IN the Bible, there is a story of the prodigal son who demanded his share of his father’s estate, which the father gave him. Shortly after being given his inheritance, the son runs off and squanders the wealth — finding himself destitute and in the middle of a severe famine.

To survive, the prodigal son hires himself out to a pig farmer, but seeing first hand that the pigs were eating better than him, he decides to return to his father and beg to be allowed to serve as a hired servant on the estate.

The rest is history!

I am reminded of this story in the Book of Luke because Eddie Cross, who had gone on the rampage, criticising mainly the Reserve Bank of Zimbabwe (RBZ) when he absolutely had no clue of what was going on, seems to be coming back to his senses.

In one of his latest instalments, Cross likened the situation in Zimbabwe to that of Jesus and his disciples found themselves in when a furious squall came up and the waves broke over their boat so that it was nearly swamped.

The disciples woke Jesus up, as he was sleeping on a cushion in the stern. He then charmed them by calming the storm. For the first time, I found myself agreeing with Cross’ analogy in that while Zimbabwe could be going through a turbulence, the storm will dissipate at some point.

Pointedly, he makes the point that “we are all in the same boat, no point in yelling at the wind and the rain, wake up the boss and get him engaged in trying to fix the problem”.

He goes on: “Several lessons come to mind about the miracle in the boat with Christ. The first is that we need faith, we need to think that if we go forward and shake his shoulder and get Him awake, He will do something. In my own life I have discovered what a professor at Cambridge once described after his conversion to Christianity when he wrote a book about it and called it ‘Good God, it Works’.

“The second is that we need to recognise that we are all in this boat together and we sink or swim together. We need to work as a nation to find our way forward and to solve our problems — right now is not the time for squabbles and fights, we need to discover each other and put our country first.

“The third lesson is do not be surprised if things come back to normal much faster than we think possible. I still think we are on the right track, the fundamentals are all in place and because we are such a small boat, our problems can be solved relatively easily. But to get to the shore, we need to row together”.

It is thus pleasing that Cross, who was making it his business to yell at others, worse from a misinformed point of view, has had his “Damascene moment” and now realises the wickedness of his ways.

While it is also pleasing that he has delved into the scriptures to illustrate his point, my point of departure with him remains that he continues to sing for his supper, which seems to indicate that he is struggling to break free from those who “captured” him.

As far as he is concerned, Mthuli Ncube is the best thing to have ever happened to the Finance and Economic Development ministry even though the record speaks otherwise. He came with his economic theories, that include the shock therapy approach, that has failed the economy dismally.

We are not fooled!

Under Finance minister Tendai Biti during the government of national unity of 2009-2013, the country experienced a modicum of growth, which Cross does not even acknowledge.

Under Patrick Chinamasa, the ministry did its best to stabilise the ship under extremely difficult circumstances, which Cross should acknowledge.

Before Ncube’s appointment, inflation was at single digit levels with the exchange rate pegged at 1:1 to the United States dollar. At the time, there was acknowledgment that certain things needed to be done to keep the situation in check and avoid rocking the boat in the manner Ncube has done.

The 1:1 US dollar to RTGS rate was, indeed, a value preservation strategy that the central bank had put in place to restore value for money and to safeguard confidence.

The strategy was to ensure that, brick by brick, the economy gets to produce, especially for export, which is why the central bank came up with a menu of export incentives to stimulate productivity and foreign currency earnings.

Indeed, exports were beginning to pick up and production in some industries was on the rise, with the Confederation of Zimbabwe Industries’ manufacturing sector survey showing an improvement in capacity utilisation.

And suddenly boom — the big bang approach — the situation took a turn for the worst in September 2018 when Cross’ “star performer” came onto the scene with his bookish economics, packaged as austerity measures.

All of a sudden, inflation has gone haywire, touching 300% as of last month, with the exchange rate whistling past $20 to the US dollar. This has made the population poorer within the past nine months.

If Cross wants to be taken seriously, he must give credit where it is due and speak out against wrongs even if it means differing with those who have appointed him into the key position or approved the multi-million-dollar deals that he has been consulting for. I am saying this mindful of the fact that he who pays the piper calls the tune.

