News
Help us Follow Dirty Money, Guinea asks G8
Guinea, one of Africa’s poorest nations despite abundant natural resources, has urged the G8 to back its battle with corruption by helping trace shell companies used to hide crooked deals and track dirty money flows.
The resulting increased prosperity, President Alpha Conde said, would help stem growing radicalism in a region already threatened by unrest in Mali that has placed Guinea and its neighbors at risk of becoming conduits for drugs and guns.
Guinea has long been one of Africa’s “geological scandals”: the West African country has rich reserves of iron ore, gold, bauxite and other minerals, but little has been tapped and half its 10 million people live in poverty, Reuters reported.
Speaking ahead of an annual G8 meeting expected to put the resources industry and transparency high on the agenda, Conde said Guinea needed logistical support from U.S., British and other governments and law enforcement agencies.
“Mining companies are…British, American, Canadian, Australian, and London’s City and New York are the centers of capitalism. If we want to fight for transparency, we need the support of the G8,” Conde told Reuters in London, before a discussion on transparency including other African leaders and British Prime Minister David Cameron on Saturday.
“There is no corruption without corrupters.”
He also said Guinea might have to postpone a long-awaited parliamentary election scheduled for June 30 after opposition parties refused to register candidates.
A former Sorbonne law professor, Conde came to power in 2010 after half a century in opposition, promising to end decades of corruption and mismanagement. He has been supported by a raft of high-profile international advisers, including philanthropist George Soros and former British Prime Minister Tony Blair.
“We have limited means.. we cannot follow shell companies in tax havens, so we need these big countries to help us find all the proof for payments and corruption,” Conde said, adding Guinea’s laws allowed it to annul corruptly obtained licenses.
“Also, sometimes, firms tell us they made 10 of profit. If they say 10 in Guinea and 100 in England, we can pursue that.”
Shell companies have frequently been blamed as tools in corrupt resources deals across Africa. Transparency activists say they are widely used to hide the ultimate beneficiaries, whether government officials or profiteering intermediaries.
OPAQUE DEALS
As part of Conde’s overhaul of the mining sector, Guinea is reviewing mining contracts, scrapping as many as 800 that had been lying fallow and scrutinizing those signed during what the government says was an era of opaque deals.
These include the license for the northern half of its giant Simandou iron ore deposit held by BSG Resources, the mining arm of Israeli billionaire Beny Steinmetz’s business empire, and partner Vale.
The original concession, secured by BSGR just before the death of then-President Lansana Conte, has come under scrutiny. In April, FBI agents arrested a BSGR representative on charges of obstructing a criminal investigation, tampering with a witness and destroying records. BSGR has denied wrongdoing.
Conde declined to comment on the outcome of the review but welcomed the FBI’s support.
“I believe in presuming innocence until guilt is proven,” he said. “But it is very important that the FBI and the U.S. judicial system was able to obtain this evidence – we would never have been able to.”
The Steinmetz case has generated much media interest and remains controversial for Guinea, whose critics say it suits the interests of the country’s advisers. But Conde says the advice of international banks, law firms and others was indispensable.
“Negotiating without it would have been (like) heading straight for the slaughterhouse,” he said.
Conde, a longtime advocate of African cooperation, called for greater regional collaboration on the infrastructure needed for tapping mineral resources, but also on security, describing as “embarrassing” France’s intervention in the Malian crisis.
Among his major concerns, Conde said, was the flow of guns and drugs that once went through the Sahara but now transiting countries such as his own, blaming the Western military action in Libya in particular for spreading weapons across the region.
“It is not about asking for help, because this concerns the G8,” he said. “It is in our common interest that the Sahara does not become another Afghanistan, as much for terrorism as for drug trafficking.”
Conde said increased radicalism was a function of poverty and high youth unemployment, but acknowledged that he was also concerned by the rise of hardline Islamist preachers.
“All of our countries are under threat. Why? Because al Qaeda is not just Tuaregs and Arabs. They are Malians, Ivorians, Senegalese, Guineans.”
Telecommunications services provider, Globacom, has admonished Nigerian workers to reflect on more ways of contributing further to the growth of the country.
In a solidarity message on the occasion of the 2024 International Workers’ Day, the company noted that Nigerian workers were resilient in spite of the challenges they encounter in the course of discharging their duties.
The telecommunications giant further noted that the story of Nigeria cannot be adequately chronicled without acknowledging the immense contributions of workers, both in the public and private sectors.
The day is observed on May 1 yearly in recognition of the contributions of workers all over the world and to advance fairer and more sustainable future by advocating for workers’ rights.
“We salute Nigerian workers on this day and commend them for the hard work, commitment, resourcefulness and industry which are essential for the growth of the economy of any nation,” Globacom said.
CWG Plc has announced a significant milestone in its commitment to delivering value to shareholders. Following a thorough review of the company’s financial performance and outlook, the Board of Directors has approved a substantial increase of 400per cent in dividend payout to shareholders.
This decision reflects CWG’s confidence in its financial stability, growth trajectory, and ability to generate sustainable returns. By enhancing the dividend payout, CWG aims to reward shareholders for their continued trust and support while reaffirming its commitment to creating long-term value.
Mr. Philip Obioha, Chairman of the Board of Directors at CWG Plc, said, “The decision to approve a 400% increase in dividend payout underscores our confidence in CWG’s performance and outlook. We are dedicated to delivering value to our shareholders and believe that this significant dividend increase is a testament to our commitment to shareholder value creation.”
