began in the country of 47 million only this month because of shortages of materials.</p>



<p>On Sunday, Kenya’s Health Ministry tweeted that many people being tested were giving false contact information.</p>



<p>Robert Alai, a popular blogger, quickly offered an explanation for their reluctance.</p>



<p>“Because you treat those who test positive like pigs,” he tweeted.</p>



<p>Alai has been sharing pictures of grim quarantine conditions which he says he received from people in government-run facilities. Reuters reached three by telephone and they confirmed the conditions.</p>



<p>Dr Mark Nanyingi, an infectious disease epidemiologist with the University of Nairobi, said the threat of having family quarantined could deter sick people from coming forward.</p>



<p>“Public health messaging shouldn’t be threatening,” he said. “If we militarise this, we won’t have as much success.”</p>



<p>Facing criticism over the quarantine centres, Health Minister Mutahi Kagwe said on May 6 they would be free.</p>



<p>“Testing, quarantine and isolation is free. Come out and be tested,” the ministry tweeted on Tuesday.</p>



<p>Until this month, the minimum rate for quarantine was 2,000 Kenyan shillings ($20) per night. Some centres had refused to release people who did not pay their bills.</p>



<p>Kagwe has also said people who break a dawn-to-dusk curfew will no longer be put in quarantine.</p>



<p>A Senate report last month said hundreds of curfew breakers had been quarantined alongside people who had been exposed to COVID-19, the respiratory disease the coronavirus can cause.</p>



<p>One woman, Caroline Akumu, told Reuters she was held in a quarantine centre where she and her two-month-old son slept on a concrete floor after she was accused of breaking curfew and refused to pay 20,000 shillings to be released. She was freed only after a public uproar.</p>



<p>(Additional reporting by Katharine Houreld; editing by Katharine Houreld and Timothy Heritage)</p>



<p>This article was first published on Reuters Africa <a href="https://af.reuters.com/article/topNews/idAFKBN2331PB-OZATP">https://af.reuters.com/article/topNews/idAFKBN2331PB-OZATP</a> and is republished with its permission.</p>



<p>For more coverage on COVID-19 visit: <a href="https://www.cnbcafrica.com/covid-19/">https://www.cnbcafrica.com/covid-19/</a></p>


Op Ed: East African finance ministers to present budgets for new fiscal year

Kenyan government under fire over coronavirus quarantine centres

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<p>East Africa&#8217;s share of private equity transactions has slowly been rising over the years, but this growth momentum has now been disrupted by the Covid-19 pandemic. What will it take for private equity firms in the region to weather the Covid-19 storm and bounce back? David Owino, Managing Partner at Ascent Capital joins CNBC Africa for more.</p>


How can Africa’s private equity firms weather the COVID-19 storm?

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<p>The Central Bank is expected to roll over maturing treasury bills worth 60 billion naira in today’s Primary Market Auction. Gbemisola Bello-Aromire, Fixed Income Dealer joins CNBC Africa to discuss sentiments in Nigeria’s fixed income and FX markets&#8230;.</p>


PMA: CBN to roll over T-bills worth N59.4bn


<p>South African Health Minister Zweli Mkhize has clarified the government’s decision around the relaxation of <a href="https://www.cnbcafrica.com/videos/2020/05/27/this-african-fintech-is-helping-zimbabweans-in-sa-send-groceries-home-during-covid-19-lock-down/">lockdown</a> restrictions and the classification of <a href="https://www.cnbcafrica.com/videos/2020/05/27/covid-19-how-will-employee-salaries-be-impacted-in-the-months-to-come/">COVID-19</a> “hotspots”.</p>



<p>In a statement, Mkhize confirmed that, “as the whole country moves to level 3, there will be constant as-sessment of each and every area and its rate of infection, in which case, further containment measures and restrictions may be considered.”</p>



<p>The following brief provides further explanation:</p>



<p>27 May 2020</p>



<p>Media Statement</p>



<p>Clarity has been sought on the presentation made by the Minister of Health to the NCOP<br>yesterday regarding the determination of alert levels for hotspots.</p>



<p>An old slide was presented stating hotspots would remain at level 4. That slide is now outdated and was inadvertently included in a presentation that had been updated. The slide<br>was part of a presentation previously done by health department prior to the NCCC resolving on the final approach to be adopted for the country, which was subsequently announced by His Excellency, President MC Ramaphosa.</p>



<p>This note seeks to clarify the enquiries received.</p>



<p>Firstly, as announced by President MC Ramaphosa on the 24th May 2020, we confirm that<br>the whole country will move to Alert Level 3 on the 1st June 2020.</p>



<p>Further to that, government has taken measures to identify areas that have been defined as epidemiological hotspots. As clearly explained by the President in his speech, these are areas that have more than 5 infected people per 100 000 population, or areas where the infections are increasing at a fast pace.</p>



<p>As it stands, government has immediately taken steps to intervene in areas that are regarded as hotspots by deploying experts and specialists who will implement measures to curb the spread. These areas also require heightened levels of tracing of contacts of positive patients, ensuring that those who are positive remain in quarantine/ isolation and those who cannot self-quarantine, are accommodated in quarantine facilities provided for by provinces. This will limit the risk of further infection to other members of the communities, including their families (community transmission).</p>



<p>In some of these hotspots, cluster outbreaks have also been identified. This means, positive cases arising from people participating in the same activity within a specific area. These include factories, grocery shops, farms etc. Those areas also require a rapid response of screening, testing and the tracing of contacts. Cluster outbreaks drive the pandemic because spread occurs within the cluster then individuals take the virus home with them, thus causing community outbreaks. It is for this reason that we emphasize the importance of submitting to appropriate isolation once a person has tested positive or go into appropriate quarantine when a person has been identified as a direct contact of a positive patient. This reduces the risk of infecting others while waiting to be tested if you are a contact.</p>



