Wednesday, April 14African Business News
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Tag: 2021

Safeguard your business against internal fraud

Safeguard your business against internal fraud

Business
According to the recently released SNG Grant Thornton’s Sub-Saharan Fraud survey, 60% of respondents cited that employees are currently the biggest threat to their businesses when it comes to fraud, with 77% expecting this to increase in 2021. As such, it is vital for companies to implement ways to safeguard their businesses from internal fraud, especially in light of employees working from home as a result of COVID-19, with this trend set to continue throughout the pandemic and beyond. It is for this reason that Zecurion, a vendor of the Next Generation Data Loss Prevention (DLP), released the new version of its foremost solution, Zecurion DLP 11. This introduces a new level of effective detection of internal fraud and risk-based data loss prevention in the context of massive remote w...
Tracking progress towards the achievement of universal health coverage: Eritrea

Tracking progress towards the achievement of universal health coverage: Eritrea

Health
Eritrea  continues to take actions to translate political commitment for Universal Health Coverage (UHC) with required actions to implement identified priorities. As part of the agreed milestones the Honourable Minister of Health, Mrs. Amina Nurhussein, convened a high level meeting between top officials in the Ministry of Health (MOH) and the World Health Organization (WHO) country team. This meeting is second of a series of meetings as part of quarterly coordination meetings. The first of was held on 15 December 2020. The recent meeting, which took place on 31 March 2021, was convened to track the progress on the actions that were agreed upon in the first  meeting and to coordinate on the necessary actions for the issues that had arisen since then. The Honorable Minister ...
Airtel Africa, Helios Towers sign $108m asset sale deal

Airtel Africa, Helios Towers sign $108m asset sale deal

Business
•As Ogunsanya corporate leaders on managing uncertaintyTelecommunications firm, Airtel Africa, has struck deals with Helios Towers for the sale of its towers in Madagascar and Malawi for a combined $108 million, alongside agreeing on exclusive negotiations over similar assets in two other markets. The operator noted that the two sealed deals were standalone transactions, which are expected to close in Q4 subject to regulatory approval. As is common in tower agreements, the seller agreed to lease back access to the sites. The two contracts, according to a statement, cover a combined 1,299 towers but also include an obligation on Airtel Africa to build a further 195 sites across the two countries within three years of completion at a cost to Helios Towers of a further $11 million....
Cautious optimism trails manufacturing investment prospects

Cautious optimism trails manufacturing investment prospects

Industry
The impact of the coronavirus, insecurity and governance issues may have significantly impacted manufacturing activities within the country, as investments in the sector dropped by 76.11 per cent in 2020 to N118.52 billion from N496.11 billion achieved in 2019. According to the Manufacturers Association of Nigeria (MAN) in its executive summary of the economic review of the second half of 2020, the decline in investment is mainly attributed to the depressing effects of COVID-19. Indeed, a vast majority of Nigerian manufacturers rely on several raw materials from China and Europe. Apart from the fact that the ability to get supplies was significantly disrupted by the pandemic, the scarcity of foreign exchange and low demand due to the significantly reduced purchasing power of many...
Red Cross report calls for immediate action to protect communities in Africa

Red Cross report calls for immediate action to protect communities in Africa

Health
Guided by the findings of its World Disasters Report, the International Federation of Red Cross and Red Crescent Societies (IFRC) is embarking on an ambitious strategic direction aimed at eradicating hunger by 2030 in Africa, while mitigating climate change. One of the flagship climate adaptation actions is the plantation of five billion trees by the end of the decade. The World Disasters Report 2020, “Come Heat or High Water: Tackling the Humanitarian Impacts of the Climate Crisis Together” presents analyses and recommendations designed to help local and national governments, as well as donors and civil society organisations, take urgent action to protect at-risk communities from the current and future impacts of climate change. The Commissioner for Agriculture ...
Forex shortage: A crisis foretold

