World
Angola Mulls Manufacturing Russian Military Equipment
By Kester Kenn Klomegah
As it was, indeed, looking for profitable business, investment and trade rather than development aid, Angola, a south-central African republic, announced corporate plans to diversify its state business away from purchasing to fully-fledged manufacturing of Russian military equipment for the southern African market, and most possible other regions in Africa.
While heading a delegation for a four-day visit from April 2-5 on an invitation from the Kremlin, President João Lourenço, said in an exclusive interview with the local Russian media, Itar-TASS, that Angola is one of the principal buyers of Russian arms and his country wants, not only buy but also to produce them, – outlining the government’s grandiose plan.
“As for our military and technical cooperation with Russia – it will continue and be deepened. We would like to evolve from our current state of purchasers of Russian military equipment and technologies towards becoming the manufacturers and having an assembly plant of Russian military equipment in our country,” he told the news agency.
Although this was the Angolan leader’s first official visit to Russia in this capacity, he has first-hand knowledge about the Russian capital, since he studied at the Military-Political Academy in 1978-1982.
Russian Defense Ministry and Rosoboronexport have made no official comment on the alleged deals, but local Russian financial newspaper Vedomosti said, in essence, such highly military deal with Angola could offer Russia a conduit to the southern region and would cement its position as a controlling super power in the weaponry market.
Over the years, Russia has made “military-technical cooperation” as an important part of its foreign policy objectives with Africa. According to Angola’s Defense Minister Salviano de Jesus Sequeira, Russia has already delivered six SU-30K fighter jets to Angola this year and two more are expected by the end of May.
Besides, Sequeira said the country is interested in buying Russian S-400 air-defense systems, but there is no talks because of economic difficulties, and only adding that “Angolan armed forces are used to work with Russian weapons” because of that the military cooperation between the two countries will last forever.
According to Ministry of Defense website report, Russia agreed to supply arms and military equipment to Angola worth US$2.5 billion, including spare parts for the Soviet-made weaponry, light weapons, ammunition, tanks, artillery and multi-purpose helicopters.
In a research report titled “Angola: Russia and Angola – the Rebirth of a Strategic Partnership” that was released by the South African Institute of International Affairs (SAIIA), the authors Ana Christina Alves, Alexandra Arkhangelskaya and Vladimir Shubin acknowledged that “defense remains the most solid Russia-Angolan cooperation dimension. To date, Russia is Angola’s most strategic military partner.”
Ana Christina Alves, a Senior Researcher at the Global Powers and Africa Programme, South African Institute of International Affairs (SAIIA), explained further to me that “the military equipment is, undoubtedly, the largest and most profitable side of Russia’s trade with Africa – which the figures unfortunately don’t feature in official bilateral trade data. If these were included, the bilateral trade volume would appear much more impressive. This is, perhaps, the strongest dimension of Russia’s dealings in Africa at present, but because of the nature of the business very little is known outside military circles, so hard to get the actual picture.”
“Of course, it is better and cheaper to have such armaments assembled in Angola than purchasing ready-made ones directly from Russia. It will enable technology transfer and improve the technical knowledge and experience of Angolans while possibly turning that country into a getaway for Russian arms and military equipment to the wider central and southern African region,” Professor Shaabani Nzori, Expert on foreign policy based in Moscow, told me in the interview discussion.
It would help Russia gain fully-fledged foothold in that market for its military industry, one of the few comparative advantages that Russia currently has over other arms’ producing countries. So, it is a win-win situation for both these two countries, he added assertively.
On the other hand, concerning trafficking and proliferation of Russian arms in Africa as a result of such cooperation between Russia and Angola, even without them at the moment, Russian, American, Chinese, European, North Korean, Iranian, Israeli arms are already in abundance in continent. But it’s expected that the Russian-Angolan deal helps to mitigate, if not exclude altogether, such a development,” Shaabani further informed.
Military-technical cooperation has long been a priority area in bilateral ties, with the Soviet Union beginning to supply weapons for guerilla units back in the 1960s, Andrei Tokarev, Head of the Center for Southern African Studies at the Russian Academy of Sciences, told Kommersant, a local Russian financial daily newspaper.
“However, with the fall of the apartheid regime in neighboring South Africa in 1994 and the end of the civil war in 2002, Angola has no potential enemies, so the need for arms supplies has dwindled. In recent years, Angola’s leadership has had plans to turn the country into a base to repair Soviet equipment for African countries. For its part, South Africa had similar business ideas as well. One cannot rule out that the proposal to both purchase and produce (manufacture) weapons as an attempt to outmaneuver South Africa, but the local industry is not yet ready to manufacture its own military equipment,” explained Andrei Tokarev.