I am also praying for the day when Cross’ illustration of the great Bible story is not used to whitewash what is patently wrong with the “system” and to be oblivious of the truth of the causative factors contributing to Zimbabwe stormy situation.

It needs to be said that the “storm” in the Zimbabwean context is not emanating from outside: It is a result of a few individuals who are fomenting the “storms” by engaging in reckless and primitive wealth accumulation that knows no bounds at the expense of the country’s economy.

As Finance minister, Ncube knows these “pirates” and by keeping quiet while the proverbial Rome is burning, he is equally culpable.

Nonetheless, Cross should be encouraged to rally the nation behind efforts to revive the country’s economy, including those he used to work with in the opposition.

 Amos Mazambani is a development consultant. He writes here in his personal capacity and can be contacted on amos.mazambani@gmail.com.

AS always, each time one wakes up in Zimbabwe, they are treated to intriguing and curious circumstances that send either the heart or brain racing at life-threatening speeds.

NewsDay Comment

Yesterday, out of the blues, the nation woke up to assertions that some eight or so years after a certain political outfit called G40 or precisely Generation 40 came into existence, the shadowy political coterie is now a national security threat. Really?

“G40 is not only a threat to Zanu PF. It’s a threat to the country including the MDC. It’s a threat to security and security affects everyone,” the ruling party spokesperson, Simon Khaya Moyo declared after the party’s politburo meeting on Wednesday.

And Information deputy minister Energy Mutodi has since dashed to Twitter and declared: “Team G40 is back again with dirty tactics, this time using house maids to administer poison, explosives and other harmful substances, including ambushes. Ministers, be warned.”

But what has caused the sudden flurry of activity around this G40 cabal? Why has Zanu PF party suddenly decided to drag everyone in Zimbabwe into what the world has all along thought was a largely internal senseless brouhaha?

This can only point to two issues: Either the ruling party is now clueless on how to get rid of this very painful thorn in its flesh or it is trying to brew an excuse to ruthlessly strike at whoever it accuses of being part of this clique of headstrong former cadres who are pestering it.

As far as we know and have picked from the past bloody fights in the ruling party, this so-called G40 faction was one of two groups that were fighting each other to control the party as the former party leader, the late Robert Mugabe was reaching his political twilight.

It so happened that these G40 apparatchiks were out-manoeuvred by the other one called Lacoste, whose alleged leader was the party’s current President, Emmerson Mnangagwa.

So if this was the case, why then is this matter a national issue? Khaya Moyo has not come out clearly why everyone, including the police and army, should be dragged into the party’s perennial internal dogfights?

Besides, is Zanu PF telling us that it does not allow opposing views or internal jostling for control in the party? If this is the case, this does not bode well for all opposition political parties in the country because if the ruling party cannot tolerate its very own opposition, what more an opposition from without.

For the sake of democracy and separating party and national business from party politics, Zanu PF should simply solve its own problems through whatever internal means, instead of dragging us all into its dirty fights. The nation has nothing to do with otherwise in-house Zanu PF fights.

FORMER Warriors defender Thomas Sweswe wants the national senior football team to go all out in attack when they face Botswana in a 2021 Africa Cup of Nations Group H qualifying match against Botswana at the National Sports Stadium this evening.

BY HENRY MHARA

The former Dynamos player believes that a win in this match will put Zimbabwe in a good place in their quest for a fifth appearance at the Afcon finals.

Botswana are regarded as the sick men of the group, which also includes Zambia, whom the Warriors will face on Tuesday in Lusaka, and African champions Algeria.

Sweswe wants Zimbabwe to take full advantage of playing in front of the home crowd by taking the game to their western neighbours as they seek to kickstart the campaign on a positive note.
“We need to go all out because we are playing Botswana. There are no small teams in football nowadays, but come on guys, this is Botswana. We have to beat such teams if we are serious about qualifying for the Afcon. Remember all the other teams in the group are targeting maximum points against Botswana and they will possibly get them. So if we fail, then we will be in trouble,” Sweswe said

“Also the game being the first game of the campaign, it would be very crucial for us to win it for our confidence going forward. We need to start positively, and that would do a world of wonders in terms of confidence in the team.

