Search Results for: Nigeria

While the increasingly complex financial world’s fintech and cryptocurrency networks may boost liquidity and financial efficiency, it also complicates screening transactions for crime links. That includes the growing number of sanctions created by Russia’s ongoing invasion of Ukraine and Iranian support for terror groups.…

Nigeria’s paint and coating industry and its key construction sector partner are at a crossroads, balancing economic pressures with regulatory demands, in a simultaneous push for growth and sustainability. Recent developments highlight the complex landscape facing manufacturers, regulators and consumers alike in Africa’s most populous country (with 230 million people). …

With the global commodities market valued at USD121.2 trillion in 2024 and expected to generate USD136.8 trillion in 2029 (1), the scope for fraudsters to make money from this sector is vast. German statistical service Statista notes that commodities sales have latent augmentation, given that it all includes emissions trading systems expanding worldwide, along with energy products, food and drink, precious and industrials metals and more.…

The UK Serious Fraud Office (SFO) has charged five former top executives of Swiss commodities giant Glencore, including ex head of the oil division, Alex Beard, with bribery in West Africa from 2007 to 2014.
In an August 1 statement (1), the SFO said it had charged Beard, who was one of Glencore’s top executives from 2007 until his retirement in 2019, his second in command, Andrew Gibson, plus Paul Hopkirk, Ramon Labiaga and Martin Wakefield “with conspiring to make corrupt payments” to benefit Glencore in the awarding of various oil contracts in Cameroon, Nigeria and the Ivory Coast.…

The release of a National Clean Cooking Policy in Nigeria this April (2024) is poised to impact west Africa’s dominant country’s energy sector and environment. With Africa’s largest population (218 million out of 1.2 billion continent-wide) and Africa’s largest economy (GDP of USD477 billion out of USD3.1 trillion), this policy – designed to offer clean cooking systems to the 30
million
households
in
Nigeria
that burn wood in their kitchens – could transform the economy of Nigeria and west Africa (1).…

Anti-fraud professionals are seeking greater access to larger data pools, inside and outside their organisations, to improve the ability of audit procedures to identify financial crime.

Said Linda Miller, founder and CEO, of the US-based fraud risk consultancy Audient Group: “Fraud is a data problem.…

Angola may be a hydro-carbon rich country in south-west Africa country, but it is increasing its electrification rate and diversifying its energy sources to meet the United Nations’ Sustainable Development Goals (SDG) (1). That said, experts warn that private investment is urgently needed for this country to maintain this forward-looking policy.…

Nigeria’s underperforming textile and garment industry is reeling from the impact of recent strikes, which have been sparked by an ongoing cost of living crisis. The industry, which exported textiles and textile products worth USD29.6 million in 2021, according to German statistical service Statista, is struggling to stay afloat amidst power outages, increased electricity tariffs, and demands for a new minimum wage.…

Anti-graft campaigners, including Britain’s Spotlight on Corruption, are calling (1) on Nigeria’s federal government to publish its USD50 million ‘penalty and compensation’ anti-corruption settlement with mining major Glencore International. Nigerian financial news publisher Nairametrics reported (2) that Attorney General, Prince Lateef Fagbemi announced at a Ministerial Sectoral Updates briefing for reporters in Nigeria’s capital Abuja on May 24 that the government had on April 25 concluded negotiations with the Switzerland-based mining company.…

International organisations and academics are warning central banks to take AML/CFT into account as they develop central bank digital currencies (CBDC), although pressures to guarantee privacy might undermine such controls. According to 2023 research from the central banks’ central bank, the Basel, Switzerland-based Bank for International Settlements (BIS), 93% of central banks are now exploring or developing CBDCs (1).…