Managers of Wealth Africa

VBS former CFO pleads guilty, gets 10 year sentence

The one-time chief financial officer of VBS Mutual Bank, Philip Truter, has pleaded guilty to charges of racketeering, fraud, corruption and money laundering.

Uganda´s Pegasus Technologies hacked, billions lost

Unidentified hackers Tuesday broke into the systems of a company that integrates mobile money transactions between telcos, banks, and other local, regional, and international money transfer services. The hackers made away with a yet to be known sum, belie

A special place in hell should be reserved for immoral bankers

The criminal underworld seemingly moves money with impunity — at a huge global cost. The banks are profiting from this.

32 States Not Remitting Workers’ Contributory Pensions

States Are Not Remitting Staff’s Contributory Pensions

Broker charged over missing Sh11.8 million re-insurance premiums

The broker failed to remit all reinsurance premiums paid to her company

MacArthur Foundation raises strong voice for whistleblower protection

...as stakeholders call on Buhari, NASS for urgent legislative action

Combating Fraud in Banking Industry

Dike Onwuamaeze writes on efforts by banks to protect customers from the activities of fraudsters in the financial system who are on the prowl

FNB and Standard Bank clients were also charged twice after Nedbank glitch

FNB and Standard Bank clients were also hit by a glitch at Nedbank.

South Africa: Directors owe a duty to their company, not to shareholders, court finds

The Supreme Court of Appeal in South Africa recently considered the concept of claims for reflective losses in South Africa, focusing on whether shareholders could hold directors liable, in terms of the Companies Act, 71 of 2008, for conduct which resulte

Global Private M&A Guide

A practical tool covering key aspects of the legal and regulatory M&A framework in nearly 40 countries

Long-term insurance Ombud upholds Sanlam complaint

In a provisional determination by the Ombudsman, Sanlam was found to only be entitled to obtain one report from each of Mrs D’s treating specialists annually.

Over N700 million pension fund siphoned in Bauchi treasury

Governor Bala Mohammed, while making his remarks said there are about “100 doctors who are not working or may not be in the State but are being paid every month. Surrendering this fight is equal to mortgaging the future of our State.”

Allen & Overy advises Nigerian Sovereign Investment Authority on new USD50m fund to tackle Covid-19

The funds raised will be used to reduce the impact of Covid-19

Bribery trial for Fishrot accused in 2021

The charges are based on allegations they tried to bribe an ACC officer in January by offering him N$250 000 in an attempt to get him to hand evidence seized by the ACC – bank cards issued to Hatuikulipi and a co-accused in the Fishrot case, Pius Mw

Private Bank Freezes Angolan Money

Geneva's prosecutor is pursuing an Angolan businessman suspected of money laundering. Banque Syz has frozen hundreds of millions as a result of the investigation.

Mauritius: High Risk or Best in Class?

The MER highlighted that although there had been significant reforms since the last evaluation a decade ago, shortcomings were observed relating to technical compliance, and a low level of effectiveness was achieved.

Islamic bank in Mauritius loses licence over 1MDB link

On Monday, BOM revoked Century Bank’s licence with immediate effect.

Switzerland freezes Angolan tycoon’s $900 million fortune

Carlos Manuel de São Vicente, the former CEO of a company with a lucrative government monopoly to insure Angola’s oil sector, had his bank accounts frozen on suspicions of money laundering.

New agency signals deeper forfeitures of dirty public cash

Mr Sostenah Ogero Taracha lost Sh18 million. EACC was investigating his wife- Dr Salome Munubi, who worked with National Land Commission (NLC) when it stumbled on the cash and he failed to satisfactorily explain how he made the money.

Experian pursuing charges against data breach perpetrator

After the personal information of as many as 24 million South Africans and almost 800 000 businesses was exposed.

Legal