The world’s largest corporations have paid $700 billion in monetary penalties linked to regulatory infringements in 45 countries since 2010, according to Violation Tracker Global, a new database created by the U.S. non-governmental organization Good Jobs First.

Major banks, especially those based in the USA and Europe, account for more than one-third of the penalties.

Ninety-five parent companies have received $1bn or more in penalties.

Violation Tracker Global, which builds on previous databases focused on the U.S. and U.K., provides free access to information on corporate misconduct and regulatory infringements worldwide.

“Violation Tracker Global documents a broad spectrum of misconduct by multinational corporations in their global operations,” said Philip Mattera, director of the Violation Tracker project.

“We hope this tool will support corporate accountability initiatives in various countries, including the EU’s Corporate Sustainability Due Diligence Directive,” he added.

Violation Tracker Global documents over 50,000 regulatory penalties imposed on 1,600 multinational corporations and their subsidiaries by 700 regulatory agencies and courts in the world’s largest economies in both the Global North and the Global South

The cases in Violation Tracker Global are divided into eight broad offense groups: Competition/Antitrust, Consumer Protection, Employment, Environment, Financial, Government Contracting, Healthcare, and Safety.

Each entry is also tagged with one of about 100 more specific offense categories, such as privacy/data protection violations, bribery, money laundering, and workplace safety. Some countries do not disclose data in all these categories.

Entries include additional details, such as a description of the offense, the monetary penalty (both in the original currency and the equivalent in U.S. dollars), and a link back to the information source, which in most cases is the website of the regulatory agency.

The report lists all the countries and jurisdictions covered by Violation Tracker Global, including: Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Czech Republic, Denmark, the European Commission, the European Free Trade Association, Finland, France, Germany, Greece, Hong Kong, Hungary, India, Indonesia, Ireland, Israel, Italy, Japan, Kenya, Malaysia, Mexico, the Netherlands, New Zealand, Nigeria, Norway, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Taiwan, Thailand, Turkey, the United Kingdom, the USA, and Vietnam.

Additionally, bribery cases from the African Development Bank, the Inter-American Development Bank, and the World Bank are also included.

Federal government has asked a high court sitting in Abuja to issue a bench warrant for the arrest of Hathiramani Ranesh, managing director of Dana Air.

Mojisola Okeya, counsel to the attorney-general of the federation (AGF), made the oral application on Thursday before Obiora Egwuatu, the presiding judge.

The application followed Ranesh’s absence in court for his arraignment.

The federal government alleged that the managing director has refused to appear for his arraignment in the alleged N1.3 billion fraud

The AGF had filed a six-count charge against Ranesh and two others.

In the charge marked: FHC/ABJ/CR/101/2021 and filed by Moshood Adeyemi, deputy director of public prosecutions in the office of the AGF and minister of justice, Dana Group PLC and Dana Steel Ltd were joined as second and third defendants respectively.

In the first count, Ranesh, the two businesses, and unidentified individuals were accused of committing a crime on the property of the Dana Steel Rolling Factory in Katsina between September and December of 2018.

They were alleged to have conspired to remove, convert, and sell four units of industrial generators “i.e. three (3) units Ht of 9,000 KVA and 1 unit of 1,000 KVA; all valued at over N450 million, which form part of the Deed of Asset Debenture that were charged as collateral security for a bond issued in your favour, which Deed is still subsisting at all material times”.

In count three, the defendants and others at large were accused of conspiring to fraudulently divert N864 million from House No. 116, Oshodi-Apapa Expressway, Isolo-Lagos, between April 7 and 8, 2014.

The funds were said to be part of Ecobank bond proceeds intended for the resuscitation of production at the Dana Steel Rolling Factory in Katsina and other unapproved purposes.

Count five alleged that the defendants and others conspired to “fraudulently remove and transfer to one Atlantic Shrimpers Account No: 0001633175 with Access Bank and divert the sum of N60,300,000 (Sixty Million Three Hundred Thousand Naira).”

The money was also said to be part of the bond proceeds from Ecobank meant for the resuscitation of production at the aforementioned factory and other unapproved uses.

