World
Sochi to Host African Leaders at Russia-Africa Summit
By Kester Kenn Klomegah
In a February decree posted to the portal of legal information, Russian President Vladimir Putin has appointed his aide Yuri Ushakov to chair the organizing committee paving the way for the first Russia-Africa summit that Moscow plans to host in Sochi.
The Russian government is to ensure financing of the expenditures related to hosting the summit and the decree has further assigned Rosscongress, a major organizer of international conventions, exhibitions and public events, the task performer.
The idea to hold a Russia-Africa forum was initiated by President Putin at the BRICS (Brazil, Russia, India, China and South Africa) summit in Johannesburg in July 2018. This first Russia-Africa summit will definitely enhance mutual multifaceted ties, reshape diplomatic relationship and significantly to roll-out ways to increase effectiveness of cooperation between Russia and Africa.
Policy experts have suggested, however, that Kremlin has to substantiate its future African policy agenda with consistency, activeness and support, and enhance its participation in the economic development of Africa.
“Indeed, through the summit, Russia has to discover specific expectations, new directions and how to deal with Africa. The games there have completely changed, many global players have also adopted investment strategies more appealing and acceptable for Africans,” Dr. Kelvin Dewey Stubborn, South African based Senior Analyst on BRICS and African policy, told me by email from South Africa.
He suggested that “the Russia-Africa summit has to focus discussions on new development-oriented thinking and how to transfer Russian technology to industry and agriculture more collaboratively, and a lot more cooperation on employment creation across sectors. That’s the best way to sustain peace and eradicate conflicts in Africa.”
South African business tycoon, Sello Rasethaba, questioned how Russia was going to establish a thriving trade relationship with Africa for the benefit all and sundry. In reality and effective practical terms, how Russia wants to reposition itself in relation with Africa. With business relationship, Russia has to consider practical strategies in consultation with African countries. The fact that the middle class is growing in leaps and bounds in Africa makes this market even more attractive and opens more opportunities also for Russian businesses.
“The current investment and business engagement by foreign players with Africa is on the increase. There are so many unknowns up there in Russia, it’s crucial that Russia has a clear vision of the relationship it wants with Africa. Russia together with African countries must setup sovereign wealth funds using the resources power of those countries,” he said.
There are similar views and sentiments. Rex Essenowo, Member of the Board of Trustees of Nigerians in Diaspora Europe and Senior Executive of Asian Africa Trade, a Moscow based business lobbying NGO, said it was unfortunate that some people consistently undermine Africa’s strategic interest, that is infrastructural development and lifting its vast population out of poverty in Africa. Playing the conflict card is strategically destructive because the warring parties want to present Africa as unsafe for investments.
“It is for African leaders to remain focused on the right direction, resolute in conflict management and as well rolling out new implementable policies oriented towards building infrastructure, modernizing agriculture, investment in manufacturing and industry – these will offer employment for the youth. Meanwhile, we are not even using one tenth of our capacities on investment promotion at the international platforms,” he added.
Essenowo further argued that the future of Russia-Africa relations has to take into cognizance the true meaning of building a platform for civil, media and cultural as well as people-to-people interaction, helping to change the attitudes and mentality, remove old stereotypes, – these are important steps for improving business cooperation. In addition, Russia could help to deepen understanding through regular dialogue with the civil society and governments, as basis for economic growth, development, as well as motivation for confidence among Russian investors within the region.
Despite its global status, Russia lacks assertiveness in Africa. Zimbabwe’s Ambassador to Russia, Major General (rtd) Nicholas Mike Sango, told me in an interview discussions that, “For a long time, Russia’s foreign policy on Africa has failed to pronounce itself in practical terms as evidenced by the countable forays into Africa by Russian officials. The Russian Federation has the capacity and ability to assist Africa overcome these challenges leveraging on Africa’s vast resources.”
Mike Sango further expressed his views as follows: “Africa’s expectation is that Russia, while largely in the extractive industry, will steadily transfer technologies for local processing of raw materials as a catalyst for Africa’s development.”
Many former Ambassadors, mostly from Southern African region, have also tasked African leaders to prioritize concrete development projects and reminded them that it was necessary to make rational choices, push for “African solutions to African problems” within the Sustainable Development Goals (SDGs) when they finally gather at the forthcoming October summit in Sochi.
The summit sessions have to discuss thoroughly “the whole range of development issues that will ultimately form the future African agenda” and analyze them through the prism of rivalry and competition among foreign players on the continent, according to a summarized separate media interviews with the former African envoys who served in the Russian Federation. Now, Africa finds itself in an excellent position of having many suitors – each offering something it needs for its development, they acknowledged.
