Managers of Wealth Africa

World Bank blacklists Kenyan consultancy firm over fraud

“The (Somalia) project was designed to strengthen the staffing and institutional capacity of selected line ministries and central agencies to perform core government functions,”

NCC Assures Nigerians on Responsive Regulations for Sustainable Growth of Digital Economy

“Our various cybersecurity awareness initiatives and campaigns are helping the public to understand the risks in digital space and how to reduce the vulnerabilities that adversaries can benefit from."

World Bank demands debt transparency, says Nigeria, others need $429bn

“To meet the Sustainable Development Goals by 2030, low income developing countries will need to invest at least 4.5 per cent of national GDP each year on infrastructure alone."

Government walks back on controversial ‘exit tax’ for South Africa, say experts

The concern lies in the wording of certain double tax treaties that allocate the sole taxing right on these amounts to the country where the taxpayer is resident.

Tanzania central bank to go after individuals to reduce non-performing loans

Non-performing loans in Tanzania stood at 9.36% of total loans in March, nearly twice the recommended threshold of 5%.

Kenya rules on extradition to Jersey of two officials accused of 'hiding millions'

decade since Jersey's authorities issued warrants for their arrest in 2011.

Nairobi MCAs revive push for KRA to state revenues

“County officers are unable to know what is being collected daily and what is submitted daily to the CRF.”

Exposing illicit funds, money laundering through Nigerian BDCs

The Governor noted the astronomical rise of operators from 74 dealers in 2005 to 5,689 in June 2021.

Nigeria needs to clear dollar backlog to avoid further devaluation, analysts say

Clearing unmet demand for dollars would go a long way to helping Nigeria escape from the prospect of a further currency devaluation, analysts and executives say.

Is South Africa a transit hub for dirty money and organised crime?

Ngoni Mangoyi, spoke to The Africa Report in a wide-ranging interview recently, about some of the findings in the mutual evaluation report on South Africa.

Arrear employer contributions | key development for employers and retirement funds

The communication provides that the Adjudicator will conduct investigations going forward, through which the quantum of the debt can be ascertained for the purposes of issuing the order.

Taking Stock of ESG Regulatory Developments in South Africa

This potentially signals a further piece of the ESG Regulatory puzzle – the ability to trace critical sustainability issues in company supply chains.

Ghana and Zambia collaborate to consolidate digital economy gains

This was enacted after a high-level Zambian delegation visited Ghana to study the country’s successes in digital economy.

Why CBK’s climate risk management rules will pay off for Kenya’s banking

In the build-up to COP26, Kenya and other countries have been scaling up their climate actions at the sectoral and national levels.

Treasury announces changes to draft laws that allow pension fund investments in infrastructure

But the proposal will allow retirement funds investments of 45% in South African infrastructure, with an additional 10% in African infrastructure outside of South Africa - bringing the total maximum infrastructure exposure to 55%.

CBN, SEC sanction five banks over forex offence, money laundering

In line with regulatory rules, banks are required to include sanctions and fine imposed on them by regulatory agencies in their audited financial reports.

Four banks complied with order on freezing Benue govt accounts -AMCON tells court

The judge, who gave the order following an ex-parte motion brought by AMCON, also directed that the bank accounts of HPPS Multilink Services Ltd be frozen pending the hearing and the determination of the substantive suit.

South Africa has introduced stricter rules for crypto traders – and it’s causing headaches

“This is not just for the overall good of the economy and the fiscus, but to protect people from the dangers associated with crypto investment.”

Mauritius Exits the grey list of the Financial Action Task Force

Appleby Mauritius in a concerted effort with the various regulators which included amongst others the Attorney General’s Office, The Financial Intelligence Unit, the Financial Services Commission and the Bank of Mauritius actively participated in fu

Nigerian court lifts bank freeze on firms accused of buying crypto

A central bank spokesman did not immediately respond to a request for comment. In February, the central bank barred financial institutions from dealing in or facilitating transactions in cryptocurrencies.

Regulation,Tax & Compliance