Sweswe has had the opportunity of watching the Warriors training session every day, and he is happy with what he has been seeing.

“I have been watching the boys train and I can see they are psyched up for the game and they know what is at stake. Qualifying for the Afcon is big, because it’s an opportunity for the players to be seen by scouts from overseas. The players know they need to win this match to have a chance of qualifying for the finals. This is a must-win game because we are playing at home. We have to start on the front foot, get a win here and go to Zambia with three points in the bag,” Sweswe said.

After this match, the Warriors travel to Zambia next week for their second match of the campaign before facing Algeria next year.

“Against Zambia away will be very tough, and if we can go there and play for a draw it will be fine for me. If we can win all our home matches and force a draw away, I’m sure we will qualify for Afcon. Getting a win away from home will be a bonus for us.”

FBC Holdings Limited says it continues to absorb exchange losses emanating from the external US$10 million loan contracted from a regional lender pending registration process with the Reserve Bank of Zimbabwe (RBZ).

BY MISHMA CHAKANYUKA

In a trading update for the third quarter ended September 30, 2019, the group’s secretary, Tichaona Mabeza said pending finalisation of the registration process, FBC is still absorbing the exchange losses.

“The group is still in the process of registering with the Reserve Bank of Zimbabwe an external loan of US$10 million obtained by FBC Holdings Limited from a regional financial institution under the legacy debt,” he said.

“Pending finalisation of the registration process, the group continues to absorb the exchange losses arising therefrom. The exchange losses are expected to reverse upon conclusion of the registration process.”

Following the declaration of the Zimbabwe dollar as the sole legal tender through Statutory Instrument 142 in June, which effectively outlawed the use of the United States dollar and other external currencies, some companies have suffered exchange losses mainly arising from their foreign obligation.

RBZ has committed to assuming the foreign legacy debts at a rate of $1:US$1 to rescue companies.

There are, however, fears that the central bank will struggle to honour the commitment given that the country has been reeling from foreign currency challenges over a period of time.

During the period, FBC recorded a 275% increase in total net income to $388,6 million from $103,6 million posted in the same period last year.

The cost to income ratio improved to 51% compared to 55% recorded in the first half of the year driven by the strong income growth between the first six months and the third quarter of 2019.

Profit-before-tax increased by 533% to $189,4 million from $30 million reported in prior year.

Administrative expenses were up 74% to $152,9 million from $87,7 million incurred for the six months ended June 30, 2019.

Mabeza said total equity attributable to shareholders of the parent company increased by 29% to $349,1 million from a comparative 269,9 million.

He said the group would continue to introduce new customer experiences and focus on digitalisation programmes.

“During the course of 2019, the group embarked on an Oracle Core Banking and digital banking system upgrade as well as an Oracle super cluster hardware upgrade for FBC Bank and FBC Building Society,” Mabeza said.

“The investment brings with it a new digital banking experience in a secure and convenient environment. The group is, however, still stabilising the internet banking platform to maximise convenience to customers.”

CAPS UNITED…(0)2
ZPC KARIBA….(1)1

GREAT teams often win matches in knife edge, moments like these and in the end they usually ensure the result go their way.

BY TAWANDA TAFIRENYIKA

With ZPC Kariba having dominated the first half in which they attacked their opponents with the determination of a bee and the spirit of an ant, it was unimaginable that Caps United would turn the tables on their opponents.

Even their usually vociferous fans appeared to be waiting in vain hope rather than conviction.

But they did it, showing great character to come back from a goal down to seal victory four minutes from full time.

That is a marker of champions, a clear demonstration they are contenders not pretenders.

The sight of coach Darlington Dodo punching the air in delight at the final whistle with his backroom staff hoisting him, told it all.

Back to winning ways and back on top of the Castle Lager Premier Soccer League pile.

Newman Sianchali who came in at the start of the second half, replacing Dominic Chungwa made the difference.

