Items filtered by date: Thursday, 11 July 2019

Banco Terra de Moçambique (BTM) announced that it has merged with Moza Banco, following a resolution by its shareholders.

The merger will be made through the incorporation of BTM into Moza Banco, a statement which does not specify the terms of the transaction says.

“The proposal to merge [by the shareholders] was unanimously approved, with the favourable votes of all the shareholders represented, representing the total capital stock of BTM,” the statement adds.

Mozambique’s Moza Banco resumed operations in the Mozambican financial market after recovering from near bankruptcy following a bailout by the Bank of Mozambique, which injected capital into the institution.

BTM, a lesser-known bank in the national financial landscape, has seen two of its directors declared unfit to remain in office by the regulator, who said the bank had failed to meet fundamental prudential ratios.

 

Source: O País

Published in Bank & Finance

The tenth edition of Global Corruption Barometer (GCB) – Africa, released on African Anti-Corruption Day by Transparency International in partnership with Afrobarometer, reveals that more than half of all citizens surveyed in 35 African countries think corruption is getting worse in their country. Fifty-nine per cent of people think their government is doing badly at tackling corruption. 

Read the report 

The largest and most detailed survey of citizens’ views on bribery and other forms of corruption in Africa, the survey asked 47,000 citizens in 35 countries about their perceptions of corruption and direct experiences of bribery.

The results show more than 1 in 4 people who accessed public services, such as health care and education, paid a bribe in the previous year. This is equivalent to approximately 130 million people.

The report also highlights that corruption disproportionately affects the most vulnerable, with the poorest paying bribes twice as often as the richest. Young people pay more bribes than those over 55 years old.

“Corruption is hindering Africa’s economic, political and social development. It is a major barrier to economic growth, good governance and basic freedoms, like freedom of speech or citizens’ right to hold governments to account,” said Patricia Moreira, Managing Director of Transparency International. “While governments have a long way to go in regaining citizens’ trust and reducing corruption, these things don’t exist in a vacuum. Foreign bribery and money laundering divert critical resources away from public services, and ordinary citizens suffer most.”

The police is considered the most corrupt institution, with 47 per cent of people believing that most or all police are corrupt. Many citizens also think government officials and parliamentarians are highly corrupt, at 39 per cent and 36 per cent respectively.

As in the previous edition of the GCB for Africa, the police consistently earn the highest bribery rate across the continent. This may be one of the reasons that two-thirds of those surveyed fear retaliation for reporting corruption. On a positive note, more than half of citizens believe that ordinary people can make a difference in the fight against corruption.

“To reduce the heavy burden of corruption on ordinary people, African states that have not done so should ratify and effectively implement the African Union Convention to Prevent and Combat Corruption,” said Paul Banoba, Regional Advisor for East Africa at Transparency International. “Africans believe they can make a difference. Governments must allow them the space to do so.”

Transparency International urges governments to put anti-corruption commitments into practice and to:  

- investigate, prosecute and sanction all reported cases of corruption in both the public and the private sector, with no exception;

- develop minimum standards and guidelines for ethical procurement and build strong procurement practice throughout the continent with training, monitoring and research;

- adopt open contracting practices, which make data and documentation clearer and easier to analyse and ensure transparency in hiring procedures;

- create mechanisms to collect citizens’ complaints and strengthen whistleblower protection to ensure that citizens can report instances of corruption without fear of reprisal;

- enable media and civil society to hold governments accountable;

- support political party funding transparency;

- allow cross border cooperation to combat corruption. 

Authorities should also establish public registers that name the owners of shell companies and adopt and enforce laws that address stolen assets.

Additionally, business leaders and boards of companies, including multinational companies operating in Africa, should effectively and transparently implement the highest international anti-corruption and anti-money laundering standards.

Published in Economy

The Nigerian Senate on Wednesday warned the South African government to put an end into the incessant killing of Nigerians by South African citizens.

The Senate also warned that was here would be grave consequences if the killings are not stopped immediately.

Senate President, Ahmad Lawan stated this at plenary, warning that the South African government must extend due respect to Nigeria and should not take the good gesture towards it for granted.

