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Combined Motor Holdings has reported a 9.6 per cent fall in headline earnings per share, year-on-year, for the 12 months ended February. This, as revenue dropped 23.1 per cent, reflecting a challenging economic environment. The company did declare a dividend, although 43.2 per cent lower than a year ago. Joining CNBC Africa to review those numbers is Jebb McIntosh, CEO at Combined Motor Holdings.

CMH earnings down 9.6% in tough market conditions

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/05/8009243722_66affea314_k-820x547.jpg" alt="" class="wp-image-403157" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/05/8009243722_66affea314_k-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/05/8009243722_66affea314_k-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/05/8009243722_66affea314_k-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/05/8009243722_66affea314_k-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2021/05/8009243722_66affea314_k.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption>Photo: via Flickr</figcaption></figure>



NEW DELHI, May 4 (Reuters) &#8211; The Indian Premier League (IPL) was suspended indefinitely on Tuesday due to the COVID-19 crisis in the country, leaving many international players with major concerns over how they will return home.



The organising Indian cricket board (BCCI) and the league&#8217;s governing council members convened an emergency meeting at which they decided to suspend the tournament with immediate effect.



The BCCI had forged ahead with the league despite fierce criticism for staging it in a country where coronavirus infections surged past 20 million on Tuesday.



&#8220;These are difficult times, especially in India, and while we have tried to bring in some positivity and cheer, however, it is imperative that the tournament is now suspended and everyone goes back to their families and loved ones in these trying times,&#8221; the league said in a statement.



&#8220;The BCCI will do everything in its powers to arrange for the secure and safe passage of all the participants in IPL 2021.&#8221;



The eight-team IPL, with an estimated brand value of $6.8 billion, is the richest Twenty20 league and attracts many of the best players from around the world to cricket-crazy India.



As many as 57 foreign players, including 14 Australians, are currently stuck in India along with dozens of support staff.



IPL chairman Brijesh Patel told Reuters it was too early to say when the league, originally scheduled to culminate in a May 30 final in Ahmedabad, could resume.



&#8220;We are looking for another window,&#8221; Patel said by telephone. &#8220;Right now we can&#8217;t say when we can reschedule it.&#8221;



A suspension looked almost inevitable after Monday&#8217;s game in Ahmedabad had to be postponed after two Kolkata Knight Riders players tested positive for COVID-19.



Two non-playing members of Chennai Super Kings also contracted the virus in Delhi, prompting questions about the robustness of the league&#8217;s bio-bubble arrangements.



The abrupt suspension left foreign players, including England&#8217;s World Cup-winning captain Eoin Morgan and Australia&#8217;s Steve Smith and David Warner, with a major headache.



TRAVEL ISSUES



Australia has banned all arrivals from India until May 15 and England has added India to its travel &#8220;red&#8221; list.



In a letter to the franchises last month, the league assured them they would discuss the foreign players&#8217; travel arrangements with the Indian government.



Cricket Australia declined to comment when asked if it had any plans to try and bring its players home.



Hours before the league was suspended, the Australian Cricketers&#8217; Association said it would talk to the Australian government about the players&#8217; travel plans.



Australian players Andrew Tye, Adam Zampa and Kane Richardson cut short their IPL stints to return home last week.



Former Australia test batsman Michael Slater, now working as a commentator, strongly criticised the Australian government for its decision to ban citizens in COVID-ravaged India from returning home, saying Prime Minister Scott Morrison has &#8220;blood&#8221; on his hands.



Morrison dismissed Slater&#8217;s criticism as &#8220;absurd&#8221; on a TV talk show on Tuesday.



&#8220;What we&#8217;re doing here is we&#8217;ve got a temporary pause in place because we&#8217;ve seen a rapid escalation in the infection rate in people who have travelled out of India,&#8221; Morrison said on the Nine Network.



The IPL&#8217;s suspension also casts doubt on this year&#8217;s Twenty20 World Cup which is scheduled to take place in India in October-November.



The global showpiece tournament could be shifted to the United Arab Emirates if the COVID-19 crisis in India does not ease, a BCCI official said last week. 



(Additional reporting by Ian Ransom in Melbourne; editing by Ed Osmond)

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Cricket-IPL suspended due to COVID-19, foreign players fret over return

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This morning MTN Rwanda listed on the Rwanda Stock Exchange. The telco avails more than 1 billion shares at a value price of Rwf 269 per ordinary share. Olivier Muneza, CEO of Mo Capital spoke with CNBC Africa on the reaction of the markets.

MTN Rwandacell PLC lists on the Rwanda Stock Exchange

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I&#038;M Holdings Plc has announced the majority acquisition of Orient Bank Limited from 8 miles LLP and Morka Holdings Limited, CNBC Africa spoke with the Regional Director of the institute, Chris Low for more.