The former Highlanders forward, scored a memorable second half brace that helped Caps United seal victory and move back to the top of the Castle Lager Premiership.

Two points now separate them from nearest challengers Chicken Inn and FC Platinum with only four matches remaining in the campaign, pointing to an intriguing conclusion to the championship.

ZPC Kariba had started off brightly, launching a series of raids in Caps United’s goal and were dully rewarded for their efforts on 27 minutes with Godswill Gwara thrusting them into the lead with a low shot that beat goalkeeper Tonderai Mateyaunga.

However, second half changes by the Caps United coach helped the game turn on its head.

Dodo threw in Sianchali and Hardlife Zvirekwi who came in for Clive Rupiya.

That proved the magic as Caps United looked reinvigorated. It didn’t take time before Sianchali rattled the nets with an overhead kick on 57 minutes having initially failed to convert a rebound after Takabva Mawaya spilled a goal bound shot by Joel Ngodzo.

The visitors were kept in the game by Mawaya who repelled everything the Caps United strikers threw at him.

ZPC Kariba, however, finished the match with 10 men after Boniface Zuberi was sent off for a second bookable offence on 82 minutes.

Caps United went 2-1 up on 86 minutes with Sianchali completing his brace with a headed effort from a cross from the left by Valentine Musarurwa. The goal lit up Rufaro Stadium as fans broke into song and dance.

Dodo admitted after the match that his team was under pressure going into this match.
“We really wanted to win the match. This is why you could see we rushed our decisions in the first half because we were a little bit under pressure. When some teams play a day before, you always want to catch up and it’s usually very difficult to psyche the players. But I am happy with the victory, especially the second half performance was great. These boys showed character, they believe and kept probing,” said Dodo. His counterpart Godfrey Tamirepi conceded that the defeat was a setback but he was generally happy with his team’s performance.
Teams:

Caps United; T Mateyaunga, J Jangano, G Goriathi, V Ndaba, (R Chitiyo 64’) D Mukandi, J Ngodzo, P Bhamusi, C Rupiya, (H Zvirekwi 46’), J Zhuwawo, D Chungwa (N Sianchali 46’)

ZPC Kariba; T Mawaya, R Tsepo, M Kunyarimwe, B Mutukure, J Marufu, B Juru, T Chiunye (B Zuberi 72’), C Muleya, G Gwara (S Gorogodyo 86’), K Nasama (T Nyamandwe 62’), T Chamboko

ZANU PF could soon embark on a new wave of purges on senior party leaders accused of sabotaging President Emmerson Mnangagwa under the guise of flushing out remnants of the G40 faction from the ruling party.

BY BLESSED MHLANGA

The Zanu PF youth league has already been placed in charge of the cleansing exercise, after Mnangagwa, while addressing the youths last month gave a directive that remnants of the G40 working against the party should be flushed out.

“I encourage you all to continue to work hard for the good of the party and guard against the whims of the enemies of our party. We still have elements of the G40 participating among us as wolves in sheep’s clothing. These must be flushed out, not only in the youth league but also within the rank and file of the party in general,” Mnangagwa said.

G40 refers to a rival faction in the ruling Zanu PF that was vanquished in November 2017 when Mnangagwa took over from the late former President Robert Mugabe.

Most of the faction leaders went into self-imposed exile after the coup that propelled Mnangagwa to presidency overtaking then Defence minister Sydney Sekeramayi, who was Mugabe’s preferred successor. But since then, the relationship between Mnangagwa and the G40 faction has remained turbulent.

The purge is looming after Zanu PF spokesperson Simon Khaya Moyo on Wednesday this week described the G40 as a national security threat, setting the ball rolling for hostile purges of party members seen as linked to the group.

“Anybody; it doesn’t matter at what level, if they are hobnobbing with G40 they stand warned. G40 is not only a threat to Zanu PF. It is a threat to the country including the MDC. It’s a threat to national security and national security affects everyone,” Moyo said.

