Nigerian billionaire businessman Aliko Dangote is reported to be coming back to invest in Zimbabwe after his much-publicised plan to invest in the country almost three years ago did not come to fruition.
Dangote who visited the country in 2015 is said to have stayed away from Zimbabwe because some former cabinet ministers demanded bribes from him.
His associate Josey Mahachi-Agbeniyi, the person who facilitated his trip to Zimbabwe said the billionaire may be returning as early as next month.
What happened with Mr Dangote is something that was beyond my control, beyond his control. Everybody knows what was happening in the country. For you to invest in Zimbabwe you had to grease some people’s palms. which is something that Dangote doesn’t want.
Prophetic Healing and Deliverance (PHD) Ministries founding leader Walter Magaya has said that he expects his multi-million Yadah Marble Factory to generate revenues of at least $100 million within its first year of operating.
The company will be operating 28 mines as it seeks to be the biggest company producing marble products in the world.
Speaking at the official launch in the capital, Magaya said:
We expect a turnover of US$100 million in the first year and US$200 million in the following year. Yadah Marbles will be the biggest company to produce marble products in the world.
There was drama in Parliament today after controversial businessman Wicknell Chivayo was publicly disowned as a shareholder in Intratek Holding by his purported partners.
Chivayo had told the Parliamentary Portfolio Committee on Mines and Energy that he owns 50 percent of Intratek Zimbabwe with Yousouf Ahmed owning the other 50 percent.
However, according to Bruce Tokwe, the lawyer who represents the other shareholder, Ahmed, Chivayo ceded his shares in the company in 2014 and was now working for the company as a managing director. Read more
Legislators have been accused of receiving top of the range vehicles as bribe from sugar manufacturer Tongaat Hulett so that they influence Government to issue the company with a land lease.
Tongaat Hulett has no lease agreement with Government or any title to the 29 000 hectare sugar plantation after Government compulsorily acquired the land.
The issue came up during a tour of Tongaat Hulett by the Parliamentary Portfolio Committee on Lands, Agriculture and Resettlement chaired by Zanu-PF Gokwe Nembudziya MP Justice Mayor Wadyajena who has vowed to investigate the matter. Read more
The Reserve Bank of Zimbabwe (RBZ) has introduced the Diaspora Investments Accounts with the aim of getting more funding for local investments.
The accounts which function as savings accounts will receive a 7 percent Diaspora Remittance Incentive from the RBZ in addition to the interest which the account will earn from the bank.
The RBZ also said that the accounts will be protected from the RTGS system, in order to maintain their value in foreign currency. Read more
Speaking in the National Assembly, Tourism and Hospitality Industry Minister Prisca Mupfumira said Government is working on legalising shebeens to promote local tourism.
Mupfumira said the shebeens should be registered with her ministry through the Zimbabwe Tourism Authority (ZTA) Said Mupfumira:
What we are in the process of doing as a Ministry is to ensure that all tourist activities, shebeens, lodges or whatever are registered with the Ministry through ZTA. So, we have the next two months to register such. Read more
Minister of ICT and Cyber Security Supa Mandiwanzira has dismissed allegations that he is corrupt and declared that he has never taken a single cent from the government.
The minister dismissed allegations made by former NetOne CEO Reward Kangai and businessman Agrippa “Bopela” Masiyakurima. Appearing before the Parliamentary Portfolio Committee on Media, Mandiwnzira said:
As Minister of ICT, one of my huge responsibilities was to clean up very murky cartels operating in State enterprises and parastatals under the ministry in terms of shady business contracts, where there was a $280 million project implemented by NetOne and we had consultants who did a study and they advised us that we had been duped, and they were only able to recover $30 million, but this contract was signed by Kangai. Read more
Addressing Zanu-PF supporters in Mashonaland Central at Siyalima Primary School in Guruve yesterday, President Emmerson Mnangagwa said his government had secured more than $3 billion in foreign direct investment in just 7 weeks.
We have secured more than $3bn in foreign direct investment in just seven weeks.
We want this country to move forward. We want jobs for our children. For a start, we are addressing the production levels of agriculture where we are modernising all forms of production. Read more
Presenting the 2018 Monetary Policy Statement, Reserve Bank of Zimbabwe (RBZ) governor Dr John Mangudya announced that the 99-year leases for land can now be used as collateral to access loans from financial institutions.
The 99-year leases are given by the government to farmers who apply for land for agricultural purposes.
Earlier this year, the government stopped the discriminatory practice of issuing 5-year leases to white farmers and has started issuing them with 99-year leases as well. Read more
One of the world’s leading diamond companies, De Beers, has expressed interest in Zimbabwe after being granted 16 new licences in South African.
The company has been encouraged by political developments in Zimbabwe and is looking at an opportunity of expanding its $2 billion Venetia project, which is 20 kilometres from the Zimbabwe border. Read more