I&M Bank acquires Uganda’s Orient Bank

I&M Bank acquires Uganda’s Orient Bank, eyes more expansion opportunities

Impressive earnings lift Nigeria’s equities market

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="740" height="416" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/05/105174288-GettyImages-951165946.jpg" alt="" class="wp-image-403147" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/05/105174288-GettyImages-951165946.jpg 740w, https://cms.cnbcafrica.com/wp-content/uploads/2021/05/105174288-GettyImages-951165946-300x169.jpg 300w" sizes="(max-width: 740px) 100vw, 740px" /><figcaption>Jack Taylor | Getty Images</figcaption></figure>



GUANGZHOU, China —&nbsp;<a href="https://www.cnbc.com/quotes/ETH.CM=">Ether</a>, the digital coin linked to the Ethereum blockchain, hit an all-time high of $3,456.57 as the cryptocurrency extends a rally that has seen its price gain over 350% this year.



The digital coin pared some of those gains in Tuesday morning trade in London and was trading at $3,369.74 at 11:20 a.m., according to CoinDesk data.



Interest in cryptocurrencies has surged over the past year with bitcoin&nbsp;<a href="https://www.cnbc.com/2021/04/13/bitcoin-hits-new-all-time-high-above-62000-ahead-of-coinbase-debut.html">continuously pushing new record highs</a>. A number of factors including rising institutional interest and major companies such as Tesla buying the digital coin have been credited with its rise.



<a href="https://www.cnbc.com/quotes/BTC.CB=">Bitcoin</a>&nbsp;has been&nbsp;<a href="https://www.cnbc.com/2020/11/20/blackrocks-rick-rieder-bitcoin-can-replace-gold-to-a-large-extent-.html">described as “digital gold”</a>&nbsp;or a store of value in times of geopolitical tumult or financial market volatility&nbsp;<a href="https://www.cnbc.com/2020/11/09/stanley-druckenmiller-says-he-wouldnt-want-to-be-short-market-sees-stock-rotation-continuing.html">as well as a hedge against inflation</a>.



But Ethereum is different. It acts more as a platform that developers can build apps on. Ethereum is the name of the network or <a href="https://www.cnbc.com/2018/06/18/blockchain-what-is-it-and-how-does-it-work.html">underlying blockchain technology</a>, while ether is the digital currency used to power the platform.



So-called&nbsp;<a href="https://www.cnbc.com/2020/12/01/ethereum-2point0-eth-cryptocurrencys-network-starts-a-major-upgrade.html">smart contracts are a key feature of Ethereum</a>. These are contracts that can be automatically executed using code.



There is growing excitement about the use of Ethereum in so-called decentralized finance, or DeFi, applications. These are blockchain-based financial services, such as lending, which could in theory bypass banks and brokerages.



Last month, the European Investment Bank said it issued its first ever digital bond on a public blockchain using Ethereum.



A rising number of DeFi applications built on Ethereum and growing institutional interest in the technology could be behind the rapid price rise.



“Thousands of developers are building applications that recreate traditional financial products in decentralized ways on top of Ethereum, and as more and more users pour in to interact with these apps, they require ETH (ether) to&nbsp;conduct any transaction,” Sergey Nazarov, co-founder of smart contract company Chainlink, said.



“Second, there seems to be growing institutional interest in the public Ethereum blockchain, as stakeholders play around with ways to leverage the public network.”

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Ethereum hits new record high above $3,400, extending its more than 300% rally this year

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The Bank of Ghana expects growth in the banking sector to remain strong as the economic recovery process continues this year. Ghana&#8217;s Apex Bank had earlier stated that total banking sector assets rose by 18.5 per cent year-on-year to 152 billion cedis as at the end of February this year. Suleman Mohammed, Founder of Doobia joins CNBC Africa for more.

Strong growth expected for Ghana’s banking sector in 2021

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The broad commodities market has seen impressive rally in recent weeks raising talks of a possible super cycle. In Nigeria, cocoa marketing has been suspended in Ogun state over poor quality of beans. Joining CNBC Africa to discuss these stories and more is Damilola Akinbami, Head of Research at Financial Derivatives.

Soft commodities market sees impressive rally

This article is part of an ongoing series of basic financial education brought to you by financial industry professionals curated by PocketFin – The Financial School of Real Life.&nbsp;CNBC Africa provides content from PocketFin as a service to its readers but does not edit the articles it publishes. CNBC Africa is not responsible for the content provided by PocketFin.