In 2014, Zanu PF had nasty purges of then Vice-President Joice Mujuru loyalists to prepare for Mnangagwa’s rise to the position of Vice-President. Purges continued after the vanquishing of the G40 faction in 2017.

The latest war against the G40 is likely to take a nasty turn with Information deputy minister Energy Mutodi, who is allegedly battling ill health, saying the faction, ousted from Zanu PF, had now employed maids to poison Mnangagwa’s ministers in their homes.

“Team G40 is back again with dirty tactics this time using house maids to administer poison, explosives and other harmful substances including ambushes, ministers be warned,” Mutodi said on his Twitter handle this week.

Self-exiled former Zanu PF commissar Saviour Kasukuwere, who was in the G40 faction and has reportedly been accused of mobilising fellow comrades through social media in order to return to Zimbabwe politics, immediately responded, saying Mnangagwa was just looking for an excuse to crush dissenting voices.

“The statement alluded to is a serious cause for concern. You want to continue the persecution of innocent citizens who happen to differ with your diabolical leadership? Will not be intimidated and better you pay attention to the crumbling health institutions,” Kasukuwere said.

RENOWNED marabi music crooner Kireni Zulu’s son, Phil Zulu , is set to come out of hibernation with a new album 10 years after stepping into his father’s shoes.

BY PRECIOUS CHIDA

Titled Hope, the six-track album will be launched at City Sports bar next month.

Zulu told NewsDay Life & Style that he had been focusing more on his other business interests although he sometimes played instruments for his father on stage.

“I was establishing myself in the motor industry, for example, supplying spare parts to various shops and individuals. I was not totally out of music, though. I have been involved here and there, moving around with my father. However, the good thing is that I am back for good now and will be consistent in releasing albums,” he said.

The musician, who has since tried to differentiate his music from his father’s, said his music incorporated some of his father’s previous songs.

“My dad is widely known for using acoustic and congas only, but what differentiates us is that I’m using all instruments. However, my art reflects his music. For example, I had a redo of his song Tommy in this album, only that it is fused with lots of instruments. In my first album, I also recorded his song Makurukasva, which he played on acoustic,” he said.

Zulu said the music on the new album was a reflection of day-to-day life experiences, including themes of inheritance and gender-based violence.

“I’m inspired by the challenges facing people in society. I come out with songs to provide soothing and express these challenges through music,” he said.

The young musician released his debut album, Zvenzeve 10 years ago which, however, performed dismally on the market. He said he was confident his second album would mark his breakthrough as he would be employing new marketing strategies.

LOCAL authorities are seeking garnishing powers to deal with defaulting ratepayers who are reluctant to pay their bills in the absence of such authority.

BY PRAISEMORE SITHOLE/DARLINGTON MWASHITA

This was highlighted at the Urban Councils Association of Zimbabwe (UCAZ) meeting, which kicked off in Bulawayo yesterday.

Speaking during the meeting, Harare mayor Herbert Gomba expressed concern over the reluctance by residents, companies and churches to pay their bills.

“We need to revamp the way we are performing in terms of revenue collection within our local authorities,” he said.

“If you look at the way we are doing it, and how Zimbabwe Revenue Authority (Zimra) is doing it, it is totally different.”

Gomba said local authorities needed to restructure departments responsible for revenue collection.
“I would suggest that we come up with a Zimra-type structure within local authorities not the current set-up, it is not working at all,” he said.

Gomba also said in countries like the United States, local authorities in a very small community have garnishee powers which see them collecting over US$270 million a year.

He added that if he had a choice, he would steal most of the people working for Zimra to work for City of Harare.

“Plead for garnishing powers, the minister and the President will be here tomorrow (today). Let us have those so that we are able to garnish church leaders that are going to holidays in Dubai without paying local authorities,” he said.

“Let’s garnish companies that owe local authorities money,” he said, adding the culture of people not paying local authorities’ bills was found in Zimbabwe only.

“If you go to other countries, you don’t just wake up ignoring the bills. We must transform the thinking of our people so that we make it imperative for them to pay municipal bills,” he added.
Gomba also expressed concern over contemporary churches especially those into healing which he said were richer than the local authorities.

