I&M Bank’s Rwanda unit has recently been hit by a major setback, experiencing a significant financial loss of $10.3 million. The astonishing sum was drained through a series of fraudulent customer withdrawals that occurred over a period of less than three months, leaving the bank reeling from the impact. In response to this distressing incident, the bank has launched a thorough investigation in an urgent bid to recover the substantial amount.

To comprehend the gravity of this loss, it is important to note that it surpasses the entire net profit of $7.6 million generated by I&M Group in the Rwandan market during the previous financial year, which concluded in December 2022. These illicit withdrawals took place between November 1 of the preceding year and January 17, catching the bank off guard and highlighting the need for enhanced security measures.

In a bold and commendable move, I&M Group opted for complete transparency by disclosing this unsettling revelation in its annual report. This timely disclosure was made following the closure of the financial year, ensuring that shareholders were provided with essential information well in advance of the highly anticipated general meeting.

According to the comprehensive annual report, “Following the conclusion of the financial year, the management of I&M Bank (Rwanda) PLC unearthed a series of incidents involving fraudulent withdrawals from customer wallets, amounting to an astounding $10.3 million between November 1 and January 17, 2023. While some funds have already been successfully recovered, ongoing investigations continue to shed light on this distressing matter.”

In such challenging circumstances, banks can find solace in the fact that they typically have insurance coverage for cash at hand, cash at the bank, and cash in transit. This offers a glimmer of hope for I&M Bank, as a portion of the colossal losses may be mitigated by the involvement of underwriters, thereby alleviating the burden to some extent.

I&M Bank made its strategic entry into the Rwandan market back in 2012 through the acquisition of a majority shareholding in Banque Commerciale du Rwanda. Currently, the bank maintains a controlling stake of 54.47 percent through BCR Investment Company, with an impressive valuation of $15.4 million as of December.

With a widespread network serving over 65,000 customers through approximately 18 branches, 33 ATMs, and a dedicated team of more than 400 employees, I&M Rwanda has emerged as the most lucrative venture for I&M Bank outside of its home territory in Kenya.

In the preceding fiscal year, I&M Rwanda witnessed substantial growth, recording a net profit of $7.6 million from a remarkable turnover of $73 million. In comparison, the bank’s operations in Mauritius and Uganda achieved noteworthy net profits of $4.7 million and $2.1 million, respectively.

However, the same period witnessed the Tanzanian unit struggling with adversity, incurring a net loss of $3.7 million. On the flip side, I&M Kenya defied the odds by catapulting its net earnings from $54 million to an impressive $74.6 million. This commendable performance resulted in an astounding 37.7 percent growth in the group’s overall profitability, reaching a remarkable $82 million.

As I&M Bank navigates the aftermath of this significant loss, the ongoing investigations offer a glimmer of hope. The banking industry must remain ever-vigilant and resolute in its efforts to combat fraudulent activities, ensuring the continued financial well-being and security of institutions and their valued customers.

The government of Rwanda has made a somber announcement, officially bringing an end to the extensive search operations for the six individuals who tragically fell into a mine in the Kinazi sector of Huye district 16 days ago. Deputy government spokesman, Alain Mukuralinda, expressed deep disappointment as he revealed that despite relentless efforts, the quest to locate the missing miners has regrettably yielded no results.

The victims of this heartrending incident were six men, their ages spanning from 20 to 48 years old. Among them were Moïse Irumva, Samuel Nibayisenge, and Emmanuel Nsengimana, promising students enrolled at Groupe Scolaire Kinazi. It is worth noting that the ill-fated mine lies a mere 3 kilometers away from their educational institution, adding to the profound sense of loss and grief experienced by the community.

In a significant development last month, the Criminal Investigation Department took decisive action by apprehending ten individuals, including retired Major Paul Katabarwa. Authorities suspect Katabarwa to be the owner of the illegal mine, making him potentially accountable for the devastating incident. These arrests were a crucial step towards holding those responsible accountable for their actions.

However, this week brought further disheartening revelations. A sector manager, who chose to remain anonymous, shed light on the challenges faced during the search efforts. The manager disclosed to reporters that the arduous task was significantly impeded due to the impending expansion plans for the mine. As preparations were underway to bolster the workforce, time became an increasingly critical factor, hindering the search operations.

The cessation of the search not only marks a distressing end to the hopes of finding the missing miners alive but also underlines the urgent need for enhanced safety measures and stricter regulation in the mining sector. This incident serves as a stark reminder of the perilous conditions faced by workers and the imperative for robust enforcement of mining laws to prevent such tragedies from recurring in the future.

Rwanda was hit by heavy rains on Tuesday night, resulting in a devastating loss of life. Many were asleep when the downpour began, making rescue efforts challenging and contributing to the death toll of over 130 people as of today. Among the victims was the five-year-old daughter of Claudette Nyiraneza, whose lifeless body was found beneath the rubble. Neighbors eventually aided in her recovery.