“Deciding which car insurance policy is right for you is all about looking at your budget, your lifestyle, the amount of cash you have easy access to, the value of your car and your tolerance for risk” says Sumarie Greybe, co-founder at Naked the AI-driven car and home insurance platform.



<figure class="wp-block-image size-large is-resized"><img loading="lazy" decoding="async" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/05/0B94EA5D-2CF2-4BF3-B6CD-93D21AA090D9-820x493.jpeg" alt="" class="wp-image-403134" width="505" height="304" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/05/0B94EA5D-2CF2-4BF3-B6CD-93D21AA090D9-820x493.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/05/0B94EA5D-2CF2-4BF3-B6CD-93D21AA090D9-300x180.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/05/0B94EA5D-2CF2-4BF3-B6CD-93D21AA090D9-768x462.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/05/0B94EA5D-2CF2-4BF3-B6CD-93D21AA090D9-1536x924.jpeg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2021/05/0B94EA5D-2CF2-4BF3-B6CD-93D21AA090D9-scaled.jpeg 2048w" sizes="(max-width: 505px) 100vw, 505px" /></figure>



Broadly speaking, there are five major categories of car insurance available in South Africa&nbsp;—&nbsp;third-party only, comprehensive, comprehensive with CoverPause, partial and third-party, fire and theft.&nbsp;



Let’s look at the sort of circumstances and driver each of them is best suited to. 



1. Third-party only cover: Your car is old and has a low book value 



If you have an old car with a low book value—say, less than R30,000—it is often not worth your while to get a comprehensive insurance policy. In this instance, it often makes sense to get a third-party only policy, which will have far lower premiums. Such a policy provides cover for damage your car causes to the property of others (a car, a house, or even state property like the traffic light) in an accident where you were legally liable. However, you will not be covered for the theft of your car, or if it is damaged in an accident. 



You should not drive your car without a&nbsp;third-party&nbsp;policy at the very least. Without cover, another driver or their insurance provider&nbsp;can sue you for the damage your car caused if you were at fault in an accident. You could even find yourself paying off the repairs on someone’s BMW for years.



TIP:&nbsp;Make sure you have enough&nbsp;third-party&nbsp;cover. The standard level of cover is R5 million, which should keep you covered even if you are in a collision with multiple luxury SUVs. Also, try to save some of your own cash in an emergency fund that you can use to pay for repairs or use as a deposit for another car if something happens to your own vehicle.&nbsp;



2.&nbsp;Comprehensive&nbsp;cover:&nbsp;You need the highest level of protection for your car



Most people can’t afford to simply purchase a new car if something happens to their old one, at least not without borrowing money or dipping into their savings. If losing your car would represent a significant financial setback, you will want to look at&nbsp;comprehensive insurance. Comprehensive insurance covers you for the loss –&nbsp;or damage to –&nbsp;your own car as well as for third party liability.



If you financed the vehicle purchase, the bank will typically insist you get comprehensive cover. No lender wants a situation where you are not making your car repayments, yet it can’t repossess the vehicle because it was stolen or written off. Comprehensive policies usually have an excess &#8211; an amount you must pay towards repair or replacement of the car when you claim after it is stolen or damaged.&nbsp;&nbsp;



TIP: Reduce your uncertainty by choosing an excess level that fits your budget (budget for two accidents per year), and check that your provider does not have &#8220;additional excess&#8221; penalties (extra amounts you have to pay in instances like driving at night, or having an accident in the first couple of months).



3.&nbsp;Comprehensive with CoverPause:&nbsp;Your car stands still for days at a time



Not every car gets driven every day. Perhaps you use public transport during the week and only drive your own car over the weekend. Or maybe your family uses only one of its two cars on the weekend, has a car stored at the holiday home or leaves one car at home when embarking on the annual holiday. If so, look at a&nbsp;comprehensive, policy with CoverPause&nbsp;(only available from Naked).&nbsp;



This policy lets you use a mobile app to &#8220;pause&#8221; the accident portion of your cover (and pay less) for the days that you are not driving it. You remain covered for theft, weather related damage&nbsp;or unforeseen events such as someone pushing an airport trolley into your car. You&nbsp;have to&nbsp;switch on your full cover before you start driving again.



TIP: The saving only kicks in if the car is paused for longer than a full calendar day. If you won&#8217;t be driving on the weekend, press &#8220;pause&#8221; late on Friday evening, and only press &#8220;resume&#8221; on Monday morning to qualify for two full days of savings.



4. Partial cover: You want to take on more risk yourself and save on your premiums 



If you have cash on hand to pay for a big portion of the repairs to your car in the event of an accident, you can choose a&nbsp;partial cover policy. Such a policy allows you to reduce the premium by only covering a certain percentage of the damage. In effect, you are choosing to make your excess a percentage (for example, 10%) of the value of the repair, rather than making it a fixed sum like R5,000 or R10,000. Most finance providers will not allow you to&nbsp;cover your car for less than 90% of the cost of repairs or replacement.



