Business
‘Africa Loses $50bn Yearly To Illegal Financial Outflow’
The former South African
President, Mr Thabo Mbeki last 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 (WEF) 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 but only disconnect.
“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.
“How can it be that only a few are rich despite the economic development in the continent.
“More than 80 per cent of its population is still leaving on less than one dollar a day, which is disheartening.
“I believe that when Africa’s growth translate to health and free social services for the poor, inclusive growth will be achieved,’’ she said.
Byanyima said that when Africa reduced its current level of raw material exportation to other continent, and focused on industrialisation, inequality would be reduced.
According to her, this will also translate to creation of more jobs for the youths on the continent.
Meanwhile, Guinea’s Minister of State for Mines and Geology, Mr Kerfalla Yansane, said Africa needed to take proper account of its natural resources.
“Proper records on the mining of natural resources are not kept.
“ There is also no knowledge of how most private companies are run, which has resulted in most of them having offshore accounts to cheat government of tax,’’ Yansane said.
Mr Abdalla Hamdok, the Deputy Executive Secretary, UN Economic Commission for Africa said that the 50 billion dollars alleged to be missing yearly from the continent was a conservative figure.
Hamdok said that the real amount missing was enough to increase Africa’s Gross Domestic Product by 16 per cent, increase its savings and address all its infrastructure problems.
The Chief Executive Officer, The Mara Group, Africa, Mr Ashish Thakkar, talking on behalf of the private sectors, said responsible investors were needed on the continent.
“There is need for companies to stop influencing contracts and promoting corruption in Africa. They can do the right thing and do well,’’ he said.
The Executive Director, Tax Justice Network, Africa, Mr Alvin Mosioma, said that the civil societies could only raise awareness on societal ills but that the political leaders on the continent held the key to its solution.
The Nigerian Shippers Council (NSC) says it has registered 160 Port stakeholders into its Regulated Port Service Provider and Users platform since the initiative began in 2023.
Executive Secretary, NSC, Mr Pius Akutah, made the disclosure on the sideline of a sensitisation programme by the commission for port operators in Lagos, with the theme, “Regulated Port Service Provider and Users”.
Represented by the Director, Consumer Affairs, Chief Cajetan Agu, Akutah emphasised the significance of the programme for stakeholders.
He said the sensitisation programme was the second edition after its commencement during the last quarter of 2023.
The Secretary said the 160 registered port operators consist of agencies, terminal operators, shipping companies, individual port users as well as service providers.
“We invited the ports stakeholders for enlightening them on the processes for online registration of Regulated Port Service Provider and Users.
“We have demonstrated to them how to register and how to make payment and we were able to present before them the various categories of the registration.
“The rate of payment is also in the registration. The payment of each group depends on the operation. A shipper pays N30,000, terminal operators and shipping companies pay N300,000, truckers also pay N30,000, while some pay N50,000 and N100,000.
“The Council was able to intimate them on the benefits, because port users benefit more as we help to interface on reducing port charges from time to time”, Akutah said.
He said that there was a need to continue to work with port operators to stop delays and eliminate high costs to make the port efficient.
Also speaking, the Deputy Director, Stakeholders, Service, NSC, Mr Celestine Akujobi, said “the sensitisation exercise was important for the council to enable us bring all the port stakeholders together”.
According to him, this is to avoid challenges during the implementation of the council’s responsibilities.
“By the time we introduce sanctions on defaulters, no operators will complain that he or she is not aware of the registration.
“I’m happy with the turnout of this sensitisation. This shows that the operators are well informed of the statutory friction of the council as the port regulator.
“The final implementation will commence as soon as we discover that all the operators have keyed into the portal.
“We are engaging other ports across the country and we’re hopeful that before the last quater of 2024, the council will implement sanctions on defaulting operators”, Akujobi said.
Earlier, Vice Chairman, National Association of Government Approved Freight Forwards (NAGAFF), Dr Ifeanyi Emoh, said port challenges were enormous, adding that they originated from some of the government agencies.
Emoh urged the council to look into regulating other government agencies, so that there could be a window through which they can collect port charges collectively instead of indiscriminately.
By: Chinedu Wosu
Chivita| Hollandia (CHI Limited) leading fruit juice and value-added dairy manufacturer in Nigeria has rewarded its long standing distributors at the recently held 2024 Distributor Conference. The event with the theme, “Break Boundaries Exceed Expectations” served as a platform to recognise and reward the exceptional contribution of the distributors and wholesalers who play a critical role in Chivita|Hollandia (CHI Limited) success and business goals for the year.
