Category: Business

Bank sued over genocide

Three rights groups have filed a lawsuit accusing France’s biggest bank of complicity in Rwanda’s 1994 genocide, for allegedly helping Rwandan authorities purchase weapons despite a U.N. arms embargo.

The three organizations — Sherpa, Ibuka France and CPCR — said in a statement issued today that BNP Paribas is suspected of authorizing transfers worth $1.3 million from the Rwandan state bank to an arms dealer. The dealer is believed to have provided weapons to the genocide government.

The lawsuit was filed in a Paris court Wednesday. BNP said it would not comment until it has further information.

June 30, 2017
MTN Rwanda provides ‘Mutuelle de Sante’ to 500 from Rwandan Muslim Community

MTN Rwanda yesterday donated Rwf 1.5M to 500 individuals from the Rwandan Muslim Community for their Mutuelle de Sante subscription to enable them access health care services. The event took place yesterday at the MTN Headquarters in Nyarutarama.

According to the MTN Rwanda CEO, Mr Bart Hofker, the gesture was to join the Rwandan Muslim Community in and around Kigali to support them as they observe the Holy month of Ramadan.

“This is a show of continued support and making a difference in the lives of our customers and especially now, in the lives of our Muslim brothers and sisters as they come to the end of the holy month of Ramadan,” he said.

One of the four representatives from the Rwandan Muslim Community Mr Ntawiha Haridi on behalf of the Muslim community, heartily thanked MTN Rwanda for the donation they were given noting that it is not the first time MTN Rwanda is doing this to their community. He mentioned that the donation shall be used to enable 500 members of their community to access health care services.

‘Mutuelle de Santé’ is a community-based universal health care scheme launched in 2015 to ensure that all Rwandans have access to health care.

Alain Numa, the Head of Promotion, Sponsorship and Events at MTN Rwanda said, “This is not the first time we have supported the Muslim Community in Rwanda. As a company that ensures we make the lives of our customers’ brighter, MTN will continue with the spirit of association with its clientele in a show of solidarity and appreciation of support it has received over the years.”

June 28, 2017
Mayfair Insurance opens subsidiary in Rwanda

Mayfair Insurance Company Limited has opened subsidiary in Rwanda with a target of extending insurance services to different categories of people and institutions in the country.

Originating from Kenya, Mayfair Insurance has branches in Tanzania and Zambia with the latest branch opened in Rwanda.

The Managing Director of Mayfair Insurance Rwanda Ltd, Daniel Mugisha Muhimuzi, has told IGIHE their insurance company will cover all areas except health and medical insurance.

“Mayfair Insurance insures properties, cars, houses, fire insurance, merchandises, construction, accident insurance among others. We have introduced particular services as payments can be made through technology platforms like Mobile Money and Tigo Cash among others,” he said.

The company is committed to offering better insurance services to Rwandans and their businesses including agriculture. It also has means of facilitating customers to make payments and plans to boost Rwandans’ appreciation of insurance services.

“Insurance services support national economic growth. In case of commercial building catching fire, it is a loss to the owner, the bank which provided the loan. It would be indeed incurring loss to the country because the commercial building burnt without insurance was paying taxes and hiring employees who pay taxes too,” said Muhimuzi.

Muhimuzi unveiled that Mayfair Insurance is committed to efficiency and timeliness in the delivery of services.

“The client will not need to wait for days. He/she will receive compensation as soon as required documents are presented,” he said.

Mayfair Insurance competencies

The Underwriting Manager at Mayfair Insurance Rwanda, Fred Karanja has told IGIHE that the institution has registered tremendous progress which saw it emerging among top insurance companies in Kenya.

“We cover the insurance of Nakumatt. Following the attack at Westgate (on 21st September 2013 damaging properties, taking lives of 67); we paid them Kshs1.3 billion at the time. The act attracted many clients later to Mayfair realizing our potential to solve such a problems,” he added.

Currently, Mayfair Insurance Company covers insurance of various hotels in the region, Safaricom Telecommunication Company among others. The company has an accumulated 12 years of existence.