The upper chamber of the National Assembly also summoned the Nigerian ambassador to South Africa to explain the circumstances that led to the alleged murder of the Deputy Director-General of Chartered Insurance Institute of Nigeria, Elizabeth Ndubusi-Chukwu, in the country recently.

The killing of Ndubusi-Chukwu in June made the number of Nigerians murded in South Africa in three and half years to rise to 127.

The Senate asked the Foreign Affairs to issue travel alerts to Nigerians going to South Africa and carry out a comprehensive investigation into the death of the CIIN deputy director-general.

The decision of the Senate was sequel to a point of order raised by the Senate Minority Leader, Enyinnaya Abaribe.

Abaribe drew the attention of his colleagues to the gruesome murder of Ndubusi-Chukwu.

He said: “Elizabeth Ndubusi-Chukwu, a mother, and an indigene of Anambra State, was found dead in one of the rooms at the Emperors Palace Hotel and Convention Centre, on June 13, 2019, where she lodged.

“She went to South Africa to attend the Conference of the African Insurance Organisation (A10) and initially was suspected to have died of cardiac arrest.

“The Insinuation was proved wrong, following autopsy report released on June 20, 2019, by South Africa’s Department of Home Affairs, which indicated in a Death Certificate that the death was unnatural and suspected to be murder due to strangulation.

“The suspicion that she could have been murdered was further confirmed in a separate document issued by South Africa’s Department of Health on June 27, 2019, where it corroborated the autopsy report and revealed that she was strangled.”

According to Abaribe, it was curious that Emperor Palace Hotel and Convention Centre where she lodged, was reluctant to cooperate with the law enforcement agencies to unravel the circumstances surrounding her suspicious death.

Speaking on the issue, the Senate President said: “Nigeria as a country is tired of the killings and therefore, we believe that the relationship between South Africa and Nigeria must be better. There must be respect for each other.”

Lawan further said he was aware that South Africans in Nigeria were treated well while their thriving businesses enjoy the protection of the Nigerian government and its people calling on the government and people of South Africa to be civil with Nigerians.

He said: “I agree completely with our colleagues who said that South African businesses in Nigeria flourish more than any other businesses in this country and South Africans are so very well protected in Nigeria.

“There is no need for any South African to take the life of a Nigerian or indeed any other citizens.

“Nigeria was a frontline country or considered to be one even though we are far away in the coast of Africa .

“Therefore, we deserve that respect. the relationship between our two countries must be based on mutual respect and understanding.”

The Senate President further said the Nigerian delegation to the Pan African Parliament later this year should raise the matter for deliberation for the attention and resolution by the Pan African legislature.

He added: “l believe that our next set of contingents who will represent us in the parliament which is based in South Africa, will ensure that these issues are brought to the fore.

“We are a responsible country. That is why we will not take the law into our own hands in the way of retaliation, but we shouldn’t be taken for granted.

“Nigeria provides leadership for Africa, but in this leadership position we should be able to tell every African country the truth.

“We have taken this killing, for too long and I think the time has come for us as Parliament to tell the South African Parliament where the South Africans are represented that we have taken enough and we shall not take it anymore.”

Supporting the unfortunate events Engr Chris Ekpenyong the Senator representing Ikot Ekpene Senatorial District frown at the way Nigerians are being treated in South Africa "Mr President, you can recall when we used to cry "Free Mandela" and the contributions of this country to the growth and development of South Africa but their brutality towards Nigerians shows that they are after our Goods not for our Good, if you look throughout the country there are several companies like Shoprite, MTN and others who are benefiting from the resources of this country while maltreating our own in their country. Mr President this is a case of them biting the very fingers that fed them. I therefore urge the Federal government to put in place policies that will ensure that our technology and resources are harnessed for the betterment of this nation.
I join my voice with that of the Senate Minority Leader and other of my colleagues here to condemn this act and call that this brutality be stopped immediately. Thank you"

Published in World

Nigeria’s total public debt that aggregates both external and domestic debt has ballooned to N24.947 trillion ($ 81.274 billion), according to a statement by the Debt Management Office (DMO) on Wednesday.

