‘I bought their dream’: How a US company’s huge land deal in Senegal went bust

A donkey and cart drive past the African Agriculture's headquarters in Niéti Yone, northern Senegal, Monday, Dec. 9, 2024. (AP)
A donkey and cart drive past the African Agriculture's headquarters in Niéti Yone, northern Senegal, Monday, Dec. 9, 2024. (AP)
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Updated 02 April 2025

‘I bought their dream’: How a US company’s huge land deal in Senegal went bust

A donkey and cart drive past the African Agriculture's headquarters in Niéti Yone, northern Senegal, Monday, Dec. 9, 2024. (AP)
  • The failed project has undermined community trust, said herder Adama Sow, 74: “Before, we lived in peace, but now there’s conflict for those of us who supported them”

DAKAR, Senegal: Rusting pipes in a barren field and unpaid workers are what remain after a US company promised to turn a huge piece of land in Senegal — about twice the size of Paris — into an agricultural project and create thousands of jobs.
In interviews with company officials and residents, The Associated Press explored one of the growing number of foreign investment projects targeting Africa, home to about 60 percent of the world’s remaining uncultivated arable land. Like this one, many fail, often far from public notice.
Internal company documents seen by the AP show how the plans, endorsed by the Senegalese government, for exporting animal feed to wealthy Gulf nations fell apart.




Herders and farmers from left, Adama Sow, Oumar Ba and Daka Sow walk outside Niéti Yone, northern Senegal, Tuesday, Dec. 10, 2024. (AP)

At first glance, the landscape of stark acacia trees on the edge of the Sahara Desert doesn’t hold much agricultural promise. But in an age of climate change, foreign investors are looking at this and other African landscapes.
The continent has seen a third of the world’s large-scale land acquisitions between 2000 and 2020, mostly for agriculture, according to researchers from the International Institute of Social Studies in the Netherlands.
But 23 percent of those deals have failed, after sometimes ambitious plans to feed the world.




Union leader Doudou Ndiaye Mboup speaks to reporters in Niéti Yone, northern Senegal, Monday, Dec. 9, 2024. (AP)

Why target land on the edge of the Sahara Desert?
In 2021, the Senegalese village of Niéti Yone welcomed investors Frank Timis and Gora Seck from a US-registered company, African Agriculture. Over cups of sweet green tea, the visitors promised to employ hundreds of locals and, one day, thousands.
Timis, originally from Romania, was the majority stakeholder. His companies have mined for gold, minerals and fossil fuels across West Africa.




Rusting pipes stand in a barren field outside Niéti Yone, northern Senegal, Monday, Dec. 9, 2024. (AP)

