Saturday, February 27African Business News
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Tag: AI

How forensic accounting can stem Nigeria’s N2.5 trillion yearly fraud loss

How forensic accounting can stem Nigeria’s N2.5 trillion yearly fraud loss

Business
The Society for Forensic Accounting & Fraud Prevention (sfafp) has revealed that Nigeria loses N2.5 trillion yearly to fraud and corruption. For the African continent, the society stated that almost 25 per cent of its budgeted public sector revenue is lost to the same scourge. Speaking during the 4th virtual induction of 192 associates recently in Abuja, Chairman, Iliyasu B. Gashinbaki said the society is poised to turn the page by refocusing on continuous institutional strengthening and capacity building of law enforcement agencies and key Ministries, Departments and Agencies (MDAs). “In addition, more strategic domestic and international partnerships shall be pursued and we will continue to build the capacity of SMEs and Corporations in the areas of internal control processes...
‘Why U.S. attached conditions to return of $308m Abacha loot’

‘Why U.S. attached conditions to return of $308m Abacha loot’

Corporate Stories
              In spite of President Muhammadu Buhari winning the 2018 African Union (AU) Anti-Corruption Champion Award, the United States seems not to trust the Nigerian government to properly utilise the $308 million Gen. Sanni Abacha’s loot stashed away in Jersey for which return agreement was signed recently. Specifically, the agreement which the Attorney-General of the Federation and Minister of Justice, Mr. Abubakar Malami, signed on behalf of Nigeria, tied the return of the looted $308 million to three major projects spread across Nigeria’s three recognised regions after independence. The projects are the Lagos-Ibadan Expressway (Western Region), Abuja-Kano Road (Northern Region), and Second Niger Bridge (Eastern Regi...
Air freight market shrinks, records unprecedented loss

Air freight market shrinks, records unprecedented loss

Economy
Global air freight market last year recorded a decline in volume, the weakest outcome since 2012. The International Air Transport Association (IATA), in the full-year 2019 data released yesterday, stated that the global volume fell by 3.3 per cent compared to 2018 while capacity rose by 2.1 per cent. It was also the weakest performance since the global financial crisis in 2009 when air freight markets contracted by 9.7 per cent. Meanwhile, in the African region that accounts for marginal 1.8 per cent of the global traffic, the carriers saw freight demand increase by 10.3 per cent in December 2019, compared to the same month in 2018. The increase was reflected in the strong 2019 full-year performance, which saw Africa freight volumes expand 7.4 per cent. Capacity...
Inconsistent policies, insecurity, poor infrastructure to limit FDI inflow in 2020

Inconsistent policies, insecurity, poor infrastructure to limit FDI inflow in 2020

Economy
Nigeria is predicted to report slowing International Direct Funding (FDI) flows this yr, to be pushed by inconsistent insurance policies, insecurity, and poor infrastructure, in accordance to a report by FSDH Service provider Financial institution Restricted. Whole funding inflows as on the third quarter of 2019 stood at $19.7 billion, increased than the $16.eight billion achieved in full-yr 2018.  
Nigeria to enforce NIN as requirement for SIM card registration, activation

Nigeria to enforce NIN as requirement for SIM card registration, activation

Economy
SIM stands for Subscriber Identity Module. SIM card registration is the process of recording and verifying mobile phone number/s and personal information of a subscriber, by a communications service provider. Such information includes the subscriber’s photograph, name, date of birth, gender, residential address and other details of valid identification documents. The SIM registration exercise is aimed primarily to reduce mobile phone related crimes such as prank calls, cyber-crime, kidnapping, mobile money fraud and its related issues and general security matter. It is also intended to help the law enforcement agencies to identify the SIM card owners, track criminals who use phones for illegal activities, curb incidents such as phone theft, hate text messages, mobile fraud activitie...
Zimbabwean entrepreneur invents open-sourced technology to improve access to education in Africa

Zimbabwean entrepreneur invents open-sourced technology to improve access to education in Africa

Innovation
Trees of Knowledge’ will convert trees and rural landmarks into educational wifi hubs in Africa Zimbabwean AI expert William Sachiti, CEO of UK-based start-up Academy of Robotics (AcademyofRobotics.co.uk) has today published an open-source technology known as ‘Trees of Knowledge’ to improve access to education through smartphones in Africa. This free-to-develop technology enables a tree or rural landmark to broadcast a wifi connection providing access to a pre-loaded package of educational content. The wifi connection and content comes from a micro-computer moulded into the landmark to protect it from theft or damage. A community-driven, secure and cost-free solutionAnyone within a roughly 100m radius can then access the content on any mobile device free of charge. Use...