Rwanda, Kenya good relations as key for the investment

The founder of Mayfair Group , Peter Kenneth met Mayfair Rwanda branch managers and partners on Monday where he assured that Mayfair Insurance will undoubtedly offer good services to Rwanda based on long standing achievements in other countries including Kenya, Tanzania and Zambia.

Kenya’s ambassador to Rwanda, John Mwangemi welcomed Mayfair Insurance Company to Rwanda noting that the country expects the private sector to take the lead in the country’s development.

He said that Rwanda is a best place for business.

Mayfair Insurance in Rwanda operations started officially on Monday. It has offices at the second floor of M-Peace Plaza building in Kigali town.

May 24, 2017
Park Inn by Radisson Kigali opens

Rwanda’s hospitality industry has got yet another boost as the world’s giant brand, Rezidor Hotel Group, opens Park Inn by Radisson, a four-star hotel in Kigali.

The hotel was opened on Monday in colourful exterior and interior designs, becoming the second Rezidor’s hotel in Kigali after Radisson Blu that opened last year.

Located in the cool shades of Kiyovu in the heart of Kigali, Park Inn by Radisson becomes an ideal venue for corporate guests, conferences and leisure travelers. The hotel offers 161 in different types including suites, superior and standard rooms, according to Jarl Thomas Stene, the hotel’s General Manager.

“We have a gym, conference facilities for up to 500 people. We have a free casting pool area. We have a free cast night club ‘JJ Club’ which, I think, is going to be very popular among our hotel guests but also the local community here in Rwanda,” he said.

“We want to be a little bit different from other hotels as you can see from the exterior and interior design is quite colourful. So we want to blend that into our service concept. We have something called ‘adding colour to life’ which is our service concept. We do proper training of the staff in service concepts where we allow them to be a little bit vibrant and try to create a little bit more colourful atmosphere in the hotel…”

Drawing on a number of the new openings in Kigali, Stene said he believes that Rwanda’s hospitality has a brighter future, thanks to the country’s efforts in attracting investors.

“Just come and try it out (hotel services)… Come and feel the vibes, feel the atmosphere…have a drink in the bar, have lunch, have a snack, come with your friends, your family and chill out, go to the night club, rest in good vibes…” Stene invites customers

Park Inn by Radisson Kigali has got into a pool of other top hotels that dominate Rwanda’s high-end market.

By Jean d’Amour Mugabo

May 24, 2017
Donald Trump: US to renegotiate, not pull out of NAFTA

US, Mexico and Canada agree to renegotiate NAFTA – hours after rumours of new executive order to leave the trade pact.

US President Donald Trump has told the leaders of Mexico and Canada that he will not pull out of the North American Free Trade Agreement (NAFTA), just hours after administration officials said he was considering a draft executive order to do just that.

The White House on Wednesday made the surprise announcement in a read-out of calls between Trump, Mexican President Enrique Pena Nieto and Canadian Prime Minister Justin Trudeau.

“President Trump agreed not to terminate NAFTA at this time and the leaders agreed to proceed swiftly, according to their required internal procedures, to enable the renegotiation of the NAFTA deal to the benefit of all three countries,” the White House statement said.

“It is my privilege to bring NAFTA up to date through renegotiation,” Trump said in the statement.

The Mexican government confirmed the conversation in a statement issued late on Wednesday.

“The leaders agreed on the convenience of maintaining the North American Free Trade Agreement and working together with Canada to carry out a successful renegotiation for the benefit of all three countries,” the statement read.

The White House announcement came hours after administration officials said Trump was considering a draft executive order to withdraw the US from the deal – though administration officials cautioned it was just one of a number of options being discussed by the president and his staff.

Is Trump against free trade?
White House Press Secretary Sean Spicer declined to comment on the potential executive order, which was first reported by Politico.

Some saw the executive order threat as posturing by Trump to gain leverage over Mexico and Canada as he tries to negotiate changes to the deal. Trump railed against the decades-old trade deal during his campaign, describing it as a “disaster”.

The NAFTA trade deal, which took effect in 1994, has been blamed by Trump and other critics for wiping out US manufacturing jobs because it allowed companies to move factories to Mexico to take advantage of low-wage labour.

Trump told the AP news agency in an interview last week that he planned to either renegotiate or terminate the NAFTA.

