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Last night, a California court ordered Apple to assist the FBI in hacking an iPhone. It’s an unprecedented request, one with potentially huge repercussions for the privacy and security of every Apple customer. This morning, Apple CEO Tim Cook posted an impassioned defense of encryption, and signaled the legal battles to come.

The iPhone at hand belonged to one of the San Bernadino shooters, the couple who took 14 lives in an attack last December. But the open letter to Apple customers posted on Apple’s website early Wednesday morning is significant in that it doesn’t just respond to this court order and incident, specifically, but to the importance of encryption at large.

“For many years, we have used encryption to protect our customers’ personal data because we believe it’s the only way to keep their information safe,” writes cook in the lengthy response. “We have even put that data out of our own reach, because we believe the contents of your iPhone are none of our business.” 

lemented with iOS 8, which ensures has no way to access your files. They’re protected by an encryption key tied to your password. That Apple is just as blind to your photos and texts as the FBI is also helps explain the unique nature of the court request. Rather than impel Apple to unlock the phone, the FBI wants Apple to help it develop a way to “bruteforce” the password—guess until it finds a match—without triggering a mechanism that deletes the key that decrypts the data. Currently, 10 wrong password tries will make the iPhone’s data inaccessible forever. The FBI would like to lift that restriction, along with the mandatory delays between password attempts that will slow their progress considerably.

While this isn’t a “backdoor” in the traditional sense, Cook argues that it amounts to one.

“The FBI wants us to make a new version of the iPhone operating system, circumventing several important security features, and install it on an iPhone recovered during the investigation,” says Cook. “In the wrong hands, this software—which does not exist today—would have the potential to unlock any iPhone in someone’s physical possession. The FBI may use different words to describe this tool, but make no mistake: Building a version of iOS that bypasses security in this way would undeniably create a backdoor. ”

(CBS)

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Ngwa Bertrand

17.Feb.2016

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Cameroonian truck drivers supplying the capital cities of neighboring Chad and Central African Republic said they plan to strike next week in protest at illicit road checkpoints and harassment by police and customs officials.

There are considerably more checkpoints along the two corridors to Chad and Central African Republic than the seven official barriers that have been jointly agreed to, Ibrahima Yaya, president of the Cameroon National Union of Professional Drivers, said by phone on Thursday. “They don’t let us through if we refuse to pay a bribe,” he said. The truck drivers plan to strike from Feb. 18.

Landlocked Chad relies on Cameroon’s port of Douala for about 90 percent of its imports, including cement and machinery, according to data from the Cameroon Customs Department. An average of 900 trucks per week ply the 1,850-kilometer (1150-mile) road to the Chadian capital N’Djamena, according to the union.Central African Republic, which is also landlocked, gets 80 percent of its imports via a 1,500-kilometer corridor linking the port to the capital, Bangui, according to the Central African Road Freight Board.

Officials at the Chadian border systematically demand a tax of 46,000 CFA ($78) in addition to between 5,000 and 10,000 CFA truck drivers are asked to pay at each of the more than 20 illicit control posts along the road, according to Abdourahman Bouba, a trucker who plies the Douala-N’Djamena corridor, in an interview in Douala.

“We can neither confirm nor refute the allegations until we undertake field trips,” El Hadj Oumarou, director of the Cameroon Overland Freight Management Office, said by phone. Aline Ndoumou, a secretary at the Delegation General for National Security in the capital, Yaounde, said by phone her boss was unavailable for comments.

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Ngwa Bertrand

11.Feb.2016

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Oil prices have continued to fall, ending the week lower in choppy trading amid speculation about a possible deal between top oil producers. US benchmark West Texas Intermediate (WTI) for delivery in March finished at $30.89 a barrel, down 83 cents, on the New York Mercantile Exchange (NYMEX). In London, North Sea Brent crude for April delivery fell 40 cents to $34.06 a barrel. Speculation is rife about a potential meeting between the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC oil producer Russia for an agreement that would cut crude production. Furthermore, a meeting planned for Sunday between Venezuelan Oil Minister Eulogio Del Pino and his Saudi counterpart Ali al-Naimi in Riyadh has kept observers on tenterhooks. 