TIP: Beware of going too low. For example, if you choose a 50% policy, you won’t get much back for a smaller claim (only R10,000 for a R20,000), yet be on the hook for big shortfall on a larger claim (on a R200,000 claim, you will have to pay R100,000 yourself).



5. Third-party, fire and theft cover:You can’t afford comprehensive, but want to protect yourself against these specific events



Imagine you’re driving a 10-year old car worth R45,000. You rely on the car and would struggle to replace it if was stolen. Yet comprehensive cover is too&nbsp;expensive,&nbsp;and you don’t mind too much it collects another dent or scratch. Then a&nbsp;third-party, fire and theft&nbsp;policy could make sense for you. It gives you third party cover, plus cover for theft and fire. You are taking the chance that you will not write off your car in an accident, but this is a lower-risk event than theft.&nbsp;



TIP: For cars that are parked for long periods, it may be better to buy comprehensive cover that offers a pause option when it’s not in use. If your car is low value and you are mostly worried about the R5 million risk of liability, it may be better to buy third party-only cover and build a small emergency fund to help with repairs or replacement of your own car.&nbsp;



<figure class="wp-block-image size-large"><a href="https://pocketfin.co.za/"><img loading="lazy" decoding="async" width="820" height="320" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/01/CNBC-Pocketfin-Sign-Up-White-2x-820x320.jpg" alt="" class="wp-image-396247" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/01/CNBC-Pocketfin-Sign-Up-White-2x-820x320.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/01/CNBC-Pocketfin-Sign-Up-White-2x-300x117.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/01/CNBC-Pocketfin-Sign-Up-White-2x-768x300.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/01/CNBC-Pocketfin-Sign-Up-White-2x-1536x599.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2021/01/CNBC-Pocketfin-Sign-Up-White-2x.jpg 1640w" sizes="(max-width: 820px) 100vw, 820px" /></a><figcaption><a href="https://pocketfin.co.za/">https://pocketfin.co.za/</a></figcaption></figure>

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Deciding on the right car insurance for your needs

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Nigeria&#8217;s electricity regulator, NERC has approved a five-year Performance Improvement Plan and Capital Expenditure benchmark for distribution companies.

NERC approves five-year performance improvement plan for power distributors

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Talks on the advancement of education especially in Africa are on-going, but that conversation has undoubtedly taken a different turn this recently with the spread of Covid-19. The effects of the pandemic are likely to results in a change in the face of education and learning. Tom Bennett, Director and Founder of ResearchED joins CNBC Africa for more.

ResearchED’s Bennett on how to improve the classroom post-COVID-19

ABUJA, March 30 (Reuters) &#8211; Nigeria&#8217;s biggest lender Access Bank has invested around $60 million to acquire a stake in South Africa&#8217;s Grobank, its chief executive said on Tuesday.
Access invested both equity and debt in the South African bank, part of a regional expansion to tap into correspondent and trade banking deals on the continent, Herbert Wigwe told CNBC Africa Television. (Reporting by Chijioke Ohuocha; Editing by Kirsten Donovan)
(c) Copyright Thomson Reuters 2021. Click For Restrictions &#8211; https://agency.reuters.com/en/copyright.html
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Nigeria’s Access Bank invested $60 mln for stake in South Africa’s Grobank -CEO

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Liquid Intelligent Technologies formerly known as Liquid telecom is setting its sights on wider technology frontiers in the company&#8217;s latest business expansion drive that has seen them rebrand, CNBC Africa is joined by the Group Chief Operating Officer of Liquid Intelligent Technologies, Ahmad Mokhles, for more.

Liquid Intelligent Technologies plans to diversify business portfolio

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German car manufacturer Volkswagen set up an assembling plant in Kigali two years ago with an aim to roll out a fleet of e-cars and a new mobility solution, how have these ambitions fared so far? CNBC Africa spoke to the CEO of Volkswagen’s mobility solutions in Rwanda, Serge Kamuhinda for more.

Volkswagen mobility in electric fleet drive

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="727" height="484" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/03/GettyImages-1262892802.jpg" alt="" class="wp-image-400407" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/03/GettyImages-1262892802.jpg 727w, https://cms.cnbcafrica.com/wp-content/uploads/2021/03/GettyImages-1262892802-300x200.jpg 300w" sizes="(max-width: 727px) 100vw, 727px" /><figcaption>All source data is in the public domain: https://www.naturalearthdata.com/downloads/10m-cultural-vectors/</figcaption></figure>



ABUJA, March 30 (Reuters) &#8211; African private equity raised less cash for investments in 2020 compared with the previous year as a result of the economic fallout of the COVID-19 pandemic, the African Private Equity and Venture Capital Association (AVCA) said.



