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AFR Business

Beira joins Unifeeder’s maritime network

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The international logistics experts Unifeeder has added the central Mozambican port of Beira to its Mozambique-India-Jebel Ali service to boost trade and connectivity.

The new network transports containers on a round-trip from Maputo, Jebel Ali (Dubai), Mundra (India), Nhava Sheva (India), Mombasa (Kenya), Beira, and back to Maputo.

Also read: Mozambique’s LAM Airlines returns to IATA clearing house
In a press release, Unifeeder stresses that Beira is a strategic port, playing a crucial role in connecting the landlocked countries of Zimbabwe, Zambia, and Malawi to global trade. It adds that “its strategic location and efficient infrastructure make it a key hub for commerce in the region”.

According to Unifeeder, as a result of the integration of Beira into the existing supply chain network, customers can expect more efficient and reliable transport services.

In particular, “the seamless flow of goods and commodities between India, the Middle East, and East Africa will not only reduce transit times but also lower costs, benefiting businesses of all sizes. This enhanced connectivity will unlock new trade routes, allowing businesses to explore untapped markets and expand their reach”.

Unifeeder is a subsidiary of DP World, a multinational logistics company that holds a 30-year concession to operate the container terminal at the port of Maputo until 2033, with an option to extend for a further 10 years. Globally, DP World made a profit of 651 million US dollars in the first half of 2023.

Standard Bank posts half-year profit of $1.14 billion

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Standard Bank’s prudent approach and high-interest rates acted as countermeasures against escalating bad loans, resulting in a notable profit boost.

Lender’s net profit for the first half 2023 hit $1.14 billion.
The bank will pay an interim dividend of 690 South African Rand cents per share, a testament to its commitment to creating value for shareholders.
Also read: Forging a greener future through Africa-Europe energy pact
Standard Bank, Africa’s largest lender by assets, reported a remarkable surge in interim profit, demonstrating resilience in the face of adversity. The bank’s prudent approach and high-interest rates acted as countermeasures against escalating bad loans, resulting in a notable boost in profitability.

For the six months ending on June 30, the bank’s headline earnings per share stood at 12.8 rand (US$0.67), a substantial increase from the previous year’s 9.55 rand (US$0.5). This growth was supported by various factors, including net interest income bolstering its overall revenue.

NAVIGATING CHALLENGES
While South African banks are celebrated for their well-capitalized balance sheets and conservative lending practices, recent challenges such as local power blackouts and a significant surge in interest rates have posed difficulties. These issues, including a 350 basis point rise in interest rates over the past year, have particularly impacted retail and small business customers, leading to a spike in bad loans.

Standard Bank acknowledged the challenging environment and revealed its credit loss ratio, a gauge of bad loans relative to total loans, at 97 basis points. This figure hovered near the upper boundary of its target of 100 basis points or 1.0 per cent, highlighting the bank’s proactive approach to managing its credit portfolio.

IMPRESSIVE FINANCIAL METRICS
The bank’s net profit for the first half of 2023 hit US$1.14 billion (21.92 billion South African rand), showcasing an uptick of US$840.31 million during the same period the previous year. Furthermore, headline earnings surged by 35 per cent to US$1.11 billion, with each headline earnings per share reaching 1,281 cents.

Growth across the bank’s three core banking divisions and improved earnings and returns in its insurance and asset management segments contributed to robust financial performance.

Total income for the period amounted to US$4.55 billion, encompassing net interest income of US$2.4 billion, a notable increase from the previous US$3.53 billion. Additionally, the bank’s return on equity demonstrated a positive trend, rising from 15.7 per cent to 18.9 per cent year-on-year. Despite a slight decrease in the standard equity Tier 1 ratio, from 13.7 per cent to 13.4 per cent, Standard Bank’s balance-sheet strength remains robust.

The bank declared an interim dividend of 690 South African Rand cents per share, a testament to its commitment to creating value for shareholders.

Standard Bank’s strong interim performance in a challenging environment is a testament to its strategic approach, solid financial management, and dedication to delivering value to its stakeholders.

First Bank chief Adeduntan pledges to support University of Ibadan Tech Hub

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The Chief Executive Officer (CEO) of the First Bank Group, Dr Adesola Adeduntan, has promised to be part of all efforts put in place to make the University of Ibadan (UI) a technology and educational hub of learning in Nigeria.

Adeduntan, who made the pledge at his investiture as a UI@75 Ambassador, said all resources must be mobilised to ensure that UI retains its premier position among universities in the country.
Noting that technology drives the world, the CEO lamented that Nigerian universities were not meeting up with their peers in advanced societies in technological advancement, and pledged to help UI improve in that area.
He noted that technology was relevant to all courses of study in the University.

Adedutan recalled his days at UI and applauded the University for giving him the opportunity to graduate in flying colours as well as moulding his character, saying he had often reflected over his job performance and concluded that without the training he received in UI, he may not have been as successful as he is today.
He recalled with nostalgia, his days as a resident of Sultan Bello Hall, and said he was the first ever non-final year student to be elected Chief of the Sigma Club, an experience which shaped his views and thoughts that led him into the business world.