Foreign experts have also expressed their concern. Professor Alex Vines, Head of the Africa Programme at Chatham House, and recently served as a member of the Commonwealth Observer Group to Ghana in 2016 and a UN election officer in Mozambique and Angola, in an emailed discussion acknowledged Russia’s military-technical cooperation with African countries.
He wrote from London that “the Angolan military partnership with Russia has been tight for many years and a significant part of the procurement through its Simportex is with Russia. This continues as Russia delivered six SU-30K fighter jets this year and is interested in procuring a Russian S-400 air defense system. The new development is seeking a partnership with Russia for manufacturing defense equipment in Angola. Russia has a series of maintenance facilities in Africa for after sales – but this would be a significant development.”
Furthermore, he said assertively that his own experience of Angola, including being a UN sanctions inspector, “is that Angolan arsenals have not been a major problem for theft, but the biggest concern was the sale of old weapons and munitions from stores to independent brokers who then sold the equipment onto sanctioned entities.”
Professor David Shinn at the Elliott School of International Affairs, George Washington University, and a former U.S. Ambassador to Ethiopia (1996-99) and Burkina Faso (1987-90), wrote in an email interview that with the latest development, particularly, SU-30K aircraft purchased by Angola, one has to ask why Angola needs such a high performance fighter aircraft and who is the potential enemy?
Undoubtedly, Russia might have proposed to help Angola develop a weapon’s manufacturing capacity, obviously drawing on Russian designs and weapons. If this assumption is correct, it therefore means that Angola will join a growing list of countries in Africa that have their own internal weapons manufacturing.
In this regard, Shinn added that South Africa has the most advanced capacity to produce military equipment followed by Egypt. Sudan, which received assistance from China and Iran in building its arms industry, and Nigeria, among others, also have the ability to produce military equipment. In this sense, what Angola proposed to do (that is to establish manufacturing plant) is not much different except that it would, reportedly, be assisted by the Russian Federation.
“Weapons produced by any country can and do appear in African conflict zones. There is plenty of documentation, for example, that weapons made in China, Russia, and Western countries are being used in ongoing conflicts in Darfur, the eastern Congo, and Somalia. In some cases, African governments have transferred the arms to rebel groups and many others have been purchased on the international arms market,” he said.
According to Professor Shinn, the SADC countries, with the notable exception of the Democratic Republic of the Congo, have avoided major conflict in recent years. As a result, the movement of arms to rebel groups has not been an issue.
Professor Shinn concluded: “Should Angola become a key producer and distributor of Russian arms, there is always the possibility some of them could eventually appear outside Angola in the SADC region. One would hope this initiative must necessarily be approved by the Angolan parliament, and be of great interest for SADC, the African Union and Security Council of the United Nations.”
Kester Kenn Klomegah writes frequently about Russia, Africa and the BRICS.
World
AXIAN Energy Secures $60m for Expansion Across Africa
By Aduragbemi Omiyale
A financing facility of up to $60 million has been secured by AXIAN Energy, the energy division of the AXIAN Group.
The funding package was provided by MCB, one of the leading financial institutions in the Indian Ocean region.
It comprises a $40 million revolving credit facility with a three-year tenor and extension option, and $20 million in unfunded instruments, providing AXIAN Energy with enhanced financial flexibility, enabling the company to rapidly mobilise resources and seize development opportunities across its target markets.
The energy firm is expected to use the capital to deliver large-scale energy infrastructure projects across Africa.
Over the past two years, AXIAN Energy has significantly accelerated its growth by expanding its renewable energy project pipeline, with solar projects currently under development in Senegal, Benin, Zambia, Côte d’Ivoire, Madagascar, and Burkina Faso.
Building on this momentum, AXIAN Energy now operates a portfolio comprising 350 MW of installed renewable energy capacity, supported by 77 MWh of energy storage capacity, positioning the AXIAN Group as a major contributor to Africa’s energy transition.
The chief executive of AXIAN Energy, Mr Benjamin Memmi, said, “This transaction marks a key milestone in AXIAN Energy’s growth trajectory. It provides us with the financial capacity to sustain the momentum we have built over the past two years, further strengthening our renewable energy portfolio and expanding our presence across new African markets.”
