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BREAKING: SA annual Inflation drops below 4% for the first time in three years

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The South Africa’s annual inflation rate fell below 4% for the first time in more than three years, bolstering the case for policymakers to continue cutting rates.

Consumer prices rose 3.8% in September, compared with 4.4% in the prior month, Pretoria-based Statistics South Africa said Wednesday in a statement on its website.

That matched the median of 15 economists’ estimates in a Bloomberg survey.

The drop in the rate to the lower end of the central bank’s 3% to 6% target range, along with expectations that it may fall further, will likely persuade officials to cut the policy benchmark for the second time in a row on November 21.

A favourable food harvest and soft fuel prices are factors that are expected to help inflation slow further.

The central bank in its biannual monetary policy review published last week said that while its policy stance is moderately restrictive and the disinflation process is on track, there’s lingering uncertainty about the outlook that requires the authorities to proceed with caution.

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Tax Reform: I rented secret apartment after death threats –Oyedele

These are not small boys and girls,” he said. “They are big people with deep connections and resources. So naturally, they would resist any effort to block those illegal streams.

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Oyedele said that the threats began shortly after he announced a clampdown on more than 60 government agencies illegally collecting taxes and levies across the country.

Chairman of Nigeria’s Presidential Committee on Tax Policy and Fiscal Reforms, Taiwo Oyedele, has revealed that he was forced to flee his home and now lives in a secret location under armed police protection after receiving death threats linked to his tax reform efforts.

The Guardian reports that during a live radio interview on Nigeria Info FM, Oyedele said that the threats began shortly after he announced a clampdown on more than 60 government agencies illegally collecting taxes and levies across the country.

“I had to pack out of my house,” he said. “I rented a place in a secret location where I now live. I’m not the kind of person who wants anybody carrying a gun to follow me around, but I had to accept mobile police protection.”

”Oyedele, a former Africa Tax Lead at PwC, has led the drive to simplify and clean up Nigeria’s tax system.

He described the backlash as unexpected but driven by powerful individuals who had turned tax collection into a personal revenue stream.

“These are not small boys and girls,” he said. “They are big people with deep connections and resources. So naturally, they would resist any effort to block those illegal streams.”

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Dangote Refinery Planning 1.6m Barrels Fuel Storage Tanks in Namibia

The storage tanks would be used to supply petrol and diesel to Botswana, Namibia, Zambia and Zimbabwe.

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Dangote petroleum refinery will construct storage tanks in Namibia to hold at least 1.6 million barrels of petrol and diesel to supply refined fuel to southern Africa.

Reuters reports that the storage tanks would be used to supply petrol and diesel to Botswana, Namibia, Zambia and Zimbabwe.

Dangote was also considering supplying fuel to southern Democratic Republic of Congo, the sources said.

It was not immediately clear how much the project would cost, but the second source said construction of the storage tanks would begin shortly in the port city of Walvis Bay.

The move underscores the refinery’s ambition to dominate fuel supply in Africa and beyond, potentially reshaping energy trade flows in the region and boosting access to refined products for southern African nations.

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UBA Announces Strategic Expansion into Key Markets Across Africa

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UBA Group senior executives have concluded the Group’s Half Year Business Review, which was held at the global headquarters in Lagos Nigeria.

UBA Group Managing Director/CEO, Oliver Alawuba, brought together executives responsible for UBA’s twenty-four countries of operation.

He said “the gathering was an opportunity to restate the Group’s pan-African strategy, and commitment to further expanding the Group’s coverage across high potential markets across Africa, while also deepening its operations in its existing twenty African presence markets.

“With over 51.7% of Group revenues from ex Nigerian operations, UBA’s journey to being Africa’s most diversified financial services group was clearly in evidence.”

The international strategic intent reinforces with the Group’s intention to deliver innovative financial solutions to its fast-growing global customer base.

The strategy demonstrates UBA’s unique position as Africa’s global bank and ability to leverage growth opportunities in emerging and leading African markets.

The Group commenced its Pan African journey, with its entry into Ghana in 2004, followed by rapid expansion into 18 additional African markets.

Today, as a resilient and future-focused institution, UBA continues to push boundaries by connecting Africa to the world and the world to Africa.

Mr Alawuba highlighted the Group’s expansion plans, disclosing that the Group is excited about the vast opportunities that the new markets present, a testament to UBA Group’s confidence in the African economy, providing world-class banking services that meet the continent’s evolving needs.

He noted that: “UBA’s vision is clear – we are building a truly global institution anchored in Africa, but serving customers across continents”.

“Further strategic expansion positions us to unlock new opportunities, support intra-Africa trade, and deliver world-class banking experiences wherever our clients choose to do business,” Alawuba said.

“In Europe, UBA has operations in the United Kingdom and upgrading its license in France, expanding its capacity to serve cross-border trade, investment flows, and the African diaspora, complementing our over 40-year presence in NY.”

These moves signal a clear message of UBA’s intent to reshape the competitive landscape”, Alawuba further said.

As part of the Group’s plan to expand its global presence, UBA, in January, announced plans to open operations in Saudi Arabia.

Operating in twenty African countries and the United Kingdom, the United States of America, France and the United Arab Emirates, UBA provides retail, commercial and institutional banking services, leading financial inclusion and implementing cutting edge technology.

United Bank for Africa is one of the largest employers in the financial sector on the African continent, with 25,000 employees’ group wide and serving over 45 million customers globally.

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