“I am very upset with NAFTA. I think NAFTA has been a catastrophic trade deal for the United States…It hurts us with Canada, and it hurts us with Mexico,” he said.

The administration appeared to be divided on Wednesday over how and when to proceed, as they balanced a newfound cautiousness with the desire to rack up accomplishments before Trump’s 100th day on the job.

Hundred days of Trump

Some were gunning for Trump to sign a draft order this week, while others were weighing the complications surrounding withdrawing from or renegotiating the deal without congress fully onboard.

Trump could withdraw from NAFTA – but he would have to give six months’ notice. And it is unclear what would happen next. The law congress passed to enact the trade pact might remain in place, forcing Trump to wrangle with lawmakers and raising questions about the president’s authority to raise tariffs on Mexican and Canadian imports.

The US administration announced earlier this month that it would slap hefty tariffs on softwood lumber being imported from Canada. Trump has also been railing against changes in Canadian milk product pricing that he says are hurting the American dairy industry.

In January Trump pulled the US out of the Trans-Pacific Partnership trade deal, which would have been the largest-ever trade pact as measured by the gross domestic product of the 12 intended member countries in the Americas and Asia.

The Trump administration last month submitted a vague set of guidelines to congress for renegotiating NAFTA, disappointing those who were expecting Trump to demand a major overhaul.

In an eight-page draft letter to congress, acting US Trade Representative Stephen Vaughn wrote that the administration intended to start talking with Mexico and Canada about making changes to the pact.

The letter spelled out few details and stuck with broad principles. But it appeared to keep much of the existing agreement in place, including private tribunals that allow companies to challenge national laws on the grounds that they inhibit trade – a provision that critics say allows companies to get around environmental and labour laws.

Reports on Wednesday of the possible executive order drew objections from some in congress, including Senator John McCain of Arizona.

“Withdrawing from #NAFTA would be a disaster for #Arizona jobs & economy,” he tweeted. “@POTUS shouldn’t abandon this vital trade agreement.”

Source:Al Jazeera

April 27, 2017
Shell admits dealing with money launderer

Shell has admitted for the first time it dealt with a convicted money-launderer when negotiating access to a vast oil field in Nigeria.

It comes after emails were published showing Shell negotiated with Dan Etete, who was later convicted of money laundering in a separate case.

Shell and an Italian oil company paid $1.3bn (£1bn) to the Nigerian government for access to the field.

Investigators claim $1.1bn was passed to a firm controlled by Mr Etete.

Shell and the Italian firm ENI agreed a deal with the Nigerian government for the rights to exploit OPL 245, a prime oil block off the coast of the Niger Delta.

The government passed on $1.1bn of the money to a company called Malabu, which was controlled by Mr Etete, according to Italian prosecutors.

Documents filed by the Italian prosecutors claim that $466m of that sum was then laundered through bureau de change and passed on to the then president, Goodluck Jonathan, and members of his government.

When questioned in the past, Shell has claimed that it only paid money to the Nigerian government, which took the form of a sum to settle the long-running legal dispute which had raged over the ownership of OPL 245.

But a spokesman has now said Shell had engaged with Malabu and Etete before signing that deal.

“Over the course of several years, Shell made repeated attempts to fully establish and understand Malabu’s ownership structure, including the exact role of Mr Etete in Malabu,” he said.

“Over time it became clear to us that Etete was involved in Malabu and that the only way to resolve the impasse through a negotiated settlement was to engage with Etete and Malabu, whether we liked it or not. This was consistent with the Federal Government of Nigeria’s (FGN) position.

“From the complex multi-party negotiations that followed, we knew the FGN would compensate Malabu to settle its claim on the block. We believe that the settlement was a fully legal transaction with the FGN,” he added.

‘Changed its tune’

The change comes after Global Witness and Finance Uncovered, two anti-corruption charities, published emails seen by the BBC which showed that Shell representatives were negotiating with Mr Etete a year before the deal was signed.

One of the emails was copied to Shell’s chief executive at the time, Peter Voser, showing knowledge of Mr Etete’s involvement went right to the top at Shell.