Venezuela and Saudi Arabia are both top OPEC producers. Tim Evans, energy futures specialist at Citi Futures, said the upcoming meeting is “make or break” for a possible deal. The market had made gains over the past two weeks. But Gene McGillian, senior analyst at Tradition Energy, said the pickup was not really warranted. “Today when the dollar tried to push up, which I attribute mostly to a little weekend covering, you started to see some sellers come back in the oil markets,” he said. Oil prices in global markets have fallen by around 70% since June 2014 as supplies piled up and demand was hit by a global economic slowdown led by China, the world's second biggest economy.

According to a market commentary by Capital Economics, last month's rise in prices "was based on shaky foundations, namely hopes that Russia and OPEC would agree to cut output." The commentary added, “We doubt that there will be any coordinated agreement even though the market remains oversupplied. Meanwhile, US inventories of both crude oil and gasoline have continued to build over the last month. Indeed, US crude oil stocks are now at record highs.”

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Ngwa Bertrand

06.Feb.2016

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The age of African oil and gas is here, and we at Centurion see a lot to be positive about in 2016. The rise of powerful women and local content champions, numerous bidding rounds, greater opportunities for bold investors and more: Pay close attention to these 10 people, companies and trends in African oil and gas. These are the ones to watch in 2016.

Bidding Rounds

African countries that have been depended on hydrocarbon revenues to drive their economies can see the writing on the wall. If they don’t reverse systemic production declines, they will miss out on the next era of prosperity. Last year, Uganda and Mozambique concluded historic exploration rounds that will surely determine their continuing emergence as oil producing countries. In 2016, the Republic of Congo, Gabon and Equatorial Guinea are all hosting licensing rounds and accepting bids to explore their offshore blocks. The three share nations in common an enormous energy legacy and an understanding from their leadership that their future lies in “Drill Baby Drill.”

NNPC’s New Leader

Since Muhammadu Buhari was elected President of Nigeria last year, the investment community has been waiting to see him bring order to a country reeling from a security crisis in the north, a currency in disarray and an oil corruption scandal that went as high as the oil minister. The hopes of a turnaround have partly been pinned on the new Minister of State of Petroleum and Group Managing Director of the beleaguered Nigerian National Petroleum Corporation, Dr. Emmanuel Kachikwu (pictured). Nigeria’s economy has suffered more from the ongoing oil slump than most, losing 2 percentage points from its growth in 2015. Dr. Kachikwu, a former Executive Vice Chairman of Mobil Nigeria, must utilize his expertise in compliance regulation and anti-corruption law to get the industry back on track. This is the chance for Nigeria to demonstrate that it is still Africa’s reference point in the oil industry.

Tullow Oil

Since peaking at £426.5 last May, Tullow Oil’s share price has tumbled to a low of £118.2 (January 20). Tullow’s story is not unlike that of its upstream independent counterparts whose share value has been battered by a low oil price. But it has fared better than most in rationalizing its portfolio and managing its exploration program under budgetary constraints. Tullow Oil trades at a fraction of its book value of £360 per share. And this summer, its TEN field development will begin commercial production, its second producing asset in Ghana. All of this shows huge upside for a company that has bet practically its entire existence on Africa – nearly 50 licenses in 12 countries. The strong bet is that Tullow will reverse its fortunes in 2016.

