Connect with us

Finance

Refinitiv Releases Findings of Sub-Saharan Africa Financial Crime Survey for 2020

Published

on

cybercrime
  • Refinitiv Releases Findings of Sub-Saharan Africa Financial Crime Survey for 2020

 SOUTH AFRICA – Refinitiv today released its Financial crime in Sub-Saharan Africa Report 2020, which highlights several noteworthy compliance trends.

Responses show a high level of awareness of financial crime and a desire to upgrade compliance systems. The survey highlights that the crime threat continues to evolve, with techniques used by organised crime groups and fraudsters becoming more diverse and sophisticated.

According to the findings this year, more than 28 percent of respondents recognise that driving internal behaviour change within their companies is their primary challenge, 61 percent expect a substantial increase in their compliance investment, 74 percent have a Know Your Customer (KYC) program, while 66 percent embraced innovative compliance technology.

Only 43 percent indicate they have a sanctions program despite the growth in regulatory risk, especially in the area of ‘green crime’. Sub-Saharan Africa is home to a diverse range of wildlife and plants, as well as natural resources, and this has increasingly become the target of organised crime. We note that there is a robust regulatory response to green crime, thus increasing regulatory risk. The European Union has included environmental crime as a predicate offence under the 6th EU Anti-Money Laundering Directive (6AMLD); and the Financial Action Task Force (FATF) priorities for 2020 will focus on illegal wildlife trade.

Sub-Saharan Africa based organisations should be especially vigilant, and it is encouraging to see that organizations are striving to meet the regulatory challenge. “Africa is at the forefront of embracing mobile technology and is host to more than half the world’s mobile money services. With this increased mobile access comes the threat of identity theft and money-laundering. In response, digital identity technologies, including those of Refinitiv, are quickly evolving to meet this need and as our survey reports, a quarter of respondents have already adopted digital identity solutions,” said Nadim Najjar, Managing Director, Middle East and Africa, Refinitiv.

“The shift towards digitalization is a theme that comes through very clearly in our report. The pace of this transformation is likely to have accelerated in response to Covid-19 and it is unlikely to diminish once we exit the pandemic,” he added.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

Banking Sector

Union Bank CEO, Godson Chukwuemeka Okonkwo Acquires 2.4 Million Shares in the Bank Ahead of Acquisition

Published

on

Union bank - Investors King

The Chief Executive Officer, Union Bank Plc, Godson Chukwuemeka Okonkwo, has purchased 2,431,917 ordinary shares of the bank, according to the latest disclosure filing from the lender.

The CEO acquired the 2,431,917 shares of Union Bank at N4.90 per share on Thursday 6th May 2021 from the floor of the Nigerian Exchange Ltd.

Okonkwo’s N11.916 million investment was after Investors King reported a possible acquisition of the bank by Zenith Bank or Access Bank following sources cited by Bloomberg.

Bloomberg said, “Atlas Mara Limited, the London Stock Exchange-listed pan-African banking group started by Mr. Bob Diamond has received a number of approaches for its 49.97 per cent holding in Lagos-based Union Bank of Nigeria.”

It also stated that Atlas Mara received interests from Nigerian and Middle Eastern lenders for its remaining assets on the continent, according to Bloomberg sources.

The sources claimed the banks in talks with Atlas Mara asked not to be identified as talks are private. But they mentioned Nigeria’s Zenith Bank Plc, Access Bank Plc and Morocco’s Attijariwafa Bank as some of the banks that have so far expressed interests in acquiring Union Bank.

Continue Reading

Banking Sector

Zenith Bank, Access Bank, Others Express Interest in Acquiring Union Bank

Published

on

Atlas Mara - Investors King

Zenith Bank and Access Bank are some of the financial institutions in talks to acquire Atlas Mara Ltd.’s 49.97 percent stake in Union Bank Plc.

Bloomberg said, “Atlas Mara Limited, the London Stock Exchange-listed pan-African banking group started by Mr. Bob Diamond has received a number of approaches for its 49.97 per cent holding in Lagos-based Union Bank of Nigeria.”

It also stated that Atlas Mara received interests from Nigerian and Middle Eastern lenders for its remaining assets on the continent, according to Bloomberg sources.

The sources claimed the banks in talks with Atlas Mara asked not to be identified as talks are private. But they mentioned Nigeria’s Zenith Bank Plc, Access Bank Plc and Morocco’s Attijariwafa Bank as some of the banks that have so far expressed interests in acquiring Union Bank.

Middle Eastern banks and private equity suitors have also shown interest, according to the people. Some potential buyers have indicated they may acquire all of Atlas Mara’s remaining assets in Africa, which would include its Zimbabwe unit, the people said.

Atlas Mara has been working with Rothschild & Co. to consider options for its Union Bank stake. No final decisions have been made, and there’s no certainty the deliberations will lead to a transaction, the people said.

Representatives for Atlas Mara and Zenith Bank didn’t immediately respond to requests for comment. Attijariwafa Bank Managing Director Ismail Douiri and a representative for Access Bank declined to comment.

Speaking on the matter, Frontier and Sub-saharan Africa Banks’ Analyst, Renaissance Capital, Adesoji Solanke, on Thursday said this is good for Atlas Mara.

He said “Good for Atlas Mara if they’re able to exit successfully, as they’ve been selling a bunch of assets over the past year, to KCB and Access Bank respectively across different markets. Whether they get a good valuation for Union Bank is another thing.

“We don’t think it’ll be a transformational deal for Access or Zenith (Return-on-Equity dilutive for both), but could be a good way for the Middle Eastern banks to get a decent foothold in the market. We suspect getting the other private equity investor block to sell will be critical as we wouldn’t expect a strategic bank investor to desire a minority shareholding.”

Continue Reading

Finance

Nestle Nigeria Reports N12.4 Billion Profit After Tax in Q1 2021

Published

on

Nestle Nigeria - Investors King

Nestle Nigeria Plc, a food and beverage specialty company headquartered in Lagos and majorly owned by Nestle S.A of Switzerland, grew revenue to N87.258 billion in the first quarter (Q1) of 2021 from N70.329 billion filed in Q1 2020.

The company disclosed in its unaudited financial statement released in late April.

Gross profit stood at N34.743 billion in the quarter, up from N31.658 billion achieved in the same quarter of 2020.

Results from operating activities rose from N17.538 billion in Q1 2020 to N20.314 billion in Q1 2021.

While finance income contracted from N335.242 million in Q1 2020 to N123.340 million in Q1 2021. Finance costs rose to N1.435 billion in the quarter, up from N417.928 million recorded in Q1 2020.

Net finance income/cost stood at N1.312 billion, up from N82.686 million in Q1 2020.

Profit before tax rose to N19.002 billion in the quarter under review, better than the N17.455 billion achieved in the corresponding quarter of 2020.

Nestle Nigeria paid N6.602 billion as income tax for the period, slightly higher than the N6.259 billion paid in Q1 2020.

Profit after tax expanded to N12.400 billion in the quarter, up from N11.195 billion filed in Q1 2020.

Continue Reading

Trending