Seck, a Senegalese mining investor, chaired an Italian company whose biofuel plans for the land parcel had failed. It sold the 50-year lease for 20,000 hectares to Timis for $7.9 million. Seck came on as president of African Agriculture’s Senegalese subsidiary and holds 4.8 percent of its shares.
Now the company wanted the community’s approval.
The land was next to Senegal’s largest freshwater lake, for which the company obtained water rights.
The proposal divided the community of subsistence farmers. Herders who had raised livestock on the land for generations opposed it. Others, like Doudou Ndiaye Mboup, thought it could help ease Senegal’s unemployment crisis.
“I bought their dream. I saw thousands of young Africans with jobs and prosperity,” said Mboup, who was later employed as an electrician and now leads a union of employees.
Despite the formation of an opposition group called the Ndiael Collective, African Agriculture moved ahead, hiring about 70 of the community’s 10,000 residents.
Stock exchange vision: One year later, almost worth nothing
After planting a 300-hectare (740-acre) pilot plot of alfalfa, the company announced in November 2022 it would go public to raise funds.
African Agriculture valued the company at $450 million. The Oakland Institute, an environmental think tank in the US, questioned that amount and called the deal bad for food security as well as greenhouse gas emissions.
The company went public in December 2023, with shares trading at $8 on the NASDAQ exchange. It raised $22.6 million during the offering but had to pay $19 million to the listed but inactive company it had merged with.
That payment signaled trouble to investors. It showed that the other company, 0X Capital Venture Acquisition Corp. II, didn’t want to hold its 98 percent of stock. And it highlighted the way African Agriculture had used the merger to bypass the vetting process needed for listing.
One year later, shares in African Agriculture were worth almost nothing.
Now, security guards patrol the land’s barbed-wire perimeter, blocking herders and farmers from using it. The company has been delisted.
Big ambitions leave big impacts for the local community
Mboup said he and others haven’t been paid for six months. The workers took the company to employment court in Senegal to claim about $180,000 in unpaid wages. In February, they burned tires outside the company’s office. Mboup later said an agreement was reached for back wages to be paid in June.
“I took out loans to build a house and now I can’t pay it back,” said Mboup, who had been making $200 a month, just above average for Senegal. “I’ve sold my motorbike and sheep to feed my children and send them to school, but many are not so lucky.”
Timis didn’t respond to questions. Seck told the AP he was no longer affiliated with African Agriculture. Current CEO Mike Rhodes said he had been advised to not comment.
Herders and farmers are furious and have urged Senegal’s government to let them use the land. But that rarely happens. In a study of 63 such foreign deals, the International Institute of Social Studies found only 11 percent of land was returned to the community. In most cases, the land is offered to other investors.
“We want to work with the government to rectify this situation. If not, we will fight,” warned Bayal Sow, the area’s deputy mayor.
The Senegalese minister of agriculture, food sovereignty and herding, Mabouba Diagne, did not respond to questions. The African Agriculture deal occurred under the previous administration.
The failed project has undermined community trust, said herder Adama Sow, 74: “Before, we lived in peace, but now there’s conflict for those of us who supported them.”
Former CEO announces acquisition in Cameroon and Congo
Meanwhile, African Agriculture’s former CEO has moved on to a bigger land deal elsewhere on the continent — with experts raising questions again.
In August, South African Alan Kessler announced his new company, African Food Security, partnering with a Cameroonian, Baba Danpullo. It has announced a project roughly 30 times the size of the one in Senegal, with 635,000 hectares in Congo and Cameroon.
The new company seeks $875 million in investment. The company’s investor prospectus, obtained by the AP, says it plans to register in Abu Dhabi.
In an interview with the AP in January, Kessler blamed the failure of the Senegal project on the way African Agriculture’s public offering was structured. He said there were no plans for a public offering this time.
He claimed his new company’s project would double corn production in these countries, and described African Food Security as the “most incredibly important development company on the planet.” He said they have started to grow corn on 200 hectares in Cameroon.
Experts who looked over the prospectus raised concerns about its claims, including an unusually high projection for corn yields. Kessler rejected those concerns.
“When he was CEO of African Agriculture, Kessler also made lofty claims about food production, job creation, exports and investment returns that did not pan out,” said Renée Vellvé, co-founder of GRAIN, a Spain-based nonprofit for land rights.
Hype without proof was a key strategy for African Agriculture, said its former chief operating officer, Javier Orellana, who said he is owed 165,000 euros ($178,000) in unpaid salary after leaving the company in 2023.
He told the AP he had been suspicious of the company’s $450 million valuation.
“I know the agriculture industry well and ($450 million) didn’t add up,” Orellana said, adding he stayed on because the company gave him what he called a very attractive offer.
In the end, a share in African Agriculture is now worth less than a penny.
“We are looking forward to going back to Senegal,” Kessler said. “We were appreciated there. We’ve been welcomed back there.”


Koike heads to Arab region to boost ties with Tokyo

Koike heads to Arab region to boost ties with Tokyo
Updated 5 sec ago

Koike heads to Arab region to boost ties with Tokyo

Koike heads to Arab region to boost ties with Tokyo
  • The trip aims to highlight the Japanese capital’s dynamic appeal
  • More than 150 mayors, leaders and speakers from over 300 cities around the world were invited to the summit

TOKYO: Tokyo Governor Koike Yuriko will join the Future Investment Initiative in Riyadh on Tuesday as she embarks on a tour taking her to , the UAE, Kuwait and Egypt.

The trip aims to highlight the Japanese capital’s dynamic appeal, while also offering the governor the chance to explore a region she believes is flourishing with new investment opportunities.

She will attend the FII’s ninth edition to present Tokyo’s initiatives to establish itself as a leading hub for innovation and finance in Asia.