The new figure for March 2019 represents a 2.3 per cent increase from the December 2018 figure of N24.387 trillion or $79.437 billion.

But do not panic that your country is being saddled with debt. The DMO said the Total Public Debt to GDP Ratio was 19.03% which is within the 25% Debt Limit imposed by the Government.

Read the DMO’s full statement:

The Debt Management Office in its practice of publishing the Public Debt Data comprising the Domestic and External Debts of the Federal Government of Nigeria (FGN), the 36 States of the Federation and the Federal Capital Territory (FCT), has released the Total Public Debt Data as at March 31, 2019. At ₦24.947 Trillion (US$ 81.274 Billion) as at March 31, 2019, the Total Public Debt grew marginally by 2.30% when compared to the figure of ₦24.387 Trillion (US$ 79.437 Billion) as at December 31, 2018.

The increase of ₦560.009 Billion in the Total Public Debt in Q1 2019, was accounted for largely by Domestic Debt which grew by ₦458.363 Billion. Increases were recorded in the Domestic Debt Stock of the FGN, States and the FCT. External Debt also increased by ₦101.646 Billion during the same period.

In relation to the Debt Management Strategy, the Ratio of Domestic to External Debt stood at 68.49% to 31.51% at the end of March 2019. The Total Public Debt to GDP Ratio was 19.03% which is within the 25% Debt Limit imposed by the Government.”

Published in Bank & Finance
An intruder has reportedly broken into the Buckingham Palace in Britain.
 
The incident took place at about 2:00 am this morning while Queen Elizabeth slept just metres away from the trespasser.
 
The Sun reported that the 22-year-old man climbed over the fence and was able to bang on the doors of the royal residence.
 
Police on site took around four minutes to detain him as they tried to assess if he was armed, the paper said.
 
Doors to the 93-year-old monarch’s home are locked up in the early hours of the morning, so he trespasser was unable to get inside.
 
The royal standard flag was flying at the palace, which could have given the invader a clue that the Queen was at home.
 
A royal insider told The Sun: ‘This intruder got into the Palace almost 37 years to the day since Michael Fagan ended up getting inside the Queen’s bedroom. The Queen was understood to be the only senior royal sleeping in the palace.
 
‘There is a genuine theory and very real fear that he could have been launching a copycat operation.
 
‘How is it possible all these years later that someone can climb the fence and get right inside the grounds without being stopped immediately?
 
‘What about heat censors and CCTV? The Queen’s safety should be paramount.’
 
Scotland Yard said the man was arrested on suspicion of trespass and was held at around 2am by officers from the Met’s Royalty and Specialist Protection Command.
 
He was not found in possession of any offensive weapons and the incident is not being treated as terrorism-related.
Published in World
Thursday, 11 July 2019 06:05

What China Unicom said about Nigeria

The President of China United Network Communication Group (China Unicom), African Region, Mr Dennis Meng, said that Nigeria has the potentials for global networking, internet access and ICT services because of it population.
 
Meng disclosed this in an interview with the News Agency of Nigeria (NAN) on Wednesday in Abuja while showcasing products at the China Chambers of Commerce in Nigeria.
 
He said that the company plans to research and open a coverage and extensive global reach in fixed and mobile communication services, domestic and international communications facilities, satellite service and network access service in Nigeria.
 
According to him, China Unicom was established in January 2009, which is the only Chinese Telecom operator listed in the stock exchanges of New York, Hong Kong and Shanghai.
 
“This organisation is an entity, we came to Nigerian market to do research because more Chinese companies come to Africa and they need international channel to communicate with their headquarters in China.
 
“So we are coming to Nigeria because we have the market for African countries on global connectivity.
 
“There is potential in Nigeria, the economy is very active here, international companies, communication companies, E-payment companies is boosting here and because of the population which is very important for the market.
 
“For ICT, there is smart phones, laptops. We will organise network and global activities for the youths to be trained in new technology,” he said.
 
Published in Telecoms
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