Powerful Women

Africa is crowded with accomplished women in the industry. This includes Mercedes Eworo Milam, the Director General of Hydrocarbons at Equatorial Guinea’s Ministry of Mines, Industry and Energy, whose reforms have been critical in her country’s resurgent oil and gas industry. It is a credit to Mrs. Milam that Equatorial Guinea has one of Africa’s most attractive production sharing contract regimes. In 2014, she won the Oil Person of the Year award, the first of many accolades to come. In the corporate finance world, Rolake Akinkugbe, the head of Energy and Natural Resources at FBN Capital, is a rising star and a mainstay of the media and conference speaking circuit. Ms. Akinkugbe (pictured) has emerged as an authoritative voice on African energy markets, helping the industry navigate the choppy waters of natural resource governance and policy. Specializing in oil and gas financing dynamics, infrastructure, downstream, gas and LNG, sustainable energy and power, her expertise will be more important than ever to guide us through a gloomy 2016.

Frontier Markets

Yes, it is true that many emerging African economies that depended less on oil revenues fared better in 2015 than those that do (we’re looking at you Ethiopia). But there were some frontier markets that were unfazed by the oil price decline and continued their unabated economic surge. The GDP growths of Gabon, Cameroon, the Republic of Congo and Chad in 2015 were all projected to outperform the previous year. Mozambique’s 7.6 percent growth in 2014 effectively held steady last year. This is a strong indication that petroleum economies can withstand oil prices and turn in a solid performance. 2016 should be no exception.

Strong African Captains

Steady prices between 2010 and 2014 enabled oil markets to take advantage of an unusual window of stability. This created ideal conditions for the ascent of the African independents. In Nigeria, these homegrown companies seized upon the disposal of marginal assets by oil majors to become players in their own right. Today, those African independents are being tested. It will take strong and resolute leaders like Wale Tinubu at Oando, Kola Karim at Shoreline Natural Resources and ABC Orjiako at Seplat Petroleum to show the African independents are here to stay. In the services sectors, game changers like DeltaAfrik continue to show strength in distressed times thanks to its Managing Director Akinwumi Odumakinde (pictured), who proves that locals can be an equal alternative to international counterparts. Pedro Godinho and his network of service companies, including Prodiam, continues to make waves in Angola. As President of the US-Angola Chamber of Commerce and its well-attended “First Friday” events, he has brought the industry together with leading political figures. Meanwhile, a lot of attention is being paid to Althea E. Sherman to see how she will charter a new path for Liberia’s NOCAL. A successful drilling campaign by ExxonMobil can definitely ease her troubles.

SacOil

A new strategy, new business model and new management bode well for a new and stronger SacOil, the South African oil and gas independent. As its new CEO, Dr. Thabo Kgogo brings proven industry credentials to SacOil, most notably a stint as Chief Operating Officer of PetroSA. There is great evidence that the company has resolved its financial difficulties. In 2015, it brought its first producing asset online, the Lagia field in Egypt. And it balanced its diverse upstream portfolio by unloading unpromising assets in Nigeria and focusing on high-value exploration and appraisal work in the Democratic Republic of Congo, Malawi and Botswana. Going forward, SacOil is integrating across the value chain beginning with a gas pipeline project in Mozambique and an oil terminal project in Equatorial Guinea. With fully funded commitments and a strong cash position, SacOil is poised for high returns.

Distressed Assets

A sustained market downturn may have a negative impact on share value and force some companies to unload some assets. But a fixation on the low oil price will only distract the market from the deal-making potential out there. As the founder of the Carlyle Group, David Rubenstein, said in December, we are facing “maybe the greatest energy investing opportunities we’ve ever seen.” He was of course referring to distressed debt markets and the M&A potential that arises from commodity slumps. The investment prospects of $40 oil are good. Below $30, they are even better. In bull and bear markets alike, fortune favors bold risk takers.

Border Disputes

Out of nearly 3,000 oil and gas blocks available in sub-Saharan African, only 30 percent are under license. And that does not even factor vast areas of land and water that are under dispute. Out of 100 boundaries covered under the Law of the Sea in Africa, only a third of them are agreed. Resolving those conflicts creates enormous opportunities for countries that are willing to overcome their differences. African governments must come to the negotiating table and find solutions to unlock a new wealth of natural resources, such as establishing joint development areas where all sides of a border can benefit. Only then can we be certain about the continent’s true resource potential. Africa is the final frontier of oil and gas exploration, but so far we have only scratched the surface.