Koike also hopes to develop meaningful connections and foster a sense of shared prosperity and mutual gain for both Tokyo and the Arab nations.

She arrived in the UAE’s Abu Dhabi on Sunday and attended the 2025 Asia-Pacific Cities Summit and Mayors’ Forum, which runs from Oct. 27-29 and is hosted by Expo City Dubai at the Dubai Exhibition Centre.

Koike was a key speaker on Monday at the forum, which is held under the patronage of Crown Prince of Dubai and UAE Deputy Prime Minister and Minister of Defense Sheikh Hamdan bin Mohammed bin Rashid Al-Maktoum.

Koike's tour began on Oct. 26 and she will head back to Tokyo on Nov. 3. (ANJ)

More than 150 mayors, leaders and speakers from over 300 cities around the world were invited to the summit.

Koike’s itinerary also includes Jeddah, Kuwait City, and Giza in Egypt. The importance of this trip is underlined by her participation in international conferences, speeches and discussions with governments and non-profit foundations.

“This region is currently attracting global attention for its economic growth and investment opportunities,” the governor told Arab News Japan. “Through this trip, I will work to enhance Tokyo’s presence as a leading global city, while applying the insights gained from international urban collaboration with the administration of the Tokyo Metropolitan Government.”

Koike will be accompanied by Takahashi Yoichi, the renowned manga artist behind Captain Tsubasa (known as Captain Majid in the Arab region). He will contribute to the cultural exchange aspect of the trip, using his influence and art to bridge cultural gaps and foster understanding between Japan and the Arab region.

The tour will include ’s second-largest city, Jeddah, when the governor will exchange ideas with local government officials.

“Together, we will explore opportunities for inter-city collaboration in areas such as economic and industrial development,” she said, emphasizing the potential for mutual growth and collaboration.

Koike will arrive in Kuwait on Oct. 29, where she will meet with government officials to discuss tackling common challenges across industries, startups and women’s empowerment.

“We aim to exchange perspectives on potential future collaboration between our cities and within international networks, fostering partnerships among cities committed to sustainable growth,” she said.

The governor often visits Cairo, where she attended university, and this year marks the 35th anniversary of the friendship city agreement between the Cairo Governorate and the Japanese capital.

“At the invitation of the Egyptian government, I am honored to attend the opening ceremony of the Grand Egyptian Museum in Giza,” Koike said. “I hope the cultural programs and other events featured in the ceremony will serve as an inspiration for advancing Tokyo’s initiatives.”

She added: “To all my dear friends across the Arab region, thank you so much for the generous invitations to take part in such meaningful meetings and visits. Throughout human history, this region has been buffeted by the storms of civilization, weathering the rise and fall of empires and dynasties. As a result, I believe it has cultivated a rich diversity of cultures and a profound wisdom for navigating change — qualities that are truly exceptional among world regions.

“While studying at university in Egypt, I encountered a different culture and learned the importance of embracing differences. That experience has been a great source of strength as I have faced various challenges as governor. The Arab people are dear friends to me, and I believe this visit will further deepen the bonds between Tokyo and the Arab world.”

The governor’s tour, which began on Oct 26, will end on Nov. 3 when she heads back to Tokyo.


Private donors gave more than $125M to keep foreign aid programs going after US cuts

Private donors gave more than $125M to keep foreign aid programs going after US cuts
Updated 7 min 19 sec ago

Private donors gave more than $125M to keep foreign aid programs going after US cuts

Private donors gave more than $125M to keep foreign aid programs going after US cuts
  • Multiple groups launched fundraisers in February and eventually, these emergency funds mobilized more than $125 million within eight months, a sum that while not nearly enough, was more than the organizers had ever imagined possible