Private equity funds investing on the continent raised $1.2 billion last year, down from $3.9 billion the previous year, AVCA said in its Annual African Private Equity Data Tracker seen by Reuters on Tuesday.



African private equity raised $4.3 billion in 2015.



&#8220;2020 saw a decrease in fundraising numbers, as a result of the economic effect of the pandemic,&#8221; the association said.



The coronavirus pandemic has stalled Africa&#8217;s growth momentum. Though the continent has started to recover, although with regional disparities, full recovery is difficult to predict, the AVCA said.



The total value of private equity deals in Africa dropped to $3.3 billion last year, from $3.8 billion in 2019, due to the pandemic, the AVCA said.



Deals announced during the period included Helios Investment Partners&#8217; agreeing to acquire a stake in Africa Specialty Risk Group and Old Mutual Alternative Investments buying a stake in Sifiso Learning Group of South Africa.



AVCA said deals in technology-enabled companies accounted for more than half of the total deals in 2020. Healthtech, fintech, edtech and agritech were among the top picks.



&#8220;The pandemic and subsequent lockdown restrictions showcased the viability of some sectors and presented new investment opportunities.&#8221;



A total of $18.1 billion was raised by African private equity funds between 2015 and 2020, AVCA said. There were 1,257 private equity deals worth $21.7 billion during that period, the association added. 



(Reporting by Chijioke Ohuocha in Abuja Editing by Matthew Lewis)

Map of the planet. Rays of energy.  World map. Global social network. Future. Vector. Blue futuristic background with planet Earth. Internet and technology. Floating blue plexus geometric background.

African private equity fundraising fell in 2020 due to pandemic – association

*This analysis was produced by the team at Signal Risk&nbsp;



“This will be the government of all Libyans… Libya is one and united.”



These were the crowning words of Prime Minister Abdulhamid Dbeibeh’s inaugural address as he and his government of national unity (GNU) were sworn into power in Tobruk on 15 March. The inauguration concluded the first part of Libya’s United Nations (UN)-led transitional process, which began in October 2020 with the signing of a ceasefire agreement between the formerly adversarial Tripoli- and Tobruk- based governments.



The structure



The GNU is composed of four structures: a three-member presidential council, a three-member prime ministerial office, 26 cabinet ministers, and six ministers of state. In keeping with the principles of the UN-led transition, different geographic regions and interest groups are represented in the GNU with a view to creating a balanced and stable power-sharing formula. This includes natives from each of the historic Tripolitania, Fezzan and Cyrenaica regions, tribal leaders, and those from the commercial, legal and military fraternities.



The GNU’s mandate is simple: to stabilise and <a href="https://www.thesignalroom.com/libya-platitudes-in-palermo/">prepare Libya for general elections</a>&nbsp;that have been scheduled for December 2021. After this, the structure will be dissolved and a permanent administration will come into power.



The dominant formations



Pre-eminent among the GNU’s structures are the prime ministerial and presidential councils, which will jointly spearhead governance in Libya and perform mutual checks and balances. The prime ministerial council is headed up by Dbeibeh – whose seat will remain in Tripoli, in the west of Libya – alongside two deputies “overseeing” two geographic demarcations: Hussein Atiya Abdul Hafeez Al-Qatrani (who is deputy prime minister for east Libya) and Ramadan Ahmed Boujenah (who is deputy prime minister for south Libya).



The three-member presidential council is led by chairman Mohamed Yunus al-Menfi, who will also serve as the representative for Cyrenaica. He is joined by two vice chairmen, Abdullah al-Lafi (who is the representative for Tripolitania region) and Musa al-Koni (who is the representative for Fezzan).



The transition



Dbeibeh and his government’s ascent to power was somewhat smoother than expected.



After <a href="https://www.thesignalroom.com/libya-spoiling-the-broth-1610382589/">the ceasefire agreement in October 2020</a> – which was arguably preserved by factors such as a stalemate between warring sides, conflict fatigue, and increased international engagement – the UN seized the opportunity to expedite the transitional process.



Led by acting Libya envoy Stephanie Williams, and drawing on the roadmap put forward by&nbsp;<a href="https://www.thesignalroom.com/libya-the-flammable-ceasefire-625374214/">the Berlin conference in January 2020</a>, the UN began formalising the Libyan Political Dialogue Forum (LPDF). The 74-member body, which was also composed of a diverse array of Libyan stakeholders, was established in 2019 to guide the country through a potential transitional process; however, its formalisation was stalled due to a resurgence of conflict.