The damage caused by the downpour was extensive, with Governor François Habitegeko reporting that many houses had collapsed, crushing their inhabitants. Landslides had also rendered many of the area’s main roads unusable.

As floodwaters continue to rise, Rwanda’s public broadcaster, RBA, reports that the number of casualties is expected to increase. Relief efforts are underway, with emergency supplies being delivered to those whose homes were destroyed, and the government is working to reach every damaged house to rescue anyone who may be trapped.

Rwanda’s President has extended his condolences to those affected by the disaster and is focused on the safe evacuation of residents from areas at high risk. The government’s priority is to ensure that no one is left behind, with rescue and relief efforts being coordinated to reach those in need.

While Rwanda often experiences heavy rains between March and May, the recent deluge was unusually strong and long-lasting, making it the worst flooding the country has seen since May 2020, when around 80 people died. With more rainfall expected throughout the month, the situation remains precarious.

The High Court of Kigali has concluded the hearing on the appeal filed by the prosecution regarding the acquittal of Ishimwe Dieudonné, also known as Prince Kid, who was organizing the Miss Rwanda beauty pageant. The prosecution believes that the crimes of forced sexual exploitation of some of the girls who participated in the competition deserve punishment and that the evidence provided by them was ignored by the Nyarugenge High Court.

The defendant denies the charges against him, and his side argues that the evidence provided by the prosecution is baseless. Some of the girls accused of being raped by Ishimwe denied in court that any crime had been committed against them and even signed a document in front of a notary certifying that they were not abused by him.

However, the prosecution argues that the document made in front of a notary does not prove that no crime has occurred, especially as forced sexual intercourse does not take place in public. The prosecution also claims that the audio evidence of Prince Kid asking for “fun” for one of the girls participating in Miss Rwanda was not recognized by the High Court. Ishimwe believes that the voice is his, but it has been altered.

After a long debate on this, the court has asked the prosecution to bring the original audio for further examination. The prosecution claims that the evidence of one of the girls who confirmed that she was forcibly raped by Prince Kid during the Covid-19 ‘Stay at Home’ period was ignored. The defendant and his side argued that what the girl said contradicted the evidence of what she saw in Prince Kid’s house, which proves that she is guilty.

The prosecution confirms that Ishimwe sexually harassed some of the Miss Rwanda contestants and molested those who promised them victory or other benefits in the competition. The competition has been suspended by the Ministry of Culture since last year.

Ishimwe was imprisoned in May 2022 and acquitted in December of the same year. When asked to make a final statement before the court closed the case, he claimed that the accusations against him were fabrications made by people who did not reveal the names of those who intended to harm him.

The court is set to announce its decision on the appeal case on June 30, 2023.

Jack Ma, the founder of the Alibaba Group and once China’s richest man, has been appointed as a visiting professor at the African Leadership University (ALU) in Kigali, according to an announcement by the university. The ALU, which started in Mauritius in 2015 and expanded to Rwanda in 2017, aims to develop a new generation of African leaders.

The university’s founder, Dr Fred Swaniker, expressed his excitement at the opportunity for young African entrepreneurs to learn from one of the world’s greatest entrepreneurs. In a statement released on the university’s website, Swaniker said that Ma’s teachings would inspire students to “think big” and pursue their entrepreneurial dreams.

While the ALU made the announcement, Ma has yet to confirm the appointment himself. However, the Jack Ma Foundation, his charity, stated that he has a passion for education and wishes to share his journey of learning with young people. The foundation also said that Ma has been a university teacher for six years and enjoys teaching.

This appointment is not Ma’s first as a visiting professor. Last year, he was named a visiting professor at the University of Tokyo in Japan and Tel Aviv University in Israel. Last week, Hong Kong University announced that Ma had agreed to teach entrepreneurship for three years.

Ma’s appointment comes amid speculation that he has fallen out of favor with the Chinese government. Ma criticized the government’s policies last year, which led to the cancellation of the initial public offering of Ant Group, Alibaba’s financial affiliate. Since then, Ma has kept a low profile, and his whereabouts have been unclear.

The ALU’s appointment of Ma as a visiting professor is a significant milestone for the university, which aims to create a new generation of leaders who can change Africa. The terms of Ma’s appointment remain unclear, and it is not yet known if he will teach at the university remotely or on campus.

Ma’s appointment is expected to provide a major boost to the ALU’s reputation and attract more students to the university. With the support of Ma, the ALU is well-positioned to help young African entrepreneurs achieve their dreams and transform the continent.

President Paul Kagame will embark on a working visit to West Africa, first visiting Benin, then Guinea Starting this Friday. Some may question why he is visiting these countries, but the government and diplomatic officials have specific reasons for the timing and destinations of this trip.

Although Benin is more than 3,000 km away from Rwanda, Rwandair flights to Cotonou, the capital of Benin, operate at least once a week. Despite the distance, there are no known serious conflicts between the people of Rwanda and the people of Benin or Guinea.

