Togo First
CFPJ hosts a workshop on ways to fight money laundering and terrorism financing
On Monday 7th January, a five-day training workshop on ways to fight money laundering and terrorism financing commenced. The session is taking place at the Centre de formation des professions de Justice (CFPJ) in Lomé.
Gathered at the meeting are magistrates as well as top members of the police and army. They will be taught how to better fight money laundering and terrorism financing by improving their knowledge and practices relating to these issues.
In effect, the workshop’s goal is to teach “how to appropriately conduct a financial investigation and obtaining tangible results, how to interrogate criminals, how to record minutes,” said Suzanne Soukoudé Fiawonou, head of CFPJ.
The ongoing workshop is one of a series started last December. It falls under a project to strengthen capacities to tackle money laundering and terrorism financing in West Africa (SAMOUA). This project is carried out in partnership with the Inter-governmental Action Group against Money Laundering in West Africa (GIABA).
The next workshop, a more advanced one, will be held in February 2019.
Asky Airlines lands its first flight on the new terminal of the Abuja international airport
On Sunday, January 6, a new terminal opened at the Abuja Nnamdi Azikiwe international airport. Asky, the Lomé-based pan-African airlines was one of the first airlines to use the terminal.
The airlines transported from Lomé 91 passengers who landed at the terminal, according to a tweet from the Federal Airports Authority of Nigeria (FAAN), Nigeria’s airports management authority.
The presence of Asky on what is Nigeria’s second most important airport after Lagos’ once again is proof of Asky’s growing presence across the African sky.
Asky, in line with its growth objectives and with the support of its partner Ethiopian Airlines, is gradually increasing its fleet.
Séna Akoda
Togo’s post company launches new service delivery and order service, E-Colis
Togo’s post company (SPT) just launched E-Colis, a service that allows its clients to directly order and receive packages from Europe, within the Schengen area to be exact.
With the service, SPT’s customers can purchase any item on any European e-commerce website. It is cost-effective as packages, if many, are not sent separately but regrouped, and international delivery fees are reduced.
Interested people can subscribe to the service, freely, using the following link: https://www.laposte.tg/ecolis/index.html
Subscribed customers get package delivery alerts and can track their packages on their accounts.
Séna Akoda
Mercredi de l’Entrepreneur : What are the advantages of the new tax regime for businesses ?
The national agency for the promotion and financing guarantee of SMEs/SMIs (ANPGF) in partnership with Togo’s chamber of commerce and industry (CCIT) is organizing a new edition of its “Mercredi de l’Entrepreneur” program, a program dedicated to young entrepreneurs.
During the program which will be held on January 9, 2019, various niches of opportunities for businesses relating to the new tax regime will be presented. This regime has been in place in Togo since January 1, 2019.
The event, which will be hosted by Coco de Souza, should help clear uncertainties that some business owners, young entrepreneurs especially, have concerning this new tax regime.
The goal, via the initiative, is to reassure these entrepreneurs about the government’s desire to promote entrepreneurship through tax incentives, and quiet rising concerns.
Coco Yawovi de Souza is a financial administrator and tax expert at the Togolese national assembly. He graduated from the COFEB (Centre Ouest-Africain de Formation et d’Etudes Bancaires) in Dakar (Senegal) as well as from the Clermont-Ferrand School of Taxes (ENI) in France.
Séna Akoda
Togo’s post service to adopt a What3Words-based geolocation addressing system
Togo’s Post Company (SPT) plans to develop a geolocation addressing system using three words from the dictionary, based on a technology of British startup What3Words.
First steps to use the technology are expected to be taken this beginning of the year, according to the ministry of posts and digital economy. This technology let’s recall is already being used by posts in Nigeria, Côte d’Ivoire and Djibouti.
With the new systems which adresses each 9m2 of the earth, with a satellite view option, Togo’s posts will be able to better serve their customers, hence boosting e-commerce and its contribution to the economic growth. Moreover, What3Words allows for code searching offline.
Steps to adopt the technology would include attributing addresses in various languages including local dialects.