Rachel Owens, a campaigner at Global Witness, said: “Shell have always said that they only paid the Nigerian government. Today Shell has changed its tune.”

At the time Shell struck the deal for OPL 245, it was under a deferred prosecution agreement with the Department of Justice in the US, settling a case under the Foreign Corrupt Practices Act for $30m.

Under the terms of its agreement, it had to toughen up internal controls and stay in line with the US’ tough anti-corruption laws.

Representatives of Peter Voser declined to comment. ENI said there was no credible evidence any of its staff were involved in wrongdoing.

A spokesperson for Goodluck Jonathan told the BBC that no charges or indictments have been brought or secured against the former president relating to this transaction and described the allegations as a “false narrative”.

The BBC is still awaiting comment from Dan Etete, but he has previously denied any wrongdoing.

April 11, 2017
Uganda:Six banks bid to buy Crane Bank

At least six financial institutions, among them two Ugandan entities, are clamouring to buy Crane Bank whose management the Bank of Uganda took over in October, this year, over under-capitalisation.

The sale arrangement, which highly-placed sources said is in advanced stages, comes in the wake of a case former prime minister Amama Mbabazi filed in court to block the transaction.

Highly-placed sources, who spoke on condition of anonymity due to the sensitivity of the matter, intimated that representatives of the prospective buyers have over the weeks held back-to-back meetings with central bank and Finance ministry officials.

The bidders include Development Finance Company of Uganda (dfcu) Bank, Barclays Africa, First National Bank of South Africa, Aethel Partners, and General Equity, a New Zealand-based fund. We were unable to establish the identity of the sixth prospective buyer.

The bidding banks are all African-owned except Aethel Partners, an investment and advisory vehicle that owns European Bank-Banco Efisa, a European bank they acquired in 2015.

A source familiar with the ongoing conversation said all the prospective buyers were required to sign a Non-Disclosure Agreements (NDA), to formally bind and bar them from divulging any detail of the negotiations.

This newspaper understands that New Zealand’s General Equity has not yet signed an NDA, a prerequisite to advance to the next stage in the negotiations.

The planned sale is to get a strategic investor to recapitalise Crane Bank in which businessman Sudhir Ruparelia and family jointly own majority shares.
We were unable to reach Mr Ruparelia over the impending transaction in his bank.

Finance minister Matia Kasaija confirmed that they had invited and are holding talks with a number of potential investors, including the latest meeting they had last Wednesday.

“There is no problem. [If] anybody comes with the money to put in to capitalise that bank, and they give us their credentials and we find that they have the capacity to run the bank, then we shall welcome them. It can be a foreign based bank or local bank,” he said.

He referred subsequent inquiries to Bank of Uganda (BoU).
Neither Ms Justine Bagyenda, the central bank’s executive director of supervision, nor the acting director for communications, Mr Kelvin Kizito Kiyingi, was willing to discuss the imminent sale of Crane Bank.

It is unclear what criteria the government is using to sell off the bank and Mr Mbabazi’s lawyer Saverino Twinobusingye said, without providing specifics, that the transaction would be “contempt of court”.

The ex-premier and other influential government officials, including BoU Governor Emmanuel Tumusiime -Mutebile and current Prime Minister Ruhakana Rugunda, were majority shareholders in the defunct National Bank of Commerce (NBC) which the central bank seized in 2012 and sold to Crane Bank — which it has now placed on the market.

The NBC shareholders at the time in a yet-to-be-resolved petition, challenged the seizure and sale of their financial institution to Crane Bank, which was then expedited on the same day.

December 20, 2016
Nakumatt expands regional presence with third Rwanda Branch

The new Nakumatt Kagugu Supermarket covering a shop floor space of more than 5,000square feet and located at Merez Centre Kagugu now pushes the retailer’s branch footprint in Rwanda to 3 branches.

Speaking when he confirmed the opening of the new Nakumatt Kagugu, Nakumatt Holdings Managing Director, Atul Shah reiterated the firm’s commitment to further deepen the value of the regional formal retail trade.

Deepening of the regional formal retail trade space through branch expansions and stocking of commodities sourced from the region, Shah said, will play a key role in fostering meaningful regional integration.