While performing the investiture ceremony, the Vice-Chancellor of UI, Professor Kayode Adebowale, said the University of Ibadan had identified Dr Adeduntan as one of the worthy alumni to help celebrate the University in its 75th year of existence.
The Chairman of the UI@75 Anniversary Committee, Professor Peter Olapegba, identified the thematic projects for which the University intended to raise funds.
Olapegba listed the projects as the shoring up of the University’s Endowment Fund; infrastructure development; alternative energy for the University; students’ scholarship funds; and staff development funds.
He said the University expects its Ambassadors and Ambassadors Extraordinaire to select from among the projects and mobilise their friends and associates to raise funds for the University of Ibadan.
On the Vice-Chancellor’s entourage were the Registrar, Mr Ganiyu Saliu; the Chairman of the UI@75 Anniversary Committee, Professor Peter Olapegba; a retired Senior lecturer of Veterinary Medicine, Dr Gani Adeniran; and Mrs Adejoke Akinpelu, the Principal Assistant Registrar/Public Relations Officer.
The CEO of the First Bank Group was supported by Mr Olusegun Alebiosu, Chief Risk Officer/Executive Director; Mrs Folake Ani-Mumuney, Group Head, Marketing and Corporate Communications; Mr Akinwale Olawoye, Chief of Staff to the CEO; Mr Adekunle Amujo, Business Support Executive, CEO’s Office; and Mr Ismail Omamegbe, Head Sustainability, Media and External Relations, all of the First Bank Group.

UK prosecutors file charges against Diezani Allison-Madueke

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A former Nigerian minister has been charged with bribery offences following a National Crime Agency investigation.

Diezani Alison-Madueke, aged 63, who also served as president of the Organization of the Petroleum Exporting Countries (OPEC), was a key figure in the Nigerian government between 2010 and 2015.

The NCA suspects she accepted bribes during her time as Minister for Petroleum Resources, in exchange for awarding multi-million pound oil and gas contracts.

She is alleged to have benefitted from at least £100,000 in cash, chauffeur driven cars, flights on private jets, luxury holidays for her family, and the use of multiple London properties.

Her charges also detail financial rewards including furniture, renovation work and staff for the properties, payment of private school fees, and gifts from high-end designer shops such as Cartier jewellery and Louis Vuitton goods.

Madueke, who currently lives in St John’s Wood, London, will appear at Westminster Magistrates Court on 2 October.

Andy Kelly, Head of the NCA’s International Corruption Unit (ICU), said: “We suspect Diezani Alison-Madueke abused her power in Nigeria and accepted financial rewards for awarding multi-million pound contracts.

“These charges are a milestone in what has been a thorough and complex international investigation.

“Bribery is a pervasive form of corruption, which enables serious criminality and can have devastating consequences for developing countries. We will continue to work with partners here and overseas to tackle the threat.”

Assets worth millions of pounds relating to the alleged offences have already been frozen as part of the ongoing investigation.

In March this year, the NCA also provided evidence to the US Department of Justice that enabled them to recover assets totalling USD$53.1m linked to Diezani Alison-Madueke’s alleged corruption.

ICU officers have also worked closely with the Economic and Financial Crimes Commission of Nigeria during the investigation, as well as the with the NCA-hosted International Anti-Corruption Coordination Centre.

The IACCC brings together specialist anti-corruption investigators from agencies around the world to tackle allegations of corruption involving politically exposed people. It is currently working in 37 different jurisdictions.

Andrew Penhale, Chief Crown Prosecutor for the CPS, said: “The Crown Prosecution Service has authorised the NCA to charge Diezani Alison-Madueke with bribery offences.

“The CPS made the decision to authorise the charge after reviewing a file of evidence from the NCA relating to allegations of bribery in Nigeria.

“Criminal proceedings against Ms Alison-Madueke are active and she has the right to a fair trial.

“It is extremely important that there should be no reporting, commentary or sharing of information which could in any way prejudice these proceedings.

“The function of the CPS is not to decide whether a person is guilty of a criminal offence, but to make fair, independent and objective assessments about whether it is appropriate to present charges for a criminal court to consider."

US-based conspirators pleas guilty to international tax fraud, FBI says

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U.S.-Based Conspirators Plead Guilty In International Tax Scheme

Tampa, Florida – U.S. Attorney Roger B. Handberg announces that Adetunji Adejumo and Ibrahim Jinadu have pleaded guilty to conspiracy to commit wire fraud relating to their roles in a transnational tax fraud scheme.

Each faces a maximum penalty of 20 years in federal prison. A third conspirator, Olufemi Odedeyi, of London, United Kingdom, remains pending extradition for his role in the scheme. All three individuals were arrested in September 2021.

According to the plea agreements, international conspirators (including Odedeyi) obtained unauthorized access to computer servers of businesses in the United States; participated in stealing from those servers the personally identifying information of U.S. residents; and used that information to file false and fraudulent federal tax forms seeking income tax refunds from the IRS.

Adejumo and Jinadu, residing in the United States, collected fraud proceeds directed to prepaid debit cards in their possession or to bank accounts they controlled or to which they had access. They then transferred a share of the fraud proceeds to other conspirators.

The conspirators filed tax returns claiming millions of dollars in refunds to which they were not entitled.

The investigation was led by the IRS – Criminal Investigation (IRS-CI) (Tampa Field Office) and the FBI (Tampa Division).

Substantial assistance was provided by the IRS-CI Cyber Crimes Unit (Washington, DC), the Department of Justice’s Office of International Affairs, the IRS-CI and FBI International Operations at Mission UK, the United Kingdom’s National Extradition Unit, and IRS-CI Dallas and Atlanta Field Offices.

The cases are being prosecuted by Assistant United States Attorney Rachel Jones.