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TANZANIA
9
The unsungg Algerian AAlger protester People power
500 million people and a trillion-dollar economy, or things fall apart NIGERIA AT 60
– 35-page special inside –
Contributions by
Atiku Abubakar Aliko Dangote Emmanuel Macron
Yemi Osinbajo Abdul Samad Rabiu Bola Tinubu
tion is on Consolida for the the cards ance Nigerian insur the sector as nt raises rnme gove capital minimum nts at the requireme year end of the
effect at the ed to take are schedul er. the end of Decemb will benefit from USE The industry t Adebisi, be says Rashida sector may at AXA new rules, insurance tion officer ed m Nigeria’s chief distribu d of a watersh The minimu in Lagos. on the threshol to that of the , for Mansard for life insurers moment similarin 2004. In the case capital base N2bn will rise from banking sector to see example, reforms imposedled “We expect to N8bn. of the banks, ents that more ($5.5m) requirem ation,” and new capital enter in the number some consolid reduction players could ion was the to a sharp major foreign see penetrat rs. The result stronger they if operato of lly the market she says. of financia increase, emergence to increase bank starting to were able investment players who . Now the the A report by the industry Denham predicts the size of Commission Chapel Hill as FBN Insurance d the exercise National g increase winners in is imposin that (NAICOM) ents on insurers capital requirem
By DAVID WHITEHO
7
Khalifa Haftar Military offender
8
LIBYA
98
THEAFRICAREPORT / N°° 111 1 / APRIL-MA APRIL-MAY-JUNE 2020
After the late General Muammar Gaddafi was ousted in 2011, two opposing forces of power appeared in Libya: one in Tripoli, the UN- and Turkey-backed Government of National Accord (GNA); and one in the east, led by Gen. Khalifa Haftar and supported by Saudi Arabia, the UAE, Egypt and Russia. French involvement is also in question: Paris denied breaching an arms embargo after French-made missiles were found on a captured base of Haftar’s. With his Libyan National Army (LNA), strongman Haftar made a brutal assault on Tripoli in April 2019, which led Amnesty International to accuse him of war crimes. In early 2020 Russia and Turkey tried to broker a ceasefire agreement with Haftar in Moscow, but the warlord left without getting out his pen. He claims the LNA wants to restore order; his critics say he is preventing the growth of democracy in Libya.
MICHELE SPATARI/AFP
NIGERIA
(REALLY) HEADING?
TOM SAATER/BLOO
Nigerians number of for The sheer growth potential makes the to match insurers hard
ion, to Coronat According reform, total or a ife or if life g the banking nd bet en a betwe followin fo , at a compou choose between forced to loans grew rate of stay in business gross gr Zenith d annual licence to ife if licence & Allied, non-life por port. Custodian inflation-adjuste2004 and 2009. That infla ay, to the report. adway, adway l Insurance, , Leadway between according owth ow potentia 26.9% 26 Wapic Wa c General Zenith Wapi m growth that Nigerian General, ial prospect The long-ter hard Pr ential Prud , Prudent raises the ra by a factor market mark is and AXA Mansard Life, could grow of the Nigerian Nations Nati Na ons n Lif N.E.M. meet to 10 years, penetration penet ee eet The United Life, Lif Custodia ce,, which the next eight which can w that by to match. of 10 over sly’. technological t Fund predicts Linkage Assuran ly seamles says. “The ry for Children’s will represen elatively ‘relatively ‘relativ the bank rules ‘relative rul data necessa new rules irt in Nigeria in the irths the new cture and ntif s the ntifie 2050, births identifie infrastru infr bir available.” total births Its research among are largely insurance 10% of the hortf ls hortfalls ion’s shortfal expansion ex k its 2019 Nigeria Lagoon terms, Coronat Goldlink biggest capital lik Goldlin world. In In US dollar insurers like ‘From the -life, -lif , the Nigerian composite . In non-life Merchant industry report, grown d Alliance research notes, re Coronation has barely ional e rna ional rnati and Standar e and Internat e industry at to the Ocean’, ’s insuranc ntr ’s ntry’ insuranc ins Analysts Staco Insuranc biggest short10 years. pu the country far behind Bank puts in Lagos, over ove the past ha the and l Services on at 0.31%, Energy have ratiion penetrat penetra penetrati ble per African Allianceface WSTC Financia WS om able compar wit compara falls, while nt ess with ntri on 3.69%. countrie countri Insurance such as India DP DP, such e hurdle. Capital Express insuranc a GDP, rance 123 capita capit ca life-insu lif life-JUNE 2020 be may ma be the highest 111 / APRIL-MAY ite insurers EPORT / N° THEAFRICAR THEAFRICA Some compos
Masses off A Algerians – without a visible leader – shook the foundations in 2019. Hundreds of thousands regime to its foundati protested at the prospect of a fifth of people e rregularly pr presidential ntial term for tthe incapacitated strongman Bouteflika. Abdelaziz Bouteflika ka. Despite the pressure of the street, the people were not able to stop pushing through an unpopular top the elite from fr election in December cember 2019. The protests remain an important check on the new government, government rnment, which is seeking a dialogue to address popular demands.. Many this and want to maintain the Man any have have rejected reje tactics that have ha been en put to good use since early 2019.