Quite recently, Vyacheslav Volodin, the Chairman of the State Duma, told an instant meeting held with the Ambassadors of African countries in the Russian Federation, that Russia would take adequate steps to deliver on pledges and promises with Africa countries. “We propose to move from intentions to concrete steps,” Volodin reassured.
On the summit, Foreign Affairs Minister Sergey Lavrov has explained earlier that arranging an event on such a large-scale with the participation of over fifty heads of state and government required most careful preparation, including in terms of its substantive content and equally important was African businesspeople who have been looking to work on the Russian market.
“The economic component of the summit has a special significance as it would be of practical interest for all the parties. As such, specific Russian participants in bilateral or multilateral cooperation should be identified, which are not only committed to long-term cooperation but are also ready for large-scale investments in the African markets with account of possible risks and high competition,” Minister Lavrov noted in an interview posted to his official website.
For decades, Russia has been looking for effective ways to promote multifaceted ties and new strategies for cooperation in energy, oil and gas, trade and industry, agriculture and other economic areas in Africa.
President Vladimir Putin noted at the VTB Capital’s Russia Calling Forum, that many countries had been “stepping up their activities on the African continent” but added that Russia could not cooperate with Africa “as it was in the Soviet period, for political reasons.” In his opinion, cooperation with African countries could be developed on a bilateral basis as well as on a multilateral basis, through the framework of BRICS (Brazil, Russia, India, China and South Africa).
But so far, Russia has not pledged adequate funds toward implementing its business projects and other policy objectives in Africa.
Russia’s investment efforts in the region have been limited thus far which some experts attributed to lack of a system of financing policy projects.
While Russia government is very cautious about making financial commitments, Russia’s financial institutions are not closely involved in foreign policy initiatives in Africa.
As publicly known, China has offered $60 billion, Japan $32 billion, and India $25 billion, while large investment funds have also come from the United States and European Union, all towards realizing the Sustainable Development Goals (SDGs) in Africa.
By Modupe Gbadeyanka
For transforming cross-border payments through its deployment with Global Money Exchange, Comviva has been named Best In-Class Cross Border Payments.
The global leader in digital transformation solutions clinched this latest accolade at the IBS Intelligence Global FinTech Innovation Award 2025.
The recognition highlights how Comviva’s mobiquity Pay is helping shape a modern cross-border payment ecosystem that stretches far beyond conventional remittance services.
Deployed as a white label Wallet Platform and launched as Global Pay Oman App, it fulfils GMEC’s dual vision—positioning itself as an innovative payment service provider while digitally extending its core money transfer business.
The solution allows GMEC to offer international money transfers alongside seamless forex ordering and other services. These capabilities sit alongside a broad suite of everyday financial services, including bill and utility payments, merchant transactions, education-related payments, and other digital conveniences — all delivered through one unified experience.
“This award is a testament to Oman’s accelerating digital transformation and our commitment to reshaping how cross-border payments serve people and businesses across the Sultanate.
“By partnering with Comviva and bringing the Global Pay Oman Super App, we have moved beyond traditional remittance services to create a truly inclusive and future-ready financial ecosystem.
“This innovation is not only enhancing convenience and transparency for our customers but is also supporting Oman’s broader vision of building a digitally empowered economy,” the Managing Director at Global Money Exchange, Subromoniyan K.S, said.
Also commenting, the chief executive of Comviva, Mr Rajesh Chandiramani, said, “Cross-border payments are becoming a daily necessity, not a niche service, particularly for migrant and trade-linked economies.
“This recognition from IBS Intelligence validates our focus on building payment platforms that combine global reach with local relevance, operational resilience and a strong user experience. The deployment with Global Money Exchange Co. demonstrates how mobiquity® Pay enables financial institutions to move beyond remittances and deliver integrated digital services at scale.”
“The deployment of mobiquity Pay for GMEC showcases how scalable, API-driven digital wallet platforms can transform cross-border payments into seamless, value-rich experiences.
“By integrating remittances, bill payments, forex services, and AI-powered engagement into a unified Super App, Comviva has reimagined customer journeys and operational agility.
“This Best-in-Class Cross-border Payments award win stands as a testament to Comviva’s excellence in enabling financial institutions to compete and grow in a digitally convergent world,” the Director for Research and Digital Properties at IBS Intelligence, Nikhil Gokhale, said.
By Kestér Kenn Klomegâh
At the end of an extensive consultation with African foreign ministers, Russian Foreign Minister, Sergey Lavrov, has emphasized that Moscow would advance its economic engagement across Africa, admittedly outlining obstacles delaying the prompt implementation of several initiatives set forth in Strategic Action Plan (2023-2026) approved in St. Petersburg during the Russia-Africa Summit.