In February, the LPDF gathered in Geneva to elect the heads of a potential unity government. Specifically, in this exercise, leaders from the Tripoli-based Government of National Accord (GNA) and Tobruk-based House of Representatives (HoR) were tasked with presenting a candidate list that comprised a prime minister and members of the presidential council; the LPDF would then vote on the list (and in effect, the leaders of Libya’s transition).



A total of four lists was presented to the LPDF. Most notable among these was that comprised of HoR speaker Aguila Saleh (who was running for head of the presidential council) and GNA Interior Minister Fathi Bashagha (who was running for the prime ministerial seat). Given their prominence, the Saleh- Bashagha union was thought to be undefeatable, especially by the Dbeibeh-Menfi ticket which lacked the familiarity and influence of its rivals.



This appeared to be the case in the first round of voting, as the Saleh-Bashagha ticket claimed an indecisive victory (less than 50 percent or 37 votes); second was Dbeibeh and Menfi. However, in a surprising turn, the Dbeibeh-Menfi ticket claimed 39 votes in the second-round poll, and with that, leadership of Libya’s transition.



Immediately after the vote, there were loose allegations of vote buying by Dbeibeh and Menfi; however, these remain unsubstantiated and were not acted upon.



The pledge and the buy-in



Following the Geneva vote, Dbeibeh made several key promises, in the hope of expediting Libya’s break from its tumultuous past. These include:



<ul class="wp-block-list"><li>Electing a competent government that represents all constituencies</li><li>Reforming state institutions</li><li>Resurrecting the economy and improving service delivery</li><li>Fostering peace and stability</li><li>Combatting corruption</li><li>Centralising the country’s security apparatus (including the departure of foreign militias and the demobilisation, disarmament, and reintegration of local forces)</li></ul>



Unsurprisingly, his cabinet selections were partly aimed at fulfilling these ends, with fresh faces deployed to all government portfolios. This includes the ministries of finance, interior, foreign affairs, economy and trade, industry and minerals, and oil and gas. Tellingly, the country’s contested defence portfolio – which was long sought by HoR-aligned warlord Khalifa Haftar – was not handed to a single individual. Instead, it will be jointly held by members of the country’s presidential council.



Despite the upset, Haftar is among many domestic and international stakeholders to have lauded Dbeibeh and his new formation. In a statement following the inauguration, Haftar expressed “the support of the armed forces for the peace process”. Dbeibeh’s predecessor, Fayez al-Sarraj, also honoured his commitment to hand over power peacefully to the incoming prime minister. Furthermore, Dbeibeh’s candidate picks were endorsed by 132 of the 133 members of the HoR that were present at confidence sessions in Tobruk during the week of 08 March.



Just as important, Dbeibeh and his government have received a stamp of approval from <a href="https://www.thesignalroom.com/libya-the-thin-red-line-1617726443/">Libya’s external partners</a>, which were informally divided between supporters of the GNA and HoR. Since 15 March, Italy, the United Arab Emirates, Egypt, Russia and France have all pledged their support for the prime minister, his new government, and the transitional process.



The Signal



Abdulhamid Dbeibeh’s ascent to power is seen as the outcome of exasperation with the political status quo, and the desire among Libyans for a consensus candidate who could unite the country’s myriad factions. Indeed, Dbeibeh’s rivals – Saleh and Bashagha – were arguably seen as remnants of old and failed regimes (in the form of the HoR and GNA). The two statesmen also had strong ties to limited interest groups, which could prove to be an impediment in a transitional administration. Saleh was seen as an exponent of general Haftar, Egypt, Russia and the United Arab Emirates. His historic support for the general has been a particular point of contention and has resulted in serious criticism from populations that have been negatively impacted by <a href="https://www.thesignalroom.com/libya-haftars-tripoli-advance/">the general’s military campaign.</a> In keeping with his GNA stead, Bashagha is strongly aligned with Turkey, Italy and Qatar. However, his reputation as an unscrupulously ambitious politician who is willing to court all sides to advance his interests has also resulted in some disaffection among sections of the Libyan polity.



Positively, Dbeibeh has demonstrated the political expertise to navigate a complicated Libyan landscape. A businessman by profession, the new prime minister is said to curry favour from most sides of the Libyan polity and the country’s divided international partners. Hailing from Misrata, he has firm ties with one of the strongest tribal groups in Libya, which has historically propped up the GNA. Furthermore, although controversial, his ascendance under former ruler Muammar Gaddafi has also allowed him to establish links with the HoR, much of which consists of supporters of the deceased dictator. Testament to Dbeibeh’s political nous are his cabinet picks. The prime minister has temporarily eased concerns over political bias with a representative and technocratic cabinet. Furthermore, in opting to centralise the defence portfolio, he has outmanoeuvred Haftar in a manner that avoided upsetting the general and other rival armed interests.