NICOLAS MESSYASZ/SIPA
INTERNATIONAL EDITION
JEUNE AFRIQUE MEDIA GROUP
QUARTERLY EDITION • N° 113 • OCTOBER - NOVEMBER - DECEMBER 2020
Algeria DA610 • Belgium €7.90 • Canada CA$12 • Denmark DK80 • D.R.C. US$10 • Ethiopia Birr200 • France €7.90 • Germany €7.90 • Ghana GH¢35 • Kenya KES1000 • Morocco DH45 • Netherlands €7.90 • Nigeria NGN2000 • Norway NK95 • Rwanda RWF7,500 • Sierra Leone LE79,000 • South Africa R75 (tax incl.) Sweden SEK100 • Switzerland FS10.90 • Tanzania TZS20,000 • Tunisia DT15 • Uganda UGX40,000 • UK £7.20 • United States US$15.99 • Zambia ZMW80 • Zimbabwe US$6.20 • CFA Countries F.CFA3,900 • Euro Zone €7.90
GETTY IMAGES MBERG VIA
ALGERIA
WHERE IS
From day one – when he arrived unannounced in various civil-servant offices, and started slapping tax writs on bill dodgers – Magufuli has shaken things up in Tanzania. Now, he faces criticism from international human rights’ groups for his increasingly authoritarian attitude, particularly his repression of the press, freedom of speech, and his anti-LGBTQ+ stance. In Tanzania, despite this, he is celebrated for economic reform – the country of 58 million people now boasts one of the highest economic growth rates in Africa. Magufuli set an example by cutting his own salary from $15,000 to $4,000 per month, has ensured that civil servants turn up for work and has made it easier to do business. He has taken full advantage of Chinese financial help, and has embarked on a vast programme of infrastructure development, particularly in the rail industry (see page 86).
Civil society
Black power
SOUTH AFRICA As the leader of what is now the third-largest party in both houses of the South African Parliament, with 44 seats in the National Assembly, sembly, JJulius sembly ulius Malema is aiming forr a at lleast east 10 million votes in 2024. 02 024. The country’s demographics put him and his Economic Freedom Fighters (EFF) in a strong position. Disruptive in every sense of the word – the EFF’s red boilersuits are often seen storming or walking out of parliamentary sessions – Malema says sa his party was responsible e for f the resignation of corrupt former president Jacob Zuma: “The EFF motion of no confidence in the former president formed the basis of all deliberations and discussions that resulted in him resigning as president of the republic of South Africa – bringing to an end the rule by criminal syndicates.” To his young, overwhelmingly black support base he says sa South Africa should not be dependent on loans from the West, but should reclaim its sovereignty. ignty ignty.