NEW YORK: When the Trump administration froze foreign assistance overnight, urgent efforts began to figure out how to continue critical aid programs that could be funded by private donors.
Multiple groups launched fundraisers in February and eventually, these emergency funds mobilized more than $125 million within eight months, a sum that while not nearly enough, was more than the organizers had ever imagined possible.
In those early days, even with needs piling up, wealthy donors and private foundations grappled with how to respond. Of the thousands of programs the US funded abroad, which ones could be saved and which would have the biggest impact if they continued?
“We were fortunate enough to be in connection with and communication with some very strategic donors who understood quickly that the right answer for them was actually an answer for the field,” said Sasha Gallant, who led a team at the US Agency for International Development that specialized in identifying programs that were both cost effective and impactful.
Members of Gallant’s team, some of whom had been fired and others working outside of business hours, pulled together a list that eventually included 80 programs they recommended to private donors. In September, Project Resource Optimization, as their effort came to be called, announced all of the programs had been funded, with more than $110 million mobilized in charitable grants. Other emergency funds raised at least an additional $15 million.
Those funds are just the most visible that private donors mobilized in response to the unprecedented withdrawal of US foreign aid. It’s possible private foundations and individual donors gave much more, but those gifts won’t be reported for many months.
For the Trump administration, the closure of USAID was a cause for celebration. In July, Secretary of State Marco Rubio said the agency had little to show for itself since the end of the Cold War.
“Development objectives have rarely been met, instability has often worsened, and anti-American sentiment has only grown,” Rubio said in a statement.
Going forward, Rubio said the State Department will focus on providing trade and investment, not aid, and will negotiate agreements directly with countries, minimizing the involvement of nonprofits and contractors.
Some new donors were motivated by the emergency
Some private donations came from foundations, who decided to grant out more this year than they had planned and were willing to do so because they trusted PRO’s analysis, Gallant said. For example, the grantmaker GiveWell said it gave out $34 million it otherwise would not have to directly respond to the aid cuts, including $1.9 million to a program recommended by PRO.
Others were new donors, like Jacob and Annie Ma-Weaver, a San Francisco-based couple in their late-thirties who, through their work at a hedge fund and a major tech company respectively, had earned enough that they planned to eventually give away significant sums. Jacob Ma-Weaver said the US aid cuts caused needless deaths and were shocking, but he also saw in the moment a chance to make a big difference.
“It was an opportunity for us and one that I think motivated us to accelerate our lifetime giving plans, which were very vague and amorphous, into something tangible that we could do right now,” he said.
The Ma-Weavers gave more than $1 million to projects selected by PRO and decided to speak publicly about their giving to encourage others to join them.
“It’s actually very uncomfortable in our society — maybe it shouldn’t be — to tell the world that you’re giving away money,” Jacob Ma-Weaver said. “There’s almost this embarrassment of riches about it, quite literally.”
Private donors could not support whole USAID programs
The funds that PRO mobilized did not backfill USAID’s grants dollar for dollar. Instead, PRO’s team worked with the implementing organizations to pare down their budgets to only the most essential parts of the most impactful projects.
For example, Helen Keller Intl ran multiple USAID-funded programs providing nutrition and treatment for neglected tropical diseases. All of those programs were eventually terminated, taking away almost a third of Helen Keller’s overall revenue.
Shawn Baker, an executive vice president at Helen Keller, said as soon as it became clear that the US funding was not coming back, they started to triage their programming. When PRO contacted them, he said they were able to provide a much smaller budget for private funders. Instead of the $7 million annual budget for a nutrition program in Nigeria, they proposed $1.5 million to keep it running.
Another nonprofit, Village Enterprise, received $1.3 million through PRO. But they were also able to raise $2 million from their own donors through a special fundraising appeal and drew on an unrestricted $7 million gift from billionaire and author MacKenzie Scott that they’d received in 2023. The flexible funding allowed them to sustain their most essential programming during what CEO Dianne Calvi called seven months of uncertainty.
That many organizations managed to hold on and keep programs running, even after significant funding cuts, was a surprise to the researchers at PRO. Since February, the small staff supporting PRO have extended their commitment to the project one month at a time, expecting that either donations would dry up or projects would no longer be viable.
“That time that we were able to buy has been absolutely invaluable in our ability to reach more people who are interested in stepping in,” said Rob Rosenbaum, the team lead at PRO and a former USAID employee. He said they have taken a lot of pride in mobilizing donors who have not previously given to these causes.
“To be able to convince somebody who might otherwise not spend this money at all or sit on it to move it into this field right now, that is the most important dollar that we can move,” he said.
Other donors may wait to see what is next
Not all private donors were eager to jump into the chasm created by the US foreign aid cuts, which happened without any “rhyme or reason,” said Dean Karlan, the chief economist at USAID when the Trump administration took over in January.
Despite the extraordinary mobilization of resources by some private funders, Karlan said, “You have to realize there’s also a fair amount of reluctance, rightly so, to clean up a mess that creates a moral hazard problem.”
The uncertainty about what the US will fund going forward is likely to continue for some time. The emergency funds offered a short term response from interested private funders, many of whom are now trying to support the development of whatever comes next.
For Karlan, who is now a professor of economics at Northwestern University, it is painful to see the consequences of the aid cuts on recipient populations. He also resents the attacks on the motivations of aid workers in general.
Nonetheless, he said many in the field want to see the administration rebuild a system that is efficient and targeted. But Karlan said, he hasn’t yet seen any steps, “that give us a glimpse of how serious they’re going to be in terms of actually spending money effectively.”