This increase in dividend payout aligns with CWG’s strategic objectives to prioritize shareholder interests and maintain strong financial discipline. The Board remains committed to prudent financial management and sustainable growth, ensuring that CWG continues to be a reliable investment for shareholders.
As CWG continues to execute its growth strategy and expand its presence in the market, the Board anticipates that the increased dividend payout will further strengthen investor confidence and support CWG’s vision for the future.
CommunicationsWeek Media Limited, a certified global ICT company with over two million online subscribers, is delighted and proud to announce Prof. Yakub Aliyu, as the keynote speaker at Africa’s Beacon of ICT Merit and Leadership Distinguished Lecture series 2024.
Aliyu, will be speaking on the theme: Artificial Intelligence (AI): The Good, The Complex and The Anticipated”, this leans heavily on the fact that AI changing our lives– we just need to know where to look today.
This year’s rebranded Africa’s Beacon of ICT Merit and Leadership Distinguished Lecture/Awards Series is slated for Saturday, May 25, 2024 at the Four Points by Sheraton, Lagos.
The event is the most prestigious annual event that brings together captains of industry in both technology and financial worlds.
According to Ken Nwogbo, CEO, Communication Week Media Ltd, organisers of the ABoICT Distinguished Lecture/Awards Series, “the choice of Prof. Yakub Aliyu is deliberate because of his exceptional career in Artificial Intelligence (AI)”.
He added that, AI is considered to have the potential to instigate a fourth industrial revolution,1 and is dramatically changing people’s patterns of interaction and economic activities.
“The traditional factors of production and physical capital and labour may no longer promote substantial economic growth. It is generally believed that AI will be one of the most important factors determining future economic growth,” he said.
A professor of microelectronics and a scholar-practitioner in artificial intelligence and deep machine learning for industrial applications and high-speed application processors. His research interests include Multimodal AI models for high-efficiency industrial robot applications and Human AI interactions.
He also has adjunct academic professorships at five African, USA, and UK universities. Holds a BS in Applied Physics Electronics from Karlsruhe and A Bello Universities in Germany and Nigeria, an MBA in International Business Management from the University of London, an MSEE (Master of Engineering, Electronics), and a Ph.D. in Electronics Engineering from the University of Wales.
Prof. Aliyu is the global quality director for Bourns Inc., Riverside, California, USA, an electronics system, and components manufacturer. I oversee quality functions in 21 factories worldwide.
He has also held quality and operational management leadership positions at National Semiconductors, Bell Labs-Lucent Technology, Texas Instrument, Global Foundries, and Roper Technologies USA.
Authored and coauthored over 30 Advanced Technology United States-issued patents in High-Speed Application Processors and Contributed to over 40 international impact Journals, chapters, and conferences; FASI, SMIEEE USA, MIEE UK, M. Inst pf Physics Chartered Phys and C Eng UK.
Past lecturers included Dr. Ernest Ndukwe, then executive vice chairman, Nigeria Communications Commission (NCC); Engr. Yomi Bolarinwa, former Director-General of National Broadcasting Commission (NBC); Dr. Jean Luc Fort, CEO at OR System France and a specialist in Counterparty Risk; and Professor Chris Nwagboso, Chairman, Knowledge Factory International, United Kingdom.
Others are: Uche Orji, managing director/chief executive officer, Nigeria Sovereign Investment Authority (NSIA); Biodu Omoniyi, Managing Director/CEO, VDT Communications; Ayotunde Coker, Managing Director, Rack Centre Limited; Peter Adedayo Arogundade, managing director and chief executive officer, Sidmach Technologies Nigeria Limited; Dr. Adewale Obadare, chief visionary officer, Digital Encode and John Obaro, CEO and founder of Systemspecs; Prof. Isa Pantanmi, minister of Communications and Digital Economy; Dr. Seyi Akindeind, co-founder, Digital Encode; Dr Krishnan Ranganath, Regional Director, Africa Data Centres.
5G Subscriptions Hit 2.7m in Nigeria –NCC
Experts Seek Stricter Regulation against Call Masking, SIM-Boxing Fraud
Glo Urges Workers to Reflect on Furthering National Growth on May Day
234Finance Moves to Boost Economic Progress in South East
Chowdeck Secures $2.5M Seed Funding to Optimize On-demand Food Delivery in Nigeria
See Full List of Fake Loan Apps Blacklisted By CBN
CBN Sacks another 50 Staff, 117 Disengaged in 20 Days
AfDB, AGF Partner on Female Entrepreneurs’ Access to Finance
Nigeria Plans AI Strategy Workshop for National Development
IMF says Rising Cyber Threats Pose Serious Concerns for Financial Stability
News3 days agoProf. Aliyu, AI Practitioner to Keynote ABoICT 2024
Telecom3 days agoTariff Hike Threat: NCC Urges Telcos to Reduce Operating Cost
Telecom3 days agoThe NCC, Telcos and the Tariff Discourse
Broadcasting3 days agoWhy Multichoice Hiked Subscriptions for DStv and GOtv Packages- FCCPC
E-Financial3 days agoNigerians Trust Bitcoin for Financial Security than Sanks – Report
Telecom3 days agoWale Owoeye Shines among Nigeria’s Top 50 Digital Economy Leaders
E-Business3 days agoPaga Hits N14tri Transactions Value in 15 Years
News2 days agoCWG Board of Directors Approves 400% Increase in Dividend Payout