Another Week

BY THE NUMBERS AFRICA’S LARGEST ECONOMIES 1990 2005 2020 African countries with the highest GDP over time $bn 1 2 3 4 5 6 7 8 Source: World Bank, Statista

$432.3bn is the size of Nigeria’s economy, making it the largest in Africa (in dollar terms)

SA SA Nigeria 432.3

Algeria Nigeria Egypt 363.1

Nigeria Algeria SA 301.9

Egypt Egypt Algeria 145.2 Morocco Morocco Morocco 112.8

Libya Libya Ethiopia 107.6

Sudan Angola Kenya 98.8 Cameroon Tunisia Ghana 72.4

10% of Nigeria’s GDP is the contribution of its finance sector, up from just 1% in 2001. However, petroleum, its largest export, is still the main driver of its growth

ANOTHER WEEK $2,100 is its GDP per capita. Using this measure, Nigeria doesn’t feature in the top 10 in Africa

report in March this year, Zuma was meant to pay back the loan in R69,000 monthly instalments over 240 months, but he defaulted. He is now about R250,000 in arrears.

Louise Brugman, a spokesper son for VBS curator Anoosh Ro o p l a l says Rooplal cannot comment about Zuma’s loan because of client confidentiality. Zuma’s spokesperson, Mzwanele Manyi, tells the FM that the status of Zu m a’s loan with VBS is confidential, and declined to comment f u r t he r .

VBS began litigation against Zuma in 2019, after he had fallen into arrears, at the high court in Pietermaritzburg. Brug man confirms that the case is still before the court and says the presiding judge has yet to r u le .

VBS collections manager Shaun Havenga submitted a certificate of indebtedness to the high court in Pietermaritzburg regarding the divorce proceedings involving Zuma and his wifeThobeka Madib a -Zu m a .

That document, dated August 19 2020, showed that Zuma owed VBS R6.9m onJuly 31 that year.

Zu m a’s bank statements from March 2018 to August 2020, also filed in his divorce proceedings, showed that VBS was debiting him a monthly amount of at least R66,417.05 on either the 15th or 16th of the month. VBS ran debit orders against Zuma’s Absa cheque account in March, April, May, June and July 2018.

The VBS debit orders came off in March, April, and May but bounced in June and July.

At the start of March 2018, that Zuma cheque account had a negative balance of over R330,000. From August 2018 to August 2020, no VBS debit orders were run against the account. At the end of August 2020, the Absa cheque account had a positive balance of about R209,000. x VBS began l i t i g at i o n against Zuma in 2019, after he had fallen into arrears with the re p ay m e n t of his bond on upgrades

to his home TANK DEFIES TORNADO An old army tank stands unscathed amid the rubble of devastating tornadoes that ripped through six states in the US at the weekend. The twisters spread death and destruction and were powerful enough to derail a freight train and send a family photo 209km. But this tank, outside an American Legion post in Dawson Springs, Kentucky, stood firm against the storm