Over the past five years, the relationship between the governments of Benin and Rwanda has strengthened, as they have cooperated on various projects in technology, construction, and the environment.

Guinea, with its potential to become one of the richest countries in Africa, according to its current leader, Col Mamadi Doumbouya, who came to power through a coup d’état in 2021, seeks to establish new allies.

During a visit to Rwanda in August 2016, President Patrice Talon of Benin expressed admiration for the achievements of Kagame’s regime and sought to emulate them in his own country. In September of that same year, Rwandair started flights to Cotonou and Abidjan.

Earlier this year, Patrice Talon appointed Rwandan Pascal Nyamulinda as the head of the Benin Identity Agency to establish an electronic identity card system. Nyamulinda had previously managed a similar institution in Rwanda.

According to the Jeune Afrique newspaper, Kagame’s visit to Benin will coincide with the launch of a new airline company, Benin Airlines, in which the Beninese government will have a 51% stake and Rwanda will have 49%.

Last year, Benin expressed interest in enlisting the help of the Rwandan army to combat insurgents who call themselves Islam and attack the north of the country from Burkina Faso. Although the two countries do not have a military cooperation agreement, some analysts speculate that this topic may be discussed during the visit.

The office of the Beninese president has announced that during Kagame’s visit, “various agreements” will be signed to discuss cooperation in trade, investment, tourism, the facilitation of the movement of people and goods, and the fight against terrorism. The details of these agreements will become clearer in the coming days.

While its neighbor Guinea-Bissau signed a cooperation agreement with Rwanda last year, Guinea (Conakry) also seeks to cooperate with Rwanda. Guinea has abundant natural resources, including bauxite, iron mines, gold, and diamonds, and has the potential to become one of the richest countries in Africa, according to the US Bureau of Investigation of Land.

Although it is a poor and corrupt country, analysts believe that Col. Doumbouya, who invited Kagame to visit, needs to build alliances while studying what will happen at the end of his transition period, which ends in December 2024.

According to the Guinean president’s office, during Kagame’s visit to Conakry from Sunday to Monday, April 17, the two countries will agree to cooperate in various fields, including the economy, security, agriculture, minerals, and culture.

Some wonder whether the interest in building relationships with other countries serves the interests of the people or the rulers themselves. Only time and production for the public will reveal the truth.

Source: BBC

Kenya, commonly known as one of the safari giants on the African continent has been making headlines after demonstrations broke out in different parts of the country. Many outsiders are wondering what could be the cause of the riots. Is Kenya still safe for travel?

In this article, we break down for you what is actually happening in Kenya.

The journey that has led Kenya into the present demonstrations started on August 15th, 2022. This was the day the sitting president of Kenya William Ruto was announced as Kenya’s fifth president, a declaration that was refuted by Laila Odinga the first runner-up in the presidential race.

Though Laila Odinga tried to challenge Ruto’s victory in Court, Kenya’s supreme Court on 5th September 2022 upheld Ruto’s victory for the presidency of Kenya. According to Laila Odinga, Kenya’s elections were rigged forcing him to be placed in the second position yet he had won with over eight million votes.

Everyone wanted a peaceful Kenya without bloodshed. Even the minor riots that broke out after the declaration of Ruto as president were squashed. Ruto had promised a lot of economic transformation including a reduction in prices of most essential products such as cooking oil and fuel.

Unfortunately, six months down the road, these promises have not yet come to pass. The cost of living is still high. But the president is simply asking for a few months to set these things in order.

Amidst this uncertainty, a riot broke out against Chinese square; a well-known place for the best product rates. While many Kenyans were enjoying low rates from this place, the Kenyan traders were being forced out of business since they could not fairly compete with the Chinese.

In response, the traders staged a riot against the unfair competition in the market. It was during this time that the most popular Kenyan opposition leader Laila Odinga also launched his weekly demonstrations set to happen every Monday. He is calling the public to riot against the high cost of living which he believes the government of Kenya has the capacity to subsidize but simply turning a build eye.

On top of the cost of living issue, he is also bringing to memory the claim that Ruto is not rightfully the president of Kenya. In other words, what started as an economic outcry among Kenyans has been twisted to claim that it is happening because Kenya is having the wrong president in office.

Part of the riots has been peaceful demonstrations along the streets with crowds chanting while others have been a bit violent with masses setting tires ablaze. In some places, the police have been sent packing back to their armored vehicles by the demonstrators.

The situation is still unclear given the grave past of Kenya. Over a decade ago, the political tensions almost escalated into a tribal-induced genocide. If it was not for the union government that Laila Odinga became part of, many lives were being held in balance.

Based on the election outcome, the possibility of forming a unity government is very minimal given the fact that the supreme court of Kenya has pronounced itself against Laila Odinga on a number of occasions. The persistence will only seem to place Laila Odinga against the democratic values he stands for.

The only threat posed by the current demonstration is the unfulfilled promises by the seating president that might force even those that voted for him to turn their back on him. It should be noted that most African politics rely on service delivery, not political ideologies.