Somalia announces to hold presidential election on May 15
May 6, 2022, 3:16 am

Somalia announces to hold presidential election on May 15

Al-Shabab militants attack police stations and security check points in Somalia's capital Mogadish (file photo: Facebook page)

The Arabnews reported, citing the AFP, Somalia state TV announced Thursday (May 5) that the country will hold presidential elections on May 15. It broadcasted a statement by a parliamentary committee tasked with organizing the long-delayed polls in the fragile Horn of Africa nation.

The election is well over a year behind schedule, marred by deadly violence as well as a power struggle between President Mohamed Abdullahi Mohamed, better known as Farmajo, and Prime Minister Mohamed Hussein Roble.

Somalia’s international partners have been pushing for the process to pick up speed, fearing the delays sap efforts to tackle entrenched problems, including the fight against Al-Shabab extremists and the threat of famine.

Mohamed Ibrahim Moalimu, a member of the parliament election committee, said in a Facebook post on Thursday: “In consideration with the current circumstances of the country, the members agreed 15 May to be the day for the election of the president."

Somalia's newly-elected President Mohamed Abdullahi Farmajo addresses lawmakers after winning the vote at the airport in Somalia's capital Mogadishu, February 8, 2017. (Reuters)

A three-year $400-million (380-million-euro) aid package from the International Monetary Fund (IMF) will automatically expire by mid-May if a new administration is not in place by then, a move that would plunge the country into deeper peril.

After Farmajo’s term ended in February 2021 without a new vote taking place, he attempted to extend his rule by decree, triggering violent street battles in Mogadishu as rival factions clashed.

Somalia's intelligence agency warns of al Shabaab threat against top leaders

Following international pressure, he appointed Roble to seek consensus on a way forward.

But the process has progressed painfully, stoking fears of further instability.

In addition to the feud between Farmajo and Roble, the central government has also been embroiled in disputes with certain states, slowing down the voting process.

UN pledges to free Somalia from threat of explosive hazards

The Al-Qaeda-linked Al-Shabab, which has been fighting the government for over a decade, has staged frequent attacks in recent months, including a suicide bombing in March that killed two local lawmakers.

On Tuesday, an attack on an African Union (AU) base killed 10 Burundian peacekeepers, according to Burundi’s army. It was the deadliest raid on AU forces in the country since 2015.

As the militants have ratcheted up their assaults, the rift between Farmajo and Roble has continued to widen, with the election of the lower house speaker delayed last week by a dispute over who should provide security at the voting venue.

Somalia calls for urgent donor support as drought affects 6.9 mln people

Meanwhile the country is grappling with a worsening drought which threatens to drive millions into famine, with young children facing the greatest risk.

ThurOmar Mahmood, an analyst at the International Crisis Group (ICG) think tank, said that tsday’s announcement “will come as a major relief for most Somalis and their international partners, as it signals the end of an electoral cycle that has dragged on for way too long and distracted from other priorities."

Mahmood told AFP: “The rapid pace of developments over the past few weeks clearly points to momentum and a desire to wrap all of this up."

Over 100,000 Somalis fled amid high tension in central Somalia

Somalia has not held a one-person, one-vote election in 50 years. Polls follow a complex indirect model, whereby state legislatures and clan delegates pick lawmakers for the national parliament, who in turn choose the president.

Al-Shabab extremists controlled Mogadishu until 2011 when they were pushed out by an AU force, but still hold territory in the countryside.

The militants regularly strike at civilian, military and government targets in Somalia’s capital and elsewhere in the country.

