Corruption Archives - AfricaBusiness.com

30Jun

By Africa BusinessNo Comments

South Africa News, Tech

The sky’s the limit for cloud security

By Jan Bouwer, Chief of Digital Platform Solutions at BCX The digital era has opened new vistas for individuals and businesses with cloud computing being a critical driver of digital transformation. But as with everything, there is a downside to cloud technology, the biggest threat being security. Every business, big or small, and every individual using the cloud and digital products is at risk of being hacked. It is estimated that cybercrime will cost the global economy around $10.5 billion and new threats are emerging all the time. Ransomware attacks have increased by about 435% year-on-year and new viruses/malware are emerging every seven seconds. This equates to a million new variants every day! It was against this background that the Cloud and Security Conference 2023 was held at Jo...

4May

By Africa BusinessNo Comments

South Africa News

SA can prevent payments fraud crippling businesses and local municipalities

Ryan Mer, Managing Director, eftsure Africa, a Know Your Payee™ (KYP) platform provider says technology can be a powerful tool against the fraud and corruption plunging South Africa’s municipalities and businesses into financial crisis. According to a recent report in News 24, a former OR Tambo District Municipality project accountant who defrauded the municipality out of R9.8 million was recently sentenced to 15 years in jail. She was the authorised officer responsible for processing claims from service providers and effecting payments to their bank accounts. Money was transferred to companies belonging to her former boyfriend and sister even though no services were rendered by said businesses. Another News 24 report details how nine people who allegedly defrauded the City of Tshwane out ...

Angolan Legal Reform Shows How Africa Can Use Oil and Gas As a Springboard Towards Job Creation— But Only if It Looks Beyond the Obvious Options

10Jan

By NJ AyukNo Comments

Angola News, Energy

Angolan Legal Reform Shows How Africa Can Use Oil and Gas As a Springboard Towards Job Creation— But Only if It Looks Beyond the Obvious Options

For decades, many of Africa’s oil- and gas-producing states followed a predictable pattern. They treated their oil and gas primarily as raw materials that could be sold abroad for a quick profit, rather than as a means of supporting efforts to make more lasting changes in the economy of the nation as a whole. This pattern has had unfortunate consequences. It discouraged investment in local capacity, and it fostered the development of arrangements under which most residents of the producing states could not see how the large amounts of money earned from oil and gas exports were improving their lives. In other words, it allowed most hydrocarbon revenues to flow back to the home offices of international oil companies (IOCs) or to go to national oil companies (NOCs) that transferred funds to l...

9Aug

By Peter EigenNo Comments

Main, South Africa News

Transparency is key to corruption-free infrastructure

By Peter Eigen, founder of Transparency International The first Regional Roundtable on Infrastructure Governance was held in Cape Town at the beginning of November. Peter Eigen, founder of Transparency International (www.Transparency.org), who addressed the event, reflects on the vital importance of openness and transparency for successful and sustainable infrastructure projects. Corruption is nothing new and it’s certainly not unique to Africa. When I worked in the World Bank’s East Africa office back in 1991, it was not just common to see multi-national companies in developed countries pay bribes to secure lucrative projects in Africa, Latin America and Asia, this behaviour was often encouraged by governments. In Germany, for example, a company found guilty of bribing ...