Local Content

Oscar Garcia Berniko (pictured), the young and astute Director of Local Content in Equatorial Guinea and a student of Nigeria’s erstwhile local content chief Ernest Nwapa, reminds us that a market slump is no time to cut corners or lose sight of proven principles. He understands that integration without preparation is frustration and he is equally training national companies and employees. Young leaders like Oscar show us that African nationals will no longer be the last hired or the first fired. In 2016, declines in oil revenues will test countries but they must be resolute about investing in capacity, technology and knowledge transfer and developing their national workforce. We have seen in the past how a shortage of skilled workforce at national oil companies and ministries affects the industry and slows down projects. Host countries must implement well-balanced, robust and effective local content and should hold their foreign partners accountable for the results. Francisco Simao was recently appointed Vice President, Legal, for BP Angola. That puts him in charge of the only completely nationalized legal department among big oil companies in Africa. Those are real results.

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Ngwa Bertrand

04.Feb.2016

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The government of Cameroon is expected to mobilise FCFA 14 billion from treasury bills through the Bank of Central African States public stock market. The calendar for the first quarter of the year, published by BEAC, indicates that two comparable treasury bills will be issued this February. The bills have been announced for February 4 and 18, 2016 with each expected to fetch FCFA 7 billion into the State coffers. The yield period is 26 and 52 weeks respectively. Treasury bills in January were also fixed at FCFA 14 billion. Later in March this year, government will be seeking over FCFA 20 billion from the BEAC money market. Information from the Directorate General of Treasury, Financial and Monetary Operations at the Ministry of Finance indicates that two comparable treasury bills worth FCFA 14 billion and one comparable treasury bonds to the tune of FCFA 10-15 billion is expected this month. 

In all, bills issued in March are expected to raise FCFA 29 billion. Government bills for 2016 are expected at FCFA 300 billion. Government bonds from the BEAC market have short and medium-term value of maximum two years. The interest rates started at 4 per cent, but dropped to 3.75 per cent since 2014, sources at the Ministry of Finance reveal. The government bonds, sources say, seek to make up for budget shortfalls, unlike treasury bonds that finance treasury deficits. At the level of the money market, investors are allowed to obtain reimbursable financing on short or medium term maturity. Increasing Figures Information from the Ministry of Finance reveal that since Cameroon embarked on sourcing for funding from the sub-region in 2011, figures have been on a gradual increase, with the country and partners respecting all commitments. The capital market in 2011 fetched FCFA 50 billion.

In 2012, the amount increased to FCFA 110 billion. It dropped in 2013, with FCFA 149,511 billion garnered from the BEAC market. FCFA 155 billion was raised in 2014 and FCFA 115,150 billion gotten in 2015 as at November 30. Bonds issued on the BEAC market are at two levels. The first are comparable treasury bills with a maximum maturity term of 52 weeks. They are issued when revenue forecasts are not met. There are also comparable treasury bonds with a maturity period of two years, meant for budgeted development projects. Comparable treasury bills are short term, with one year maximum as maturity period (13, 26 and 52 weeks in the CEAMC sub-region); while comparable treasury bonds are medium-term, with minimum yield period of two years. This can go up to 30 years, though Cameroon has limited hers to two.

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Ngwa Bertrand

02.Feb.2016

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Cameroon's Minister of Small and Medium-sized Enterprises and Social Economy, Laurent Serge Etoundi Ngoa has announced the promotion of private initiatives and improvement in the performance of small and medium-sized enterprises in Cameroon as the 2016 objectives of his Ministry. 

The Minister made the decision public during the traditional New Year wishes ceremony in Yaounde on 27th January, 2016. Minister Laurent Serge Etoundi Ngoa also called on staff to work hard and create a conducive work environment.

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Ngwa Bertrand

29.Jan.2016

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