Fiacre E. Kakpo
For its first operation on the regional financial market, Togo expects to raise CFA20 billion
Under its bond issuance scheduled for 2019, Togo will try on January 10 to raise 20 billion CFA. This will be done by issuing fungible treasury bonds and bills, at a unit value of CFA1 million.
Under terms and conditions released by UMOA-Titres regional agency, in line with Togo’s general directorate of treasury and public accountability, the issuance aims at mobilizing funds from individuals and companies to finance the country’s State budget.
The same document indicates that the securities issued will have multiple interest rates which are payable in advance and deducted from the bills’ nominal value.
While earnings perceived on the issued securities are tax-free for investors living in Togo, it is not the case for non-residents. They must pay tax imposed in their country of residence.
The fungible treasury bonds which will be issued will mature over 12 months and will be reimbursed on the first open day after the maturity date, knowingly January 9, 2020.
After the coming operation, Togo’s next issuance on the UMOA-Titres market should be fungible treasury bonds, aiming for CFA20 billion. It is scheduled for January 25.
Séna Akoda
Tony Elumelu Foundation opens applications to its $100m Entrepreneurship Programme for young Africans
The Tony Elumelu Foundation recently opened applications to the new edition of its Entrepreneurship Programme. With a budget of $100 million, this program targets young Africans with business projects or entrepreneurs who have been in business for at least three years.
Selected participants will get a seed funding of $5,000 and will be provided training in business management, mentorship and networking to support their projects and give them visibility to achieve this.
According to Tony Elumelu, President of the eponymous foundation, the goal is to give young African entrepreneurs the chance to develop projects. “These may be the next UBAs (United Bank for Africa),” said the business mogul while referring to his professional path. “I am a beneficiary of luck, and I am passionate about sharing it across the continent, to all 54 countries,” he added.
Overall, 1260 spots are open starting January 1, 2019. Deadline for submission of applications is March 9, 2019.
Séna Akoda
Kennedy Round Project : Japan provides 4,787 tons of white rice to Togo
Last Friday, Togo officially received almost 5,000 tons of rice from the Japanese government. The shipment which arrived at the Port of Lomé on December 31, 2018, falls under bilateral cooperation between Japan and Togo, and specifically in line with the Kennedy Round project.
The latter enables developing nations that face food shortages to get agricultural input and supplies, namely cereals (rice and wheat) for the most disadvantaged populations.
Worth more than CFA9.5 billion, the rice sent by Japan, once sold, should enable Togolese authorities to have funds required for various socioeconomic development projects.
These projects according to Togo’s minister of agriculture, Ouro-Koura Agadazi, include opening up rural areas by rehabilitating 150km of rural roads, building basic social infrastructures, carrying out sanitization initiatives in Lomé, and ensuring the efficient management of urban waste.
Séna Akoda
Togo : Prime Minister steps down at the end of his tenure
On January 4, 2019, Prime Minister Komi Selom Klassou, stepped down from office.
The move takes place, as constitution requires, after the legislative elections which were held last December 20 and whose final results were released December 31 by the constitutional court.
Pending the appointment of a new Prime Minister, Komi Selom Klassou will remain at his position as acting PM. Before he came into office on June 10, 2015, his predecessor was Arthème Ahoomey-Zunu.
Togo plans to raise CFA390 billion on the regional stock this year, 95 billion this quarter
This year, Togo’s public treasury seeks CFA390 billion of the regional stock market. This is out of the 2,778 billion the stock plans to issue, according to a note released by the UMOA Securities Agency for its investors.
In detail, Togo should raise in the first quarter of the year CFA95 billion, up CFA5 billion compared to the previous year. Together, all WAEMU States should over the period raise CFA932 billion.
Breaking down the monies that should be raised during the current quarter, there is 55 billion of fungible treasury bonds and 40 billion of fungible treasury bills.
Regarding the latter, Togo will first issue 20 billion of fungible treasury bills, on January 10. The remaining 20 billion are to be raised through the same operation on February 8.
As for the fungible treasury bonds, the Togolese government should seek 20 billion respectively via two issuances, one on January 25 and another on March 8. The last 15 billion, the country will try to raise on February 22, 2019.
Séna Akoda