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Home Blog Page 7701

Wiping Corporate Fraud Via Whistleblowers And SEC in Africa

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SEC Nigeria

To strengthen corporate governance, especially in public traded companies, it may be time African Securities and Exchange Commission (SEC) or equivalents implement similar policies that their US counterpart has: Rewarding whistleblowers that bring to notice of the SEC corporate corruption and fraud.

US SEC used to give such whistleblowers 10% of any fine, but has increased it to 30% of all the money SEC collects, including ill-gotten profits. The increase was affected in the last US Financial Regulation Bill.

The challenge is that many SEC offices in Africa are not ready to actually use technology to mine data which could pile up if they introduce this policy. And there is fear that disgruntled ex-employees will intentionally file unfounded accusations just to force their ex-employers to waste money through legal fees.

Notwithstanding the drawbacks, this is a very important way to pursue since many African public firms have collapsed not because of environmental competition, rather corporate governance.  The near collapse of Nigerian banking sector was heavily due to the governance of the affected banks with bosses spending company funds irresponsibly. Could a deal with SEC that rewards whistleblowers have averted this? Possibly.

Also the destruction that took place in Transcorp could have been averted as the accountant might have reported the CEO who was forging documents and awarding contracts to his cronies in time. The motivation of being rewarded could become a potent tool in the hands of governments to sanitize African business scene and put public companies on alert to act responsibly or be penalized.

Sahara Experts Network – World Class Advisory Services For Investors Into SS Africa

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This message is from African Institution of Technology.

We now offer advisory services for businesses/people that want to invest in sub-Sahara Africa. We bring in-depth understanding of the region to provide actionable insights to our clients. As an organization that has visited more than 350 African campuses, government agencies, and SMEs, our perspectives are investable. We do not produce documents; we provide tools that will help you succeed in Africa. We have created many firms and seat on boards of different companies. We work with governments and see patterns before most people. And when we write, people read; recent book won publisher’s “Book of the Year” award and got into Thomson Reuters’ Citation Index. We approved Guanghua School of Management, Peking University, Beijing to translate our works into Chinese.

The core of this network will be our Founder. He is a company founder, a university professor, ex-banker, an advisor, an inventor (medical robot), an author, speaker, a distinguished engineer, holder of seven degrees with two doctoral and four master’s degrees in diverse areas as banking, finance, engineering, IT and admin. You cannot miss a multi-faceted perspective when he talks about technology, business and the future – all dots connected! He authored books on microelectronics, corrosion, and nanotechnology in the same period he consulted and authored a well received paper for African Union on Single Currency.

Our services are very affordable, for few hundreds dollars, we will speak with you on phone and/or develop an Progress Insight for you.

Contact me, Sam John, AFRIT COO, at info@afrit.org to get started.

 

 

Helios Towers Gets Multilinks From Telkom South Africa For $10m – Now, Can Sell Or Manage

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Helios Towers rents out towers so that telecommunication operators can provide network coverage and build. They do this largely in Africa with Nigeria as one of its big markets. Helios Towers is a division of a private equity firm founded by a Nigerian UK based Harvard graduate who also invested in First City Monument Bank before the crash. This company has quite a war chest under management. Tekedia confirms that Helios Investment Partners holds rights in Helios Towers as our previous report confirmed.

 

Visafone wanted to buy Multilinks but was blocked due to contractual arrangements Helios Towers had with Multilinks. That deal was culled off. Now South African Telkom noted that it has signed an agreement to sell off the CDMA company, Multilinks, to Helios Towers for a paltry $10m. This will enable Helios Towers to either manage Multilink or look for buyers. Helios Towers will have full control and ownership of the CDMA company.

 

The deal Telkom had with Multilinks is like the News Corp and Myspace. Telkom invested $410m over a three year span for 100% control of Multilinks.

 

Tekedia thinks that the best deal for Helios Towers is to sell Multilinks. Alternatively, it can merge with Starcomms which is also bleeding cash with no hope of getting over the competition. A merger though will be a temporary relief, the real deal will be outright sale of Multilinks.

 

Mobile Monday Lagos Is July 25 – Pitch Your Ideas To Investors

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The date for Mobile Monday Lagos is July 25th. It seems this month, they are connecting startups with investors.

 

Do you have a startup idea? Join us at this month’s edition of Mobile Monday as we open the floor for you to pitch investors that will be present. First you need to register to attend the event, then fill the form below if you have an idea you want to pitch.

 

Visit Mobile Monday Lagos website and complete the form if you want your company to pitch an idea to investors. I think this is the right way to go and congrats to the MoMo organizers.

 

MoMo, Mobile Monday is a global community of mobile industry visionaries, developers and influential’s fostering cooperation and cross-border business development through virtual and live networking events to share ideas, best practices and trends from global markets.

