The Igbo Nation’s republican spirit of entrepreneurial capitalism, personal liberty and individual responsibility is encapsulated in one of the most important lines in the Igbo Nation : “onye kwe chi ya ekwe” [if you believe, your personal god will believe]. What that says is that your future is in your hands, not in the hands of your king, boss or anyone!

In this rendition by the University of Alberta’s choir, that song comes out live. Yes, even in far away Canada, it looks ecclesiastical and the heavens pay attention because this stanza is powerful in the church, in traditional war dance, and the Igbo High Life music like the type popularized by Oliver de Coque.

Good People, if you understand what they are saying in that song, you will understand how their “chis” are connecting them to Chi (Chineke, the Chukwu Abiama, Osebuluwa , Chukwuokike).

Udo diri unu [peace unto you all]

The Igbo Nation’s republican spirit of entrepreneurial capitalism, personal liberty and individual responsibility is encapsulated in one of the most important lines in the Igbo Nation : “onye kwe chi ya ekwe” [if you believe, your personal god will believe]. What that says is… pic.twitter.com/emJMgOfeur

— Ndubuisi Ekekwe (@ndekekwe) July 9, 2023

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Comment 1: As?s? Igbo amaka “The Igbo language is beautiful.” Similarly, Joshua 1:8 in the Bible is comparable to the Igbo saying “onye kwe chi ya ekwe,” which translates to “whoever says yes to his/her chi (god) will succeed.” Just as Ndubuisi Ekekwe mentioned. As it is said “your future is in your hands,” Joshua 1:8b conveys a similar message: “For then you shall make your way prosperous, and then you shall deal wisely and have good success.” This emphasizes that our future and success depend on us. When we apply the revealed principles, we can shape a beautiful future for ourselves.

The verse from Joshua 1:8 in the Amplified Bible Classic Edition (AMPC) states, “This Book of the Law shall not depart out of your mouth, but you shall meditate on it day and night, that you may observe and do according to all that is written in it. For then you shall make your way prosperous, and then you shall deal wisely and have good success.”

Nigeria and Ethiopia’s central banks have reached a deal to swap $100 million in funds blocked as a result of a shortage of foreign currency in both countries, according to the Ethiopian news outlet, The Reporter.

Under the deal, both Dangote Cement and Ethiopian Airlines will swap funds from their trapped revenue in Nigeria and Ethiopia. Sources in the aviation industry reveal that Ethiopian Airlines will exchange $100 million out of the total $180 million in blocked funds in Nigeria for Ethiopian birr from Dangote Cement, Ethiopia.

“The National Bank will reimburse us with the equivalent amount in Ethiopian birr,” stated Mesfin Tassew, the CEO of Ethiopian Airlines, in an interview with The Reporter. He also mentioned that there are no current plans to swap the remaining amount.

The two African countries have struggled with the repatriation of funds, with millions of dollars trapped in the revenue of foreign companies owing to the massive decline in foreign currency inflow.

Sources from the Central Bank of Ethiopia, quoted by The Reporter, confirmed it had reached an agreement with its Nigerian counterpart to conduct a “temporary swap of foreign currencies.”

Dangote Cement, which produces about 2.5 million tons of cement yearly in Ethiopia, has millions of US dollars held in the country, while Ethiopian Airlines – which is popular among Nigerian international travelers – has about $180 million to be repatriated. Dangote is estimated to have about $300 million trapped.

The situation highlights the seriousness of the forex crisis in both countries. Ethiopia is currently facing a severe foreign exchange scarcity, reaching a critical stage that hampers the country’s ability to import crucial commodities such as pharmaceuticals and industrial resources.

The foreign exchange reserves held by Ethiopia are inadequate to support even a single month of imports, according to The Reporter.

Insufficient forex liquidity in the Northeastern African country has dampened the interest of investors, prompting the National Bank of Ethiopia to implement reforms aimed at mitigating FX obstacles faced by investors.

In Nigeria, the effect of the dollar shortage has not only inspired rising inflation, it has also forced the blocking of revenues of foreign companies operating in the country.

Last year, United Arab Emirates-based airline, Fly Emirates, twice, called off its operation in Nigeria due to its inability to repatriate more than $500 million in trapped funds.

But unlike the UAE’s Fly Emirates, Ethiopian Airlines, which is the largest foreign carrier operating in Nigeria – with international operations covering major cities like Lagos, Abuja, and Kano, shares a similar problem of dollar shortage with Nigeria.

Dangote Cement, which has been a major player in Ethiopia’s construction sector for over a decade, and Ethiopian Airlines, have over the years – accumulated millions of dollars in blocked funds.

In June, under the leadership of Nigeria’s new President Bola Tinubu, the Central Bank of Nigeria (CBN) floated the country’s forex market, in a move to collapse multiple exchange rates into one. Though the move has been applauded as a bold step in attracting foreign investment, it is yet to solve the forex shortage problem.

Nigeria has seen its foreign reserves drop to $34 billion as of May, following the massive decline in oil revenue – its major source of forex.

The accumulated trapped funds are said to have inspired investors’ suspicion that Nigeria’s dollar reserves are not as large as the CBN says. Investors are concerned that Africa’s largest economy is struggling to pay off debts that it should be able to pay easily given the volume of its foreign reserves.

“The suspicion is that Nigeria’s external reserves are much less than what the CBN reports,” a fund manager based in South Africa is quoted to have said on condition of anonymity. “The level of opacity is alarming and is a real drag on investor confidence.”

Given their shared forex challenge, the Ethiopian central bank offered Dangote Cement a currency swap proposal, allowing it to exchange its excess Ethiopian birr for US dollars held by overseas firms operating in Ethiopia.

Africa’s largest cement producer, Dangote Cement Plc, has announced its shares buyback programme will takeoff in mid July having secured the backing of its Shareholders at the extraordinary meeting which held in December 2022.

The share repurchasing programme which was said aimed at enhancing the value of the company’s shareholders, targets N50.1 billion worth of shares, estimated to constitute a percentage of the company’s current total share issued which entails 16,873,559,251shares at N300.1 per share.

The first tranche of the share buyback in which 168,735,593 ordinary shares of 50kobo each will be repurchased at N300.1 per share is scheduled to commence on July 17 to July 18 or when the entire tranche 1 shares will be completely taken over.

A statement made available at the Nigerian Exchange Group, NGX, by Dangote Cement Plc, DCP, on Thursday, showed DCP through its appointed stockbrokers, will be conducting the tranche 1 of the share buyback via the open market of the NXG subject to the prevailing market conditions and under the current daily trading rules of the NGX.

The statement reads in part: “DCP would not be under any obligation whatsoever to purchase any or all of the DCP shares put on offer over the duration of Tranche I.

“The shares being bought back by the Company under the Share Buy-Back Programme will be held as treasury shares, as permissible under CAMA. Execution of this Tranche I is not expected to have any material impact on the Company’s financial position.

“Dangote Cement shareholders seeking to participate in Tranche I of the Share Buy-Back Programme are advised to contact their stockbrokers or any other independent professional adviser registered as a capital market operator by the SEC for further guidance on the submission of trades on the NGX’s trading platform.

“DCP will provide weekly updates on the progress of Tranche I of the Programme on its website over the duration of this tranche. The Company said it will continue to monitor the evolving business environment and market conditions, in making decisions on subsequent tranches of the Share Buy-Back Programme.

“Shareholders and investors are advised to exercise caution when dealing in the securities of Dangote Cement until the completion of Tranche I of the Share Buy-Back Programme. An announcement will be published upon completion of Tranche I of the Programme,” it stated.