“We must now adopt the same methods being used by Walter Magaya and Emmanuel Makandiwa (church leaders). If Magaya is getting much in terms of revenue, why can’t we? It tells much about ourselves as people within the local authority,” he said.

“I am a bit emotional about it. I have seen people refusing to increase rates for 10 years in local authorities and this has not helped us. If we are to approach them, let’s first clean fully our own houses.”

HARARE-Stung by the country’s spiralling inflation, government workers recently took to the streets for the first ever police-sectioned march demanding improved wages.

IPS

They asked the Finance minister Mthuli Ncube “to commit to a process of restoring the value of workers’ salaries to the pre-October 2018 status of $475 for the lowest-paid worker”.

Currently, some teachers earn about US$50 a month.

In August, consumer rights watchdog Poverty Reduction Forum Trust said the Basket of Needs for an average family of five cost about $187 in August, an increase from $154 the month before.

Amid a heavy police presence, the protesters were barred from marching to Ncube’s offices, where they intended to deliver their petition.

Charles Mubwandarikwa, Harare chairperson of the Progressive Teachers’ Union of Zimbabwe, said “government officials never feel the pain of inflation; we only need better wages to overcome inflation”.

“It is now becoming increasingly difficult to properly price goods,” Denford Mutashu, president of the Confederation of Zimbabwe Retailers, said.

Zimbabwe’s annual inflation rate is the second-highest in the world, after Venezuela, at 300% according to the International Monetary Fund (IMF).

Although two months ago, Ncube ordered the Zimbabwe Statistics Agency to stop publicising the country’s annual inflation figures, an IMF mission to the country in September, led by Gene Leon, conducted a review and progress.

“Policy actions are urgently needed to tackle the root causes of economic instability and enable private-sector led growth,” Leon said.

He listed the ability to contain fiscal spending as a key challenge, adding tightened monetary policy was needed to stabilise the exchange rate.

“Risks to budget execution are high as demands for further public sector wage increases, quasi-fiscal activities of the RBZ [Reserve Bank of Zimbabwe] that will need to be absorbed by the central government, and pressure to finance agriculture could push the deficit back into an unsustainable stance,” Leon said in a statement.

The recommendations by the IMF would make it difficult for government to accede to the wage increase demands.

But trade unionists like Zivaishe Zhou, who is the national co-ordinator of the Zimbabwe Agricultural Professionals and Technical Association, said that inflation was impacting citizens and said that corruption was responsible for the country’s economic demise.

“In Zimbabwe, surely nothing has been damaged by the sanctions, which are aimed at few companies and individuals; we have a corrupt government that is not accountable to anyone,” Zhou said.

Dewa Mavhinga, the Southern Africa director with Human Rights Watch, agreed: “Zimbabwe authorities misinform the public that targeted sanctions are responsible for collapsing the country’s economy which is untrue. Rampant corruption and bad governance are the root causes of the country’s economic crisis.”

The European Union (EU) and United States (US) slapped Zimbabwe with financial and travel bans that targeted top Zanu PF officials for purported human rights violations and electoral fraud in 2001.

Last month, government supporters held an anti-sanctions march, just as the US included State Security minister Owen Ncube on its list of restricted persons.

Zimbabwe responded by threatening the US ambassador in the country with unspecified action, with Foreign Affairs minister Sibusiso Moyo saying “we have the means to bring all this to an end, should we deem it necessary or should we be pushed too far”.

US ambassador to Zimbabwe Brian Nichols had stated in an interview on Trevor Ncube’s Heart & Soul television channel that corruption, rather than sanctions, had done more harm to the economy.

President Emmerson Mnangagwa’s government has pinned the blame on the Zimbabwe Democracy and Economic Recovery Act (Zidera), passed in 2001 by the US Senate, prohibiting Zimbabwean entities from doing business with the first world nation.

“Zidera has blocked Zimbabwe’s access to international credit markets, leading to the drying up of traditional sources of external finance,” Mnangagwa told a gathering of anti-sanction marchers last month.