The Distributor Conference was held in two sessions. While the morning session featured keynote addresses, industry insights and brand immersion experience, the evening session was a cultural display of elegance and funfair that culminated in the award presentation and recognition of the contribution the trade partners made to the company in the 2023 year under review.
A key highlight of the event was the award ceremony which acknowledged outstanding trade partners in various regions across the country. The awards recognized commitment, dedication, and outstanding performance in areas of sales growth, brand promotion, and market expansion.
Eelco Weber, Managing Director, Chivita|Hollandia (CHI Limited), stated that the company’s success story is incomplete without the strong partnerships it has built with trade partners. “Today, we celebrate not only the achievements, but the collaborative spirit that has made our growth possible” he said.
Bola Arotiowa, Chief Commercial Officer, Chivita|Hollandia (CHI Limited), in his statement revealed that, the event which was first of its kind will continue to be an annual meeting to enable the company work more closely with its distributors, share insights and action points, help the trade partners familiarize themselves with the company’s goals and objectives for each year, and serve as a driver for mutual success.
“Our distributors are the backbone of Chivita|Hollandia (CHI Limited). Their relentless efforts in distributing our products, promoting our brands, and expanding our reach across the nation is truly commendable. As the bridge between us and our valued consumers, it is very important to reward their hard work and dedication for being an essential part of the Chivita|Hollandia (CHI Limited) family. Together, we will continue to deliver great products to our conusmers which in turn will deliver value to them”, Mr. Arotiowa added.
Speaking at the conference, HajiyaBilikisuSaida, Chief Executive Officer of Smabirm Nigeria Limited, who won the Outstanding Distributor of the Year in North 1 region, and got a reward of two million Naira worth of Chivita|Hollandia (CHI Limited) products expressed delight at the company’s recognition, and stated that the awards served as a way to inspire distributors to do more and put in more effort, which in turn would help both the distributors and the company to grow.
Other outstanding performance distributors of the year rewarded with a two million Naira worth of Chivita|Hollandia (CHI Limited) stock include, Sunny Chuks Limited for East 1 region, MRS FA & Sons Limited for East 2 region, Hussakas Ventures for North 2 region, Rookee 1388 Ventures for Lagos 1 region, Pik N Pil Ventures for Lagos 2 region, FaithJoe Event Management Limited for West 1 region, and Progress Family Nigeria Enterprise for West 2 region.
The annual Distributors Conference aims to strengthen the bond between Chivita|Hollandia (CHI Limited) and its trade partners. This collaborative approach fosters mutual growth and ensures the continued success of the brands in the Nigerian market.
A global leader in insurance and asset management, AXA Mansard, has supported three female-owned MSMEs with business grants totaling 1.4 million to boost their operations.
This, the company said, is part of its commitment to women and the Medium, Small, and Medium-scale Enterprise (MSME) sector in the country.
The three businesses were successful at the International Women’s Day Pitch Competition, organised in partnership with SME 100 Africa in Lagos.
According to the Head of Marketing, AXA Mansard, Olusesan Ogunyooye, the competition, which is aimed at supporting female entrepreneurs in Nigeria, “is another way AXA is demonstrating its commitment to the causes of women and stimulating the MSME sector in Nigeria”.
The business pitch competition received numerous entries from women across different sectors, but after a rigorous selection process, shortlisted participants were selected to participate in the competition.
Ogunyooye said “the programme provided a unique opportunity for women from various works and socio-economic classes to showcase their innovative ideas and solutions in sectors such as food, tech, fashion, and fragrance, creating an atmosphere filled with excitement, enthusiasm, and a strong sense of community”.
He stressed the importance of investing in women, saying it is not just the right thing to do, but also aligns with AXA’s purpose of acting for human progress.
He explained that AXA believes the future of women should not be at risk, hence investing in their economic empowerment is a crucial part
-
Politics3 days ago
Fubara’ll Leave Rivers Better Than Expected – LG Boss
-
Sports3 days ago
Eaglets Held In Pre-WAFU Friendly
-
News10 hours agoFubara Expresses Satisfaction With National Council On Niger Delta
-
Environment8 hours agoSouth East Businessmen Charge Governors On Rail, Security, Others
-
News3 days agoRHI: Lady Fubara Donates 50,000 Books To Public Schools In Rivers
-
Women3 days ago
The Wise Woman
-
Nation12 hours agoYahaya Bello: Senator Hails EFCC’s Probe Of N80.2bn Fraud
-
Niger Delta9 hours agoMDCN Clears Asaba Specialist Hospital As Novena University Teaching Hospital