From Rwanda into Kenya, Nakumatt, he said is considering the regional importation of popular products such as Arabica Coffee, Macadamia Oil and the Akabanga hot Chili sauce, Sabana chili sauce and Nyungwe honey.

Such unique Rwanda produced products will be stocked in Nakumatt branches in Kenya, Uganda and Tanzania. Similar initiatives will be undertaken to ensure the stocking of unique products from other East African countries within the Nakumatt network.

“For us at Nakumatt, we are restructuring the business to continue playing a pivotal role in the regional retail space by providing a market platform across the region for local produce,” Shah assured.

Nakumatt opened its first Supermarket (Nakumatt UTC) in Rwanda in 2008 followed by a Hypermarket outlet (Nakumatt KTC) in 2011 and has continued to enjoy steady growth in the fast developing nation.

The National Institute of Statistics of Rwanda (NISR) reported a growth of 7.3 per cent in the first quarter before slowing down to 5.4 per cent in the second quarter of 2016.

This performance in both Q1 and Q2 was driven by high growth in the industrial sector of 10 per cent, and services and agriculture sectors, which grew by 7 per cent each.

The World Bank had, at the beginning of the year, projected the country’s economy to grow by 6.8 per cent this year, and rebound in 2017 to 7.2 percent.

Rwanda has also continued to show business attraction progress and is now ranked at 56th position out of 190 countries in the Ease of Doing Business in the 2017 rankings.

Rwanda was the 2nd easiest place to do business coming 7 positions closer to Mauritius, ranking on the first spot in Africa and 49th globally.

With the opening of its 64th branch in Kigali, Rwanda, Nakumatt now has a branch complement of 47branches in Kenya, 3 in Rwanda, 5 in Tanzania and 9 in Uganda.

December 18, 2016
Restaurant Epicurien to offer European menu on the eve of New Year feast

On 31st December 2016, Restaurant Epicurien will prepare European dishes for lovers of French cuisine as a way of wishing them a happy new year.

The restaurant “L’Epicurien” is located in Kimihurura sector of Gasabo district in Kigali City.

It is a discrete restaurant in appearance with clean trimmed lawns that bespeak of spectacle and a luxuriant aura. The French cuisine is served by Chief Olivier Béal with outstanding experience.

Program of the day

Welcome drink will be Kir Royal, “gougeères” with cheese

Menu starter

Stuffed Avocado with smoked salmon mousse and pink shrimps

Greedy salad with dry duck breast and foie gras

Dishes
Dishes for two:

Rib of beef ,500 gr (Origin Belgium BBB), Pepper corn Sauce , flambéed with cognac
“Sarladaises” potatoes (stir-fry potatoes in duckgrease with mushroom)

Sole filet in champagne sauce
Wild rice and spinach leafs.

Dessert Trilogie

Crème brulée with mango, chocolate mousse and homemade lemon frosted

Booking

If interested, call 0789175868 or email info@epicurien-kigali.com for booking.

December 16, 2016
South Africa’s Steinhoff and Shoprite to form retail giant

The companies said the proposition of this “formidable entity” was supported by their shareholders.

South African retail giants Steinhoff International and supermarket group Shoprite Holding Wednesday said they were in talks to merge their African operations to form a single company worth over $14 billion.

The companies said in a statement they had initiated talks “regarding the potential combination of their respective African retail businesses” with an objective of creating what could be regarded as “the retail champion of Africa”.

The new venture to be called Retail Africa would have annual revenues of about $14.6 billion.

The companies said the proposition of this “formidable entity” was supported by their shareholders.

Shoprite is Africa’s largest food retailer with a presence in 14 African countries, including Nigeria, Africa’s largest economy, oil-producing Angola and Zambia.

It is said that the new venture would employ nearly 186,000 people and would give Steinhoff “African exposure”.

Steinhoff’s African businesses include a range of credit-based household goods and the company has vast interests in Europe.

The company recently bought UK discount chain Poundland and US retailer Mattress Firm Holding.

According to the companies, the proposed retailer is geared to become a leading discount retailer for value conscious African consumers.

They stated that Retail Africa would have “the required size and scale to compete with any other international retailer” and lead to job creation in various countries.

December 15, 2016