Some semblance of political stability is likely to endure until elections are held in December. It appears as if all internal and external stakeholders are on board with the transitional process and the upcoming election, with very few incentives to spoil the process. This may be rooted in the fact that the GNU must dissolve ahead of the ballot; although it is unclear if Dbeibeh and members of his government can compete in the upcoming election and therefore wield the power of incumbency. Regardless, the likes of Saleh, Bashagha – and indeed, Haftar – could make a claim for power in December, in what could amount to a more legitimate administration with a longer stay in office and a less restricted framework. Accordingly, relative calm is expected in the political realm unless Dbeibeh makes any unexpected moves to unsettle powerful stakeholders. These could include the prosecution of an individual such as Haftar. Nonetheless, closer to the election, increased political competition could have a destabilising impact.



Improving the country’s security environment will remain a challenge and require strong assistance from international allies. While the centralisation of the broad security apparatus is a key step towards mitigating the country’s myriad security threats, Dbeibeh’s GNU does not have the military and financial means – or authority – to bring the armed actors under its rule. For one, the GNU has inherited no army, and governing institutions remain relatively bankrupt. Second, <a href="https://www.thesignalroom.com/libya-tumult-in-tripoli/">militants aligned with the GNA</a> – including those from Misrata and Tripoli – did so largely out of self-interest and self-preservation as opposed to concrete allegiance to the governing structure. Similarly, Haftar’s self-styled Libya National Army (LNA) is also ostensibly aligned with his personality as opposed to the HoR, to which Haftar loosely belongs. As such, the GNA and HoR’s “surrender” to Dbeibeh does not necessarily guarantee the fidelity of its militant backers. Furthermore, any move that poses an existential threat to such groups – such as a proposed disarmament, demobilisation and reintegration (DDR) campaign – could prompt a backlash, especially in the absence of the threat of coercion, or incentives from the GNU. To circumvent this, international allies will need to add concrete pressure on militant actors (and their leaders) to participate in the DDR and avoid disruptive tendencies, especially close to the December elections.



Economic growth is possible in Libya in the coming year.&nbsp;<a href="https://www.thesignalroom.com/libya-a-crude-conundrum/">Relatively sustained oil production</a> during late 2020 has significantly boosted a Libyan economy that was severely impacted by a lengthy force majeure and coronavirus-induced shocks in 2020. Indeed, the halt to oil production resulted in financial losses of more than USD 9 billion in 2020. This, along with demand and supply pressures linked to the coronavirus pandemic, led to a 58.7 percent GDP contraction according to the International Monetary Fund (IMF). In a marked change in fortunes, the IMF has forecast growth of 76 percent in the current year, principally led by the commodity market rally, although this is in the context of a markedly low growth base. Nonetheless, growth should stabilise Libya’s deficit and debt metrics. Furthermore, should the transitional process proceed as planned, the country could benefit from expanded development assistance from external partners. However, any flare-up in conflict could see the force majeure reinstated, production halted, and the possibility of comprehensive donor assistance reduced.

Signal Risk on Libya – One and United

29 March 2021&nbsp;— In a historic COVID-19 vaccine procurement Agreement signed on 28 March 2021, all African Union Member States, through the&nbsp;<a>African Vaccine Acquisition Trust (AVAT)&nbsp;</a>set up in November 2020 under the African Union chairmanship of H.E President Cyril Ramaphosa, President of South Africa, will have access to 220 million doses of the Johnson &amp; Johnson single-shot COVID-19 vaccine, with the potential to order an additional 180 million doses.



Most of the supplies will be produced at the giant pharmaceutical manufacturing plant in South Africa operated by Aspen Pharma. The vaccines will be made available to African countries through the African Medical Supplies Platform (AMSP), over a period of 18 months.



Meanwhile, H.E Cyril Ramaphosa will later today tour the facilities of Aspen Pharma in Port Elizabeth with Johnson &amp; Johnson Executives to inspect preparations for the production of vaccines. The production of vaccines at the facility will be a massive boost for jobs in South Africa.



The transaction was made possible through the US$2 billion facility approved by the African Export-Import Bank (Afreximbank), who also acted as Financial and Transaction Advisers, Guarantors, Installment Payment Advisers &nbsp;and Payment Agents.



