Connect with us

Uncategorized

Mbeki Says Africa Loses 50Bn Yearly Illegal Outflow

Published

on

Kindly share this post

Thabo Mbeki, former South African President, on Wednesday said the African continent lost about 50 billion dollars through illegal financial outflow of funds from the continent.

Mbeki said this at a High Level meeting on “Tackling Illicit Financial Flows and Inequality in Africa,” on the sideline of the World Economic Forum on Africa in Abuja.

According to him, the main channel through which money is being syphoned out of Africa, is through the commercial companies operating in the continent.

“Annually, the continent is thought to lose about 50 billion dollars.

“This is about the same amount the continent receives in terms of annual foreign direct investments.

“While it is often assumed that these outflows are linked to practises such as bribery, corruption or money laundering, studies have shown that it is not criminal activities but tax evasion that is responsible.

“Commercial tax evasion most commonly takes the form of trade wrong pricing, which means a company manipulates the exports and imports to artificially depress profits and dodge tax,’’ he said.

Mbeki said that tax havens, trade pricing and miss-invoicing were other strategies through which the continent loses money.

“I have visited many African countries to see how this is being handled. Some of them already have institutions in place to tackle this.

“However, they are not doing a great job. There is no cooperation.

“So, it is necessary for legislation to be put in place to deal with these illicit financial outflows, while the global community is also important to solving this.

“This is why we have interacted with the U.S., the IMF and other organisations to see what they can do and what they are already doing to solve this problem,’’ he said.

Mbeki expressed hope that when all these foreign institutions worked together, along with governments of different states and civil societies on the continent, “it is  possible to recover and stop these illegal outflows.”

Also speaking, Miss Winnie Byanyima, the Executive Director, Oxfam International, a non-profit organisation, decried the level of poverty recorded on the continent, in spite of all its economic development.


Kindly share this post

Nigeria CommunicationsWeek believes that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. So since 2007, we have devoted our energy to independent reportage of technology and how they affect lives.

Uncategorized

Airtel HR Director, Adebimpe Ayo-Elias Honoured as HR Leader of the Year

Published

on

Kindly share this post

The Director of Human Resources and Administration at Airtel Nigeria, Adebimpe Ayo-Elias, has been awarded as HR Leader of the Year at the 2024 HR People Magazine Awards, organized by Mapelwood Global Resource.

The award ceremony, held recently at the Lagos Oriental Hotel, celebrated the achievements of outstanding HR professionals across Nigeria who have contributed significantly to organizational success and workplace culture.

Speaking on the recognition, Carl Cruz, CEO of Airtel Nigeria, expressed immense pride in Ayo-Elias’s achievement, describing it as a milestone not only for her but also for the company.

“Adebimpe’s impact, dedication, and leadership extend well beyond Airtel, and this award is a well-deserved recognition of her influence in the HR field. We are incredibly proud of her accomplishments and look forward to her continued contributions to the industry,” he said.

Receiving the award, Adebimpe expressed gratitude for the honour, reiterating her commitment to advancing world-class HR practices within her organisation.

“I am deeply grateful for the opportunity to contribute positively to the lives of those we serve within and beyond the organization. Airtel Nigeria creates an environment that nurtures growth, encourages innovation, and prioritizes the well-being of every employee and as such, this award motivates me to continue championing these values,” she said.

This award reaffirms Airtel Nigeria’s commitment to developing and empowering talent, further establishing the company as a leading force in creating an impactful, forward-thinking workplace.


Kindly share this post
Continue Reading

Uncategorized

Canada Orders TikTok to Shut Down Operations Amid National Security Concerns

Published

on

Kindly share this post

Canadian government has ordered TikTok to shut down its operations within Canada, directing the social media platform to close its offices in Toronto and Vancouver.

Despite the office closures, Canadian users will continue to have access to the app itself.

The decision was announced following a national security review led by the Canadian Security Intelligence Service (CSIS). Innovation Minister François-Philippe Champagne stated that TikTok’s activities posed a threat to national security, though he declined to provide specific details.

“We came to the conclusion that these activities… would be injurious to national security,” Champagne told CBC News, underscoring the seriousness of the government’s actions.

TikTok has voiced strong opposition to the order, vowing to challenge it in court. A spokesperson for TikTok argued that the closure will lead to significant job losses and stated, “Shutting down TikTok’s Canadian offices and destroying hundreds of well-paying local jobs is not in anyone’s best interest.”

The move follows Canada’s previous restrictions on TikTok, including a ban from government-issued devices in 2023 due to privacy and security concerns.

TikTok’s parent company, ByteDance, has faced similar scrutiny from the U.S. government, which has also considered further restrictions over national security concerns.

TikTok maintains that it will continue to serve Canadian users on its platform, allowing creators to connect and businesses to operate.

However, the dispute between TikTok and Canadian authorities signals ongoing tensions between governments and the app’s China-based parent company.


Kindly share this post
Continue Reading

Uncategorized

Obaseki Commissions Edo State Data Center

Published

on

Kindly share this post

Governor Godwin Obaseki of Edo has said that reforms by his administration in the digital and technology space over the last eight years have revolutionised the state.

The Governor who stated over the weekend at the launch of the Edo State Digital Policy and Edo Data Centre, disclosed that was the first data centre owned by a state in Nigeria.

According to him, his reforms had repositioned Edo as a leading state in digital inclusion in Nigeria, adding that his government was leveraging technology as a catalyst for socio-economic development and inclusive growth.

He said: “I welcome you to the only data center owned by a state in Nigeria. This event is significant because we have started a revolution in Edo State, a digital revolution. We are rounding up with a policy statement that will guide this revolution into the future.

“The population of Edo is scaled towards the youths as they are born in a digital age. The future is digital. It will be difficult to navigate the world today without technology. If you want to develop and grow rapidly, you must begin to think of how to use technology.

“The pace of the advancement of technology in the world today is scary. So, just imagine those who have not started yet; I don’t think they can live in the future world. In Edo, we have always been ahead in our history. We have been a knowledgeable people as we interacted at a global level over 500 years ago on our own level.

“To catch up, we had to do something else and different. That was why from the beginning it was clear to us that we had to introduce technology and make sure that we begin to retrain our young ones, the youths, to own this digital world and the confidence in it.”

Obaseki added: “We have moved Edo into the digital superhighway and to operate on that superhighway, they must know the rules and must be guided by certain rules and practices. That is what we are doing today and incorporating in this policy document. This will enable everybody to understand the shape of this high way and what they need to do on this high way.”

The governor continued: “I had the privilege of working with young people in Edo State and working together, we set up EdoJobs and the Edo Innovate Hub as these have helped our young people and till date, over 50,000 young men and women have benefited from various training and programmes from Edo Innovate. We have been lucky to build a digital ecosystem which has grown rapidly.

“Years ago, as the Chairman of the State’s Economy Team, we set up the ICTA but we struggled all through but we kept it alive, and set up the law governing it. The agency is principally responsible for providing technology for the government.


Kindly share this post
Continue Reading

Trending