The cumulative amount involved in the charge stands at N1,374,300,000.

When the matter was called on Thursday, Okeya told the court that though the case was scheduled for the arraignment of the defendants, Ranesh was not in court.

She then urged the court to issue a bench warrant for Ranesh’s arrest.

However, Bidemi Ademola-Bello, defence lawyer, disagreed with Okeya.

Ademola-Bello said they had filed a preliminary objection challenging the jurisdiction of the court to hear the matter and that the prosecution had already been served.

Okeya, on her part, objected to taking the preliminary objection on the ground that the defendants ought to be arraigned first before the court could entertain any other application.

In his ruling, Egwuatu asked Ademola-Bello to refer the court to any section of the Administration of Criminal Justice Act (ACJA), 2015, that makes provision for his request.

The judge also ordered the parties to address the court in the next adjourned date on whether the preliminary objection ought to be taken before arraignment.

He subsequently adjourned the matter until November 4

Dr. Kashifu Inuwa Abdullahi, Director-General/CEO of the National Information Technology Development Agency (NITDA), has emphasized on the dual nature of artificial intelligence (AI) as both an opportunity and a challenge.

Represented by Mr. Emmanuel Edet, Director of Standard Guidelines and Framework, NITDA, while delivering a keynote speech on the third day of Nigeria Fintech Week, said: “We must consider not just the immense potential of artificial intelligence, but also our responsibility in shaping their development and employment,”.

Speaking on the topic: Global AI Regulation: The Role Of Africa And The Global South, the Director General stated that while AI presents unparalleled opportunities for growth, innovation, and problem-solving, it also poses unique challenges requiring careful consideration and proactive measures.

He pointed out, “As we witness the rapid deployment of AI technologies, primarily in the global north, it is crucial that we, the nations of Africa and the global south, assert our place in this evolving landscape.”

He stressed that participation in this AI revolution is not merely beneficial but essential to ensure that AI serves the interests of all humanity, rather than just a privileged few in advanced countries.

Dr. Abdullahi noted that the regulatory landscape for AI is still in its infancy. “While nations like the United States, China, and the European Union are making strides in developing AI governance frameworks, this effort often reflects their specific contexts and priorities,” he explained. “However, AI’s impact will be global; it is already global, and its regulation must be global as well.”

He elaborated on the complexities of AI, saying, “As with most powerful technologies, AI presents both opportunities and challenges. Issues of data privacy, algorithmic bias, job displacement, and geopolitical competition underscore the need for a clear, fair, and inclusive regulatory regime.”

He asserted that the voices of the global south, particularly Africa, must be at the heart of these discussions to ensure that regulations consider diverse cultural, economic, and social contexts.

“The challenges and opportunities presented by AI in Lagos, Nairobi, or Johannesburg may differ significantly from those in Silicon Valley or even Shanghai,” he noted, stressing the need for targeted solutions that reflect local realities.

Dr. Abdullahi called for collective advocacy from Africa and the global south for inclusivity in global AI governance. He stated, “Our unique context and challenges—such as infrastructure gaps, education systems, and social values—must be considered.”

 Speaking further, he outlined some of NITDA’s initiatives to ensure a solid AI framework in Nigeria. “As DG of NITDA, my driving force for the first AI revolution has been the development of the national AI strategy and the establishment of the National Center for Artificial Intelligence and Robotics,” he said. “These aim to foster research and development of AI and to create a transforming and inclusive AI ecosystem.”

Speaking on NITDA’s focus on promoting responsible AI deployment, Dr. Abdullahi said “We are dedicated to advancing sustainable development, investing in research and development infrastructure, and creating a robust AI governance framework,” he affirmed, placing a focus on the role of collaboration among stakeholders. “We must form strategic alliances to amplify our authentic voice in global AI models, group organisations, and the African Union.”

Giving a solid closing statement, he said, “While Africa and the global south may not currently be at the forefront of AI nations, we have a critical role today in shaping its regulatory future. Together, we can shift and react.”