 

MoMo is organized by a group of dedicated volunteers from around the world. Originating in Helsinki, Finland, in the year 2000, Mobile Monday has grown into the world’s leading mobile community. And currently has presence in over 100 countries.

 

MoMo has the following global objectives:

  • Foster an open and independent innovation platform within the mobile sector.
  • Facilitate industry networking between small and large companies and individuals
  • Bridge partnership exchanges between domestic and international organizations
  • Present innovative visions, trends, studies and forecasts from the mobile marketplace
  • Provide opportunities for local members to effectively participate in global initiative
  • Contribute to the education of the broader public through its publications, online presence and media partnerships

Airtel Nigeria Appoints A New Brand Manager And Other Key Staff

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Wangi Mba-Uzoukwu has been appointed Head of Brands and Marketing Communications at Airtel Nigeria. Mba-Uzoukwu has held a number of marketing positions in top companies including Brand Manager, St. Moritz at British American Tobacco and Strategic Marketing Manager, Colas Portfolio at Coca Cola Nigeria. A graduate of the University of Nigeria, Nsukka and Institute of Direct Marketing UK, Wangi Mba-Uzoukwu, and several other notable Nigerian professionals have joined the telecommunications service provider, Airtel Nigeria, as the company continue to attract top talents to its fold.

 

Additionally, Shola Adeyemi, Unoko Edwin Dadson, Oladokun Oye and Abidemi Ajagba have joined Airtel in furtherance of the company’s goal of identifying, targeting and recruiting top Nigerian talents and providing them opportunities for growth, develop leadership skills and achieve overall professional fulfillment.

 

Speaking on the new appointments, the Chief Executive Officer & Managing Director of Airtel Nigeria, Rajan Swaroop expressed Airtel’s commitment to continue to generate fresh perspectives, sustain its innovativeness in the developing products and service by hiring top Nigerian talents in the various areas of its operation.

 

Swaroop said as a world-Class organisation, which is global in outlook but locally relevant, Airtel would continuously seek ways to help Nigerians to grow within the organisation not only in the Nigerian operation but in other countries where the company operates.

 

Mba-Uzoukwu, is also expected to deliver on specific tasks such as developing relevant, clear and easy to understand communication that drives consumers to make Airtel their first choice, identifying key strengths of brand and planning key tactics to increase Top of mind Awareness (TOMA) and determining the creative direction for Airtel marketing communication in line with the brand clearly stated guidelines.

 

Another new employee, Shola Adeyemi, a Solicitor and graduate of Obafemi Awolowo University, Ile Ife, who until recently was the Head of Regulatory and Compliance at telecommunication network operator, Globacom has been appointed Head of License and Compliance in the Regulatory and Government Affairs Directorate of Airtel Nigeria.

 

Adeyemi who started his career in the Federal Ministry of Justice, Abuja as a Research Officer in the Civil Litigation Department and rose to the position of Senior Legal Officer in the Department before joining the Regional Centre for International Commercial Arbitration in Lagos as a Senior Arbitration Counsel. He later moved to the Nigerians Communications Commissions (NCC) as the Head of Litigation and Dispute Resolutions Unit and had responsibility for coordinating NCC’s adjudication process, drafting and reviewing contract agreements, legal documents, telecommunications guidelines and regulations, and establishing NCC Dispute resolution centres, amongst others.

 

Abidemi Ajagbe, a distinguished salesman, is now the Zonal Business Manager, South East Zone in the South Region of Airtel and has been assigned the tasks of managing the Sales team in the South East Zone comprising Anambra, Delta, Ebonyi, Edo, Enugu and Imo states.

 

Abidemi who brings over 20 years of sales experience to his new role at Airtel has previously worked with GlaxoSmithKline, where he rose to the position of Head of Channel Development and until recently, Elizade Nigeria Limited where he was the Deputy Head of After – Sales group.

 

Also, Oladokun Oye has been appointed Head of Zonal Business (Post paid and Corporate), Lagos Region at Airtel. A graduate of Hertfordshire, UK, Adekunle Ajasin University, Lagos State University, and Lagos Business School, started his career as Assistant Brand Manager, Trans-Global Market International, before joining Avdel Limited (formerly Act Global Technologies) UK as Senior Sales Manager.

 

At Avdel Limited, he was responsible for managing customers in Northern UK and Scotland, managing key portfolios that included Ford, Jaguar, Electrolux, Roll Royce, Caterpillar, Siemens and Scheider, coordinating concessionaires/ distributors in Norway, Finland and Holland as well as managing ongoing product forecast, implementing product training programmes for the sales force, amongst others.