Also commenting, the Global Head of Structured Finance at MCB, Mr Mathieu Delteil, said, “We are proud to support AXIAN Energy in structuring this facility, reaffirming our commitment to enabling transformative projects across Africa.
“By leveraging our sector expertise and deep understanding of regional markets, we have delivered a tailored financing solution that aligns with AXIAN’s long-term renewable energy ambitions.
“This partnership highlights our role as a strategic financial partner, mobilising capital towards investments that drive sustainable growth and accelerate the energy transition across the continent.”
The financing agreement between the two organisations strengthens their long-standing relationship because it is driven by a shared commitment to supporting infrastructure development and economic growth across Africa.
World
S&P Restores Afreximbank to Investment-Grade Status After 12 Years
By Adedapo Adesanya
Credit ratings agency, S&P Global Ratings, has restored the African Export-Import Bank (Afreximbank) to investment grade, nearly 12 years after its last assessment, citing the entity’s countercyclical lending record and strong shareholder support.
The BBB+ rating with a stable outlook is one notch above Moody’s Baa2 and comes months after Afreximbank severed ties with Fitch Ratings.
The lender accused the agency of misjudging its mission, following a downgrade to junk status amid disagreements over the bank’s role in debt restructurings for Ghana and Zambia. Fitch subsequently withdrew its ratings entirely and flagged governance concerns.
S&P said in a statement on Thursday that Afreximbank’s record as a countercyclical lender and its substantial shareholder support served as rationale for its rating. Credit ratings often guide the costs of capital for a borrower.
The lender’s total assets, S&P noted, had expanded to $42.3 billion by the end of 2025, up from $7.1 billion in 2015.
S&P said it did not incorporate preferred creditor status into its assessment because Afreximbank provides almost 80 per cent of its loans to private-sector entities.
However, it acknowledged that Afreximbank, alongside other institutions, had experienced prolonged payment arrears in recent years, notably following the defaults and debt restructurings in Ghana and Zambia.
S&P noted that Afreximbank said in December that it had come to an agreement with Ghana on its $750 million loan, but that the lender had not announced a resolution with Zambia.
The agency warned that further sovereign restructurings could weigh on Afreximbank’s asset quality.
S&P’s assessment described Afreximbank’s governance and management as “adequate”, saying the inclusion of two independent directors and the African Development Bank (AfDB) as a permanent board member provided institutional oversight.
It noted that while increasing participation of private-sector investors through Class D shares could influence the bank’s risk appetite, Class A shareholders retained veto rights over big institutional changes, balancing potential risk.
World
Elon Musk Becomes World’s First Trillionaire as SpaceX Soars in Nasdaq Debut
By Adedapo Adesanya
Mr Elon Musk, the world’s richest man, is now a trillionaire as his SpaceX rose 11 per cent in its Nasdaq debut on Friday, lifting its valuation to about $1.96 trillion as investors piled into the world’s largest initial public offering (IPO).
The stock opened for trading at $150 compared with the IPO price of $135 per share.
The landmark listing cemented Mr Musk’s status as the first trillionaire ever and propelled SpaceX into the ranks of the world’s most valuable companies
The listing is being used as a benchmark of what is to come for the market ahead of forthcoming IPOs for AI heavyweights Anthropic and OpenAI.
The record IPO is a culmination of Mr Musk’s long-held ambitions in space and technology.
Most of Musk’s wealth now rests with SpaceX, where he holds a stake worth roughly $866 billion. Along with Tesla and the rest of his properties, his net worth will exceed $1.1 trillion when the stock begins trading on Friday.
At a quoted $75 billion, the deal’s proceeds were more than double those of Saudi Aramco’s record-setting 2019 IPO.
The valuation could rise further should underwriters exercise their right to sell additional shares, a decision typically made within 30 days after the offering.
Although SpaceX may have to wait for entry into the S&P 500, its expected fast-track inclusion in the Nasdaq 100 will soon make it a major holding for passive funds and ETFs that track the index, creating a fresh source of demand for its shares.
It will take about a month before it gets added to that index under Nasdaq’s new fast-entry rules, as opposed to a typical wait of as much as a year.
SpaceX said its market opportunity spans $28.5 trillion, a figure it called the largest in human history.
Mr Musk, 54, was born in Pretoria, South Africa, to a Canadian mother and South African father. He attended the University of Pennsylvania, graduating in 1997.
He took over as Tesla’s CEO in 2008. Beyond Tesla and SpaceX, Mr Musk has co-founded five other companies, including tunnelling startup The Boring Company and brain implant maker Neuralink.
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