Forex shortage: A crisis foretold

Finance
Managing a commodity currency, anywhere in the world comes with the challenge of a terminal ailment. Just when one thinks there is a breather somewhere, it breakdowns and returns with the ferocity of a tiger. Hence, several emerging economies are often in the ‘blues’ taming a currency crisis. And so is Nigeria, except that its cases are particularly more worrisome as the Central Bank of Nigeria (CBN), as Prof. Godwin Owoh, an economist, noted, seems to gamble more each time it throws a punch at what has become the economy’s most problematic enemy. At the weekend, it did so again in a manner Owoh described as banal and naive. This time, it is offering the remittance market service users a bonus to wire money to Nigeria through the expensive official routes. The apex bank unveiled...
AfDB backs digital currencies, seeks gender inclusion

AfDB backs digital currencies, seeks gender inclusion

Finance
The African Development Bank (AfDB) has thrown its weight behind digital currencies, putting in motion a machinery to build capacity particularly among the female gender in the Economic Community of West Africa (ECOWAS) countries, including Nigeria.    The African continental lender, yesterday, said its Board of Directors has already awarded a grant of $320, 535 to the West African Monetary Agency (WEMA) to mainstream gender in ECOWAS’ digital financial services (DFS) regulatory framework.   The funds, the Bank explained, will support a gender gap analysis of several WAMA strategies, including financial inclusion, gender disaggregation data analytics, digital payment services and infrastructure as well as digital identity.  The project, to be executed over three years, will potenti...
Tax institute calls for appropriate fiscal measures

Tax institute calls for appropriate fiscal measures

Business
West African Union of Tax Institutes (WAUTI) has called for appropriate fiscal measures that would stimulate the recovery of the sub-regional economies. President and Chairman in Council of WAUTI, Gladys Simplice made the call at the union’s seventh International Tax Conference in Lagos. She said notwithstanding the measures put in place by countries to mitigate the impact of COVID-19, it was important that countries have a long-term view to avoid policies and actions that would be counterproductive over time. She said the theme of the conference, ‘Designing and Implementing Tax Measures for the COVID-19 Era and Beyond’, was aimed at reviewing policy initiatives in the past as well as the challenges encountered and analyse the impact of the COVID-19. She said: “We believe that to c...
Nigeria engages other countries as OPEC moves to ease production cut

Nigeria engages other countries as OPEC moves to ease production cut

Oil & Gas
As Nigeria engages key African countries ahead of the Organisation of Oil Exporting Countries and allies ((OPEC+) meeting due next week, indications emerged yesterday that the cartel may consider a reduction of the over seven million barrels per day suppressed crude to stabilise the price of crude oil.   Minister of Petroleum Resources, Timipre Sylva has been on OPEC diplomatic mission Equatorial Guinea, Gabon, Congo Brazeville and South Sudan on consultations over OPEC production cut. The consultation was said to be mandated by the Joint Ministerial Monitoring Committee (JMMC) of OPEC over the production cuts.While OPEC and its allies are meeting on March 4, 2021, the possibility of increasing crude oil production levels is in focus after crude oil price rebalances to a peak of $67 per b...
Insurers sustain economy with N747.06bn claim settlement

Insurers sustain economy with N747.06bn claim settlement

Insurance
Despite worries about a recession, operators in the nation’s insurance industry have supported the economy with claim settlement of about N747.06 billion in the last five years. This data was obtained from the Nigerian Insurers Association (NIA) digest, a statistical journal of the association, revealed that in 2015 non-life underwriters settled claims of N54.65 billion while life operators paid N50.57 billion. In 2016, non-life operators paid N57.76 billion while life operators paid N61.87 billion. In the subsequent year, non-life paid 70.52 billion just life N72.31 billion. In 2018, non-life insurers paid N98.70 billion while life operators paid N94.78 billion and in 2019, non-life paid N78.72 billion, as against life operators’ N107.17 billion. Meanwhile, the National Insu...