The successful conclusion of the Agreement was made possible by the support of the United Nations Economic Commission for Africa (ECA) and the United Nations International Children&#8217;s Emergency Fund (UNICEF), who supported the negotiation process with Johnson &amp; Johnson. UNICEF is also acting as procurement and logistics agent. The African Vaccine Acquisition Task Team (AVATT) was supported in terms of advice on various aspects by the World Health Organization (WHO).



Prior to the conclusion of the Agreement with Johnson &amp; Johnson, African Member States were asked to make pre-orders for the vaccines and many countries showed strong preference for this particular vaccine. The countries will be able to purchase the vaccines either using cash, or a facility from Afreximbank. Most countries have already completed their pre-orders.



The direct acquisition of vaccines by the African countries through the AVATT initiative is part of the continental objective to achieve a minimum of 60% immunization of the African population, in order to eliminate COVID-19. This target is in line with targets set in other regions such as Europe and the United States. The international donor community has pledged to provide 27% through the COVAX Initiative (which is coordinated by Gavi, the Vaccine Alliance, the Coalition for Epidemic Preparedness Innovations (CEPI) and the WHO), whilst Africa must find the rest. AVATT and COVAX work very closely together.



<a>H.E Cyril Ramaphosa, President of South Africa, African Union Champion for the COVID-19 vaccine strategy and acquisition, and Chairman of AVATT, welcomed this historic Agreement, which he personally initiated directly with the company, during his tenure as Chair of the African Union.</a>



“This Agreement is a significant milestone in protecting the health of all Africans. It is also a powerful demonstration of African unity and of what we can achieve through partnership between the state sector, the private sector and international institutions that puts people first,” said President Ramaphosa.



Professor Benedict Oramah, President of Afreximbank, said: “Afreximbank is proud to be associated with this historic and collective effort. In the midst of a very tight COVID-19 vaccine market, we are highly honoured to have been given the opportunity by the African Union to facilitate this impactful transaction under the auspices of the Africa Vaccine Acquisition Task Team (AVATT). Acting as Financial and Transaction Advisors,&nbsp;Guarantors, Installment Payment Facility Arrangers and Payment Agents,&nbsp;we look forward to beginning the deployment of the US$2 billion Vaccine Procurement facility approved by the Bank&#8217;s Board of Directors towards assisting the continent to begin to rid itself of the pandemic and rebuild its economy. This financing will support Intra-African Trade and we have already commenced engagement with our financial partners to secure the additional funding that would support procurement if Africa decides to procure the additional 180 million doses.



Dr. John Nkengasong, Director of the Africa Centres for Disease Control and Prevention (Africa CDC), said: “The Africa CDC recommended to the African Union that a minimum of 750 million Africans (60%) must be immunized if we are to contain the spread of COVID-19. This transaction enables Africa to meet almost 50% of that target. The key to this particular vaccine is that it is a single-shot vaccine which makes it easier to roll out quickly and effectively, thus saving lives.



<a>Mr. Strive Masiyiwa, African Union Special Envoy signed for AVAT, while Mr. Jaak Peeters, Johnson &amp; Johnson Special Envoy for COVID-19 vaccine, signed on behalf of Johnson &amp; Johnson.</a>



Mr. Masiyiwa thanked H.E. Moussa Faki Mahamat, Chairperson of the African Union Commission for his tremendous support to the work of AVATT. He also thanked H.E Amira Elfadil Mohammed Elfadil, Commissioner for Social Affairs, Africa Union Commission, for her contributions to AVATT. Finally, Mr. Masiyiwa expressed his appreciation to the staff of Afreximbank, the Africa CDC, ECA and UNICEF for their extraordinary effort over the last three months in putting this Agreement together.

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Newsletter

CMH earnings down 9.6% in tough market conditions

Cricket-IPL suspended due to COVID-19, foreign players fret over return

MTN Rwandacell PLC lists on the Rwanda Stock Exchange

I&M Bank acquires Uganda’s Orient Bank, eyes more expansion opportunities

Impressive earnings lift Nigeria’s equities market

Ethereum hits new record high above $3,400, extending its more than 300% rally this year

Strong growth expected for Ghana’s banking sector in 2021

Soft commodities market sees impressive rally

Deciding on the right car insurance for your needs

NERC approves five-year performance improvement plan for power distributors

ResearchED’s Bennett on how to improve the classroom post-COVID-19

Nigeria’s Access Bank invested $60 mln for stake in South Africa’s Grobank -CEO

Liquid Intelligent Technologies plans to diversify business portfolio

Volkswagen mobility in electric fleet drive

African private equity fundraising fell in 2020 due to pandemic – association

Signal Risk on Libya – One and United

Africa Signs Historic Agreement with Johnson & Johnson for 400 Million Doses of COVID-19 Vaccines

News Tips

Advertise With Us

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