For Owen Dhliwayo, a Zimbabwean civil society activist, “corruption in the Zanu PF government has been prevalent even before the enactment of Zidera”.

Experts like Mlondolozi Ndlovu, who holds a Master’s Degree in Society and Media Studies from the country’s Midlands State University, agree: “The amounts that have been reported to have been stolen by government officials here even as reported by State media, shows that even with sanctions upon it for as long as there won’t be corruption, Zimbabwe can still manage to do very well in terms of its economy.”

In July, Zimbabwe’s former Environment, Tourism, and Hospitality Industry minister Priscah Mupfumira was arrested the Zimbabwe Anti-Corruption Commission (Zacc) over an alleged $95 million corruption scandal emanating from a National Social Security Authority (NSSA) forensic audit report detailing a litany of corrupt activities at the $1 billion state pension entity.

Mupfumira is currently out on a bail of $5 000.

This month, Joram Gumbo, Minister of State for Presidential Affairs in Mnangagwa’s Office, was arrested for prejudicing the government of $1 million during his time as Transport minister when he reportedly influenced Zimbabwe Airways, a government airline, to enter into property deals with his sister.

Taurai Kandishaya, national co-ordinator of the Zimbabwe Citizens Forum, a civil society organisation with links to the ruling Zanu-PF party, agreed.

“The reason why westerners imposed sanctions on Zimbabwe was to cripple our economy,” Kandishaya said.

Since Mnangagwa came to power, Zimbabwe’s human rights situation has worsened.

In August 2018, he unleashed the military on protesters who questioned the delayed release of the presidential election
results.

Six people were shot and killed as a result.

In January, 17 more people were shot and killed by members of the military after protests erupted following the hiking of fuel prices.

On November 6, although government had given a nod to the civil servants strike to go forward, heavily armed police blocked the protesters from marching to the Finance ministry where they intended to deliver their petition detailing their grievances.

OIL and gas exploration company, Invictus Energy has raised $1,5 million from new and existing investors to fund its Cabora Bassa project in Zimbabwe.

BY MISHMA CHAKANYUKA

The funds will be raised by issuing 57 692 310 shares at an issue price of $0,026, which represents a 13,3% discount to the 10-day volume-weighted average price (VWAP).

“Invictus Energy Limited (ASX) is pleased to announce it has received binding commitments for a placement to raise $1,5 million (before costs) by issuing 57 692 310 shares at an issue price of $0,026 which represents a 13,3% discount to the 10 day VWAP,” the company said.

“Shares will be issued to new and existing institutional and sophisticated investors under the company’s existing ASX listing rule 7.1 and 7.1 a placement capacity. A total of 18 592 121 shares will be issued under the company’s listing rule 7.1 allowance and 39 100 189 shares being issued in accordance with Listing Rule 7.1A.”

The funds will be used to finance the development of the group’s Cabora Bassa gas-condensate project in Zimbabwe.

The project encompasses the Muzarabani Prospect, which is potentially the largest, undrilled seismically-defined structure onshore Africa.

Invictus managing director, Scott Macmillan said the placement received surplus demand from what the group had targeted.

“The demand and bids for the placement was well in excess of our target and we thank our existing shareholders and the new incoming shareholders for their strong support. The company looks forward to an exciting growth phase as we focus on discussions with potential farm partners and the future exploration programme,” he said.

The funding will ensure that Invictus is well sponsored through this growth phase as farm-out discussions develop and preparatory works for the on ground exploration phase commence.

Last week, the company requested for a trading break of the company’s securities until the group releases a capital raising update to the market.

In the half year, ended December 31, 2018, Invictus widened its losses to AUD481 313 (US$340 160) from AUD210 782 (US$148 939) in the previous year, as exploration activities added to the company’s costs.

As at December 31, 2018, the carrying value of the capitalised exploration and evaluation properties of the consolidated entity stood at $5,15 million, an increase from the June 2018 figure of $4,58 million.

Invictus’ assets declined to AUD8,39 million (US$5,93 million) from the end of year results ended June 30, 2018 figure of AUD9,61 million (US$6,78 million).