April 7, 2022
Victoria Suspends Trading on $12.1 Million Arbitration Penalty
Victoria Oil and Gas was forced to suspend trading after a tribunal ruled against it in a dispute brought by a partner in Cameroon. The International Chamber of Commerce (ICC) made a partial final award for $12.1 million plus interest against Victoria’s local unit, Gaz du Cameroun (GDC). A question around costs and fees for lawyers remains open, with the aim of reaching an agreement by June 30, 2022. RSM Production originally took GDC to arbitration in October 2018.
Uhuru to Lead DRC’s EAC Entry Pact Signing in Nairobi
President Uhuru Kenyatta will lead the signing ceremony for entry of the Democratic Republic of Congo into the six-nation East Africa Community, adding the country’s over 90 million market population to the regional trading bloc. A statement from the Ministry of Foreign Affairs said DRC president Felix Antoine Tshisekedi will be in Nairobi for a two-day official visit from Thursday to Friday, which will also mark the signing ceremony.
Safaricom and Airtel Request to be Enjoined in Fresh SIM Cards Registration Case
Safaricom and Airtel filed a notice of appointment of law firms to defend the telcos in a case filed by a Kenyan residing in the UK seeking to block fresh registration of mobile phone SIM cards. Mr Eliud Karanja Matindi named the two leading mobile operators as respondents in the case that seeks to quash a directive by the Communication Authority of Kenya (CA) requiring mobile services operators to register their customers afresh.
New Tanzanian and Libyan Envoys Present Credentials to Kagame
President Paul Kagame received letters of credence from the new High Commissioner of Tanzania, Major General Richard Mutayoba Makanzo and the Ambassador of Libya to Rwanda, Ibrahim Sidy Ibrahim Matar. Addressing the media after presenting his credentials at Village Urugwiro, Makanzo said that his task is to strengthen the existing cooperation between the two ‘brotherly countries’ for the benefit of the people.
UPS Partners with Jumia to Expand in Africa
Jumia announced a partnership with parcel delivery firm United Parcel Services Inc (UPS) that will see the United States company use its distribution network in Africa to expand parcel delivery services. UPS will use Jumia, the first African tech firm to list at the New York Stock exchange, to offer door-to-door parcel delivery. The partnership will initially start in Kenya, Nigeria and Morocco where Jumia has a large presence and distribution networks.
ECOWAS and EU in New Move to Tackle Maritime Insecurity
The Economic Community of West African States Commission is collaborating with the European Union to tackle maritime insecurity along the West African coast. Meeting in Abuja to develop the framework known as the ‘European Union-funded Support to West Africa Integrated Maritime Security (SWAIMS) project’, the gathering drew participants from all the ECOWAS member countries, and is expected to review and refine modalities on the distribution of essential maritime security equipment across ECOWAS’ coastal countries.
Surging Shipping Costs Will Fuel Global Inflation in 2022
Surging shipping costs will continue to fuel global inflation in 2022, according to a new study by the International Monetary Fund. More than 80% of the world’s traded goods move across the ocean. According to the study, there is no way to do international trade without shipping and so its costs have to be absorbed across supply and production chains.
Employment Head Takes Over Bowmans Disputes Team
There is a new leader for Bowmans’ disputes practice. The firm expanded its Mauritian offering with the hire of a barrister who has previously worked alongside the local office. Bowmans has chosen the head of its South African employment and benefits practice to take over as leader of its firm-wide dispute resolution practice, also joining the firm’s management board.
Equinix Seals $320 Million MainOne Acquisition Deal
American firm, Equinix, a digital infrastructure company, finalized a deal to acquire West African data center and connectivity solutions provider, MainOne, for an enterprise value of $320 million. The deal marks the firm’s strategic expansion into the African market. The completion of the acquisition augments Equinix’s long-term strategy to become a leading African carrier-neutral digital infrastructure company by being able to bring a full range of transformative technologies and connectivity to Nigeria, Ghana and Côte d’Ivoire.
Italian Law Firm Forms Libyan Alliance
A new agreement gives BonelliErede a disputes and project finance-based presence in Libya, and Zahaf & Partners greater access to international work and expertise. Milan-headquartered law firm BonelliErede and Tripoli-based Zahaf & Partners formed a cooperation agreement that expands the Italian firm’s presence in North Africa.
EVENTS – 4.7.2022
“Arbitration Fees & Quantum of Claims/Damages.” Nigerian Institute of Chartered Arbitrators. Virtual. 21 April 2022.
“2022 CIARB-Kenya International Conference.” CIARB. Nairobi, Kenya. 27-29 April 2022.