General
Standard Bank Holds Forum for African Investors, Corporates
By Modupe Gbadeyanka
The parent company of Stanbic IBTC Holdings Plc, Standard Bank Group, has commenced the 10th Africa Investors Conference.
The conference, taking place virtually, started on Monday, June 22, 2020 and will run till June 26, 2020. It is hosted against the backdrop of an uncertain environment as the COVID-19 pandemic and national lockdowns remain very much to the fore.
A statement stated issued by the organisers said the event is taking place online this year in line with current world trends. It is expected to enable African corporate clients and leading policymakers to connect virtually with some of the world’s leading institutional investors.
It was stated that the virtual platform will ensure that many more African corporates, investors and policymaker fully participate in the conference.
According to the statement, the number of investors registered for the conference has increased by 78 percent and African corporate participation increased by 17 percent.
With the impact of the current crisis in mind, participants will access significant opportunities to collaborate and exchange fresh ideas, helping to drive growth on the continent.
“While the COVID-19 pandemic is a major setback for the global economy, Standard Bank Group believes Africa’s long-term prospects remain positive and the opportunities for investors and businesses to promote the development of the continent while also generating healthy returns remains,” says Gert Vogel, Chief Executive, International for Standard Bank Group.
“COVID-19 will have a fundamental impact on Africa, as for the rest of the world, making it more important than ever for Standard Bank and ICBC Standard Bank to stimulate discussions between Africa’s top companies and institutional investors to help identify opportunities and stimulate growth in and across the African continent,” adds Mr Vogel.
“Top calibre corporates from across the continent, representing a broad range of sectors, including financial services, healthcare, power, transport, mining, construction, chemicals, leisure, telecoms, food and retail, are present.
“This year we expect over 450 delegates to attend, ranging from government ministers, central bankers, investors and corporates from across numerous African countries,” he says further.
“We are excited to partner with Standard Bank on this event,” says Lillian Barnard, Managing Director, Microsoft South Africa.
“While this unprecedented time has driven increased demand for digital engagement platforms, we anticipate that this kind of experience is set to shape conferences of this nature for the future,” notes Mr Vogel.
The Africa Investors Conference was first held in 2010 and for the past nine years has been hosted at Standard Bank’s offices in London.
This year’s event, hosted in partnership with ICBC Standard Bank and Microsoft, comes ahead of the highly anticipated launch of the African Continental Free-Trade Area (AfCFTA), which will boost intra-African trade and local economies.
While the trading bloc’s implementation has been delayed due to COVID-19, its launch is expected to have a transformative impact on African economies.
Organisers said the programme will use a specially enhanced Microsoft Teams platform to host over 2,500 meetings over 5 days, doubling the number of meetings hosted in 2019.
By Adedapo Adesanya
Three African subsidiaries of global advisory firm, PricewaterhouseCoopers (PwC), have been debarred by the World Bank Group for 21 months after being found guilty of manipulating procurement processes for a major cross-border electricity project.
In a statement on Wednesday, the Washington-based multilateral lender said PricewaterhouseCoopers Associates Africa Ltd, based in Mauritius, along with its Kenyan and Rwandan affiliates, engaged in “collusive and fraudulent practices” linked to the Eastern Electricity Highway Project, a flagship initiative to transmit hydropower from Ethiopia to Kenya.
The decision sidelines PwC from lucrative World Bank-funded projects on the continent, dealing a blow to one of the region’s most influential audit and advisory firms.
This development could reshape competition for high-value consulting work across emerging markets, potentially disrupting startups and tech firms reliant on World Bank funding, as scrutiny over governance and compliance tightens.
The World Bank, through its private sector arm, International Finance Corporation (IFC), offers grants and low-interest loans to startups across emerging markets.
Earlier this week, the IFC committed $20 million to invest in high-growth startups in Kenya, Nigeria, and South Africa.
“The debarment makes PwC Associates, PwC Kenya, PwC Rwanda, and any affiliates they control ineligible to participate in Bank Group-financed projects and operations,” the World Bank said. “It is part of a settlement agreement under which the three companies admit culpability for sanctionable practices.”
The determination was based on the company’s conduct between 2019 and the award of contracts for consultancy services and asset valuation work for the Ethiopian state power utilities.
According to the World Bank statement, the firm obtained confidential procurement documents to improperly influence the award of a contract for the implementation of International Financial Reporting Standards at the Ethiopian Electric Power Corporation.
They also attempted to steer a separate contract for a fixed asset inventory and revaluation for the power utility towards PwC Associates. During the bidding and execution of that contract, the bank found that the company misrepresented the availability and qualifications of key experts and failed to disclose the full list of subconsultants involved.
According to the World Bank, the debarment is shorter than would otherwise apply because PwC admitted misconduct. The advisory firm also agreed to a series of remedial measures, including internal investigations, disciplinary action against responsible staff, terminating relationships with all subconsultants involved, and additional staff training.
By Aduragbemi Omiyale
A Federal High Court in Warri, Delta State, has affirmed the right of Nigerians to film personnel of the Nigeria Police Force (NPF) on duty.
The judgment was given by Justice H. A. Nganjiwa on Tuesday in a case filed by Mr Maxwell Uwaifo in suit number FHC/WR/CS/87/2025.
The court held that Nigerians have the constitutional right to use any device to record police officers executing their official duties in public.
It was ruled that police officers must wear visible name tags, display their force numbers, and must not harass, intimidate, arrest, or seize devices from citizens documenting their activities.
The court awarded the applicant N5 million in damages for the violation of his fundamental rights and N2 million for the cost of litigation.
Business Post reports that the respondents in the case were the Inspector General of Police (IGP), the NPF, the Police Service Commission (PSC), and the Attorney-General of the Federation (AGF).
The lawyer filed the case in accordance with Sections 34, 35, 36, 37, 38, 39, 40, and 41 of the Constitution of Nigeria and others.
“This judgement has significant implications for policing standards, civil liberties, and public accountability across Nigeria,” Mr Uwaifo said after the judgement.
By Aduragbemi Omiyale
The General Manager in charge of Transmission for Lagos Region of the Transmission Company of Nigeria (TCN), Mr Adeshina Adeonipekun, has stressed the critical role of Lagos in the national grid.
While receiving the chief executive of Eko Electricity Distribution Company (EKEDC), Ms Wola Joseph Condotti, at his office on Monday, he said the Lagos region accounts for about 30 per cent of total power off-take in Nigeria.
He stated that TCN was implementing strategic expansion and project upgrades aimed at enhancing grid stability and operational efficiency in response to rising demand.
Mr Adeonipekun highlighted recent key milestones achieved in the region, including the commissioning of a 100MVA power transformer at the Ijora 132/33kV Transmission Substation, a 300MVA transformer at the Lekki 330/132kV Transmission Substation, and a 125MVA unit at the Agbara 132/33kV Substation, among others.
According to him, these additions have further increased the region’s installed capacity to 5,470MVA on the 132/33kV network and 4,110MVA on the 330/132kV network.
He further said that there were several ongoing rehabilitations at key substations within the region, including Amuwo GIS, Akoka 132/33kV, and Itire 132/33kV Transmission Substations, all geared towards further improving reliability, reducing system constraints, and enhancing the overall efficiency of power delivery.
In her remarks, Ms Condotti expressed appreciation for TCN’s continued partnership and support, underscoring the importance of sustained collaboration between transmission and distribution companies in building a more stable and efficient electricity transmission and supply network.
Both parties explored ways to strengthen collaboration and ensure a more stable and efficient power supply in Lagos, the nation’s commercial hub.
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