<p>This therefore means that as the whole country moves to level 3, there will be constant assessment of each and every area and its rate of infection, in which case, further containment measures and restrictions may be considered. If the spread of the infection is not contained despite the above mentioned interventions, government will make a determination on whether to return that specific area, (i.e. metropolitan, district, sub district, ward) to alert level 4 or 5. This will be done rapidly and in an effort to contain and manage the spread, and also to ensure that our health facilities are not overwhelmed by the rapid rise of positive cases in that area.</p>



<p>This therefore means that as the whole country moves to level 3, there will be a constant<br>assessment of each and every area and its rate of infection.</p>



<p>This raises the importance of social behaviour: members of the community can and must<br>take it upon themselves to observe social distancing by keeping more than 1 metre distance from the next person; constantly wash and/ or sanitize hands; wearing a face mask; avoid touching ones face with unwashed hands; and clean surfaces we come into contact with. We also want to emphasise that staying at home is remains key and for those employees who can work from home, we urge employers to promote and facilitate this new culture. For those employees who must still go to work, they must embrace the new way of life which will protect them, their families and their fellow workers.</p>



<p>Dr Zwelini Mkhize<br>Minister of Health</p>



<p>For more coverage on COVID-19 visit: <a href="https://www.cnbcafrica.com/covid-19/">https://www.cnbcafrica.com/covid-19/</a></p>


Clarification on COVID-19 “hotspots” as SA moves to level 3 lockdown

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<p>The Brand Africa 100, Africa’s best brands report celebrated its 10th year of its global launch and continues to shine a light on Africa’s brand value conscious. Over the past 10 years the report has shown that only 20 per cent of the brands that Africans value, are made in Africa, this is a challenge to African business people and entrepreneurs to create and aspire to fully embrace proudly African produce. Joining CNBC Africa for this discussion are Thebe Ikalafeng, Founder and Chairperson of Brand Africa, Geoffrey Odundo, CEO of the Nairobi Stock Exchange and Karin Du Chenne, Chief Growth Officer at Kantar.</p>


Africa’s best brands

Africa’s best brands, ranked

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<p>The BankservAfrica Take-home Pay Index has shown that wage numbers were up in April as the majority of employees continued to receive their monthly incomes. However, casual and weekly workers were most impacted by the Covid-19 lockdown as the number of wages paid declined significantly. Joining CNBC Africa for more is Mike Schüssler, Chief Economist at economists.co.za.</p>


COVID-19: How will employee salaries be impacted in the months to come?

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<p>African based Fintech group Mukuru has launched a service for foreign nationals working in South Africa to send basic food essentials to their family in Zimbabwe. The service has enabled Zimbabwean workers in South Africa to extend a helping hand top those who wish to continue to care and provide for their families during the Covid-19 lock-down in Zimbabwe. Joining CNBC Africa for more is Andy Jury, CEO of Mukuru Groceries.</p>


This African fintech is helping Zimbabweans in SA send groceries home during Covid-19 lock-down

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<p>Experts predict that closer collaboration among business leaders across various industries will be key in shaping a post-COVID-19 recovery. This will be part of the conversation at upcoming Africa Shared Value E-Summit and CNBC Africa spoke to Nichole Yembra, MD, The Chrysalis Capital for more.</p>


Newsletter

COVID-19 headwinds weigh on Nigerian oil companies

The green economy & how it could help the global economy bounce back from COVID-19

SA creates a digital COVID-19 self-diagnostic tool

Here’s how Coca-Cola SA’s new employee share trust will work

Incoming CEO to help restore confidence, says PIC chair Reuel Khoza

How COVID-19 is impacting funding for African start-ups

Kenyan agri-tech start-up Apollo Agriculture raises $6mn in funding

Why your next holiday in Europe will change | CNBC Reports

Abel Sithole appointed as CEO of South Africa’s PIC

Kenyan government under fire over coronavirus quarantine centres

How can Africa’s private equity firms weather the COVID-19 storm?

PMA: CBN to roll over T-bills worth N59.4bn

Clarification on COVID-19 “hotspots” as SA moves to level 3 lockdown

Africa’s best brands, ranked

COVID-19: How will employee salaries be impacted in the months to come?

This African fintech is helping Zimbabweans in SA send groceries home during Covid-19 lock-down

How the Africa Shared Value E-Summit can play a role in post-COVID-19 recovery

News Tips

Advertise With Us

Newsletter

COVID-19 headwinds weigh on Nigerian oil companies

The green economy & how it could help the global economy bounce back from COVID-19

SA creates a digital COVID-19 self-diagnostic tool

Here’s how Coca-Cola SA’s new employee share trust will work

Incoming CEO to help restore confidence, says PIC chair Reuel Khoza

How COVID-19 is impacting funding for African start-ups

Kenyan agri-tech start-up Apollo Agriculture raises $6mn in funding

Why your next holiday in Europe will change | CNBC Reports

Abel Sithole appointed as CEO of South Africa’s PIC

Kenyan government under fire over coronavirus quarantine centres

How can Africa’s private equity firms weather the COVID-19 storm?

PMA: CBN to roll over T-bills worth N59.4bn

Clarification on COVID-19 “hotspots” as SA moves to level 3 lockdown

Africa’s best brands, ranked

COVID-19: How will employee salaries be impacted in the months to come?

This African fintech is helping Zimbabweans in SA send groceries home during Covid-19 lock-down

How the Africa Shared Value E-Summit can play a role in post-COVID-19 recovery

News Tips

Advertise With Us

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