Joseph Kabila & Félix Tshisekedi Power struggle
DEMOCRATIC REPUBLIC OF CONGO When Joseph Kabila finally agreed to step down as president of the Democratic Republic of Congo (DRC) after 18 years in power things didn’t quite work out as he had planned. Instead of Kabila’s chosen dauphin, Ramazani Shadary, sslipping Shadary lipping into his still-warm seat the election result was disputed between oppositionists Martin Fa Fayulu and Félix Tshisekedi. Kabila is widely thought to have ha done a backroom deal with Tshisekedi, to whom he handed the keys to the palace on 24 January 2019. Kabila is now a senator for life, if in accordance ife, with the country’s constitution. Since then, it has been a competition between the two to see who can disrupt whose networks. The spoils are clear. The DRC has the richest subsoil of any an nation on the continent, including the lion’s share of
11
AFRICAN AFRI AF RICA RI CAN CA N COMPANIES COMP CO MP MPAN ANIE IES S
TOP TO P
es i inaugurat Félix Tshisekedin Kinshasa – President road tensions a newly tarmacked from his political a brief respite
Julius Malema
10
DRC CUS
DOMINIC MALENTSHA SEWELA Barloworld (#26)
Rank 2018
THEAFRICAREPORT / N° 111 / APRIL-MAYTHEAFRICA APRIL-MAY-JUNE PRIL-MA JUNE 2020 PRIL-MAY-
Rank 2017
1 2
Petroleum
Country Algeria
Turnover (2018) 48 181.5
Sonangol
Petroleum
Angola
15 778.2
-1
Steinhoff International Holdings
Wood and paper
South Africa
14 685.2
Sasol
Chemicals
South Africa
12 562.5
5
4
-1
Eskom
Utilities
South Africa
12 453.9
6
6
0
Shoprite hoprite Holdings
Retail
South Africa
10 059.5
Turnover change 17% -10% -2%
Net profits 3 939.4 257.5 - 771.6
-10%
1 787.7
-13%
- 1 435.1
-12%
360.9
7
7
0
TN Group MTN
ICT/Telecoms
South Africa
9 315.6
-13%
663.1
8
9
+1
Imperial Holdings
Diversified
South Africa
8 908.7
-5%
235.9
9
8
-1
Bidcorp Group
Food & Drink
South Africa
8 263.3
-7%
283.5
10
11
+1
126.5
11
-
-
12
SPAR SP Group
Retail
South Africa
7 131.2
-9%
LNG NLNG
Petroleum
Nigeria
6 871.7
14%
ND
0
assmart Holdings Massmart
Retail
South Africa
6 312.4
-17%
60.1
0
Vodacom Group Vodacom
ICT/Telecoms
South Africa
6 237.6
-11%
1 066.1
13
13
14
15
+1
25
+10
22
+6
24
+7
18
18
0
19
10
-9
20
Suez Canal Authority
Retail Mining Ports
South Africa Morocco Egypt
5 972.6 5 845.5 5 812.3
-9% 13% 4%
107.6 585.7 ND
Sappi
Wood and paper
South Africa
5 806.0
10%
323.0
Petroleum
South Africa
5 711.5
2%
124.8
Sanlam
Insurance
South Africa
5 380.6
-42%
886.3
The Bidvest Group
Diversified
South Africa
5 328.2
21
20
-1
The Bidvest Group South Africa
Diversified
South Africa
5 252.2
23
+1
Anglo American Platinum Corp.
Mining
South Africa
5 163.3
23
16
-7
Transnet ansnet
Transport
South Africa
5 127.9
24
19
-5
Vodacom dacom South Africa
ICT/Telecoms
South Africa
4 937.8
-13%
ND
25 26
17
21 26 31
-3
Pick n Pay Stores Group OCP Group
ngen Petroleum Engen
22
27
BER 2020
Sector
Sonatrach onatrach
+1
3
+1
Company
2
17
99
0
5
15
continued economy, hurting the at the heart -19 pandemicpolitical tug-of-war Tshisekedi is trying With the Covid and a tion of Félix ad in the east abro instability nt, the young administra at home and of governme will, seeking allies its to impose
Diff.
3
12
ins Growing pa
1
4
16
the mineral for all our future electric battery needs: has railed cobalt. Tshisekedi h ed about Kabila’s corruption to Western donors and is now taking steps to neutralise key Kabila allies. allies control a majority in the legKa Kabila and his alli islature, giving them considerable derabl ra e power to stymie rabl Tshisekedi. prevented Tshisekedi from Tshiseked hisek i. That has not prevente hiseked ev evente dT Tshisek shisekedi ffro shiseked m raising the ante: his government rnment and security services are going after mining boss Albert Yuma, spy chief Kalev Kabila’s Jaynet.. F Frustrated Kabila Mutond and Kabila Ka ’s sister Jaynet Ja Frustr ated db by K abila of his initiatives,, T Tshisekedi threattrying to block man many o is initiatives initiativ Tshisek shisekedi tthr shiseked ea eatened to dissolve issolve issolv e the the National onal Assembly earlier this year, ar ar, although this was later retracted. acted.