The second Ministerial Conference, by the Russian Foreign Ministry with support from Roscongress Foundation and the Arab Republic of Egypt, marked an important milestone towards raising bilateral investment and economic cooperation.
In Cairo, the capital city of the Arab Republic of Egypt, Lavrov read out the final resolution script, in a full-packed conference hall, and voiced strong confidence that Moscow would achieve its strategic economic goals with Africa, with support from the African Union (AU) and other Regional Economic blocs in the subsequent years. Despite the complexities posed by the Russia-Ukraine crisis, combined with geopolitical conditions inside the African continent, Moscow however reiterated its position to take serious steps in finding pragmatic prospects for mutual cooperation and improve multifaceted relations with Africa, distinctively in the different sectors: in trade, economic and investment spheres, education and culture, humanitarian and other promising areas.
The main event was the plenary session co-chaired by Russian Foreign Minister Sergey Lavrov and Egyptian Minister of Foreign Affairs, Emigration, and Egyptians Abroad Bashar Abdelathi. Welcome messages from Russian President Vladimir Putin and Egyptian President Abdelhak Sisi were read.
And broadly, the meeting participants compared notes on the most pressing issues on the international and Russian-African agendas, with a focus on the full implementation of the Russia-Africa Partnership Forum Action Plan for 2023-2026, approved at the second Russia-Africa Summit in St. Petersburg in 2023.
In addition, on the sidelines of the conference, Lavrov held talks with his African counterparts, and a number of bilateral documents were signed. A thematic event was held with the participation of Russian and African relevant agencies and organizations, aimed at unlocking the potential of trilateral Russia-Egypt-Africa cooperation in trade, economic, and educational spheres.
With changing times, Africa is rapidly becoming one of the key centers of a multipolar world order. It is experiencing a second awakening. Following their long-ago political independence, African countries are increasingly insisting on respect for their sovereignty and their right to independently manage their resources and destiny. Based on these conditions, it was concluded that Moscow begins an effective and comprehensive work on preparing a new three-year Cooperation and Joint Action Plan between Russia and Africa.
Moreover, these important areas of joint practical work are already detailed in the Joint Statement, which was unanimously approved and will serve as an important guideline for future work. According to reports, the Joint Statement reflects the progress of discussions on international and regional issues, as well as matters of global significance.
Following the conference, the Joint Statement adopted reflects shared approaches to addressing challenges and a mutual commitment to strengthening multifaceted cooperation with a view to ensuring high-quality preparation for the third Russia-Africa Summit in 2026.
On December 19-20, the Second Ministerial Conference of the Russia-Africa Partnership Forum was held in Cairo, Egypt. It was held for the first time on the African continent, attended by heads and representatives of the foreign policy ministries of 52 African states and the executive bodies of eight regional integration associations.
By Adedapo Adesanya
Social media platform, TikTok’s Chinese owner ByteDance has signed binding agreements with United States and global investors to operate its business in America.
Half of the joint venture will be owned by a group of investors, including Oracle, Silver Lake and the Emirati investment firm MGX, according to a memo sent by chief executive, Mr Shou Zi Chew.
The deal, which is set to close on January 22, 2026 would end years of efforts by the US government to force ByteDance to sell its US operations over national security concerns.
It is in line with a deal unveiled in September, when US President Donald Trump delayed the enforcement of a law that would ban the app unless it was sold.
In the memo, TikTok said the deal will enable “over 170 million Americans to continue discovering a world of endless possibilities as part of a vital global community”.
Under the agreement, ByteDance will retain 19.9 per cent of the business, while Oracle, Silver Lake and Abu Dhabi-based MGX will hold 15 per cent each.
Another 30.1 per cent will be held by affiliates of existing ByteDance investors, according to the memo.
The White House previously said that Oracle, which was co-founded by President Trump’s supporter Larry Ellison, will license TikTok’s recommendation algorithm as part of the deal.
The deal comes after a series of delays.
Business Post reported in April 2024 that the administration of President Joe Biden passed a law to ban the app over national security concerns, unless it was sold.
The law was set to go into effect on January 20, 2025 but was pushed back multiple times by President Trump, while his administration worked out a deal to transfer ownership.
President Trump said in September that he had spoken on the phone to China’s President Xi Jinping, who he said had given the deal the go ahead.
The platform’s future remained unclear after the leaders met face to face in October.
The app’s fate was clouded by ongoing tensions between the two nations on trade and other matters.
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