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Help us Follow Dirty Money, Guinea asks G8

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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.”
 


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9PSB Advocates for Healthy Lifestyle Lagos @ Global Public Health Week 2024

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In a bid to further create awareness on the need to practice healthy lifestyle particularly among the productive segment of the society, 9 Payment Service Bank (9PSB), Nigeria’s digital payment service bank, focused on financial inclusion, has advocated for a healthy lifestyle among staff members.

This was made known during a webinar session titled My Health, My Right, facilitated by a health expert, Dr Stephen from AXA Mansard Wellness Team. This was to commemorate this year’s Global Public Health Week, themed: Fostering Peace as a Prerequisite for Equitable Health.

The health week, marked with a series of activities, was designed to enlighten, and raise staff consciousness about healthy living and the factors that determine positive wellbeing.

This is expected to ensure quality of life to achieve high productivity through regular exercises, medical checks, eating healthy, attaining quality rest and the avoidance of toxins to attain improved life expectancy.

Commenting on this year’s theme, Branka Mracajac, the Managing Director and Chief Executive Officer of 9 Payment Service Bank (9PSB), noted that, “Good health is an important aspect of life that is non-negotiable.

Achieving a worthwhile life-work balance is of utmost importance and cannot be handled lightly. The wellbeing of every individual is determined by the kind of choices made daily and intentional efforts accelerated with a mission, actions, and decisions for desired outcome”.

Branka further added, ‘’There is always a price paid for every good outcome. Self-discipline should be inculcated into our daily lives and right steps taken to avoid poor lifestyle that impact negatively on our health.

As the saying goes ‘’health is wealth”. Therefore, we have no reason not to take our health seriously. “As an organisation, we have made provisions for Health Insurance for all staff as required by law and in partnership with our designated Health Management Organisation to ensure access to healthcare for all staff members. We will continue to thrive and take adequate care of our human capital as they are key to the success of our organization”.

The health week activities came to a climax with a well-organized 42-minute walk by all staff members from the Head Office at Adeola Odeku through Saka Tinubu in Victoria Island, Lagos.

The activities were organised to instill in staff the need to indulge in frequent exercises as it improves mental alertness, cardiovascular functions, weight control, reduce risk of chronic conditions like type 2 diabetes and hypertension.

Global Public Health Week (GPHW) is an annual event, organised by the World Federation of Public Health Associations (WFPHA) to mark a pivotal moment for the global public health community.

It aims to bring together institutions, communities, and public health actors from around the world to recognise the contributions of public health and its workforce and to engender discussions on the best practices and gaps fundamental to disease prevention and the promotion of health and wellbeing around the world.


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PalmPay Unveils First Set of Winners in Eid Mobile Bonanza

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PalmPay has announced the first set of winners in its ongoing Eid campaign tagged PalmPay Eid Bonanza, which kicked off on April 10th and will run until April 30th, 2024.

Since the start of the bonanza on April 10th, 5 lucky winners have been emerging daily simply by performing tasks on the PalmPay App such as transferring funds, airtime and data purchases, bill payments, and savings.

Comfort Udoh from Lagos, one of the proud recipients of an iPhone 15 Pro, expressed her sheer delight. “I simply won by recharging my phone with airtime on the PalmPay app. I received the exciting news via a call from PalmPay Nigeria. I thank them for the generous reward of a brand new iPhone 15 pro”

Also, Mr. Abegurin Patrick Segun’s winning entry came about when he placed a N100 bet using his PalmPay app. It was a delightful surprise for him to receive a call from PalmPay Nigeria, informing him of his victory in the daily raffle draw, and he’s now the proud owner of an Infinix Hot 40i.

To participate in the remaining weeks of the campaign, download the PalmPay App from Google Play or App Store. Sign up for an account and include your BVN or NIN to complete the process and click on the  Eid Bonanza Feature.

There are still numerous phones to be won daily, along with the added bonus of daily free transfers to any bank via the PalmPay App.

Enakeno Umuteme, the Head of Marketing and Communications at PalmPay Nigeria, notes that “Our primary objective is to reward and acknowledge our loyal customers. This campaign stays true to its promise of appreciating Nigerians who are PalmPay users”

PalmPay offers an array of services including money transfers, bill payments, credit services, and savings on its app and via its mobile money agents. Since its inception in Nigeria in 2019 under a Mobile Money Operator license, the platform has amassed over 30 million app users as part of its cashless payment ecosystem.


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Kaspersky Warns of Data Stealers Hunting for User Credentials

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As the malware development market continues to flourish with new stealers such as Lumma, for the last three years Redline still remains the dominant data-stealing malware used by cybercriminals.

More than half of every device (55%) targeted by password-stealer attacks in 2023 has been infected with the Redline malware, Kaspersky Digital Footprint Intelligence finds.

Infostealers infiltrate devices to illicitly obtain sensitive credentials such as logins and passwords, which are then peddled on the shadow market, posing significant cybersecurity threats to personal and corporate systems.

According to information gleaned from log-files traded or distributed freely on the dark web, Redline was used in 51% of infostealer infections from 2020 to 2023. Other notable malware families included Vidar (17%) and Raccoon (nearly 12%).

In total, around 100 distinct infostealer types were identified by Kaspersky Digital Footprint Intelligence between 2020 and 2023 using metadata from log-files.

The underground market for data-stealing malware development is expanding, evident from the rising popularity of new stealers.

Between 2021 and 2023, the portion of infections caused by new stealers grew from 4% to 28%. Specifically, in 2023, the new “Lumma” stealer alone was responsible for more than 6% of all infections.

“Lumma emerged in 2022 and gained popularity in 2023, through a Malware-as-a-Service (MaaS) distribution model.

This means any criminal, even those without advanced technical skills, can purchase a subscription for a pre-made malicious solution and use this stealer to carry out cyberattacks.

“Lumma is primarily designed for stealing credentials and other information from cryptocurrency wallets, commonly spread through email, YouTube, and Discord spam campaigns,” says Sergey Shcherbel, expert at Kaspersky Digital Footprint Intelligence.

To guard against data-stealing malware, individuals are advised to use a comprehensive security solution for any device. This will help prevent infections and alert them to dangers, such as suspicious sites or phishing emails that can be an initial vector for infection. Companies can help their users, employees and partners protect themselves from the threat by proactively monitoring leaks and prompting users to change leaked passwords immediately.


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