Source: arabnews

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BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, held its Annual General Meeting (AGM) at the company’s headquarters in the Seef District.
During the meeting, shareholders approved all items listed on the agenda, including the ratification of the minutes of the previous AGM held on 26 March 2024. The session reviewed and approved the Board’s Annual Report on the company’s activities and financial performance for the fiscal year ended 31 December 2024, and the shareholders expressed their satisfaction with the company’s operational and financial results during the reporting period.
The meeting also reviewed the Independent External Auditor’s Report on the company’s consolidated financial statements for the year ended 31 December 2024. Subsequently, the shareholders approved the audited financial statements for the fiscal year. Based on the Board’s recommendation, the shareholders approved the distribution of a cash dividend equivalent to 10% of the paid-up share capital.
Furthermore, the shareholders endorsed the allocation of a total amount of BD 172,500 as remuneration to the members of the Board for the year ended 31 December 2024, subject to prior clearance by related authorities.
The extension of the current composition of the Board was approved, which includes ten members and one CBB observer, for a further six-month term, expiring in September 2025, pending no objection from the CBB.
The meeting reviewed and approved the Corporate Governance Report for 2024, which affirmed the company’s full compliance with the corporate governance directives issued by the CBB and other applicable regulatory frameworks. The AGM absolved the Board Members of liability for any of their actions during the year ending on 31st December 2024, in accordance with the Commercial Companies Law.
In alignment with regulatory requirements, the session approved the reappointment of Ernst & Young (EY) as the company’s External Auditors for the fiscal year 2025, covering both the parent company and its subsidiaries—Sinnad and Bahrain FinTech Bay. The Board was authorised to determine the external auditors’ professional fees, subject to approval from the CBB, and the meeting concluded with a discussion of any additional issues as per Article (207) of the Commercial Companies Law.
Speaking on the company’s performance, Mr. Mohamed Al Bastaki, Chairman BENEFIT , stated: “In terms of the financial results for 2024, I am pleased to say that the year gone by has also been proved to be a success in delivering tangible results. Growth rate for 2024 was 19 per cent. Revenue for the year was BD 17 M (US$ 45.3 Million) and net profit was 2 Million ($ 5.3 Million).

Mr. Al Bastaki also announced that the Board had formally adopted a new three-year strategic roadmap to commence in 2025. The strategy encompasses a phased international expansion, optimisation of internal operations, enhanced revenue diversification, long-term sustainability initiatives, and the advancement of innovation and digital transformation initiatives across all service lines.
“I extend my sincere appreciation to the CBB for its continued support of BENEFIT and its pivotal role in fostering a stable and progressive regulatory environment for the Kingdom’s banking and financial sector—an environment that has significantly reinforced Bahrain’s standing as a leading financial hub in the region,” said Mr. Al Bastaki. “I would also like to thank our partner banks and valued customers for their trust, and our shareholders for their ongoing encouragement. The achievements of 2024 set a strong precedent, and I am confident they will serve as a foundation for yet another successful and impactful year ahead.”
Chief Executive of BENEFIT; Mr. Abdulwahed AlJanahi commented, “The year 2024 represented another pivotal chapter in BENEFIT ’s evolution. We achieved substantial progress in advancing our digital strategy across multiple sectors, while reinforcing our long-term commitment to the development of Bahrain’s financial services and payments landscape. Throughout the year, we remained firmly aligned with our objective of delivering measurable value to our shareholders, strategic partners, and customers. At the same time, we continued to play an active role in enabling Bahrain’s digital economy by introducing innovative solutions and service enhancements that directly address market needs and future opportunities.”
Mr. AlJanahi affirmed that BENEFIT has successfully developed a robust and well-integrated payment network that connects individuals and businesses across Bahrain, accelerating the adoption of emerging technologies in the banking and financial services sector and reinforcing Bahrain’s position as a growing fintech hub, and added, “Our achievements of the past year reflect a long-term vision to establish a resilient electronic payment infrastructure that supports the Kingdom’s digital economy. Key developments in 2024 included the implementation of central authentication for open banking via BENEFIT Pay”
Mr. AlJanahi concluded by thanking the Board for its strategic direction, the company’s staff for their continued dedication, and the Central Bank of Bahrain, member banks, and shareholders for their valuable partnership and confidence in the company’s long-term vision.