‘Consumer confidence in South Africa is very low […] people are not buying new cars.’
1-50
JAMES OATWAY/PANOS-REA
Authoritarian reformer
Tech
ROBERT CARRUBA POUR JA
THE AFRICA REPORT
Level up ut or clear o
John Magufuli
Business
DE RDC
www.theafricareport.com
N° 113 • OCTOBER-NOVEMBER-DECEMBER 2020
Politics Politic
-4 0 +4
28
28
0
29
52
+23
32
+2
30 31
27
-4 -3
Woolworths Wo Holdings arloworld Barloworld
Retail Diversified
South Africa South Africa
-15%
4 332.4 4 094.8
Ethiopia
3 983.5
Healthcare
South Africa
Mining
418.6
-12%
South Africa South Africa
Air transport
Mediclinic Corporation
10% -6%
- 245.7 271.4 13.1 595.1
47%
ND
3 955.6
2%
- 175.4
South Africa
3 943.0
-13%
South Africa
3 803.1
-5%
150.0
32
29
33
34
+1
Groupe Maroc Telecom
ICT/Telecoms
Morocco
3 764.2
1%
34
37
+3
Al Mada (Ex S.N. d’investissement)
Diversified
Morocco
3 544.9
-3%
486.2
35
35
0
Sibanye ibanye Gold
Mining
South Africa
3 506.9
-5%
- 174.5
36
-
-
ultichoice Africa Multichoice
Media
South Africa
3 468.1
-10%
- 88.3
37
43
+6
38
14
-24
39 40 41
30 49 33
42
45
43
39
44
Old Mutual Life Assurance Co.
ND 484.1
4 748.6
Media Insurance
Ethiopian Airlines
269.0
-3%
4 390.6
Datatec Indequity ndequity Group
Anglogold Ashanti
-7% -7% -13%
South African Airways* Naspers
-9
ONEE
+9
Sonelgaz
Insurance
Air transport Media Utilities
South Africa South Africa Morocco
3 295.0 3 291.0 3 839.1
624.5 628.4
48%
- 420.0
10%
6 921.0
-3%
204.6
3 264.3
16%
ND
-8
Kumba Iron Ore
Mining
South Africa
3 165.5
-15%
872.0
+3
ArcelorMittal South Africa
Metals
South Africa
3 134.3
-1%
-4
MTN South Africa
ICT/Telecoms
South Africa
3 091.7
-10%
Utilities
Algeria
94.8 ND
-4
Naftal
Petroleum
Algeria
3 044.2
2%
45
38
-7
Transnet ansnet Freight Rail
Rail transport
South Africa
3 017.2
-15%
46
36
-10
Orascom Construction Industries
Construction
Egypt
3 013.5
-18%
Afriquia SMDC
Petroleum
Morocco
2 941.0
5%
92.3
Telkom lkom
ICT/Telecoms
South Africa
2 892.0
-10%
231.5
40
47
72
+25
48
42
-6
49
48
-1
MTN Nigeria
ICT/Telecoms
50
46
-4
Global Telecom Holding
ICT/Telecoms
ND ND 154.7
Nigeria
2 847.2
-2%
399.2
Egypt
2 828.1
-6%
- 238.4
2018 results in millions of US dollars; *in italics 2017 results; ND: no data
47
76
THEAFRICAREPORT / N° 112 / JULYJULY-AUGUST-SEPTEMBER UL ULY-AUGUST AUGUST-SEPTEMBER 2020
ST-SEPTEM
112 / JULY-AUGU EPORT / N°
THEAFRICAR
-JUNE 2020 1 111 / APRIL-MAY EPORT / N°
122 THEAFRICAR
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TOP 50 DISRUPTORS /
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FINANCE AFRICA’S TOP 200 BANKS face the Covid slump
GOLD BOOM How smugglers rip off Africa
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ZIMBABWE Team Mnangagwa circles the wagons
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