Cameroon’s Biya wins re-election, official results show

Cameroon’s Biya wins re-election, official results show
Updated 57 min 50 sec ago

Cameroon’s Biya wins re-election, official results show

Cameroon’s Biya wins re-election, official results show
  • Paul Biya, 92, the world’s oldest head of state, has won re-election for an eighth term

YAOUNDE: Cameroon’s President Paul Biya has been re-elected for an eighth term that could keep him in office until he is nearly 100, according to official results announced on Monday by the Central African country’s Constitutional Council.

“Hereby proclaimed President-elect: the candidate Biya Paul,” said Clement Atangana, president of the Constitutional Council.

Biya, 92, took office in 1982 and has held a tight grip on power ever since, doing away with the presidential term limit in 2008 and winning reelection by comfortable margins.

This year his strongest challenge came from Issa Tchiroma Bakary, a former government spokesperson and employment minister in his late 70s who broke ranks with Biya earlier this year and mounted a campaign that drew large crowds and endorsements from a coalition of opposition parties and civic groups.


Four dead in migrant boat capsize off Greece

Four dead in migrant boat capsize off Greece
Updated 27 October 2025

Four dead in migrant boat capsize off Greece

Four dead in migrant boat capsize off Greece

ATHENS: Four migrants drowned Monday when their small boat overturned off the Greek island of Lesbos, the Greek coast guard said, with 10 now killed in accidents on the Greek side of the Aegean sea in October.
A coast guard spokesperson told AFP seven people were rescued from the latest boat to hit trouble in the Aegean around Lesbos, where there have been strong winds in recent days.
Lesbos and neighboring islands such as Chios, Kos, Leros and Samos are popular targets for would-be migrants seeking to reach Europe from nearby Turkiye.
Last week, the bodies of two women were found on the Chios coast after a boat carrying at least 29 people capsized. On October 7, four people were found dead off Lesbos.
On Friday, 17 people drowned off the Turkish resort of Bodrum, which is just five kilometers (three miles) from Kos.
The International Organization of Migration says that about 1,400 people have died trying to reach Europe on Mediterranean routes already this year.


Putin due to meet North Korean foreign minister in Moscow

Putin due to meet North Korean foreign minister in Moscow
Updated 27 October 2025

Putin due to meet North Korean foreign minister in Moscow

Putin due to meet North Korean foreign minister in Moscow

MOSCOW: Vladimir Putin will later Monday host North Korea’s top diplomat in the Kremlin, the Russian president’s spokesman said, as the two sides deepen military and political ties amid the war in Ukraine.
Foreign Minister Choe Son Hui earlier hailed the “spiritual closeness between Pyongyang and Moscow” in a meeting with Russian counterpart Sergei Lavrov during her visit to the Russian capital.
Putin and North Korean leader Kim Jong Un last year inked a mutual defense pact, while Pyongyang despatched thousands of troops to help Moscow’s army fight off Ukrainian troops in the western Kursk region.
Kremlin spokesman Dmitry Peskov said Putin would host Choe, but provided no details on what the pair would discuss.
The visit is the latest in a flurry of diplomatic exchanges between the two countries and comes just days after North Korean leader Kim Jong Un pledged to advance military ties with Moscow.